2013-11-06 11:01:00 CET
2013-11-06 11:01:03 CET
REGULATED INFORMATION
Metsäliitto Osuuskunta - Interim report (Q1 and Q3)
Metsä Group’s operating result excluding non-recurring items in January–September was EUR 256 million
Metsä Group Interim Report 1-9/2013, Stock Exchange Release 6 November 2013 at
noon EET
Result for January-September
-- Sales amounted to EUR 3,715 million (1-9/2012: EUR 3,773 million).
-- Operating result excluding non-recurring items was EUR 256 million (185).
The operating result including non-recurring items was EUR 247 million
(164).
-- Result before taxes excluding non-recurring items was EUR 171 million
(106). Result before taxes including non-recurring items was EUR 162
million (86).
-- Return on capital employed excluding non-recurring items was 9.0 per cent
(6.9).
-- Cash flow from operations amounted to EUR 293 million (297).
Result for July-September
-- Sales amounted to EUR 1,213 million (7-9/2012: EUR 1,242 million).
-- Operating result excluding non-recurring items was EUR 73 million (68).
Operating result including non-recurring items was EUR 63 million (57).
-- Result before taxes excluding non-recurring items was EUR 41 million (35).
Result before taxes including non-recurring items was EUR 31 million (25).
-- Return on capital employed excluding non-recurring items was 7.5 per cent
(7.1).
Events in the third quarter of 2013
-- Metsä Tissue's EUR 55 million mill investment in Poland was completed.
-- Renewed Vilppula sawmill was started in September.
-- Sales volume of pulp increased by almost 14 per cent from the previous
quarter.
-- Delivery volumes of folding boxboard and liner increased slightly in the
third quarter.
-- Demand for wood products was weak due to seasonal factors, as expected.
-- Metsä Wood announced that it will discontinue the operations of the
upgrading and distribution unit in Kaskinen, Finland.
-- The market situation for papers continued to be weak in Europe.
“The operating result for the third quarter met our expectations. The operating
result of Pulp improved due to price increases, and the development of Tissue
and Cooking Papers was stable. Delivery volumes of folding boxboard and liner
increased. Seasonally weak demand in Wood Products and planned maintenance
shutdowns of the mill integrates, on the other hand, lowered the result for the
quarter.
We have continued the determined development of our business operations in
accordance with our strategy. We focus our investments on products with
increasing demand and in which we have clear competitive advantages. The
start-up of liner production in Husum, Sweden, the modernised tissue paper
capacity in Krapkowice, Poland, and the new polysulphide digestion method
adopted in Joutseno, Finland, are good examples of our recent investments that
improve productivity and efficiency and strengthen our market position.
The competitiveness of Finland has been under pressure for a long time. Swift
action to reinforce the export industry's competitiveness and equal operational
conditions is necessary if we want to secure industrial production and jobs in
Finland.”
Kari Jordan, President & CEO, Metsä Group
Metsä Group
Income statement, EUR million 2013 2012 2013 2012 2012
The figures for 2012 are 1-9 1-9 7-9 7-9 1-12
restated
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Sales 3 714.7 3 773.0 1 213.0 1 242.2 5 001.0
Other operating income 56.1 51.5 16.6 14.1 76.8
Operating expenses -3 329.7 -3 463.6 -1 098.9 -1 -4 587.2
133.7
Depreciation and impairment -194.3 -196.6 -67.4 -65.6 -249.1
losses
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Operating result 246.8 164.3 63.3 57.0 241.5
Share of profit from associates 9.2 5.0 -0.2 1.1 4.8
Exchange gains and losses -1.9 1.4 -2.0 1.7 2.4
Other net financial items -91.7 -85.2 -30.0 -35.3 -115.5
Result before income tax 162.4 85.5 31.2 24.6 133.2
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Income taxes -45.3 -33.9 -10.6 -8.6 -31.8
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Result for the period 117.1 51.7 20.6 16.0 101.4
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Profitability 2013 2012 2013 2012 2012
The figures for 2012 are restated 1-9 1-9 7-9 7-9 1-12
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Operating result, EUR mill. 246.8 164.3 63.3 57.0 241.5
- “ -, excluding non-recurring items 255.7 184.7 73.0 67.8 255.7
- “ - % of sales 6.9 4.9 6.0 5.5 5.1
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Return on capital employed, % 8.7 6.2 6.5 6.0 6.7
- ” -, excluding non-recurring items 9.0 6.9 7.5 7.1 7.1
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Return on equity, % 8.4 4.1 4.4 3.5 6.1
- ” -, excluding non-recurring items 9.0 5.8 6.5 5.9 6.9
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Financial position 2013 2012 2013 2012 2012
The figures for 2012 are restated 30.9. 30.9. 30.6. 30.6. 31.12.
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Equity ratio, % 36.1 34.2 35.0 33.6 34.8
Net gearing ratio, % 84 90 89 94 86
Interest-bearing net liabilities, EUR mill. 1 583 1 648 1 649 1 705 1 590
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Segments
Sales and Operating Wood Supply Wood Pulp Paperboard Tissue and
result and Forest Products Indust and Paper Cooking
January-September Services Industry ry Industry Papers
2013
(EUR mill.)
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Sales 1 167.6 683.3 974.0 1 540.1 741.7
Other operating 6.4 6.3 14.7 34.4 5.1
income
Operating expenses -1 151.1 -663.4 -797.1 -1 416.4 -676.6
Depreciation & -2.2 -30.3 -46.1 -75.1 -29.8
impairment losses
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Operating result 20.7 -4.1 145.5 83.0 40.4
Non-recurring items - 17.4 - -7.9 -0.6
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Operating result, 20.7 13.4 145.5 75.1 39.8
excl. non-rec.
items
- % of sales 1.8 2.0 14.9 4.9 5.4
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Near-term outlook
In Finland, demand for logging sites harvestable in the summer and for energy
wood will continue to be stable, but there will be some regional variation in
the wood trade.
Sales in the wood products industry are expected to grow in the fourth quarter
compared with the previous quarter and remain at the level of the corresponding
period in the previous year.
The utilisation rates of Metsä Fibre's pulp mills are expected to remain good
in the fourth quarter. Demand and supply are in balance, and the situation is
expected to be stable.
Delivery volumes of folding boxboard are estimated to decrease slightly in the
fourth quarter compared with the previous quarter due to seasonal variations
resulting from the December holiday period. Metsä Board has announced that it
will increase the prices of folding boxboard by approximately EUR 70 per tonne
during the fourth quarter. The aim is to also include the price increases in
next year's annual agreements that are currently being negotiated, accounting
for approximately 60 per cent of the full-year folding boxboard delivery
volume. No significant changes in the average price of white-top kraftliner are
in sight.
Delivery volumes of uncoated fine paper are expected to increase slightly in
the fourth quarter of 2013, while delivery volumes of coated paper are expected
to be approximately at the previous quarter level. No significant price changes
are in sight.
Demand for tissue paper is expected to continue to grow in all of the company's
market areas, increasing particularly in Central Eastern Europe and Russia.
Metsä Group's operating result excluding non-recurring items in the fourth
quarter of 2013 is expected to improve from the third quarter.
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-September 2013 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
Reeta Kaukiainen, SVP, Communications, Metsä Group, tel. +358 (0)10 465 4541,
+358 (0)50 522 0924
www.metsagroup.com
Metsä Group is a responsible forest industry group whose products' main raw
material is renewable and sustainably grown Nordic wood. Metsä Group focuses on
tissue and cooking papers, consumer packaging 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 5.0 billion in 2012, and it
employs approximately 11,500 people. The Group operates in some 30 countries.
Metsäliitto Cooperative is the parent company of Metsä Group and is owned by
approximately 125,000 Finnish forest owners.
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