Slide 1: Aspo's Q1
Aspo’s Q1 May 11, 2011 CEO Aki Ojanen CFO Arto Meitsalo Group Treasurer Harri Seppälä
Slide 2: Growth in Group net sales
Growth in Group net sales MEUR 120 106.7 100 83.4 78.4 80 60 40 20 0 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 2
Slide 3: Net sales / segment
Net sales / segment MEUR Change% 120 +28% 106.7 100 +28% 83.4 80 +39% 60 40 +19% 20 +18% 0 Q1/2010 Q1/2011 ESL Shipping Leipurin Telko Kaukomarkkinat
Slide 4: Group operating profit
Group operating profit MEUR 7 6 5 3.8 4 2.9 3 2.1 2 1 0 Q1/09 Q2/09* Q3/09** Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 * Including a total of EUR 2.4 million of non-recurring sales gains and losses **Including a total of EUR 3.2 million of non-recurring sales gain 4
Slide 5: Operating profit / segment Q1
Operating profit / segment Q1 MEUR Q1/11 Q1/10 Change ESL Shipping 0.4 1.4 -1.0 Leipurin 1.5 0.7 0.8 Telko 1.7 1.6 0.1 Kaukomarkkinat 0.4 -0.4 0.8 Other operations -1.1 -1.2 0.1 Total 2.9 2.1 0.8
Slide 6: Net sales and operating profit
Net sales and operating profit 2010/2011 Q1 Q2 Q3 Q4 Cum. Net sales 106.7 106.7 MEUR 83.4 99.2 104.2 109.1 395.9 Operating profit 2.9 2.9 MEUR 2.1 4.3 6.0 5.5 17.9 6
Slide 7: Net sales / market area Q1
Net sales / market area Q1 MEUR Q1/11 Q1/10 Change Finland 45.2 35.8 9.4 Scandinavia 10.9 11.2 -0.3 Baltic countries 11.2 9.0 2.2 Russia, Ukraine + other CIS 30.7 17.0 13.7 Other countries 8.7 10.4 -1.7 Total 106.7 83.4 23.3
Slide 8: Net sales: Russia, Ukraine and other CIS countries
Net sales Russia, Ukraine and other CIS countries Including ESL Shipping’s exports from Russia MEUR 45 38.3 40 35 30 25 22.0 18.3 20 15 10 5 0 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 8
Slide 9: Q1 2011 and events after the reporting period
Q1 2011 and events after the reporting period • Considerable growth in net sales and operating profit. • The second of the ordered supramax vessels has been financed with a bank loan. • The net sales of the business in Russia, Ukraine, and other CIS countries grew by 81%, standing at 29% of the Grou
Slide 10: Aspo business operations
Aspo business operations
Slide 11: Integral part of Finnish security of supply
Integral part of Finnish security of supply
Slide 12: ESL Shipping key figures
ESL Shipping key figures Q1/11 Q1/10 Change Net sales, MEUR 20.5 17.3 3.2 Operating profit, MEUR 0.4 1.4 -1.0 Personnel 179 186 -7 12
Slide 13: ESL Shipping Q1 2011
ESL Shipping Q1 2011 • International cargo price levels are still low. • The fleet was in full use. • The vessels operate with long-term price and cargo agreements. • Transport volumes and price levels were good. – Difficult ice conditions decreased operating profit significantly. – Total waiting ti
Slide 14: Ice chart February 25, 2011
Ice chart Yiteenjuatyoyt, ytueenajautarast taj hyvin tibed ajojaa Conselidated. compact ce very close ke (9-10V10) Sanmaofrwen konpakt February 25, 20 ee 6-70 [i] il ie ’ 35-50 RE) La aif a 25-40 4 Tatdrivis Sed, Pradlekkain ajautunus jut Avovesi <1/10 Rafiad ice (C ) ‘Hopskyutes is HARNOSANOY Sieta
Slide 15: Expert in flavors and structures
Expert in flavors and structures
Slide 16: Leipurin key figures
Leipurin key figures Q1/11 Q1/10 Change Net sales, MEUR 29.9 25.2 4.7 Operating profit, MEUR 1.5 0.7 0.8 Personnel 232 224 8 16
Slide 17: Leipurin Q1 2011
Leipurin Q1 2011 • The prices of basic food raw materials have risen. The prices of raw materials sold are on the increase but moderately. • Organic growth was visible in Leipurin. • Net sales for bakery raw materials grew by 17% and profitability improved. • Net sales for bakery machinery grew by 5
Slide 18: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 7 6 6,2 5 5,3 4,5 4 4,0 4,0 3 2,6 2 1 0 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Leipurin has been part of Aspo Group as of 5/2008 18
Slide 19: Leading expert in chemicals and plastic raw materials
Leading expert in chemicals and plastic raw materials
Slide 20: Telko key figures
Telko key figures Q1/11 Q1/10 Change Net sales, MEUR 48.1 34.5 13.6 Operating profit, MEUR 1.7 1.6 0.1 Personnel 225 191 34 20
Slide 21: Telko Q1 2011
Telko Q1 2011 • The prices of raw materials sold have continued to rise moderately. Problems have occurred in international delivery of some plastic raw materials due to heavy consumption in China. • Organic growth was visible in Telko. • Operating profit grew to EUR 1.7 million (1.6). The operating
Slide 22: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 20 18 17,8 16 14 12 11,3 10 9,7 8 6 6,5 6,0 4 2 2,9 0 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 22
Slide 23: Expert in energy efficiency
KAUKO MARKKINAT Expert in energy efficiency
Slide 24: Kaukomarkkinat key figures
Kaukomarkkinat key figures Q1/11 Q1/10 Change Net sales, MEUR 8.2 6.4 1.8 Operating profit, MEUR 0.4 -0.4 0.8 Personnel 90 87 3 24
Slide 25: Kaukomarkkinat Q1 2011
Kaukomarkkinat Q1 2011 • Net sales grew by 28%. • Operating profit was EUR 0.4 million (-0.4). • Far Eastern project sales and Finnish AV sales increased their net sales. • The order book and net sales for local energy equipment were good with regard to the season. The government’s pending decisions
Slide 26: Financing
Financing Harri Seppälä
Slide 27: Equity ratio and gearing
Equity ratio and gearing % 200 180 160 142,2 140 136,0 124,7 123,7 120 113,2 115,8 101,5 100 92,1 87,9 80 60 40 34,6 36,2 32,4 33,2 31,7 27,8 29,4 30,2 30,0 20 0 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Equity ratio Gearing 27
Slide 28: Free cash flow
Free cash flow Cumulative per year MEUR 40 35 20,9 30 25 20 9,8 15 13,0 10 9,6 8,6 5 6,8 6,0 0 2,0 2,2 -1,5 -0,9 -10,4 -10,7 -11,4 -2,9 -4,3 -5 -9,8 -0,1 -10 -15 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Operational cash flow Cash flow from investments 28
Slide 29: Interest bearing liabilities and net debt
Interest bearing liabilities and net debt MEUR 100 90 80 85,0 82,0 77,6 78,4 78,5 70 71,7 70,6 60 63,2 58,8 50 40 30 20 10 0 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Net debt Cash and cash equivalents 29
Slide 30: Maturity of long-term loan portfolio
Maturity of long-term loan portfolio MEUR 60 50 40 30 20 10 0 2011 2012 2013 2014 2015 2016+ Loans Pension loans Capital loans Revolving credit facilities Commercial papers, overdraft facilities, and lease agreements not included. 30
Slide 31: Financing Q1 2011
Financing Q1 2011 MEUR Total In use Revolving credit facilities 40.0 10.0 CP program 50.0 5.0 Cash and cash equivalents 6.4 During report period: The total amount of revolving credit facilities was reduced to EUR 40 million (EUR 50 million). Aspo signed a EUR 25 million loan agreement for ship finan
Slide 32: Financials
Financials Arto Meitsalo
Slide 33: Income statement and key figures Q1
Income statement and key figures Q1 MEUR 2011 2010 Net sales 106.7 83.4 Depreciations -2.0 -2.1 Operating profit 2.9 2.1 Net financial expenses -1.3 -1.1 Profit before taxes 1.5 1.0 Profit for the period 1.1 0.5 2011 2010 Earnings/share, EUR 0.04 0.02 Equity ratio, % 31.7 36.2 Equity/share, EUR 2.66
Slide 34: Balance sheet
Balance sheet Shareholders’ equity MEUR Assets & liabilities 250 250 227.3 227.3 190.5 190.5 200 60,1 200 75,5 52,8 65,4 150 150 45,4 30,4 80,9 100 100 56,4 121,8 50 107,3 50 68,7 70,9 0 0 Q1/10 Q1/11 Q1/10 Q1/11 Non-current assets Inventories Shareholders' equity Long-term liabilities Cash and rece
Slide 35: Financial targets: ROI and ROE
Financial targets Return on investment, return on equity Group on the whole ROI, % ROE, % 45 45 40 40 35 35 30 30 25 25 20 20 15 13,1 15 13,3 11,1 12,1 10,2 10 10 7,5 5,8 6,8 6,5 5 5 3,2 0 0 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Target 35
Slide 36: Financial targets: operating profit
Financial targets Operating profit, % 8 7 6 5 4.0 4 3 5.8 4.8 5.00 2 4.4 4.3 3.0 3.0 2.5 2.70 1 0 -0,7 -1 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Excluding non-recurring sales gains and losses Non-recurring sales gains and losses Target 36
Slide 37: Personnel Q1 2011
Personnel Q1 2011 Share of Group personnel Distribution per country Other operations Russia, Other Kaukomarkkinat 2% ESL Shipping Ukraine, 10% 12% Finland 24% other 52% CIS 25% Telko Baltic 30% countries Leipurin 31% 9% Scandinavia 3% Personnel at end of period: 739
Slide 38: Shareholders / allocation
Shareholders / allocation Number of shareholders Share Q1/2011 Personnel fund 6000 5938 Non-domestic 0.2% Institutions & nominee 25.3% registrations 5000 2.6% 4000 3000 2000 1000 Manage- 0 ment Private investors Board 2.0% 62.0% 7.9% 38
Slide 39: Market value
Market value Share price, EUR Market value, EUR million (including own shares) Closing Average 10,00 250 239 8,85 222 8,26 8,00 200 177 6,80 170 6,44 156 5,90 6,00 150 106 4,03 4,00 100 2,00 50 0,00 0 39
Slide 40: Share issue
Share issue • The company collected about EUR 20 million in new equity with a rights issue implemented after the review period. • The share subscription price was EUR 5.20. • The shares were subscribed up to 120.8%. • A total of 98.6% was subscribed for by subscription right. • The number of new sha
Slide 41: Outlook for 2011
Outlook for 2011
Slide 42: Expectations in Aspo Group in 2011
Expectations in Aspo Group in 2011 • Net sales will grow by 10-20%. • Operating profit will improve. • The share of growth markets in Aspo’s net sales will continue to grow. • The construction of ESL Shipping’s Eira-class vessel will be completed in India during summer. The vessel will be leased wit
Slide 43: Outlook for 2011
Outlook for 2011 • Aspo changes its guidance. – New guidance for 2011: Aspo will increase its net sales by 10−20% and improve its operating profit. 43
Slide 44: Thank you!
Thank you!