Kemira publishes alternative key figures for 2022 and 2023 to reflect the divestment of its Oil & Gas related portfolio
Kemira Oyj, Stock Exchange Release, February 9, 2024 at 08.30 am (EET)
Kemira publishes alternative key figures for 2022 and 2023 to reflect the divestment of its Oil & Gas related portfolio
Kemira announced on December 4, 2023 that it had signed an agreement to divest its Oil & Gas related portfolio to Sterling Specialty Chemicals LLC, a US subsidiary of Artek Group, a global industrial chemicals group based in India.
The portfolio was classified as held for sale until the closing of the transaction. The divestment was closed on February 2, 2024 as announced by Kemira with a press release.
Additional alternative key figures
Kemira will not restate the income statement nor the balance sheet for financial years 2022 and 2023. Kemira will instead publish selected alternative key figures that are adjusted for the divestment of the Oil & Gas related portfolio for 2022 and 2023 as well as quarterly for 2022 and 2023. Alternative key figures are available as an attachment to this release and they are also presented later in this release. These additional alternative key figures are not defined by IFRS. Kemira believes that these additional alternative key figures provide useful information about Kemira’s comparable business performance and financial position to the capital markets and are followed by Kemira’s management.
Kemira will publish alternative key figures for Kemira Group and also for the Industry & Water segment. The historical figures of the Pulp & Paper segment remain unchanged. Kemira will use alternative key figures for the Industry & Water segment as the comparison point in its financial reporting in 2024.
The revenue to be carved-out from Kemira was around EUR 495 million in 2023. This includes Oil & Gas revenue of EUR 453 million in 2023. The remaining carved-out revenue of around EUR 42 million consisted of non-Oil & Gas industrial polymer sales through indirect channels that are produced in manufacturing facilities within the scope of the transaction. The operative EBITDA of the divested portfolio was around EUR 71 million in 2023 representing around 14% operative EBITDA margin.
Additional alternative key figures
QUARTERLY SEGMENT INFORMATION, OIL & GAS DIVESTMENT ADJUSTED
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|
2023 |
2023 |
2023 |
2023 |
2022 |
2022 |
2022 |
2022 |
2023 |
2022 |
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|
10-12 |
7-9 |
4-6 |
1-3 |
10-12 |
7-9 |
4-6 |
1-3 |
1-12 |
1-12 |
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EUR million |
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Revenue, O&G divestment adjusted |
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Pulp & Paper |
418.8 |
403.6 |
421.2 |
504.6 |
556.2 |
537.3 |
487.6 |
446.5 |
1,748.2 |
2,027.7 |
|
Industry & Water, O&G divestment adjusted |
271.4 |
290.7 |
287.9 |
291.0 |
303.4 |
299.1 |
269.9 |
241.0 |
1,140.9 |
1,113.4 |
|
Total, O&G divestment adjusted |
690.2 |
694.3 |
709.1 |
795.6 |
859.7 |
836.4 |
757.5 |
687.6 |
2,889.0 |
3,141.1 |
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Operative EBITDA, O&G divestment adjusted |
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Pulp & Paper |
87.5 |
68.9 |
65.2 |
109.4 |
110.9 |
92.3 |
73.6 |
71.3 |
330.9 |
348.0 |
|
Industry & Water, O&G divestment adjusted |
61.8 |
75.0 |
68.1 |
60.1 |
52.0 |
46.2 |
37.5 |
34.7 |
265.0 |
170.3 |
|
Total, O&G divestment adjusted |
149.3 |
143.8 |
133.3 |
169.4 |
162.9 |
138.5 |
111.1 |
105.9 |
595.9 |
518.3 |
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Operative EBIT, O&G divestment adjusted |
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Pulp & Paper |
58.6 |
39.8 |
37.6 |
80.4 |
80.3 |
61.8 |
42.8 |
40.7 |
216.3 |
225.7 |
|
Industry & Water, O&G divestment adjusted |
45.1 |
58.0 |
52.0 |
44.1 |
35.1 |
29.7 |
21.9 |
19.4 |
199.2 |
106.0 |
|
Total, O&G divestment adjusted |
103.7 |
97.8 |
89.6 |
124.4 |
115.4 |
91.5 |
64.7 |
60.0 |
415.5 |
331.7 |
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Operative ROCE rolling 12 months avg, %, O&G divestment adjusted** |
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Pulp & Paper |
16.9 |
18.5 |
19.9 |
19.9 |
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|
16.9 |
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|
Industry & Water, O&G divestment adjusted |
34.7 |
33.3 |
28.3 |
22.9 |
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|
|
|
34.7 |
|
|
Total, O&G divestment adjusted |
22.4 |
23.0 |
22.4 |
20.8 |
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22.4 |
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Capital employed rolling 12 months avg, O&G divestment adjusted** |
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Pulp & Paper |
1,282.0 |
1,288.2 |
1,310.2 |
1,333.4 |
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|
1,282.0 |
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Industry & Water, O&G divestment adjusted |
574.0 |
567.5 |
569.4 |
571.2 |
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574.0 |
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Total, O&G divestment adjusted |
1,856.0 |
1,855.7 |
1,879.6 |
1,904.7 |
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1,856.0 |
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Capital Expenditure excl. Acquisitions, O&G divestment adjusted |
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Pulp & Paper |
39.4 |
34.3 |
31.3 |
19.3 |
51.4 |
28.4 |
24.7 |
17.9 |
124.4 |
122.5 |
|
Industry & Water, O&G divestment adjusted |
26.6 |
16.3 |
13.1 |
7.3 |
27.5 |
10.8 |
9.4 |
6.0 |
63.4 |
53.7 |
|
Total, O&G divestment adjusted |
66.1 |
50.6 |
44.4 |
26.6 |
78.9 |
39.2 |
34.1 |
23.9 |
187.7 |
176.2 |
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GROUP FIGURES |
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Net working capital, eop*, O&G divestment adjusted** |
278.9 |
245.3 |
262.1 |
294.5 |
255.7 |
320.3 |
349.6 |
317.1 |
278.9 |
255.7 |
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*End of period |
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**Assets classified as held-for-sale in December 2023, therefore no adjustment in December 2023 |
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More details of the transaction can be found in the stock exchange release published on December 4, 2023.
For more information, please contact:
Kemira Oyj
Mikko Pohjala, Vice President, Investor Relations
Tel. +358 40 838 0709
mikko.pohjala@kemira.com
Kemira is a global leader in sustainable chemical solutions for water-intensive industries. Our customers include industrial and municipal water treatment, and pulp & paper industry among others. We provide the best-suited products and services to improve our customers’ product quality, process, and resource efficiency. Our focus is on water treatment, renewable solutions, and digital services. In 2023, Kemira had annual revenue of around EUR 3.4 billion and around 5,000 employees. Kemira shares are listed on the Nasdaq Helsinki Ltd. www.kemira.com