Slide 1: Aspo Q1 2021: Record-high operating profit
Aspo Q1 2021: Record-high operating profit CEO Aki Ojanen Aspo Q1 2021 5/5/2021 1
Slide 2: Aspo Q1 2021: Record-high operating profit
Aspo Q1 2021: Record-high operating profit Net sales 132.3 MEUR (133.2) Net sales reached the comparative period’s level Market situation continued to improve for both ESL Shipping and Telko. Operating profit 7.9 MEUR (4.0) Q1 operating profit reached a new record of EUR 7.9 million Operating profit
Slide 3: Net sales reached the last year's level while the market continued to recover
Net sales reached the last year’s level while the market continued to recover M€ Net sales by quarter Net sales by market area Q1 2021 160 151148 147 Other 142 134 countries 140 133 132 12 % 120 116118 Finland 34 % 100 Russia, other CIS 80 countries and Ukraine 60 26 % 40 Baltic Scandinavia 20 count
Slide 4: Net sales development: Russia, other CIS countries and Ukraine
Net sales development: Russia, other CIS countries and Ukraine M€ 50 45 44.5 46.0 42.8 • The pandemic and the weakening ruble still taxed 40 37.9 37.4 37.7 34.8 35.0 sales in the Eastern markets, 35 31.6 but profitability has remained 30 good. 25 20 • Eastern markets continue to 15 be a strategicall
Slide 5: Record-high Q1 operating profit
Record-high Q1 operating profit M€ 9 Operating profit by segment: 7.9 8 7.6 7 6.7 • ESL Shipping 4.5 MEUR (2.3) 6 5.4 • Leipurin 0.3 MEUR (0.6) 4.9 5 4.1 4.0 4.1 • Telko 4.5 MEUR (2.4) 4 3.6 3 2 1 0 2019 2020 2021 Q1 Q2 Q3 Q4 Aspo Q1 2021 5/5/2021 5
Slide 6: Net cash from operating activities, cumulative
Net cash from operating activities, cumulative M€ 70 65.0 • The impact of the change 60 in working capital was 52.5 EUR -7.2 (3.8) million, and 50 was particularly affected 39.9 by the increase in trade 40 33.6 receivables. 30.5 30 • Free cash flow was EUR 5.1 (13.3) million due to 20 14.6 13.9 low
Slide 7: Long-term financial targets
Long-term financial targets Operating profit rate (cum.) ROE (cum.) Gearing target 6% in 2023 target > 20% in 2023 target 130% in 2023 % % % 7.0 25.0 250 6.0 21.8 6.0 196 20.0 200 181 174 5.0 163 163 162 159 149 3.9 15.0 14.0 150 139 4.0 13.1 13.5 3.5 3.6 3.6 3.3 3.2 11.7 11.4 3.1 3.0 3.0 10.0 9.0 1
Slide 8: Leading marine logistics provider for bulk cargo
Leading marine logistics provider for bulk cargo Aspo Q1 2021 5/5/2021 8
Slide 9: Historically strong first quarter
Historically strong first quarter • ESL Shipping’s operating profit nearly doubled from last year to EUR 4.5 million (2.3) regardless of the weather and ice conditions being more challenging than during the comparative period. • Net sales increased slightly from the comparative period and stood at E
Slide 10: ESL Shipping's net sales increased from the comparative period
ESL Shipping’s net sales increased from the comparative period M€ 50 • Net sales increased slightly 45.3 45 43.7 42.6 43.4 42.7 43.4 from the comparative period 41.2 and stood at EUR 43.4 (42.7). 40 35 32.9 31.6 30 • The transportation volumes 25 were at the comparative period’s level. 20 15 10 • De
Slide 11: ESL Shipping's operating profit at a record-high
ESL Shipping’s operating profit at a record-high M€ • ESL Shipping’s operating 6 profit rate increased to 10.4% (5.4). 5 4.8 4.4 4.4 4.5 4 • Cargo price levels of the 3.2 largest vessels increased 3 during the fall and winter, 2.6 2.3 being now relatively high 2 considering the recent years’ trend.
Slide 12: ESL Shipping's transportation volumes reached the comparative period's level
ESL Shipping’s transportation volumes reached the comparative period’s level Acquisition of AtoB@C 5 4.5 • Forecasts of transportation New LNG vessels volumes are looking positive 4 for the second and third 3.5 quarters. 3 2.5 • ESL Shipping expects total 2 transportation volumes to 1.5 increase fro
Slide 13: From bread and recipes to a comprehensive selection
From bread and recipes to a comprehensive selection Aspo Q1 2021 5/5/2021 13
Slide 14: Operating environment remains challenging
Operating environment remains challenging • Restrictions related to the coronavirus pandemic still negatively affected Leipurin’s business. • Leipurin’s net sales increased to EUR 27.9 million (26.9). Growth was due to significant machine deliveries transferred from previous years. • Leipurin’s oper
Slide 15: Leipurin's net sales increased from last year
Leipurin’s net sales increased from last year M€ 35 31.9 • Net sales of the bakery 29.9 business decreased by 30 28 26.9 26.6 27.9 roughly 8% from the 25.9 24.3 comparative period due to 25 23.2 the coronavirus pandemic 20 and resulting restrictions, as well as the decrease in 15 the value of the Ru
Slide 16: Leipurin's operating profit decreased due to the challenging operating environment
Leipurin’s operating profit decreased due to the challenging operating environment M€ 1.2 1.1 • The operating profit rate during the first 1 quarter was 1.1% (2.2). 0.8 • In eastern markets, the 0.8 total operating profit 0.6 0.6 rate increased to 0.6 0.5 approximately 7% (6). • The machinery busine
Slide 17: Raw material solutions for the industry
Raw material solutions for the industry Aspo Q1 2021 5/5/2021 17
Slide 18: Highest ever operating profit for Telko in Q1
Highest ever operating profit for Telko in Q1 • Telko segment’s operating profit grew to a record- high of EUR 4.5 million (2.4). The operating profit rate increased to 7.4% (3.8). • Segment’s net sales totaled EUR 61.0 million (63.6). The decline in the availability of raw materials slowed the reco
Slide 19: Telko's net sales nearly at the previous year's level
Telko’s net sales nearly at the previous year’s level M€ 90 • Net sales of Telko business 80.6 80 decreased by 2.7 % and 74.7 71.9 69.8 were EUR 58.0 million 70 65.7 (59.6). 63.6 62.5 59.5 61.0 60 • As availability of raw 50 materials improves, net sales are expected to 40 increase from the 30 compa
Slide 20: Historically strong operating profit for Telko
Historically strong operating profit for Telko M€ • Due to record-high 5 operating profit of Telko 4.5 business, the operating 4.5 4.2 4.2 4.1 profit rate increased to 4 7.4% (3.8). 3.5 • Prices of raw materials are 3 expected to continue their 2.5 2.4 2.3 2.4 2.4 increase and to remain high during
Slide 21: Equity ratio and gearing
Equity ratio and gearing 35.0 200 31.1% • Equity ratio improved and 29.9 % 180 30.0 gearing continued to go 160 down towards the long- 159 % 25.0 140 term target of 130%. 139 % 120 20.0 100 15.0 80 10.0 60 40 5.0 20 0.0 0 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 01/21 Equity ratio, % Gearing,
Slide 22: Strong liquidity and a balanced maturity structure
Strong liquidity and a balanced maturity structure Interest bearing liabilities without lease liabilities (MEUR) Maturity of loan agreements (MEUR) Liquidity position (MEUR) Aspo Q1 2021 5/5/2021 22
Slide 23: Distribution of profits: EUR 0.35 per share
Distribution of profits: EUR 0.35 per share • Aspo Plc’s Annual Shareholders’ Meeting held on April 8, 2021 decided that EUR 0.35 per share will be distributed in dividends for the 2020 financial year. The dividend will be paid in two installments • The payment date for the first installment of EUR
Slide 24: Guidance for 2021 unchanged
Guidance for 2021 unchanged Aspo’s operating profit in 2021 will be higher than in 2020 (EUR 19.3 million). Aspo Q1 2021 5/5/2021 24
Slide 25: Towards the era of new leadership
Towards the era of new leadership • In March, Aspo’s Board of Directors appointed Rolf Jansson Aspo’s new CEO. He will take the helm from Aki Ojanen, who will retire from his position. Jansson will start as the new CEO at the beginning of October at the latest. • Heikki Westerlund started as the new
Slide 26: Strong start for the year
Strong start for the year • Our potential to achieve our financial targets set for 2023 was already reflected strongly. • This results from correct choices and the unrelenting execution of our strategy in our businesses. • The Group’s previous significant investments and business transactions also e
Slide 27: Q&A
Q&A +358 9 817 10310 (804 982 34 #) Aspo Group’s half-year financial report will be published on 11 August, 2021 Aspo Q1 2021 5/5/2021 27
Slide 28: Appendix
Appendix Aspo Q1 2021 5/5/2021 28
Slide 29: Key figures
Key figures 1-3/2021 1-3/2020 Net sales, MEUR 132.3 133.2 Operating profit, MEUR 7.9 4.0 Operating profit, % 6.0 3.0 ESL Shipping, operating profit, MEUR 4.5 2.3 Leipurin, operating profit, MEUR 0.3 0.6 Telko, operating profit, MEUR 4.5 2.4 Earning per share (EPS), EUR 0.19 0.07 Profit before taxes,
Slide 30: Leipurin net sales in Russia, other CIS countries and Ukraine
Leipurin net sales in Russia, other CIS countries and Ukraine M€ Net sales in the market area MRUB Net sales of the Russian company 12 700 665 11.1 11.1 587 10 9.5 600 559 9.0 535 8.6 513 8.3 8.1 489480 500 475 476 8 7.5 7.5 400 6 300 4 200 2 100 0 0 2019 2020 2021 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 31: Telko net sales in Russia, other CIS countries and Ukraine
Telko net sales in Russia, other CIS countries and Ukraine M€ Net sales in the market area MRUB Net sales of the Russian company 40 1400 36.5 1279 35.5 1211 35 31.6 1200 1131 1084 1077 29.2 30 27.4 1004 26.9 974 26.3 1000 23.8 868 856 25 23.6 800 20 600 15 400 10 5 200 0 0 2019 2020 2021 2019 2020 2
Slide 32: Baltic Dry Index
Baltic Dry Index Aspo Q1 2021 5/5/2021 32
Slide 33: Shareholders
Shareholders Non-domestic and nominee Personnel fund 1% Institutions registrations 9 % Group Executive 4% Committee 12 000 10 904 11 069 1% 10 260 10 000 9 502 9 060 8 000 Board of Directors 24 % 6 000 Private investors 61 % 4 000 2 000 0 2017 2018 2019 2020 31.3.2021 Number of shareholders Distribu