Metsäliitto Group Interim Report January - June 2006
Metsäliitto Group STOCK EXCHANGE RELEASE
27.7.2006 1 p.m.
Metsäliitto Group Interim Report January - June 2006
Metsäliitto Group's operating profit, excluding non-recurring items, was 109
million euro in the first half of the year
Result for the first six months of 2006
. Sales EUR 4 672 million (EUR 4 321 million in 1-6/05). Growth compared with
corresponding period last year was 8 per cent.
. Operating profit excluding non-recurring items was EUR 109 million (EUR 24
million in 1-6/2005) and after non-recurring items EUR 71 million (EUR 18
million in 1-6/05).
. Result before tax was EUR -16 million (EUR -131 million in 1-6/05).
Result for second quarter of 2006
. Sales EUR 2 314 million (EUR 2 134 million in Q2/05). Growth compared with
corresponding period last year was 8 per cent.
. Operating profit excluding non-recurring items was EUR 27 million (EUR -41
million in Q2/2005) and after non-recurring items EUR -11 million (EUR -56
million in Q2/05).
. Result before tax was EUR -60 million (EUR -149 million in Q2/05).
Events in the second quarter
. The Metsäliitto Group's Paper and Board Industry (M-real) sold the French
Pont Sainte Maxence special paper mill. A 35 million euro loss from
assignment was booked from the divestment. In addition, investment and
maintenance shutdowns, the strike in the Finnish paper industry and non-
recurring costs from increasing operational efficiency depressed the result
in the second quarter.
. The Pulp Industry's (Metsä-Botnia) Uruguay investment is progressing
according to plan. The company received support from the International
Court of Justice in The Hague to continue construction work in July.
. The Wood Products Industry's (Finnforest) result was better than expected.
Tissue and Cooking Papers' (Metsä Tissue) result was in line with
expectations.
"The second quarter proved that construction of the new Metsäliitto Group is
progressing according to plan. We can be especially satisfied with the improved
performance of the Wood Products Industry. During the rest of the year we must
focus increasingly on improving the profitability of the Paper and Board Industry
- that is, M-real."
Kari Jordan, President & CEO, Metsäliitto Group
Metsäliitto Group
Income statement 2006 2005 2006 2005 2005
(EUR mill.) 1-6 1-6 QII QII 1-12
Sales 4672 4321 2314 2134 8643
Other operating income 89 78 43 35 148
Operating expenses -4441 -4121 -2249 -2094 -8182
Depreciation and impairment
losses -249 -260 -119 -131 -559
Operating profit 71 18 -11 -56 50
Share of results in
associates 2 -2 2 -2 4
Net exchange gains / losses 2 -23 -6 -12 -27
Other financial income &
expenses -91 -124 -45 -79 -187
Result before tax -16 -131 -60 -149 -159
Income tax -25 13 -1 20 15
Result for the period -41 -118 -61 -129 -144
Metsäliitto Group
Key figures 2006 2005 2006 2005 2005
1-6 1-6 QII QII 1-12
Return on capital employed, % 2.6 0.8 -0.2 -3.5 1.2
- " -, excluding non-recurring
items 3.7 0.9 2.1 -2.5 2.1
Return on equity, % -3.1 -8.7 -9.3 -19.0 -5.3
- " -, excluding non-recurring
items -0.2 -7.9 -3.5 -16.1 -3.1
Equity ratio, % 29.7 31.4 29.7 31.4 30.5
Net gearing ratio, % 148 131 148 131 137
Interest-bearing net liabilities,
EUR mill. 3870 3453 3870 3453 3631
Capital expenditure, EUR mill. 389 330 221 159 692
Personnel at the end of period 30115 30767 30115 30767 29007
Business areas
Sales and Operating profit
1-6/2006 Tissue
(EUR mill.) Wood Paper and and
Wood Products Pulp *) Board Cooking
Supply Industry Industry Industry Papers
Sales 740 1065 611 2819 376
Other operating income 9 6 17 69 5
Operating expenses -723 -996 -489 -2743 -349
Depreciation &
impairment losses -3 -35 -50 -185 -25
Operating profit 23 40 89 -40 7
*) Represents 100%. The Metsäliitto Group consolidates 53% of the Pulp Industry's
figures.
The interim report is unaudited
INTERIM REPORT January - June 2006
Sales and result
The Metsäliitto Group's January-June sales grew by 8 per cent compared with the
corresponding period last year and amounted to EUR 4 672 million (4 321). The
corresponding figure for 2005 is not fully comparable due to a labour conflict in
the Finnish forest industry.
Operating profit, excluding non-recurring items, was EUR 109 million (24). Non-
recurring costs were EUR 54 million (15) and non-recurring income was EUR 16
million (9). Non-recurring costs consisted of a EUR 35 million loss from
assignment from the Paper and Board Industry's Pont Sainte Maxence paper mill,
EUR 13 million from a restructuring programme at the Alizay paper mill and EUR 6
million from the restructuring programmes at the Stockstadt and Hallein mills. A
majority of the non-recurring income consisted of a group reserve of EUR 12
million generated from Metsä Tissue's special issue. In addition, EUR 4 million
was entered as income from real estate sales.
Operating profit after non-recurring items was EUR 71 million (18). Sales and
operating profit increased considerably in the review period compared with the
corresponding figures from last year. The key factor for the improvement was the
labour conflict in the Finnish forest industry in the second quarter of 2005.
Group operating profit was weaker in the second quarter than in the first
quarter. Seasonally weakened demand and continuously increasing raw material and
energy costs depressed profitability in the Paper and Board Industry in
particular. In addition, investment and maintenance shutdowns, the strike in the
Finnish paper industry and non-recurring costs from actions to increase
operational efficiency depressed the result in the second quarter.
The Wood Products Industry clearly improved its operating profit. The improvement
was a result of a good market and pricing environment, a clearer strategy, as
well as implemented cost-cutting measures.
The Metsäliitto Group's net financial expenses were 1.8 per cent of sales (3.4).
Financial income was EUR 15 million (8), income from associates was EUR 2 million
(-2) and financial expenses were EUR 106 million (132). Net exchange gains/losses
were EUR 2 million (-23).
Result before tax was EUR -16 million (-131). Taxes, including the change in
deferred tax liability, were EUR -25 million (+13). The net result for the period
was EUR -41 million (-118), of which EUR +14 million (-42) was attributable to
the owners of the parent cooperative and EUR -55 million (-76) to the minority
interest.
The Group's return on capital employed in January-June was 2.6 per cent (0.8) and
return on equity was -3.1 per cent (-8.7). Excluding non-recurring items, return
on capital employed was 3.7 per cent (0.9) and return on equity was -0.2 per cent
(-7.9).
Balance sheet and financing
The Group's total liquidity was EUR 1.8 billion at the end of June (12/05: 1.6).
Of this, EUR 0.2 billion (0.2) was in terms of liquid assets and investments and
EUR 1.6 billion (1.4) in binding credit-facility agreements not included in the
balance sheet. For its short-term financing needs, the Group also had around EUR
0.7 billion in non-committed domestic and foreign commercial paper programmes and
forward credits.
The Group's equity ratio was 29.7 per cent in June and gearing was 148 per cent
(12/05: 30.5% and 137%). Interest-bearing net liabilities stood at EUR 3 870
million (12/05: 3 631).
Metsäliitto Cooperative's member's capital grew by EUR 15 million in the first
half of the year. The actual member's capital grew by EUR 7 million, the
additional members' capital A grew by EUR 5 million and the additional members'
capital B grew by EUR 3 million.
In April, the Representative Council of Metsäliitto Cooperative decided that
interest of 6.5 per cent would be paid on statutory members' capital (6.5%),
interest of 5.5 per cent on additional members' capital A (5.5%) and 4.0 per cent
on additional members' capital B (4.0%). The total interest payout for 2005
amounts to EUR 37.4 million (34.2). At the end of June, Metsäliitto Cooperative
had 130 916 members (130 771).
In March, Metsäliitto Cooperative signed a binding syndicated credit limit
agreement amounting to EUR 560 million. The loan is connected to Finnforest
Corporation's merger with the Metsäliitto Cooperative and was used to renew
previous loan arrangements. The loan period is five years.
In June, Metsäliitto Cooperative issued bonds of EUR 195 million to Finnish
investors. The issue was part of Metsäliitto's normal financing of operations.
Personnel
The Metsäliitto Group employed an average of 29 359 people during the period (29
340). At the end of June the personnel amounted to 30 115 (31 December 2005: 29
007). The growth in personnel was caused by seasonal personnel and the Tento deal
confirmed in April, in which approximately 600 people were transferred to
Metsäliitto's payroll.
Investments, acquisitions and divestments
The Metsäliitto Group's investments in property, plant and equipment, and
acquisitions were EUR 389 million in January-June (330).
Metsä Tissue's Tento deal received final approval from the competition
authorities in April. The Slovakian company Tento a.s. is a leading supplier of
tissue paper in central Eastern Europe. Tento is included in the Metsäliitto
Group's financial statement as of May.
The Svir Timber sawmill built by Metsä-Botnia in Russia was inaugurated in June.
The annual capacity of the sawmill, which started operating in April, is 200 000
cubic meters and it employs 130 people. The total investment was EUR 55 million.
In March, Finnforest sold the chipboard operations of Tiwi located in Keuruu,
Finland and in May, it sold its entire share capital of the wood products trading
company Finnforest Romania s.r.l.
On 30 June, M-real announced it had sold the French Pont Sainte Maxence special
paper mill to the German company Arques Industries. A EUR 35 million loss from
assignment was booked in the second quarter result from the divestment.
The investment project at M-real's Simpele board mill was completed in early
April. The mill's capacity will rise to 225 000 tonnes per year as a result of
the investment.
Uruguay's pulp mill project
The Uruguay pulp mill investment is progressing in accordance with the planned
schedule and budget. Argentina had demanded immediate discontinuation of the
work, but the International Court of Justice in The Hague refused the demands
regarding discontinuation in July. The mill, which will manufacture one million
tonnes of pulp, is expected to start up in the third quarter of 2007. The
estimated project cost is USD 1.1 billion. The building site currently employs 2
600 people.
The availability of wood raw material for the Uruguay pulp mill was ensured at
the beginning of the project; 70 per cent of the wood raw material needed by the
pulp mill will be derived from the company's own plantation, 20 per cent will be
procured from private forest owners based on long-term acquisition contracts and
the remaining 10 per cent will be supplied by Grupo Ortegui, which is one of the
largest private forest owners in Uruguay. Grupo Ortegui owns 7.5 per cent of
Botnia S.A.'s shares, which is responsible for the pulp mill project.
Organisation
Finnforest Corporation and the Metsäliitto-Yhtymän Tehdasmittaus Oy were merged
with the parent company Metsäliitto Cooperative on 31 March 2006.
Business areas
Wood Supply (Metsäliitto and Thomesto)
Wood Supply's sales in January-June were EUR 740 million (674). Of this, domestic
wood supply represented EUR 589 million (522). Operating profit was EUR 23
million (14), of which the domestic share was EUR 17 million (13). The operating
profit includes capital gains on real estate sales of EUR 4 million.
Due to the labour conflict in the forest industry last summer, Metsäliitto's wood
delivery volumes to mills in Finland increased by over 15 per cent during the
period compared with the previous year, which also improved the profitability of
wood supply. Delivery volumes, including chips, were approximately 13.1 million
cubic meters (11.3), of which the share of round wood was approximately 9.3
million cubic meters (7.5).
The company fell clearly short of its purchase target, particularly in pine and
spruce logs, even though the market share was close to normal. The price level of
softwood logs was on the rise and the price development for other wood species
remained stable.
In pine log purchases Metsäliitto introduced new short and low-diameter log
measures in May. The change increases the amount of logs that can be derived from
pine felling sites and forest owners' harvesting income.
In Russia, Svir Timber mill's log and chip deliveries progressed according to
plan. Imports to Finland were slightly lower than budgeted, mainly due to changes
in customs regulations. Wood imports to Finland were 2.0 million cubic meters
(1.8). High demand for fuelwood in Central Europe tightens competition and raises
the price of pulp wood.
In Finland, wood purchasing kicked off slowly compared with previous years and
only picked up in June. The reserve level of softwood logs is currently low and
delivery disruptions are possible in early autumn.
Wood Products Industry (Finnforest)
The Wood Products Industry's sales were EUR 1 065 million (1 021) and operating
profit EUR 40 million (14).
The positive development was, in addition to implemented cost cuts, supported in
particular by the good market situation in sawn goods, plywood and beam products.
Low-rise residential building has continued at a good level both in Finland and
Sweden. Renovation and interior decoration is also on the rise. In Germany, the
order book for building and construction has increased by 10 per cent compared
with the corresponding period last year. Growth has also been good in Eastern
Europe.
The demand for pine sawn goods is on the rise due to customers' lower than
average stocks, and price increases are likely to continue in the third quarter.
The demand for spruce sawn goods is at a normal level, but the log shortage in
Europe and Russia is raising prices.
The demand for birch and softwood plywood remains good and prices are stable.
Demand for Kerto and glulam products has increased due to a rise in construction.
The prices for Kerto have been stable and for glulam on the rise.
Pulp (Metsä-Botnia)
The sales of the Pulp Industry were EUR 611 million (404). The pulp market
strengthened during the first half of the year and simultaneously pulp demand
increased due to reduced capacity as old plants have been shut down in Canada and
the US.
Currency-denominated market prices of softwood pulp were, on average, 2 per cent
higher in the first half of the year compared with the corresponding period last
year. The average price of hardwood pulp increased by 7 per cent. During this
year, the price of softwood pulp rose by 15 per cent in Europe and stood at 690
dollars per tonne in June. Similarly, hardwood pulp rose by 8 per cent and stood
at 640 dollars.
The operating profit of the Pulp Industry was EUR 89 million, which was clearly
better than in the corresponding period last year (1-6/05: EUR -4 million). Due
to the labour conflict in the Finnish forest industry, pulp mills were closed for
more than six weeks last year.
The effect of the competitors' shutdowns of old pulp mills in Canada and the US
will continue to result in lower supply from North America in the second half of
the year. New capacity is being built in South America. Most suppliers have
announced a 20 dollar increase in pulp prices from the beginning of July.
Paper and Board (M-real)
The Paper and Board Industry's January-June sales were EUR 2 819 million (2 603).
Operating profit, excluding non-recurring items, was EUR 14 million (-27). The
increase in delivery volumes improved the operating result for the period, which
in the corresponding period last year was depressed by a labour conflict in the
Finnish forest industry. Average selling prices for both fine paper and board
were at the same level as last year. The operating profit was weakened by
increased energy costs, investment and maintenance shutdowns, and a two-day
strike in the Finnish paper industry in May.
Operating profit after non-recurring items was EUR -40 million (43). Non-
recurring items totalled EUR -54 million (+70), and consisted of a EUR 35 million
loss from assignment from Pont Sainte Maxence paper mill, EUR 13 million from a
restructuring programme at the Alizay paper mill and EUR 6 million from
restructuring programmes at the Stockstadt and Hallein mills. The most
significant non-recurring item in the comparison year was the capital gain of EUR
81 million from the divestment of an 8 per cent holding in Metsä-Botnia.
Net financial expenses totalled EUR 55 million (109). Net interest and other
financing costs were EUR 59 million (80) and income from associates was EUR -1
million (-3). Net exchange gains/losses booked in financial items were EUR 5
million (-26).
Result before tax was EUR -95 million (-66), earnings per share were EUR -0.30 (-
0.14) and return on capital employed was -1.1 percent (2.2). Excluding non-
recurring items, result before tax was EUR -41 million (-132), earnings per share
were EUR -0.15 (-0.35) and return on capital employed was 1.1 per cent (-0.7).
The equity ratio at the end of June was 35.0 per cent and gearing was 108 per
cent (31 December 2005: 36.6% and 95%).
On 30 June, Standard & Poor's Ratings Services placed the rating for M-real's
long-term credits under observation for a possible lowering of the rating from
the current BB- level. After the review period Moody's Investors Services cut M-
real's Ba3 credit rating to a B2 level. The outlook for the rating remains
negative.
Tissue and Cooking Papers (Metsä Tissue)
Tissue and Cooking Paper's sales were EUR 376 million (340). The growth in sales
was due to increased volumes and improved average prices. The Tento consolidation
at the beginning of May also increased sales.
Operating profit amounted to EUR 7 million (9). Profitability was depressed by
high raw material, energy and transportation costs. Actions to improve earnings
did not suffice to compensate for the cost increase.
Investigations by the competition authority
The Finnish competition authority began investigating raw wood procurement prices
and limitation of price competition in the spring of 2004. In April 2006, the
Competition Office delivered a draft as an intermediate report to companies for
comments. Metsäliitto delivered its reply to the Competition Office in May.
Events after the review period
In July, the Metsäliitto Cooperative and Finndomo signed an agreement to transfer
the Hartola module factory's operations to Finndomo on 1 September 2006. After
the deal, Metsäliitto will still own one element line located in the factory
premises that produces elements needed at the Finndomo's Hartola factory.
The International Court of Justice in The Hague refused Argentina's demands
regarding immediate discontinuation of the construction of Metsä-Botnia's pulp
mill in Uruguay. According to the court, the construction of the mill is not an
immediate threat to the nature of the frontier river, tourism or the social
structures of the area.
Outlook
The profitability of the Wood Products Industry improved rapidly in the first
half of the year. A good second half of the year is also expected, even though
July-September earnings are likely to be weaker than the second quarter due to
summer shutdowns. Predictability is hampered by the uncertainty connected with
log availability in the autumn.
The development of the Pulp Industry and Tissue and Cooking Paper business areas
has also been in line with expectations. However, the development of the Paper
and Board Industry has been unsatisfactory in the first half of the year and new
restructuring programmes are planned to turn the development around.
With no significant changes in the operating environment, the Metsäliitto Group
is targeting a clearly positive result for 2006, excluding non-recurring items.
Third quarter profit before tax and excluding non-recurring items is expected to
be better than in the second quarter.
Espoo, 27 July 2006
Metsäliitto Group
Board of Directors
For further information, please contact:
Ilkka Pitkänen, Group CFO, Metsäliitto Group, tel. +358 10 469 4260
Lauri Peltola, Group CCO, Metsäliitto Group, tel. +358 50 570 5606
METSÄLIITTO GROUP
Income statement 2006 2005 2005
(EUR mill.) 1-6 1-6 Change 1-12
Sales 4672 4321 351 8643
Other operating income 89 78 11 148
Materials and services -2897 -2728 -169 -5377
Employee costs -744 -708 -36 -1424
Other operating expenses -800 -685 -115 -1381
Depreciation and impairment
losses -249 -260 11 -559
Operating profit 71 18 53 50
Share of results in
associates 2 -2 4 4
Net exchange gains / losses 2 -23 25 -27
Other financial income and
expenses -91 -124 33 -187
Result before tax -16 -131 115 -159
Income taxes -25 13 -38 15
Result for the period -41 -118 77 -144
Attributable to
Owners of parent company 14 -42 56 -50
Minority interest -55 -76 21 -94
-41 -118 77 -144
Balance sheet 2006 2005 2005
(EUR mill.) 30.6. 30.6. 31.12.
ASSETS
Non-current assets
Intangible assets 873 810 818
Tangible assets 4311 4210 4256
Biological assets 61 55 51
Financial assets
Interest bearing 56 71 68
Deferred tax receivables 86 109 96
Other non-interest bearing 211 194 201
5599 5449 5490
Current assets
Inventories 1241 1134 1293
Receivables
Interest bearing 8 7 5
Non-interest bearing 1782 1617 1706
Cash and cash equivalents 179 196 194
3211 2954 3199
TOTAL 8810 8403 8689
MEMBERS' FUNDS AND LIABILITIES
Members' funds 1324 1304 1328
Minority interest 1288 1326 1317
Total members' funds 2613 2630 2645
Non-current liabilities
Deferred tax liabilities 434 474 439
Retirement benefit
obligations 264 270 270
Provisions 77 63 74
Interest bearing 3503 2878 2915
Other non-interest bearing 77 141 90
4355 3826 3788
Current liabilities
Interest bearing 610 850 983
Non-interest bearing 1232 1097 1273
1842 1947 2256
Total liabilities 6197 5772 6044
TOTAL 8810 8403 8689
Change in members'
funds
(EUR mill.) Members' Retained Minority
Members' funds Jan 1, 2005 capital Reserves earnings interest Total
505 62 783 1428 2778
Translation differences 1 1
Dividends paid -34 -34
Increase in members' capital 25 25
Increase in reserves 3 3
Effects of financial
instruments 0
Transfers 9 -9 0
Other changes 1 1
Minority interest -102 -102
Result for the period -42 -42
Members' funds June 30, 2005 530 74 700 1326 2630
Members' funds Jan 1, 2006 558 74 696 1317 2646
Translation differences -5 -5
Dividends paid -37 -37
Increase in members' capital 15 9 24
Increase in reserves 0
Effects of financial
instruments 0
Transfers 2 -2 0
Other changes 0
Minority interest -29 -29
Result for the period 14 14
Members' funds June 30, 2006 573 85 666 1288 2613
Cash flow statement 2006 2005 2005
(EUR mill.) 1-6 1-6 1-12
Cash flow from operations
Result for the period -41 -118 -144
Adjustments total 332 410 699
Change in working capital -69 -77 -131
Cash generated from operations 222 215 424
Finance costs, net -67 -108 -237
Income taxes paid -32 -34 -52
Net cash from operations 123 73 135
Cash flow from investments
Acquisitions -137 -46 -68
Purchases of assets -252 -284 -538
Sold assets and others 47 191 185
Net cash from investments -343 -139 -420
Cash flow from financing
Change in loans and
other financial items 266 68 286
Dividends paid -62 -58 -58
Net cash flow from financing 204 10 228
Change in cash and cash
equivalents -15 -56 -58
Cash at beginning of period 194 252 252
Change in cash and cash
equivalents -15 -56 -58
Cash at end of period 179 196 194
BUSINESS SEGMENTS
Consumer Packaging I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Sales 494 437 237 199 864
EBITDA 78 56 28 6 134
Depreciation & impairment
losses -45 -46 -23 -23 -89
Operating profit 33 10 5 -17 45
Papers I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Sales 1573 1479 772 732 2988
EBITDA 81 87 0 13 224
Depreciation & impairment
losses -128 -128 -64 -64 -274
Operating profit -47 -41 -64 -51 -50
MAP Merchant Group I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Sales 719 692 354 351 1390
EBITDA 17 17 8 9 25
Depreciation & impairment
losses -3 -4 -1 -2 -7
Operating profit 14 13 7 7 18
Wood Products I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Sales 1065 1021 555 553 1986
EBITDA 75 50 43 33 111
Depreciation & impairment
losses -35 -36 -17 -18 -85
Operating profit 40 14 26 15 26
EBITDA = Result before depreciation and impairment losses
Others I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Operating profit 31 21 14 -11 10
of which
Wood Supply in Finland 17 13 7 -1 25
Internat. Wood Supply 7 1 5 0 8
Tissue and Cooking
Papers 7 9 2 0 24
Others and Group
eliminations 0 -2 0 -10 -47
M-real includes 39% of the Pulp Industry's (Metsä-Botnia) operating profit and
Metsäliitto a further 14% in the business segments Consumer Packaging and Papers.
Production
1 000 units I-II/ I-II/ II/ II/ I-IV/
06 05 06 05 05
Paper, t 2096 1901 1016 875 3985
Paperboard, t 569 421 270 128 985
Sawn goods, m3 2181 2163 1068 1110 4136
Processed timber, m3 584 614 282 315 1181
EW products, m3 487 482 239 256 990
Pulp & CTMP, t (M-real) 862 733 422 350 1533
Pulp, t (Metsä-Botnia) 1244 929 600 276 2177
Quarterly data 2006 2006 2005 2005 2005 2005
(EUR mill.) II I IV III II I
Sales
Consumer Packaging 237 257 231 196 199 238
Papers 772 801 775 735 732 747
MAP Merchant Group 354 365 357 341 351 341
Wood Products 555 510 497 468 553 468
Others & internal
sales 396 425 405 317 299 393
Group sales 2314 2358 2265 2057 2134 2187
Operating profit
Consumer Packaging 5 27 20 15 -17 27
Papers -64 17 -22 13 -51 10
MAP Merchant Group 7 7 0 5 7 6
Wood Products 26 14 9 3 15 -1
Others 14 17 -20 9 -11 32
Group operating profit -11 82 -13 45 -56 74
- % of sales -0.5 3.5 -0.6 2.2 -2.6 3.4
Share of results
in associates 2 0 4 1 -2 0
Net exchange gains /
losses -6 8 -4 0 -12 -11
Other fin. income &
expenses -45 -45 -29 -33 -79 -45
Result before tax -60 45 -42 13 -149 18
Income taxes -1 -24 8 -5 20 -7
Result for the period -61 21 -34 8 -129 11
Metsäliitto is the tenth biggest forest industry group in the world. Its five
business areas include wood supply, wood products industry, pulp production and
producing of paper and board as well as tissue paper. Its sales are about 8.6
billion euro. With almost 30 000 employees, the Metsäliitto Group parent company
Metsäliitto Cooperative and subsidiaries Metsä-Botnia, M-real and Metsä Tissue
have own presence in nearly 30 countries.
