M-real - Company Announcement

M-real's new segment reporting

M-real Corporation Stock Exchange Release 17.12.2007

M-real has adjusted its historical figures following its earlier
announcements to divest Map Merchant Group and to form a new business
area Graphic Papers. Sales from M-real's industrial business areas to
Map Merchant Group have been treated as external sales.

The historical figures based on the new structure are:


Sales              Q3    Q2   Q1/          Q4    Q3    Q2    Q1
MEUR              /07   /07    07  2006   /06   /06   /06   /06  2005
Consumer
Packaging         231   243   235   971   241   236   237   257   864
Graphic Papers    574   548   577 2,390   588   586   598   618 2,284
Office Papers     167   183   202   727   189   181   174   183   704
Internal sales&
other
operations        130   122   143   516   163   115   116   122   387
Continuing
operations
total           1,102 1,096 1,157 4,604 1,181 1,118 1,125 1,180 4,239
Discontinued
operations        351   349   379 1,438   377   342   354   365 1,390
Eliminations      -87   -85  -104  -418  -120   -93  -101  -104  -388
Total           1,366 1,360 1,432 5,624 1,438 1,367 1,378 1,441 5,241



EBITDA                   Q3  Q2  Q1       Q4  Q3  Q2  Q1
MEUR                    /07 /07 /07 2006 /06 /06 /06 /06 2005
Consumer Packaging       45  28  39  131  25  38  24  44  125
Graphic Papers           52  31  27   93 -10  50  -3  56  157
Office Papers            21  15  -8   59  26  15  -2  20   57
Other operations         -2  -8 135  -11   4  -3 -11  -1   74
Continuing
operations total        116  66 193  272  45 100   8 119  413
Discontinued operations   7   7   8   27   5   5   8   9   26
Total                   123  73 201  299  50 105  16 128  439



EBITDA, excl. non-       Q3  Q2  Q1       Q4  Q3  Q2  Q1
recurring items, MEUR   /07 /07 /07 2006 /06 /06 /06 /06 2005
Consumer Packaging       45  33  39  131  25  38  24  44  125
Graphic Papers           48  33  41  187  41  52  38  56  167
Office Papers            21  15  22   69  26  15   8  20   68
Other operations         -3  -4  -1   -9   2  -2  -7  -1   -2
Continuing
operations total        111  77 101  378  94 103  63 119  358
Discontinued operations   7   7  11   33  11   5   8   9   26
Total                   118  84 112  411 105 108  71 128  384



                        Q3  Q2  Q1        Q4  Q3  Q2  Q1
Operating profit, MEUR /07 /07 /07 2006  /06 /06 /06 /06 2005
Consumer Packaging      27   8  21   43    0  17   2  24   41
Graphic Papers          16 -12 -14 -212 -176   4 -49   9  -49
Office Papers            7   1 -22  -18   -4  -1 -17   4   -5
Other operations        -7 -12 112  -42   -7  -8 -18  -9   31
Continuing operations
total                   43 -15  97 -229 -187  12 -82  28   18
Discontinued
operations               6   6   7  -42  -59   3   7   7   18
Total                   49  -9 104 -271 -246  15 -75  35   36



Operating profit
excl. non-recurring    Q3  Q2  Q1       Q4  Q3  Q2  Q1
items, MEUR           /07 /07 /07 2006 /06 /06 /06 /06 2005
Consumer Packaging     27  15  21   47   4  17   2  24   41
Graphic Papers          8  -9   0    4  -3   6  -8   9  -17
Office Papers           7   1   8    7  11  -1  -7   4    4
Other operations       -6  -9  -8  -40  -8  -8 -15  -9  -46
Continuing operations
total                  36  -2  21  18    4  14 -28  28  -18
Discontinued
operations              6   6  10   27  10   3   7   7   22
Total                  42   4  31   45  14  17 -21  35    4



                        Q3   Q2    Q1         Q4   Q3   Q2   Q1
Roce %                 /07  /07   /07 2006   /06  /06  /06  /06 2005
Consumer Packaging    15.3  4.1  10.9  5.1   0.3  7.5  1.3 10.9  4.8
Graphic Papers         3.2 -2.1  -2.5 -9.5 -31.6  0.8 -8.2  1.7 -1.9
Office Papers          4.9  0.6 -12.0 -2.3  -1.9 -0.2 -9.0  2.2 -0.5
Continuing operations  4.4 -1.1   9.7 -4.7 -16.5  1.7 -6.8  3.0  0.9
Total                  4.6 -0.5   9.6 -5.2 -20.3  1.8 -5.6  3.4  1.2



Roce %
excl.                   Q3   Q2   Q1        Q4   Q3   Q2   Q1
non-recurring items    /07  /07  /07 2006  /06  /06  /06  /06 2005
Consumer Packaging    15.3  7.9 10.9  5.6  2.1  7.5  1.3 10.9  4.8
Graphic Papers         1.7 -1.6  0.2  0.3 -0.3  1.1 -1.3  1.7 -0.6
Office Papers          4.9  0.6  5.0  1.1 6.0  -0.2 -3.7  2.2  0.6
Continuing operations  3.7  0.2  2.5  0.9  0.7  1.9 -2.0  3.0  0.2
Total                  3.9  0.7  3.3  1.4  1.5  2.0 -1.2  3.4  0.5



Deliveries      Q3  Q2    Q1          Q4    Q3    Q2    Q1
1,000 t        /07 /07   /07  2006   /06   /06   /06   /06  2005
Consumer
Packaging      297 313   302 1,161   288   285   284   304 1,006
Graphic Papers 760 724   757 3,153   778   772   788   815 3,011
Office Papers  215 241   272 1,039   264   258   251   266 1,034
Paper business
total          975 965 1,029 4,192 1,041 1,031 1,040 1,080 4,045



Production      Q3  Q2    Q1          Q4    Q3    Q2    Q1
1,000 t        /07 /07   /07  2006   /06   /06   /06   /06  2005
Consumer
Packaging      303 302   311 1,121   279   273   270   299   985
Graphic Papers 752 735   739 3,090   747   763   765   815 2,952
Office Papers  223 257   280 1,028   253   259   252   264 1,034
Paper mills
total          975 992 1,019 4,119 1,000 1,023 1,017 1,079 3,985
Metsä-Botnia   203 201   203   983   255   243   234   251   901
pulp
M-real pulp    455 398   426 1,754   449   443   422   440 1,533


Further information:
Seppo Parvi, CFO, +358 10 469 4321