Aspo Plc · OMXHEX:ASPO
Aspo — Shareholder Meeting (March 2009)
36 slides from Aspo's shareholder meeting presentation, Mar 31, 2009
Slide 1: Aspo's Year 2008
Aspo’s Year 2008 Annual Shareholders’ Meeting March 31, 2009 CEO Aki Ojanen
Slide 2: Aspo's Strategy
Aspo’s Strategy • Aspo is a conglomerate that owns and persistantly develops its business operations and structure without predefined schedules. • Company brands: ESL Shipping, Leipurin, Telko and Kaukomarkkinat - focusing on B to B customers - operating in the Baltic Sea area and the growing CIS ma
Slide 3: Aspo's Financial Targets
Aspo’s Financial Targets • An average return on investment and equity of over 20%. • EBIT 5-10% of net sales. • To distribute good dividends; approximately half of the year’s profit. Annual Shareholders' Meeting March 31, 2009 3
Slide 4: Financial Year 2008
Financial Year 2008 • Steep price rise and increased demand until the summer. • Signs of a crisis on the financing markets already in the spring. Strong effect on customers’ operations in Q4. • Strong change in the external value of currencies in countries of operation. • The ocean freight market de
Slide 5: Aspo in 2008
Aspo in 2008 • Earnings per share at all time high 0.60 euro/share. • Acquisition of Kauko-Telko enabled a planned change; new focus on trade and logistics. • New Leipurin Division established. • Divestment of Autotank Group, sales generated EUR 8.2 million in sales gain. • The Kaukomarkkinat Divisi
Slide 6: Net Sales and Operating Profit, Continuing Operations
Net Sales and Operating Profit, Continuing Operations 2007/2008 Q1 Q2 Q3 Q4 Cum. Net sales 52.4 92.9 112.7 100.2 358.2 M€ 51.7 51.0 52.0 54.2 208.9 Operating profit 3.0 4.0 5.9 1.2 14.1 M€ 3.8 13.9* 3.8 3.8 25.3* * Operating profit 3.7 M€; sales gain EUR 10.2 million on the sale of Ms Arkadia. Annua
Slide 7: Net Sales, Continuing Operations
Net Sales, Continuing Operations MEUR Share 2008 400 Revenue outside 358.2 350 of Finland Others 9% 300 Leipurin 250 19% Telko 208.9 200 48% 167.1 150 100 81.2 50 ESL 0 Shipping 2007 2008 24 % Annual Shareholders' Meeting March 31, 2009 7
Slide 8: Net Sales / Market Area Continuing Operations
Net Sales / Market Area Continuing Operations MEUR, including shippings from Russia 400.0 350.0 300.0 116.3 250.0 32.8 200.0 47.5 68.1 150.0 15.9 33.0 100.0 161.6 50.0 91.9 0.0 1-Q4 2007 1-Q4 2008 Finland Scandinavia Baltic Russia etc Annual Shareholders' Meeting March 31, 2009 8
Slide 9: Operating Profit, Group as a Whole
Operating Profit, Group as a Whole MEUR Operating profit Sales profit 28 23.8 23.7 24 20 10,2 16 9,4 12 13.6 14.3 8 4 0 2007 2008 Annual Shareholders' Meeting March 31, 2009 9
Slide 10: Income Statement, Continuing Operations
Income Statement, Continuing Operations MEUR 2008 2007 Net sales 358.2 208.9 Depreciations -10.8 -9.4 Operating profit 14.1 25.3* Net financial expenses -4.5 -1.1 Profit before taxes 9.5 24.3* Earnings/share, € - Continuing operations 0.27 0.71* - Group on the whole 0.60 0.59 * Sales profit of EUR 1
Slide 11: Balance Sheet
Balance Sheet MEUR 2008 2007 Fixed Assets 128.8 63.8 Inventories 33.4 24.0 Cash and receivables 56.6 53.2 Total 218.7 141.0 Shareholder’s equity 66.0 63.0 Minority interest 0.0 0.2 Capital loan 14.2 14.2 Liabilities 138.5 63.6 Total 218.7 141.0 Equity ratio,% 30.6 45.1 Equity/share, € 2.56 2.43 Retu
Slide 12: Market Situation 2008: ESL Shipping
Market Situation 2008 ESL Shipping Annual Shareholders' Meeting March 31, 2009 12
Slide 13: Market Situation and Outlook
Market Situation and Outlook • ESL operated in 2008 with less tonnage compared to 2007. • Fleet operation was succesful, especially in the second half of the year. • Succesfull cost management. • The price decrease of bunker oil did not have much effect on the result; USD hedging caused a foreign cu
Slide 14: Market Situation 2008: Leipurin
Market Situation 2008 Leipurin Annual Shareholders' Meeting March 31, 2009 14
Slide 15: Market Situation and Outlook
Market Situation and Outlook • Leipurin is a newly established company, formed by traditional and respected food industry companies. • Figures included in Aspo’s operations in May- December 2008. • The business has developed well under Aspo’s ownership. • The prices of raw materials are expected to
Slide 16: Market Situation 2008: Telko
Market Situation 2008 Telko Annual Shareholders' Meeting March 31, 2009 16
Slide 17: Market Situation and Outlook
Market Situation and Outlook • Strong demand and increase in prices during spring. • After the acquisition of Kauko-Telko a strong result in Q3, which showed the potential of the new Telko. • The financial crisis and collapse in oil prices caused a clear decline in prices and weakening demand. • Cus
Slide 18: Market Situation 2008: Kaukomarkkinat
Market Situation 2008 Kaukomarkkinat Annual Shareholders' Meeting March 31, 2009 18
Slide 19: Market Situation and Outlook
Market Situation and Outlook • New business division formed after company acquisition; old Kaukomarkkinat operations as the bases. • Good results, relative profitability improved after packaging and tape businesses as well as sourcing services were divested. • Kaukomarkkinat has shown a strong cash
Slide 20: Aspo Key Figures
Aspo Key Figures
Slide 21: Personnel
Personnel Personnel, average Group as a whole 900 882 800 688 693 691 700 600 569 500 400 300 200 100 0 2004 2005 2006 2007 2008 Annual Shareholders' Meeting March 31, 2009 21
Slide 22: Personnel
Personnel Personnel 2008 (share in 2007) Other 12% (3) Scandinavia 4% (29) Baltic countries 6% (5) Russia 14% (6) Finland 64% (57) Annual Shareholders' Meeting March 31, 2009 22
Slide 23: Cash Flow 2005-2008
Cash Flow 2005-2008 MEUR 14 13.3 12 10.5 10 8.9 8 7.3 6 4.8 3.7 4.0 3.8 4.0 4 3.6 2.9 2.3 1.8 2 1.0 0.6 0.1 0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Annual Shareholders' Meeting March 31, 2009 23
Slide 24: Return on Investment and Return on Equity
Return on Investment and Return on Equity Group as a whole ROI, % ROE, % 40 40 35 35 30 30 27.4 25.0 25.7 25.4 25 25 24.1 20.6 19.8 20 18.5 20 16.5 14.9 14.5 15 15 14.1 10 10 5 5 0 0 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 Annual Shareholders' Meeting March 31, 2009 24
Slide 25: Equity Ratio
Equity Ratio Group as a whole 60 % 49 % 50 % 47 % 45 % 45 % 44 % 45 % 45 % 46 % 43 % 42 % 43 % 42 % 39 % 40 % 39 % 39 % 40 % 35 % 31 % 30 % 26 % 20 % 20 % 10 % 0% 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 10 20 30 40 10 20 30 40 10 20 30 40 10 20 30 40 10 20 30 40 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Slide 26: Gearing
Gearing Group as a whole 250 % 200 % 150 % 100 % 50 % 0% 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 10 20 30 40 10 20 30 40 10 20 30 40 10 20 30 40 10 20 30 40 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Annual Shareholders' Meeting March 31, 2009 26
Slide 27: EPS 2004-2008
EPS 2004-2008 Group as a whole 0.7 0.59 0.59* 0.60 ** 0.6 0.5 0.45 0.4 0.32 0.30 0.3 0.27 0,28 0.2 0.1 0.0 2004 2005 2006 2007 2008 * Sales profit of EUR 10.2 million on Ms Arkadia included ** Including sales gain of EUR 8.2 million for Autotank Group and EUR 1.2 million for other business divisions
Slide 28: Key Figures
Key Figures Operating profit, % P/E, closing price 14 24 12,1* 22 21.1 12 11.3 20 18 10 9.3 16 15.2 8.4 14.2 13.5 14 12.9 8 7.1 6.5 12 10.9 5.7 9.7 6 5.2 10 8.4 8 6.7 4 3,9* 6 4 2 2 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008 * 2007-2008 continuing o
Slide 29: Market Value
Market Value Share price, EUR Market value, MEUR Closing Average 250 10 200 177 177 8 170 6.90 6.80 6.44 150 131 135 6 5.13 5.10 111 106 4.34 4.03 100 4 76 2.98 54 2.10 1.67 50 39 43 2 1.48 0 0 99 01 03 05 07 9 99 01 03 05 07 9 00 00 19 20 20 20 20 19 20 20 20 20 0 /2 0 /2 3/ 3 3/ 3 Annual Sharehold
Slide 30: Shareholders / allocation
Shareholders / allocation Share 2008 (share 2007) 6,000 Non-domestic Personnel 2.1% (2.7) 0.1% (0.1) Instotutions 5,000 4860 27.1% (27.3) 4,000 3,000 2,000 1,000 0 2002 2003 2004 2005 2006 2007 2008 Private investors Management 57.6% (59.3) 3.2% (3.2) Board members 9.9% (7.5) Annual Shareholders' Me
Slide 31: Outlook for 2009
Outlook for 2009 • Prerequisites to improve the operating profit of continuing operations in 2009. • Aspo has the ambition to continue developing its structure. • Administrative costs are expected to be lower in 2009 and especially in 2010. • Leipurin will further expand in Russia and establish oper
Slide 32: Dividends
Dividends Annual Shareholders' Meeting March 31, 2009 32
Slide 33: Dividends
Dividends Earning / share, EUR Dividend / share, EUR Additional Basic 0.8 0.8 0.7 0.7 0.59 0,59 0.60 0.6 0.6 0.5 0.5 0.45 0.4 0.30 0.4 0.34 0.41 0.42 0.42 0.32 0.06 0.40 0.3 0.3 0.33 0.19 0.21 0.22 0.2 0.2 0.12 0.08 0.07 0.17 0.1 0.1 0.14 0.10 0.12 0.0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 200
Slide 34: Dividends
Dividends Number of shares, million Total dividend, MEUR Additional Basic 28 26.399 26.406 14 25.683 26.048 26 11.971 24 12 11.100 11,100 22 10.680 10.273 20 10 18 8.380 8.472 16 8 14 12 6 4.807 10 8.770 8.584 8.551 8.551 8.472 8 4 6 4 2 2 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2
Slide 35: Dividends
Dividends Dividend / earnings, % Effective dividend yield, % 160 156 148 14 139 140 129 12 11.2 11.0 10.8 10.4 120 10 8.9 100 7.8 84 8 6.6 6.5 80 71 71 70 6.0 59 6 60 4 40 2 20 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008 Annual Shareholders' Meeting
Slide 36: Dividends
Dividends 1.40 1,40 1.40 1,40 1.20 1,20 1.20 1.20 1,20 1,20 1.00 1,00 1.00 1,00 0.87 0,87 0.83 0,83 0.80 0,80 0.80 0,80 0.60 0,60 0.60 0,60 0.25 0,25 0.27 0,27 0.19 0,19 0.12 0,12 0.48 0,48 0,11 0.11 0,40 0.40 0,06 0,40 0.40 0.40 0,40 0.41 0,41 0.42 0,420.33 0,33 0.42 0,42 0.39 0,33 0,20 0.20 0,20 0