2015-02-05 11:00:00 CET
2015-02-05 11:00:02 CET
REGULATED INFORMATION
Metsä Board Oyj - Financial Statement Release
Metsä Board Corporation’s operating result excluding non-recurring items was EUR 136.5 million in 2014
Metsä Board Corporation Financial Statements 1 January - 31 December 2014, 5
February 2015 at 12:00 noon
Full year result for 2014
• Sales were EUR 2,008.4 million (Q1-Q4/2013: 2,019.3).
• The operating result excluding non-recurring items was EUR 136.5 million
(104.4). The operating result including non-recurring items was EUR 116.5
million (113.6).
• The result before taxes excluding non-recurring items was EUR 99.7 million
(48.6). The result before taxes including non-recurring items was EUR 77.6
million (57.8).
• Earnings per share excluding non-recurring items were EUR 0.27 (0.17), and
earnings per share in-cluding non-recurring items were EUR 0.21 (0.19).
• The Board of Directors proposes to the Annual General Meeting to be held on
25 March 2015 that a dividend of EUR 0.12 per share will be paid for the 2014
financial year.
Result for the last quarter of 2014
• Sales were EUR 499.4 million (Q3/2014: 513.8).
• The operating result excluding non-recurring items was EUR 36.9 million
(35.2). The operating result including non-recurring items was EUR 6.7 million
(34.1).
• The result before taxes excluding non-recurring items was EUR 31.6 million
(27.3). The result before taxes including non-recurring items was EUR 1.6
million (26.1).
• Earnings per share excluding non-recurring items were EUR 0.10 (0.07), and
earnings per share in-cluding non-recurring items were EUR 0.02 (0.06).
Events during the last quarter of 2014
• The demand for paperboard continued to be strong, and prices were stable.
• Metsä Board launched the final steps of transformation and announced that it
would grow its paperboard business significantly and is planning to discontinue
paper production completely.
• Metsä Board began the process to divest its loss-making Gohrsmühle mill in
Germany.
• Metsä Board announced that it would renew its management and reporting
structure as of the first quarter of 2015.
• Moody's Investors Service upgraded Metsä Board's credit rating from B2 to B1.
The outlook of the rating is positive.
• Net debt decreased significantly and was EUR 427 million as a result of
strong cash flow.
Events after the reporting period
• Metsä Board updated its long-term financial targets in February 2015. The
updated targets are return on capital employed (ROCE) minimum 12 per cent from
2017 onwards and net gearing maximum 70 per cent.
“The market situation for our main products continued to be strong in the last
quarter of 2014. Although December is a seasonally weaker month, our operating
result was approximately at the same level as in the previous quarter.
The general economy continued to be weak in Europe, our domestic market, in
2014. Even so, our global paperboard deliveries increased by a total of 10 per
cent, and price levels remained unchanged. Delivery volumes increased in line
with our strategy, particularly in North America, where linerboard sales are
growing steadily, and the launch of our ecological folding box-board has
progressed extremely well.
In December 2014, we announced new measures to complete our transformation into
a leading paperboard company. We are planning to discontinue paper production
completely at Husum and convert the integrated mill into one of the largest
fresh forest fibre paperboard units in Europe. In addition, we launched
measures to eliminate the losses of the Gohrsmühle mill.
Our main goal continues to be the profitable growth of our paperboard business.
With the new capacity, we are able to serve our customers even better globally.
We will also continue to develop new, even better products in cooperation with
our customers and partners.
In the coming years, we will raise our profitability to a new level while
maintaining a strong balance structure.”
Mika Joukio, CEO
Key figures
2014 2014 2014 2014 2013 2014 2013
Q4 Q3 Q2 Q1 Q4 Q1-Q4 Q1-Q4
----------------------------------------------------
Sales, EUR million 499.4 513.8 494.0 501.2 479.2 2,008.4 2,019.3
--------------------------------------------------------------------------------
EBITDA, EUR million 56.4 60.7 55.9 69.2 56.7 242.2 214.8
excl. non-recurring items, 60.6 61.8 52.0 61.8 55.5 236.2 208.0
EUR million
EBITDA, % 11.3 11.8 11.3 13.8 11.8 12.1 10.6
excl. non-recurring items, 12.1 12.0 10.5 12.3 11.6 11.8 10.3
%
--------------------------------------------------------------------------------
Operating result, EUR 6.7 34.1 32.2 43.5 30.6 116.5 113.6
million
excl. non-recurring items, 36.9 35.2 28.3 36.1 29.3 136.5 104.4
EUR million
EBIT, % 1.3 6.6 6.5 8.7 6.4 5.8 5.6
excl. non-recurring items, 7.4 6.9 5.7 7.2 6.1 6.8 5.2
%
--------------------------------------------------------------------------------
Result before taxes, EUR 1.6 26.1 23.9 26.0 19.0 77.6 57.8
million
excl. non-recurring items, 31.6 27.3 20.0 20.8 17.8 99.7 48.6
EUR million
--------------------------------------------------------------------------------
Result for the period, EUR 6.1 20.8 16.8 24.8 31.2 68.5 64.1
million
excl. non-recurring items, 32.7 21.9 12.9 20.6 29.9 88.1 55.4
EUR million
--------------------------------------------------------------------------------
Result per share 0.02 0.06 0.05 0.08 0.09 0.21 0.19
excl. non-recurring items, 0.10 0.07 0.04 0.06 0.09 0.27 0.17
EUR
--------------------------------------------------------------------------------
Return on equity, % 2.9 9.8 8.0 11.6 14.9 8.1 7.5
excl. non-recurring items, 15.4 10.4 6.1 9.6 14.3 10.4 6.5
%
--------------------------------------------------------------------------------
Return on capital employed, 1.8 9.0 8.5 11.2 8.2 7.7 7.0
%
excl. non-recurring items, 9.6 9.2 7.5 9.9 7.9 9.1 6.4
%
--------------------------------------------------------------------------------
Equity ratio at the end of 39.2 39.8 39.8 41.0 40.7 39.2 40.7
the period, %
Gearing ratio at the end of 81 82 84 84 83 81 83
the period, %
Net gearing ratio at the 51 57 65 69 70 51 70
end of the period, %
Shareholders' equity per 2.56 2.60 2.54 2.62 2.59 2.56 2.59
share
at the end of the period,
EUR
Interest-bearing net 426.7 491.1 540.1 592.6 597.2 426.7 597.2
liabilities at the end of
the period, EUR million
Gross investments, EUR 18.2 7.3 14.0 4.7 20.2 44.2 66.9
million
--------------------------------------------------------------------------------
Deliveries, 1,000 tonnes
Cartonboard 229 237 226 219 210 911 872
Linerboard and Paper 255 265 250 265 251 1,035 1,027
--------------------------------------------------------------------------------
Personnel at the end of the 3,111 3,164 3,370 3,145 3,116 3,111 3,116
period
--------------------------------------------------------------------------------
EBITDA = Earnings before interest, taxes, depreciation and amortisation
Metsä Board sold its holding in Metsä Group Treasury Oy in September 2013.
Compared to the actual figures for the second quarter of 2013, this improved
Metsä Board's equity ratio by approximately 5 percentage points and its return
on capital employed by nearly 1 percentage point and reduced its gross debt by
more than EUR 300 million.
Operating environment and near-term outlook
The delivery volumes of paperboards are estimated to increase slightly in the
first quarter of 2015 compared to the previous quarter. No material changes in
the prices of paperboard are foreseen at the moment.
In market pulp business there are no material market related changes in sight
in the first quarter of 2015.Metsä Board's paper deliveries are estimated to
increase slightly in the first quarter of 2015, while the average price of
paper is estimated to decrease.
No material changes in production costs are expected in the first quarter of
2015.
Foreign exchange rates developed favourably for Metsä Board in the second half
of 2014 and at the beginning of 2015. The duration of the company's net foreign
exchange hedges is approximately six months. For this reason, the positive
effect of foreign exchange rates on the result is expected to be more clearly
visible as of the first half of 2015.
Metsä Board's operating result excluding non-recurring items is in the first
quarter of 2015 expected to improve slightly compared to the last quarter of
2014.
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 Financial Statements 2014 enclosed to this stock exchange
release. Metsä Board's complete Financial Statements 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
More information:
Markus Holm, CFO, tel. +358 (0)10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358
(0)10 465 4335
More information will be available from 1 p.m. on 5 February 2015. A conference
call for investors and analysts will be held in English at 3 p.m. (EET).
Conference call participants are requested to dial in and register a few
minutes earlier on the following numbers:
Europe: +44 (0)20 7162 0025
USA: +1 334 323 6201
The conference ID is 950756.
Metsä Board is Europe's leading producer of folding boxboard and white fresh
forest fibre linerboard and a market pulp supplier. It offers premium solutions
for consumer and retail packaging and graphics. The company's sales network
serves brand owners, carton printers, corrugated packaging manufacturers and
merchants. Metsä Board is part of Metsä Group, and its shares are listed on the
NASDAQ OMX Helsinki. In 2014, the company's sales totalled approximately EUR
2.0 billion. The company has approximately 3,100 employees.
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