Tikkurila`s roadshow material, Stockholm, September 1, 2010

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Tikkurila`s roadshow material, Stockholm, September 1, 2010
Tikkurila
Interim Report 1−6/2010
CFO Jukka Havia
Contents
•
•
•
•
Tikkurila in brief
Review period – Group highlights
Review period – Segment highlights
Outlook
September 2010
2
Tikkurila in brief
Tikkurila in brief
Information on Tikkurila
Market position in the decorative paint market
Customers:
Consumers, professionals and the industry
Market position:
Leading market position in decorative paints in
Finland, Sweden and Russia
1
Market area:
Northern Europe, Central Eastern Europe, Russia
and other CIS countries
1
Products and services:
Decorative paints, industrial wood and metal
coatings, phone advisory service (customer
hotline), Designer and Contractor Pool, customer
training etc.
September 2010
4
1
Business strategy
Tikkurila aims to be the leading paint company in the Nordic area and Eastern Europe, including Russia
•
•
•
•
•
Customer focus
Geographical focus
Profitable growth
Strong brands
One unified Tikkurila
September 2010
5
Review period –
Group highlights
Revenue and EBIT improved from last year
Development Q2/2010 vs. Q2/2009
•
•
•
•
•
•
Revenue increased by 12.3%, i.e. by EUR 20.1 million
• mainly due to exchange rate changes
EBIT (excluding non-recurring items)* increased by 15.7%, i.e. by EUR 3.9 million
• mainly due to cost savings
Gearing decreased clearly
Markets are recovering slowly from the recession
Despite the good start of the year the market environment remains uncertain
Tikkurila upgrades its outlook for 2010 due to the good start of the year
* The non-recurring items in Q2/2010 are related to an insurance compensation in Russia (EUR 1.5 million positive impact), as well
as to a fine set by Polish competition authorities (EUR 0.8 million negative impact).
September 2010
7
Key figures of the review period
4−6/2010
4−6/2009
Change %
1−6/2010
1−6/2009
Change %
2009
182.5
162.4
12.3%
301.8
273.6
10.3%
530.2
EBIT excluding nonrecurring items
28.4
24.5
15.7%
35.9
28.6
25.6%
50.2
EBIT excluding nonrecurring items, %
15.5%
15.1%
11.9%
10.4%
29.1
22.1
36.6
26.1
15.9%
13.6%
12.1%
9.5%
0.46
0.32
0.55
0.30
18.5%
14.2%
18.5%
14.2%
5.0
6.3
-25.1
-22.6
-11.0%
45.3
155.3
222.4
-30.2%
129.5
Gearing, %
87.0%
235.6%
90.0%
Equity ratio, %
34.2%
19.7%
35.7%
3,946
3,968
EUR million
Revenue
EBIT
EBIT, %
EPS*, EUR
ROCE, % p.a.
Free cash flow after
investments
31.6%
43.8%
-20.0%
Net interest-bearing debt
at period-end
Personnel at period-end
* Calculated by using the amount of outstanding shares of 44,108,252
September 2010
8
9.5%
40.1%
47.7
9.0%
83.3%
0.63
17.7%
-0.6%
3,538
Revenue development by segment
Q2/2010 vs. Q2/2009
EUR million
70
64.3
60
54.0
53.6
50
46.0
40
33.4
34.5
29.1
30
30.0
20
10
0
East
September 2010
Finland
Scandinavia
9
CEE
Q2/2009
Q2/2010
Revenue by segments (SBU)
Q2/2010 vs. Q2/2009
Q2/2010, total revenue EUR 182.5 million
Q2/2009, total revenue EUR 162.4 million
16%
18%
33%
35%
29%
28%
21%
19%
East
Finland
Scandinavia
CEE
Decorative paints account for 86% of revenue
September 2010
Decorative paints account for 86% of revenue
10
Revenue development
EUR million
4−6/2010
4−6/2009
Change %
1−6/2010
1−6/2009
Change %
2009
182.5
162.4
12.3%
301.8
273.6
10.3%
530.2
Revenue
Different factors impacting revenue development, Q2/2010 vs. Q2/2009
Increase/decrease, EUR million
25
EUR 20.1 million
20
15
EUR 12.3 million
10
EUR 2.1 million
5
EUR 5.5 million
EUR 0.0 million
0
Volume
Price/Product mix
Exchange rates
Acquisitions/ divestments
Total
The figures on the graph above have been rounded to one decimal, which should be taken into account when analyzing the numbers.
September 2010
11
EBIT* development by segments (SBU)
Q2/2010 vs. Q2/2009
EUR million
12
11.2
10
8.3
8
8.3
7.9
7.2
6.6
Q2/2009
6
Q2/2010
4
3.2
2.3
2
0
East
Finland
Scandinavia
* Excluding non-recurring items
September 2010
12
CEE
Seasonality
EBIT* by quarter 2008–2010
Revenue by quarter 2008–2010
EUR million
158.1
25
30.4
26.2
193.7
20
103.5
98.4
7.5
15
11.7
10
5
100
4.0
162.4
182.5
205.7
30
111.2
119.4
150
145.2
200
29.7
35
250
24.5
28.4
EUR million
0
Q1
Q2
Q3
Q4
-4.6
-5
50
-10
Q1
Q2
2008
Q3
2009
Q4
-20
2008
2010
* Excluding non-recurring items
September 2010
-13.0
-15
0
13
2009
2010
Water-borne paints becoming more popular
Water-borne paints gaining ground
•
•
•
•
•
Share of water-borne paints of Tikkurila's production in 2009
Water-borne paints are gaining more
popularity in all Tikkurila's market areas as
the general environmental awareness
increases. The development is slower in the
east than in the west
A significant share of Tikkurila's R&D is
related to the development of water-borne
paints
The share of water-borne paints of
Tikkurila's total production was 72% in 2009
Tikkurila's goal is that 99 percent of its
products sold in 2010 in Sweden are waterborne
Many products of Alcro-Beckers have the
Nordic Swan environmental label
September 2010
28%
Water-borne
Solvent-borne
72%
14
Review period –
Segment highlights
SBU East Q2/2010
EUR million
4−6/2010
4−6/2009 Change %
1−6/2010
1−6/2009 Change %
2009
Revenue
64.3
54.0
19.2%
92.7
79.6
16.5%
167.1
EBIT*
11.2
8.3
35.7%
11.2
8.0
39.6%
17.7
17.4%
15.3%
12.0%
10.0%
1.2
2.4
1.8
4.5
EBIT*, %
Capital expenditure
excl. acquisitions
-51.3%
10.6%
-59.6%
7.2
Different factors impacting the revenue development of SBU East, Q2/2010 vs. Q2/2009
Increase/decrease, EUR million
12
EUR 10.4 million
10
EUR 4.8 million
8
6
EUR 1.7 million
4
2
EUR 3.9 million
EUR 0.0 million
0
Volume
Volyymi
Price/Product
mix
Hinta/Tuotemix
Exchange
rates
Valuuttakurssit
* Excluding non-recurring items
September 2010
16
Acquisitions/
Yritysostot
tai -myynnit
divestments
Total
Yhteensä
SBU East Q2/2010
Revenue by quarter 2009−2010
Comments on the review period
EUR million
• Revenue Q2/2010
180
160
140
120
100
80
60
40
20
0
• Increase primarily due to exchange rate
changes and sales volumes
• Sales volume +7%
• EBIT excl. non-recurring items Q2/2010
• Improvement mainly due to lower variable
costs, as well as increased sales prices
and volumes
Total EUR 167.1 million
31.8
55.7
Q4
Q3
54.0
• The exchange rate changes increased
EBIT by EUR 0.6 million
64.3
Q2
Q1
25.7
28.4
2009
2010
EBIT* by quarter 2009−2010
• The positive development of the
economies in the region, as well as
stronger consumer confidence boosted
the demand
EUR million
20
Total EUR 17.7 million
0.3
15
9.5
Q1-Q2: EUR 11.1 million
10
• Demand shifting to some extent from
economy to premium products
Q4
Q3
5
8.3
0
-0.3
2009
11.2
Q2
Q1
-5
* Excluding non-recurring items
September 2010
Q1-Q2: EUR 92.7 million
17
-0.1
2010
Tikkurila the best-known paint brand
in Russia
Brand awareness
•
•
Tikkurila has been steadfast in
strengthening its brand particularly in
Russia
According to TNS survey, Tikkurila is the
best-known paint brand in Russia
(awareness rate 40.3%)
Source: TNS Marketing Index, Russia, 100,000 people, aged + 16 years (2009)
September 2010
18
Consumer confidence is rising in Russia
Russian consumer confidence 2005−2010
%
5
2005
2007
2006
2008
2009
2010
0
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
-5
-10
-15
-20
-25
-30
-35
-40
Source: Rosstat, July 2010
September 2010
19
III
IV
I
II
III
IV
I
II
Construction in Russia 2006−2015F
Value of Russian construction market 2006−2015F
EUR million
450,000
400,000
Optimistic scenario
350,000
300,000
250,000
200,000
Pessimistic scenario
150,000
100,000
50,000
,0
2006
2007
2008
2009E
2010F
2011F
2012F
2013F
2014F
Growth %
2010F
2011F
2012F
2013F
2014F
2015F
Optimistic forecast
10.9%
16.2%
21.1%
27.5%
33.1%
36.4%
Pessimistic forecast
3.2%
9.5%
14.1%
18.3%
22.1%
24.3%
Source: Global Research & Data Services, March 2010
September 2010
20
2015F
SBU Finland Q2/2010
EUR million
4−6/2010
Revenue
1−6/2010
1−6/2009 Change %
2009
34.5
33.4
3.3%
63.7
62.6
1.8%
106.8
7.9
7.2
9.9%
12.7
10.3
23.3%
14.2
22.8%
21.4%
19.9%
16.5%
0.7
0.6
1.2
1.4
EBIT*
EBIT*, %
4−6/2009 Change %
Capital expenditure
excl. acquisitions
5.4 %
13.3%
-14.4%
2.1
Different factors impacting the revenue development of SBU Finland, Q2/2010 vs. Q2/2009
Increase/decrease, EUR million
1,6
1,4
EUR 0.4 million
(negative)
1,2
EUR 1.1 million
1
0,8
EUR 1.5 million
0,6
0,4
0,2
EUR 0.0 million
EUR 0.0 million
Exchange
rates
Valuuttakurssit
Acquisitions/
Yritysostot
tai -myynnit
divestments
0
Volume
Volyymi
Price/Product
mix
Hinta/Tuotemix
* Excluding non-recurring items
September 2010
21
Total
Yhteensä
SBU Finland Q2/2010
Revenue by quarter 2009−2010
Comments on the review period
EUR million
• Revenue Q2/2010
120
• Increase due to somewhat higher sales
volumes
• The demand for industrial coatings still
on a low level
Total EUR 106.8 million
100
16.0
80
28.3
Q1-Q2: EUR 63.7 million
33.4
34.5
60
• EBIT excl. non-recurring items Q2/2010
Q3
40
Q2
Q1
• Improvement mainly due to increased
sales volumes and lower cost levels
20
29.2
29.2
2009
2010
0
• Consumer confidence on the highest
level in three years and construction
activity picking up
EBIT* by quarter 2009−2010
EUR million
• Feedback for product launches has
been positive
20
Total EUR 14.2 million
15
5.9
10
5
0
* Excluding non-recurring items
September 2010
Q4
-5
22
Q1-Q2: EUR 12.7 million
Q4
7.9
7.2
3.1
-2.1
2009
Q3
Q2
4.8
2010
Q1
New products for sauna
Interior design trends
•
•
Interior design of saunas is a prevailing trend,
strongly related to the general wellness and home
spa thinking
Tikkurila's succesful product launches in spring 2010
include, among others, Supi Saunavaha (wax for
sauna bench and panels) and Supi Arctic
(pearlescent sauna finish for panels)
Product launches
Supi Saunavaha
A protective material for the
wooden surfaces in sauna.
In addition to Black, White
and Thermowood, the
product can be tinted to 27
different shades
September 2010
23
SBU Scandinavia Q2/2010
EUR million
4−6/2010
Revenue
1−6/2010
1−6/2009 Change %
2009
53.6
46.0
16.7%
93.5
82.2
13.7%
157.8
8.3
6.6
26.2%
11.2
8.7
29.2%
16.1
15.4%
14.3%
12.0%
10.6%
0.6
0.5
1.0
1.0
EBIT*
EBIT*, %
4−6/2009 Change %
Capital expenditure
excl. acquisitions
21.5%
10.2%
2.1%
2.1
Different factors impacting the revenue development of SBU Scandinavia, Q2/2010 vs. Q2/2009
Increase/decrease, EUR million
9
EUR 7.7 million
8
7
6
EUR 5.2 million
5
4
3
2
1
EUR 1.1 million
EUR 0.0 million
EUR 1.4 million
0
Volume
Volyymi
Price/Product
mix
Hinta/Tuotemix
Exchange rates
Valuuttakurssit
* Excluding non-recurring items
September 2010
24
Acquisitions/
Yritysostot
tai -myynnit
divestments
Total
Yhteensä
SBU Scandinavia Q2/2010
Revenue by quarter 2009−2010
Comments on the review period
EUR million
• Revenue Q2/2010
180
160
140
120
100
80
60
40
20
0
• Increase primarily due to changes in
exchange rates, which had a EUR 5.2
million impact
• The sales volume and prices also
developed favorably
• EBIT excl. non-recurring items Q2/2010
• Improvement mainly due to lower raw
material prices and higher sales prices
Total EUR 157.8 million
30.9
44.6
Q1-Q2: EUR 93.5 million
Q3
46.0
53.6
Q2
Q1
36.3
39.9
2009
2010
EBIT* by quarter 2009−2010
• Exchange rate changes had a EUR 0.6
million positive impact
EUR million
20
Yht. 16.1 milj. euroa
• Economic recovery is well underway
particularly in Sweden
15
8.0
Q1-Q2: 11.2 milj. euroa
10
5
6.6
0
2.0
-0.6
2009
-5
* Excluding non-recurring items
25
Q4
Q3
8.3
September 2010
Q4
2.9
2010
Q2
Q1
New Alcro Designers collection, ad.10
New color collection "ad.10 by Li Edelkoort"
•
•
•
Alcro launched a new color collection, ad.10 by
Li Edelkoort, in June 2010
The color collection was designed in
cooperation with one of the world's leading
trend-gurus, Li Edelkoort
31 new colors are inspired by the world of birds
Product launches
AD Kashmir
Alcro Designers Kashmir
is a velvet-like, matt interior
paint, which was developed
to give perfect justice to the
colors of the ad.10 collection
September 2010
26
Production and distribution
Production
•
•
•
•
•
Distribution channels
• Decorative paints
• DIY retailers
• Alcro's professional stores (in Sweden)
• Happy Homes retail chain (former Beckers Nya Hem)
(in Sweden, Tikkurila 45% ownership)
• Colorama retail chain (in Sweden)
• Industrial coatings
• Directly to industrial customer
• Temaspeed distributors
Production and distribution centre in Nykvarn,
approximately 45 km south of Stockholm
New factory completed in Autumn 2007, most modern
paint factory in Northern Europe
All paint produced is water-borne
Warehouse space of over 30,000 m2
•
The warehouse accommodates 17,000 pallet
spaces
Efficient production and logistics
September 2010
27
Strong environmental commitment
Environmental awareness
Several products with eco-labels
• Tikkurila aims to be one of the leading
paint companies in the environmental
field, with an environmental commitment
in all our activities
• 99% of SBU Scandinavia's decorative
paint sales come from water-borne
products in 2010
• The production and distribution centre in
Nykvarn is one of the most eco-adapted
factories in Europe
• Alcro-Beckers has more eco-labeled
products than any other paint
manufacturer in Europe
September 2010
28
SBU Central Eastern Europe (CEE) Q2/2010
EUR million
4−6/2010
Revenue
EBIT*
EBIT*, %
Capital expenditure
excl. acquisitions
4−6/2009 Change %
1−6/2010
1−6/2009 Change %
2009
30.0
29.1
3.1%
51.9
49.2
5.4%
98.5
2.3
3.2
-28.9%
2.6
2.9
-10.9%
5.0
7.5%
10.9%
4.9%
5.8%
0.4
0.6
0.8
1.3
-31.7 %
5.1%
-33.5%
2.1
Figures include export to more than 20 countries
Different factors impacting the revenue development of SBU CEE, Q2/2010 vs. Q2/2009
Increase/decrease, EUR million
1,5
EUR 0.9 million
1
0,5
EUR 2.3 million
0
-0,5
-1
Volume
Volyymi
Volyymi
Price/Product
mix
Hinta/Tuotemix
Hinta/Tuotemix
Exchange
rates
Valuuttakurssit
Valuuttakurssit
EUR 1.2 million
(negative)
-1,5
-2
EUR 0.2 million
(negative)
* Excluding non-recurring items
September 2010
29
EUR 0.0 million
Acquisitions/
Yritysostot
tai -myynnit
divestments
Total
Yhteensä
SBU CEE Q2/2010
Revenue by quarter 2009−2010
Comments on the review period
EUR million
• Revenue Q2/2010
120
Total EUR 98.5 million
• Improvement due to exchange rate
changes, which had a EUR 2.3 million
impact
100
19.8
80
• EBIT excl. non-recurring items Q2/2010
60
• EBIT was hampered especially by lower
sales volume and tightened price
competition, as well as by a higher fixed
cost level
40
Q1-Q2: EUR 51.9 million
29.1
30.0
20.1
21.9
2009
2010
Q3
Q2
Q1
20
0
• Exchange rate changes had a EUR 0.3
million positive impact
EBIT* by quarter 2009−2010
EUR million
8
Total EUR 5.0 million
7
6
5
3.4
4
3
2
3.2
1
0
-0.3
-1.2
-1
2009
• A gradual recovery can be seen in the
SBU CEE's operating area
-2
* Excluding non-recurring items
September 2010
Q4
29.5
30
Q4
Q1-Q2: EUR 2.6 million
Q3
Q2
2.3
0.3
2010
Q1
Outlook
Pressure to increase raw material prices
Information on raw materials
• Tikkurila's major raw materials include
pigments (most commonly titanium dioxide),
binders, solvents, additives, water and
packing materials
• About 75% of raw materials from western
suppliers
• In Russia about 50% of raw materials from
local suppliers
• Raw material prices are affected e.g. by the
balance between the supply and demand as
well as by oil and energy prices
• The amount of alternative suppliers has
decreased
September 2010
32
Outlook for 2010
• Tikkurila's revenue and operating profit (EBIT) excluding non-recurring
items are expected to exceed the corresponding 2009 level. The
revenue and operating profit estimates do not take into consideration
possible effects from exchange rate fluctuations, which may have a
significant impact on the revenue development, in particular.
•
Previous outlook: In 2010, Tikkurila's revenue and operating profit (EBIT) excluding nonrecurring items are expected to remain on the same level as in 2009. The revenue and
operating profit estimates do not take into consideration possible effects from exchange
rate fluctuations.
September 2010
33
Disclaimer
• All forward-looking statements in this presentation are based on the
management's current expectations and beliefs about future events,
and actual results may differ from the expectations and beliefs such
statements contain.
September 2010
34
Contact persons
Investor and media contacts
Erkki Järvinen
President and CEO
Susanna Aaltonen
GVP, Communications & IR
[email protected]
Tel. +358 9 8577 2488
Mobile +358 40 593 4221
Jukka Havia
CFO
September 2010
36
Appendix
Regional decorative paint market leaderships
Country or area
Market position
Market share
1
>50%
1
~40%
1
~18%
Finland1
Sweden2
Russia3
1
One of the leading4
n/a
One of the leading4
n/a
Established
n/a
Poland
Baltic countries
East Europe & CIS
1) Association of Finnish Paint Industry, 2009
2) The Swedish Paint and Printing Ink Makers Association, 2009
3) Chem-Courier, management estimate
4) Management estimate
September 2010
38
1
1
Strong and well-established brands
Tikkurila brand portfolio
Local
Strategic
ОХТЭК
 Large majority of sales from strategic brands
 Roughly half of revenues from the Tikkurila brand
September 2010
39
Profitable growth through focus on selected
regional areas
Finland, Sweden and the Baltic States
Strengthening of strong market positions
Innovation of new extensive service concepts
Russia
Strong organic growth
Utilization of service concepts
Central Eastern Europe & other markets
Organic growth
Possible acquisitions
Ukraine, Belarus, Central Asia, China
Growth through differentiation
Substantial long term growth potential
September 2010
40
Profitable growth
Development of sales and profitability 1996–2009
Major acquisitions and divestments
Acquisition of AlcroBeckers in 2001
(Revenue EUR ~ 190 m)
Acquisition of Kraski Teks
in 2006
(Revenue EUR ~ 80 m)
Acquisition of Gamma and
Ohtek in 2007
(Revenue EUR ~ 11 m)
Revenue (EUR million)
700
625
563
600
500
445
400
300
349
361
450
439
441
16%
648
14%
530
457
12%
10%
358
345
8%
255
6%
200
4%
100
2%
0
0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Revenue
September 2010
Revenue from acquisitions
Divestments
41
EBIT margin (excl. non-recurring)
EBIT, % (excl. non-recurring)
Sale of tinting business in
2000
(Revenue EUR ~ 30 m)
Tikkurila group structure as of Dec 31, 2009
East
Finland
Central
Eastern
Europe
Scandinavia
Corporate Office
• Communications & IR
• Finance & Accounting
• Human Resources
• Information Technology
• Legal
Strategy & Business
Development *)
Supply Chain
Management & HSEQ
R&D
Group Marketing &
Brand Management
Consumers
Sep 1, 2010 2010
September
Professionals
42
Industry
42
*) as of September 1, 2010
Business environment trends
•
•
•
•
•
•
Further structural changes are taking place
in distribution channels for decorative
paints
Industrial coatings customers are moving
to the east
Industry consolidation is expected to
continue
From do-it-yourself (DIY) to buy-it-yourself
(BIY) + outsourcing
End-users’ environmental awareness is
increasing (products and packaging)
Changes in EU legislation:
•
•
VOC and Paint Product Directives
REACH regulation
September 2010
43
Factors impacting paint consumption
•
•
•
•
•
•
Living standards
Local habits and painting methods
Construction styles and available
materials
Trends in interior decoration, colors, etc.
Level of activity in new construction,
renovation and industry
Functional paints
 Markets in Western Europe mature, growth opportunities in areas with
increasing income per household
 Tikkurila has an established presence in areas with expected growth in
consumption per capita and changes in painting habits
September 2010
44
Paint consumption and demand structure
Nordic
Russia
and CIS
CEE
Estimated paint
consumption per capita
= High
= Medium
= Low
 Standard of living and regional painting habits drive paint consumption
 The demand for premium products is expected to rise in less developed
economies in connection with rise in the standard of living
1) Paint consumption source: Management estimates, IPPIC
September 2010
45
Construction and renovation activity in Finland
Development of Tikkurila SBU Finland revenue compared to construction and renovation activity
5%
1.9%
1.0%
0%
-0.6%
-2.1%
-1.1%
-1.1%
-5%
-7.2%
-7.3%
-10%
-15%
-15.7%
-20%
-25%
-25.1%
-30%
2008
GDP
Total construction
2009
Total new construction
Total renovation
SBU Finland revenue
 Renovation activity more resistant than new construction
1) Euroconstruct, June 2009, GDP estimates by Bank of Finland
September 2010
46
Tikkurila SBUs
East
Finland
Scandinavia
CEE
Russia and other CIS
countries
Finland
Sweden, Norway,
Denmark
CEE countries and other
counties incl. China
St. Petersburg, Russia
Stary Oskol, Russia
Kiev, Ukraine
Tikkurila, Vantaa
Nykvarn, Sweden
Tallinn, Estonia
Ansbach, Germany
Debica, Poland
Economy price and quality
segment products
Premium and medium
price and quality segment
products
Premium and medium
price and quality segment
products
Medium and economy
price and quality segment
products
Expected demand
structure
Premium price and quality
segment products
expected to rise
Premium and medium
price and quality segment
products
Premium and medium
price and quality segment
products
Medium and premium
price and quality segment
products
Competitors
Akzo Nobel, Lakra-Sintez,
Empils, ABC-Farben,
Meffert, Caparol
Akzo Nobel, Teknos, NorMaali2, Becker Acroma2
Akzo Nobel, Flügger,
Jotun, Becker Acroma,
Teknos
Akzo Nobel, PPG, a large
number of local and
regional suppliers
Deco: DIY retailers,
independent retailers,
wholesalers
Industry: direct sales,
Temaspeed
Deco: DIY retailers,
independent paint retailers
Industry: direct sales,
Temaspeed
Deco: DIY retailers, AlcroBeckers professional
stores1, Beckers Nya Hem
chain1, Colorama retail
chain1
Industry: direct sales,
Temaspeed
Deco: DIY retailers,
independent retailers
Industry: direct sales,
Temaspeed
Operational area
Production sites
Current demand
structure
Distribution
channels
1 In Sweden
2 Industrial coatings
September 2010
47
SBU East – in brief
Key facts
Operational area
Russia, other CIS countries, Ukraine
2009 revenue
EUR 167.1 million, 32% of group
2009 EBIT1
EUR 17.7 million, 33% of group2
Employees
1,563 (year-end)
Production sites
4 in St. Petersburg, Russia, Stary Oskol,
Russia and Kiev, Ukraine
Locations
St. Petersburg
Mytishchi
Novosibirsk
Minsk
Production capacity
~135 million litres, 45% of group
Sales offices
Russia, Ukraine, Belarus, Kazakhstan
Chelyabinsk
Kiev
Stary Oskol
Almaty
Expansion in East
1970s
1994
1995
1998
2004
2006
2006
2007
2008
2009
Export to Russia and the former Soviet Union started
Sales company in Russia
First western paint factory opened in St. Petersburg
Sales company OOO Tikkurila Coatings established
Acquisition of Kolorit in Ukraine
Acquisition of Kraski Teks
Sales company established in Almaty, Kazakhstan
Acquisition 2 St. Petersburg-based paint companies
(Gamma, Powder Coatings)
Sales company established in Minsk, Belarus
Completion of logistic centre in Mytishchi, Moscow region
September 2010
1 Excluding non-recurring items
2 Excluding group items
48
SBU Finland – in brief
Key facts
Operational area
Finland
2009 revenue
EUR 106.8 million, 20% of group
2009 EBIT1
EUR 14.2 million, 27% of group2
Employees
764 (year-end)
Production sites
Vantaa, Finland
Production capacity
~ 75 million litres, 25% of group
Sales offices
Several in Finland
Locations
Vantaa
1 Excluding non-recurring items
2 Excluding group items
September 2010
49
SBU Scandinavia – in brief
Key facts
Operational area
Sweden, Norway, Denmark
2009 revenue
EUR 157.8 million, 30% of group
2009 EBIT1
EUR 16.1 million, 30% of group2
Employees
467 (year-end)
Production sites
Nykvarn, Sweden
Production capacity
~ 30 million litres, 10% of group
Sales offices
Sweden, Norway, Denmark
Locations
Development in Scandinavia
1865
1906
1967
2001
2002
2007
2008
2008
Oslo
Nykvarn
Beckers founded
Alcro founded
First Tikkurila subsidiary established in Sweden
Acquisition of Alcro-Beckers
Acquisition of Akzo Nobel’s general industrial finishes
business
New production plant in Nykvarn
New headquarters in Hammarby Sjöstad
Acquisition of the flagship store Måleributiken in Alvik,
Sweden
September 2010
Stockholm
Copenhagen
1 Excluding non-recurring items
2 Excluding group items
50
SBU CEE – in brief
Key facts
Locations
Operational area
Albania, Bosnia-Herzegovina, Bulgaria,
Croatia, the Czech Republic, Estonia, Former
Yugoslav Republic of Macedonia, Kosovo,
Hungary, Latvia, Lithuania, Montenegro,
Poland, Romania, Serbia, Slovakia, Slovenia
and other markets (including e.g. China)
2009 revenue
EUR 98.5 million, 19% of group
2009 EBIT
EUR 5.0 million, 9% of group1
Employees
744 (year-end)
Production sites
Tallinn, Estonia, Ansbach, Germany and
Debica, Poland
Production capacity
~ 63 million litres, 21% of group
Sales offices
Czech Republic, Hungary, Latvia, Lithuania,
Romania, Slovakia, China, Finland (export)
Tallinn
Riga
Vilnius
Lodz
Prague
Ansbach
Warsaw
Debica
Martin
Budapest
Bucharest
Expansion in CEE
1989
1992
1993
1995
1997
2001
2006
2007
2008
JV established in Tallinn, Estonia
Paint production started in Tallinn, Estonia
Sales company in Riga, Latvia
Sales company established in Vilnius, Lithuania
Sales company in Budapest, Hungary
Production plants in Ansbach, Germany and Debica, Poland
Acquisition of sales company in Prague, Czech Republic
Sales company established in Beijing, China
Sales companies in Shanghai, China, Bucharest, Romania
and Martin, Slovakia
September 2010
+ China (Beijing and Shanghai)
1 Excluding group items
51