2015-08-06 11:01:00 CEST
2015-08-06 11:01:04 CEST
REGULATED INFORMATION
Metsäliitto Osuuskunta - Interim report (Q1 and Q3)
Metsä Group's operating result for January–June 2015 excluding non-recurring items was EUR 266 million
Metsä Group Interim Report 1-6/2015 Stock Exchange Release 6 August 2015 at
12.00 noon EET
Result for January-June
- Sales were EUR 2,585 million (1-6/2014: EUR 2,519 million).
- Operating result excluding non-recurring items was EUR 266 million (197).
Operating result including non-recurring items was EUR 272 million (230).
- Result before taxes excluding non-recurring items was EUR 230 million (157).
Result before taxes including non-recurring items was EUR 234 million (189).
- Return on capital employed excluding non-recurring items was 13.8 per cent
(11.3).
- Cash flow from operations was EUR 333 million (193).
Result for April-June
- Sales were EUR 1,330 million (4-6/2014: EUR 1,265 million).
- Operating result excluding non-recurring items was EUR 137 million (92).
Operating result including non-recurring items was EUR 154 million (160).
- Result before taxes excluding non-recurring items was EUR 114 million (77).
Result before taxes including non-recurring items was EUR 128 million (146).
- Return on capital employed excluding non-recurring items was 14.1 per cent
(10.3).
- Cash flow from operations was EUR 266 million (226).
Events during the second quarter
- Metsä Group made the decision to build a bioproduct mill in Äänekoski.
- Sales volume in the pulp industry increased by 15 per cent compared to the
first quarter.
- Paperboard deliveries continued to grow, and the price levels were stable.
- Metsä Group sold 30.13 per cent of Finsilva Oyj's shares to a fund managed by
Dasos Capital Oy. After the transaction, Metsä Group's holding in Finsilva is
19.8 per cent.
- Metsä Board divested the Gohrsmühle mill to the German mutares AG's wholly
owned holding company and its partner company.
- Metsäliitto Cooperative reached an understanding with mutares AG on the
divestment of the entire share capital of Metsä Wood France SAS. The
arrangement is estimated to be completed by the end of October 2015 at the
latest.
- Moody's Investors Service raised Metsä Board Corporation's credit rating by
two notches from B1 to Ba2. The outlook of the rating is stable.
“The development of Metsä Group's business operations was solid also in the
second quarter of 2015. The operating result excluding non-recurring items was
slightly better than in the previous quarter and considerably better than in
the corresponding period last year. The most significant profitability
improvements compared to last year were achieved in our pulp and paperboard
businesses.
Our growth investments are proceeding as planned. The construction of the
bioproduct mill to be completed in the third quarter of 2017 has started well
in Äänekoski. The transformation of the Husum mill, which was formerly focused
on printing papers, into a paperboard mill is also progressing in according to
our targets.
Over the past ten years, we have eliminated several non-core businesses. In
May, this work continued with the divestment of the Gohrsmühle speciality paper
mill in Germany. In June, we also reached an understanding on the divestment
of the mechanical wood product upgrading operations in France.
The challenging overall economic situation seems to continue in Finland and in
our main markets in Europe. The plans announced by the new Finnish government
are restoring faith in the recovery of the national economy and the future
improvement of the business environment for the export industry.”
Kari Jordan, President & CEO
Metsä Group
2015 2014 2015 2014 2014
Income statement, EUR million 1-6 1-6 4-6 4-6 1-12
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Sales 2 585.3 2 519.2 1 330.2 1 264.9 4 970.3
Other operating income 68.2 124.3 52.9 88.2 170.3
Operating expenses -2 -2 -1 -1 -4
245.1 287.8 161.9 135.3 447.5
Depreciation and impairment losses -136.5 -125.8 -67.1 -57.7 -276.2
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Operating result 271.9 229.8 154.0 160.2 416.9
Share of results from associated 9.3 15.3 3.2 7.9 16.4
companies and
joint ventures
Exchange gains and losses -3.2 -1.2 -6.7 0.9 2.7
Other net financial items -43.7 -61.1 -22.4 -23.3 -106.1
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Result before income tax 234.3 182.9 128.2 145.7 329.9
Income tax -53.0 -41.2 -35.5 -35.8 -69.7
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Result for the period 181.3 141.7 92.7 109.9 260.3
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2015 2014 2015 2014 2014
Profitability 1-6 1-6 4-6 4-6 1-12
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Operating result, EUR million 271.9 229.8 154.0 160.2 416.9
- ” -, excluding non-recurring items 265.8 196.6 137.1 91.5 418.1
- ” -, % of sales 10.3 7.8 10.3 7.2 8.4
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Return on capital employed, % 14.0 12.6 15.5 17.2 11.1
- ” -, excluding non-recurring items 13.8 11.3 14.1 10.3 11.4
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Return on equity, % 16.6 14.4 16.5 22.4 13.0
- ” -, excluding non-recurring items 16.3 11.8 13.9 8.4 13.4
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2015 2014 2015 2014 2014
Financial position 30.6. 30.6. 31.3. 31.3. 31.12.
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Equity ratio, % 41.9 37.9 39.0 37.2 37.9
Net gearing ratio, % 34 70 41 83 46
Interest-bearing net liabilities, EUR 779 1 389 887 1 614 938
million
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Segments
Sales and Wood Supply and Wood Pulp Paperboard Tissue and
Operating Forest Services Products Indust Industry Cooking
result Industry ry Papers
1-6/2015, EUR
million
Sales 805.2 452.2 721.5 1 047.7 502.7
Other 4.5 2.2 10.3 31.8 2.3
operating
income
Operating -792.3 -441.8 -525.1 -916.9 -472.4
expenses
Depreciation -1.8 -16.9 -35.5 -52.3 -21.4
and
impairment
losses
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Operating 15.6 -4.3 171.1 110.3 11.2
result
Non-recurring - 22.3 - -20.1 12.1
items
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Operating 15.6 18.0 171.1 90.2 23.4
result
excluding
non-recurring
items
- " -, % of 1.9 4.0 23.7 8.6 4.6
sales
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Near-term outlook
Metsä Forest buys wood from across Finland, currently primarily from stands
harvested when the ground is unfrozen. The level of sales of forest management
services is expected to remain good.
Sales in the wood products industry are expected to increase slightly in the
third quarter when compared to the corresponding period of the previous year.
Intense competition is expected to continue in the sawn timber market, which
suffers from oversupply. The demand for other wood products is expected to
remain at a relatively good level.
The global demand for softwood pulp is expected to continue to grow slightly,
and softwood pulp supply and demand are expected to be in balance in the near
future as well. The annual maintenance shutdowns at three Metsä Fibre mills are
scheduled for the second half of the year.
The delivery volumes of paperboards are forecast to increase slightly in the
third quarter from the previous quarter. No material paperboard price changes
are currently in sight.
In the tissue paper market, demand is expected to continue to be stable in all
market areas and to grow in eastern Central Europe, in particular.
Metsä Group's operating result excluding non-recurring items in the third
quarter of 2015 is expected to be approximately on the same level compared to
the second quarter of 2015.
Disclosure procedure
Metsä Group follows the disclosure procedure enabled by Standard 5.2b published
by the Finnish Financial Supervision Authority and hereby publishes its Interim
Report for January-June 2015 enclosed to this stock exchange release. Metsä
Group's complete Interim Report is attached to this release in pdf-format and
is also available on the company's web site at www.metsagroup.com
METSÄ GROUP
Group Communications
For further information, please contact:
Vesa-Pekka Takala, CFO, Metsä Group, tel. +358 (0)10 465 4260
Juha Laine, SVP, Communications, Metsä Group, tel. +358 (0)10 465 4541
www.metsagroup.com
Metsä Group is a responsible forest industry group whose products' main raw
material is renewable wood from sustainably managed northern forests. Metsä
Group focuses on tissue and cooking papers, fresh forest fibre paperboards,
pulp, wood products, and wood supply and forest services. Its high-quality
products combine renewable raw materials, customer-orientation, sustainable
development and innovation. Metsä Group's sales totalled EUR 5 billion in 2014,
and it employs approximately 10,500 people. The Group operates in some 30
countries. Metsäliitto Cooperative is the parent company of Metsä Group, and it
is owned by approximately 122,000 Finnish forest owners.
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