Slide 1: Aspo's Q1
Aspo’s Q1 April 29, 2013 CEO Aki Ojanen CFO Arto Meitsalo Group Treasurer Harri Seppälä
Slide 2: Aspo's operating environment
Aspo's operating environment • Operating profit improved and net sales increased. • Because of the general economic situation in the western markets, global raw material prices decreased, which slowed the growth of net sales in terms of euro. • The global economic situation and weaker industrial out
Slide 3: Main events in Q1
Main events in Q1 • ESL Shipping continued to improve its performance. The global dry bulk cargo market continued to be weak. • The price level of raw materials sold by Telko decreased, which reduced net sales growth in terms of euro, and reduced the operating profit also in the eastern markets. • L
Slide 4: Group net sales, quarterly
Group net sales, quarterly MEUR 140 120 112.3 106.7 108.8 100 80 60 40 20 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 4
Slide 5: Net sales / segment Q1
Net sales / segment Q1 MEUR Change % 120 +3% 112.3 108.8 51% 100 80 +1% 60 40 2% 20 -3% 0 Q1/2012 Q1/2013 ESL Shipping Leipurin Telko Kaukomarkkinat 5
Slide 6: Group operating profit, quarterly
Group operating profit, quarterly MEUR 9 8 7 6 5 4 2.9 3 2 0.9 1 0.3 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 6
Slide 7: Operating profit / segment Q1
Operating profit / segment Q1 MEUR Q1/13 Q1/12 Change, % ESL Shipping 0.5 -0.9 156 Leipurin 0.7 0.6 17 Telko 1.5 2.0 -25 Kaukomarkkinat -0.8 -0.1 -700 Other operations -1.0 -1.3 23 Total 0.9 0.3 200 7
Slide 8: Net sales and operating profit Q1
Net sales and operating profit Q1 2012/2013 Q1 Q2 Q3 Q4 Cum. Net sales 112.3 112.3 MEUR 108.8 123.0 119.7 130.1 481.6 Operating profit 0.9 0.9 MEUR 0.3 3.8 2.9 3.6 10.6 8
Slide 9: Net sales / market area Q1
Net sales / market area Q1 MEUR Q1/13 Q1/12 Change, % Finland 40.7 39.6 3 Scandinavia 10.9 9.5 15 Baltic countries 11.8 11.9 -1 Russia, Ukraine + other CIS 31.1 30.3 3 Other countries 17.8 17.5 2 Total 112.3 108.8 3 9
Slide 10: Net sales: Russia, Ukraine + other CIS countries
Net sales Russia, Ukraine + other CIS countries MEUR 50 45 40 35 30.3 31.1 30 25 24.0 20 15 10 5 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 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 Q1
ESL Shipping Q1 • The shipping company's vessels (excl. Supramax vessels) were operating in the Baltic Sea. A significant share of ESL Shipping’s operations in the Baltic Sea are based on long-term customer agreements. • The Supramax vessels have been operating in international traffic, including th
Slide 14: Baltic Dry Index 2010-2013
Baltic Dry Index 2010‒2013 Source: Bloomberg 14
Slide 15: ESL Shipping key figures Q1
ESL Shipping key figures Q1 Q1/13 Q1/12 Change, % Net sales, MEUR 19.4 19.9 -3 Operating profit, MEUR 0.5 -0.9 156 Personnel 205 202 1 15
Slide 16: The bakery specialist
The bakery specialist
Slide 17: Leipurin Q1
Leipurin Q1 • The price level of food raw materials continued to be strong. • Leipurin's operating profit improved to EUR 0.7 million (0.6). • In Russia, the price of cereals increased sharply (by more than 50%) due to a poor harvest 2012, which has caused a fall in the consumption of bread. • Net s
Slide 18: Leipurin key figures Q1
Leipurin key figures Q1 Q1/13 Q1/12 Change, % Net sales, MEUR 30.6 30.0 2 Operating profit, MEUR 0.7 0.6 17 Personnel 283 272 4 18
Slide 19: Net sales in Russia, Ukraine + other CIS countries
Net sales in Russia, Ukraine + other CIS countries MEUR 10 8.9 9 8 7.1 7 6.2 6 5.3 5 4.5 4.0 4 3 2 1 0 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 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 Q1
Telko Q1 • Telko's operating profit decreased due to the lower selling prices of raw materials. • Operating profit stood at EUR 1.5 million (2.0). • Oil prices decreased along with the general decrease in industrial output, which resulted in lower prices of raw materials sold. • The cyclical nature
Slide 22: Telko key figures Q1
Telko key figures Q1 Q1/13 Q1/12 Change, % Net sales, MEUR 53.4 53.0 1 Operating profit, MEUR 1.5 2.0 -25 Personnel 264 232 14 22
Slide 23: Net sales in Russia, Ukraine + other CIS countries
Net sales in Russia, Ukraine + other CIS countries MEUR 30 25 24.0 21.4 20 17.8 15 11.3 9.7 10 6.5 5 0 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 23
Slide 24: Expert in energy efficiency
eX KAUKO MARKKINAT Expert in energy efficiency
Slide 25: Kaukomarkkinat Q1
Kaukomarkkinat Q1 • Q1 is weak for Kaukomarkkinat due to the low level of construction and installation activity in the winter. • Operating profit decreased to EUR -0.8 million (-0.1). • A low-margin project recognized as income in China contributed to the net sales. • Strategic investments in perso
Slide 26: Kaukomarkkinat key figures Q1
Kaukomarkkinat key figures Q1 Q1/13 Q1/12 Change, % Net sales, MEUR 8.9 5.9 51 Operating profit, MEUR -0.8 -0.1 -700 Personnel 94 86 9 26
Slide 27: Financing
R ASPO Financing Harri Seppala
Slide 28: Equity ratio and gearing
Equity ratio and gearing % 200 180 160 153.3 148.4 143.1 140 131.6 120 115.8 116.3 100 94.4 93.1 94.1 80 60 40 33.7 34.2 35.2 32.9 31.7 29.0 29.2 29.8 27.7 20 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Equity ratio Gearing 28
Slide 29: Operational cash flow
Operational cash flow MEUR 16 15.8 14 12 9.7 10 8.8 8 5.9 6 5.1 4 2 0 -2 -4 -2.9 -6 -4.8 -8 -8.1 -10 -12 -10.9 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 29
Slide 30: Interest-bearing liabilities and net debt
Interest-bearing liabilities and net debt MEUR 160 140 134.4 130.2 120 127.3 118.7 111.0 100 80 87.0 82.0 81.6 78.1 60 40 20 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Net debt Cash and cash equivalent 30
Slide 31: Maturity of loan agreements Q1/2013
Maturity of loan agreements Q1/2013 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 Q1 2013
Liquidity Q1 2013 MEUR Total In use Revolving credit facilities 60.0 10.0 Commercial paper program 50.0 28.0 Cash and cash equivalents 15.6 Interest-bearing liabilities which will mature within one (1) year total EUR 46.4 million. Cash + binding unutilized revolving credit facilities total EUR 65.6
Slide 33: Financials
R ASPO “= Financials ‘ Arto Meitsalo
Slide 34: Income statement and key figures Q1
Income statement and key figures Q1 MEUR 2013 2012 Net sales 112.3 108.8 Depreciations -2.8 -2.4 Operating profit 0.9 0.3 Net financial expenses -0.8 -0.9 Profit before taxes 0.1 -0.6 Profit for the period 0.2 2.7 * 2013 2012 Earnings/share, EUR 0.01 0.09 * Equity ratio, % 29.8 32.9 Equity/share, EU
Slide 35: Balance sheet
Balance sheet MEUR Assets Shareholders’ equity and liabilities 350 350 309.3 309.3 295.1 295.1 300 300 84.6 250 78.2 250 107.1 78.0 200 53.1 200 49.2 150 150 121.7 111.2 100 100 171.6 167.7 50 50 91.0 95.4 0 0 Q1/13 Q1/12 Q1/13 Q1/12 Non-current assets Shareholders' equity Inventories Long-term liab
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 10 13.0 10 11.1 11.8 5 5 5.4 1.8 0.8 0 0 2009 2010 2011 2012 Q1/2013 2009 2010 2011 2012 Q1/2013 Target 36
Slide 37: Financial targets: Operating profit
Financial targets Operating profit, % 8 7 6 5 4 6.8 3 2 4.2 4.1 2.0 2.7 2.4 2.8 1 1.1 0.8 0 0.3 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Excluding non-recurring sales gains and losses Non-recurring sales gains and losses Target 37
Slide 38: Personnel Q1/2013
Personnel Q1/2013 Group total 858 Share of Group personnel Distribution per country Other Other operations countries Kaukomarkkinat 8% 11% 1% ESL Shipping Russia, Finland 24% Ukraine 51% & other CIS 30% Baltic Telko countries 31% Leipurin 8% Scandinavia 33% 3% 38
Slide 39: Shareholders / allocation
Shareholders / allocation Share Q1/2013 Number of shareholders 7000 Personnel 6497 6663 fund 6183 Non-domestic 0.3% Institutions 6000 5760 & nominee 24.5% registrations 4860 5161 2.0% 5000 4000 3000 2000 1000 Manage- ment Private investors 2.3% 0 55.4% Board 15.5% 39
Slide 40: Market value
Market value Share price, EUR Market value, MEUR (incl. own shares) Closing Average 10.00 250 222 8.26 211 198 195 8.00 200 6.39 6.80 156 5.90 6.33 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 (not adjus
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 cargo market is likely to remain low. ESL Shipping
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 Q2 on August 20, 2013
Next interim report Q2 on August 20, 2013