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Media / Annual report / 2018
Annual report:

Ahlström Capital in brief

Ahlström Capital focuses its investment activity on industrial companies, real estate and forest. We are a family-owned company with a history of more than 160 years, and one of the largest and most significant investment companies in Finland. Ahlström Capital creates long-term shareholder value by actively developing its portfolio.

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Key figures 2018

Revenue and comparable operating profit, MEUR

Profit for the period, MEUR

Balance sheet total, MEUR and net gearing, EFV-adjusted

External fair value (EFV) per share and dividend per share, EUR

”In 2018, our main priority was to further develop the companies in our portfolio. Ahlström Capital as the largest shareholder had a significant role in strategically important acquisitions announced by Ahlstrom-Munksjö during the summer 2018 and Glaston in January 2019.”

Lasse Heinonen
President and CEO

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Ahlstrom-Munksjö acquired specialty paper producer Expera Specialty Solutions in the U.S. and MD Papéis’ Caieiras specialty paper mill in Brazil. Through these investments, Ahlstrom-Munksjö has a more balanced geographical sales mix and is in better position to serve its customers.

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Our portfolio

Revenue of portfolio companies, total
~5 billion EUR
Employees in portfolio companies
~15 000
Operating countries
External fair value 887 MEUR
Listed companies 41%
Non-listed companies 28%
Real estate 15 %
Forest 13 %
Other assets 3 %

Listed companies

Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying innovative and sustainable solutions to customers worldwide.

Ahlström Capital’s shareholding
18.7 %
Market capitalisation
1 397 MEUR

Detection Technology is a global provider of X-ray detector solutions for medical, security and industrial applications.

Ahlström Capital’s shareholding
36.7 %
Market capitalisation
235 MEUR

Glaston is a frontrunner in glass processing technologies and services. The company responds globally to the most demanding glass processing needs of the architectural, solar, appliance and automotive industries.

Ahlström Capital’s shareholding
17.5 %
Market capitalisation

Suominen manufactures nonwovens as roll goods for wipes, hygiene products and medical applications. Suominen is the global market leader in nonwovens for wipes.

Ahlström Capital’s shareholding
24.0 %
Market capitalisation
118 MEUR

Non-listed companies

Destia is a Finnish infrastructure and construction service company. The company designs, builds and maintains traffic routes, industrial and traffic environments, as well as complete living environments.

Ahlström Capital’s shareholding
100.0 %

Enics is the partner of choice for professional electronics in the fields of energy, industrial automation, transportation, building automation and instrumentation.

Ahlström Capital’s shareholding
99 %

Real estate and forest

Real estate

Ahlström Capital’s real estate portfolio includes prime location buildings in Southern Finland. Our portfolio also includes heritage assets in Noormarkku and Kauttua.

Real estate area in total
76 000 m2
External fair value of real estate
143 MEUR


Ahlström Capital’s forest assets are mainly located in Western Finland in the Satakunta region, and in Central and Eastern Finland.

Forests in total
33 000 ha
External fair value of forests
128 MEUR

Suistainable value creation

We at Ahlström Capital believe that sustainability is a prerequisite for creating long-term value. We are committed to promoting responsible business practices in our portfolio companies and to conduct sustainable asset management of our real estate and forest investments.

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Annual report 2018

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