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Kemira Financial Statements 2020 (AR20)

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Kemira Financial Statements 2020 (AR20) Financial Statements 2020 Financial Statements 2020 Table of contents Board of Directors’ Review 2020 ...................................................................................... 3 3. Capital expenditures and acquisitions ............................................ 42 5.5. Management of financial risks .................................................................. 70 Consolidated financial statements (IFRS) .......................................................... 21 3.1. Goodwill ....................................................................................................................... 42 5.6. Derivative instruments .................................................................................... 74 Consolidated Income Statement ....................................................................... 21 3.2. Other intangible assets .................................................................................. 44 6. Group structure ..................................................................................................... 76 Consolidated Statement of Comprehensive Income ........................ 21 3.3. Property, plant and equipment ................................................................. 46 6.1. Related parties ....................................................................................................... 76 Consolidated Balance Sheet .................................................................................. 22 3.4. Leases ........................................................................................................................... 48 6.2. The Group's subsidiaries and investment in associates ..... 78 Consolidated Statement of Cash Flow .......................................................... 23 3.5. Other shares ............................................................................................................. 50 7. Off-balance sheet items ............................................................................... 80 Consolidated Statement of Changes in Equity ...................................... 24 4. Working capital and other balance sheet items ....................... 52 7.1. Commitments and contingent liabilities ........................................... 80 Notes to the Consolidated Financial Statements ............................... 26 4.1. Inventories .................................................................................................................. 52 7.2. Events after the balance sheet date ..................................................... 81 1. The Group's accounting policies for 4.2. Trade receivables and other receivables ........................................... 52 Kemira Oyj's Financial Statements (FAS) ............................................................ 82 the Consolidated Financial Statements .......................................... 26 4.3. Trade payables and other current liabilities ................................... 53 Board of Directors' proposal for profit 2. Financial performance.................................................................................... 30 4.4. Deferred tax liabilities and assets .......................................................... 54 distribution and signatures ........................................................................................... 100 2.1. Segment information ........................................................................................ 30 4.5. Defined benefit pension plans and employee benefits ......... 57 Auditors' Report ...................................................................................................................... 101 2.2. Other operating income and expenses ................................................ 34 4.6. Provisions .................................................................................................................... 61 Other financial information ........................................................................................... 106 2.3. Share-based payments .................................................................................. 36 5. Capital structure and financial risks .................................................. 62 Group key figures .......................................................................................................... 106 2.4. Depreciation, amortization and impairments. .............................. 38 5.1. Capital structure ................................................................................................... 62 Definition of key figures .......................................................................................... 110 2.5. Finance income and expenses .................................................................. 39 5.2. Shareholders' equity .......................................................................................... 64 Reconciliation of IFRS figures ........................................................................... 113 2.6. Income taxes ........................................................................................................... 40 5.3. Interest-bearing liabilities............................................................................. 65 Quarterly earnings performance ..................................................................... 115 2.7. Earnings per share............................................................................................... 41 5.4. Financial assets and liabilities Shares and shareholders ................................................................................................. 116 2.8. Other comprehensive income .................................................................... 41 by measurement categories ........................................................................ 66 Information for investors ................................................................................................. 119 PART OF THE AUDITED FINANCIAL STATEMENTS 2020 This Financial Statements and Board of Directors' review 2020 have not been prepared in accordance with ESEF (European Single Electronic Format) regulations. The Financial Statements and Board of Directors' review 2020 in accordance with ESEF regulations are available electronically as an xHTML document in which the primary statements in the Financial Statements are marked with XBRL tags. The ESEF requirement is based on the harmonization of transparency requirements for listed companies pursuant to the Transparency Directive (2004/109/EC) and its amending Directive (2013/50/EU), as well as the European Commission Delegation Regulation (2019/815/EU). In Finland, the directive has been implemented in the Securities Markets Act (AML 7:5§). The Financial Statements and Board of Directors' review 2020 in accordance with ESEF regulations are available at www.kemira.com. www.kemira.com BOARD OF DIRECTORS' REVIEW Board of Directors’ Review 2020 In 2020, Kemira Group’s revenue decreased by 9% to EUR 2,427.2 million (2,658.8), mainly due EBITDA increased by 8% to EUR 413.2 million (382.3). The differences between operative and to lower sales volumes. Revenue in local currencies, excluding acquisitions and divestments, reported figures are explained by items affecting comparability, which were mainly explained decreased by 7%. by liabilities in a to-be-closed energy company. Operative EBITDA increased by 6% to EUR 435.1 million (410.0), mainly due to favorable EPS, diluted, increased by 19% to EUR 0.86 (0.72), mainly due to higher EBITDA. The Board of development of variable costs. Good fixed cost management also contributed positively. The Directors proposes to the Annual General Meeting 2021 a cash dividend of EUR 0.58 per share operative EBITDA margin increased to 17.9% (15.4%). (0.56), totaling EUR 89 million (85). It is proposed that the dividend be paid in two installments. KEY FIGURES AND RATIOS EUR million 2020 2019 2018 EUR million 2020 2019 2018 Revenue 2,427.2 2,658.8 2,592.8 Capital employed* 1,964.9 1,998.2 1,781.4 Operative EBITDA 435.1 410.0 323.1 Operative ROCE*, % 12.1 11.2 9.8 Operative EBITDA, % 17.9 15.4 12.5 ROCE*, % 11.0 9.7 8.3 EBITDA 413.2 382.3 314.8 Cash flow from operating activities 374.7 386.2 210.2 EBITDA, % 1 7. 0 14.4 12.1 Capital expenditure excl. acquisition 195.6 201.1 150.4 Operative EBIT 237.7 224.0 173.8 Capital expenditure 198.2 204.1 193.7 Operative EBIT, % 9.8 8.4 6.7 Cash flow after investing activities 173.3 189.8 29.0 EBIT 215.9 194.4 148.2 Equity ratio, % at period-end 43.2 42.6 43.5 EBIT, % 8.9 7. 3 5.7 Equity per share, EUR 7.80 7.98 7.80 Net profit for the period 138.0 116.5 95.2 Gearing, % at period-end 63.0 65.9 61.7 Earnings per share, EUR 0.86 0.72 0.58 Personnel (average) 5,038 5,020 4,810 *12-month rolling average (ROCE, % based on the EBIT). Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and Kemira management, such as organic growth (revenue growth in local currencies, excluding acquisitions and divestments), EBITDA, operative EBITDA, operative EBIT, cash flow after investing activities, and gearing, provide useful information about Kemira’s comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration. Kemira’s alternative performance measures should not
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