Ahlstrom-Munksjö provides comparative financial figures according to the new reporting structure and the presentation of income statement
AHLSTROM-MUNKSJÖ STOCK EXCHANGE RELEASE, April 3, 2020 at 10:00 EET
Ahlstrom-Munksjö announced in April 2019 it will implement a new business and reporting structure as of January 1, 2020. The new business structure allow full integration and the realization of the full potential of the acquisitions of Expera Specialty Solutions and Caieiras. With the new structure, Ahlstrom-Munksjö promotes its core business capabilities, sharpens its strategic targets and aligns business characteristics of each business area.
The new business area structure as of January 1, 2020
Ahlstrom-Munksjö’s organizational structure and reporting segments, as of January 1, 2020, will be as follows:
- Filtration & Performance Solutions consists of Filtration, Nonwovens,
Glass Fiber Tissue and Abrasive businesses - Advanced Solutions consists of Liquid Technologies, Beverage & Casing, Medical, Tape and Precision Coating businesses
- Industrial Solutions consists of Insulation, Release Liners and Coated Specialties businesses
- Food Packaging & Technical Solutions consists of Food Packaging, Technical and Parchment businesses
- Decor Solutions consists of Decor business
The Group also changes how its income statement is presented to align it to internal reporting. As of 2020, expenses are classified according to functions, whereas expenses were previously classified according to nature. As part of this change, net sales are also slightly redefined with an insignificant impact of less than 0.5%. The changes have no impact on Group’s operating result.
The restated figures according to the new reporting structure and presentation of the income statement are shown in the following tables.
Restated financials are unaudited.
| INCOME STATEMENT | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | Q1-Q3 | Q1-Q2 | |
| EUR million | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | |
| Net sales | 701.3 | 711.3 | 745.1 | 757.7 | 2,915.3 | 2,214.1 | 1,502.8 | |
| Cost of goods sold | -618.3 | -616.6 | -644.9 | -664.4 | -2,544.1 | -1,925.9 | -1,309.3 | |
| Gross profit | 83.0 | 94.7 | 100.2 | 93.4 | 371.2 | 288.2 | 193.5 | |
| Sales, R&D and administrative expenses | -55.2 | -54.9 | -55.8 | -67.1 | -233.0 | -177.8 | -122.9 | |
| Other operating income | 3.5 | 9.3 | 4.0 | 4.0 | 20.7 | 17.2 | 8.0 | |
| Other operating expense | -15.5 | -14.7 | -13.4 | -12.4 | -55.9 | -40.5 | -25.8 | |
| Share of profit in equity accounted investments | 0.2 | - | - | - | 0.2 | - | - | |
| Operating result | 16.0 | 34.3 | 35.0 | 17.8 | 103.2 | 87.2 | 52.9 | |
| Net financial items | -13.4 | -14.8 | -11.7 | -11.6 | -51.6 | -38.2 | -23.3 | |
| Result before taxes | 2.6 | 19.5 | 23.3 | 6.2 | 51.6 | 49.1 | 29.5 | |
| Income taxes | -0.6 | -7.5 | -8.6 | -2.1 | -18.8 | -18.2 | -10.6 | |
| Net result | 1.9 | 12.0 | 14.8 | 4.1 | 32.8 | 30.9 | 18.9 |
Operative exchange gains and losses and operative foreign exchange derivatives are presented in cost of goods sold. Corresponding financial items are presented in net financial items.
Other operating income mainly includes gain on sale of fixed assets, gain on sale of emission rights, government grants, sale of scrap, R&D and other tax credits.
Other operating expense mainly includes depreciations and amortizations arising from purchase price allocation (PPA), impairment, loss on sale of fixed assets and credit losses.
| SEGMENT INFORMATION | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | Q1-Q3 | Q1-Q2 | |
| EUR million, or as indicated | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | |
| Net sales, external | ||||||||
| Filtration & Performance Solutions | 177.4 | 170.4 | 183.5 | 185.9 | 717.1 | 539.8 | 369.4 | |
| Advanced Solutions | 111.2 | 117.2 | 121.1 | 118.7 | 468.2 | 357.0 | 239.8 | |
| Industrial Solutions | 174.5 | 188.0 | 197.2 | 198.5 | 758.2 | 583.7 | 395.7 | |
| Food Packaging & Technical Solutions | 132.3 | 133.9 | 137.6 | 141.4 | 545.3 | 413.0 | 279.0 | |
| Decor Solutions | 103.7 | 99.2 | 104.0 | 111.9 | 418.8 | 315.0 | 215.9 | |
| Other and eliminations | 2.2 | 2.6 | 1.7 | 1.3 | 7.8 | 5.6 | 3.0 | |
| Group | 701.3 | 711.3 | 745.1 | 757.7 | 2,915.3 | 2,214.1 | 1,502.8 | |
| Net sales, internal | ||||||||
| Filtration & Performance Solutions | 1.2 | 2.1 | 2.0 | 1.7 | 6.9 | 5.7 | 3.6 | |
| Advanced Solutions | 0.5 | 0.6 | 0.6 | 0.5 | 2.1 | 1.6 | 1.0 | |
| Industrial Solutions | 1.2 | 0.9 | 2.2 | 3.1 | 7.4 | 6.3 | 5.4 | |
| Food Packaging & Technical Solutions | 9.0 | 9.2 | 9.2 | 9.7 | 37.1 | 28.1 | 18.9 | |
| Decor Solutions | 0.0 | 0.3 | 0.3 | 0.3 | 0.8 | 0.8 | 0.5 | |
| Other and eliminations | -11.8 | -13.0 | -14.2 | -15.3 | -54.3 | -42.5 | -29.5 | |
| Group | - | - | - | - | - | - | - | |
| Total net sales | ||||||||
| Filtration & Performance Solutions | 178.6 | 172.4 | 185.5 | 187.5 | 724.0 | 545.4 | 373.0 | |
| Advanced Solutions | 111.7 | 117.8 | 121.7 | 119.1 | 470.2 | 358.6 | 240.8 | |
| Industrial Solutions | 175.6 | 188.9 | 199.5 | 201.6 | 765.7 | 590.0 | 401.1 | |
| Food Packaging & Technical Solutions | 141.3 | 143.1 | 146.8 | 151.2 | 582.4 | 441.1 | 298.0 | |
| Decor Solutions | 103.7 | 99.4 | 104.2 | 112.2 | 419.6 | 315.8 | 216.4 | |
| Other and eliminations | -9.7 | -10.3 | -12.6 | -13.9 | -46.5 | -36.8 | -26.5 | |
| Group | 701.3 | 711.3 | 745.1 | 757.7 | 2,915.3 | 2,214.1 | 1,502.8 | |
| EBITDA | ||||||||
| Filtration & Performance Solutions | 26.7 | 30.3 | 33.7 | 31.0 | 121.7 | 94.9 | 64.7 | |
| Advanced Solutions | 10.0 | 13.8 | 14.2 | 12.2 | 50.2 | 40.2 | 26.4 | |
| Industrial Solutions | 8.2 | 15.6 | 17.4 | 11.7 | 52.9 | 44.7 | 29.1 | |
| Food Packaging & Technical Solutions | 15.7 | 15.4 | 8.2 | 12.0 | 51.3 | 35.6 | 20.2 | |
| Decor Solutions | 9.9 | 6.8 | 7.1 | 1.1 | 25.0 | 15.1 | 8.2 | |
| Other and eliminations | -7.2 | -4.1 | -2.6 | -7.8 | -21.6 | -14.5 | -10.3 | |
| Group | 63.3 | 77.8 | 78.1 | 60.2 | 279.4 | 216.1 | 138.3 | |
| Items affecting comparability in EBITDA | ||||||||
| Filtration & Performance Solutions | -1.7 | -2.2 | -0.5 | - | -4.4 | -2.7 | -0.5 | |
| Advanced Solutions | -0.2 | -0.0 | - | -0.2 | -0.4 | -0.2 | -0.2 | |
| Industrial Solutions | -3.0 | -1.1 | -1.0 | -3.1 | -8.2 | -5.1 | -4.1 | |
| Food Packaging & Technical Solutions | -0.5 | -0.6 | -1.0 | - | -2.1 | -1.6 | -1.0 | |
| Decor Solutions | -0.6 | -0.1 | -2.1 | -6.8 | -9.5 | -9.0 | -8.9 | |
| Other and eliminations | -1.1 | -1.8 | -1.1 | -4.7 | -8.8 | -7.6 | -5.8 | |
| Group | -7.2 | -5.8 | -5.7 | -14.8 | -33.4 | -26.3 | -20.5 | |
| Comparable EBITDA | ||||||||
| Filtration & Performance Solutions | 28.5 | 32.4 | 34.2 | 31.0 | 126.1 | 97.6 | 65.2 | |
| Advanced Solutions | 10.2 | 13.8 | 14.2 | 12.4 | 50.6 | 40.5 | 26.6 | |
| Industrial Solutions | 11.2 | 16.7 | 18.4 | 14.8 | 61.1 | 49.9 | 33.2 | |
| Food Packaging & Technical Solutions | 16.2 | 16.0 | 9.2 | 12.0 | 53.4 | 37.2 | 21.2 | |
| Decor Solutions | 10.4 | 6.9 | 9.2 | 8.0 | 34.5 | 24.0 | 17.1 | |
| Other and eliminations | -6.0 | -2.3 | -1.5 | -3.1 | -12.9 | -6.8 | -4.6 | |
| Group | 70.5 | 83.6 | 83.8 | 75.0 | 312.9 | 242.4 | 158.8 | |
| Comparable EBITDA margin, % | ||||||||
| Filtration & Performance Solutions | 15.9 | 18.8 | 18.4 | 16.5 | 17.4 | 17.9 | 17.5 | |
| Advanced Solutions | 9.1 | 11.7 | 11.7 | 10.4 | 10.8 | 11.3 | 11.1 | |
| Industrial Solutions | 6.4 | 8.8 | 9.2 | 7.3 | 8.0 | 8.5 | 8.3 | |
| Food Packaging & Technical Solutions | 11.5 | 11.2 | 6.3 | 7.9 | 9.2 | 8.4 | 7.1 | |
| Decor Solutions | 10.1 | 6.9 | 8.8 | 7.1 | 8.2 | 7.6 | 7.9 | |
| Group | 10.1 | 11.7 | 11.2 | 9.9 | 10.7 | 10.9 | 10.6 | |
| Capital expenditure | ||||||||
| Filtration & Performance Solutions | 6.9 | 10.3 | 10.9 | 7.4 | 35.5 | 28.6 | 18.3 | |
| Advanced Solutions | 1.7 | 2.4 | 3.3 | 3.1 | 10.5 | 8.9 | 6.5 | |
| Industrial Solutions | 14.5 | 25.5 | 13.2 | 10.0 | 63.1 | 48.7 | 23.2 | |
| Food Packaging & Technical Solutions | 5.4 | 3.0 | 4.9 | 7.0 | 20.3 | 14.9 | 11.9 | |
| Decor Solutions | 2.5 | 1.9 | 2.0 | 3.0 | 9.4 | 6.9 | 5.0 | |
| Other and eliminations | 5.4 | 7.5 | 4.3 | 4.9 | 22.2 | 16.8 | 9.3 | |
| Group | 36.3 | 50.6 | 38.7 | 35.5 | 161.1 | 124.8 | 74.2 |
|
NET SALES BY REGION |
Q4 | Q3 | Q2 | Q1 | Q1-Q4 | Q1-Q3 | Q1-Q2 | |
| EUR million | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | |
| Europe | 310.0 | 305.8 | 323.7 | 335.5 | 1,275.0 | 965.0 | 659.2 | |
| North America | 237.7 | 243.0 | 249.4 | 254.2 | 984.2 | 746.6 | 503.6 | |
| South America | 55.7 | 57.0 | 57.3 | 63.5 | 233.5 | 177.8 | 120.8 | |
| Asia-Pacific | 88.7 | 94.5 | 104.9 | 94.8 | 382.9 | 294.2 | 199.6 | |
| Rest of the world | 9.2 | 11.0 | 9.8 | 9.8 | 39.7 | 30.6 | 19.6 | |
| Total | 701.3 | 711.3 | 745.1 | 757.7 | 2,915.3 | 2,214.1 | 1,502.8 |
|
KEY FIGURES |
Q4 | Q3 | Q2 | Q1 | Q1-Q4 | Q1-Q3 | Q1-Q2 | |
| EUR million, or as indicated | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | |
| Net sales | 701.3 | 711.3 | 745.1 | 757.7 | 2,915.3 | 2,214.1 | 1,502.8 | |
| Operating margin, % | 2.3 | 4.8 | 4.7 | 2.4 | 3.5 | 3.9 | 3.5 | |
| EBITDA margin, % | 9.0 | 10.9 | 10.5 | 7.9 | 9.6 | 9.8 | 9.2 | |
| Camparable EBITDA margin, % | 10.1 | 11.7 | 11.2 | 9.9 | 10.7 | 10.9 | 10.6 | |
| Comparable operating result margin, % | 3.6 | 5.6 | 5.5 | 4.3 | 4.8 | 5.1 | 4.9 |
Further Information:
Johan Lindh, Vice President, Communications and Investor Relations, tel. +358 10 888 4994
Juho Erkheikki, Investor Relations Manager, tel. +358 10 888 4731
Ahlstrom-Munksjö in brief
Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying innovative and sustainable solutions to its customers. Our mission is to expand the role of fiber-based solutions for sustainable everyday life. Our offering include filter materials, release liners, food and beverage processing materials, decor papers, abrasive and tape backings, electrotechnical paper, glass fiber materials, medical fiber materials and solutions for diagnostics as well as a range of specialty papers for industrial and consumer end-uses. Our annual net sales is about EUR 3 billion and we employ some 8,000 people. The Ahlstrom-Munksjö share is listed on the Nasdaq Helsinki and Stockholm. Read more at www.ahlstrom-munksjo.com