M-real's operating result for July-September excluding non-recurring items was EUR -22 million


                        
M-real Corporation Interim report 1 January-30 September 2009,
22.10.2009 at 12

Result for January-September 2009
* Sales EUR 1,826 million (Q1-Q3/2008: 2,514)
* Operating result excluding non-recurring items EUR -157 million
  (16). Operating result including non-recurring items was EUR -215
  million (100).
* Result before taxes from continuing operations excluding
  non-recurring items EUR -215 million (-91). Result before taxes
  including non-recurring items totalled EUR -284 million (-7).
* Earnings per share from continuing operations excluding
  non-recurring items were EUR -0.64 (-0.31) and including
  non-recurring items EUR -0.83 (-0.05)

Result for the third quarter of 2009
* Sales EUR 618 million (Q2/2009: 585)
* Operating result excluding non-recurring items EUR -22 million
  (-70). Operating result including non-recurring items EUR -24
  million (-73).
*  Result before taxes excluding non-recurring items totalled EUR -70
  million (-83). Result before taxes including non-recurring items
  EUR -72 million (-97).
*  Earnings per share from continuing operations excluding
  non-recurring items were EUR -0.22 (-0.24) and including
  non-recurring items EUR -0.22 (-0.29)

Events during the third quarter
* The result of the Consumer Packaging business area improved
  significantly.
* Major pulp mill boiler rebuild implemented in Husum.
* M-real received a EUR 190 million cash payment as the final
  settlement from Sappi on 27 August 2009 related to the divestment
  of the Graphic Papers business at the end of 2008.
* A letter of intent regarding the new ownership structure of
  M-real's associated company Metsä-Botnia and the divestment of
  Metsä-Botnia's operations in Uruguay to UPM-Kymmene was signed on
  15 July 2009.

Events after the period
* An agreement on the new ownership structure of M-real's associated
  company Metsä-Botnia and the divestment of Metsä-Botnia's
  operations in Uruguay to UPM-Kymmene was signed on 22 October 2009.

"The demand picked up especially for paperboard, which combined with
the efficiency improvement measures, significantly improved the
profitability of Consumer Packaging. The adaptation of M-real after
the divestment of Graphic Papers and the streamlining of the
remaining paper business have proceeded according to plans. These
measures have a considerable negative result impact this year. The
profit impact of these successful measures will be seen clearly
during the next year."

Mikko Helander, CEO, M-real Corporation



KEY FIGURES                  2009  2009  2009  2008  2009  2008  2008
                               Q3    Q2    Q1    Q3 Q1-Q3 Q1-Q3
Sales, EUR million            618   585   623   826 1,826 2,514 3,236
EBITDA, EUR million            27   -23   -48    49   -44   272   254
  excl. non-recurring
items, EUR million             26   -20   -13    60    -7   188   192
Operating result, EUR
million                       -24   -73  -118    -8  -215   100   -61
  excl. non-recurring
items, EUR million            -22   -70   -65     3  -157    16   -35
Result before taxes
  from continuing
operations, EUR million       -72   -97  -115   -45  -284    -7  -204
  excl. non-recurring
items, EUR million            -70   -83   -62   -34  -215   -91  -178
Result for the period
  from continuing
operations, EUR million       -73   -93  -105   -44  -271    -7  -170
  from discontinued
operations, EUR million        -3    -2   -10  -212   -15  -276  -338
  Total, EUR million          -76   -95  -115  -256  -286  -283  -508
Result per share
  from continuing
operations, EUR             -0.22 -0.29 -0.32 -0.15 -0.83 -0.05 -0.55
  from discontinued
operations, EUR             -0.01 -0.01 -0.03 -0.64 -0.05 -0.84 -1.03
  Total, EUR                -0.23 -0.30 -0.35 -0.79 -0.88 -0.89 -1.58
Result per share
  excl. non-recurring
items, EUR                  -0.22 -0.24 -0.18 -0.13 -0.64 -0.31 -0.48
Return on equity, %         -27.2 -32.1 -32.0 -10.1 -29.7  -0.6 -10.4
  excl. non-recurring
items, %                    -26.6 -27.2 -17.6  -8.3 -22.9  -7.2  -9.0
Return on capital employed,
%                            -2.3 -10.2 -13.4  -0.5  -8.5   4.9  -1.3
  excl. non-recurring
items, %                     -2.0  -8.3  -7.0   1.0  -5.6   1.3  -0.5
Equity ratio at end of
period, %                    28.5  29.4  30.3  32.5  28.5  32.5  30.8
Gearing ratio at end of
period, %                     170   168   151   129   170   129   152
Net gearing ratio at end of
period, %                     121   116   101   114   121   114    90
Interest-bearing net
liabilities, EUR million    1,262 1,276 1,243 1,865 1,262 1,865 1,254
Gross investments, EUR
million                        23    16    16    38    55    89   128
Deliveries, 1 000 tonnes                          0
  Paper businesses            275   269   321   438   866 1,368 1,761
  Consumer Packaging          315   296   274   348   885 1,041 1,345
Personnel at the end of
period
  in continuing operations  5,649 6,080 6,314 6,679 5,649 6,679 6,546
  in discontinued
operations                                    2,159       2,159
EBITDA = Earnings before interest, taxes, depreciation
and impairment charges



Result for July-September compared with the previous quarter
M-real's sales totalled EUR 618 million (Q2/2009: 585). Comparable
sales were up 5.7 per cent. The operating result was EUR -24 million
(-73), and the operating result excluding non-recurring items was EUR
-22 million (-70).

Non-recurring items totalling EUR -2 million were recognised in the
operating result consisting of the following:

* EUR 3 million cost related to profit improvement measures of the
  Husum mill of which EUR 2 million in Office Papers business area
  and EUR 1 million in Market Pulp and Energy business area.
* EUR 1 million income related to closure of Hallein Paper in
  speciality Papers business area.

The non-recurring items for the previous quarter totalled EUR -3
million net due to the implemented efficiency improvement measures.

The operating result excluding non-recurring items compared with the
previous quarter was improved by increased delivery volumes, higher
selling price of pulp and implemented cost savings. The result was
weakened by a decrease in the price of uncoated fine paper, the
investment and maintenance shutdown at the Husum mill and costs
associated with the discontinuation of the standard coated fine paper
production.

The total paper business delivery volume was 275,000 tonnes for
July-September (269,000). Deliveries by the Consumer Packaging
business area totalled 315,000 tonnes (296,000).

Financial income and expenses totalled EUR -47 million (-12). Foreign
exchange gains and losses from accounts receivable, accounts payable,
financial income and expenses and the valuation of currency hedging
were EUR 2 million (2). Net interest and other financial income and
expenses stood at EUR -49 million (-14). Other financial expenses do
not include valuation gains on interest rate hedges (valuation gain
of 7). A loss of EUR -30 million was booked in the financial expenses
due to the early repayment of the vendor notes issued to Sappi.

The result from continuing operations in July-September before taxes
was EUR -72 million (-97). The result from continuing operations
before taxes excluding non-recurring items was EUR -70 million (-83).
Income taxes, including the change in deferred tax liabilities, came
to EUR -1 million (+4).

Earnings per share were EUR -0.23 (-0.30). Earnings per share from
continuing operations excluding non-recurring items were EUR -0.22
(-0.24). The return on equity was -27.2 per cent (-32.1); excluding
non-recurring items, -26.6 per cent (-27.2). Return on capital
employed was -2.3 per cent (-10.2); excluding non-recurring items
-2.0 per cent (-8.3).

Result for January-September compared with the corresponding period
last year
M-real's sales totalled EUR 1,826 million (2,514). Comparable sales
were down 23.8 per cent. The operating result was EUR -215 million
(+100), and the operating result excluding non-recurring items was
EUR -157 million (+16).

Non-recurring items in the operating result for January-September
totalled EUR -58 million net, including the following key items:
* EUR 28 million cost provisions and write-downs in the Speciality
  Papers business area connected to the closure of the Hallein paper
  mill.
* EUR 22 million cost provisions and write-downs associated with the
  closure of the Metsä-Botnia Kaskinen mill. This total consists of
  EUR 16 million related to the Consumer Packaging business area and
  EUR 6 million to the Market Pulp and Energy business area.
* EUR 3 million cost under Other operations related to the
  streamlining of the sales network.
* EUR 3 million cost related to profit improvement measures of the
  Husum mill of which EUR 2 million in Office Papers business area
  and EUR 1 million in Market Pulp and Energy business area.

The non-recurring items of the corresponding period in the previous
year were EUR 84 million net.

Compared to the corresponding period last year, the operating result
excluding non-recurring items was weakened by the reduced delivery
volumes caused by weakened demand and the reduced value of product,
wood and pulp inventories. The result was improved by the implemented
price increases and cost savings.

The total paper business delivery volume was 866,000 tonnes for
January-September (1,368,000). Consumer Packaging deliveries totalled
885,000 tonnes (1,041,000).

Financial income and expenses over the period totalled EUR -55
million (-106). Foreign exchange gains and losses from accounts
receivable, accounts payable, financial income and expenses and the
valuation of currency hedging were EUR 4 million (2). Net interest
and other financial income and expenses stood at EUR -59 million
(-108). Other financial expenses include EUR 9 million of valuation
gains on interest rate derivatives (valuation gain of 3). The
financial income of the review period includes a profit of about EUR
31 million from repurchases of M-real's EUR 400 million bond due in
December 2010. A loss of EUR -30 million was booked in the financial
expenses due to the early repayment of the vendor notes issued to
Sappi.

The result from continuing operations over the review period before
taxes was EUR -284 million (-7). The result includes a non-recurring
item of EUR -11 million in the line "share of results in associated
companies" from the Sunila pulp mill divested by Myllykoski Paper
during the second quarter. The result from continuing operations
before taxes and excluding non-recurring items was EUR -215 million
(-91). Income taxes, including the change in deferred tax
liabilities, came to EUR +13 million (0).

Earnings per share were EUR -0.88 (-0.89). Earnings per share from
continuing operations excluding non-recurring items were EUR -0.64
(-0.31). The return on equity was -29.7 per cent (-0.6); excluding
non-recurring items -22.9 per cent (-7.2). Return on capital employed
was -8.5 per cent (4.9); excluding non-recurring items -5.6 per cent
(1.3).

Personnel
On 30 September 2009, the company had 5,649 employees (31 December
2008: 6,546), of which 2,097 (2,258) worked in Finland. In
January-September 2009, M-real employed an average of 6,103 people
(2008: 9,087). The numbers include 30 per cent of Metsä-Botnia's
personnel.

Investments
Gross investments in January-September totalled EUR 55 million
(Q1-Q3/2008: 89). Investments include a EUR 15 million share of
Metsä-Botnia's capital expenditure (23). Metsä-Botnia's investment
share is based on M-real's 30 per cent ownership.

Structural change
In February 2009, M-real launched a new profit improvement programme
with an annual target of EUR 80 million. The improvement actions
target at savings in the business areas and streamlining the support
functions to reflect the changed company structure. The full annual
effect of the programme will be visible from 2011. The majority of
the profit improvement measures regarding continuing businesses are
expected to be completed during 2009. The profit impact is estimated
to be EUR 25-30 million in 2009. The related non-recurring costs have
mainly been booked by the end of September.

A separate EUR 60 million programme to improve the 2009 cash flow was
also launched in February. The actions include, e.g., the reduction
of net working capital and cuts in investments.

Both programmes have proceeded better than expected, and therefore
the target of the profit improvement programme was increased to EUR
90 million and the target of the cash flow improvement programme to
EUR 80 million in October 2009.

In 2008, M-real announced it was planning the discontinuation of
standard coated fine paper production at the Hallein and Gohrsmühle
mills based on earlier examined strategic options. Both mills have
been loss-making for a long period of time. At Hallein, paper
production was discontinued at the end of April 2009. At the
Gohrsmühle mill, standard coated fine paper production was
discontinued in April. At Gohrsmühle, the production of speciality
papers as well as uncoated fine paper reels and folio sheets has been
expanded.

The organisation of M-real was revised following the closure of the
Hallein paper mill and the discontinuation of standard coated fine
paper production at the Gohrsmühle mill. The Other Papers business
area was renamed Speciality Papers. The new structure took effect on
17 June 2009.

On 15 July 2009, M-real's associated company Oy Metsä-Botnia Ab and
its owners, M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj,
signed a letter of intent regarding the divestment of the pulp mill
and forests located in Fray Bentos, Uruguay, to UPM. The final
agreement was signed on 22 October 2009. The transaction is described
more in detail in the chapter Events after the reporting period.

M-real's structural change to concentrate more clearly on producing
packaging materials has proceeded as planned. The strategic review of
the paper business continues.

Management changes
Matti Mörsky started as M-real's CFO on 4 May 2009.

On 17 June 2009, Heikki Husso was appointed Head of the Speciality
Papers business area, and Soili Hietanen was appointed Head of the
Market Pulp and Energy business area. Hietanen is also responsible
for contract manufacturing between M-real and Sappi.

Mika Joukio, Head of the Consumer Packaging business area, was
appointed as Deputy to the CEO of M-real in addition to his current
position as of 15 September 2009.

Financing
At the end of September 2009, M-real's equity ratio was 28.5 per cent
(31 December 2008: 30.8) and the gearing ratio 170 per cent (152).
Net gearing ratio was 121 (90). 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 September was
approximately 94 per cent (74) and the equity ratio some 34 per cent
(36).

The change in the fair value of investments available for sale was
approximately EUR -93 million in January-September based mainly on
the decrease in the value of the Pohjolan Voima shares.

At the end of September, net interest-bearing liabilities totalled
EUR 1,262 million (1,254). Foreign-currency-denominated loans
accounted for 14 per cent; 87 per cent were floating-rate and the
rest were fixed-rate. At the end of September, the average interest
rate on loans was 5.1 per cent and the average maturity of long-term
loans 2.7 years. The interest rate maturity was 5.1 months at the end
of September. During the period the interest rate maturity has varied
between 2 and 6 months.

In January-September, cash flow from operations amounted to EUR 35
million (Q1-Q3/2008: 102). Working capital was down by EUR 131
million (up 19).

At the end of the period, an average of 4.4 months of net foreign
currency exposure was hedged. The degree of hedging has varied
between 4 and 5 months during the period. Approximately 95 per cent
of the non-euro-denominated equity was hedged at the end of the
period.

Liquidity continues at a good level. At the end of the review period,
liquidity was EUR 1,278 million, of which EUR 828 million consisted
of committed credit facilities, and EUR 450 million of liquid assets
and investments. The amount of committed credit facilities include
the undrawn EUR 500 million syndicated revolving credit facility due
in December 2009, which was cancelled after the review period in
October. In addition, the Group had other interest-bearing
receivables totalling EUR 64 million. 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 570 million.

In connection with the divestment of Graphic Papers in December 2008,
M-real received EUR 220 million in interest-bearing vendor notes from
Sappi. In August, M-real agreed with Sappi that Sappi will repay the
vendor notes at the price of 86.5 per cent of their nominal value.
The cash payment of EUR 190 million received by M-real from Sappi in
August strengthened the Group's liquidity. This early repayment
resulted in an approximately EUR 30 million loss that was booked in
M-real's financial expenses in the third quarter of 2009.

In the second quarter, M-real drew a EUR 60 million pension premium
(TyEL) loan. After this drawdown, M-real still has a total of about
EUR 260 million of undrawn pension premium (TyEL) loans.

In the first quarter, M-real repurchased its own bonds (EUR 400
million bond due in December 2010) with a nominal value of EUR 59.95
million. A gain of approximately EUR 31 million from the purchases
was recorded in the first quarter result.

M-real's liquidity is ensured and actions to secure long-term
financing are ongoing.

Standard & Poor's downgraded M-real's credit rating from B- to CCC+
on 16 January 2009. The outlook of the rating remains negative. The
downgrade has an about EUR 2 million impact on current annual
financing costs.
On 13 February 2009, Moody's Investors Service downgraded M-real's B3
credit rating to Caa1. The outlook of the rating remains negative.
The downgrade has an about EUR 2 million impact on current annual
financing costs.

Shares
In January-September 2009, the highest price for M-real's B share on
the NASDAQ OMX Helsinki was EUR 0.92, the lowest EUR 0.19, and the
average price EUR 0.50. At the end of September, the price of the B
share was EUR 0.80.

The trading volume of B shares was EUR 214 million, 138 per cent of
the share capital. The market value of the A and B shares totalled
EUR 292 million at the end of September.

At the end of September, Metsäliitto Cooperative owned 38.6 per cent
of the shares and held 60.5 per cent of the voting rights conferred
by these shares. International investors' holdings increased to 18
per cent.

On 5 February 2009, Financier de l'Echiquier SA's holding in M-real
decreased to 4.8 per cent of the share capital and 1.6 per cent of
the voting rights.

The company does not hold any of its own shares.

Events after the reporting period
M-real Corporation, a part of Metsäliitto Group, announced on 15 July
2009 that its associated company, Oy Metsä-Botnia Ab, and its owners,
M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj, have signed a
letter of intent regarding the new ownership structure of
Metsä-Botnia and the divestment of Metsä-Botnia's Uruguayan
operations to UPM. The master agreement regarding this transaction
was signed on 22 October 2009.

Pursuant to the agreement, Metsä-Botnia will sell all its holdings in
Uruguayan operations to UPM. The agreed total value of the pulp mill
and forest assets in Uruguay is approximately EUR 1.6 billion. In
addition, Metsä-Botnia will sell 77 per cent of its holding in
Pohjolan Voima Oy to UPM for a consideration of EUR 66 million.
Concurrently, Metsä-Botnia will distribute dividends and capital
repayments to its shareholders, of which M-real's share is about EUR
300 million.

Pursuant to the agreement, Metsä-Botnia will acquire its own shares
from UPM and will cancel them. As a result, M-real's ownership in
Metsä-Botnia increases by 3.0 percent-units. M-real and Metsäliitto
Cooperative have agreed that Metsäliitto Cooperative will acquire
such 3.0 percent holding of Metsä-Botnia from M-real. The agreed
total value of Metsä-Botnia without its Uruguayan operations and
Pohjolan Voima Oy shares is approximately EUR 1.9 billion.
Metsäliitto Cooperative will pay its share purchase from M-real with
a market priced vendor note of EUR 50 million, having a maturity of 3
years.

Upon the closing of the transaction, M-real will change the
consolidation method of Metsä-Botnia in its consolidated financial
accounts and process its ownership in Metsä-Botnia as an associated
company according to IAS 28. When closed, the transaction will reduce
M-real's net debt compared to the end of the third quarter in 2009 by
approximately EUR 500 million when taking into account the cash
consideration of EUR 300 million, the market priced receivable of EUR
50 million from Metsäliitto and the change in the consolidation
method for the consolidated financial statements of M-real. Earlier
the net debt reduction was estimated at EUR 550 million. This change
in the estimation results from Metsä-Botnia's decreased net debt and
weakened US dollar exchange rate. M-real will use the funds for
paying off its debts. The transaction will not have a significant
impact on M-real's equity. The closing of the transaction and the
change in the consolidation method of Metsä-Botnia are estimated to
decrease M-real's annual sales by approximately EUR 250 million and
to slightly improve the result before taxes compared to 1-3Q 2009.

The transaction is still subject to the conclusion of negotiations
with financing parties and approvals by competition authorities. The
transaction is expected to be completed latest during the first
quarter of 2010. After the closing of the transaction M-real owns 30
per cent, Metsäliitto Cooperative 53 per cent and UPM 17 per cent of
Metsä-Botnia.

The Board of Directors of M-real has reviewed and approved the
transaction without those of its members who are dependent on
Metsäliitto Cooperative. Upon request of the Board of Directors of
M-real, Handelsbanken Capital Markets has issued a Fairness Opinion,
according to which the transaction is financially fair from the point
of view of M-real's shareholders. Castrén & Snellman Oy,
Attorneys-at-law, has acted as the company's legal advisor.

Near-term outlook
The demand for folding boxboard improved during the third quarter,
and the operating rates were at a good level. The demand is believed
to remain good also during the fourth quarter. However, seasonally
the fourth quarter is typically slightly weaker than the third
quarter. Folding boxboard prices are being increased in the UK, and
price increases of approximately 10 per cent have also been announced
for other markets. Linerboard prices have been increased in the main
markets.

Also the order inflow of uncoated fine paper improved during the
third quarter. The demand seems to continue at a relatively good
level. Following the divestment of the New Thames mill last year and
the subsequent production conversion, M-real's operating rates have
been slightly better than the average operating rates in the market.
Producers' low average operating rates seem to continue to maintain
the price pressure.

Following the discontinuation of the standard coated fine paper
production, the expansion of uncoated fine paper and speciality paper
production has progressed according to plan in the Speciality Papers
business area. The demand for speciality papers is still below the
normal level but seems to be improving gradually. The prices of
speciality papers have mainly remained stable, and no significant
changes in the average price are expected.

The increase in the price of pulp has continued. The weakening of the
US dollar has decreased the effect of the price increase in euros. It
is believed the increase in prices will continue also during the
fourth quarter.

The adaptation of M-real after the divestment of Graphic Papers has
proceeded according to plans, and it is expected to result in
significant cost savings before the end of the year, e.g., due to the
reorganisation of IT functions.

M-real's internal profit improvement programmes have proceeded as
targeted. The implemented efficiency improvements and decreases in
production costs in 2009 help the profitability situation.
Performance in 2009 has been negatively affected by significant
extraordinary operating costs related to adapting operations to a
smaller scale and more profitable entity. The costs related to these
announced adaptation measures during the fourth quarter will be
significantly lower than during the previous quarters. The positive
effect of successful measures on performance will however be seen
clearly during the next year.

The third quarter was notably better than the first half of the year.
The fourth quarter is also expected to be clearly better than the
profitability level of the first two quarters. As a result of the
weak performance during the first half of the year, the operating
result for 2009 as a whole excluding non-recurring items will fall
clearly short of the previous year.

The agreement on the new ownership structure of M-real's associated
company Metsä-Botnia and the divestment of Metsä-Botnia's operations
in Uruguay to UPM-Kymmene Oyj is expected to be closed latest during
the first quarter of 2010.

Near-term business risks
The weakening of the global economy and general uncertainty have had
a negative impact on the operating conditions of the European paper
and board industry.  In spite of several signs of improvement, there
is still the risk that the slowdown of the global economy and the
weak demand for paper will be prolonged.  A prolonged period of weak
demand may delay the improvement of profitability.

North-American subsidies to pulp industry have led restarts of idled
capacity. The possible material increase in pulp supply can result as
discontinuation of the global pulp price increase or even as a global
pulp price decline.

The overall situation of the financial market has recently improved,
but the availability of corporate financing on reasonable terms
remains challenging. M-real's financial situation improved following
the early repayment of Sappi's vendor notes and will improve further
once the arrangement of Metsä-Botnia's operations in Uruguay is
closed latest during the first quarter of 2010.

The company's strategic review has proceeded consistently in phases.
Together with successful cost saving programmes, the company has
achieved significant savings and rationalisation of operations. It
has been announced that the strategic review of the paper business,
cost cuts and streamlining of operations will continue. If the
measures to be implemented are unable to reach the desired effect on
costs, there is the risk of continued weak profitability of the paper
business.

There is a risk of a strengthening euro in relation to the US dollar
and the British pound. This would have a negative impact on operating
conditions in the European paper and board industry.

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 2008 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 on 22 October 2009. A
telephone conference for investors and analysts in English starts at
3 pm.




BUSINESS AREAS AND MARKET TRENDS

                       2009  2009  2009  2008  2008  2009  2008  2008
Consumer Packaging       Q3    Q2    Q1    Q4    Q3 Q1-Q3 Q1-Q3
Sales, EUR million      250   237   226   248   274   713   814 1,061
EBITDA, EUR million      51    24    15    11    37    90    97   108
  excl. non-recurring
items                    51    25    19    11    37    94    98   109
Operating result, EUR
million                  31     4   -17   -13    17    18    37    24
  excl. non-recurring
items                    31     5    -1    -9    17    35    38    29
Return on capital
employed, %            16.4   2.1  -8.8  -6.0   8.3   3.1   6.1   3.2
  excl. non-recurring
items, %               16.4   2.5  -0.4  -4.0   8.3   6.1   6.3   3.8
Deliveries, 1,000
tonnes                  315   296   274   303   348   885 1,041 1,345
Production, 1,000
tonnes                  323   275   292   293   347   890 1,043 1,336
Personnel at the end
of period             1,545 1,690 1,535 1,541 1,576 1,545 1,576 1,535


Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Consumer
Packaging business area improved from the previous quarter and was
EUR 31 million (Q2/2009: 5). The result was improved by an increase
in the delivery volumes, lower costs and implemented cost saving
measures.

No non-recurring items were booked in the result. The result for the
previous quarter included a non-recurring item EUR -1 million cost
provision related to personnel reductions.

The deliveries of European folding boxboard producers were 9 per cent
higher compared with the previous quarter. Consumer Packaging's
deliveries of folding boxboard were up by 12 per cent.

Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for the Consumer
Packaging business area weakened compared to the corresponding period
last year and totalled EUR 35 million (38). The most significant
factor weakening the result was the general decline in demand. Price
increases, the implementation of cost saving measures and the
strengthening of the US dollar improved the result.

The result includes EUR -17 million non-recurring items related to
the closure of Metsä-Botnia's Kaskinen pulp mill and personnel
reductions. The result for the corresponding period last year
included non-recurring items of EUR -1 million.

The deliveries of European folding boxboard producers fell by 16 per
cent compared with the corresponding period last year. Consumer
Packaging's deliveries of folding boxboard were down by 12 per cent.




                       2009  2009  2009  2008  2008  2009  2008  2008
Office Papers            Q3    Q2    Q1    Q4    Q3 Q1-Q3 Q1-Q3
Sales, EUR million      133   131   147   174   203   411   630   804
EBITDA, EUR million       0    -3    -2    -3    11    -5    38    35
  excl. non-recurring
items                     0    -3    -2    -1    11    -5    38    37
Operating result, EUR
million                 -15   -18   -17   -38    -6   -50   -15   -53
  excl. non-recurring
items                   -13   -18   -17   -14    -6   -48   -15   -29
Return on capital
employed, %           -13.0 -13.7 -12.4 -25.6  -3.2 -12.9  -2.2  -7.4
  excl. non-recurring
items, %              -11.4 -13.7 -12.4  -9.2  -3.2 -12.3  -2.2  -3.8
Deliveries, 1,000
tonnes                  199   190   203   237   270   592   844 1,081
Production, 1,000
tonnes                  181   202   199   177   226   582   728   905
Personnel at the end
of period             1,407 1,428 1,454 1,495 1,518 1,407 1,518 1,454


Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Office
Papers business area improved compared to the previous quarter and
was EUR -13 million (Q2/2009: -18). The result was improved by an
increase in delivery volumes and the implemented cost saving
measures. A decrease in the average sale prices impacted the result.

A non-recurring item totalling EUR -2 million was recognised in the
operating result in connection with the profit improvement measures
at the Husum mill. The result for the previous quarter did not
include non-recurring items.

Total deliveries by European uncoated fine paper producers were down
by 1 per cent compared to the previous quarter. The delivery volume
of Office Papers increased by 5 per cent.

Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for Office Papers
weakened compared to the corresponding period last year and totalled
EUR -48 million (-15). The result was weakened by lower average
selling prices and weaker demand for products. The result was
improved by lower raw material costs and implemented cost saving
measures.

A non-recurring item totalling EUR -2 million was recognised in the
operating result in connection with the profit improvement measures
at the Husum mill. The result for the corresponding period last year
did not include non-recurring items.

Total deliveries by European uncoated fine paper producers fell by 15
per cent compared to the corresponding period last year. The delivery
volume of Office Papers fell by 30 per cent. This figure includes the
impact of the divestment of the New Thames mill.




                       2009  2009  2009  2008  2008  2009  2008  2008
Speciality Papers        Q3    Q2    Q1    Q4    Q3 Q1-Q3 Q1-Q3
Sales, EUR million       80    82   117   147   153   279   475   622
EBITDA, EUR million      -7   -17   -33    -1     7   -57    46    45
  excl. non-recurring
items                    -8   -16    -5     1     7   -29    22    23
Operating result, EUR
million                 -10   -23   -40   -75    -3   -73    16   -59
  excl. non-recurring
items                   -11   -22   -12    -8    -3   -45    -7   -15
Return on capital
employed, %           -16.0 -32.2 -43.4 -63.5  -2.3 -29.6   4.8 -14.3
  excl. non-recurring
items, %              -17.6 -30.4 -12.5  -5.8  -2.3 -17.8  -2.0  -3.4
Deliveries, 1,000
tonnes                   76    80   118   157   168   274   524   680
Production, 1,000
tonnes                   75    74    99   160   170   248   546   705
Personnel at the end
of period             1,563 1,742 1,971 1,965 2,009 1,563 2,009 1,971


Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Speciality
Papers business area improved compared to the previous quarter and
was EUR -11 million (Q2/2009: -22). The result was improved by higher
selling prices and implemented cost saving measures. The result was
weakened by the costs associated with discontinuation of the standard
coated fine paper production.

The result includes a EUR 1 million non-recurring income related to
closure of Hallein paper mill. The result for the previous quarter
included a non-recurring item of EUR -1 million connected to the
closure of the Hallein paper mill.

The delivery volume of Speciality Papers fell by 5 per cent; this
figure includes the discontinuation of the standard coated fine paper
production.

Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for Speciality
Papers weakened compared to the corresponding period last year and
totalled EUR -45 million (-7). The result was weakened by a sharp
decline in the demand, declined delivery volumes and the costs
associated with discontinuation of the coated fine paper production,
accounting for approximately half of the losses for the year. The
result was improved by higher average selling prices and implemented
cost savings measures.

The result includes total EUR -28 million in non-recurring items
related to the closure of Hallein paper mill. The result for the
corresponding period last year included non-recurring items of EUR
+23 million.

The delivery volume of Speciality Papers fell by 48 per cent; this
figure includes the discontinuation of the standard coated fine paper
production.




                           2009 2009 2009 2008 2008  2009  2008  2008
Market Pulp and Energy       Q3   Q2   Q1   Q4   Q3 Q1-Q3 Q1-Q3
Sales, EUR million          132  116  134  150  172   382   494   644
EBITDA, EUR million          -6  -10   -4    8   23   -20   140   148
  excl. non-recurring
items                        -6  -10   -3    8   23   -19    65    73
Operating result, EUR
million                     -15  -19  -18   -2   12   -52   108   106
  excl. non-recurring
items                       -14  -19  -12   -2   12   -45    34    32
Return on capital
employed, %                -7.3 -9.2 -8.4 -1.3  5.1  -8.2  17.0  12.6
  excl. non-recurring
items, %                   -6.9 -9.2 -5.8 -1.3  5.1  -7.2   5.2   3.6
Deliveries, 1,000 tonnes    328  327  287  264  291   942   850 1,115


Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Market
Pulp and Energy business area improved compared with the previous
quarter and was EUR -14 million (Q2/2009: -19). The result was
improved by the higher selling price of pulp and lower wood costs.

The result includes a EUR -1 million non-recurring item related to
implemented profit improvement measures at Husum mill. The result for
the previous quarter did not include non-recurring items.

Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for the Market
Pulp and Energy business area weakened compared to the corresponding
period last year and totalled EUR -45 million (34). The result was
weakened by lower selling price of pulp and production curtailments
of pulp mills due to low demand. The result was improved by lower
wood costs.

In addition, cost provisions and write-downs of EUR 7 million
associated with the closure of the Metsä-Botnia Kaskinen mill and the
implemented profit improvement measures at Husum mill were recognised
as non-recurring items in the result.

The result for the corresponding period last year included EUR +74
million non-recurring items.




Condensed consolidated statement of comprehensive
income
                                2009   2008          2008  2009  2009
EUR million                    Q1-Q3  Q1-Q3 Change           Q2    Q3
Continuing operations
Sales                          1,826  2,514   -688  3,236   585   618
Other operating income            86    172    -86    182    28    25
Operating expenses            -1,956 -2,414    458 -3,164  -636  -616
Depreciation and impairment
losses                          -171   -172      1   -315   -50   -51
Operating result                -215    100   -315    -61   -73   -24
  % of sales                   -11.8    4.0          -1.9 -12.5  -3.9
Share of results in
associated companies             -14     -1    -13     -1   -12    -1
Net exchange gains and losses      4      2      2     13     2     2
Other net financial items        -59   -108     49   -155   -14   -49
Result before income tax        -284     -7   -277   -204   -97   -72
  % of sales                   -15.6   -0.3          -6.3 -16.6 -11.7
Income taxes                      13      0     13     34     4    -1
Result for the period from
continuing operations           -271     -7   -264   -170   -93   -73
  % of sales                   -14.8   -0.3          -5.3 -15.9 -11.8
Discontinued operations
Result from discontinued
operations                       -15   -276    261   -338    -2    -3
Result for the period           -286   -283     -3   -508   -95   -76

Other comprehensive income
Cash flow hedges                  24    -11     35    -41    13    12
Available for sale financial
assets                           -93     70   -163     87   -57    27
Translation differences          -10      6    -16     11     0   -13
Income tax relating to
components of other
comprehensive income              22    -16     38    -19    10    -6
Other comprehensive income,
net of tax                       -57     49   -106     38   -34    20

Total comprehensive income
for the period                  -343   -234   -109   -470  -129   -56

Result for the period
attributable to
  Shareholders of parent
company                         -289   -292      3   -517   -96   -77
  Minority interest                3      9     -6      9     1     1
Total comprehensive income
for the period attributable
to
  Shareholders of parent
company                         -344   -244   -100   -481  -127   -55
  Minority interest                1     10     -9     11    -2    -1
  Total                         -343   -234   -109   -470  -129   -56
Earnings per share for result
attributable to shareholders
of parent company (EUR/share)
  from continuing operations   -0.83  -0.05  -0.78  -0.55 -0.29 -0.22
  from discontinued
operations                     -0.05  -0.84   0.79  -1.03 -0.01 -0.01
  Total                        -0.88  -0.89   0.01  -1.58 -0.30 -0.23





Condensed consolidated balance
sheet
                                 30.9.       30.9.       31.12.
EUR million                       2009     %  2008     %   2008     %
ASSETS
Non-current assets
Goodwill                            51   1.4    71   1.4     51   1.1
Other intangible assets             43   1.2    63   1.3     51   1.1
Tangible assets                  1,449  39.4 1,868  37.2  1,808  40.1
Biological assets                    2   0.1    54   1.0     57   1.3
Investments in associated
companies                           49   1.3    63   1.3     63   1.4
Available for sale investments     329   8.9   390   7.8    440   9.8
Non-current financial assets        11   0.3    29   0.6    232   5.2
Deferred tax receivables             5   0.1     5   0.1      5   0.1
                                 1,939  52.7 2,543  50.7  2,707  60.1
Current assets
Inventories                        341   9.3   533  10.6    505  11.2
Accounts receivables and other
receivables                        576  15.7   754  14.9    743  16.5
Cash and cash equivalents          424  11.5   133   2.6    550  12.2
                                 1,341  36.5 1,420  28.1  1,798  39.9
Assets classified as held for
sale                               397  10.8 1,065  21.2

Total assets                     3,677 100.0 5,028 100.0  4,505 100.0


SHAREHOLDERS'  EQUITY AND LIABILITIES
Shareholders'  equity
Equity attributable
to shareholders of parent
company                            985  26.8 1,566  31.1  1,329  29.5
Minority interest                   58   1.6    65   1.3     57   1.3
Total equity                     1,043  28.4 1,631  32.4  1,386  30.8

Non-current liabilities
Deferred tax liabilities           193   5.2   274   5.4    232   5.1
Post-employment benefit
obligations                         92   2.5   102   2.0     98   2.2
Provisions                          72   2.0    38   0.8     99   2.2
Borrowings                       1,387  37.7 1,532  30.5  1,568  34.8
Other liabilities                   14   0.4    12   0.2     18   0.4
                                 1,758  47.8 1,958  38.9  2,015  44.7
Current liabilities
Current borrowings                 276   7.5   422  12.2    538  11.9
Accounts payable and other
liabilities                        467  12.7   611   8.4    566  12.6
                                   743  20.2 1,033  20.6  1,104  24.5
Liabilities classified as held
for sale                           133   3.6   406   8.1
Total liabilities                2,634  71.6 3,397  67.6  3,119  69.2
Total shareholders'  equity and
liabilities                      3,677 100.0 5,028 100.0  4,505 100.0






Condensed consolidated cash flow statement
                                                 2009  2008 2008 2009
EUR million                                     Q1-Q3 Q1-Q3        Q3
Result for the period                            -286  -283 -508  -75
Total adjustments                                 190   404  619   89
Change in working capital                         131   -19    7   57
Cash flow arising from operations                  35   102  118   71
Net financial items                                -5   -64 -193   -4
Income taxes paid                                  10   -20  -22    0
Net cash flow arising from operating activities    40    18  -97   67
Investments in intangible and tangible assets     -55   -89 -128  -23
Divestments of assets and other                     7   141  483    2
Net cash flow arising from investing activities   -48    52  355  -21
Share issue, minority interest                      0     2    2    0
Changes in non-current loans and in other
financial items                                   -91  -297  -71  144
Dividends paid                                      0   -20  -20    0
Net cash flow arising from financing activities   -91  -315  -89  144
Changes in cash and cash equivalents              -99  -245  169  190
Cash and cash equivalents at beginning of
period                                            550   380  380  247
Translation difference in cash and cash
equivalents                                        -1     1    1   -1
Changes in cash and cash equivalents              -99  -245  169  190
Assets held for sale                              -26    -3    0  -12
Cash and cash equivalents at end of period        424   133  550  424





Statement of changes in shareholders' equity

              Equity attributable to shareholders of parent
              company
                                          Fair
                        Share  Trans-    value                Minor-
                         pre-  lation      and                   ity
                Share    mium differ-    other Retained       inter-
EUR million   capital account   ences reserves earnings Total    est Total
Shareholders'
equity,
1 January
2008              558     667     -11      225      391 1,830     52 1,882
Dividends
paid                                                -20   -20          -20
Metsä-Botnia
restructuring
in Uruguay                                                         3     3
Comprehensive
income
for the
period                              5       43     -292  -244     10  -234
Shareholders'
equity,
30 September
2008              558     667      -6      268       79 1,566     65 1,631
Shareholders'
equity,
1 January
2009              558     667      -9      259     -146 1,329     57 1,386
Comprehensive
income
for the
period                             -3      -52     -289  -344      1  -343
Shareholders'
equity, 30
September
2009              558     667     -12      207     -435   985     58 1,043





Key ratios                                    2009   2008  2008  2009
                                             Q1-Q3  Q1-Q3          Q3
Sales, EUR million                           1,826  2,514 3,236   618
EBITDA, EUR million                            -44    272   254    27
   excl. non-recurring items, EUR million       -7    188   192    26
Operating result, EUR million                 -215    100   -61   -24
   excl. non-recurring items, EUR million     -157     16   -35   -22
Result from continuing operations
   before taxes, EUR million                  -284     -7  -204   -72
   excl. non-recurring items, Eur million     -215    -91  -178   -70
Result for the period
   from continuing operations, EUR million    -271     -7  -170   -73
   from discontinued operations, EUR
million                                        -15   -276  -338    -3
Total, EUR million                            -286   -283  -508   -76
Earnings per share
   from continuing operations, EUR           -0.83  -0.05 -0.55 -0.22
   from discontinued operations, EUR         -0.05  -0.84 -1.03 -0.01
Total, EUR                                   -0.88  -0.89 -1.58 -0.23
Earnings per share, excl. non-recurring
items, EUR                                   -0.64  -0.31 -0.48 -0.22
Return on equity, %                          -29.7   -0.6 -10.4 -27.2
   excl. non-recurring items, %              -22.9   -7.2  -9.0 -26.6
Return on capital employed, %                 -8.5    4.9  -1.3  -2.3
   excl. non-recurring items, %               -5.6    1.3  -0.5  -2.0
Equity ratio at end of period, %              28.5   32.5  30.8  28.5
Gearing ratio at end of period, %              170    129   152   170
Net gearing ratio at end of period, %          121    114    90   121
Shareholders' equity per share at end of
period, EUR                                   3.00   4.77  4.05  3.00
Interest-bearing net liabilities, EUR
million                                      1,262  1,865 1,254 1,262
Gross capital expenditure, EUR million          55     89   128    23
Deliveries, 1 000 tonnes
   Paper business                              866  1,368 1,761   275
   Consumer Packaging                          885  1,041 1,345   315
Personnel at the end of period
   In continuing operations                  5,649  6,679 6,546 5,649
   In discontinued operations                       2,159

EBITDA = Earnings before interest, taxes, depreciation
and impairment charges





Securities and guarantees                  2009       2008       2008
EUR million                                  Q3         Q3
For own liabilities                         130         62         61
On behalf of associated
companies                                     1          1          1
On behalf of Group companies                  4          5          5
On behalf of others                           5          3          2
Total                                       140         71         69

Open derivative contracts                  2009       2008       2008
EUR million                                  Q3         Q3
Interest rate derivatives                 1,256      1,844      1,286
Currency derivatives                      3,033      3,153      2,805
Other derivatives                           300        207        185
Total                                     4,589      5,204      4,276

The fair value of open derivative contracts calculated at market
value at the end of the review period was EUR -23.7 million (EUR 15.0
million 31 December 2008 and EUR -14.0 million 30 September 2008).

Also include other closed contracts to a total amount of EUR 2,544.8
million (EUR 2,068.8 million 31 December 2008 and EUR 2,510.6 million
September 30 2008).

Commitments related to fixed
assets                                     2009       2008       2008
EUR million                                  Q3         Q3
Payments due in following 12
months                                        5          0          0
Payments due later                            2          1          1


Changes in property, plant
and equipment                              2009       2008       2008
EUR million                                  Q3         Q3
Carrying value at beginning
of period                                 1,808      2,820      2,820
Capital expenditure                          52         89        128
Decreases                                    -9        -79       -670
Assets classified as held for
sale                                       -245       -646          0
Depreciation and impairment
charges                                    -162       -160       -282
related to discontinued
operations                                    0       -149       -149
Translation difference                        5         -7        -39
Carrying value at end of
period                                    1,449      1,868      1,808

Depreciation and impairment losses related to discontinued operations
include Graphic Papers business. Assets classified as held for sale
in 2009 include Metsä Botnia's Uruguay business and in 2008 Graphic
Papers business, which was sold in December 2008.





Related-party transaction

Transaction and balances with
parent and sister companies               2009        2008       2008
EUR million                                 Q3          Q3

Sales                                       21          25         34
Other operating income                       3           2          3
Purchases                                  244         455        571
Interest income                              3           4          7
Interest expences                            2           3          4
Non-current receivables                      5          18          5
Current receivables                         66          74         49
Non-current liabilities                      0           0          0
Current liabilities                        187          57        228


Transaction with associated
companies                                 2009        2008       2008
EUR million                                 Q3          Q3

Sales                                        0           0          0
Purchases                                    3           3          4
Non-current receivables                      1           0          0
Current receivables                          7           7          7
Current liabilities                          1           2          2


Accounting policies
This unaudited interim report has been prepared in accordance with
accounting policies set out in International Accounting Standard 34
and in the M-real's Annual Report for 2008.

The Group has adopted the following standards: IAS 1 (revisited),
Presentation of Financial Statements. The revisited standard is aimed
at improving users' ability to analyse and compare the information
given in financial statements by separating changes in equity of an
entity arising from transactions with owners from other changes in
equity. The Group presents non-owner changes in equity in the
statement of comprehensive income.

IFRS 8, Operating Segments. The new standard replaces IAS 14. The new
standard requires a 'management approach', under which segment
information is presented on the same basis as that used for internal
reporting purposes. The operating segments are the same as in 2008
according to IAS 14 or Consumer Packaging, Office Papers, Speciality
Papers and Market Pulp and Energy.

The figures in the financial statement are unaudited.





Calculation of key ratios

                            (Result from continuing operations
Return on equity (%)      = before tax
                            - direct taxes) per (Shareholders'
                            equity (average))

                            (Result from continuing operations
                            before tax
Return on capital           + interest expenses,net exchange
employed (%)              = gains/losses and other financial
                            expenses) per (Shareholders'  equity
                            + interest-bearing borrowings
                            (average))

Equity ratio (%)          = (Shareholders'  equity) per (Total
                            assets - advance payments received)

Gearing ratio (%)         = (Interest-bearing borrowings)
                            per (Shareholders'  equity)

                            (Interest-bearing borrowings
Net gearing ratio (%)     = - liquid funds
                            - interest-bearing receivables)
                            per (Shareholders'  equity)

                            (Profit attributable to shareholders
Earnings per share        = of parent company)
                            per (Adjusted number of shares
                            (average))

                            (Equity attributable to shareholders
Shareholders'equity per   = of parent company)
share                       per (Adjusted number of shares at the
                            end of period)





Sales and result
 by segment
                    2009   2009   2009   2008  2008  2009  2008  2008
EUR million           Q3     Q2     Q1     Q4    Q3 Q1-Q3 Q1-Q3
Consumer
Packaging            250    237    226    248   274   713   814 1,061
Office Papers        133    131    147    174   203   411   630   804
Speciality
Papers                80     82    117    147   153   279   475   622
Market Pulp and
Energy               132    116    134    150   172   382   494   644
Other operations
                      56     40     34     57    77   130   246   323
Internal sales       -33    -21    -35    -54   -53   -89  -175  -218
Sales                618    585    623    722   826 1,826 2,514 3,236

Consumer
Packaging             51     24     15     11    37    90    97   108
Office Papers          0     -3     -2     -3    11    -5    38    35
Speciality
Papers                -7    -17    -33     -1     7   -57    46    45
Market Pulp and
Energy                -6    -10     -4      8    23   -20   140   148
Other operations
                     -11    -17    -24    -33   -29   -52   -49   -82
EBITDA                27    -23    -48    -18    49   -44   272   254
  % of sales         4.4   -3.9   -7.7   -2.5   5.9  -2.4  10.8   7.8

Consumer
Packaging             31      4    -17    -13    17    18    37    24
Office Papers        -15    -18    -17    -38    -6   -50   -15   -53
Speciality
Papers               -10    -23    -40    -75    -3   -73    16   -59
Market Pulp and
Energy               -15    -19    -18     -2    12   -52   108   106
Other operations
                     -15    -17    -26    -33   -28   -58   -46   -79
Operating result
                     -24    -73   -118   -161    -8  -215   100   -61
  % of sales        -3.9  -12.5  -18.9  -22.3  -1.0 -11.8   4.0  -1.9

Non-recurring
items
Consumer
Packaging              0     -1    -16     -4     0   -17    -1    -5
Office Papers         -2      0      0    -24     0    -2     0   -24
Speciality
Papers                 1     -1    -28    -67     0   -28    23   -44
Market Pulp and
Energy                -1      0     -6      0     0    -7    74    74
Other operations
                       0     -1     -3    -14   -11    -4   -12   -27
Non-recurring
items
in operating
result                -2     -3    -53   -110   -11   -58    84   -26

Consumer
Packaging             51     25     19     11    37    94    98   109
Office Papers          0     -3     -2     -1    11    -5    38    37
Speciality
Papers                -8    -16     -5      1     7   -29    22    23
Market Pulp and
Energy                -6    -10     -3      8    23   -19    65    73
Other operations
                     -11    -16    -22    -15   -18   -48   -35   -50
EBITDA, excl.
non-recurring
items                 26    -20    -13      4    60    -7   188   192
  % of sales         4.2   -3.4   -2.1    0.6   7.3  -0.4   7.5   5.9

Consumer
Packaging             31      5     -1     -9    17    35    38    29
Office Papers        -13    -18    -17    -14    -6   -48   -15   -29
Speciality
Papers               -11    -22    -12     -8    -3   -45    -7   -15
Market Pulp and
Energy               -14    -19    -12     -2    12   -45    34    32
Other operations
                     -15    -16    -23    -18   -17   -54   -34   -52
Operating result,
excl.
non-recurring
items                -22    -70    -65    -51     3  -157    16   -35
  % of sales        -3.6  -12.0  -10.4   -7.1   0.4  -8.6   0.6  -1.1

Return on capital
employed %
Consumer
Packaging           16.4    2.1   -8.8     -6   8.3   3.1   6.1   3.2
Office Papers        -13  -13.7  -12.4  -25.6  -3.2 -12.9  -2.2  -7.4
Speciality
Papers               -16  -32.2  -43.4  -63.5  -2.3 -29.6   4.7 -14.3
Market Pulp and
Energy              -7.3   -9.2   -8.4   -1.3   5.1  -8.2    17  12.6
Group               -2.3  -10.2  -13.4  -19.7  -0.5  -8.5   4.9  -1.3

Capital employed,
EUR million
Consumer
Packaging            744    771    774    801   839   744   839   801
Office Papers        479    501    517    556   645   479   645   556
Speciality
Papers               225    241    312    415   518   225   518   415
Market Pulp and
Energy               830    822    876    899   929   830   929   899
Unallocated and
eliminations         541    611    609    822   -12   541   -12   822
Group              2,819  2,946  3,088  3,493 2,919 2,819 2,919 3,493


The capital employed for a segment included 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).





Deliveries              2009 2009 2009 2008 2008   2009   2008  2008
1,000 tonnes              Q3   Q2  Q1   Q4   Q3   Q1-Q3  Q1-Q3
Consumer Packaging       315  296  274  303  348    885  1,041 1,345

Office Papers            199  190  203  237  270    592    844 1,081
Speciality Papers         76   80  118  157  168    274    524   680
Paper business, total    275  270  321  394  438    866  1,368 1,761
Market Pulp              328  327  287  264  291    942    850 1,115

Production
1,000 tonnes
Consumer Packaging       323  275  292  293  347    890  1,043 1,336

Office Papers            181  202  199  177  226    582    728   905
Speciality Papers         75   74   99  160  170    248    546   705
Paper business, total    257  276  298  337  396    831  1,274 1,610
Metsä-Botnia pulp 1)     219  210  231  235  270    660    755   990
M-real pulp              263  264  277  303  377    804  1,183 1,486

1) corresponds to M-real's ownership share of 30% in Metsä-Botnia

About Us

Metsä Boardwww.metsaboard.com Metsä Board is a leading European producer of premium fresh fibre paperboards including folding boxboards, food service boards and white kraftliners. Our lightweight paperboards are developed to provide better, safer and more sustainable solutions for consumer goods as well as retail-ready and food service applications. We work together with our customers on a global scale to innovate solutions for better consumer experiences with less environmental impact. The pure fresh fibres Metsä Board uses are a renewable resource, traceable to origin in sustainably managed northern forests. The global sales network of Metsä Board supports customers worldwide, including brand owners, retailers, converters and merchants. In 2016, the company’s sales totalled EUR 1.7 billion, and it has approximately 2,500 employees. Metsä Board, part of Metsä Group, is listed on the Nasdaq Helsinki.

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