Ahlstrom-Munksjö Half-Year Report January-June 2020: Solid Result Under Exceptional Circumstances

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This release is a summary of Ahlstrom-Munksjö’s’ half-year financial report January-June 2020. The complete report is attached to this release as a pdf-file. It is also available at www.ahlstrom-munksjo.com.

HIGHLIGHTS DURING THE REPORTING PERIOD

  • Solid comparable EBITDA and increased margin despite the decline in delivery volumes caused by the coronavirus pandemic
  • Swift response and cost reduction actions cushioned the impact of the pandemic
  • Customer activity varied within Ahlstrom-Munksjö’s broad geographical reach and product range as a result of the pandemic  
  • Strong growth in the healthcare and life science end-use segments, expansion of face mask materials production. Clear weakening in home building and furniture, transportation and industrial end uses.
  • Signs of a gradual normalization of customer activity in certain segments towards the end of the quarter
  • Improved financial flexibility and good liquidity with no major refinancing needs
  • Launch of Ahlstrom-Munksjö FortiCell®, a new range of fiber-based solutions for energy storage applications

Q2/2020 compared with Q2/2019

  • Net sales decreased by 16.6% to EUR 621.5 million (745.1), mainly due lower delivery volumes 
  • Comparable EBITDA decreased by 11.7% to EUR 74.0 million (83.8), representing 11.9% (11.2) of net sales, supported by variable and fixed costs reduction actions
  • Operating result of EUR 25.8 million (35.0)
  • Net result EUR 9.0 million (14.8)
  • Earnings per share (basic) EUR 0.07 (0.13)
  • Comparable EPS excluding depreciation and amortization arising  from PPA EUR 0.18 (EUR 0.25)

Q1-Q2/2020 compared with Q1-Q2/2019

  • Net sales decreased by 10.9% to EUR 1,339.6 million (1,502.8), negatively impacted by price, product mix and volumes 
  • Comparable EBITDA increased by 4.4% to EUR 165.7 million (158.8), representing 12.4% (10.6) of net sales, as lower variable costs more than offset lower selling prices and deliveries
  • Operating result of EUR 99.6 million (52.9), including a capital gain of EUR 32.0 million from the sale of the fine art paper business
  • Net result EUR 55.7 million (18.9)
  • Earnings per share (basic) EUR 0.46 (0.16)
  • Comparable EPS excluding depreciation and amortization arising from PPA EUR 0.48 (0.46)
  • Net debt decreased to EUR 878.7 million (885.0 in Q4/2019), supported by the sale of the fine art paper business

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Source: Ahlstrom-Munksjö