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Media / Annual report / 2020
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 170 years. Ahlström Capital creates long-term shareholder value by actively developing its portfolio.

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Key figures 2020

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

”Our companies were successful in mitigating the negative effects of the corona pandemic and our portfolio proved to be notably resilient. We decided to accelerate the development of our biggest asset, Ahlstrom-Munksjö, by a public tender offer together with key partners. The deal flow in the real estate portfolio was active during 2020.”

Lasse Heinonen
President and CEO

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At Ahlstrom-Munksjö profitability improved despite a reduction in revenue base. The company received excellent scores in both its customer satisfaction survey and the employee survey. Sustainability is high on the company’s agenda and is visible in new sustainability product launches, in campaigns like ‘from plastic to purpose’ and external recognitions including the EcoVadis Gold rating.

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Our portfolio

Revenue of portfolio companies, total
~4.5 billion EUR
Employees in portfolio companies
~14 600
Operating countries
External Fair value 1 056 MEUR
Listed companies 51%
Privately held companies 20%
Real estate 13 %
Forest 13 %
Other assets 3 %


Ahlstrom-Munksjö is a global leader in fibre-based materials, supplying innovative and sustainable solutions to its customers. The company’s mission is to expand the role of fibre-based solutions for sustainable everyday life.

Ahlström Capital’s shareholding
18.7 %
Market capitalisation
2 081 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
343 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

Suominen manufactures nonwovens as roll goods for wipes and other applications. The company’s vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen’s nonwovens are present in people’s daily life worldwide.

Ahlström Capital’s shareholding
24.0 %
Market capitalisation
292 MEUR

Privately held 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
100.0 %

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.

Real estate area in total
65 600 m2
External fair value of real estate
151 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
159 MEUR

Ahlström Capital continuously improves the ESG impact and performance in our own operations and in our investments. We have published a Sustainability Policy to set a framework for the development and implemented KPIs to measure the ESG impact in order to drive the improvement in our portfolio. Our ESG focus areas: climate & resource efficiency, employee well-being and business ethics & Nordic governance model.

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Annual Report 2020

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