2013-02-07 11:01:00 CET
2013-02-07 11:01:08 CET
REGULATED INFORMATION
Metsäliitto Osuuskunta - Financial Statement Release
Metsä Group’s operating result excluding non-recurring items was EUR 252 million in 2012
Metsä Group Financial Statements Bulletin 2012, Stock Exchange Release 7
February 2013 at noon
Full year result for 2012
- Sales amounted to EUR 5,001 million (1-12/2011: EUR 5,346 million).
- Operating result excluding non-recurring items was EUR 252 million (314).
Operating result including non-recurring items was EUR 237 million (29).
- Result before taxes excluding non-recurring items was EUR 149 million (195).
Including non-recurring items, the result before taxes was EUR 134 million
(-98).
- Cash flow from operations amounted to EUR 440 million (552)
Result for October-December 2012
- Sales amounted to EUR 1,228 million (10-12/2011: 1,223).
- Operating result excluding non-recurring items was EUR 71 million (3).
Operating result including non-recurring items was EUR 77 million (-200).
- Result before taxes and excluding non-recurring items was EUR 43 million
(-21). Result before taxes including non-recurring items was EUR 49 million
(-228).
Events during the fourth quarter of 2012
- The biopower plant owned by Pohjolan Voima and Leppäkosken Sähkö at Metsä
Board's Kyro mill was inaugurated.
- The bioenergy heating plant next to Metsä Wood's Kerto mill in Lohja was
completed at the end of the year.
- Metsäliitto Cooperative issued a EUR 175 million euro bond.
- Pulp prices turned into a slight upward trend.
- Delivery volumes of folding boxboard fell short of the previous quarter due
to seasonal factors. Average price of linerboard increased.
- The profitability of Tissue and Cooking Papers improved from both the
previous year and the previous quarter.
Events after the period
- The Alizay mill property in France, including all equipment and buildings,
was sold to Conseil Général de l'Eure, representing the French state, for EUR
22 million.
- Esa Kaikkonen, LLM, was appointed Executive Vice President of Metsä Wood as
of 5 February 2013. "Our result for 2012 was satisfactory, considering the market conditions. Our
operating result excluding non-recurring items improved steadily quarter after
quarter.
The most significant events during the year included launching the new
corporate identity, deepening the pulp partnership with the Japanese company
Itochu and the completion of the strategic review of the paper business in the
spring. These are important milestones for the Group's future.
We continued our development investments to renew the capacity of our
production plants and improve our efficiency and profitability. Investments inbioenergy in Finland will increase the use of renewable fuels at our production
plants and improve our energy efficiency and environmental performance
considerably.
The general market situation continues to be unstable, and continuously
increasing national and EU-level regulation makes the operations of Finnish
export companies even more challenging. However, as the result of the choices
that we have made, Metsä Group can head to the future from a solid foundation."
Kari Jordan, President & CEO, Metsä Group
Metsä Group
Income statement 2012 2011 2012 2011
1-12 1-12 10-12 10-12
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Sales 5 001 5 346 1 228 1 223
Other operating income 77 95 25 32
Operating expenses -4 591 -5 058 -1 124 -1 366
Depreciation and impairment losses -249 -354 -52 -89
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Operating result 237 29 77 -200
Share of profit from associates 5 4 0 -1
Exchange gains and losses 2 2 1 0
Other net financial items -110 -133 -29 -27
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Result before income tax 134 -98 49 -228
Income taxes -32 -59 2 22
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Result for the period 103 -157 51 -206
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Profitability 2012 2011 2012 2011
1-12 1-12 10-12 10-12
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Operating result, EUR mill. 237 29 77 -200
- “ -, excluding non-recurring items 252 314 71 3
- “ - % of sales 5.0 5.9 5.8 0.2
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Return on capital employed, % 6.6 1.1 7.9 -20,6
- ” -, excluding non-recurring items 7.0 8.5 7.3 0.7
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Return on equity, % 6.1 -9.9 10.9 -51.9
- ” -, excluding non-recurring items 6.9 8.6 9.6 0.1
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Financial position 2012 2011 2012 2011
31.12. 31.12. 30.9. 30.9.
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Equity ratio, % 35.4 28.3 34.4 31.0
Net gearing ratio, % 84 131 89 113
Interest-bearing net liabilities, EUR mill. 1 590 1 953 1 648 1 895
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Segments
Sales and Operating result Wood Wood Pulp Paperboa Tissue and
2012 Supply Product Industr rd Cooking
(EUR mill.) s y and Papers
Industr Paper
y Industry
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Sales 1 515 904 1 274 2 108 982
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Other operating income 10 10 10 194 16
Operating expenses -1 502 -866 -1 077 -1 982 -922
Depreciation & -3 -31 -57 -100 -43
impairment losses
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Operating result 20 17 150 220 33
Non-recurring items - 2 -2 -146 7
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Operating result, excl. 20 19 148 74 40
non-rec. items
- % of sales 1.3 2.1 11.6 3.5 4.0
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Near-term outlook
For 2013, the wood orders of Metsä Forest's customers are at a normal level.
The demand for wood continues to be steady for all timber grades.
The balance of the sawn timber market is improving due to the decreased stock
levels of suppliers and customers. Sales of both plywoods and Kerto products
are expected to develop favourably during the next few months.
Pulp prices in different market areas have levelled off and partly begun to
increase during early 2013. The favourable development is supported by the low
levels of softwood suppliers' stock, delays in additional capacity projects and
China's investments in tissue paper production capacity.
The demand for tissue and cooking papers is expected to continue to increase in
all markets. Metsä Tissue's strong focus areas in 2013 include Poland and
Russia. In particular, changes in energy and raw material prices and local
availability of recycled paper contribute to the development of operating
profit.
Delivery volumes of folding boxboard and liner are estimated to increase
slightly during the first quarter of 2013 compared to the previous quarter. As
a result of the completed annual folding boxboard contract negotiations the
volumes are increasing in 2013 compared to 2012 and no material price changes
are expected. No significant changes are expected in liner prices in the next
few months.
Delivery volumes of uncoated fine paper are estimated to increase slightly in
the first quarter of 2013 compared to the previous quarter, and Metsä Board's
pulp delivery volumes are expected to be on a par with the previous quarter. No
significant changes in the price of uncoated fine paper are visible. The market
situation of coated paper has weakened further during the first months of the
year, and delivery volume and prices are estimated to decrease slightly early
in the year.
Metsä Group's operating result excluding non-recurring items in the first
quarter of 2013 is expected to be slightly better compared to the fourth
quarter of 2012.
New disclosure procedure
Metsä Group has adopted a new 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 2012. The Financial Statement
Bulletin and its tables are attached to this Stock Exchange Release as a PDF
attachment and are available on the Group 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 Nordic wood. Metsä Group focuses on
tissue and cooking papers, consumer packaging paperboards, pulp, wood products,
and wood supply. 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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