Oras Invest’s year 2021: Positive year despite the challenging external environment

Oras Invest’s year 2021 was a year of positive development for Oras Invest companies. The demand for the products of Oras Invest companies accelerated despite the many challenges caused by the external environment.

“The continuing pandemic circumstances, supply shortages, rising inflation and tensions in geopolitics did not discourage Oras Invest companies from doing their utmost to serve their customers. I want to express my sincere thanks to all of the 10,084 people who work with our companies”, says President & CEO Annika Paasikivi.

In 2021, Oras Invest focused on supporting the long-term strategic development of its companies and on finding new industrial ownerships. Oras Invest is the largest owner of the listed companies Uponor and Kemira, and the 100% owner of Oras Group. Oras Invest increased its stake in Kemira to 21%. The divestment of Tikkurila was completed in June.

In early 2022, Oras Invest made new investments in Valmet and Neles. The companies merged on April 1, 2022.

Oras Invest’s net asset value grew by 13% to EUR 1.4 billion (1.2). Like last year, this development was aided by the generally favorable development of the equity markets. Oras Invest received dividend income of EUR 36 million (33) in 2021 and the balance sheet is debt free.

The combined net sales of the owned companies totaled EUR 4.2 billion in 2021.

Oras Group’s net sales grew by 3% to EUR 234 million (226). Net sales growth was somewhat limited by the availability of components. Profitability remained strong. The company’s comparable operating profit was EUR 33 million (31), which represented 14% of sales (14%).

Uponor achieved record high net sales and operating profit. Net sales were EUR 1,313 million (1,136), which represented growth of 16%. The comparable operating profit was EUR 161 million (143), 12% of sales (13%). Michael Rauterkus started as the new President & CEO of Uponor in August.

Kemira reached record high net sales of EUR 2,674 million (2,427), a growth of 10%. The company’s profitability was impacted by inflationary pressures and comparable operating profit declined to EUR 225 million (238), 8% of sales (10%).

“On the 24th of February Russia launched an unprovoked attack on Ukraine, a sovereign country. We, together with our companies, condemn Russia’s brutal actions. Our focus has been on doing whatever we can to help safeguard the lives and wellbeing of our people in the Ukraine. Oras Group, Uponor and Kemira have limited exposure to Russia and have announced their withdrawal from that market.

While the full consequences of the ongoing war remain unknown, it has already caused unimaginable human suffering and a humanitarian crisis. The war will have long-term implications for global geopolitics and security. It will change the global economic and business environment for many years. We will continue supporting our companies in tackling the challenges ahead”, says President & CEO Annika Paasikivi.

In April 2022, Ruth Werhahn (member of the Supervisory Board of Werhahn KG and HR Director at TÜV Rheinland KG) and Heikki Westerlund (board professional and independent private equity investor) were appointed to the Oras Invest Board of Directors.

Further information:

Annika Paasikivi, President & CEO, Oras Invest, Tel. +358 10 28 68 100, annika.paasikivi@orasinvest.fi

Oras Invest’s Annual Review and Financial Statements 2021 are available at www.orasinvest.fi.