Slide 1: Aspo's Q2 August 20, 2013
Aspo’s Q2 August 20, 2013 CEO Aki Ojanen CFO Arto Meitsalo Group Treasurer Harri Seppälä
Slide 2: Aspo's operating environment
Aspo's operating environment • Comparable operating profit improved and net sales were on a par with the previous year. • The general economic situation in the western markets continued to drive prices down in the international raw material markets, which decreased the growth in euro-denominated net
Slide 3: Main events in Q2
Main events in Q2 • ESL Shipping's profitability improved significantly. • The price level of raw materials sold by Telko decreased, which decreased the euro-denominated growth in net sales and lowered the operating profit in the eastern markets as well. • Leipurin improved its operating profit and
Slide 4: Group net sales, quarterly
Group net sales, quarterly MEUR 135 130 124,6 125 123,0 123,6 120 115 110 105 100 95 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 4
Slide 5: Net sales / segment Q2
Net sales / segment Q2 MEUR Change % 140 +0% 123.0 123.6 -14% 120 100 -1% 80 60 8% 40 20 1% 0 Q2/2012 Q2/2013 ESL Shipping Leipurin Telko Kaukomarkkinat 5
Slide 6: Group operating profit, quarterly
Group operating profit, quarterly MEUR 9 8 7 6 5,2 5 4 3,8 3 2 1,5 1 0 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 6
Slide 7: Operating profit / segment Q2
Operating profit / segment Q2 MEUR Q2/13 Q2/12 Change, % ESL Shipping 1.2 2.6 -54 Leipurin 1.2 0.5 140 Telko 1.6 2.5 -36 Kaukomarkkinat -1.1 -0.3 -267 Other operations -1.4 -1.5 7 Total 1.5 3.8 -61 7
Slide 8: Net sales and operating profit Q2
Net sales and operating profit Q2 2012/2013 Q1 Q2 Q3 Q4 Cum. Net sales 112.3 123.6 235.9 MEUR 108.8 123.0 119.7 130.1 481.6 Operating profit 0.9 1.5 2.4 MEUR 0.3 3.8 2.9 3.6 10.6 8
Slide 9: Net sales / market area Q2
Net sales / market area Q2 MEUR Q2/13 Q2/12 Change, % Finland 36.1 39.1 -8 Scandinavia 11.0 11.0 0 Baltic countries 13.0 12.0 8 Russia, Ukraine + other CIS 41.6 42.2 -1 Other countries 21.9 18.7 17 Total 123.6 123.0 0 9
Slide 10: Net sales Russia, Ukraine + other CIS countries
Net sales Russia, Ukraine + other CIS countries MEUR 50 45 42,2 41,6 40 35 30 29,0 25 20 15 10 5 0 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 10
Slide 11: Aspo business operations
R ASPO Aspo business operations
Slide 12: Integral part of Finnish security of supply
Integral part of Finnish security of supply
Slide 13: ESL Shipping Q2
ESL Shipping Q2 • The shipping company's vessels operate mainly in the Baltic Sea. A significant share of transports in the Baltic Sea are based on long-term customer agreements. • The Supramax vessels have been operating in international traffic in the Canadian sea ice region and the Baltic Sea. •
Slide 14: Baltic Dry Index 2010-2013
Baltic Dry Index 2010‒2013 Source: Bloomberg 14
Slide 15: ESL Shipping key figures Q2
ESL Shipping key figures Q2 Q2/13 Q2/12 Change, % Net sales, MEUR 18.8 18.6 1 Operating profit, MEUR 1.2 2.6 -54 Personnel 202 207 -2 15
Slide 16: The bakery specialist
The bakery specialist
Slide 17: Leipurin Q2
Leipurin Q2 • The price level of food raw materials continued to be stable. • Leipurin's operating profit improved to EUR 1.2 million (0.5). • Net sales from bakery raw materials continued to develop favorably in all market areas. • The market area Russia, Ukraine and other CIS countries increased i
Slide 18: Leipurin key figures Q2
Leipurin key figures Q2 Q2/13 Q2/12 Change, % Net sales, MEUR 34.9 32.3 8 Operating profit, MEUR 1.2 0.5 140 Personnel 277 282 -2 18
Slide 19: Net sales in Russia, Ukraine + other CIS countries
Net sales in Russia, Ukraine + other CIS countries MEUR 12 11,1 10 9,8 8 7,7 6 5,5 4,9 3,9 4 2 0 Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 Leipurin has been part of Aspo Group as of 5/2008 19
Slide 20: Leading expert in plastic raw materials and chemicals
Leading expert in plastic raw materials and chemicals
Slide 21: Telko Q2
Telko Q2 • Telko's operating profit decreased due to lower volumes in the EU and lower raw material prices. • Operating profit stood at EUR 1.6 million (2.5 ) • Net sales decreased slightly in Russia, Ukraine, and other CIS countries. The prices of raw materials sold decreased and industrial growth
Slide 22: Telko key figures Q2
Telko key figures Q2 Q2/13 Q2/12 Change, % Net sales, MEUR 61.6 62.5 -1 Operating profit, MEUR 1.6 2.5 -36 Personnel 251 247 2 22
Slide 23: Net sales in Russia, Ukraine + other CIS countries
Net sales in Russia, Ukraine + other CIS countries MEUR 35 32,4 30,5 30 25 21,3 20 16,7 15 11,5 10 9,0 5 0 Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 23
Slide 24: Expert in energy efficiency
eX KAUKO MARKKINAT Expert in energy efficiency
Slide 25: Kaukomarkkinat Q2
Kaukomarkkinat Q2 • Operating profit decreased to EUR -1.1 million (-0.3). The result includes non-recurring expenses of approximately EUR -0.4 million resulting from co-determination negotiations in Finland. • The Finnish organization was reformed to be flatter and focused on activities specified i
Slide 26: Kaukomarkkinat key figures Q2
Kaukomarkkinat key figures Q2 Q2/13 Q2/12 Change, % Net sales, MEUR 8.3 9.6 -14 Operating profit, MEUR -1.1 -0.3 -267 Personnel 87 87 0 26
Slide 27: Financing
R ASPO Financing Harri Seppala
Slide 28: Equity ratio and gearing
Equity ratio and gearing % 200 180 170,2 160 153,3 148,4 143,1 140 131,6 120 116,3 100 94,4 93,1 94,1 80 60 40 33,7 34,2 35,2 32,9 27,7 29,0 29,2 29,8 25,6 20 0 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Equity ratio Gearing 28
Slide 29: Operational cash flow
Operational cash flow MEUR 16 15,8 14 13,4 12 9,7 10 8,8 8 5,9 6 5,1 4 2 0 -2 -4 -6 -4,8 -8 -8,1 -10 -12 -10,9 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 29
Slide 30: Interest-bearing liabilities and net debt
Interest-bearing liabilities and net debt MEUR 160 140 134,4 131,9 130,2 120 127,3 118,7 111,0 100 80 87,0 81,6 78,1 60 40 20 0 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Net debt Cash and cash equivalent 30
Slide 31: Maturity of significant loan agreements Q2/2013
Maturity of significant loan agreements Q2/2013 MEUR 60 40,0 50 40 42,0 20,0 30 20 20,0 20,0 10,0 10 5,0 5,0 0 2013 2014 2015 2016 2017+ Loans Convertible capital loan Revolving credit facilities Commercial papers, overdraft facilities, and financial leasing agreements not included.
Slide 32: Liquidity Q2/2013
Liquidity Q2/2013 MEUR Total In use Revolving credit facilities 60.0 0.0 Commercial paper program 50.0 49.0 Cash and cash equivalents 19.3 Interest-bearing liabilities which will mature within one (1) year total EUR 61.4 million. Cash + binding unutilized revolving credit facilities total EUR 79.3 m
Slide 33: Financials
R ASPO “= Financials ‘ Arto Meitsalo
Slide 34: Income statement and key figures Q1-Q2
Income statement and key figures Q1-Q2 MEUR 2013 2012 Net sales 235.9 231.8 Depreciations -5.6 -5.1 Operating profit 2.4 4.1 Net financial expenses -1.9 -1.4 Profit before taxes 0.5 2.6 Profit for the period 0.9 6.2 * 2013 2012 Earnings/share, EUR 0.03 0.20 * Equity ratio, % 25.6 27.7 Equity/share,
Slide 35: Balance sheet
Balance sheet MEUR Assets Shareholders’ equity and liabilities 350,0 350 307.5 314.4 307.5 314.4 300,0 300 88,8 90,9 107,9 250,0 250 129,2 200,0 48,7 47,7 200 150,0 150 120,7 100,8 100,0 100 170,0 175,8 50,0 50 77,5 85,8 0,0 0 Q2/13 Q2/12 Q2/13 Q2/12 Non-current assets Shareholders' equity Inventori
Slide 36: Financial targets: ROI and ROE
Financial targets Return on investment, return on equity ROI, % ROE, % 45 45 40 40 35 35 30 30 25 25 20 20 15 15 16,4 15,2 12,7 12,5 13,0 10 11,1 10 11,8 5 5 5,4 2,0 2,1 0 0 2009 2010 2011 2012 Q2/2013 2009 2010 2011 2012 Q2/2013 Target 36
Slide 37: Financial targets: Operating profit %
Financial targets Operating profit, % 8 7 6 5 4 6,8 3 4,2 2.0 2 4,1 2,4 2,8 1 1,1 0,8 1,2 0 0,3 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Excluding non-recurring sales gains and losses Non-recurring sales gains and losses Target 37
Slide 38: Personnel Q2/2013
Personnel Q2/2013 Group total 854 Share of Group personnel Distribution per country Other Other operations countries Kaukomarkkinat 4% ESL Shipping Russia, 8% Finland 10% 24% Ukraine 51% & other CIS 30% Baltic Telko countries 29% Leipurin 8% Scandinavia 33% 3% 38
Slide 39: Shareholders / allocation
Shareholders / allocation Share Q2/2013 Number of shareholders 8000 Non- Personnel domestic & fund 6814 Institutions 7000 6497 nominee 0.3% 6183 23.0% registrations 5760 1.8% 6000 4860 5161 5000 4000 3000 2000 Manage- 1000 ment 2.3% Private investors 0 57.3% Board 15.3% 39
Slide 40: Aspo's market value
Aspo’s market value Share price, EUR Market value, MEUR (incl. own shares) Closing Average 10,00 250 222 8,26 211 198 8,00 200 6,80 168 6,39 156 5,90 5,43 6,00 150 4,03 106 4,00 100 2,00 50 0,00 0 Aspo started its rights issue on April 6, 2011. Share prices before this date are historical prices (no
Slide 41: Outlook for 2013
R ASPO Outlook for 2013
Slide 42: Expectations for Aspo Group in 2013
Expectations for Aspo Group in 2013 • Aspo's current structure will facilitate profitable organic growth in the eastern growth markets in particular. • General economic uncertainty in the western markets is likely to continue. • The global dry bulk freight market is likely to remain low. ESL Shippin
Slide 43: Guidance for 2013
Guidance for 2013 The guidance remains unchanged: – Aspo aims to increase its operating profit and to achieve the previous year’s level in net sales. 43
Slide 44: Next interim report Q3 on October 24, 2013
Next interim report Q3 on October 24, 2013