METSÄLIITTO GROUP INTERIM REPORT JANUARY
METSÄLIITTO GROUP RELEASE
26 July 2004 at 1.00 p.m.
METSÄLIITTO GROUP INTERIM REPORT JANUARY JUNE 2004
Turnover EUR 4,344 million (1-6/2003: EUR 4,277 million)
Loss before extraordinary items EUR 35.1 million (1-6/2003: EUR +60.0
million)
Return on capital employed 1.8% (1-6/2003: 4.2%)
Equity ratio 34.5% (35.0% at 31 December 2003)
TURNOVER AND FINANCIAL RESULTS
Turnover for the Metsäliitto Group for the six months January June
was EUR 4,344 million, up 1.6 per cent on last years corresponding
figure of EUR 4,277 million.
Operating profit for the review period was EUR 55.2 million (131.1).
The smaller operating profit is due mainly to lower sales prices for
paper and to the strengthening of the euro by 11.1 per cent against
the dollar. Operating profit includes capital gains of EUR 19 million
realized from the sale of Metsä Tissue.
Production volumes were slightly higher than for the first half of
last year. The Groups paper machines operated at an average 87 per
cent of capacity (87) and the board machines at 87 per cent of
capacity (86). Botnias pulp mills operated at 93 per cent of capacity
(91). Production of sawn goods was about six per cent higher than last
year.
Net financial expenses were 2.1 per cent of turnover (1.6). Financial
income was EUR 12.3 million (26.0) and financial expenses EUR 102.6
million (97.1). Financial items include exchange gains of EUR 5.7
million (11.2). Before extraordinary items there was a loss of EUR
35.1 million (profit of 60.0).
Direct taxes, including the change in deferred tax liability, were EUR
10.4 million (-19.4). Minority interest was EUR 36.9 million (-13.6)
and profit for the period was EUR 12.2 million (27.0).
Return on capital employed for the first half of the year was 1.8 per
cent (4.2).
BALANCE SHEET AND FINANCING
At the end of June the equity ratio was 34.5 per cent and the gearing
ratio 121 per cent (35.0% and 117% at 31 December 2003). Interest-
bearing net liabilities were EUR 3,560 million (3,469 million at 31
December 2003).
The Groups total liquidity at the end of June was EUR 2.0 billion
(1.6 billion at 31 December 2003). Of this amount EUR 0.2 billion was
in the form of liquid funds and investments (0.2) and EUR 1.8 billion
in the form of committed credit facilities not shown in the balance
sheet (1.4). For its short-term financing needs the Group also had
around EUR 0.7 billion available in non-committed domestic and foreign
commercial paper programmes and forward credits.
CAPITAL EXPENDITURE
Gross capital expenditure on fixed assets and company acquisitions by
the Metsäliitto Group during the first half of the year totalled EUR
132 million (285).
Kaskinens BCTMP mill investment project is progressing according to
plan. The main items of equipment, together with the suppliers, have
been chosen. Excavation work on the mill site started at the end of
March and the construction of the mill in July. The mill will have a
capacity of 300,000 t/a of bleached chemi-thermomechanical pulp, and
start-up is planned for August 2005.
ACQUISITIONS
During the first quarter, Metsäliitto Cooperative bought 66 per cent
of Metsä Tissue Corporation, Finnforest bought the German company
Merk GmbH, and Moelven bought the building modules manufacturer
Mobilarum AB. The Are-Group became part of Moelvens sawmilling
division at the beginning of 2004.
At the beginning of June, Finnforest sold 9.9 per cent and Metsäliitto
Cooperative 2.1 per cent of the shares of Moelven Industrier ASA.
Moelvens new owners are the Norwegian forest owners associations
Haldenvassdraget (3.0%) and Agder-Telemark (4.5%). The forest owners
associations Glommen (17.8%) and Mjøsen (9.4%) raised their stakes in
the company. Following these transactions, Finnforest owns 51.0 per
cent of Moelvens shares and Metsäliitto Cooperative 14.2 per cent.
Also in June, the Metsäliitto subsidiary Thomesto acquired 44 per cent
of the Russian wood procurement company Vologodskie
Lesopromyshlenneki. The company is one of the biggest procurers of
wood raw material in the Vologda region of northwest Russia, and has
supplied over 600,000 cubic metres of wood raw material to Finland in
the past few years.
PERSONNEL
The average number of employees during the first half of the year was
29,741 (30,459). The number at the end of June was 30,712 (31,372),
compared with 29,173 at the end of 2003.
On 24 May 2004, Metsäliitto Cooperatives Supervisory Board appointed
Senior Executive Vice President Kari Jordan to the post of President
and CEO of Metsäliitto Cooperative and deputy to the Groups President
and CEO with effect from 1 January 2005. Kari Jordan will take over as
Group President and CEO on 1 January 2006, with the present incumbent
Antti Oksanen due to take scheduled retirement in summer 2006. Kari
Jordan is at present a member of the Group Management of Nordea Bank
AB, where he is responsible for retail banking operations.
On 10 June 2004, the Board of Directors of M-real Corporation
appointed Metsäliitto Group Senior Vice President and CFO Hannu
Anttila as the companys new President and CEO. Hannu Anttila took
over as Senior Executive Vice President of M-real Corporation on 1
July 2004. He will become Chief Operating Office on 1 October and
President and CEO on 1 January 2005, when the current President and
CEO Jouko M. Jaakkola retires. Hannu Anttilas previous posts include
CFO of Metsä-Serla Corporation, Senior Executive Vice President of
Metsä-Botnia, and CEO of Metsä Tissue Corporation.
INSPECTIONS BY THE COMPETITION AUTHORITY
On 25 May 2004, representatives of Finlands competition authority
conducted inspections, without notice, at the premises of several
forest products companies, including those of Metsäliitto Cooperative
and Stora Enso Oyj. The inspections came in response to information
supplied to the authority on 3 May 2005 by UPM-Kymmene Corporation.
The purpose of the inspections was to determine whether the forest
products companies in question had exchanged confidential information
concerning the purchasing prices of wood raw material, and had
discussed ways of limiting competition between these companies over
prices on the market for wood raw material.
The European Commissions competition authority also carried out
inspections at the premises of M-real Corporation. These concerned
ongoing investigations of alleged collaboration between competing
suppliers of fine paper.
The investigations relating to wood raw material trading could be
completed by the end of this year, but no statement by the European
Commission concerning alleged collaboration in the fine paper industry
is expected for at least two years.
METSÄLIITTO COOPERATIVE
Metsäliitto Cooperatives turnover for the first half of the year was
EUR 604 million (579). Operating profit was EUR 10.8 million, (9.6)
1.8 per cent of turnover (9.6 million and 1.7%). Profit before
extraordinary items was EUR 73.7 million (88.4). The figure includes
dividend income of EUR 62.8 million (81.9). Return on capital
employed for the review period was 8.4 per cent (11.0).
The equity ratio at the end of June was 60.8 per cent (67.0% at 31
December 2003). Members capital totalling EUR 58.3 million has been
received since the start of the year (45.2). Members capital has
increased by EUR 22.2 million, additional members capital A by EUR
29.0 million and additional members capital B by EUR 7.1 million. At
the end of June, Metsäliitto had altogether 130,391 members (131,213
at 31 December 2003).
Capital expenditure for the first half of the year was EUR 105
million (3). The most notable investment concerned the acquisition by
Metsäliitto Cooperative of 66 per cent of Metsä Tissues business
operations from M-real at the beginning of January.
Wood markets
Trading in wood raw material has proceeded as normal since the start
of the year. Metsäliittos wood purchases for the first half of the
year were approximately 7.6 million cubic metres (8.4), just under
half of the purchasing target for the year. Additionally, some 0.4
million cubic metres of wood was purchased for energy generation
(0.4). In line with the target, sawlogs made up a large proportion of
the wood purchased. Prices for all types of wood were the same as last
autumn.
Wood consumption by the Groups mills during the first six months was
much higher than budgeted. In view of the high volume of deliveries,
Metsäliittos reserves of sawlogs are currently slightly lower than
normal. Reserves correspond to about four months demand.
Metsäliittos domestic wood procurement operations were reorganized
during the spring. Under the new process-based business model there
are five procurement areas and delivery units, and 18 procurement
districts. The new organization came into effect on 1 July 2004.
Outlook
In the spring, Metsäliitto raised its purchasing target for the year
from 16.9 million cubic metres to 17.5 million. While all wood species
are equally in demand, purchasing will continue to focus on spruce log
stands suitable for summer harvesting. Wood trading will have to
proceed normally if the purchasing target is to be reached. The
decline in prices for wood products means that there is no possibility
of an increase in sawlog prices.
METSÄ TISSUE
Growth in demand for tissue products in Europe has been well below the
long-term average. At the same time, increased production capacity has
led to over-supply and greater competition over prices.
Despite the increasingly difficult market, Metsä Tissue has succeeded
in raising its sales volumes and has kept its position in the market.
First-half turnover was EUR 336 million (334) and operating profit
EUR 12.6 million (20.0). The smaller operating profit is due to
greater depreciation arising from transactions completed in January.
Greater efficiency and the resulting improvement in cost-
effectiveness have helped to compensate for losses due to lower sales
prices.
The Consumer Hygiene business area continues to develop in line with
the targets both in the Nordic countries and in Western Europe. Among
the products launched in Germany was a new bathroom tissue impregnated
with Aloe Vera. In Poland, the start-up of new investments has taken
more time than expected in areas such as base tissue production and
further processing.
The Away-from-Home business area developed its operations in Western
Europe and Poland as planned. In the Nordic countries the business
area is slightly behind its sales targets. Sales and profitability for
the Table Top and Baking & Cooking business areas are in line with
expectations.
Outlook
Tissue markets will continue to be affected by fierce price
competition. Profit expectations are also dimmed by higher than
anticipated raw material costs.
FINNFOREST
Finnforest produced a first-half turnover of EUR 999 million, some 9
per cent higher than last years corresponding figure of EUR 919
million. Operating profit was EUR 16.0 million (19.8), and before
extraordinary items there was a loss of EUR 1.3 million (profit of
3.5 million). Return on capital employed was 3.4 per cent (4.4).
Second-quarter profit before extraordinary items was EUR 2.5 million,
an improvement of EUR 6.3 million on the first quarter. This is
attributable to the fact that the efficiency programme has gone ahead
faster than planned. There has been no significant turn for the
better in the market, and sawn timber prices have fallen more than
predicted.
At the end of June the equity ratio was 37.2 per cent and the gearing
ratio 112 per cent (39.3% and 106% at 31 December 2003). If capital
loans are included under liabilities, the equity ratio was 28.0 per
cent and the gearing ratio 182 per cent (29.2% and 178% at 31
December 2003).
Engineered Wood
Turnover for the EW division was EUR 162 million (152) and operating
profit EUR 9.5 million (3.2). Demand for plywood has strengthened and
prices for plywood products stopped falling during the second
quarter. Demand for conifer plywood strengthened, particularly in
North America, prompting South American producers to target markets
outside Europe. This in turn had a positive impact on both demand and
prices for European products. The market for birch plywood has also
improved.
At the end of April, Finnforest signed a strategic cooperation
agreement with the Russian laminated veneer lumber manufacturer LVL-
Ugra. Under this agreement, Finnforest is responsible for the start-
up of LVL-Ugras production, for quality control and for creating a
quality system. Finnforest has sole rights to sell and market the
companys products outside Russia and the CIS countries. The company
has an annual production capacity of 40,000 cubic metres, and the
first LVL products were placed on the market this summer.
Demand for I-joists, blockboard and particleboard strengthened during
the second quarter, with a positive impact on financial results. The
ThermoWood and glulam businesses also developed positively.
Production of building modules suffered from the slack market for
office construction.
In June, Finnforest and Sinex Oy signed a cooperation agreement
concerning the design and manufacture of building elements suitable
for bathrooms and other spaces exposed to moisture. The Hartola
housing module project is going as planned and production will start
this autumn.
Solid Wood
First-half turnover for the SW division was EUR 277 million (266).
Operations showed a loss of EUR 0.4 million (profit of 7.7 million).
The decline in profit is due primarily to the fall in sales prices
for sawn timber. The ratio of sawn timber prices to log raw material
prices continues to be extremely unfavourable.
Invoicing prices for sawn timber during the second quarter were more
than 5 per cent lower than during the same period last year. Demand
for Nordic softwood timber on the main markets was normal. The market
was slightly over-supplied with both whitewood and redwood goods.
Sales and distribution
The division produced a turnover of EUR 332 million (291) and an
operating profit of EUR 8.9 million (6.9). The building market showed
only minor signs of picking up during the second quarter. The
situation in North America and Asia has been good throughout the
first six months of the year, and this has reduced supplies on the
European market. Prices for several panel products continued to rise
during the second quarter.
Sales targets were met in Britain and France, but business in Germany
continued to show a loss. Sales in Eastern Europe were as expected.
In Asia, the positive trend continued.
Moelven
Moelven recorded a turnover of EUR 349 million (314) and an operating
profit of EUR 3.1 million (7.9). Moelvens sawmilling business did
not quite reach its target. The main reasons for this were
difficulties in obtaining sufficient sawlogs and, in the case of
redwood goods, the unfavourable ratio between sawlog costs and end
product prices. The planing and distribution business and the glulam
business developed favourably. Following the reorganization of
production and the product portfolio, glulam is now produced at three
factories instead of the previous four.
Construction of office buildings in Scandinavia is slack. This, in
turn, is affecting demand for interior systems. Construction of low-
rise housing, on the other hand, is picking up. Deliveries of modules
for the Snöhvit gas field project were completed on schedule.
Outlook
The third quarter of the year is likely to show a loss due to
seasonal fluctuations and the summer holiday shutdown. The efficiency
programme will continue with particular emphasis on sales and
marketing.
M-REAL
M-real produced a turnover for the first half of the year of EUR
2,715 million (3,103) and an operating loss of EUR 19.1 million
(profit of 82.2 million). Profitability suffered primarily from lower
sales prices for paper and the fall in the exchange rate for the
dollar. Operating profit was also affected by the sale of Metsä
Tissues business operations in January 2004.
Before extraordinary items there was a loss of EUR 77.9 million
(profit of 28.9 million). Financial income was EUR 14.0 million
(22.9) and financial expenses EUR 72.8 million (76.2). Financial
income includes exchange gains of EUR 4.4 million (11.5).
Profit before taxes and minority interest was EUR 117.1 million
(28.9). Capital gains of EUR 195 million from the sale of Metsä
Tissue have been entered under extraordinary income.
Earnings per share for the period were EUR -0.35 (+0.11) and the
return on capital employed was -0.3 per cent (3.2). At the end of
June the equity ratio was 35.8 per cent and the gearing ratio 113 per
cent (31.9% and 137% at 31 December 2003).
Outlook
According to most economic indicators, the European economy will
continue to recover, although growth forecasts for 2004 were revised
downwards during the first half of the year and recovery is likely to
be only slight. Economic recovery in the United States and Asia
continues to be strong.
Deliveries of fine paper to markets outside Western Europe rose during
the first six months. However, the markets for M-reals papers are
still affected by over-supply, and production has to be curtailed in
line with demand. Average prices for paper and folding boxboard are
not expected to change significantly during the third quarter.
For seasonal reasons, profit before extraordinary items for the third
quarter is expected to be slightly better than for the second quarter.
BOTNIA
Both turnover and profitability were better than this period last
year thanks to the improved pulp market and higher delivery volumes.
First-half turnover was up 8 per cent at EUR 536 million (495).
Operating profit was EUR 71.1 million (47.3) and profit before
extraordinary items was EUR 70.2 million (46.2). Return on capital
employed for the first six months was 11.7 per cent (7.7). Botnias
mills operated at 93.5 per cent of capacity (90.9).
Market prices for softwood pulp in foreign currencies were on average
20 per cent higher, and hardwood pulp prices 3 per cent higher, than
in the first half of last year. On the other hand, the US dollar was
11 per cent weaker against the euro than during this period last
year.
So far this year, softwood pulp prices have risen from USD 560/tonne
to around USD 660. Hardwood pulp prices have risen from USD 500/tonne
to USD 550. Stocks held by the World-19 countries at the start of the
year were around 3.6 million tonnes. By the end of May, stocks had
fallen to 3.40 million tonnes.
Botnias financial position is good. At the end of June the equity
ratio was 71.0 per cent and the gearing ratio 1 per cent (70.3% and
3% at 31 December 2003).
Botnia is dealt with as a resource company and its figures are
consolidated in proportion to Metsäliittos ownership (53%). Of this,
47 per cent is allocated to M-reals accounts and 6 per cent to the
Metsäliitto Groups consolidated accounts.
OUTLOOK
Economic recovery in Europe continues to be slow. The rising cost of
raw materials, notably the sharp increase in oil and steel prices,
represents a new threat to recovery of growth. The slide in the value
of the dollar against the euro and other major currencies came to an
end in February, since when the dollar has strengthened by around 4
per cent. This has slightly improved the price competitiveness of
Metsäliittos forest industry operations outside the eurozone.
The Metsäliitto Group made a loss of EUR 35 million for the first half
of the year. The main reason was the fall in sales prices for paper.
For the moment we expect the demand for paper to increase in the near
future. Even if prices were to rise slightly during the second half of
the year, average export prices are likely to be below those of 2003.
For seasonal reasons, results for the third quarter are expected to be
better than for the second; however, profitability is not likely to
improve significantly during the next few months.
Espoo, 26 July 2004
BOARD OF DIRECTORS
For more information:
Mr. Pekka Kivelä, Senior VP, Group Communications,
tel. int +358 1046 94545
JANUARY JUNE 2004
(all figures are unaudited)
Turnover Operating profit
EUR million I-II/04 I-II/03 I-IV/03 I-II/04 I-II/03 I-IV/03
Metsäliitto
Cooperative 604 579 1,154 10.8 9.6 25.5
Thomesto 197 204 375 1.5 4.8 7.6
Biowatti 34 28 55 -0.1 1.4 4.8
Finnforest 999 919 1,791 16.0 19.8 8.6
Metsä Tissue* 336 334 669 12.6 20.0 48.9
-internal sales -332 -326 -638
Total 1,838 1,404 2,737 40.8 35.6 46.5
M-real 2,715 3,102 6,044 -19.1 82.2 73.8
Other &
internal items -209 -229 -463 33.5 13.3 30.8
METSÄLIITTO
GROUP 4,344 4,277 8,318 55.2 131.1 151.1
*figures for 2003 included in M-reals figures
Metsäliitto Cooperatives first-half turnover was up 4 per cent at
EUR 604 million (579). Operating profit improved by 12 per cent to
EUR 10.8 million (9.6). The wood products group Finnforest produced a
turnover of EUR 999 million (919) and an operating profit of EUR 16.0
million (19.8). Metsä Tissues turnover was EUR 336 million (334) and
operating profit EUR 12.6 million (20.0). On a comparative basis,
Metsä Tissues operating profit was the same as last year.
M-real booked a turnover of EUR 2,715 million (3,102) and an
operating loss of EUR 19.1 million (profit of 82.2 million).
Profitability suffered from lower paper prices and the stronger euro.
The Metsäliitto Groups turnover for the period January to June was
EUR 4,344 million, 1.6 per cent up on last years figure of EUR 4,277
million. Operating profit was EUR 55.2 million (131.1). Operating
profit includes capital gains of EUR 19 million realized from the
sale of Metsä Tissue. Before extraordinary items there was a loss of
EUR 35.1 million (profit of 60.0 million). Return on capital employed
for the first six months was 1.8 per cent (4.2). The equity ratio at
the end of June was 34.5 per cent (35.0% at 31 December 2003).
OUTLOOK
The biggest risks to the development of the world economy relate to
the sustainability of growth in the United States and Asia. The
rising cost of raw materials, notably the sharp increase in oil and
steel prices, represents a new threat to recovery of growth. The
slide in the value of the dollar against the euro and other major
currencies came to an end in February, and the dollar has since
strengthened by around 4 per cent.
For the moment we expect the demand for paper to increase in the
near future. Even if prices were to rise slightly during the second
half of the year, average export prices are likely to be below those
of 2003. For seasonal reasons, results for the third quarter are
expected to be better than for the second; however, profitability is
not likely to improve significantly during the next few monthsö, says
President and CEO Antti Oksanen.
(All figures unaudited)
PROFIT AND LOSS 2004 2003 Change 2003
ACCOUNT 1-6 % 1-6 % MEUR 1-12 %
Turnover 4344.3 100 4276.9 100 67.4 8318.3 100
Share of result from
associates 1.2 -1.8 3.0 -6.5
Other operating
income 70.3 43.7 26.6 105.0
Operating expenses -4075.3 -3905.4 -169.9 -7694.9
Depreciation -285.3 -282.3 -3.0 -570.8
Operating profit 55.2 1.3 131.1 3.1 -75.9 151.1 1.8
Net exchange
gains/losses 5.7 11.2 -5.5 19.9
Other financial
income and expenses -96.0 -82.3 -13.7 -210.8
Result before
extraordinary items -35.1 -0.8 60.0 1.4 -95.1 -39.8 -0.5
Extraordinary income 0.0 0.0 0.0 0.9
Extraordinary expenses 0.0 0.0 0.0 -16.0
Result before tax and
minority interest -35.1 -0.8 60.0 1.4 -95.1 -54.8 -0.7
Taxation 10.4 -19.4 29.8 -20.6
Minority interest 36.9 -13.6 50.5 58.9
Result for the period 12.2 0.3 27.0 0.6 -14.8 -16.5 -0.2
BALANCE SHEET 30.6.2004 30.6.2003 31.12.2003
MEUR % MEUR % MEUR %
Assets
Fixed assets 5 445.0 63.4 5 681.7 64.9 5 562.8 65.4
Current assets
Inventories 1 166.9 13.6 1 188.8 13.6 1 154.9 13.6
Other current
assets 1 786.9 20.8 1 710.1 19.5 1 574.6 18.5
Liquid funds 192.0 2.2 172.1 2.0 215.3 2.5
Total 8 590.8 100 8 752.7 100 8 507.6 100
Members´ funds and
liabilities
Members´ capital and
members´ other funds 1 596.2 18.6 1 565.3 17.9 1 555.2 18.3
Capital note loans 139.5 1.6 139.2 1.6 139.3 1.6
Minority interest 1 357.7 15.8 1 489.5 17.0 1 408.0 16.6
Provisions 80.7 0.9 63.5 0.7 85.7 1.0
Liabilities
Long-term 3 491.7 3 591.5 3 605.8
Current 1 925.0 1 903.7 1 713.6
Total 5 416.7 63.1 5 495.2 62.8 5 319.4 62.5
Total 8 590.8 100 8 752.7 100 8 507.6 100
Quarterly data II/04 I/04 IV/03 III/03 II/03 I/03
Turnover 2188.8 2155.5 2017.9 2023.5 2098.5 2178.4
Other operating
income 30.4 39.9 25.1 36.2 28.0 15.7
Operating expenses -2069.1 -2005.0 -1930.1 -1864.0 -1944.0 -1963.2
Depreciation -144.7 -140.6 -146.9 -141.7 -141.5 -140.8
Operating profit 5.4 49.8 -34.0 54.0 41.0 90.1
% of turnover 0.2 2.3 -1.7 2.7 2.0 4.1
Net exchange
gains/losses 4.1 6.2 9.3 -0.6 4.1 7.1
Fin. income and
expenses -45.5 -50.5 -86.4 -42.0 -37.2 -45.1
Result before
extraord. Items -40.6 5.5 -111.1 11.4 7.9 52.1
Turnover, MEUR I-II/04 I-II/03 I-IV/03
Metsäliitto Cooperative 604.4 579.2 1 153.9
Engineered Wood 161.9 151.6 290.3
Solid Wood 276.9 265.6 509.2
Sales and distribution 332.1 291.0 577.9
Moelven 348.8 313.8 604.8
Metsä Tissue 335.6 333.7 669.2
Cartons 414.2 412.5 809.0
Graphic products
and Speciality papers 1 172.2 1 196.7 2 348.0
Offices 328.9 362.1 682.9
Map Merchant Group 693.2 712.5 1 392.6
Others & internal sales -323.9 -341.9 -719.5
Metsäliitto Group 4 344.3 4 276.9 8 318.3
Operating profit, MEUR I-II/04 I-II/03 I-IV/03
Metsäliitto Cooperative 10.8 9.6 25.5
Engineered Wood 9.5 3.2 1.0
Solid Wood -0.4 7.7 3.4
Sales and distribution 8.9 6.9 6.0
Moelven 3.1 7.9 8.6
Metsä Tissue 12.6 20.0 48.9
Cartons 23.8 20.6 33.3
Graphic products
and Speciality papers -9.4 27.0 24.3
Offices -2.7 35.7 48.2
Map Merchant Group 6.7 8.8 6.5
Others & internal sales -7.7 -16.2 -54.6
Metsäliitto Group 55.2 131.1 151.1
Equity ratio, % Gearing ratio, %
II/04 II/03 IV/03 II/04 II/03 IV/03
Metsäliitto Cooperative 60.8 70.7 67.0 -21 -31 -28
Finnforest *) 37.2 38.6 39.3 112 109 106
Finnforest 28.0 28.9 29.2 182 178 178
M-real 35.8 32.9 31.9 113 134 137
Botnia 71.0 68.9 70.3 1 9 3
Metsäliitto Group 34.5 35.1 35.0 121 121 117
*) capital note loan included in equity
Production, 1 000 units I-II/04 I-II/03 I-IV/03
Sawn goods, m3 2 182 2 060 3 958
Processed timber, m3 508 262 691
EW products, m3 443 414 800
Paper, t 2 028 1 954 3 785
Paperboard, t 495 458 913
Pulp & CTMP, t (M-real) 750 721 1 439
Pulp, t (Botnia) 1 232 1 169 2 391
