| Key Figures (E million – Pro Forma) | ||
|---|---|---|
| First quarter ended 31.3 | ||
| 2020 | 2019 | |
| Net Sales | 718.1 | 757.7 |
| Of Which: | ||
| Filtration & Performance Solutions | 166.5 | 187.5 |
| Advanced Solutions | 120.1 | 119.1 |
| Cost of Goods Sold | 601.2 | 664.4 |
| Gross Profit | 116.9 | 93.4 |
| Sales, R&D & Admin Expenses | 60.2 | 67.1 |
| Comparable EBITDA | 91.7 | 75.0 |
| Of Which: | ||
| Filtration & Performance Solutions | 31.8 | 31.0 |
| Advanced Solutions | 14.5 | 12.4 |
| Operating Result | 73.7 | 17.8 |
| Profit before Taxes | 64.1 | 6.2 |
| Net Profit | 46.6 | 4.1 |
Source: Ahlstrom-Munksjö Q1 2020 results.
COMMENT.
Ahlstrom-Munksjö recorded net sales for the first quarter of fiscal 2020 of E718.1 million, a 5.2% decrease on the year earlier figure although it made good gains in profitability.
Sales in the Filtration & Performance Solutions segment were down 11.2% on the prior year at E166.5 million driven by lower sales volumes. Demand slowed for filtration materials for engine applications, while it remained stable for industrial uses. The quarter saw the segment proceed with the expansion of face mask materials production at its plants in Turin, Italy and Tampere, Finland.
In the Advanced Solutions segment net sales increased 0.8% on the prior year to €120.1 million with higher delivery volumes in all businesses, except from Precision Coating, largely offset by a less favourable product mix. The quarter saw strong demand for the segment's health care and life science products with its Medical business unit signing a contract to supply materials to the French Government for 100 million face masks.
Ahlstrom-Munksjö's com-parable EBITDA for the quarter increased 22.3% on the year earlier to E91.7 million, while net profit increased more than ten-fold to E46.6 million supported by lower variable costs and higher sales volumes. The income figures benefited from a E31 million capital gain from the sales of the company's fine art paper business in Arches, France.
“The spread of the Covid-19 virus around the world has created strong demand for healthcare goods in general, and specifically for protective medical products that are made from our fabrics,” Ahlstrom-Munksjö's president and CEO Hans Sohlström, said.
“We are leveraging our in-depth knowledge of fibre-based solutions and global manufacturing platform to support our customers in the healthcare industry globally as well as in the communities where we operate.”