2013-11-06 11:00:00 CET
2013-11-06 11:00:03 CET
SÄÄNNELTY TIETO
Metsä Board Oyj - Interim report (Q1 and Q3)
Metsä Board Corporation’s operating result excluding non-recurring items was EUR 75.1 million in January–September 2013
Metsä Board Corporation Interim Report 1 January - 30 September 2013, 6
November 2013 at 12:00 noon
Result for January-September 2013
-- Sales were EUR 1,540.1 million (Q1-Q3/2012: 1,599.1).
-- The operating result excluding non-recurring items was EUR 75.1 million
(51.4). The operating result including non-recurring items was EUR 83.0
million (181.8).
-- The result before taxes excluding non-recurring items was EUR 30.8 million
(18.3). The result before taxes including non-recurring items EUR 38.8
million (148.7).
-- Earnings per share excluding non-recurring items were EUR 0.08 (0.05) and
including non-recurring items EUR 0.10 (0.41).
Result for the third quarter of 2013
-- Sales were EUR 502.3 million (Q2/2013: 502.8).
-- The operating result excluding non-recurring items was EUR 18.9 million
(26.0). The operating result including non-recurring items was EUR 19.3
million (28.9).
-- The result before taxes excluding non-recurring items was EUR 8.5 million
(18.5). The result before taxes including non-recurring items EUR 9.0
million (21.3).
-- Earnings per share excluding non-recurring items were EUR 0.02 (0.05) and
including non-recurring items EUR 0.02 (0.06).
Events in the third quarter of 2013
-- Folding boxboard and kraftliner delivery volumes increased slightly in the
third quarter. Metsä Board announced a folding boxboard price increase in
Europe as of 14 October 2013.
-- The new Modo Northern Light kraftliner produced at the Husum mill was
introduced, and its delivery volume increased according to plan.
-- The extensive maintenance shutdowns at the integrated Husum and Kemi mills
were carried out as planned.
-- The market situation for papers continued to be weak in Europe.
-- Metsä Board sold its 51 per cent holding in Metsä Group Treasury Oy to
Metsäliitto Cooperative for approximately EUR 5 million.
-- Markus Holm was appointed Metsä Board's CFO and member of the Corporate
Management Board as of 1 January 2014.
Events after the period
-- Metsä Board announced that it will renew its management and reporting
structure. As of the first quarter of 2014, the company's reporting
segments will be Cartonboard, and Linerboard and Paper. Ari Kiviranta was
appointed SVP, Head of Cartonboard business area and Seppo Puotinen SVP,
Head of Linerboard and Paper business area.
“The situation in our Paperboard business continues to be good. Metsä Board's
paperboard deliveries have grown by nearly 10 per cent this year, compared to
the corresponding period last year, although growth in demand for consumer
goods has been very slow in the key markets.
Our third-quarter profitability was, as expected, weaker than in the previous
quarter due to the extensive planned maintenance shutdowns at the integrated
Husum and Kemi mills. Folding boxboard and kraftliner deliveries continued to
increase slightly in the third quarter. We are currently increasing folding
boxboard prices in Europe.
The market has welcomed the new kraftliners from Husum and their delivery
volumes have grown as planned. No improvement is in sight in the European paper
market, which is why it is increasingly important for us to be able to
substitute new products for Husum mill's weakest paper volumes and thus improve
the mill's profitability.”
Mikko Helander, CEO
Adoption of the amended IAS 19 standard
Metsä Board adopted the amended IAS 19 Employee Benefits standard retroactively
on 1 January 2013. The most significant changes included the following: all
actuarial profits and losses are recognised immediately, and the financial cost
of retirement plans is determined on the basis of net funding.
The Group's equity decreased by approximately EUR 10.6 million due to the
amendment on 31 December 2012. The 2012 operating result improved by EUR 1.4
million and financial expenses increased by EUR 3.2 million.
The impact on the balance sheet and the statement of comprehensive income is
discussed in greater detail in the Notes (Note 1).
The amended key figures are presented in the Key Figures table (Key Figures,
restated).
KEY FIGURES, restate 2013 2013 2013 2012 2013 2012 2012
Q3 Q2 Q1 Q3 Q1-Q3 Q1-Q3 Q1-Q4
---------------------------------------------------
Sales, EUR million 502.3 502.8 535.0 532.3 1,540. 1,599. 2,107.
1 1 6
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EBITDA, EUR million 44.0 52.7 61.4 52.0 158.1 267.6 321.4
excl. non-recurring items, 43.6 52.1 56.8 54.0 152.5 137.0 186.0
EUR million
EBITDA, % 8.8 10.5 11.5 9.8 10.3 16.7 15.3
excl. non-recurring items, % 8.7 10.4 10.6 10.1 9.9 8.6 8.8
--------------------------------------------------------------------------------
Operating result, EUR 19.3 28.9 34.8 23.4 83.0 181.8 221.1
million
excl. non-recurring items, 18.9 26.0 30.2 25.5 75.1 51.4 74.9
EUR million
EBIT, % 3.8 5.7 6.5 4.4 5.4 11.4 10.5
excl. non-recurring items, % 3.8 5.2 5.6 4.8 4.9 3.2 3.6
--------------------------------------------------------------------------------
Result before taxes, EUR 9.0 21.3 8.5 7.8 38.8 148.7 173.9
million
excl. non-recurring items, 8.5 18.5 3.9 9.9 30.8 18.3 27.7
EUR million
--------------------------------------------------------------------------------
Result for the period, EUR 7.3 17.6 8.0 7.9 32.9 133.1 171.3
million
excl. non-recurring items, 6.8 15.3 3.4 9.9 25.5 18.2 42.4
EUR million
--------------------------------------------------------------------------------
Result per share, EUR 0.02 0.06 0.02 0.03 0.10 0.41 0.52
excl. non-recurring items, 0.02 0.05 0.01 0.03 0.08 0.05 0.13
EUR
--------------------------------------------------------------------------------
Return on equity, % 3.6 8.5 3.8 3.9 5.2 22.7 21.5
excl. non-recurring items, % 3.3 7.4 1.6 4.8 4.1 3.1 5.3
--------------------------------------------------------------------------------
Return on capital employed, 5.1 6.7 7.7 5.4 6.8 13.5 12.4
%
excl. non-recurring items, % 4.9 6.1 6.8 5.8 6.2 4.4 4.8
--------------------------------------------------------------------------------
Equity ratio at end of 38.7 32.4 33.3 31.2 38.7 31.2 33.2
period, %
Gearing ratio at end of 91 130 122 138 91 138 130
period, %
Net gearing ratio at end of 75 74 69 70 75 70 73
period, %
Shareholders' equity per 2.51 2.48 2.54 2.51 2.51 2.51 2.59
share at end of
period, EUR
Interest-bearing net 622.1 605.9 577.6 580.1 622.1 580.1 625.2
liabilities, EUR million
Gross investments, EUR 16.0 21.5 9.2 10.7 46.7 37.9 66.1
million
--------------------------------------------------------------------------------
Deliveries, 1 000 tonnes
Paperboard 313 311 311 306 935 890 1,188
Paper 159 158 186 169 503 519 681
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Personnel at the end of 3,178 3,401 3,239 3,337 3,178 3,337 3,279
period
Deliveries are not comparable due
to restructuring.
EBITDA = Earnings before interest, taxes, depreciation and impairment charges
The divestment of the holding in Metsä Group Treasury Oy improved Metsä Board's
equity ratio by approximately 5 percentage points and return on capital
employed by nearly 1 percentage point, as well as decreased the company's gross
debt by more than EUR 300 million, compared to the actual figures of the second
quarter of 2013. More information on the divestment is provided in the section
‘Structural changes' of the interim report.
Near-term outlook
Metsä Board's paperboard deliveries have increased by nearly 10 per cent this
year, compared to the corresponding period last year, although growth in the
demand for consumer goods in the main markets has been very slow.
In the last quarter of 2013, paperboard delivery volumes are estimated to
decrease slightly from the previous quarter, mainly due to seasonal factors in
December. Metsä Board has announced that it will increase the prices of folding
boxboard by approximately EUR 70 per tonne in Europe during the last quarter of
the year. The intention is to also include the price increases in the next
year's annual contracts which are currently being negotiated and which cover
approximately 60 per cent of the folding boxboard deliveries for the entire
year. No significant changes in the average price level of white-top kraftliner
are in sight.
Delivery volumes of uncoated fine paper are estimated to increase slightly in
the last quarter of 2013 and delivery volumes of coated paper are expected to
be at approximately the same level as in the previous quarter. No significant
changes in the price of uncoated fine paper or coated paper are in sight.
Delivery volumes of market pulp in the last quarter of 2013 are expected to be
at approximately the same level as in the previous quarter. The USD-denominated
average price of long-fibre pulp is estimated to increase slightly, but the
price of short-fibre pulp is expected to decrease somewhat in the last quarter
of the year.
Production costs in the last quarter of 2013 are expected to be at
approximately the same level as in the previous quarter.
Metsä Board's operating result, excluding non-recurring items, is in the last
quarter of 2013 expected to improve from the third quarter of 2013.
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-September 2013 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 (0)10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358
(0)10 465 4335
More information will be available starting from 1 p.m. on 6 November 2013. 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 937551.
Metsä Board is Europe's leading producer of folding boxboard, 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 its shares are listed
on the NASDAQ OMX Helsinki. In 2012, the company's sales totalled approximately
EUR 2.1 billion. The company has approximately 3,300 employees.
www.metsaboard.com
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