Slide 1: Aspo's Q2
Aspo’s Q2 August 18, 2011 CEO Aki Ojanen CFO Arto Meitsalo Group Treasurer Harri Seppälä
Slide 2: Growth in Group net sales
Growth in Group net sales MEUR 140 124.6 120 99.2 100 80.9 80 60 40 20 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 2
Slide 3: Net sales / segment Q2
Net sales / segment Q2 MEUR Change, % 140 +26% 124.6 120 +47% 99.2 100 +23% 80 60 +29% 40 20 +22% 0 Q2/2010 Q2/2011 ESL Shipping Leipurin Telko Kaukomarkkinat
Slide 4: Growth in Group operating profit
Growth in Group operating profit MEUR 7 6 5 4 5.2 3 4.3 2 1.9 1 0 Q2/09* Q3/09** Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 * 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 Q2
Operating profit / segment Q2 MEUR Q2/11 Q2/10 Change, % ESL Shipping 3.2 3.4 -6 Leipurin 1.5 0.6 150 Telko 2.2 1.7 29 Kaukomarkkinat -0.1 -0.4 75 Other operations -1.6 -1.0 -60 Total 5.2 4.3 21
Slide 6: Net sales and operating profit Q1-Q2
Net sales and operating profit Q1-Q2 2010/2011 Q1 Q2 Q3 Q4 Cum. Net sales 106.7 124.6 231.3 MEUR 83.4 99.2 104.2 109.1 395.9 Operating profit 2.9 5.2 8.1 MEUR 2.1 4.3 6.0 5.5 17.9 6
Slide 7: Net sales / market area Q2
Net sales / market area Q2 MEUR Q2/11 Q2/10 Change, % Finland 47.7 40.3 18 Nordic countries 15.3 14.7 4 Baltic countries 16.0 10.5 52 Russia, Ukraine, other CIS 29.0 22.3 30 Other countries 16.6 11.4 46 Total 124.6 99.2 26
Slide 8: Net sales Russia, Ukraine and other CIS countries
Net sales Russia, Ukraine +other CIS countries Including ESL Shipping’s transports from Russia MEUR 45 40 38.1 35 30 28.7 25.3 25 20 15 10 5 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 8
Slide 9: Q2 2011 and events after the reporting period
Q2 2011 and events after the reporting period • Considerable growth in net sales and operating profit. • Russia, Ukraine, other CIS countries and the Baltic countries accounted for a considerably larger share of the Group’s net sales. • In the reporting period, the Group carried out a rights issue b
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 Q2
ESL Shipping key figures Q2 Q2/11 Q2/10 Change, % Net sales, MEUR 26.4 21.7 22 Operating profit, MEUR 3.2 3.4 -6 Personnel 186 195 -5 12
Slide 13: ESL Shipping Q2 2011
ESL Shipping Q2 2011 • International cargo price levels remain low. • Previous price levels were maintained in long- term freight contracts. • Three vessels were docked in the reporting period, as well as barge units at the end of the period. • The fleet was in full use. Owing to demand, third- part
Slide 14: Expert in flavors and structures
Expert in flavors and structures
Slide 15: Leipurin key figures Q2
Leipurin key figures Q2 Q2/11 Q2/10 Change, % Net sales, MEUR 34.0 26.4 29 Operating profit, MEUR 1.5 0.6 150 Personnel 235 222 6 15
Slide 16: Leipurin Q2 2011
Leipurin Q2 2011 • The prices of basic raw materials in the food industry increased in the reporting period. The price increase was transferred to sales prices. • Leipurin saw significant organic growth, with net sales rising to EUR 26.4 million (21.7) and operating profit to EUR 1.5 million (0.6).
Slide 17: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 9 8 7,7 7 6 5,5 5 4,9 4,7 4 3,8 3,9 3 2 1 0 Q2/06 Q2/07 Q2/08 Q2/09 Q2/10 Q2/11 Leipurin has been part of Aspo Group as of 5/2008 17
Slide 18: Leading expert in chemicals and plastic raw materials
Leading expert in chemicals and plastic raw materials
Slide 19: Telko key figures Q2
Telko key figures Q2 Q2/11 Q2/10 Change, % Net sales, MEUR 55.5 45.2 23 Operating profit, MEUR 2.2 1.7 29 Personnel 230 198 16 19
Slide 20: Telko Q2 2011
Telko Q2 2011 • The prices of raw materials sold continued to rise in the reporting period. Problems occurred in the international deliveries of some plastic raw materials. • Telko experienced significant organic growth. • Operating profit rose to EUR 2.2 million (1.7). It was reduced by an exchange
Slide 21: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 25 20 21,3 16,7 15 11,5 10 9,0 7,1 5 4,3 0 Q2/06 Q2/07 Q2/08 Q2/09 Q2/10 Q2/11 21
Slide 22: Expert in energy efficiency
KAUKO MARKKINAT Expert in energy efficiency
Slide 23: Kaukomarkkinat key figures Q2
Kaukomarkkinat key figures Q2 Q2/11 Q2/10 Change, % Net sales, MEUR 8.7 5.9 47 Operating profit, MEUR -0.1 -0.4 75 Personnel 90 88 2 23
Slide 24: Kaukomarkkinat Q2 2011
Kaukomarkkinat Q2 2011 • Net sales increased. • Operating profit improved but was slightly negative, totaling EUR -0.1 million (-0.4). • The results of Chinese project sales improved. • The sales of air-source heat pumps improved notably at the end of the reporting period. The sales of solar energy
Slide 25: Financing
Financing Harri Seppälä
Slide 26: Equity ratio and gearing
Equity ratio and gearing % 200 180 160 142,2 140 124,7 123,7 120 113,2 115,8 101,5 100 92,1 94,4 87,9 80 60 40 34,6 36,2 33,7 32,4 33,2 31,7 29,4 30,2 30,0 20 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Equity ratio Gearing 26
Slide 27: Operational cash flow
Operational cash flow MEUR 10 8 7,4 6,3 6 5,0 4,4 4 2,6 2 -4,3 0,2 -0,8 -2,9 0 -2 -4 -6 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 27
Slide 28: Interest bearing liabilities and net debt
Interest bearing liabilities and net debt MEUR 100 90 80 85,0 82,0 78,4 78,5 78,1 70 71,7 70,6 60 63,2 58,8 50 40 30 20 10 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Net debt Cash and cash equivalents 28
Slide 29: Maturity of long-term loan portfolio
Maturity of long-term loan portfolio MEUR 45 40 35 30 25 20 15 10 5 0 2011 2012 2013 2014 2015 2016+ Loans Convertible capital loan Revolving credit facilities Commercial papers, overdraft facilities, and lease agreements not included. 29
Slide 30: Financing Q2 2011
Financing Q2 2011 EUR million Total In use Revolving credit facilities 40.0 0.0 Commercial paper program 50.0 3.0 Cash and cash equivalents 13.5 In the reporting period: Aspo signed a EUR 15 million loan agreement. The loan maturity is 4 years. The loan replaced previous credits withdrawn from an in
Slide 31: Financials
Financials Arto Meitsalo
Slide 32: Income statement and key figures Q1-Q2
Income statement and key figures Q1-Q2 MEUR 2011 2010 Net sales 231.3 182.6 Depreciations -4.0 -4.1 Operating profit 8.1 6.4 Net financial expenses -2.3 -1.8 Profit before taxes 5.8 4.5 Profit for the period 4.3 3.4 2011 2010 Earnings/share, EUR 0.15 0.12 Equity ratio, % 33.7 30.2 Equity/share, EUR
Slide 33: Balance sheet
Balance sheet MEUR Assets Shareholders’ equity 300 300 and liabilities 251.6 251.6 250 250 208.9 208.9 75,0 72,3 200 200 57,1 150 46,4 89,5 150 33,9 96,5 100 100 56,6 130,2 117,9 50 50 82,8 62,8 0 0 Q2/11 Q2/10 Q2/11 Q2/10 Non-current assets Inventories Shareholders' equity Long-term liabilities Cas
Slide 34: Financial targets
Financial targets Return on investment, return on equity Group on the whole ROI, % ROE, % 45 45 40 40 35 35 30 30 24,1 25 25 20 18,5 20 15,2 15 12,7 15 13,0 11,1 11,3 9,5 10 10 5 5 0 0 2008 2009 2010 Q1-Q2/2011 2008 2009 2010 Q1-Q2/2011 Target 34
Slide 35: Financial targets
Financial targets Operating profit, % 8 7 6 5 4,0 4 3 5,8 5,0 4,4 4,3 4,2 2 3,0 -0,7 2,5 2,7 1 0 -0,6 -1 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Target Excluding non-recurring sales gains and losses Non-recurring sales gains and losses Tavoite 35
Slide 36: Personnel Q2/2011, Group total 754
Personnel Q2/2011, Group total 754 Share of Group personnel Distribution per country Other operations Other Kaukomarkkinat 10% 2% ESL Shipping Russia, Finland 12% 24% Ukraine, 52% other CIS 25% Baltic Telko countries 30% Leipurin Nordic 9% 31% countries 3%
Slide 37: Shareholders / allocation
Shareholders / allocation Share Q2/2011 Number of shareholders Personnel 6193 fund 5760 Non-domestic 6000 0.2 % Institutions & nominee 27.6 % 5161 registrations 4967 5036 5000 4860 2.4 % 4000 3000 2000 Manage- ment 1000 Private investors 2.0 % 60.2 % Board 0 7.6 % 37
Slide 38: Market value
Market value Share price, EUR Market value, EUR million (including own shares) Closing Average 10,00 250 224 222 8,26 8,00 200 7,25 177 170 6,80 6,44 156 5,90 6,00 150 106 4,03 4,00 100 2,00 50 0,00 0 Aspo started its rights issue on April 6, 2011. Share prices before this date are are historical pr
Slide 39: Outlook for 2011
Outlook for 2011
Slide 40: Expectations in Aspo Group in 2011
Expectations in Aspo Group in 2011 • Emerging markets will continue to increase their share of Aspo’s net sales. • ESL Shipping’s Eira class vessel constructed in India will be ready for operations in the Baltic Sea in the fall. The vessel has been leased on a long-term leasing agreement. The ice-st
Slide 41: Outlook for 2011
Outlook for 2011 Aspo maintains its guidance for 2011 unchanged. – Aspo will increase its net sales by 10−20% and improve its operating profit. 41
Slide 42: Thank you!
Thank you!