2014-02-06 11:01:00 CET
2014-02-06 11:01:04 CET
REGULATED INFORMATION
Metsäliitto Osuuskunta - Financial Statement Release
Metsä Group’s operating result for 2013 excluding non-recurring items was EUR 342 million
Metsä Group Stock Exchange Release 6 February 2014 at noon
Full year result for 2013
- Sales amounted to EUR 4,932 million (2012: EUR 5,001 million).
- Operating result excluding non-recurring items was EUR 342 million (256).
Operating result including non-recurring items was EUR 334 million (241).
- Result before taxes excluding non-recurring items was EUR 232 million (147).
Including non-recurring items, the result before taxes was EUR 224 million
(133).
- Return on capital employed excluding non-recurring items was 9.1 per cent
(7.1).
- Cash flow from operations amounted to EUR 488 million (444).
Result for October-December 2013
- Sales amounted to EUR 1,217 million (10-12/2012: EUR 1,228 million).
- Operating result excluding non-recurring items was EUR 87 million (71).
Operating result including non-recurring items was EUR 88 million (77).
- Result before taxes and excluding non-recurring items was EUR 60 million
(42). Result before taxes including non-recurring items was EUR 61 million
(48).
- Return on capital employed excluding non-recurring items was 9.3 per cent
(7.3).
Events during the fourth quarter of 2013
- Sales and production of pulp continued to be strong.
- Delivery volumes of paperboard decreased from the previous quarter mainly due
to seasonal reasons. Delivery volumes of paper were approximately on a par with
the previous quarter.
- Negotiations on folding boxboard price increases in Europe were completed,
and contract prices will increase slightly in 2014.
- Metsä Wood discontinued the operations of the upgrading and distribution unit
in Kaskinen, Finland.
- Metsäliitto Cooperative signed a syndicated credit facilities agreement of
EUR 400 million.
Events after the period
- Metsäliitto Cooperative increased its shareholding in Metsä Tissue in a share
transaction on 15 January 2014. The shares represented a total of 6 per cent of
the share capital of the company. After the transaction, Metsäliitto
Cooperative owns a total of 91 per cent of Metsä Tissue.
- Metsäliitto Cooperative, Metsä Group's parent company, celebrated its 80th
anniversary on 23 January 2014. "Metsä Group's full-year operating result improved clearly, while sales
remained at the previous year's level. During the past year, we have decreased
our net debt, and our equity ratio has improved as planned. Considering the
prevailing market conditions, we can also be satisfied with the return on
capital employed.
Our focused strategy is working well. As a producer of pulp and board, we are
among the international leaders. Our strong brand products in tissue and
cooking papers match the growing demand well, and the refocused strategy of
wood products industry lays a solid foundation for the business area in the
future. Our businesses are supported by efficient wood supply, guaranteeing a
steady flow of raw material to our mills.
Metsä Group is confident about the future. The high-quality raw material
acquired from owner-members, state-of-the-art production units, skilled
employees and ecological products will continue to be our competitive
advantages."
Kari Jordan, President & CEO, Metsä Group
Metsä Group
Income statement, EUR million 2013 2012 2013 2012
The figures for 2012 are restated 1-12 1-12 10-12 10-12
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Sales 4 931.6 5 001.0 1 216.9 1 228.0
Other operating income 81.2 76.8 25.0 25.3
Operating expenses -4 423.2 -4 587.2 -1 093.5 -1 123.7
Depreciation and impairment losses -255.1 -249.1 -60.9 -52.5
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Operating result 334.4 241.5 87.6 77.2
Share of profit from associates 9.7 4.8 0.5 -0.3
Exchange gains and losses -4.6 2.4 -2.6 1.1
Other net financial items -115.9 -115.5 -24.1 -30.3
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Result before income tax 223.7 133.2 61.3 47.7
Income taxes -35.1 -31.8 10.3 2.0
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Result for the period 188.7 101.4 71.6 49.7
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Profitability 2013 2012 2013 2012
The figures for 2012 are restated 1-12 1-12 10-12 10-12
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Operating result, EUR mill. 334.4 241.5 87.6 77.2
- “ -, excluding non-recurring items 342.3 255.7 86.6 71.0
- “ - % of sales 6.9 5.1 7.1 5.8
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Return on capital employed, % 8.9 6.7 9.4 8.0
- ” -, excluding non-recurring items 9.1 7.1 9.3 7.3
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Return on equity, % 9.9 6.1 14.9 10.8
- ” -, excluding non-recurring items 10.3 6.9 14.7 9.4
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Financial position 2013 2012 2013 2012
The figures for 2012 are restated 31.12. 31.12. 30.9. 30.9.
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Equity ratio, % 38.1 34.8 36.1 34.2
Net gearing ratio, % 76 86 84 90
Interest-bearing net liabilities, EUR mill. 1 486 1 590 1 583 1 648
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Segments
Sales and Operating Wood Supply Wood Pulp Paperboard Tissue and
result & Products Indust and Paper Cooking
January-December Forest Industry ry Industry Papers
2013 Services
(EUR mill.)
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Sales 1 561.0 897.0 1 2 019.3 1 000.1
313.8
Other operating 9.3 9.8 18.6 53.0 6.0
income
Operating expenses -1 539.6 -872.0 -1 -1 857.5 -911.4
075.8
Depreciation & -2.8 -36.9 -59.9 -101.3 -39.7
impairment losses
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Operating result 27.8 -2.1 196.6 113.6 55.1
Non-recurring items - 17.2 - -9.2 -0.6
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Operating result, 27.8 15.1 196.6 104.4 54.5
excl. non-rec.
items
- % of sales 1.8 1.7 15.0 5.2 5.4
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Near-term outlook
The wood orders of Metsä Forest's customers for 2014 are at a normal level. The
demand for wood continues to be steady for all timber grades.
The demand for wood products will continue to be stable within the normal
seasonal fluctuation range. The industrial and sawn timber product market is
expected to be reasonably balanced during the first quarter. However, the
outlook for construction and upgrading business is challenging in large part of
the main market areas.
The start-up of competitors' new short-fibre pulp mills in South America and
increasing production volumes during the first two quarters will have a
substantial impact on the pulp market. On the other hand, the favourable
development is supported by the low levels of softwood pulp suppliers' stock,
delays in additional capacity projects and China's investments in tissue paper
and board production capacity. The Asian market will become even more important
to Metsä Fibre.
The delivery volumes of folding boxboard and white-top kraftliner are expected
to increase slightly during the first quarter of 2014. Metsä Board increased
the prices of folding boxboard in Europe during the fourth quarter of 2013, but
no significant changes in the average price of white-top kraftliner are
expected in the near future.
Delivery volumes of uncoated fine paper and coated papers are expected to be
approximately at the previous quarter's level in the first quarter of 2014.
Still no significant changes in paper prices are expected.
The demand for tissue and cooking papers is expected to continue its favourable
development. However, changes in the prices of energy and raw materials will
have a significant effect on the development of the company's operating result.
These costs increasing and the local availability, quality and price of
recycled paper will present significant challenges in 2014.
Metsä Group's operating result excluding non-recurring items in the first
quarter of 2014 is expected to slightly improve from the fourth quarter of
2013.
Disclosure procedure
Metsä Group has adopted a disclosure procedure made possible by the Financial
Supervision Authority Standard 5.2b. This bulletin is a summary of Metsä
Group's Financial Statement Bulletin for 2013. The Financial Statement Bulletin
and its tables are attached to this Stock Exchange Release as a PDF attachment
and are available on the Group's website 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 Northern 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 4.9 billion in 2013, and it
employs approximately 11,000 people. The Group operates in some 30 countries.
Metsäliitto Cooperative is the parent company of Metsä Group and is owned by
approximately 123,000 Finnish forest owners.
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