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Media / Annual report / 2022
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.

Key figures 2022





”During 2022, we continued the sustainable development of our portfolio and increased focus on the Forest & Fiber sector. Munksjö was acquired and we made a strategic investment in Bast Fibre Technologies. Enics was merged with GPV to create a more competitive European electronics giant. In the real estate portfolio, a new development project in Kumpula, Helsinki, was announced”

Lasse Heinonen

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Portfolion muutokset

Ostimme 60 prosenttia Ahlstrom-Munksjön Decor-liiketoiminnasta yhdessä vähemmistöosakkaiden Ahlstromin ja Nidocon kanssa. Uuden yhtiön liiketoimintaa jatketaan Munksjö-brändillä, ja Ahlstrom-Munksjön jäljellä olevia liiketoimintoja jatketaan Ahlstrom-brändillä. Munksjö on johtava maailmanlaajuinen toimija, jolla on kattava valikoima laminaattipaperiratkaisuja. Munksjön liiketoiminta on tärkeä sijoitus Metsä & kuitu -fokusalueeseemme. Uskomme liiketoiminnan edellytyksiin luoda pitkäkestoista arvoa, vaikkakin taloussyklin heikentyminen vaikuttaa negatiivisesti lyhyen aikavälin tulokseen.

Kaksi vahvaa eurooppalaista elektroniikan sopimusvalmistajaa, Enics ja GPV yhdistyivät. Uskomme, että tämä yhdistyminen luo aiempaakin kilpailukykyisemmän liiketoiminnan, jolla on laaja palveluvalikoima ja vahva asema maailmanlaajuisesti. Ahlström Capital omistaa 20 prosenttia uudesta yhtiöstä, joka jatkaa toimintaansa GPV-brändillä. Munksjö-investointi rahoitettiin Enicsin myyntituotoilla.

Ostimme myös 20 prosentin osuuden Bast Fibre Technologiesista, joka valmistaa 100-prosenttisesti kasvipohjaisia luonnonkuituja.

Pyrimme sijoittamaan yhtiöihin, joiden tarjoamat ratkaisut edistävät kestävää kehitystä.

Transformation of the portfolio

We acquired 60% of Ahlstrom-Munksjö’s Décor business with Ahlstrom and Nidoco as the minority owners. The standalone business continues under the Munksjö brand, and the remaining Ahlstrom-Munksjö businesses continues under the Ahlstrom brand. The Munksjö business is a leading global player with an extensive range of décor paper solutions and is a key investment in our Forest & Fiber focus area. We see good long-term value creation opportunities in the business, while the shortterm performance is being negatively impacted by the weaker economic cycle.

The merger of two strong Europe-based electronics manufacturing service providers, Enics and GPV, was made. We believe this merger creates a more competitive business with a broad service offering and a strong global presence. Ahlström Capital holds 20% of the new company, which continues under the GPV brand. The cash proceeds of Enics exit financed the Munksjö investment.

We invested in 20% of Bast Fibre Technologies, a manufacturer of 100% plant based, intact natural fibers. We seek to invest in companies focused on solutions that help drive sustainable development.

Resilient EFV performance

The year-to-date development of the adjusted EFV was -2.2%, ending up at EUR 1,087 million. The turbulent market had a negative impact on the investment portfolio of Ahlström Invest B.V. and the share prices of our listed companies, while Ahlstrom, the forest business and Enics transaction value impacted EFV positively. 

At Ahlström Invest B.V., the investment portfolio value has deteriorated with the market. Ahlstrom has performed strongly throughout the year, while there are signs of weakening demand in some of the businesses. 

M&J Recycling had a strong performance during its first year as a standalone company. Orders received were up 33% with an all-time highest single order from a new customer in India. The company is performing well according to our value plan.

At Munksjö, the demand situation was challenging towards the end of the year. Building up capabilities as a standalone business is ongoing. We have brought in external and internal resources to support carve out, financing and business development. 

At GPV, demand was strong throughout the year, but profitability was negatively impacted by the availability of components. At Detection Technology, the financial performance improved towards the end of the year. New investments for the Oulu factory were announced. 

Glaston had a successful year. Demand was strong, both sales and profitability improved, and strategy implementation is progressing well. 

Suominen had a difficult year due to raw material inflation, higher energy costs and US demand challenges. Several actions to improve profitability, based on a full potential study, are ongoing.

The real estate and forest businesses performed well. A new real estate development project in the Helsinki University area in Helsinki was announced and the real estate projects in Tampere and Espoo are proceeding well.

Sustainable value development

Our Sustainability Policy was updated with Biodiversity and Diversity & Inclusion as new focus areas. Other focus areas are Business ethics & Nordic governance model, Climate & Resource efficiency and Employee well-being. Our focus area KPIs measure the development in each portfolio company. 

Our corporate social responsibility initiative, Ahlström Collective Impact (ACI), now includes all our portfolio companies. ACI made investments, totalling EUR 1.1 million, in UNICEF’s Global Education Program and to support children in Ukraine.

A new family company – A. Ahlström Oy 

The Extraordinary General Meeting on 25 November decided on the merger of Antti Ahlström Perilliset into Ahlström Capital. The role of A. Ahlström Oy is to grow the financial, intellectual and social capital of the Ahlström family and sphere. The merger was completed on 1 March, 2023. 

Our financial position is solid, while there are short-term headwinds in parts of the Forest & Fiber sector. Also, availability and the increased price of financing is impacting our portfolio and new investment opportunities. 

I would like to thank all Ahlström colleagues for the hard work done and the shareholders and the Board for the continued trust and support during the year. 

Lasse Heinonen 
President and CEO


Vuonna 2022 lisäsimme panostustamme Metsä & kuitu -fokusalueeseemme Munksjö- ja Bast Fibre Technologies investointien myötä. Kahden vahvan, eurooppalaisen elektroniikan sopimusvalmistajan, Enicsin ja tanskalaisen perheyhtiön GPV:n yhdistyminen loi entistä kilpailukykyisemmän uuden yrityksen.

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Ahlström Invest – Successfully managing the Ahlstrom holding and investment portfolio

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M&J – Impressive first year as a standalone company

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Detection Technology – A positive end to an exceptional year

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Glaston – Strong demand improved profitability

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Suominen – Sustainability at the core of strategy

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Real estate – Investing in high-quality and sustainable properties

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Forest – Sustainable forestry as the basis for operations

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We invest in a sustainable future

Sustainability is a prerequisite for long-term value creation, and we continue to support our portfolio companies in their ESG development. During the spring, we will have dialogues with each of the portfolio companies about ESG Key Performance Indicators and long-term target levels.

In 2022, Ahlström Collective Impact (ACI) made an investment of EUR 770,000 in UNICEF’s Global Education Program. In addition, the companies, employees, foundations, and shareholders within ACI have raised nearly EUR 300,000 for children in Ukraine. In 2022, Ahlström Invest, Detection Technology, M&J Recycling and Avain Yhtiöt joined the initiative, and all our portfolio companies, as well as our former company Destia are part of the ACI collaboration. We assume the total investment to ACI remaining at the previous year’s level in 2023 and are thus proposing to the Annual General Meeting that EUR 200,000 be donated by A. Ahlström Oy to ACI this year in addition to portfolio companies’, Ahlström foundations’ and individual family members’ donations. 

Our financial position is solid despite the global geopolitical and financial environment is expected to remain challenging also during 2023. There are short-term headwinds, especially in parts of the Forest & Fiber businesses.

Read our Annual Report 2022 here.

Read previous years’ overview here.