Ahlstrom Corporation STOCK EXCHANGE RELEASE March 24, 2016 at 9:00 EET
Ahlstrom publishes restated segment information for continuing operations for 2015
Ahlstrom publishes restated financial segment figures for continuing operations for 2015 based on its new business area structure.
Restatement of the new segments
On November 19, 2015, Ahlstrom announced it would further simplify its business structure for faster execution and leaner alignment of operations. The company`s business structure was organized into two business areas: Filtration & Performance, and Specialties. The new structure became effective as of January 1, 2016.
The Filtration & Performance segment includes the Engine and Industrial Filtration, the Industrial Nonwovens (formerly Specialty Nonwovens) and the Wallcover & Poster business units. The Specialties segment consists of the Food & Beverage Packaging, the Advanced Liquid Technologies (formerly Advanced Filtration), the Tape and the Medical business units.
Discontinued operations
On January 21, 2016 Ahlstrom signed an agreement to divest its Building & Wind business unit to Owens Corning, a U.S.-based company listed on the New York Stock Exchange. The debt and cash free purchase price, which is subject to EBITDA adjustment, is EUR 73 million. The transaction is expected to be completed during the first half of 2016. The unit to be divested is reported in discontinued operations.
Ahlstrom`s financial reporting has been aligned with these changes starting from the January-March 2016 interim report, to be published on April 28, 2016. The restated segment figures for continuing operations for 2015 are presented in the tables below and in the attached file. Restatements for earlier periods have not been made.
| Income Statement | 2015 | 2015 | 2015 | 2015 | 2015 |
| EUR million | Q1 | Q2 | Q3 | Q4 | Jan.-Dec. |
| Continuing operations | |||||
| Net sales | 251.5 | 258.5 | 246.2 | 235.5 | 991.6 |
| Cost of goods sold | -209.0 | -212.6 | -206.7 | -209.7 | -838.0 |
| Gross profit | 42.6 | 45.9 | 39.5 | 25.8 | 153.7 |
| Sales & Marketing expenses | -11.2 | -9.9 | -8.4 | -9.2 | -38.7 |
| R&D expenses | -4.3 | -4.5 | -4.3 | -7.3 | -20.4 |
| Administrative expenses | -18.3 | -18.3 | -18.6 | -18.0 | -73.2 |
| Other operating income & expenses | 2.2 | 0.7 | 0.1 | -0.3 | 2.8 |
| Impairment charges made/reversed | 0.0 | 0.0 | 0.0 | -7.5 | -7.5 |
| Operating profit/loss | 11.0 | 13.9 | 8.3 | -16.5 | 16.6 |
| Operating profit/loss, % | 4.4 | 5.4 | 3.4 | -7.0 | 1.7 |
| * Adjusted operating profit/loss | 10.3 | 14.9 | 9.6 | 6.8 | 41.6 |
| Adjusted operating profit/loss, % | 4.1 | 5.8 | 3.9 | 2.9 | 4.2 |
| Net financial expenses | 1.1 | 5.0 | -1.5 | -4.4 | 0.3 |
| Share of profit/loss of equity accounted investments | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 |
| Profit/loss before taxes | 12.1 | 18.9 | 6.8 | -20.8 | 17.1 |
| Income taxes | -4.9 | -4.8 | -4.4 | 0.4 | -13.7 |
| Profit/loss for the period from continuing operations | 7.2 | 14.1 | 2.5 | -20.4 | 3.4 |
| Discontinued operations | |||||
| Profit/loss for the period | 1.6 | 1.7 | 1.7 | 0.2 | 5.2 |
| Continuing and discontinued | |||||
| Profit/loss for the period | 8.8 | 15.8 | 4.1 | -20.2 | 8.6 |
| Attributable to | |||||
| Non-controlling interest | -0.5 | 0.5 | -0.4 | -0.2 | -0.7 |
| Owners of the parent | 9.3 | 15.3 | 4.6 | -19.9 | 9.2 |
| ROCE %, continuing operations | 7.2 | 9.3 | 5.9 | -12.2 | 3.0 |
| EPS, continuing operations | 0.13 | 0.26 | 0.03 | -0.47 | -0.05 |
| EPS, incl. discontinued operations | 0.17 | 0.29 | 0.06 | -0.46 | 0.06 |
| * Excluding restructuring costs, impairment charges and capital gains or losses. | |||||
| Balance sheet | 2015 | 2015 | 2015 | 2015 | |
| EUR million | March 31 | June 30 | Sept. 30 | Dec. 31 | |
| Non-current assets | |||||
| Total property, plant and equipment | 366.2 | 349.0 | 333.7 | 319.5 | |
| Goodwill | 75.1 | 73.2 | 72.7 | 74.3 | |
| Other intangible assets | 14.0 | 13.3 | 13.0 | 12.4 | |
| Equity accounted investments | 15.3 | 15.3 | 15.4 | 15.5 | |
| Other investments | 41.4 | 12.8 | 0.3 | 0.3 | |
| Other receivables | 6.7 | 6.4 | 6.0 | 5.8 | |
| Deferred tax assets | 75.6 | 71.5 | 69.4 | 70.8 | |
| Total non-current assets | 594.3 | 541.6 | 510.3 | 498.5 | |
| Current assets | |||||
| Total inventories | 116.5 | 119.6 | 118.1 | 109.9 | |
| Trade and Other receivables | 193.6 | 185.1 | 174.3 | 143.9 | |
| Income tax receivable | 1.2 | 0.9 | 0.9 | 1.6 | |
| Other investments | 0.0 | 0.0 | 0.0 | 0.0 | |
| Cash and cash equivalents | 45.3 | 42.3 | 61.1 | 46.1 | |
| Total current assets | 356.7 | 348.0 | 354.4 | 301.5 | |
| Assets for distribution and for sale | 51.2 | 51.4 | 49.0 | 41.0 | |
| Total assets | 1002.2 | 941.0 | 913.8 | 841.1 | |
| Total Equity | 343.2 | 337.3 | 317.1 | 299.4 | |
| Non-current liability | |||||
| Interest-bearing loans and borrowings | 138.9 | 137.8 | 132.4 | 126.9 | |
| Employee benefit obligations | 97.6 | 92.5 | 97.9 | 100.3 | |
| Provisions | 0.6 | 0.6 | 0.4 | 0.7 | |
| Deferred tax liability | 2.3 | 1.9 | 2.1 | 2.0 | |
| Other liability | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total non-current liabilities | 239.4 | 232.8 | 232.8 | 229.9 | |
| Current liability | |||||
| Interest-bearing loans and borrowings | 163.1 | 142.7 | 136.9 | 119.0 | |
| Trade and other payables | 230.0 | 202.2 | 201.8 | 170.0 | |
| Income tax liability | 0.6 | 1.3 | 1.9 | 1.5 | |
| Provisions | 9.7 | 9.5 | 8.0 | 7.1 | |
| Total current liabilities | 403.4 | 355.7 | 348.7 | 297.6 | |
| Total liabilities | 642.9 | 588.4 | 581.5 | 527.5 | |
| Liabilities for distribution and for sale | 16.1 | 15.2 | 15.2 | 14.2 | |
| Total equity and liabilities | 1002.2 | 941.0 | 913.8 | 841.1 | |
| Group, including discontinued operations: | |||||
| Net interest bearing debt | 254.0 | 233.8 | 203.7 | 195.9 | |
| Gearing ratio | 74.0 | 69.3 | 64.2 | 65.4 | |
| Equity ratio | 34.3 | 35.9 | 34.8 | 35.8 | |
| Segment information | 2015 | 2015 | 2015 | 2015 | 2015 |
| EUR million | Q1 | Q2 | Q3 | Q4 | Jan.-Dec. |
| Filtration & Performance | 150.5 | 154.2 | 147.6 | 140.2 | 592.5 |
| Specialties | 105.7 | 108.3 | 104.0 | 100.4 | 418.5 |
| Other operations | 15.5 | 13.8 | 9.3 | 10.9 | 49.5 |
| Internal sales | -20.2 | -17.8 | -14.7 | -16.0 | -68.8 |
| Total net sales | 251.5 | 258.5 | 246.2 | 235.5 | 991.6 |
| Filtration & Performance | 5.2 | 3.7 | 2.6 | 2.1 | 13.6 |
| Specialties | 6.4 | 5.4 | 4.2 | 4.6 | 20.5 |
| Other operations | 8.6 | 8.7 | 8.0 | 9.4 | 34.7 |
| Total internal sales | 20.2 | 17.8 | 14.7 | 16.0 | 68.8 |
| Filtration & Performance | 7.0 | 8.0 | 3.6 | -7.8 | 10.8 |
| Specialties | 6.6 | 6.8 | 6.7 | -5.5 | 14.6 |
| Other operations | -2.5 | -1.0 | -2.0 | -3.3 | -8.9 |
| Eliminations | -0.1 | 0.1 | 0.0 | 0.0 | 0.1 |
| Operating profit / loss | 11.0 | 13.9 | 8.3 | -16.5 | 16.6 |
| Filtration & Performance | 7.0 | 8.0 | 4.5 | 2.8 | 22.4 |
| Specialties | 6.6 | 7.4 | 7.1 | 4.6 | 25.7 |
| Other operations | -3.3 | -0.6 | -2.1 | -0.6 | -6.6 |
| Eliminations | -0.1 | 0.1 | 0.0 | 0.0 | 0.1 |
| Adjusted operating profit / loss | 10.3 | 14.9 | 9.6 | 6.8 | 41.6 |
| Return on capital employed (RONA), % | |||||
| Filtration & Performance | 10.6 | 11.7 | 5.5 | -12.7 | 4.5 |
| Specialties | 13.0 | 13.1 | 13.4 | -11.6 | 7.6 |
| Group (ROCE), % | 7.2 | 9.3 | 5.9 | -12.2 | 3.0 |
| Filtration & Performance | 278.8 | 267.3 | 251.6 | 237.1 | 237.1 |
| Specialties | 209.1 | 205.2 | 193.9 | 187.3 | 187.3 |
| Other operations | -46.7 | -26.5 | -34.5 | -34.7 | -34.7 |
| Eliminations | -0.2 | -0.1 | -0.1 | -0.2 | -0.2 |
| Total net assets | 440.9 | 445.9 | 410.9 | 389.5 | 389.5 |
| Filtration & Performance | 1.5 | 3.3 | 2.7 | 7.8 | 15.4 |
| Specialties | 0.5 | 0.9 | 1.7 | 4.4 | 7.5 |
| Other operations | 0.8 | 0.7 | 0.9 | 0.7 | 3.1 |
| Total capital expenditure | 2.9 | 4.9 | 5.3 | 12.9 | 26.0 |
| Filtration & Performance | -7.3 | -7.5 | -7.3 | -7.2 | -29.3 |
| Specialties | -5.1 | -5.3 | -5.1 | -14.8 | -30.3 |
| Other operations | -0.8 | -0.8 | -0.8 | -0.7 | -3.1 |
| Total depreciation and amortization | -13.2 | -13.6 | -13.3 | -22.7 | -62.7 |
| Filtration & Performance | 0.0 | 0.0 | 0.0 | -7.5 | -7.5 |
| Specialties | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total impairment charges | 0.0 | 0.0 | 0.0 | -7.5 | -7.5 |
| Filtration & Performance | -0.1 | -0.1 | -0.9 | -10.6 | -11.6 |
| Specialties | 0.0 | -0.6 | -0.4 | -10.2 | -11.2 |
| Other operations | 0.8 | -0.4 | 0.0 | -2.7 | -2.3 |
| Adjustment items | 0.7 | -1.1 | -1.3 | -23.4 | -25.1 |
| Filtration & Performance | 57.0 | 57.1 | 56.1 | 53.1 | 223.3 |
| Specialties | 29.8 | 30.4 | 28.3 | 27.4 | 115.9 |
| Other operations | 1.6 | 1.3 | 0.4 | 0.3 | 3.6 |
| Eliminations | -2.9 | -2.2 | -1.7 | -1.6 | -8.5 |
| Total sales tons, thousands of tons | 85.5 | 86.5 | 83.1 | 79.2 | 334.3 |
| Segment information is presented according to the IFRS standards. |
For more information, please contact:
Juho Erkheikki
Financial Communications & Investor Relations Manager
Tel. +358 10 888 4731