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2010-01-18 08:30:01 CET 2010-01-18 08:31:43 CET REGULATED INFORMATION M-real - Company AnnouncementPreliminary information on M-real's 4Q 2009 resultsM-real Corporation Stock Exchange Release on 18 January 2010 at 09.30. Preliminary information on M-real's 4Q 2009 results Based on preliminary information, M-real Corporation's, part of Metsäliitto Group, sales in 4Q 2009 were approximately EUR 620 million and the operating result, excluding non-recurring items approximately EUR 6 million. In connection with the announcement of its 3Q 2009 results on 22 October 2009 M-real expected the 4Q 2009 operating result, excluding non-recurring items, to be clearly better than the results of the two first quarters of the year. Comparison to 3Q 2009 was at that time not disclosed due to insufficient visibility. Mainly due to improved operating rates and own profit improvement measures and despite the seasonally lower delivery volumes in December the 4Q 2009 operating result, excluding non-recurring items, was clearly better than also in the 3Q 2009. Annual sales in 2009 were approximately EUR 2,440 million and the operating result, excluding non-recurring items approximately EUR -150 million. M-real books in 4Q 2009 operating result in total EUR -59 million net non-recurring items consisting of the following: * EUR 134 million non-recurring profit related to the Metsä-Botnia transaction of which EUR 18 million in Market Pulp and Energy and EUR 116 million in Other operations. * EUR 113 million impairment based on IAS 36 of which EUR 66 million in Speciality Papers and EUR 47 million in Office Papers. Of the total impairment EUR 33 million is goodwill. * EUR 7 million other net non-recurring costs, of which EUR 1 million in Consumer Packaging, EUR 1 million in Speciality Papers and EUR 5 million in Other operations. And related to the action plans announced in December 2009: * EUR 48 million write offs and cost provisions in Market Pulp and Energy related to the planned permanent closure of the Alizay pulp mill. * EUR 12 million cost provision in Other operations related to the terminated IT-contract. * EUR 8 million cost provision related to Husum profit improvement programme of which EUR 7 million in Office Papers and EUR 1 million in Market Pulp and Energy. * EUR 5 million cost provision in Speciality Papers related to their profit improvement programme. The booked impairment charges and write offs will reduce M-real's annual depreciations by approximately EUR 25 million from 2010 onwards. M-real's equity was positively impacted by approximately EUR 58 million due to the divestment of Metsä-Botnia's Uruguayn operations and Pohjolan Voima Oy (PVO) shares as well as the change in Metsä-Botnia's ownership structure. The difference between the non-recurring equity impact and the above mentioned EUR 134 million profit impact is mainly due to the exclusion of Metsä-Botnia's Uruguayan company's minority share. Consolidation of Metsä-Botnia ownership was changed to equity method based on IAS 28 on 8 December 2009. The impact of the change in consolidation method on 4Q 2009 operating result is not material. M-real will announce the full year 2009 results on 4 February 2010. M-REAL CORPORATION For further information, please contact: Matti Mörsky, CFO, tel. +358 10 465 4913 Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10 465 4335 [HUG#1374152] |
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