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Media / Annual report / 2019
Annual report:

Ahlström Capital in brief

Ahlström Capital is a family-owned company that focuses its investment activity on industrial companies, real estate and forest. We are one of the largest and most significant investment companies in Finland with a long history of nearly 170 years. Ahlström Capital creates long-term shareholder value by actively developing its portfolio

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Key figures 2019

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 2019, we had good growth in the value of our portfolio, but challenges in the underlying profit development. Ahlström Capital as the largest shareholder had a significant role in Glaston’s acquisition of Bystronic glass. Our main priority is to further develop the companies and real estate in our portfolio.”

Lasse Heinonen
President and CEO

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Ahlström-Munksjö is a global leader in innovative and sustainable fiber-based solutions. The high-value products Ahlstrom-Munksjö delivers are oriented towards customer requirements, rather than industry standards.

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Our portfolio

Revenue of portfolio companies, total
~5 billion EUR
Employees in portfolio companies
~15 500
Operating countries
External fair value 965 MEUR
Listed companies 51%
Non-listed companies 20%
Real estate 13 %
Forest 13 %
Other assets 3 %

Listed companies

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

Ahlström Capital’s shareholding
18.7 %
Market capitalisation
1 651 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
368 MEUR

Glaston is the glass processing industry’s innovative technology leader supplying equipment, services and solutions to the architectural, automotive, solar and appliance industries

Ahlström Capital’s shareholding
26.4 %
Market capitalisation
106 MEUR

Suominen manufactures nonwovens as roll goods for wipes and other applications. The end products made of Suominen’s nonwovens, such as wet wipes, feminine care products and swabs, are present in people’s daily life worldwide

Ahlström Capital’s shareholding
24.0 %
Market capitalisation
133 MEUR

Non-listed companies

Destia is a Finnish infrastructure and construction service company that creates tomorrow’s infrastructure for its customers, society and people in general. The company creates urban construction innovations and smart infrastructure solutions that are built on a sustainable foundation.

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
99.8 %

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
67 700 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
34 000 ha
External fair value of forests
141 MEUR

Sustainable value creation

We at Ahlström Capital believe that sustainability is a prerequisite for creating long-term value. As a responsible investor we want to incorporate environmental, social and governance (ESG) issues into our own processes and impact the ESG performance of our portfolio companies.

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Annual report 2019

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