Valmet changes its financial reporting structure and provides comparative segment information for 2021
HELSINKI, April 27, 2022 /PRNewswire/ -- Starting from January 1, 2022, Valmet has decided to change its financial reporting structure to better highlight the performance of Valmet's businesses. The new reporting structure reflects Valmet's operational model, anticipates the integration of Neles into Valmet, and is aligned with the way Valmet management follows the operational performance of Valmet's businesses.
Valmet consists of three reportable segments: Services, Automation and Process Technologies. In addition to orders received and net sales, Valmet will disclose profitability of the segments.
Valmet's segments are as follows:
- Services segment, which consists of the Services business line
- Automation segment, which consists of the Flow Control (starting from 1 April, 2022) and Automation Systems business lines
- Process Technologies segment, which consists of the Pulp and Energy, and Paper business lines.
The Services segment provides customers with flexible and fit-for-purpose services throughout the lifecycle to improve process performance and reliability. The Automation segment delivers flow control technologies and services as well as automation solutions ranging from single measurements to mill- or plant-wide process automation systems. The Process Technologies segment provides technology solutions for pulp and energy production, as well as for biomass conversion and emission control, and complete production lines, machine rebuilds and process components for board, tissue and paper production. Each segment has strong position in the growing market of converting renewables and long-term growth possibilities supported by favourable megatrends.
Valmet will continue to report orders received and net sales for its business lines. Valmet's business lines are Services, Flow Control, Automation Systems, Paper, and Pulp and Energy. Automation Systems business line was previously called Automation. Reporting lines in Valmet's Executive Team remain unchanged.
To provide a basis for comparison, the following tables show Valmet's segment financial information on an unaudited basis for all four quarters of 2021 and for the full year 2021. Valmet does not provide pro forma comparative figures for the Flow Control business line.
Orders received, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 383 | 370 | 341 | 387 | 1,481 |
Automation | 123 | 116 | 109 | 119 | 467 |
Automation Systems business line | 123 | 116 | 109 | 119 | 467 |
Process Technologies | 807 | 742 | 657 | 587 | 2,793 |
Pulp and Energy business line | 458 | 320 | 145 | 237 | 1,160 |
Paper business line | 349 | 423 | 512 | 350 | 1,634 |
Total | 1,312 | 1,228 | 1,107 | 1,093 | 4,740 |
Net sales, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 288 | 337 | 322 | 413 | 1,360 |
Automation | 67 | 94 | 91 | 160 | 412 |
Automation Systems business line | 67 | 94 | 91 | 160 | 412 |
Process Technologies | 503 | 512 | 522 | 626 | 2,163 |
Pulp and Energy business line | 227 | 236 | 257 | 302 | 1,022 |
Paper business line | 275 | 277 | 265 | 324 | 1,141 |
Total | 858 | 943 | 935 | 1,199 | 3,935 |
Comparable EBITA, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 36 | 47 | 50 | 71 | 204 |
Automation | 5 | 15 | 19 | 40 | 79 |
Process Technologies | 43 | 41 | 46 | 45 | 175 |
Other | -4 | -8 | -8 | -10 | -30 |
Total | 80 | 95 | 107 | 147 | 429 |
Comparable EBITA, % of net sales | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 12.6% | 13.9% | 15.5% | 17.2% | 15.0% |
Automation | 7.2% | 16.4% | 20.5% | 25 .2% | 19.2% |
Process Technologies | 8.5% | 8 .0% | 8.9% | 7.2% | 8.1% |
Total | 9.4% | 10 .1% | 11.4% | 12.2% | 10.9% |
EBITA, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 41 | 47 | 50 | 72 | 210 |
Automation | 4 | 16 | 19 | 43 | 83 |
Process Technologies | 43 | 41 | 46 | 44 | 173 |
Other | - | -7 | -8 | -4 | -18 |
Total | 89 | 97 | 107 | 155 | 448 |
EBITA, % of net sales | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 14.4% | 14 .0% | 15.5% | 17.3% | 15.5% |
Automation | 6.6% | 17.1% | 21.0% | 27 .0% | 20.1% |
Process Technologies | 8.5% | 7.9% | 8.8% | 7.0% | 8.0% |
Total | 10.3% | 10.3% | 11.4% | 12.9% | 11.4% |
Items affecting comparability, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | 5 | - | - | 1 | 6 |
Automation | - | 1 | - | 3 | 4 |
Process Technologies | - | - | -1 | -2 | -3 |
Other | 4 | 1 | - | 6 | 11 |
Total | 8 | 2 | - | 8 | 19 |
Amortization, EUR million | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 |
Services | -2 | -2 | -1 | -1 | -6 |
Automation | -3 | -3 | -3 | -3 | -11 |
Process Technologies | -2 | -2 | -2 | -2 | -8 |
Other | -6 | -6 | -5 | -6 | -24 |
Total | -13 | -13 | -12 | -12 | -49 |
Further information, please contact:
Pekka Rouhiainen, Director, Investor Relations, Valmet, tel. +358 10 672 0020
VALMET
Kari Saarinen
CFO
Pekka Rouhiainen
Director, Investor Relations
DISTRIBUTION:
Nasdaq Helsinki
Major media
Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With our automation systems and flow control solutions we serve an even wider base of process industries.
We aim to become the global champion in serving our customers. Our 17,000 professionals work close to our customers and are committed to improving our customers' performance - every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. In 2022, a major milestone was achieved when the flow control company Neles was merged into Valmet. The combined company net sales in 2021 was approximately EUR 4.5 billion based on the respective company figures.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
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