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Annual & Sustainability Report Smart solutions out of fibers Annual2020 & Sustainability Report 1 / ANNUAL & SUSTAINABILITY REPORT 2020 Contents YEAR IN BRIEF ........................................................................3 Abrasive ................................................................................52 THE FINANCIAL YEAR 2020........................................96 CSR DATA ..............................................................................184 Highlights of 2020 ................................................................4 Medical ..................................................................................53 Board of Directors’ report ...........................................97 Reporting principles ..................................................... 185 CEO word ....................................................................................5 Liquid Technologies ........................................................54 Key figures .............................................................................112 GRI content index ............................................................ 193 Beverage & Casing ..........................................................55 Consolidated financial statements, IFRS ........ 118 UN Global Compact........................................................ 198 THE COMPANY .......................................................................7 Tape .........................................................................................56 Income statement ........................................................... 118 This is Ahlstrom-Munksjö ...............................................8 Precision Coating .............................................................57 Statement of comprehensive income .................. 118 Trends in our environment ............................................ 11 Release Liners ....................................................................58 Balance Sheet ................................................................... 119 Coated Specialties ..........................................................59 Statement of changes in equity.............................. 120 STRATEGY ...............................................................................15 Insulation .............................................................................60 Cash flow statement .......................................................121 Execution of strategy ......................................................16 Food Packaging .................................................................61 Notes ......................................................................................122 Parchment ............................................................................62 Parent company financial statements, FAS ...172 BUSINESS ................................................................................20 Technical ...............................................................................63 Income statement ...........................................................172 Value creation ...................................................................... 21 Decor ......................................................................................64 Balance sheet ................................................................... 173 Value enablers/Inputs ................................................... 22 Cash flow statement ......................................................174 Value creation/Business model ...............................45 RISK ............................................................................................66 Proposal for the distribution of profits ............ 175 Value created/Outputs .................................................46 Risk and risk management .........................................67 Auditor’s report .................................................................176 Business impacts ...............................................................47 Solid businesses, growing markets .......................48 GOVERNANCE.....................................................................73 SHAREHOLDERS .............................................................. 179 Filtration ................................................................................49 Corporate governance statement 2020 ............74 Engaging with investors .............................................180 Nonwovens ..........................................................................50 Board of Directors ............................................................88 Glass Fiber Tissue ..............................................................51 Executive Management Team ..................................92 YEAR IN BRIEF THE COMPANY STRATEGY BUSINESS RISK GOVERNANCE FINANCIALS SHARE CSR DATA 2 / ANNUAL & SUSTAINABILITY REPORT 2020 Imagine fiber Fibers are one of the wonders of nature forming the structural components of all that’s green. Modern technology has allowed man to harness the strength, durability and versatility of fibers and put them to work in everyday products and applications. New fibers have been created from materials like glass and carbon, pushing the boundaries of fiber-based solutions even further. Smart solutions out of fibers We add value by combining fibers with our advanced technology and innovative and entrepreneurial culture, constantly exploring new materials and applications. Sustainability, innovation and quality are central in all our solutions – compostable food and beverage processing and packaging materials, filter media, liners for composites, diagnostic materials, protective surgical fabrics and water filters are only the beginning. This is why when we imagine the future, we imagine fiber. Fighting the pandemic with fibers Ahlstrom-Munksjö is an established manufacturer of fiber-based fabrics which are used to construct protective medical fabrics such as surgical gowns and drapes, surgical face masks, protective apparel and sterile barrier systems. In addition, it produces diagnostics materials for rapid test kits and venting filters for devices used in the treatment of patients with respiratory disorders. Demand for all these solutions was strong in 2020. Thanks to our in-depth knowledge and technical know-how, we were able to respond swiftly to growing demand by expanding manufacturing of face mask fabrics to lines normally used for producing other fiber- based materials. YEAR IN BRIEF THE COMPANY STRATEGY BUSINESS RISK GOVERNANCE FINANCIALS SHARE CSR DATA 3 / ANNUAL & SUSTAINABILITY REPORT 2020 Year in brief E-commerce – Shopping online has this year been greatly accelerated by the pandemic. It has meant more packages, necessitating growing amount of label, tape and filling materials. Ahlstrom-Munksjö is a global leader in release liners for self-adhesive labels, paper filling materials and paper substrates utilized to produce carton sealing tapes. YEAR IN BRIEF THE COMPANY STRATEGY BUSINESS RISK GOVERNANCE FINANCIALS SHARE CSR DATA 4 / ANNUAL & SUSTAINABILITY REPORT 2020 YEAR IN BRIEF 01: Highlights of 2020 • Net sales were EUR 2.7 billion and comparable EBITDA under the Ahlstrom-Munksjö FortiCell range of fiber-based Key figures, EUR million 2020 2019 increased to EUR 334 million in 2020. The result was solutions for energy storage applications Net sales 2,683.3 2,916.3 supported by lower costs, partly related to own cost-saving • World-class Net Promoter Score achieved in an external Comparable EBITDA 334.2 312.9 measures. customer satisfaction survey. The survey demonstrated % of net sales 12.5 10.7 EBITDA 354.5 279.4 • Rapid response to the coronavirus pandemic and early Ahlstrom-Munksjö’s strong performance in many Operating result 176.2 103.2 establishment of safety protocol ensured that plants and areas, and especially in personal contacts, technical Net resut 94.5 32.8 customer service were kept operational throughout the year service, innovation and sustainability. Earnings per share (basic), EUR 0.78 0.27 Expansion of face mask materials’ manufacture to Very good Employee Engagement Index of 80 in • • Comparable EPS excl. depreciation production lines normally used for industrial products. In employee survey and amortization arising from PPA 1.03 0.84 addition, cost saving actions cushioned the impact of the • Ahlstrom-Munksjö was awarded the EcoVadis Gold Dividend, EUR n/a 0.52 pandemic. rating for the company’s sustainability management and Operating cash flow 255.1 286.7 • The company continued to launch new sustainable performance for the fourth consecutive year. Capital expenditure 117.5 161.1 Net debt 735.8 885.0 products, including lead acid battery product portfolio • Recommended public tender offer for all Ahlstrom- Munksjö shares PPA = Purchase price allocation YEAR IN BRIEF THE COMPANY STRATEGY BUSINESS RISK GOVERNANCE FINANCIALS SHARE CSR DATA 5 / ANNUAL & SUSTAINABILITY REPORT 2020 YEAR IN BRIEF 02: CEO word In 2020, we were successful in improving our throughout the year, profitability benefitted from lower costs Smart solutions out of result and developing our business despite due both to lower raw material prices and our own fixed and fibers – Our product variable cost-saving measures. Our comparable EBITDA the unprecedented challenges caused by the margin improved clearly and shows that our commercial launches once again show coronavirus pandemic. Our quick response strategy is working well. We ended the year
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