2012-08-02 11:00:00 CEST
2012-08-02 11:00:05 CEST
REGULATED INFORMATION
Metsä Board Oyj - Interim report (Q1 and Q3)
Metsä Board Corporation’s operating result for the first half of 2012 excluding non-recurring items was EUR 24 million
Metsä Board Corporation Interim Report 1 January-30 June 2012, 2 August 2012 at
12 noon
Result for the first half of 2012
-- Sales were EUR 1,067 million (Q1-Q2/2011:
1,345).
-- The operating result excluding non-recurring items was EUR 24 million (75).
The operating result including non-recurring items was EUR 157 million
(14).
-- The result before taxes excluding non-recurring items was EUR 8 million
(44).
The result before taxes including non-recurring items was EUR 141 million
(-22).
-- Earnings per share from continuing operations excluding non-recurring items
were EUR 0.03 (0.11) and including non-recurring items EUR 0.38 (-0.09).
Result in the second quarter of 2012
-- Sales were EUR 522 million (Q1/2012:
545).
-- The operating result excluding non-recurring items was EUR 19 million (5).
The operating result including non-recurring items was EUR 161 million
(-4).
-- The result before taxes excluding non-recurring items was EUR 17 million
(-9).
The result before taxes including non-recurring items was EUR 159 million
(-18).
-- Earnings per share from continuing operations excluding non-recurring items
were EUR 0.05 (-0.02) and including non-recurring items EUR 0.43 (-0.05).
Events in the second quarter of 2012
-- Demand for paperboard normalised.
-- Losses from the paper units under restructuring decreased considerably.
-- Metsä Board sold approximately 7.3 percentage points of its holding in
Metsä Fibre Oy to the Japanese Itochu Corporation for EUR 138 million and
approximately 0.5 percentage points of its holding in Pohjolan Voima Oy to
Metsä Fibre for EUR 64 million.
-- Metsä Board signed an agreement on the refinancing of the EUR 500 million
eurobond maturing on 1 April 2013.
-- The capacity of the folding boxboard machine at the Äänekoski mill was
increased.
“Our profitability improved in the second quarter of the year, primarily as a
result of the reduced losses from the paper units under restructuring. The
market situation and profitability of the paperboard business developed also
favourably, but the result weakened slightly due to the production shutdown
related to the capacity expansion at the Äänekoski folding boxboard mill. The
paperboard order books and operating rates are at a good level but due to the
general economic uncertainty in Europe, full capacity has, however, not been
reached yet.
In 2011 and 2012, we have successfully made investments at the Simpele, Kyro
and Äänekoski mills to increase our annual folding boxboard capacity by a total
of 150,000 tonnes. The expanded capacity is expected to be fully available from
the beginning of 2013 when the renewed paperboard machines will be operating at
the targeted efficiency levels.”
Mikko Helander, CEO
KEY FIGURES 2012 2012 2011 2011 2012 2011 2011
Q2 Q1 Q2 Q1 Q1-Q2 Q1-Q2 Q1-Q4
------------------------------------------------
Sales, EUR million 522 545 660 685 1,067 1,345 2,485
--------------------------------------------------------------------------------
EBITDA, EUR million 189 25 48 77 214 125 -23
excl. non-recurring items, EUR 47 34 62 74 81 136 180
million
EBITDA, % 36.2 4.6 7.3 11.2 20.1 9.3 -0.9
excl. non-recurring items, % 9.0 6.2 9.4 10.8 7.6 10.1 7.2
--------------------------------------------------------------------------------
Operating result, EUR million 161 -4 -32 46 157 14 -214
excl. non-recurring items, EUR 19 5 32 43 24 75 59
million
EBIT, % 30.8 -0.7 -4.8 6.7 14.7 1.0 -8.6
excl. non-recurring items, % 3.6 0.9 4.8 6.3 2.2 5.6 2.4
--------------------------------------------------------------------------------
Result before taxes, EUR 159 -18 -53 31 141 -22 -281
million
excl. non-recurring items, EUR 17 -9 16 28 8 44 0
million
--------------------------------------------------------------------------------
Result for the period, EUR 140 -15 -59 28 125 -31 -273
million
excl. non-recurring items, EUR 14 -6 10 25 8 35 8
million
--------------------------------------------------------------------------------
Result per share, EUR 0.43 -0.05 -0.17 0.08 0.38 -0.09 -0.83
excl. non-recurring items, EUR 0.05 -0.02 0.04 0.07 0.03 0.11 0.02
--------------------------------------------------------------------------------
Return on equity, % 72.9 -8.4 -23.5 10.8 32.4 -6.3 -31.5
excl. non-recurring items, % 7.3 -3.1 4.2 9.5 2.1 7.0 0.9
--------------------------------------------------------------------------------
Return on capital employed, % 35.9 -0.4 -6.1 8.4 17.7 1.4 -9.9
excl. non-recurring items, % 5.8 1.7 6.4 7.8 3.7 7.2 3.4
--------------------------------------------------------------------------------
Equity ratio at end of period, 31.0 27.8 33.9 33.6 31.0 33.9 27.4
%
Gearing ratio at end of period, 138 154 120 125 138 120 154
%
Net gearing ratio at end of 73 104 84 78 73 84 106
period, %
Shareholders' equity per share 2.46 2.21 2.92 3.11 2.46 2.92 2.23
at end of period, EUR
Interest-bearing net 595 758 809 799 595 809 783
liabilities, EUR million
Gross investments, EUR million 17 10 31 12 27 43 95
--------------------------------------------------------------------------------
Deliveries, 1 000 tonnes
Paperboard 289 295 365 387 584 753 1,388
Paper 165 185 236 260 350 496 908
--------------------------------------------------------------------------------
Personnel at the end of period 3,597 3,818 4,699 4,515 3,597 4,699 4,070
Deliveries are not fully comparable
due to structural changes.
EBITDA = Earnings before interest, taxes, depreciation and impairment charges
Near-term outlook
The paperboard order books and operating rates are at a normal level. In the
third quarter, the paperboard delivery volumes are expected to improve compared
to the second quarter. Metsä Board increases linerboard prices by 5-8 per cent
as of September 2012. Implementation of a folding boxboard price increases in
early autumn is also under consideration.
Delivery volumes of uncoated fine paper and pulp are not expected to change
significantly in the third quarter. Delivery volumes of coated paper are
estimated to improve in the third quarter. Metsä Board has announced to
increase uncoated fine paper prices by 6-8 per cent as of September 2012. No
material changes in the prices of coated paper and pulp are in sight.
Extensive maintenance shutdowns at Husum and Kemi mills will have a negative
impact on the result for the third quarter of 2012.
Production costs are not estimated to change significantly in the coming months.
Metsä Board's operating result for the third quarter of 2012, excluding
non-recurring items, is expected to be slightly better than in the second
quarter of 2012.
Disclosure procedure
Metsä Board Corporation 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 2012 enclosed to this stock
exchange release. Metsä Board's complete Interim Report is attached to this
release in pdf-format and is also available on the company's web site at
www.metsaboard.com.
METSÄ BOARD CORPORATION
Further information:
Matti Mörsky, CFO, tel. +358 10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10
465 4335
More information will be available starting from 1 p.m. on 2 August 2012. A
conference call held in English for investors and analysts starts at 3 p.m.
(EET). Conference call participants are requested to dial in and register a few
minutes prior to the start of the conference call on the following numbers:
Europe: +44 (0)20 7162 0025
US: +1 334 323 6201
The conference ID is 918925.
Metsä Board is Europe's leading producer of fresh forest fibre cartonboards,
the world's leading manufacturer of coated white-top kraftliners, and a major
paper supplier. It offers premium solutions for consumer and retail packaging,
graphics and office end-uses. The company's sales network serves brand owners,
carton printers, corrugated packaging manufacturers, printers, merchants and
office suppliers. Metsä Board is part of Metsä Group and is listed on the
NASDAQ OMX Helsinki. In 2011, Metsä Board's sales totalled EUR 2.5 billion.
Metsä Board has approximately 3,600 employees.
www.metsaboard.com
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