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.

---