Ahlstrom publishes restated segment information for continuing operations for 2015

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

Ahlstrom in brief
Ahlstrom provides innovative fiber-based materials with a function in everyday life. We are committed to growing and creating stakeholder value by proving the best performing sustainable fiber-based materials. Our products are used in everyday applications such as filters, medical fabrics, life science and diagnostics, wallcoverings, tapes, and food and beverage packaging. In 2015, Ahlstrom's net sales amounted to EUR 1.1 billion. Our 3,300 employees serve customers in 22 countries. Ahlstrom's share is quoted on the Nasdaq Helsinki. More information is available at www.ahlstrom.com.

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