Aspo Plc · OMXHEX:ASPO
Aspo — Q2 2021 Earnings Presentation
33 slides from Aspo's earnings presentation, Aug 11, 2021
Slide 1: Aspo Q2/2021: Record-high performance continued
Aspo Q2/2021: Record-high performance continued — The highest operating profit and earnings per share in Aspo’s history CEO Aki Ojanen August 11, Aspo Q2/2021 1 2021
Slide 2: Record-high performance continued
Aspo Q2/2021: Q2/2021 1–6/2021 Record-high performance continued Net sales The Group’s operating profit and earnings per share were 142.9 MEUR (115.6) 275.2 MEUR (248.8) among the highest in the company’s history Operating profit increased considerably to EUR 9.6 (4.1) million, driven by the strongl
Slide 3: Net sales increased significantly due to rapid market recovery
Net sales increased significantly due to rapid market recovery EUR Net sales by quarter Net sales by market area Q2 2021 millio 160 n 151 148 147 Other 142 143 140 133 134 132 countries 13 % 120 116 118 Finland 32 % 100 Russia, the other CIS 80 countries and Ukraine 60 26 % 40 20 Baltic Scandinavia
Slide 4: Development of net sales: Russia, other CIS countries and Ukraine
Development of net sales: Russia, other CIS countries and Ukraine EUR millio 50 n 46,0 • Net sales in eastern markets 44,5 45 42,8 improved markedly from the 40 37,9 37,4 37,7 36,7 comparison period as a result of 35 34,8 35,0 market recovery and higher price 31,6 levels 30 25 20 • In eastern market
Slide 5: Historically high operating profit due to the record performance of ESL and Telko
Historically high operating profit due to the record performance of ESL and Telko EUR millio 12 n Operating profit by segment: 10 9,6 • ESL Shipping 5.4 MEUR (0.6) 7,9 8 7,6 • Leipurin 0.3 MEUR (0.3) 6,7 6 5,4 • Telko 5.5 MEUR (4.2) 4,9 4,1 4.0 4,1 4 3,6 2 0 2019 2020 2021 Q1 Q2 Q3 Q4 August 11, Asp
Slide 6: Net cash from operating activities, cumulative
Net cash from operating activities, cumulative EUR millio 70 n 65.0 • Cash flow from operating 60 activities in January–June was 52,5 EUR 22.2 (30.5) million. 50 39,9 40 33,6 • The impact of the change in 30,5 working capital on cash flow in 30 22,2 January–June was EUR -7.2 20 (10.9) million, due t
Slide 7: Long-term financial targets
Long-term financial targets Operating profit rate (cumulative) ROE (cumulative) Gearing Target 6% in 2023 Target > 20% in 2023 Target 130% in 2023 % % % 7,0 30,0 250 6,3 6,0 6,0 24,5 25,0 196 200 21,8 181 174 5,0 163 163 162 20,0 159 149 150 142 3,9 139 4,0 3,6 3,6 3,5 3,1 3,3 3,2 15,0 14,0 13,1 13,
Slide 8: Leading marine logistics provider for bulk cargo
Leading marine logistics provider for bulk cargo August 11, Aspo Q2/2021 8 2021
Slide 9: Historically strong quarter
Historically strong quarter • ESL Shipping’s operating profit reached a record level of EUR 5.4 (0.6) million despite a significantly larger docking program than in the comparative period. • Net sales increased by 40% and stood at EUR 46.0 (32.9) million. • The operations of all vessel categories we
Slide 10: ESL Shipping's net sales grew markedly
ESL Shipping’s net sales grew markedly EUR millio 50 n 46.0 • Net sales increased markedly 45,3 45 43,7 42,6 43,4 42,7 43,4 from the exceptionally weak 41,2 comparative period and were EUR 40 46.0 (32.9) million. 35 32,9 31,6 30 25 • Demand and transportation volumes among all ESL Shipping’s 20 main
Slide 11: ESL Shipping's operating profit was at a record level again
ESL Shipping’s operating profit was at a record level again EUR • ESL Shipping’s operating profit 6millio rate increased in the second n 5,4 quarter to 11.7% (1.8). 5 4,8 4,4 4,4 4,5 4 • The market freight rates in all 3,2 vessel categories improved 3 significantly. 2,6 2,3 2 • The international car
Slide 12: ESL Shipping's transportation volumes are close to their normal level
ESL Shipping’s transportation volumes are close to their normal level AtoB@C acquisition 5 4,5 • The transportation volume New LNG-fueled forecasts for the various 4 vessels customer segments for the rest 3,5 of the year are good and 3 significantly higher than in the comparative period. 2,5 2 1,5 •
Slide 13: Baltic Dry Index
Baltic Dry Index Aspo Q2 2021 11.8.2021 13
Slide 14: During the fall, ESL Shipping's Supramax vessels will operate in the Arctic region
During the fall, ESL Shipping’s Supramax vessels will operate in the Arctic region. • In the late summer and fall, Supramax vessels Kumpula and Arkadia will operate in Canada and the Northeast Passage in the Arctic region. • The route on the Northeast Passage halves the travel time compared to the r
Slide 15: From bread and recipes to a comprehensive selection
From bread and recipes to a comprehensive selection August 11, Aspo Q2/2021 15 2021
Slide 16: The pandemic continued to burden the result
The pandemic continued to burden the result • Leipurin’s operating environment continued to be challenging because of the coronavirus pandemic. • Leipurin’s net sales increased to EUR 25.8 (23.2) million during the second quarter. Operating profit remained unchanged from the comparative period, at E
Slide 17: Leipurin's net sales increased from last year
Leipurin’s net sales increased from last year EUR millio 35 n 31,9 • During the second quarter, 29,9 the net sales of the bakery 30 28 26,9 26,6 27,9 business increased by around 25,9 25,8 24,3 16% with the easing of the 25 23,2 restrictions caused by the 20 pandemic. • The progress of mechanical 15
Slide 18: Leipurin's operating profit remained unchanged from the comparative period
Leipurin’s operating profit remained unchanged from the comparative period EUR millio 1,2 n 1,1 • The operating profit rate during the second quarter 1 was 1.2% (1.3). 0,8 • In eastern markets, the 0,8 total operating profit rate 0,6 0,6 was around 5%. 0,6 0,5 • The machinery business is expected to
Slide 19: Raw material solutions for the industry
Raw material solutions for the industry August 11, Aspo Q2/2021 19 2021
Slide 20: Strong development continued
Strong development continued • The Telko segment’s operating profit increased to a record EUR 5.5 (4.2) million, supported by strong markets. • The segment’s net sales grew significantly and were EUR 71.1 (59.5) million, but the development of sales volumes was hindered by availability issues in cer
Slide 21: Availability issues hindered growth in net sales
Availability issues hindered growth in net sales EUR millio 90 n • In the second quarter, the net 80,6 80 sales of the Telko business 74,7 71,9 69,8 71,1 increased by 29% to EUR 67.6 70 63,6 62,5 65,7 61.0 (52.6) million. 59,5 60 • Product availability is expected 50 to improve in the coming months,
Slide 22: Telko's operating profit was at a record level
Telko’s operating profit was at a record level EUR • The Telko segment’s operating 6millio profit rate was 7.7% (7.1). n 5,5 • Telko has succeeded in creating 5 4,5 organic growth in higher value- 4,2 4,2 4,1 added products in particular, 4 which has improved its margin level. 3 2,4 2,3 2,4 2,4 • Th
Slide 23: Equity ratio and gearing
Equity ratio and gearing 35,0 200 • The equity ratio improved and 30,5 30,0 29,4 180 gearing decreased from the 163 160 comparison period. 25,0 142 140 • The first installment of the 20,0 120 dividend (EUR 0.18 per share) 100 was paid during the second 15,0 quarter, totaling around EUR 80 5.6 millio
Slide 24: 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) 90 26 80 2 6 70 60 50 135 40 30 Loans Commercial papers 20 TyEL pensions loan Bond 10 0 Liquidity position (MEUR) 2021 2022 2023 2024 2025 - Hybrid (cal
Slide 25: Specified guidance for 2021 (issued on Aug 4, 2021)
Specified guidance for 2021 (issued on Aug 4, 2021) Aspo’s operating profit in 2021 will be approximately EUR 30–36 (19.3) million. August 11, Aspo Q2/2021 25 2021
Slide 26: Historically strong result paves the way for an era of new management
Historically strong result paves the way for an era of new management • Aspo’s record performance arises from long-term development and successes in both western and eastern markets, as well as the strengths of a conglomerate. • The acquisitions and investments made as well as the strong cash flow e
Slide 27: Q&A
Q&A +358 9 817 10310 (912 917 03 #) August 11, Aspo Q2/2021 27 2021
Slide 28: Aspo Group's interim report for the third quarter will be published on October 27, 2021
Aspo Group’s interim report for the third quarter will be published on October 27, 2021 www.aspo.com Twitter: @AspoPlc August 11, Aspo Q2/2021 28 2021
Slide 29: Appendix
Appendix August 11, Aspo Q2/2021 29 2021
Slide 30: Key figures
Key figures Q2/2021 Q2/2020 Net sales, MEUR 142.9 115.6 Operating profit, MEUR 9.6 4.1 Operating profit, % 6.7 3.5 ESL Shipping, operating profit, MEUR 5.4 0.6 Leipurin, operating profit, MEUR 0.3 0.3 Telko, operating profit, MEUR 5.5 4.2 Earnings per share (EPS), EUR 0.24 0.08 Profit before taxes,
Slide 31: Leipurin's net sales in Russia, other CIS countries and Ukraine
Leipurin’s net sales in Russia, other CIS countries and Ukraine EUR Net sales in the market area RUB Net sales of the Russian company millio million 12 700 665 n 11,1 11,1 587 10 9,5 600 559 9.0 535 8,6 513 517 8,3 8,1 489 480 500 475 476 8 7,5 7,5 7,4 400 6 300 4 200 2 100 0 0 2019 2020 2021 2019 2
Slide 32: Telko's net sales in Russia, other CIS countries and Ukraine
Telko’s net sales in Russia, other CIS countries and Ukraine EUR Net sales in the market area RUB Net sales of the Russian company millio million 40 1400 1327 n 36,5 1279 35,5 1211 35 31,6 1200 1131 1084 1077 29,2 30 27,4 28,6 1004 974 26,9 26,3 1000 23,8 868 856 25 23,6 800 20 600 15 400 10 5 200 0
Slide 33: Shareholders
Shareholders Non-domestic and nominee Personnel fund registrations 1% Institutions 4% 18 % 12 000 10 904 11 120 Group Executive 10 260 Committee 10 000 9 502 1% 9 060 8 000 Private investors 6 000 54 % Board of Directors 22 % 4 000 2 000 0 2017 2018 2019 2020 30/06/2021 Number of shareholders Distri