M-real's operating result excluding non-recurring items for the first quarter of 2010 EUR 39 million
M-real Corporation Stock Exchange Release, 5 May 2010 at 12.00 EET
M-real's operating result excluding non-recurring items for the first quarter of
2010 EUR 39 million
Result for the first quarter of 2010
* Sales EUR 602 million (Q1/2009: 623)
* Operating result excluding non-recurring items EUR 39 million (-65). Operating
result including non-recurring items EUR 49 million (-118).
* Result before taxes excluding non-recurring items EUR 15 million (-62). Result
before taxes including non-recurring items EUR 25 million (-115).
* Earnings per share from continuing operations excluding non-recurring items
EUR 0.03 (-0.18) and including non-recurring items EUR 0.06 (-0.32).
Events during the first quarter
* In January, M-real made a partial early redempition of its 2010 bonds
(originally EUR 400 million) with a nominal value of EUR 250 million.
* M-real booked a positive EUR 12 million non-recurring item related to IT.
* M-real announced price increases in all its main products.
"M-real's result improved further during the first quarter and we achieved a
clearly positive net result. However, M-real's structural change is not ready
yet; we have several measures underway to improve profitability further. The
demand has improved in all of M-real's main products. M-real will increase the
prices of all main products to cover increasing fibre costs."
CEO Mikko Helander
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| KEY FIGURES | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| | Q1 | Q4 | Q3 | Q2 | Q1 | |
--------------------------------------------------------------------------------
| Sales, EUR million | 602 | 606 | 618 | 585 | 623 | 2,432 |
--------------------------------------------------------------------------------
| EBITDA, EUR million | 82 | 132 | 27 | -23 | -48 | 88 |
--------------------------------------------------------------------------------
| excl. non-recurring | 72 | 51 | 26 | -20 | -13 | 44 |
| items, EUR million | | | | | | |
--------------------------------------------------------------------------------
| Operating result, EUR | 49 | -52 | -24 | -73 | -118 | -267 |
| million | | | | | | |
--------------------------------------------------------------------------------
| excl. non-recurring | 39 | 7 | -22 | -70 | -65 | -150 |
| items, EUR million | | | | | | |
--------------------------------------------------------------------------------
| Result before taxes | | | | | | |
--------------------------------------------------------------------------------
| from continuing | 25 | -74 | -72 | -97 | -115 | -358 |
| operations, EUR million | | | | | | |
--------------------------------------------------------------------------------
| excl. non-recurring | 15 | -15 | -70 | -83 | -62 | -230 |
| items, EUR million | | | | | | |
--------------------------------------------------------------------------------
| Result for the period | | | | | | |
--------------------------------------------------------------------------------
| from continuing | 19 | -60 | -73 | -93 | -105 | -331 |
| operations, EUR million | | | | | | |
--------------------------------------------------------------------------------
| from discontinued | 0 | -8 | -3 | -2 | -10 | -23 |
| operations, EUR million | | | | | | |
--------------------------------------------------------------------------------
| Total, EUR million | 19 | -68 | -76 | -95 | -115 | -354 |
--------------------------------------------------------------------------------
| Result per share | | | | | | |
--------------------------------------------------------------------------------
| from continuing | 0.06 | -0.19 | -0.22 | -0.29 | -0.32 | -1.02 |
| operations, EUR | | | | | | |
--------------------------------------------------------------------------------
| from discontinued | 0.00 | -0.02 | -0.01 | -0.01 | -0.03 | -0.07 |
| operations, EUR | | | | | | |
--------------------------------------------------------------------------------
| Total, EUR | 0.06 | -0.21 | -0.23 | -0.30 | -0.35 | -1.09 |
--------------------------------------------------------------------------------
| Result per share | | | | | | |
--------------------------------------------------------------------------------
| excl. non-recurring | 0.03 | -0.02 | -0.22 | -0.24 | -0.18 | -0.66 |
| items, EUR | | | | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 7.9 | -24.3 | -27.2 | -32.1 | -32.0 | -28.6 |
--------------------------------------------------------------------------------
| excl. non-recurring | 3.6 | -1.4 | -26.6 | -27.2 | -17.6 | -18.3 |
| items, % | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | 9.1 | -8.7 | -2.3 | -10.2 | -13.4 | -8.9 |
| employed, % | | | | | | |
--------------------------------------------------------------------------------
| excl. non-recurring | 7.3 | 0.4 | -2.0 | -8.3 | -7.0 | -4.5 |
| items, % | | | | | | |
--------------------------------------------------------------------------------
| Equity ratio at end of | 32.7 | 29.6 | 28.5 | 29.4 | 30.3 | 29.6 |
| period, % | | | | | | |
--------------------------------------------------------------------------------
| Gearing ratio at end of | 121 | 153 | 170 | 168 | 151 | 153 |
| period, % | | | | | | |
--------------------------------------------------------------------------------
| Net gearing ratio at end | 86 | 84 | 121 | 116 | 101 | 84 |
| of period, % | | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing net | 821 | 777 | 1,262 | 1,276 | 1,243 | 777 |
| liabilities, EUR million | | | | | | |
--------------------------------------------------------------------------------
| Gross investments, EUR | 7 | 18 | 23 | 16 | 16 | 73 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1 000 tonnes | | | | | | |
--------------------------------------------------------------------------------
| Paper businesses | 311 | 266 | 275 | 269 | 321 | 1,132 |
--------------------------------------------------------------------------------
| Consumer Packaging | 321 | 327 | 315 | 296 | 274 | 1,212 |
--------------------------------------------------------------------------------
| Personnel at the end of | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| in continuing operations | 4,796 | 4,903 | 5,649 | 6,080 | 6,314 | 4,903 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA = Earnings before interest, taxes, depreciation and impairment |
| charges |
--------------------------------------------------------------------------------
Result for January-March compared to the previous quarter
M-real's sales totaled EUR 602 million (Q4/2009: 606). Comparable sales were up
9.8 per cent. The operating result was EUR 49 million (-52), and the operating
result excluding non-recurring items was EUR 39 million (7).
EUR 12 million in profit related to IT arrangements was booked as a
non-recurring item under Other operations, of which EUR 10 million is allocated
to the operating result and EUR 2 million to the result for discontinued
operations.
Non-recurring items totaling EUR -59 million net were recognised in the
operating result for October-December 2009 as follows:
* EUR 134 million in profit related to the Metsä-Botnia arrangement, of which
EUR 18 million is allocated to Market Pulp and Energy and EUR 116 million to
Other operations.
* An impairment loss of EUR 113 million according to IAS 36, of which EUR 66
million is allocated to Speciality Papers and EUR 47 million to Office Papers.
Of this, EUR 33 million was recognised in goodwill.
* EUR 48 million in write-downs and cost provisions in Market Pulp and Energy
connected to the plan to permanently close down the Alizay pulp mill.
* EUR 12 million cost provision in Other operations associated with the
terminated IT contract.
* EUR 8 million cost provision related to profit improvement measures of the
Husum mill, of which EUR 7 million was in Office Papers and EUR 1 million in
Market Pulp and Energy.
* EUR 5 million cost provision associated with the profit improvement programme
of Speciality Papers
* EUR 7 million net in other non-recurring items, of which EUR 1 million was in
Consumer Packaging, EUR 1 million was in Speciality Papers and EUR 5 million
was in Other operations.
Compared to the previous period, the operating result excluding non-recurring
items increased due to a rise in delivery volumes as a result of improved
demand, higher average selling prices of board, paper and pulp, and the
strengthening of the US dollar and British pound against the euro.
The total delivery volume of paper businesses in January-March was 311,000
tonnes (266,000). The deliveries by Consumer Packaging totalled 321,000 tonnes
(327,000).
Financial income and expenses totalled EUR -22 million (-20). Foreign exchange
gains and losses from accounts receivable, accounts payable, financial income
and expenses and the valuation of currency hedging were EUR -6 million (1). Net
interest and other financial income and expenses amounted to EUR -16 million
(-21). Other financial expenses include EUR 0 million of valuation gains on
interest rate derivatives (valuation gain of 1).
In January-March, the result from continuing operations before taxes was EUR 25
million (-74). The result from continuing operations before taxes, excluding
non-recurring items, was EUR 15 million (-15). Income taxes, including the
change in deferred tax liabilities, were EUR -6 million (+14).
Earnings per share were EUR 0.06 (-0.21). Earnings per share from continuing
operations excluding non-recurring items were EUR 0.03 (-0.02). Return on equity
was 7.9 per cent (-24.3), and 3.6% (-1.4) excluding non-recurring items. Return
on capital employed was 9.1 per cent (-8.7); excluding non-recurring items 7.3
per cent (0.4).
Result for January-March compared with the corresponding period last year
M-real's sales totaled EUR 602 million (Q1/2009: 623). Comparable sales were up
7.3 per cent. The operating result was EUR 49 million (-118), and the operating
result excluding non-recurring items was EUR 39 million (-65).
In January-March, a EUR 12 million profit related to IT arrangements was booked
as a non-recurring item under Other operations, of which EUR 10 million is
allocated to the operating result and EUR 2 million to the result for
discontinued operations.
A net total of EUR -53 million was recognised as non-recurring items in the
operating result for January-March 2009, the most significant being:
* EUR 28 million in cost provisions and write-downs in Speciality Papers
connected to the closure of the Hallein paper mill.
* EUR 22 million in cost provisions and write-downs associated with the closure
of the Metsä-Botnia Kaskinen mill. This total consists of EUR 16 million
related to Consumer Packaging and EUR 6 million to Market Pulp and Energy.
* EUR 2 million in costs under Other operations related to the streamlining of
the sales network.
The operating result excluding non-recurring items compared with the
corresponding period last year was improved by increased delivery volumes as a
result of the recovery in general demand, higher pulp price and implemented cost
savings. The result was impaired by lower average selling prices of office
papers.
The total delivery volume of paper businesses in January-March this year was
311,000 tonnes (321,000).The deliveries by Consumer Packaging totalled 321,000
tonnes (274,000).
Financial income and expenses in the period totalled EUR -22 million (4).
Financial income for the corresponding period of 2009 included an approximately
EUR 31 million gain from the repurchase of M-real's 2010 bonds. Foreign exchange
gains and losses from accounts receivable, accounts payable, financial income
and expenses and the valuation of currency hedging were EUR -6 million (+0). Net
interest and other financial income and expenses amounted to EUR -16 million
(+4). Other financial expenses include EUR 0 million of valuation gains on
interest rate derivatives (valuation gain of 2).
In the review period, the result from continuing operations before taxes was EUR
25 million (-115). The result from continuing operations before taxes, excluding
non-recurring items, was EUR 15 million (-62).Income taxes, including the change
in deferred tax liabilities, were EUR -6 million (+10).
Earnings per share were EUR 0.06 (-0.35).Earnings per share from continuing
operations excluding non-recurring items were EUR 0.03 (-0.18). Return on equity
was 7.9 per cent (-32.0), and 3.6 per cent (-17.6) excluding non-recurring
items. Return on capital employed was 9.1 per cent (-13.4); excluding
non-recurring items 7.3 per cent (-7.0).
Personnel
The number of personnel was 4,796 at the end of March (31 December 2009: 4,903),
of which 1,760 (1,824) worked in Finland. In January-March, M-real employed an
average of 4,797 people (2009: 5,913). The number of personnel in
January-November 2009 included 30 per cent of Metsä-Botnia personnel.
Investments
Gross investments in January-March totaled EUR 7 million (2009: 16). The
investments in January-March 2009 included a EUR 3 million share of
Metsä-Botnia's investments based on M-real's 30 per cent share of ownership and
the consolidation method of Metsä-Botnia until 8 December 2009.
Structural change
In December 2009, M-real announced that it will start a new profit improvement
programme for 2010, with the most significant actions being plans to permanently
shut down the Alizay pulp mill in France and two speciality paper machines in
Reflex, Germany, the plan to streamline the organisation and management model in
M-real Zanders, a EUR 22 million investment at the Husum mill to improve its
energy efficiency and a new EUR 20 million internal profit improvement programme
covering all of M-real's business areas. Once implemented, the planned measures
are expected to improve M-real's annual operating result by EUR 80 million with
full effect from 2011 onwards. The resulting improvement of the planned measures
in 2010 is expected to be EUR 40 million. The combined profit impact of these
planned measures and the previous years' profit improvement programmes are
expected to be approximately EUR 100 million positive in 2010.
M-real's structural change from a paper company to become more clearly a
packaging material producer has proceeded according to plans. The strategic
review of the paper business continues.
Financing
At the end of March, M-real's equity ratio was 32.7 per cent (31 December 2009:
29.6) and the gearing ratio 121 per cent (153). The net gearing ratio was 86 per
cent (84). Some of M-real's loan agreements set a 120 per cent limit on the
company's net gearing ratio and a 30 per cent limit on the equity ratio.
Calculated as defined in the loan agreements, the net gearing ratio at the end
of March was approximately 65 per cent (63) and the equity ratio some 38 per
cent (35).
The change in the fair value of investments available for sale was approximately
EUR +17 million based mainly on the increase in the value of the Pohjolan Voima
shares.
At the end of March, net interest-bearing liabilities totalled EUR 821 million
(777). Foreign-currency-denominated loans accounted for 11 per cent; 81 per cent
were floating-rate and the rest were fixed-rate. At the end of March, the
average interest rate on loans was 5.7 per cent and the average maturity of
long-term loans 2.6 years. The interest rate maturity of loans was 6.5 months at
the end of March. During the period, the interest rate maturity has varied
between 6 and 7 months.
Cash flow from operations amounted to EUR -27 million (Q1-Q4/2009: 110). Working
capital was up EUR 68 million (down 140).
At the end of the period, an average of 5.0 months of the net foreign currency
exposure was hedged. The degree of hedging varied between 4 and 6 months during
the period. Approximately 83 per cent of the non-euro-denominated equity was
hedged at the end of the review period.
Liquidity continues at a good level. At the end of the review period, liquidity
was EUR 441 million, of which EUR 279 million consisted of undrawn pension
premium (TyEL) loans, and EUR 162 million of liquid assets and investments. To
meet its short-term financing needs, the Group also had at its disposal
uncommitted domestic and foreign commercial paper programmes and credit
facilities amounting to about EUR 530 million. In January, M-real redeemed
prematurely EUR 250 million of its bond maturing in December 2010 at a
redemption price equalling 100 per cent of the par value according to the terms
of the notes.
The amount of liquid funds has decreased by EUR 335 million during the period.
EUR 252 million has been used for repayments of loans. In addition, the
liquidity has decreased due to an increase in other interest-bearing receivables
and the slightly negative cash flow. Metsäliitto Group's share of the EUR 175
million total of interest-bearing receivables is EUR 164 million, of which EUR
115 million can immediately be converted into cash.
Shares
In January-March, the highest price for M-real's B share on the NASDAQ OMX
Helsinki was EUR 2.15, the lowest EUR 1.46, and the average price EUR 1.75. At
the end of March, the price of the B share was EUR 2.12. At the end of 2009, the
price of the B share was EUR 1.53 and the average price during 2009 was EUR
0.66.
The trading volume of B shares was EUR 167 million, 33 per cent of the share
capital. The market value of the A and B shares totaled EUR 707 million at the
end of March.
At the end of March, Metsäliitto Cooperative owned 38.6 per cent of the shares,
and the voting rights conferred by these shares amounted to 60.5 per cent.
International investors' holdings increased to 20 per cent.
The company does not hold any of its own shares.
Board of Directors and Auditors
The Annual General Meeting in March confirmed the number of members of the
M-real Board of Directors as nine (9). The Annual General Meeting elected as
members of the company's Board of Directors Mikael Aminoff, M. Sc. (Forestry),
Martti Asunta, M. Sc. (Forestry), Kari Jordan, Honorary Counsellor, Kirsi Komi,
LL.M., Kai Korhonen, M. Sc. (Technology), Liisa Leino, M.Edu., Juha Niemelä,
Honorary Counsellor, Antti Tanskanen, Minister and Erkki Varis, M. Sc.
(Technology). The term of office of the Board members expires at the end of the
next Annual General Meeting.
At its organising meeting, the Board of Directors elected Kari Jordan as its
Chairman and Martti Asunta as its Vice Chairman. The Board further resolved to
organise the Board committees as follows: The members of the Audit Committee are
Kirsi Komi, Kai Korhonen, Antti Tanskanen and Erkki Varis. The members of the
Nomination and Compensation Committee are Mikael Aminoff, Martti Asunta, Kari
Jordan, Liisa Leino and Juha Niemelä.
The Annual General Meeting elected Authorised Public Accountants
PricewaterhouseCoopers Oy as M-real's auditor. The term of office of the auditor
expires at the end of the next Annual General Meeting.
Events after the period
The shareholding of Norges Bank decreased on 8 April, 2010 to 4.4 percent of the
total share capital and to 1.4 percent of the total voting rights of M-real
Corporation.
Near-term outlook
The demand for board is expected to remain good during the second quarter.
Measures to increase both folding boxboard and liner prices are underway, and as
a result, the average prices are expected to increase slightly by the end of the
second quarter.
The production shut-downs in Finland due to the holiday season at Midsummer will
slightly weaken the result for the second quarter. Also, the stevedore strike in
Finnish ports in March will cause some additional logistics costs during the
second quarter.
The demand for uncoated fine paper improved considerably during the first months
of the year. The demand seems to continue to be strong during the second
quarter. Prices were increased by about 8 per cent in March, and the positive
result of this on the result will begin to show by the end of the second
quarter. M-real has additionally announced a new price increase of 15 per cent,
which is expected to materialise by the end of the second quarter, at least
partially. The production of the Alizay paper production will need to be
curtailed to some extent due to short fibre pulp availability problems in the
coming months. The last phase of the Husum pulp mill recovery boiler investment
will be realised during the second quarter, which will result in a negative
effect of about EUR 5-6 million for the second quarter.
The demand for speciality papers has improved gradually but is still below
normal. The demand is expected to remain unchanged during the second quarter.
Due to problems with the availability of short fibre pulp, the delivery volumes
of Speciality Papers seem to remain lower in the second quarter than in the
first quarter. The prices of speciality papers have been increased depending on
the products by 10 per cent at the most, and the positive impact of this on the
result will be seen partially in the second quarter and fully from the third
quarter onwards.
The availability of pulp has weakened considerably worldwide. This has caused
board and paper production curtailments, which seem to continue. The price of
pulp is likely to continue increasing.
In December 2009, M-real launched a new EUR 80 million profit improvement
programme for 2010. The combined profit impact of the new planned measures and
the previous years' profit improvement programmes is expected to be
approximately EUR 100 million positive in 2010. In addition to the business
areas, the downward development of costs will be seen in Other operations during
2010. The average total production input costs, apart from pulp, are not
expected to change materially during 2010.
Taking the factors mentioned above into account, M-real's 2Q 2010 operating
result excluding non-recurring items expected to remain about at the same level
than in the 1Q 2010.
As earlier estimated, M-real's full year 2010 operating result excluding
non-recurring items is expected to be positive.
Near-term business risks
In spite of several signs of improvement, there is still the risk that the
revival of the global economy will be prolonged or stop, and that the demand for
paperboard and paper products, which has already mainly revived, can experience
another downturn.
M-real has announced significant price increases in its main product types as a
result of favourable development of demand and an increase in the price of pulp
price. There is a risk of not being able to realise the price increases
according to plans.
The production of M-real's paper mills may need to be curtailed more than
expected due to the problems with the availability of short-fibred pulp.
Because the forward-looking estimates and statements of these financial
statements are based on current plans and estimates, they contain risks and
other uncertain factors that may cause the results to differ from the statements
concerning them. In the short term, M-real's result will be particularly
affected by the price of, and demand for, finished products, raw material costs,
the price of energy, and the exchange rate development of the euro.
More information about longer-term risk factors can be found on pages 37-38 of
M-real's 2009 annual report.
M-REAL CORPORATION
Further information:
Matti Mörsky, CFO, tel. +358 10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10
465 4335
More information available starting from 1 pm EET on 5 May 2010. A telephone
conference for investors and analysts in English starts at 3 pm EET.
BUSINESS AREAS AND MARKET TRENDS
Consumer Packaging business area
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Consumer | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
| Packaging | | | | | | | | |
--------------------------------------------------------------------------------
| Sales, EUR | 257 | 255 | 250 | 237 | 226 | 248 | 968 | 1,061 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, EUR | 52 | 50 | 51 | 24 | 15 | 11 | 140 | 108 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 52 | 51 | 51 | 25 | 19 | 11 | 146 | 109 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Operating result, | 39 | 33 | 31 | 4 | -17 | -13 | 51 | 24 |
| EUR million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 39 | 34 | 31 | 5 | -1 | -9 | 69 | 29 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | 27.9 | 20.5 | 16.4 | 2.1 | -8.8 | -6.0 | 7.5 | 3.2 |
| employed, % | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 27.9 | 21.0 | 16.4 | 2.5 | -0.4 | -4.0 | 10.2 | 3.8 |
| non-recurring | | | | | | | | |
| items, % | | | | | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1,000 | 321 | 327 | 315 | 296 | 274 | 303 | 1,212 | 1,345 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Production, 1,000 | 342 | 342 | 323 | 275 | 292 | 293 | 1,232 | 1,336 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the | 1,52 | 1,53 | 1,54 | 1,69 | 1,53 | 1,541 | 1,533 | 1,541 |
| end of period | 9 | 3 | 5 | 0 | 5 | | | |
--------------------------------------------------------------------------------
Result for January-March compared to the previous quarter
The Consumer Packaging business area's operating result, excluding non-recurring
items, improved compared to the previous quarter and totalled EUR 39 million
(Q4/2009: 34). The improvement of the result was mainly due to a higher average
price as a result of implemented price increases and weakened euro. Demand
remained favourable. The delivery volumes were slightly lower due to a delay in
deliveries as a result of the strike of Finnish stevedores. The result did not
include non-recurring items.
The result for the previous quarter included non-recurring items of EUR -1
million.
The deliveries of European folding boxboard producers were level with the
previous quarter. Consumer Packaging's deliveries of folding boxboard were down
by 4 per cent.
Result for January-March compared with the corresponding period last year
The operating result excluding non-recurring items for the Consumer Packaging
business area improved from the corresponding period last year and totalled EUR
39 million (Q1/2009: -1). The most significant factor contributing to the result
was higher delivery volume resulting from the recovery in demand.
The result for the corresponding period last year included non-recurring items
of EUR -16 million related to the closure of Metsä-Botnia's Kaskinen mill.
The deliveries of European folding boxboard producers increased by 13 per cent
compared with the corresponding period last year. Consumer Packaging's
deliveries of folding boxboard were up by 14 per cent.
Office Papers business area
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Office Papers | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
--------------------------------------------------------------------------------
| Sales, EUR | 160 | 132 | 133 | 131 | 147 | 174 | 543 | 804 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, EUR | 11 | 6 | 0 | -3 | -2 | -3 | 1 | 35 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 11 | 13 | 0 | -3 | -2 | -1 | 8 | 37 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Operating result, | 0 | -54 | -15 | -18 | -17 | -38 | -104 | -53 |
| EUR million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 0 | 0 | -13 | -18 | -17 | -14 | -48 | -29 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | 0.1 | -47. | -13. | -13. | -12. | -25.6 | -21.2 | -7.4 |
| employed, % | | 5 | 0 | 7 | 4 | | | |
--------------------------------------------------------------------------------
| excl. | 0.1 | 0.0 | -11. | -13. | -12. | -9.2 | -9.8 | -3.8 |
| non-recurring | | | 4 | 7 | 4 | | | |
| items, % | | | | | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1,000 | 237 | 198 | 199 | 190 | 203 | 237 | 790 | 1,081 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Production, 1,000 | 235 | 213 | 181 | 202 | 199 | 177 | 795 | 905 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the | 1,33 | 1,37 | 1,40 | 1,42 | 1,45 | 1,495 | 1,374 | 1,495 |
| end of period | 3 | 4 | 7 | 8 | 4 | | | |
--------------------------------------------------------------------------------
Result for January-March compared to the previous quarter
The operating result for Office Papers, excluding non-recurring items, EUR 0
million, was on a par with the previous quarter (Q4/2009: 0). The result was
improved by higher delivery volumes and higher average selling price due to
implemented price increases. The result was weakened by higher raw material and
energy costs. The result did not include non-recurring items.
The operating result for the previous quarter included EUR -54 million (net) of
non-recurring items from impairment losses (-47) and cost provisions.
Total deliveries by European uncoated fine paper manufacturers were up by 7 per
cent compared to the previous quarter. The delivery volume of Office Papers
increased by 20 per cent.
Result for January-March compared with the corresponding period last year
The operating result excluding non-recurring items for Office Papers improved
compared to the corresponding period last year and was EUR 0 million (Q1/2009:
-17). The most significant factor contributing to the result was a higher
delivery volume resulting from the recovery in demand. The result was weakened
by decreased average selling prices. The result did not include non-recurring
items. The result for the corresponding period last year did not include
non-recurring items either.
Total deliveries by European uncoated fine paper producers increased by 10 per
cent compared to the corresponding period last year. The delivery volume of
Office Papers increased by 17 per cent.
Speciality Papers business area
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Speciality Papers | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
| | | | | | | | | |
--------------------------------------------------------------------------------
| Sales, EUR | 82 | 73 | 80 | 82 | 117 | 147 | 352 | 622 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, EUR | -4 | -8 | -7 | -17 | -33 | -1 | -65 | 45 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | -4 | -2 | -8 | -16 | -5 | 1 | -31 | 23 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Operating result, | -6 | -78 | -10 | -23 | -40 | -75 | -151 | -59 |
| EUR million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | -6 | -6 | -11 | -22 | -12 | -8 | -51 | -15 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | -30. | -215 | -16. | -32. | -43. | -63.5 | -62.1 | -14.3 |
| employed, % | 5 | .3 | 0 | 2 | 4 | | | |
--------------------------------------------------------------------------------
| excl. | -30. | -16. | -17. | -30. | -12. | -5.8 | -20.3 | -3.4 |
| non-recurring | 5 | 5 | 6 | 4 | 5 | | | |
| items, % | | | | | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1,000 | 74 | 68 | 76 | 80 | 118 | 157 | 342 | 680 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Production, 1,000 | 78 | 71 | 75 | 74 | 99 | 160 | 319 | 705 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the | 1,37 | 1,38 | 1,56 | 1,74 | 1,97 | 1,965 | 1,389 | 1,965 |
| end of period | 3 | 9 | 3 | 2 | 1 | | | |
--------------------------------------------------------------------------------
Result for January-March compared to the previous quarter
The operating result for Speciality Papers, excluding non-recurring items, EUR
-6 million, was on a par with the previous quarter (Q4/2009: -6). The result was
improved by an increase in average selling prices and growth of delivery
volumes. The result was weakened by the increased pulp price. The result did not
include non-recurring items.
The operating result for the previous quarter included EUR -72 million (net) of
non-recurring items from impairment losses (-66) and other expenses.
The delivery volume of Speciality Papers increased by 9 per cent compared with
the previous quarter.
Result for January-March compared with the corresponding period last year
The operating result excluding non-recurring items for Speciality Papers
improved compared to the corresponding period last year and was EUR -6 million
(Q1/2009: -12). The result was improved by the implemented cost saving measures.
The result was weakened by increased pulp price.
The result for the corresponding period last year included non-recurring items
of EUR -28 million related to the closure of the Hallein paper mill.
The delivery volume of Speciality Papers, taking the closure of Hallein paper
mill into account, decreased by 3 per cent compared with the same period last
year.
Market Pulp and Energy business area
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Market Pulp and | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
| Energy | | | | | | | | |
--------------------------------------------------------------------------------
| Sales, EUR | 95 | 126 | 132 | 116 | 134 | 150 | 508 | 644 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, EUR | 14 | -1 | -6 | -10 | -4 | 8 | -21 | 148 |
| million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 14 | 2 | -6 | -10 | -3 | 8 | -17 | 73 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Operating result, | 9 | -39 | -15 | -19 | -18 | -2 | -91 | 106 |
| EUR million | | | | | | | | |
--------------------------------------------------------------------------------
| excl. | 9 | -9 | -14 | -19 | -12 | -2 | -54 | 32 |
| non-recurring | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | 6.1 | -22. | -7.3 | -9.2 | -8.4 | -1.3 | -12.8 | 12.6 |
| employed, % | | 8 | | | | | | |
--------------------------------------------------------------------------------
| excl. | 6.1 | -5.2 | -6.9 | -9.2 | -5.8 | -1.3 | -7.7 | 3.6 |
| non-recurring | | | | | | | | |
| items, % | | | | | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1,000 | 161 | 246 | 295 | 327 | 287 | 264 | 1,155 | 1,115 |
| tonnes | | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the | 24 | 18 | 19 | 19 | 19 | 19 | 18 | 19 |
| end of period | | | | | | | | |
--------------------------------------------------------------------------------
Result for January-March compared to the previous quarter
The operating result of the Market Pulp and Energy business area, excluding
non-recurring items, improved compared to the previous quarter and was EUR 9
million (Q4/2009: -9). The result was mainly improved by the higher selling
price of pulp. The deliveries of the previous quarter included Metsä-Botnia's
external deliveries, but the comparable delivery volume increased. The result
did not include non-recurring items.
The result for the previous quarter included non-recurring items of EUR -30
million net related to the closure of the Alizay pulp mill (-48) and the
Metsä-Botnia arrangement (18).
Result for January-March compared with the corresponding period last year
The operating result of the Market Pulp and Energy business area improved
compared to the corresponding period last year and was EUR 9 million (Q1/2009:
-12). The result was particularly improved by the higher selling price of pulp.
Last year's deliveries included Metsä-Botnia's external deliveries, but the
comparable delivery volume increased.
The result for the corresponding period last year included EUR -6 million net of
non-recurring items.
--------------------------------------------------------------------------------
| Condensed consolidated statement of comprehensive income | | |
--------------------------------------------------------------------------------
| | 201 | 2009 | | 2009 | 2009 |
| | 0 | | | | |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | Change | | Q4 |
--------------------------------------------------------------------------------
| Continuing operations | | | | | |
--------------------------------------------------------------------------------
| Sales | 602 | 623 | -21 | 2,432 | 606 |
--------------------------------------------------------------------------------
| Other operating income | 25 | 33 | -8 | 252 | 166 |
--------------------------------------------------------------------------------
| Operating expenses | -55 | -704 | 148 | -2,597 | -641 |
| | 6 | | | | |
--------------------------------------------------------------------------------
| Share of results in associated | 11 | 0 | 11 | 2 | 2 |
| companies*) | | | | | |
--------------------------------------------------------------------------------
| Depreciation and impairment losses | -33 | -70 | 37 | -356 | -185 |
--------------------------------------------------------------------------------
| Operating result | 49 | -118 | 167 | -267 | -52 |
--------------------------------------------------------------------------------
| % of sales | 8.1 | -18. | | -11.0 | -8.6 |
| | | 9 | | | |
--------------------------------------------------------------------------------
| Share of results in associated | -2 | -1 | -1 | -16 | -2 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Net exchange gains and losses | -6 | 0 | -6 | 5 | 1 |
--------------------------------------------------------------------------------
| Other net financial items | -16 | 4 | -20 | -80 | -21 |
--------------------------------------------------------------------------------
| Result before income tax | 25 | -115 | 140 | -358 | -74 |
--------------------------------------------------------------------------------
| % of sales | 4.2 | -18. | | -14.7 | -12.2 |
| | | 5 | | | |
--------------------------------------------------------------------------------
| Income taxes | -6 | 10 | -16 | 27 | 14 |
--------------------------------------------------------------------------------
| Result for the period from | 19 | -105 | 124 | -331 | -60 |
| continuing operations | | | | | |
--------------------------------------------------------------------------------
| % of sales | 3.2 | -16. | | -13.6 | -9.9 |
| | | 9 | | | |
--------------------------------------------------------------------------------
| Discontinued operations | | | | | |
--------------------------------------------------------------------------------
| Result from discontinued | 0 | -10 | 10 | -23 | -8 |
| operations | | | | | |
--------------------------------------------------------------------------------
| Result for the period | 19 | -115 | 134 | -354 | -68 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | -5 | -1 | -4 | 26 | 2 |
--------------------------------------------------------------------------------
| Available for sale financial | 16 | -63 | 79 | -115 | -22 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Translation differences | 2 | 3 | -1 | 5 | 15 |
--------------------------------------------------------------------------------
| Share of results in associated | 2 | | 2 | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Income tax relating to components | 0 | 18 | -18 | 27 | 5 |
| of other comprehensive income | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income, net of | 15 | -43 | 58 | -57 | 0 |
| tax | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the | 34 | -158 | 192 | -411 | -68 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the period attributable | | | | | |
| to | | | | | |
--------------------------------------------------------------------------------
| Shareholders of parent company | 19 | -116 | 135 | -358 | -69 |
--------------------------------------------------------------------------------
| Non-controlling interests | 0 | 1 | -1 | 4 | 1 |
--------------------------------------------------------------------------------
| Total comprehensive income for the | | | | | |
| period attributable to | | | | | |
--------------------------------------------------------------------------------
| Shareholders of parent company | 34 | -162 | 196 | -412 | -68 |
--------------------------------------------------------------------------------
| Non-controlling interests | 0 | 4 | -4 | 1 | 0 |
--------------------------------------------------------------------------------
| Total | 34 | -158 | 192 | -411 | -68 |
--------------------------------------------------------------------------------
| Earnings per share for result | | | | | |
| attributable to shareholders of | | | | | |
| parent company (EUR/share) | | | | | |
--------------------------------------------------------------------------------
| from continuing operations | 0.0 | -0.3 | 0.38 | -1.02 | -0.19 |
| | 6 | 2 | | | |
--------------------------------------------------------------------------------
| from discontinued operations | 0.0 | -0.0 | 0.03 | -0.07 | -0.02 |
| | 0 | 3 | | | |
--------------------------------------------------------------------------------
| Total | 0.0 | -0.3 | 0.41 | -1.09 | -0.21 |
| | 6 | 5 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Metsä-Botnia's netresult includes from 8.12.2009 on in operating result's |
| row "Share of results in associated companies" |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed consolidated | | | | | | |
| balance sheet | | | | | | |
--------------------------------------------------------------------------------
| | 31.3. | | 31.3. | | 31.12. | |
--------------------------------------------------------------------------------
| EUR million | 2010 | % | 2009 | % | 2009 | % |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 13 | 0.4 | 51 | 1.3 | 13 | 0.4 |
--------------------------------------------------------------------------------
| Other intangible assets | 40 | 1.4 | 61 | 1.5 | 32 | 1.0 |
--------------------------------------------------------------------------------
| Tangible assets | 1,123 | 38.3 | 1,766 | 43.4 | 1,130 | 36.1 |
--------------------------------------------------------------------------------
| Biological assets | 0 | 0.0 | 60 | 1.5 | 0 | 0.0 |
--------------------------------------------------------------------------------
| Investments in | 221 | 7.5 | 61 | 1.5 | 210 | 6.7 |
| associated companies | | | | | | |
--------------------------------------------------------------------------------
| Available for sale | 328 | 11.2 | 380 | 9.3 | 316 | 10.1 |
| investments | | | | | | |
--------------------------------------------------------------------------------
| Other non-current | 63 | 2.1 | 231 | 5.7 | 64 | 2.0 |
| financial assets | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 3 | 0.1 | 5 | 0.1 | 3 | 0.1 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| | 1,791 | 61.0 | 2,615 | 64.3 | 1,768 | 56.4 |
--------------------------------------------------------------------------------
| Current assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 331 | 11.3 | 465 | 11.4 | 313 | 10.0 |
--------------------------------------------------------------------------------
| Accounts receivables | 651 | 22.2 | 689 | 16.9 | 554 | 17.7 |
| and other receivables | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 162 | 5.5 | 301 | 7.4 | 497 | 15.9 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| | 1,144 | 39.0 | 1,455 | 35.7 | 1,364 | 43.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Total assets | 2,935 | 100.0 | 4,070 | 100.0 | 3,132 | 100.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | | | | | |
| LIABILITIES | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| Equity attributable | | | | | | |
--------------------------------------------------------------------------------
| to shareholders of | 950 | 32.4 | 1,167 | 28.7 | 916 | 29.2 |
| parent company | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | 6 | 0.2 | 61 | 1.5 | 8 | 0.3 |
| interests | | | | | | |
--------------------------------------------------------------------------------
| Total equity | 956 | 32.6 | 1,228 | 30.2 | 924 | 29.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 167 | 5.7 | 202 | 5.0 | 162 | 5.2 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Post-employment benefit | 88 | 3.0 | 91 | 2.2 | 89 | 2.8 |
| obligations | | | | | | |
--------------------------------------------------------------------------------
| Provisions | 52 | 1.8 | 50 | 1.2 | 60 | 1.9 |
--------------------------------------------------------------------------------
| Borrowings | 949 | 32.3 | 1,517 | 37.3 | 943 | 30.1 |
--------------------------------------------------------------------------------
| Other liabilities | 31 | 1.0 | 39 | 1.0 | 30 | 1.0 |
--------------------------------------------------------------------------------
| | 1,287 | 43.8 | 1,899 | 46.7 | 1,284 | 41.0 |
--------------------------------------------------------------------------------
| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Provisions | 28 | 1.0 | 47 | 1.2 | 44 | 1.4 |
--------------------------------------------------------------------------------
| Current borrowings | 209 | 7.1 | 343 | 8.4 | 467 | 14.9 |
--------------------------------------------------------------------------------
| Accounts payable and | 455 | 15.5 | 553 | 13.5 | 413 | 13.2 |
| other liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 692 | 23.6 | 943 | 23.1 | 924 | 29.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 1,979 | 67.4 | 2,842 | 69.8 | 2,208 | 70.5 |
--------------------------------------------------------------------------------
| Total shareholders' | 2,935 | 100.0 | 4,070 | 100.0 | 3,132 | 100.0 |
| equity and liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current portion of derivative financial instruments have been |
| transferred to non-current financial assets from accounts receivables and |
| other receivables (EUR 0 million 31 March 2009 and EUR 5 million 31 December |
| 2009). Non-current portion of derivative financial instruments have been |
| transferred to other non-current liabilities from accounts payable and other |
| liabilities (EUR 23 million 31 March 2009 and EUR 18 million 31 December |
| 2009). |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed consolidated cash flow statement | | |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | | Q4 |
--------------------------------------------------------------------------------
| Result for the period | 19 | -114 | -354 | -68 |
--------------------------------------------------------------------------------
| Total adjustments | 22 | 44 | 324 | 134 |
--------------------------------------------------------------------------------
| Change in working capital | -68 | 50 | 140 | 9 |
--------------------------------------------------------------------------------
| Cash flow arising from | -27 | -20 | 110 | 75 |
| operations | | | | |
--------------------------------------------------------------------------------
| Net financial items | -12 | 16 | -38 | -33 |
--------------------------------------------------------------------------------
| Income taxes paid | -4 | -3 | 9 | -1 |
--------------------------------------------------------------------------------
| Net cash flow arising from | -43 | -7 | 81 | 41 |
| operating activities | | | | |
--------------------------------------------------------------------------------
| Investments in intangible and | -7 | -16 | -73 | -18 |
| tangible assets | | | | |
--------------------------------------------------------------------------------
| Divestments of assets and other | 6 | 2 | 284 | 277 |
--------------------------------------------------------------------------------
| Net cash flow arising from | -1 | -14 | 211 | 259 |
| investing activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Changes in non-current loans | -290 | -229 | -344 | -253 |
| and in other financial items | | | | |
--------------------------------------------------------------------------------
| Dividends paid | -2 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Net cash flow arising from | -292 | -229 | -344 | -253 |
| financing activities | | | | |
--------------------------------------------------------------------------------
| Changes in cash and cash | -336 | -250 | -52 | 47 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 497 | 550 | 550 | 424 |
| beginning of period | | | | |
--------------------------------------------------------------------------------
| Translation difference in cash | 1 | 1 | -1 | 0 |
| and cash equivalents | | | | |
--------------------------------------------------------------------------------
| Changes in cash and cash | -336 | -250 | -52 | 47 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Assets held for sale | 0 | 0 | 0 | 26 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 162 | 301 | 497 | 497 |
| end of period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Statement of changes in shareholders' | | | | |
| equity | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| | Equity attributable to shareholders of parent | | |
| | company | | |
--------------------------------------------------------------------------------
| EUR million | Sha | Shar | Tran | Fair | Retain | Total | Non-c | Total |
| | re | e | s- | value | ed | | ontro | |
| | cap | pr | l | and | ear | | l-lin | |
| | ita | e- | atio | other | nings | | g | |
| | l | m | n | rese | | | int | |
| | | ium | di | rves | | | er- | |
| | | acco | ffer | | | | e | |
| | | unt | - | | | | sts | |
| | | | en | | | | | |
| | | | ces | | | | | |
--------------------------------------------------------------------------------
| Shareholders | 558 | 667 | -9 | 259 | -146 | 1,329 | 57 | 1,386 |
| ' equity, | | | | | | | | |
| 1 | | | | | | | | |
| January 2009 | | | | | | | | |
--------------------------------------------------------------------------------
| Comprehensiv | | | | | | | | |
| e income for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Result for | | | | | -116 | -116 | 1 | -115 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | | |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | | | -1 | | -1 | | -1 |
| hedges | | | | | | | | |
--------------------------------------------------------------------------------
| Available | | | | -63 | | -63 | | -63 |
| for sale | | | | | | | | |
| investments | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 0 | | | 0 | 3 | 3 |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Share of | | | | | | | | |
| result in | | | | | | | | |
| associated | | | | | | | | |
| companies | | | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | 1 | 17 | | 18 | | 18 |
| relating to | | | | | | | | |
| components | | | | | | | | |
| of other | | | | | | | | |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders | 558 | 667 | -8 | 212 | -262 | 1,167 | 61 | 1,228 |
| ' | | | | | | | | |
| equity, | | | | | | | | |
| 31 March | | | | | | | | |
| 2009 | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders | 558 | 667 | 2 | 194 | -504 | 916 | 8 | 924 |
| ' equity, | | | | | | | | |
| 1 | | | | | | | | |
| January 2010 | | | | | | | | |
--------------------------------------------------------------------------------
| Comprehensiv | | | | | | | | |
| e income for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Result for | | | | | 19 | 19 | | 19 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | | |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | | | -5 | | -5 | | -5 |
| hedges | | | | | | | | |
--------------------------------------------------------------------------------
| Available | | | | 16 | | 16 | | 16 |
| for sale | | | | | | | | |
| investments | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 2 | | | 2 | | 2 |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Share of | | | 2 | 0 | | 2 | | 2 |
| result in | | | | | | | | |
| associated | | | | | | | | |
| companies | | | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | 3 | -3 | | 0 | | 0 |
| relating to | | | | | | | | |
| components | | | | | | | | |
| of other | | | | | | | | |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Related | | | | | | | | |
| party | | | | | | | | |
| transaction | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | | -2 | -2 |
| paid | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders | 558 | 667 | 9 | 202 | -485 | 950 | 6 | 956 |
| ' | | | | | | | | |
| equity, | | | | | | | | |
| 31 March | | | | | | | | |
| 2010 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key ratios | 2010 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| | Q1 | Q1 | | Q4 |
--------------------------------------------------------------------------------
| Sales, EUR million | 602 | 623 | 2,432 | 606 |
--------------------------------------------------------------------------------
| EBITDA, EUR million | 82 | -48 | 88 | 132 |
--------------------------------------------------------------------------------
| excl. non-recurring items, EUR | 72 | -13 | 44 | 51 |
| million | | | | |
--------------------------------------------------------------------------------
| Operating result, EUR million | 49 | -118 | -267 | -52 |
--------------------------------------------------------------------------------
| excl. non-recurring items, EUR | 39 | -65 | -150 | 7 |
| million | | | | |
--------------------------------------------------------------------------------
| Result from continuing operations | | | | |
--------------------------------------------------------------------------------
| before taxes, EUR million | 25 | -115 | -358 | -74 |
--------------------------------------------------------------------------------
| excl. non-recurring items, EUR | 15 | -62 | -230 | -15 |
| million | | | | |
--------------------------------------------------------------------------------
| Result for the period | | | | |
--------------------------------------------------------------------------------
| from continuing operations, EUR | 19 | -105 | -331 | -60 |
| million | | | | |
--------------------------------------------------------------------------------
| from discontinued operations, EUR | 0 | -10 | -23 | -8 |
| million | | | | |
--------------------------------------------------------------------------------
| Total, EUR million | 19 | -115 | -354 | -68 |
--------------------------------------------------------------------------------
| Earnings per share | | | | |
--------------------------------------------------------------------------------
| from continuing operations, EUR | 0.06 | -0.32 | -1.02 | -0.19 |
--------------------------------------------------------------------------------
| from discontinued operations, EUR | 0.00 | -0.03 | -0.07 | -0.02 |
--------------------------------------------------------------------------------
| Total, EUR | 0.06 | -0.35 | -1.09 | -0.21 |
--------------------------------------------------------------------------------
| Earnings per share, excl. | 0.03 | -0.18 | -0.66 | -0.02 |
| non-recurring items, EUR | | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 7.9 | -32.0 | -28.6 | -24.3 |
--------------------------------------------------------------------------------
| excl. non-recurring items, % | 3.6 | -17.6 | -18.3 | -1.4 |
--------------------------------------------------------------------------------
| Return on capital employed, % | 9.1 | -13.4 | -8.9 | -8.7 |
--------------------------------------------------------------------------------
| excl. non-recurring items, % | 7.3 | -7.0 | -4.5 | 0.4 |
--------------------------------------------------------------------------------
| Equity ratio at end of period, % | 32.7 | -30.3 | 29.6 | 29.6 |
--------------------------------------------------------------------------------
| Gearing ratio at end of period, % | 121 | 151 | 153 | 153 |
--------------------------------------------------------------------------------
| Net gearing ratio at end of | 86 | 101 | 84 | 84 |
| period, % | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity per share at | 2.90 | 3.56 | 2.79 | 2.79 |
| end of period, EUR | | | | |
--------------------------------------------------------------------------------
| Interest-bearing net liabilities, | 821 | 1,243 | 777 | 777 |
| EUR million | | | | |
--------------------------------------------------------------------------------
| Gross capital expenditure, EUR | 7 | 16 | 73 | 18 |
| million | | | | |
--------------------------------------------------------------------------------
| Deliveries, 1 000 tonnes | | | | |
--------------------------------------------------------------------------------
| Paper business | 311 | 321 | 1,132 | 266 |
--------------------------------------------------------------------------------
| Consumer Packaging | 321 | 274 | 1,212 | 327 |
--------------------------------------------------------------------------------
| Personnel at the end of period | | | | |
--------------------------------------------------------------------------------
| In continuing operations | 4,796 | 6,314 | 4,903 | 4,903 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA = Earnings before interest, taxes, depreciation and | |
| impairment charges | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Securities and guarantees | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | |
--------------------------------------------------------------------------------
| For own liabilities | 116 | 57 | 113 |
--------------------------------------------------------------------------------
| On behalf of associated companies | 0 | 1 | 0 |
--------------------------------------------------------------------------------
| On behalf of Group companies | 0 | 5 | 0 |
--------------------------------------------------------------------------------
| On behalf of others | 1 | 5 | 2 |
--------------------------------------------------------------------------------
| Total | 117 | 68 | 115 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Open derivative contracts | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | |
--------------------------------------------------------------------------------
| Interest rate derivatives | 999 | 1,271 | 981 |
--------------------------------------------------------------------------------
| Currency derivatives | 2,769 | 2,541 | 2,806 |
--------------------------------------------------------------------------------
| Other derivatives | 169 | 289 | 183 |
--------------------------------------------------------------------------------
| Total | 3,937 | 4,101 | 3,970 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The fair value of open derivative contracts calculated at market value at |
| the end of the review period was EUR -36.1 million (EUR -19.5 million 31 |
| December 2009). |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Also include other closed contracts to a total amount of EUR 2,323.6 million |
| (EUR 2,158.5 million 31 December 2009). |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments related to fixed assets | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | |
--------------------------------------------------------------------------------
| Payments due in following 12 months | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Payments due later | 1 | 1 | 1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in property, plant and | 2010 | 2009 | 2009 |
| equipment | | | |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | |
--------------------------------------------------------------------------------
| Carrying value at beginning of period | 1,130 | 1,808 | 1,808 |
--------------------------------------------------------------------------------
| Capital expenditure | 7 | 13 | 70 |
--------------------------------------------------------------------------------
| Decreases | 0 | 0 | -454 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation and impairment charges | -32 | -65 | -312 |
--------------------------------------------------------------------------------
| related to discontinued operations | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Translation difference | 18 | 10 | 18 |
--------------------------------------------------------------------------------
| Carrying value at end of period | 1,123 | 1,766 | 1,130 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Related-party transaction | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transaction and balances with parent and | 2010 | 2009 | 2009 |
| sister companies | | | |
--------------------------------------------------------------------------------
| EUR million | Q1 | Q1 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales | 9 | 7 | 22 |
--------------------------------------------------------------------------------
| Other operating income | 1 | 1 | 37 |
--------------------------------------------------------------------------------
| Purchases | 174 | 92 | 360 |
--------------------------------------------------------------------------------
| Interest income | 3 | 2 | 1 |
--------------------------------------------------------------------------------
| Interest expences | 0 | 1 | 2 |
--------------------------------------------------------------------------------
| Non-current receivables | 53 | 5 | 53 |
--------------------------------------------------------------------------------
| Current receivables | 164 | 67 | 107 |
--------------------------------------------------------------------------------
| Non-current liabilities | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Current liabilities | 127 | 99 | 106 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transaction with associated companies | | 2009 | 2008 |
--------------------------------------------------------------------------------
| EUR million | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales | 0 | 0 | 1 |
--------------------------------------------------------------------------------
| Purchases | 0 | 0 | 4 |
--------------------------------------------------------------------------------
| Non-current receivables | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Current receivables | 8 | 7 | 7 |
--------------------------------------------------------------------------------
| Current liabilities | 2 | 2 | 2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transaction with Metsä-Botnia include in transaction | | |
| with sister companies. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accounting policies | | | |
--------------------------------------------------------------------------------
| The financial statements were prepared in accordance with accounting |
| policies set out in International Accounting Standard 34 and in the M-real´s |
| Annual Report for 2009. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The figures in the financial statement are | | | |
| unaudited. | | | |
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| Calculation of key ratios | | | | | | |
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| | | | | | | | | |
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| Return on | = | (Result from continuing | | | |
| equity (%) | | operations before tax | | | |
| | | - | | | |
| | | direct taxes) per | | | |
| | | (Shareholders' equity | | | |
| | | (average)) | | | |
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| |
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| Return on | = | (Result from continuing operations | | |
| capital | | before tax | | |
| employed (%) | | + interest expenses,net | | |
| | | exchange gains/losses and other | | |
| | | financial expenses) per | | |
| | | (Shareholders' equity | | |
| | | + | | |
| | | interest-bearing borrowings | | |
| | | (average)) | | |
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| |
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| Equity ratio | = | (Shareholders' equity) per (Total | | |
| (%) | | assets - advance payments received) | | |
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| |
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| Gearing | = | (Interest-bearing borrowings) | | |
| ratio (%) | | per | | |
| | | (Shareholders' equity) | | |
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| |
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| Net gearing | = | (Interest-bearing borrowings | | |
| ratio (%) | | - | | |
| | | liquid funds | | |
| | | - interest-bearing | | |
| | | receivables) | | |
| | | per (Shareholders' | | |
| | | equity) | | |
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| |
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| Earnings per | = | (Profit attributable to shareholders | | |
| share | | of parent company) | | |
| | | per (Adjusted | | |
| | | number of shares (average)) | | |
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| |
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| Shareholders | = | (Equity attributable to shareholders | | |
| ´equity per | | of parent company) | | |
| share | | per (Adjusted | | |
| | | number of shares at the end of | | |
| | | period) | | |
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| Sales and result | | | | | | | | |
| by segment | | | | | | | | |
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| | 201 | 200 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
| | 0 | 9 | | | | | | |
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| EUR million | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
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| Consumer Packaging | 257 | 255 | 250 | 237 | 226 | 248 | 968 | 1,061 |
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| Office Papers | 160 | 132 | 133 | 131 | 147 | 174 | 543 | 804 |
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| Speciality Papers | 82 | 73 | 80 | 82 | 117 | 147 | 352 | 622 |
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| Market Pulp and | 95 | 126 | 132 | 116 | 134 | 150 | 508 | 644 |
| Energy | | | | | | | | |
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| Other operations | 46 | 59 | 56 | 40 | 34 | 57 | 189 | 323 |
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| Internal sales | -38 | -39 | -33 | -21 | -35 | -54 | -128 | -218 |
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| Sales | 602 | 606 | 618 | 585 | 623 | 722 | 2,432 | 3,236 |
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| Consumer Packaging | 52 | 50 | 51 | 24 | 15 | 11 | 140 | 108 |
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| Office Papers | 11 | 6 | 0 | -3 | -2 | -3 | 1 | 35 |
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| Speciality Papers | -4 | -8 | -7 | -17 | -33 | -1 | -65 | 45 |
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| Market Pulp and | 14 | -1 | -6 | -10 | -4 | 8 | -21 | 148 |
| Energy | | | | | | | | |
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| Other operations | 9 | 85 | -11 | -17 | -24 | -33 | 33 | -82 |
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| EBITDA | 82 | 132 | 27 | -23 | -48 | -18 | 88 | 254 |
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| % of sales | 13. | 21. | 4.4 | -3.9 | -7.7 | -2.5 | 3.6 | 7.8 |
| | 6 | 8 | | | | | | |
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| Consumer Packaging | 39 | 33 | 31 | 4 | -17 | -13 | 51 | 24 |
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| Office Papers | 0 | -54 | -15 | -18 | -17 | -38 | -104 | -53 |
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| Speciality Papers | -6 | -78 | -10 | -23 | -40 | -75 | -151 | -59 |
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| Market Pulp and | 9 | -39 | -15 | -19 | -18 | -2 | -91 | 106 |
| Energy | | | | | | | | |
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| Other operations | 7 | 86 | -15 | -17 | -26 | -33 | 28 | -79 |
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| Operating result | 49 | -52 | -24 | -73 | -118 | -161 | -267 | -61 |
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| % of sales | 8.1 | -8. | -3.9 | -12. | -18. | -22.3 | -11.0 | -1.9 |
| | | 6 | | 5 | 9 | | | |
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| Non-recurring items | | | | | | | | |
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| Consumer Packaging | 0 | -1 | 0 | -1 | -16 | -4 | -18 | -5 |
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| Office Papers | 0 | -54 | -2 | 0 | 0 | -24 | -56 | -24 |
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| Speciality Papers | 0 | -72 | 1 | -1 | -28 | -67 | -100 | -44 |
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| Market Pulp and | 0 | -30 | -1 | 0 | -6 | 0 | -37 | 74 |
| Energy | | | | | | | | |
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| Other operations | 10 | 98 | 0 | -1 | -3 | -14 | 94 | -27 |
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| Non-recurring | 10 | -59 | -2 | -3 | -53 | -110 | -117 | -26 |
| items | | | | | | | | |
| in operating | | | | | | | | |
| result | | | | | | | | |
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| Consumer Packaging | 52 | 51 | 51 | 25 | 19 | 11 | 146 | 109 |
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| Office Papers | 11 | 13 | 0 | -3 | -2 | -1 | 8 | 37 |
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| Speciality Papers | -4 | -2 | -8 | -16 | -5 | 1 | -31 | 23 |
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| Market Pulp and | 14 | 2 | -6 | -10 | -3 | 8 | -17 | 73 |
| Energy | | | | | | | | |
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| Other operations | -1 | -13 | -11 | -16 | -22 | -15 | -62 | -50 |
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| EBITDA, excl. | 72 | 51 | 26 | -20 | -13 | 4 | 44 | 192 |
| non-recurring items | | | | | | | | |
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| % of sales | 12. | 8.4 | 4.2 | -3.4 | -2.1 | 0.6 | 1.8 | 5.9 |
| | 0 | | | | | | | |
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| Consumer Packaging | 39 | 34 | 31 | 5 | -1 | -9 | 69 | 29 |
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| Office Papers | 0 | 0 | -13 | -18 | -17 | -14 | -48 | -29 |
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| Speciality Papers | -6 | -6 | -11 | -22 | -12 | -8 | -51 | -15 |
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| Market Pulp and | 9 | -9 | -14 | -19 | -12 | -2 | -54 | 32 |
| Energy | | | | | | | | |
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| Other operations | -3 | -12 | -15 | -16 | -23 | -18 | -66 | -52 |
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| Operating | 39 | 7 | -22 | -70 | -65 | -51 | -150 | -35 |
| result, | | | | | | | | |
| excl. | | | | | | | | |
| non-recurring items | | | | | | | | |
| | | | | | | | | |
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| % of sales | 6.5 | 1.2 | -3.6 | -12. | -10. | -7.1 | -6.2 | -1.1 |
| | | | | 0 | 4 | | | |
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| Return on capital | | | | | | | | |
| employed % | | | | | | | | |
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| Consumer Packaging | 27. | 20. | 16.4 | 2.1 | -8.8 | -6.0 | 7.5 | 3.2 |
| | 9 | 5 | | | | | | |
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| Office Papers | 0.1 | -47 | -13. | -13. | -12. | -25.6 | -21.2 | -7.4 |
| | | .5 | 0 | 7 | 4 | | | |
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| Speciality Papers | -30 | -21 | -16. | -32. | -43. | -63.5 | -62.1 | -14.3 |
| | .5 | 5.3 | 0 | 2 | 4 | | | |
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| Market Pulp and | 6.1 | -22 | -7.3 | -9.2 | -8.4 | -1.3 | -12.8 | 12.6 |
| Energy | | .8 | | | | | | |
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| Group | 9.1 | -8. | -2.3 | -10. | -13. | -19.7 | -8.9 | -1.3 |
| | | 7 | | 2 | 4 | | | |
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| Capital employed, | | | | | | | | |
| EUR million | | | | | | | | |
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| Consumer Packaging | 565 | 556 | 744 | 771 | 774 | 801 | 556 | 801 |
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| Office Papers | 438 | 420 | 479 | 501 | 517 | 556 | 420 | 556 |
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| Speciality Papers | 77 | 65 | 225 | 241 | 312 | 415 | 65 | 415 |
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| Market Pulp and | 539 | 550 | 830 | 822 | 876 | 899 | 550 | 899 |
| Energy | | | | | | | | |
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| Unallocated and | 496 | 743 | 541 | 611 | 609 | 822 | 743 | 822 |
| eliminations | | | | | | | | |
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| Group | 2,1 | 2,3 | 2,81 | 2,94 | 3,08 | 3,493 | 2,334 | 3,493 |
| | 15 | 34 | 9 | 6 | 8 | | | |
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| The capital employed for a segment includes its assets: goodwill, other |
| intangible goods, tangible assets, biological assets, investments in |
| associates, inventories, accounts receivables, prepayments and accrued |
| income (excluding interest and taxes), less the segment's liabilities |
| (accounts payable, advance payments, accruals and deferred income (excluding |
| interest and taxes). |
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| Deliveries | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
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| 1,000 tonnes | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
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| Consumer | 321 | 327 | 315 | 296 | 274 | 303 | 1,212 | 1,345 |
| Packaging | | | | | | | | |
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| Office Papers | 237 | 198 | 199 | 190 | 203 | 237 | 790 | 1,081 |
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| Speciality | 74 | 68 | 76 | 80 | 118 | 157 | 342 | 680 |
| Papers | | | | | | | | |
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| Paper business, | 311 | 266 | 275 | 270 | 321 | 394 | 1,132 | 1,761 |
| total | | | | | | | | |
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| Market Pulp | 161 | 246 | 295 | 327 | 287 | 264 | 1,155 | 1,115 |
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| Production | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2009 | 2008 |
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| 1,000 tonnes | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q1-Q4 | Q1-Q4 |
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| Consumer | 342 | 342 | 323 | 275 | 292 | 293 | 1,232 | 1,336 |
| Packaging | | | | | | | | |
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| Office Papers | 235 | 213 | 181 | 202 | 199 | 177 | 795 | 905 |
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| Speciality | 78 | 71 | 75 | 74 | 99 | 160 | 319 | 705 |
| Papers | | | | | | | | |
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| Paper business, | 313 | 283 | 257 | 276 | 298 | 337 | 1,114 | 1,610 |
| total | | | | | | | | |
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| Metsä-Botnia | 164 | 203 | 219 | 210 | 231 | 235 | 863 | 990 |
| pulp 1) | | | | | | | | |
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| M-real pulp | 329 | 316 | 263 | 264 | 277 | 303 | 1,120 | 1,486 |
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| 1) corresponds to M-real's ownership share of 30% in Metsä-Botnia |
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