Ahlstrom-Munksjö has a leading position in several product segments e.g. engine filters, abrasive backings, electrotechnical insulations, decor papers etc. Our ambition is to move up in value chain fast-moving consumer good and life science diagnostics. www.ahlstrom-munksjo.com
Global Flexible Packaging Market: Size, Trends & Forecasts (2016-2020) - Daed...Daedal Research
The report titled “Global Flexible Packaging Market: Size, Trends & Forecasts (2016-2020)” presents a thorough. For details, write to info@daedal-research.com
The case study in SCM is based on the the work done by JOY M. FIELD and ROBERT P. SROUFE (2007). In the presentation the case is presented to undertand the nature of business & Basics of cardboard manufacturing process. Later, The methodology is expalined to solve the mentioned problem. In the end, Managerial Insights are drawn from this case to guide SCM proffesionals for better decision making.
Key reference:
JOY M. FIELD and ROBERT P. SROUFE, “The use of recycled materials in manufacturing: implications for supply chain management and operations strategy”, International Journal of Production Research,Vol. 45, Nos. 18–19, 15 September–1 October 2007, 4439–4463
Global Flexible Packaging Market: Size, Trends & Forecasts (2016-2020) - Daed...Daedal Research
The report titled “Global Flexible Packaging Market: Size, Trends & Forecasts (2016-2020)” presents a thorough. For details, write to info@daedal-research.com
The case study in SCM is based on the the work done by JOY M. FIELD and ROBERT P. SROUFE (2007). In the presentation the case is presented to undertand the nature of business & Basics of cardboard manufacturing process. Later, The methodology is expalined to solve the mentioned problem. In the end, Managerial Insights are drawn from this case to guide SCM proffesionals for better decision making.
Key reference:
JOY M. FIELD and ROBERT P. SROUFE, “The use of recycled materials in manufacturing: implications for supply chain management and operations strategy”, International Journal of Production Research,Vol. 45, Nos. 18–19, 15 September–1 October 2007, 4439–4463
Innovative Finnish bioproduct and techology companies have expertise in fiber based products, organic formulations for health care and cosmetics, and the circular economy. Finland continues to invest heavily in bioeconomy research and development.
Designing flexible packaging so it can be easily collected, sorted and recycled is a fundamental of the circular economy. But how does that happen in practice?
CEFLEX and stakeholders Kraft Heinz and Gualapack take you behind the product and into the detail in this case study.
Here is a case study focuses on providing necessary information about the sourcing activity of alcoholic beverage company. To know more visit: http://www.dragonsourcing.com/china-sourcing-company/
Enabling Downstream Sustainability through High Performance Adhesive InnovationsH.B. Fuller
At this year’s Chemical Green Process Asia on November 12, 2014, we connected with leading chemical industry manufacturers, engineering and construction companies, and suppliers to demonstrate H.B. Fuller’s long-standing commitment to sustainability. H.B. Fuller's Dr. Xinyu Duwas deliver a keynote speech that showcased our sustainability strategy, alliances and partnerships across the value chain and illustrated how H.B. Fuller’s high-performance adhesive innovations enable downstream sustainability.
Learn more about our adhesive innovations @ www.hbfuller.com
Top 5 packaging solutions
With 30 years of experience across the food science and packaging spectrum, Dr Claire Sand through her company, Packaging Technology & Research, offers clients solutions using Strategy, Technology, Consulting and Coaching.
Want to keep learning from Dr. Sand? View more of her presentations and articles at http://www.packagingtechnologyandresearch.com/thought-leadership.html
Dr. Claire Sand | Owner, Packaging Technology & Research, LLC; Adjunct Professor, Michigan State University; Columnist for Food Technology Magazine
http://www.packagingtechnologyandresearch.com/
LEADING TRENDS, CHALLENGES & OPPORTUNITIES THAT RELATE TO ESTABLISHING A CIRCULAR ECONOMY
With 30 years of experience across the food science and packaging spectrum, Dr Claire Sand through her company, Packaging Technology & Research, offers clients solutions using Strategy, Technology, Consulting and Coaching.
Want to know more about how this article affect your business? Reach out to Dr Sand on Linked In - https://www.linkedin.com/in/clairekoelschsand
Want to keep learning from Dr. Sand? View more of her presentations and articles at http://www.packagingtechnologyandresearch.com/thought-leadership.html
Dr. Claire Sand | Owner, Packaging Technology & Research, LLC; Adjunct Professor, Michigan State University; Columnist for Food Technology Magazine
http://www.packagingtechnologyandresearch.com/
corporate strategy
Newell started as Curtain rod manufacturer in 1902
1917 – Supplier to Woolworth stores
1921 – Leonard Ferguson at Newell, Owner in 1937
1950 – Dan Ferguson (son of Leonard and Stanford MBA) as CEO. Revenue 10 mln
1967 – First Strategy for Newell – Focus as market for hardware and do-it-yourself products to volume merchandisers
1969 – First non-drapery hardware acquisition
1972 - Public Company – Funding for new products by acquisition
Two-Pronged Strategy
Manufacture low-technology, nonseasonal, noncyclical, nonfaschionable products for volume retailers by acquisition and then streamlining, focussing and making the division profitable, increasing operating margins > 15%
Strategy for consolidation and centralization to achieve effectivess
Changed strategy for individual divisions responsible for manufacturing and marketing but was centrally controlled by admin, legal and treasury systems
1997 – Revenues of 3.23 billion. Clients like Walmart which gave 15% of business, top 10 clients accounting for 40% business
Through 1997, 10 year average return to investors 31% (Vs S&P 500 only 18%)
When it comes to innovations in packaging, the future is now! While the primary purpose of packaging is to sell, protect and inform the customer about the product, its purpose has taken on a greater role with the inclusion of new and innovative approaches. Incremental improvements in color management is allowing for consistency, regardless of the printing process. The addition of special effects to the packaging, such as metallic and texture, further differentiate the product and enhance sales. But the real game changer is advent “smart packaging”—which allows the customer to directly interact with the product, or provide crucial information regarding the condition of the product, both at the point of purchase and importantly after they have left the store or the product has been delivered. Intelligent packaging is here to stay and provide for the long term future of packaging.
Innovative Finnish bioproduct and techology companies have expertise in fiber based products, organic formulations for health care and cosmetics, and the circular economy. Finland continues to invest heavily in bioeconomy research and development.
Designing flexible packaging so it can be easily collected, sorted and recycled is a fundamental of the circular economy. But how does that happen in practice?
CEFLEX and stakeholders Kraft Heinz and Gualapack take you behind the product and into the detail in this case study.
Here is a case study focuses on providing necessary information about the sourcing activity of alcoholic beverage company. To know more visit: http://www.dragonsourcing.com/china-sourcing-company/
Enabling Downstream Sustainability through High Performance Adhesive InnovationsH.B. Fuller
At this year’s Chemical Green Process Asia on November 12, 2014, we connected with leading chemical industry manufacturers, engineering and construction companies, and suppliers to demonstrate H.B. Fuller’s long-standing commitment to sustainability. H.B. Fuller's Dr. Xinyu Duwas deliver a keynote speech that showcased our sustainability strategy, alliances and partnerships across the value chain and illustrated how H.B. Fuller’s high-performance adhesive innovations enable downstream sustainability.
Learn more about our adhesive innovations @ www.hbfuller.com
Top 5 packaging solutions
With 30 years of experience across the food science and packaging spectrum, Dr Claire Sand through her company, Packaging Technology & Research, offers clients solutions using Strategy, Technology, Consulting and Coaching.
Want to keep learning from Dr. Sand? View more of her presentations and articles at http://www.packagingtechnologyandresearch.com/thought-leadership.html
Dr. Claire Sand | Owner, Packaging Technology & Research, LLC; Adjunct Professor, Michigan State University; Columnist for Food Technology Magazine
http://www.packagingtechnologyandresearch.com/
LEADING TRENDS, CHALLENGES & OPPORTUNITIES THAT RELATE TO ESTABLISHING A CIRCULAR ECONOMY
With 30 years of experience across the food science and packaging spectrum, Dr Claire Sand through her company, Packaging Technology & Research, offers clients solutions using Strategy, Technology, Consulting and Coaching.
Want to know more about how this article affect your business? Reach out to Dr Sand on Linked In - https://www.linkedin.com/in/clairekoelschsand
Want to keep learning from Dr. Sand? View more of her presentations and articles at http://www.packagingtechnologyandresearch.com/thought-leadership.html
Dr. Claire Sand | Owner, Packaging Technology & Research, LLC; Adjunct Professor, Michigan State University; Columnist for Food Technology Magazine
http://www.packagingtechnologyandresearch.com/
corporate strategy
Newell started as Curtain rod manufacturer in 1902
1917 – Supplier to Woolworth stores
1921 – Leonard Ferguson at Newell, Owner in 1937
1950 – Dan Ferguson (son of Leonard and Stanford MBA) as CEO. Revenue 10 mln
1967 – First Strategy for Newell – Focus as market for hardware and do-it-yourself products to volume merchandisers
1969 – First non-drapery hardware acquisition
1972 - Public Company – Funding for new products by acquisition
Two-Pronged Strategy
Manufacture low-technology, nonseasonal, noncyclical, nonfaschionable products for volume retailers by acquisition and then streamlining, focussing and making the division profitable, increasing operating margins > 15%
Strategy for consolidation and centralization to achieve effectivess
Changed strategy for individual divisions responsible for manufacturing and marketing but was centrally controlled by admin, legal and treasury systems
1997 – Revenues of 3.23 billion. Clients like Walmart which gave 15% of business, top 10 clients accounting for 40% business
Through 1997, 10 year average return to investors 31% (Vs S&P 500 only 18%)
When it comes to innovations in packaging, the future is now! While the primary purpose of packaging is to sell, protect and inform the customer about the product, its purpose has taken on a greater role with the inclusion of new and innovative approaches. Incremental improvements in color management is allowing for consistency, regardless of the printing process. The addition of special effects to the packaging, such as metallic and texture, further differentiate the product and enhance sales. But the real game changer is advent “smart packaging”—which allows the customer to directly interact with the product, or provide crucial information regarding the condition of the product, both at the point of purchase and importantly after they have left the store or the product has been delivered. Intelligent packaging is here to stay and provide for the long term future of packaging.
Specialty Papers 2014 taking place September 16-18, 2014 in Milwaukee, WI has expert presenters like Graham Moore taking the stage. Moore, a Smithers Pira consultant will be available to chat in Milwaukee!
GreenBiz 17 Tutorial Slides: "Putting Circular Economy Principles to Work"GreenBiz Group
The Circular Economy presents an incredible opportunity for transformative growth and change, but taking the concept from theory to implementation requires what can be a challenging exercise in rethinking systems. Join this session to explore how to put these principles into practice. Actual business case studies will set the stage for a group brainstorming session on how to apply circular models to various business scenarios. Key concepts to be covered include:
How adopting a Circular Economy mindset can deliver value to your business
The key drivers for a Circular Economy business
How to integrate lifecycle thinking and circular economy
How to select the right metrics and quantify circularity
What Europe’s Circular Package means for your company
GreenBiz 17 In-Depth Tutorials are intensive half-day sessions held prior to the start of the conference. These are designed to offer participants an opportunity to dive deeper into a topic of interest and develop tangible knowledge and skills. In addition, attendees will have a greater opportunity to network with their peers in these interactive sessions. Concurrent tutorials will be held the morning of Tuesday, February 14, and are available only to those who purchase an All Access Pass.
Engineering From Concept To Consumer: How to Turn an Idea Into an On-shelf So...Society of Women Engineers
Have you ever wondered how you engineer from another's imagination? In this session you will learn what goes into the process of taking 'blue sky' ideas and distilling them into manufacturable solutions. Case studies in the packaging industry will be provided as we demonstrate how to turn an idea from a non-technical individual into a solution that can be mass produced. Examples will be in Beauty & Personal Care Packaging and Food & Beverage Packaging.
MeadWestvaco Corporation (NYSE:MWV) is a global packaging company providing innovative solutions to the world’s most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and agricultural industries. The company also produces specialty chemicals for the automotive, energy, and infrastructure industries and maximizes the value of its land holdings through forestry operations, property development and land sales. MWV’s network of 125 facilities and 16,000 employees spans North America, South America, Europe and Asia. The company has been recognized for financial performance and environmental stewardship with a place on the Dow Jones Sustainability World Index every year since 2004. Learn more at www.mwv.com.
H.B. Fuller state of the U.S. Adhesive and Sealant Market 2014H.B. Fuller
An Overview of the North American Adhesive and Sealant Industry. Heather Campe, Vice President, Asia Pacific, presented an overview of the North American Adhesives and Sealant Industry on behalf of the Adhesives and Sealants Council (www.ascouncil.org), shared H.B. Fuller views on trends in the Hygiene, Packaging and Durable Assembly markets, and highlighted examples of H.B. Fuller’s commitment to investing in new and fast growing markets, like China.
Read the blog @ http://bit.ly/1uuapUw
PVC Recycling Market Industry Leaders Outlook 2024 & New Revenue Pockets.pptxKailas S
PVC Recycling Market by Source (Pre-consumer Waste, Post-consumer Waste), Type (Rigid, Flexible, Chlorinated), Process (Mechanical, Chemicals), Application, End-use Industry (Building, construction), and Region - Global Forecast to 2028
Similar to Ahlstrom-Munksjö Investor day 2017 (20)
Ahlstrom-Munksjö's first quarter after the merger. Net sales increased 2.8% and EBITDA 0.2% - both q/q. Merger synergy benefits annual run rate was about EUR 13 million at the end of Q2/17, majority from SG&A cost
For the last time, Ahlstrom and Munksjö reported their interim results (Q1/2017) separately. Both companies increased their net sales and profitability.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
2. Ahlstrom-Munksjö Investor Day 2017
Agenda
09:30 Welcoming coffee
10:00 Strategic direction
Jan Åström, President and CEO
Customer presentation
Gianluca Capra, Marketing & Sales Manager at BisioProgetti
11:05 Break
11:15 Round table discussion – Business area leaders
Decor: Norbert Mix, Executive Vice President
Filtration and Performance: Fulvio Capussotti, Executive Vice President
Industrial Solutions: Daniele Borlatto, Executive Vice President
Specialties: Omar Hoek, Executive Vice President
Moderator: Helena Nordman-Knutson, Partner at Halvarsson & Halvarsson
Financials – strong balance sheet supporting growth
Pia Aaltonen-Forsell, CFO
Wrap-up and Q&A
Jan Åström, President and CEO
12:30 Lunch with management
2
4. Ahlstrom-Munksjö quick facts
• Leading market position in several niches
• Approximately 6,000 employees
• 41 production and converting sites in 14 countries
• Pro forma net sales approx. EUR 2.15 billion in 2016
• Pro forma EBITDA approx. EUR 269 million in 2016
Global leader in fiber-based solutions
4
5. 5
EMEA APAC Americas
Strong global growth platform
Share of net sales by geography1
WIDE GEOGRAPHICAL FOOTPRINT NET SALES BY GEOGRAPHY, 2016
~ 60 %
~ 16 %
~ 24 %
Manufacturing sites
Sales offices
6. Strategic direction
Ability to grow in selected niches of the fiber-based solutions market with
a positive growth outlook
Continuing to deliver a clear customer value-add through a high quality offering supported by
advanced technology, deep know-how and tailored services
Efficiently utilizing the flexible and agile production and service platform, which is well suited to
develop the Combined Company’s customer-specific solutions in a sustainable manner
Developing clear responsibilities by implementing a business unit based operating model that
locally promotes accountability, enables quick and efficient response and is built on a shared
global culture
6
7. Strategic direction: Growth
• Strong and well established platform for
profitable growth
– Organic growth as well as acquisitions
– Optimization of price and product mix
• A global leader with leading positions in a
broad range of segments and niches
• An ambition to move up in the value chain
through new and innovative offerings
– Fast-moving consumer goods
– Life science diagnostics
Examples of markets where we have
leading positions
• Engine filtration
• Release liners in Europe
• Abrasive backings
• Electrotechnical insulation
• Decor papers
• Tea bag materials
• Vegetable parchment papers
• Masking tape
• Fine art papers
7
8. Strategic direction: Customer value
• Solutions provider - expanding the role of
sustainable fiber-based solutions
• Broad product offering based on
renewable fibers (90%) - serving a broad
range of end-market segments
• Strong design capability as well as product
and service innovation capacity – driven by
a strong customer focus
8
9. Strategic direction: Flexibility and agility
• Excellence - in how we do and what we
deliver
• High operational and cost efficiency
• Flexible production capabilities
• Energy and raw material efficient
production processes, while minimizing
environmental effects
9
10. Strategic direction: Accountability
• Decentralized organizational structure with
P&L responsibility at business unit level
• Global reach enabling a diversified
revenue and earnings base
• Experienced management team and lean
group functions
10
11. Cost synergies and integration progressing as planned
Further benefits being identified
• Continuous focus on profitability and
balance sheet
• Annual cost synergies of EUR 35 million
gradually realized over two years
• Case Specialties - developing a combined
innovative product and service offering
– Integration of the former business area
Graphics and Packaging into Specialties
– Part of production diverted to further
converting – moving up the value chain
11
15. PRODUCT
AREA
KEY FINANCIALS
2016
PRODUCTS
DECOR
• Decor paper
• Thin print papers
FILTRATION AND PERFORMANCE
• Oil filters
• Fuel filters
• Air intake filters
• Gas turbine filters
• Industrial filters
• Glassfiber tissue for flooring and
reinforcement for wind mill blades
• Wallcovers
• Specialty nonwovens
• Flushable wipes
INDUSTRIAL SOLUTIONS
• Abrasive backings
• Electrotechnical insulation
• Release liners
• Thin papers
• Specialty pulp
• Balancing foils
• Fine art and printing papers
SPECIALTIES
• Food and beverage packaging
• Packaging papers
• Graphical papers
• Medical fabrics
• Metallized labels
• Tape
• Laboratory filters and life science
diagnostics
• Water purification
• Printed and coated products
Our business areas
15
Net sales 365 MEUR (-2%)
EBITDA* 54 MEUR (+26%)
Margin 14.7% (11.4%)
Capex 5 MEUR (-54%)
Net sales 578 MEUR (-1%)
EBITDA* 65 MEUR (+26%)
Margin 11.2% (8.8%)
Capex 16 MEUR (+40%)
Net sales 627 MEUR (+2%)
EBITDA* 93 MEUR (+35%)
Margin 14.8% (11.2%)
Capex 22 MEUR (-7%)
Net sales 617 MEUR (+4%)
EBITDA* 94 MEUR (+29%)
Margin 15.2% (12.2%)
Capex 19 MEUR (+31%)
* Comparable EBITDA
16. • Through globalization new trends are
spread between countries/continents, e.g.
the furniture trend is driving the
geographical market growth for decor paper
Supportive megatrends drive long-term demand
16
DECOR
FILTRATION AND
PERFORMANCE
INDUSTRIAL
SOLUTIONS
SPECIALTIES
DEMOGRAPHY GLOBALIZATION SUSTAINABLE SOCIETY
• Growing middle class drives demand for
self adhesives and durable goods, where
abrasive paper is needed for production
• Demographical change drives demand for
energy, and thus electro technical paper for
insulation of power transmission equipment
• The increased flow of goods globally
creating growing need for identification and
tracking of goods which increase demand
for product marking and labeling
• New energy infrastructure needs as
demand for energy transfer between
continents (and regions) increases
• Increasing emerging markets middle class
drives demand for consumable goods
• Changing eating habits, becoming mobile
• Growing, aging population and new threats/
treatments and longer complex surgeries
• Emerging needs in healthcare will continue
to migrate to single-use solutions with higher
clinical standards
• Global business opportunities driven by
increased awareness of sustainability,
health issues and new regulation
• Increasing product flows drives demand for
flexible packaging materials
• Recyclable, renewable and biodegradable
products are qualities that are demanded
• Increasing waste heaps drives demand for
renewable, recyclable and biodegradable
fiber based materials
• Increased demand of filtration media that
enable reduced emissions, cleaner air and
efficient energy production
• Increased demand for renewable energy
(Wind mills)
• Sustainable solutions (energy efficient, raw
material efficient, transportation efficient)
drives demand for new and improved
product and service solutions
• Consumers increasingly environmentally
conscious, paper/parchments an alternative
for traditional non-ecological materials
(plastic, foils)
• Stricter food safety and chemical
regulations
• High flexibility in print designs
• Designs for small lot sizes
• Enabling production optimization
DIGITALIZATION
• Changes in consumer’s buying behavior
and the steep growth of e-commerce create
new packaging and logistic process needs
• Better process control of our products
(inbuilt sensors in e.g. transformers)
• Smart and intelligent packaging
• Sustainable RFID needs
• Growing population and urbanization
increases demand for furniture and interior
products made of laminates
• With increased living standards there is a
growing interest in innovative interior design
solutions where laminate products are an
excellent option
• Growing population driving demand in
automotive and transportation
• Growing air pollution control driving need
for upgrade of filtration systems
• Growing construction industry driving
growth for eco friendly materials in
wallcover, building and flooring
• Growing global trade driving demand for
transportation of goods
• Growing energy demand driving need for
more efficient filter media in gas turbine
applications
• Demographical changes driving increased
demand for high end construction material
• Digitalization drives growth in wallcover
materials
18. Decor
NET SALES AND EBITDA PERFORMANCE1
PRODUCTS
• Decor paper: base papers in all colors for:
• Print applications
• Direct lamination to wood based panels
• High pressure lamination
• Foil applications
• Thin print papers
18
93
98
85 89
95
0
20
40
60
80
0
25
50
75
100
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Net sales Sales volumeMEUR ’000s tons
14
18
11 11 11
0%
5%
10%
15%
20%
0
5
10
15
20
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Comparable EBITDA Comparable EBITDA marginMEUR
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of
the refinancing transactions that took place or have been announced in connection with the completion of the merger
19. • Housing/construction development, urbanization
• Fashion trends and more single person households driving
furniture demand
• Product efficiency throughout the entire value chain
• product versatility to enable great variety of designs and
superior properties of final product surface
DEMAND DRIVERS AND MARKET
TRENDS
MARKET GROWTH*
MAIN COMPETITORS
• CAGR: 2-3% since 2012 (excl. China)
Business portfolio Decor
19
CUSTOMER INDUSTRIES
• Technocell (Germany)
• Malta Decor (Poland)
• Köhler (Germany)
• Cartiera di Guarcino (Italy)
• Printing companies specialized in decor paper
• Wood based panel producers, that laminate decor paper on a
board, further processing of furniture production or laminate
flooring
*Management estimates
DECOR
22. Filtration and Performance
NET SALES AND EBITDA PERFORMANCE1
22
152 159 157 150
169
0
20
40
60
80
0
50
100
150
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Net sales Sales volumeMEUR ’000s tons
20
25
30
20
32
0%
5%
10%
15%
20%
0
10
20
30
40
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Comparable EBITDA Comparable EBITDA marginMEUR
PRODUCTS
• Oil filters
• Fuel filters
• Air intake filters
• Gas turbine filters
• Industrial filters
• Glassfiber tissue for flooring and reinforcement for windmill blades
• Wallcovers
• Specialty nonwovens
• Flushable wipes
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of
the refinancing transactions that took place or have been announced in connection with the completion of the merger
23. DEMAND DRIVERS
AND MARKET
TRENDS
MARKET
GROWTH*
MAIN
COMPETITORS
FILTRATION BUILDING AND WIND NONWOVENS
• CAGR: 3–5%
Business portfolio Filtration and Performance
23
CUSTOMER
INDUSTRIES
• Neenah
• Hollingsworth & Vose
• Lydall
• Transportation filtration: heavy duty
and automotive tier 1 suppliers
• Industrial filtration: gas turbine filter
producers; indoor air quality filter
makers
• Owens Corning
• Johns Manville
• NeuKallis
• Glatfelter
• Aralar
• Qifeng
• Hygiene and wound care producers
• Laundry care suppliers
• Automotive and construction material
suppliers
• Wallcover printers
• Flushable wipes producers
• Growing demand in wallcover in China
• Tighter guidelines and labelling systems
driving shift towards truly flushable products
• Dry construction method driving increasing
demand for wet resistant plasterboard
• Growing demand in luxury vinyl tile
(Flooring)
• Growing demand for renewable
energy (Wind blades)
• Cushion vinyl flooring producers
• Wind turbine manufacturers
*Management estimates
• CAGR: 3–5% • CAGR: 3–5%
• Increasing car and truck fleet globally
• More stringent emission regulation
• New filtration applications in electrical
mobility
• Increasing importance of air quality
• Growing energy demand (gas turbine)
24. Geographical platform Filtration and Performance
Manufacturing sites
Binzhou - China
Malmedy - Belgium
Brignoud - France
Turin - Italy
Taylorville - US
Tampere - Finland
Madisonville - US
Louveira - Brazil
Hyun Poong – South Korea
Fabriano - Italy
Mikkeli - Finland
Karhula - Finland
Tver - Russia
Ställdalen - Sweden
24
26. Industrial Solutions
NET SALES AND EBITDA PERFORMANCE1
26
155 164
150 158 166
0
50
100
150
200
0
50
100
150
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Net sales Sales volumeMEUR ’000s tons
19
24 22
29 28
0%
5%
10%
15%
20%
0
10
20
30
40
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Comparable EBITDA Comparable EBITDA marginMEUR
PRODUCTS
• Abrasive backings
• Electrotechnical insulation
• Release liners
• Thin papers
• Specialty pulp
• Balancing foils
• Fine art and printing papers
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of
the refinancing transactions that took place or have been announced in connection with the completion of the merger
27. DEMAND DRIVERS
AND MARKET
TRENDS
MARKET
GROWTH*
MAIN
COMPETITORS
ABRASIVE
• CAGR ~3%
COATED SPECIALTIES INSULATION
• CAGR ~2-3%
RELEASE LINERS
• CAGR ~4% (EU ~2-3%)• CAGR (South America) ~0-2%
Business portfolio Industrial Solutions
27
CUSTOMER
INDUSTRIES
• Kammerer
• Neenah
• Tervakoski (Delfort)
• Hubei Haifeng
• Jiangxi Lemen
• Demand is driven by the dynamics
in the underlying industries, such as
automotive, furniture or construction
• Latex abrasive large and growing
segment, driven by automotive
• Fine art: growth in digital
applications
• Manufacturers of abrasive papers
for industrial and do-it-yourself
applications (abrasive base)
• Artists, publishers, printers,
galleries (fine art papers)
• Fanapel
• Oji
• Papeles Bio bio
• International Papers
• Suzano
• Expera
• Lenk
• Nordic Paper
• Stora Enso
• Tervakoski (Delfort)
• European UKP and ECF (primarily
NBSK) pulp products
• Transformer and high voltage cable
manufacturers
• Furniture and flooring laminate
producers
• Steel, aluminum, glass industries
• Hygiene and sanitary product
manufacturers
• Investments in extension and
upgrade of energy distribution
networks
• Demand of furniture materials,
stainless steel, hygiene and
sanitary products, mainly driven by
demography and urbanization.
• Demography and purchasing power
• Consumer trends favor use of
packed food and beverage
• Increasing need of packaging,
tracking and identification in supply
chain
• Manufacturers of self-adhesive
laminates for label, tape, graphics
applications
• Flexible packaging convertors
• Printers, publishers and distributors
• Manufacturers of self-adhesive
laminates for label, tape, graphics
applications
• Producers of silicone coated
release liners
• Demand directly connected with GDP
• Positively Influenced by development
of internet sales and requirements of
tracking and identification
• Growth in industrial segments driven
by tapes, medical and composites
• PCA - Boise
• Delfort
• Expera
• Hansol
• UPM
• YFY
*Management estimates
28. Geographical platform Industrial Solutions
Manufacturing sites
Aspa Bruk - Sweden
Arches - France
Billingsfors - Sweden
Taicang - China
Jönköping - Sweden
Jacarei - Brazil
Turin - Italy
Stenay - France
La Gère - France
28
30. Specialties
NET SALES AND EBITDA PERFORMANCE1
30
147 150
141 140 146
0
20
40
60
80
0
40
80
120
160
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Net sales Sales volumeMEUR ’000s tons
16
19
17
13
18
0%
4%
8%
12%
16%
0
5
10
15
20
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Comparable EBITDA Comparable EBITDA margin
MEUR
PRODUCTS
• Food and beverage packaging
• Packaging papers
• Graphic papers
• Medical fabrics
• Base paper for metallized labels
• Base paper for specialty face stock labels
• Industrial process papers
• Tape backings
• Laboratory filters and life science diagnostics
• Water purification
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of
the refinancing transactions that took place or have been announced in connection with the completion of the merger
31. DEMAND DRIVERS
AND MARKET
TRENDS
MARKET
GROWTH*
MAIN
COMPETITORS
FOODPACK & BEVERAGE
• CAGR:
• Foodpack ~3%
• Beverage ~5%
ADVANCED LIQUID TECHNOLOGIES
• CAGR : ~7%
31
CUSTOMER
INDUSTRIES
• Glatfelter
• Metsä Tissue
• Purico Group
• Terranova
• Consumer spending and
preferences
• Substitution to more sustainable
materials
• Suppliers and brand owners in
food packaging
• Food and ready-made meals
packaging, baking and wrapping
papers, tea bags and coffee
capsules, meat casings
• GE Healthcare-Whatman
• Advantec
• Merck Millipore
• Macherey-Nagel
• Innovative and customized product
development
• Water scarcity and reusability
• Laboratory consumable and
equipment suppliers, life science
instrument and materials
manufacturers
• Water purification equipment
manufactures
*Management estimates
Business portfolio Specialties
GRAPHICS & PACKAGING
• CAGR : ~3%
• Sappi, Cham Paper, Aralar,
Delfort, Stora Enso, Sterimed,
Billerud, Feldmuehle, Brigl &
Bergmeister, Pfleiderer, Mondi,
Expera, New page
• Plastic film in general
• Changing lifestyles and
consumption habits: convenience,
premium products, fast-food
• Substitution to more sustainable
materials
• Packaging converters and brand owners in
confectionary, baking, dairy, beverage, pet
food, medical and pharmaceutical products
• Metallizing converters and label stock
manufacturers
• Window envelope & sticky notes
• Specialties & industrial processing
Part of
production
diverted to
further
converting
32. DEMAND DRIVERS
AND MARKET
TRENDS
MARKET
GROWTH*
MAIN
COMPETITORS
MEDICAL
• CAGR:
• Drape & Gown ~3%
• Sterile Barrier Systems ~3%
Business portfolio Specialties (cont.)
32
CUSTOMER
INDUSTRIES
• Marketers and suppliers in the
health care industry
• Sterile barrier systems, drapes and
gowns, facemasks
• Demographics
• Liabilities around infections /
contamination
• Number of hospital beds
• Substitution to single-use fabrics
• Berry Plastics
• SAAF
• Halyard
*Management estimates
TAPE BACKINGS
• CAGR: ~3%
• Expera
• Swiss Quality Paper
• YFY Group (Yuen Foong Yu)
• Potsdam Specialty Paper Inc.
• Masking tape manufacturers
• Masking tape for construction and
automotive industries, specialty
masking tape
• Building and construction activity
• Automotive aftermarket
33. Geographical platform Specialties
Manufacturing sites
Stenay - France Binzhou - China
Bousbecque - France
Chirnside - UK
Pont-Audemer - France
Radcliffe - UK
Saint Severin - France
Windsor Locks - US Bärenstein - Germany
Mt. Holly Springs - US
Falun - Sweden
Mundra - India
Longkou - China
Bethune - US
Rottersac - France
Orléans - France
33
35. Financial targets
13.2%1
40.7%2
A stable and annually increasing dividend,
to be paid semi-annually
1) PF 2017Q1 LTM
2) PF 2017Q1, Includes reclassification of hybrid bond as liability
The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of the
refinancing transactions that took place or have been announced in connection with the completion of the merger
EBITDA margin above 14%
over a business cycle
Net gearing below 100%
Dividend
35
36. Priorities on CFO’s agenda
Delivering on synergies
Ensuring financial strength
Working Capital management
36
37. Net sales and sales volume
QUARTERLY NET SALES & SALES VOLUME, PF1
ANNUAL / LTM2 NET SALES & SALES VOLUME, PF1
Sales development
• Focus on selected niche markets with underlying
growth
• Higher sales volumes
• Leading positions in key segments
• Price increases in 2017 to fight raw material inflation
• Sales predominately in euro, other main currencies
share is approx.:
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts
of the refinancing transactions that took place or have been announced in connection with the completion of the merger
2) LTM, last twelve months including Q2 2016-Q1-2017
536
561
524 528
567
0
150
300
450
0
200
400
600
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Net sales, MEUR Sales volume, 000s tons
MEUR
2 125 2 148 2 179
0
600
1200
1800
0
800
1600
2400
2015 PF 2016 PF 2017 Q1 LTM
Net sales, MEUR Sales volume, 000s tonsMEUR
(MEUR) USD CNY SEK
Sales 750 80 60
37
38. EBITDA and EBITDA margin
QUARTERLY COMPARABLE EBITDA & COMPARABLE EBITDA MARGIN, PF1
ANNUAL / LTM2 COMPARABLE EBITDA & COMPARABLE EBITDA MARGIN, PF1
EBITDA development
• EBITDA improvements driven by profitable growth,
improved operational efficiency and in 2016 also lower
variable cost base
• Cost synergies expected to be gradually realized over
the following two years with a more profound impact
from Q4/17
• Price increases to fight raw material inflation in 2017
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts
of the refinancing transactions that took place or have been announced in connection with the completion of the merger
2) LTM, last twelve months including Q2 2016-Q1-2017
60
77
70
61
79
0%
6%
12%
18%
0
30
60
90
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
Comparable EBITDA Comparable EBITDA marginMEUR
203
269
288
0%
6%
12%
18%
0
100
200
300
2015 PF 2016 PF 2017 Q1 LTM
Comparable EBITDA Comparable EBITDA marginMEUR
38
39. Cost structure 2016
~ 51 %
~ 8 %
~ 23 %
~ 18 %
Fibers*
Other raw material including
titanium dioxide, chemicals & binders
Represents
~35% of 2016
total costs
Raw material
Personnel costs
Energy
Other external costs
Source: Management estimates
* Including wood and all fiber based raw materials
~ 33 %
~ 67 %
• Largely variable cost structure with good ability to mitigate raw material increases through implementation of price increases in
customer contracts as they expire
39
40. Operating cash flow
QUARTERLY CASH GENERATED FROM OPERATING ACTIVITIES, PF1
ANNUAL / LTM2 CASH GENERATED FROM OPERATING ACTIVITIES, PF1
Cash flow
• Improved operational result and active working capital
management driving cash flow compared with Q1/2016
2016 vs 2015 development
• Focus on working capital management had a positive
impact on operating cash flow
Other
• One-off cash flow impact relating to the merger expected
during 2017
MEUR
MEUR
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts
of the refinancing transactions that took place or have been announced in connection with the completion of the merger
2) LTM, last twelve months including Q2 2016-Q1-2017
-5
89
72 76
43
-20
0
20
40
60
80
100
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
125
232
280
0
50
100
150
200
250
300
2015 PF 2016 PF 2017 Q1 LTM
40
41. Debt, gearing and leverage
DEBT AS AT MARCH 31, 2017 PF1
GEARING & LEVERAGE AS AT MARCH 31, 2017 PF1
633
201
432
Gross Debt Cash & cash equivalents Net debt
MEUR
• Strengthened balance sheet and deleveraging on the
back of improved financial situation during 2016 driven by
strong operating cash flow
• Cash position improved by sale of non-core assets
• New bond issue of EUR 250 million in June 2017 at a
coupon of 1.875% to refinance EUR 100 million Hybrid
bond, EUR 100 million 2019 notes and part of term loan
• Merger refinancing improving the structure and lowering
financial costs
1) The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts
of the refinancing transactions that took place or have been announced in connection with the completion of the merger
2) Includes reclassification of hybrid bond as liability
3) Calculated as net debt / comparable EBITDA Q1 2017 LTM
Net gearing
• Pro Forma gearing2 was 40.7% as at March 31, 2017
• Target below 100%
Net
leverage
• Pro Forma net leverage3 was 1.5x as at March 31,
2017
41
42. Outlook
The demand outlook for 2017 for Ahlstrom-Munksjö’s fiber-based products is expected to remain stable at the current
good level for most of the product segments and to reflect the seasonal pattern. Price increases are implemented as
customer contracts expire to mitigate for raw material price increases in certain segments, particularly in the Decor and
Release Paper Europe businesses. The price increases will take effect towards the end of the second quarter
The annual maintenance and vacation shutdowns in the second and third quarter as well as the seasonal shutdowns at
the end of 2017 are expected to be carried out to about the same extent as in 2016. However the maintenance shutdown
usually carried out in the third quarter in the Swedish plant Billingsfors, will be replaced by shorter stops in the second and
fourth quarter, due to changes in the shift form. The next maintenance shut down at the pulp production facility in Aspa in
Sweden will be carried out in the fourth quarter of 2017
The cash flow effect of current capital expenditure for fixed assets in 2017 is expected to be approximately EUR 70
million. In addition, the cash flow impact of the strategic investments in the Arches mill and in Madisonville is expected to
be approximately EUR 10 million and EUR 8 million respectively
Comparable EBITDA in 2017 expected to be higher than in the previous year
Market Outlook
EBITDA
Shutdowns
Capital Expenditure
42
46. Energy price trends
Oil and natural gas
USD/bbl.
EUR/mwh
USD/
MMBtu
Electricity in Europe
EUR/mwh
Source: Bloomberg
0
1
2
3
4
5
6
7
0
20
40
60
80
100
120
140
Brent crude Natural gas North America (NYMEX)
0
10
20
30
40
50
60
Phelix baseload Europe (Jan. 2018)
46
47. Successful refinancing activity
Capitalizing on the financial strength of the combined company
May 2017
• EUR 100 million hybrid bond redeemed
June 2017
• Five-year EUR 250 million bond issued with 1.875%
coupon
– To repay EUR 100 million bond with 4.125%
coupon and refinance other borrowings
Lower financing costs
47
48. Funding structure
108
215
250
Term Loan 3y
Term Loan 5y
Bond
0
200
400
600
800
2017 2018 2019 2020 2021 2022
Term Loan Bond RCF
DEBT FACILITY STRUCTURE, DRAWN1
• Term Loans
− 3 year: EUR 108 m
− 5 year: EUR 80m, EUR 40m, SEK 600m, USD 35m
• Bond
- EUR 250 m bond with maturity 2022
• RCF
- Dec 2017: EUR 30m (undrawn)
- 5 year: EUR 200m (undrawn)
- No active issuances in the CP market at the moment
• Other
- Local facilities of approx. EUR 55m
- Local WC facilities of approx. EUR 65m (undrawn)
FUNDING STRUCTURE, AVAILABLE FACILITIES
DEBT FACILITY MATURITY PROFILE, INCL. UNDRAWN1
MEUR
MEUR
1) Local facilities not represented
48
49. Pro forma Income statement & Cash generated from
operating activities on a pro forma basis
MEUR 2016 2015
Net result 49.8 27.7
Adjustments, total 182.4 154.2
Changes in working capital 40.8 -4.5
Changes in provisions -11.7 -2.6
Finacial items -24.1 -34.7
Income tax paid and received -5.1 -15.4
Cash generated from operating activities 232.1 124.7
The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of the
refinancing transactions that took place or have been announced in connection with the completion of the merger
MEUR 2016 2015
Net sales 2147.9 2124.6
Other operating income 19.0 14.1
Total income 2166.9 2138.8
Changes in inventories -11.9 6.4
Materials and suppliers -983.3 -1020.8
Other external costs -500.4 -523.5
Personnel costs -431.4 -411.8
Share of profit in equity accounted investments - 0
EBITDA 239.9 189
Depreciation and amortization -135.2 -149.5
Operating result 104.7 39.6
Financial income 4.8 10.9
Financial costs -35.3 -12.6
Net financial items -30.6 -1.7
Result before tax 74.1 37.9
Taxes -24.3 -10.2
Net result 49.8 27.7
Net result attributable to:
Parent company's shareholders 49.5 28.0
Non-controlling interests 0.3 -0.3
EPS (attributable to parent company's
shareholders), EUR
Basic 0.51 0.29
Basic, excluding merger related items 0.71 0.29
Average number of shares
Basic 96,376,128 96,432,807
49
50. Pro forma Balance sheet
The pro forma information is presented for illustrative purposes only, and has been compiled assuming that the merger had been completed on January 1, 2015. In addition, the unaudited pro forma information reflects the impacts of the
refinancing transactions that took place or have been announced in connection with the completion of the merger
MEUR March 31, 2017 MEUR March 31, 2017
ASSETS EQUITY AND LIABILITIES
Non-current assets Attributable to parent company's shareholders
Tangible assets 882.3 Share capital 85.0
Goodwill 442.4 Reserve for unrestricted equity 543.1
Other intangible assets 332.9 Other reserves 374.0
Equity accounted investments 2.2 Retained earnings 52.1
Other non-current assets 13.4 Hybrid bond -
Deferred tax assets 78.1
Total equity attributable to parent company's
shareholders 1054.1
Total non-current assets 1751.3 Non-controlling interests 8.5
Total equity 1062.6
Current assets
Inventory 281.6 Non-current liabilities
Accounts receivable 233.9 Non-current borrowings 466.6
Other current assets 57.4 Other non-current liabilities 0.9
Current tax assets 3.1 Pension obligations 109.6
Cash and cash equivalents 200.6 Deferred tax liabilities 190.3
Total current assets 776.6 Provisions 18.5
TOTAL ASSETS 2527.9 Total non-current liabilities 785.9
Current liabilities
Current borrowings 166.5
Accounts payable 304.4
Liabilities to equity accounted investments 6.8
Accrued expenses and deferred income 147.5
Current tax liabilities 19.3
Other current liabilities 34.8
Total current liabilities 679.3
Total liabilities 1465.2
TOTAL EQUITY AND LIABILITIES 2527.9
50
52. Key investment takeaways
Leading global positions in several segments
Global reach and strong position in the value chain with an
ambition to move up
Diversified revenue and earnings base through wide
geographic footprint and product offering
Strong financial position and cash flow
Experienced management team with strong track-record
Fully committed to achieve EUR 35 million in cost synergies
with further benefits being looked at
52