2012-02-29 11:00:00 CET
2012-02-29 11:00:06 CET
REGULATED INFORMATION
M-real - Company Announcement
Historical figures based on the new reporting structure
M-real Corporation Stock Exchange Release 29 February 2012 at 12.00 EET
M-real Corporation, part of Metsä Group, announced on 19 January 2012 to renew
its management and reporting structure to better reflect the company's strategy
and the focus on fresh forest fibre cartonboard. The company operates through
two business areas that are also the company's reporting segments from the
first quarter of 2012 onwards:
- Paperboard
- Paper and Pulp
Paperboard business area includes the Kemi, Kyro, Simpele, Tako and Äänekoski
board mills, Kyro wallpaper base machine and Joutseno BCTMP mill located in
Finland as well as Gohrsmühle mill in Germany. Paper and Pulp business area
includes Husum paper and pulp mill in Sweden, Alizay mill in France and
Kaskinen BCTMP mill in Finland. As earlier announced M-real is planning to
close the entire Alizay mill and the unprofitable operations at Gohrsmühle
mill. The plans are expected to materialize in early 2012 that would improve
the company's profitability materially.
Accounting for the 32 percent ownership in Metsä Fibre (formerly Metsä-Botnia)
will remain unchanged. The associated company result of Metsä Fibre will
continue to be allocated to business segments based on their respective pulp
consumption and is reported in EBITDA. Roughly two thirds of the result impact
of Metsä Fibre ownership is expected to be included in the Paperboard business
area and the rest in Paper and Pulp business area.
The historical figures based on the new business area structure are presented
in the tables below. In addition to the above listed mills, the historical
business area figures include also discontinued and divested operations.
Sales 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard 275 322 338 359 1 294 1 384 1 171
Paper and Pulp 238 282 297 314 1 132 1 141 1 150
Other operations 75 89 104 97 365 352 292
Internal sales * -64 -77 -79 -86 -305 -273 -181
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Sales 524 616 660 685 2 485 2 605 2 432
EBITDA 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard -28 38 44 61 114 187 131
Paper and Pulp -136 -4 -5 9 -135 108 -94
Other Operations -9 -9 8 7 -2 16 51
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EBITDA -172 24 48 77 -23 312 88
Operating result 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Paperboard -57 24 17 46 30 82 -12
Paper and Pulp -149 -27 -56 -6 -237 45 -314
Other operations -10 -10 7 6 -6 19 59
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Operating result -215 -13 -32 46 -214 146 -267
Non-recurring items in
operating result 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard -65 0 -19 0 -84 -47 -51
Paper and Pulp -129 -17 -52 0 -198 -4 -188
Other operations 0 -2 7 3 9 23 123
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M-real Group -193 -18 -64 3 -274 -27 -116
EBITDA, excl.
non-recurring items 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard 23 38 50 61 172 195 136
Paper and Pulp -8 5 11 9 17 108 -30
Other operations -9 -7 1 4 -11 1 -61
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EBITDA, excl. 8 36 62 74 180 305 44
non-recurring items
Operating result, excl.
non-recurring items 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Paperboard 8 24 36 46 114 129 39
Paper and Pulp -20 -10 -4 -6 -39 48 -126
Other operations -9 -8 0 3 -15 -4 -64
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Operating result, excl. -22 6 32 43 59 173 -151
non-recurring items
Return on capital employed 2011 2011 2011 2011 2011 2010 2009
% Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard -22,1 9,7 13,0 19,0 3,2 8,7 -1,5
Paper and Pulp -104,3 -15,6 -16,8 -2,8 -37,5 6,4 -34,8
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M-real Group -43,3 -1,5 -6,1 8,4 -9,9 5,7 -8,9
Capital employed 2011 2011 2011 2011 2011 2010 2009
EUR million Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard 1 009 1 017 994 993 1 009 969 987
Paper and Pulp 513 670 694 761 513 765 671
Unallocated and eliminations 351 445 461 554 351 615 675
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M-real Group 1 873 2 131 2 149 2 308 1 873 2 349 2 334
Deliveries 2011 2011 2011 2011 2011 2010 2009
1,000 tons Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard 287 339 356 376 1 358 1 554 1 423
Paper 190 222 236 260 908 991 926
Market Pulp 169 181 195 174 719 690 1 155
Production 2011 2011 2011 2011 2011 2010 2009
1,000 tons Q4 Q3 Q2 Q1 Q1-Q4 Q1-Q4 Q1-Q4
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Paperboard 293 335 358 387 1 372 1 574 1 424
Paper 161 233 240 248 881 991 922
Metsä Fibre pulp 1) 174 197 170 164 706 652 863
M-real pulp 235 309 325 340 1 210 1 295 1 120
* Approximately half of internal sales are internal
energy sales within the group.
1) Corresponds to M-real's ownership share in Metsä Fibre of 30 % until
30 June 2011 after which it increased to 32 %.
Proportionate consolidation method until 8 December 2009, after which it was
changed to equity method.
M-REAL CORPORATION
For further information, please contact:
Matti Mörsky, CFO, tel. +358 10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10
465 4335
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