2009-10-22 10:59:57 CEST
2009-10-22 11:01:13 CEST
REGULATED INFORMATION
M-real - Interim report (Q1 and Q3)
M-real's operating result for July-September excluding non-recurring items was EUR -22 million
M-real Corporation Interim report 1 January-30 September 2009,
22.10.2009 at 12
Result for January-September 2009
* Sales EUR 1,826 million (Q1-Q3/2008: 2,514)
* Operating result excluding non-recurring items EUR -157 million
(16). Operating result including non-recurring items was EUR -215
million (100).
* Result before taxes from continuing operations excluding
non-recurring items EUR -215 million (-91). Result before taxes
including non-recurring items totalled EUR -284 million (-7).
* Earnings per share from continuing operations excluding
non-recurring items were EUR -0.64 (-0.31) and including
non-recurring items EUR -0.83 (-0.05)
Result for the third quarter of 2009
* Sales EUR 618 million (Q2/2009: 585)
* Operating result excluding non-recurring items EUR -22 million
(-70). Operating result including non-recurring items EUR -24
million (-73).
* Result before taxes excluding non-recurring items totalled EUR -70
million (-83). Result before taxes including non-recurring items
EUR -72 million (-97).
* Earnings per share from continuing operations excluding
non-recurring items were EUR -0.22 (-0.24) and including
non-recurring items EUR -0.22 (-0.29)
Events during the third quarter
* The result of the Consumer Packaging business area improved
significantly.
* Major pulp mill boiler rebuild implemented in Husum.
* M-real received a EUR 190 million cash payment as the final
settlement from Sappi on 27 August 2009 related to the divestment
of the Graphic Papers business at the end of 2008.
* A letter of intent regarding the new ownership structure of
M-real's associated company Metsä-Botnia and the divestment of
Metsä-Botnia's operations in Uruguay to UPM-Kymmene was signed on
15 July 2009.
Events after the period
* An agreement on the new ownership structure of M-real's associated
company Metsä-Botnia and the divestment of Metsä-Botnia's
operations in Uruguay to UPM-Kymmene was signed on 22 October 2009."The demand picked up especially for paperboard, which combined with
the efficiency improvement measures, significantly improved the
profitability of Consumer Packaging. The adaptation of M-real after
the divestment of Graphic Papers and the streamlining of the
remaining paper business have proceeded according to plans. These
measures have a considerable negative result impact this year. The
profit impact of these successful measures will be seen clearly
during the next year."
Mikko Helander, CEO, M-real Corporation
KEY FIGURES 2009 2009 2009 2008 2009 2008 2008
Q3 Q2 Q1 Q3 Q1-Q3 Q1-Q3
Sales, EUR million 618 585 623 826 1,826 2,514 3,236
EBITDA, EUR million 27 -23 -48 49 -44 272 254
excl. non-recurring
items, EUR million 26 -20 -13 60 -7 188 192
Operating result, EUR
million -24 -73 -118 -8 -215 100 -61
excl. non-recurring
items, EUR million -22 -70 -65 3 -157 16 -35
Result before taxes
from continuing
operations, EUR million -72 -97 -115 -45 -284 -7 -204
excl. non-recurring
items, EUR million -70 -83 -62 -34 -215 -91 -178
Result for the period
from continuing
operations, EUR million -73 -93 -105 -44 -271 -7 -170
from discontinued
operations, EUR million -3 -2 -10 -212 -15 -276 -338
Total, EUR million -76 -95 -115 -256 -286 -283 -508
Result per share
from continuing
operations, EUR -0.22 -0.29 -0.32 -0.15 -0.83 -0.05 -0.55
from discontinued
operations, EUR -0.01 -0.01 -0.03 -0.64 -0.05 -0.84 -1.03
Total, EUR -0.23 -0.30 -0.35 -0.79 -0.88 -0.89 -1.58
Result per share
excl. non-recurring
items, EUR -0.22 -0.24 -0.18 -0.13 -0.64 -0.31 -0.48
Return on equity, % -27.2 -32.1 -32.0 -10.1 -29.7 -0.6 -10.4
excl. non-recurring
items, % -26.6 -27.2 -17.6 -8.3 -22.9 -7.2 -9.0
Return on capital employed,
% -2.3 -10.2 -13.4 -0.5 -8.5 4.9 -1.3
excl. non-recurring
items, % -2.0 -8.3 -7.0 1.0 -5.6 1.3 -0.5
Equity ratio at end of
period, % 28.5 29.4 30.3 32.5 28.5 32.5 30.8
Gearing ratio at end of
period, % 170 168 151 129 170 129 152
Net gearing ratio at end of
period, % 121 116 101 114 121 114 90
Interest-bearing net
liabilities, EUR million 1,262 1,276 1,243 1,865 1,262 1,865 1,254
Gross investments, EUR
million 23 16 16 38 55 89 128
Deliveries, 1 000 tonnes 0
Paper businesses 275 269 321 438 866 1,368 1,761
Consumer Packaging 315 296 274 348 885 1,041 1,345
Personnel at the end of
period
in continuing operations 5,649 6,080 6,314 6,679 5,649 6,679 6,546
in discontinued
operations 2,159 2,159
EBITDA = Earnings before interest, taxes, depreciation
and impairment charges
Result for July-September compared with the previous quarter
M-real's sales totalled EUR 618 million (Q2/2009: 585). Comparable
sales were up 5.7 per cent. The operating result was EUR -24 million
(-73), and the operating result excluding non-recurring items was EUR
-22 million (-70).
Non-recurring items totalling EUR -2 million were recognised in the
operating result consisting of the following:
* EUR 3 million cost related to profit improvement measures of the
Husum mill of which EUR 2 million in Office Papers business area
and EUR 1 million in Market Pulp and Energy business area.
* EUR 1 million income related to closure of Hallein Paper in
speciality Papers business area.
The non-recurring items for the previous quarter totalled EUR -3
million net due to the implemented efficiency improvement measures.
The operating result excluding non-recurring items compared with the
previous quarter was improved by increased delivery volumes, higher
selling price of pulp and implemented cost savings. The result was
weakened by a decrease in the price of uncoated fine paper, the
investment and maintenance shutdown at the Husum mill and costs
associated with the discontinuation of the standard coated fine paper
production.
The total paper business delivery volume was 275,000 tonnes for
July-September (269,000). Deliveries by the Consumer Packaging
business area totalled 315,000 tonnes (296,000).
Financial income and expenses totalled EUR -47 million (-12). Foreign
exchange gains and losses from accounts receivable, accounts payable,
financial income and expenses and the valuation of currency hedging
were EUR 2 million (2). Net interest and other financial income and
expenses stood at EUR -49 million (-14). Other financial expenses do
not include valuation gains on interest rate hedges (valuation gain
of 7). A loss of EUR -30 million was booked in the financial expenses
due to the early repayment of the vendor notes issued to Sappi.
The result from continuing operations in July-September before taxes
was EUR -72 million (-97). The result from continuing operations
before taxes excluding non-recurring items was EUR -70 million (-83).
Income taxes, including the change in deferred tax liabilities, came
to EUR -1 million (+4).
Earnings per share were EUR -0.23 (-0.30). Earnings per share from
continuing operations excluding non-recurring items were EUR -0.22
(-0.24). The return on equity was -27.2 per cent (-32.1); excluding
non-recurring items, -26.6 per cent (-27.2). Return on capital
employed was -2.3 per cent (-10.2); excluding non-recurring items
-2.0 per cent (-8.3).
Result for January-September compared with the corresponding period
last year
M-real's sales totalled EUR 1,826 million (2,514). Comparable sales
were down 23.8 per cent. The operating result was EUR -215 million
(+100), and the operating result excluding non-recurring items was
EUR -157 million (+16).
Non-recurring items in the operating result for January-September
totalled EUR -58 million net, including the following key items:
* EUR 28 million cost provisions and write-downs in the Speciality
Papers business area connected to the closure of the Hallein paper
mill.
* EUR 22 million cost provisions and write-downs associated with the
closure of the Metsä-Botnia Kaskinen mill. This total consists of
EUR 16 million related to the Consumer Packaging business area and
EUR 6 million to the Market Pulp and Energy business area.
* EUR 3 million cost under Other operations related to the
streamlining of the sales network.
* EUR 3 million cost related to profit improvement measures of the
Husum mill of which EUR 2 million in Office Papers business area
and EUR 1 million in Market Pulp and Energy business area.
The non-recurring items of the corresponding period in the previous
year were EUR 84 million net.
Compared to the corresponding period last year, the operating result
excluding non-recurring items was weakened by the reduced delivery
volumes caused by weakened demand and the reduced value of product,
wood and pulp inventories. The result was improved by the implemented
price increases and cost savings.
The total paper business delivery volume was 866,000 tonnes for
January-September (1,368,000). Consumer Packaging deliveries totalled
885,000 tonnes (1,041,000).
Financial income and expenses over the period totalled EUR -55
million (-106). Foreign exchange gains and losses from accounts
receivable, accounts payable, financial income and expenses and the
valuation of currency hedging were EUR 4 million (2). Net interest
and other financial income and expenses stood at EUR -59 million
(-108). Other financial expenses include EUR 9 million of valuation
gains on interest rate derivatives (valuation gain of 3). The
financial income of the review period includes a profit of about EUR
31 million from repurchases of M-real's EUR 400 million bond due in
December 2010. A loss of EUR -30 million was booked in the financial
expenses due to the early repayment of the vendor notes issued to
Sappi.
The result from continuing operations over the review period before
taxes was EUR -284 million (-7). The result includes a non-recurring
item of EUR -11 million in the line "share of results in associated
companies" from the Sunila pulp mill divested by Myllykoski Paper
during the second quarter. The result from continuing operations
before taxes and excluding non-recurring items was EUR -215 million
(-91). Income taxes, including the change in deferred tax
liabilities, came to EUR +13 million (0).
Earnings per share were EUR -0.88 (-0.89). Earnings per share from
continuing operations excluding non-recurring items were EUR -0.64
(-0.31). The return on equity was -29.7 per cent (-0.6); excluding
non-recurring items -22.9 per cent (-7.2). Return on capital employed
was -8.5 per cent (4.9); excluding non-recurring items -5.6 per cent
(1.3).
Personnel
On 30 September 2009, the company had 5,649 employees (31 December
2008: 6,546), of which 2,097 (2,258) worked in Finland. In
January-September 2009, M-real employed an average of 6,103 people
(2008: 9,087). The numbers include 30 per cent of Metsä-Botnia's
personnel.
Investments
Gross investments in January-September totalled EUR 55 million
(Q1-Q3/2008: 89). Investments include a EUR 15 million share of
Metsä-Botnia's capital expenditure (23). Metsä-Botnia's investment
share is based on M-real's 30 per cent ownership.
Structural change
In February 2009, M-real launched a new profit improvement programme
with an annual target of EUR 80 million. The improvement actions
target at savings in the business areas and streamlining the support
functions to reflect the changed company structure. The full annual
effect of the programme will be visible from 2011. The majority of
the profit improvement measures regarding continuing businesses are
expected to be completed during 2009. The profit impact is estimated
to be EUR 25-30 million in 2009. The related non-recurring costs have
mainly been booked by the end of September.
A separate EUR 60 million programme to improve the 2009 cash flow was
also launched in February. The actions include, e.g., the reduction
of net working capital and cuts in investments.
Both programmes have proceeded better than expected, and therefore
the target of the profit improvement programme was increased to EUR
90 million and the target of the cash flow improvement programme to
EUR 80 million in October 2009.
In 2008, M-real announced it was planning the discontinuation of
standard coated fine paper production at the Hallein and Gohrsmühle
mills based on earlier examined strategic options. Both mills have
been loss-making for a long period of time. At Hallein, paper
production was discontinued at the end of April 2009. At the
Gohrsmühle mill, standard coated fine paper production was
discontinued in April. At Gohrsmühle, the production of speciality
papers as well as uncoated fine paper reels and folio sheets has been
expanded.
The organisation of M-real was revised following the closure of the
Hallein paper mill and the discontinuation of standard coated fine
paper production at the Gohrsmühle mill. The Other Papers business
area was renamed Speciality Papers. The new structure took effect on
17 June 2009.
On 15 July 2009, M-real's associated company Oy Metsä-Botnia Ab and
its owners, M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj,
signed a letter of intent regarding the divestment of the pulp mill
and forests located in Fray Bentos, Uruguay, to UPM. The final
agreement was signed on 22 October 2009. The transaction is described
more in detail in the chapter Events after the reporting period.
M-real's structural change to concentrate more clearly on producing
packaging materials has proceeded as planned. The strategic review of
the paper business continues.
Management changes
Matti Mörsky started as M-real's CFO on 4 May 2009.
On 17 June 2009, Heikki Husso was appointed Head of the Speciality
Papers business area, and Soili Hietanen was appointed Head of the
Market Pulp and Energy business area. Hietanen is also responsible
for contract manufacturing between M-real and Sappi.
Mika Joukio, Head of the Consumer Packaging business area, was
appointed as Deputy to the CEO of M-real in addition to his current
position as of 15 September 2009.
Financing
At the end of September 2009, M-real's equity ratio was 28.5 per cent
(31 December 2008: 30.8) and the gearing ratio 170 per cent (152).
Net gearing ratio was 121 (90). Some of M-real's loan agreements set
a 120 per cent limit on the company's net gearing ratio and a 30 per
cent limit on the equity ratio. Calculated as defined in the loan
agreements, the net gearing ratio at the end of September was
approximately 94 per cent (74) and the equity ratio some 34 per cent
(36).
The change in the fair value of investments available for sale was
approximately EUR -93 million in January-September based mainly on
the decrease in the value of the Pohjolan Voima shares.
At the end of September, net interest-bearing liabilities totalled
EUR 1,262 million (1,254). Foreign-currency-denominated loans
accounted for 14 per cent; 87 per cent were floating-rate and the
rest were fixed-rate. At the end of September, the average interest
rate on loans was 5.1 per cent and the average maturity of long-term
loans 2.7 years. The interest rate maturity was 5.1 months at the end
of September. During the period the interest rate maturity has varied
between 2 and 6 months.
In January-September, cash flow from operations amounted to EUR 35
million (Q1-Q3/2008: 102). Working capital was down by EUR 131
million (up 19).
At the end of the period, an average of 4.4 months of net foreign
currency exposure was hedged. The degree of hedging has varied
between 4 and 5 months during the period. Approximately 95 per cent
of the non-euro-denominated equity was hedged at the end of the
period.
Liquidity continues at a good level. At the end of the review period,
liquidity was EUR 1,278 million, of which EUR 828 million consisted
of committed credit facilities, and EUR 450 million of liquid assets
and investments. The amount of committed credit facilities include
the undrawn EUR 500 million syndicated revolving credit facility due
in December 2009, which was cancelled after the review period in
October. In addition, the Group had other interest-bearing
receivables totalling EUR 64 million. To meet its short-term
financing needs, the Group also had at its disposal uncommitted
domestic and foreign commercial paper programmes and credit
facilities amounting to about EUR 570 million.
In connection with the divestment of Graphic Papers in December 2008,
M-real received EUR 220 million in interest-bearing vendor notes from
Sappi. In August, M-real agreed with Sappi that Sappi will repay the
vendor notes at the price of 86.5 per cent of their nominal value.
The cash payment of EUR 190 million received by M-real from Sappi in
August strengthened the Group's liquidity. This early repayment
resulted in an approximately EUR 30 million loss that was booked in
M-real's financial expenses in the third quarter of 2009.
In the second quarter, M-real drew a EUR 60 million pension premium
(TyEL) loan. After this drawdown, M-real still has a total of about
EUR 260 million of undrawn pension premium (TyEL) loans.
In the first quarter, M-real repurchased its own bonds (EUR 400
million bond due in December 2010) with a nominal value of EUR 59.95
million. A gain of approximately EUR 31 million from the purchases
was recorded in the first quarter result.
M-real's liquidity is ensured and actions to secure long-term
financing are ongoing.
Standard & Poor's downgraded M-real's credit rating from B- to CCC+
on 16 January 2009. The outlook of the rating remains negative. The
downgrade has an about EUR 2 million impact on current annual
financing costs.
On 13 February 2009, Moody's Investors Service downgraded M-real's B3
credit rating to Caa1. The outlook of the rating remains negative.
The downgrade has an about EUR 2 million impact on current annual
financing costs.
Shares
In January-September 2009, the highest price for M-real's B share on
the NASDAQ OMX Helsinki was EUR 0.92, the lowest EUR 0.19, and the
average price EUR 0.50. At the end of September, the price of the B
share was EUR 0.80.
The trading volume of B shares was EUR 214 million, 138 per cent of
the share capital. The market value of the A and B shares totalled
EUR 292 million at the end of September.
At the end of September, Metsäliitto Cooperative owned 38.6 per cent
of the shares and held 60.5 per cent of the voting rights conferred
by these shares. International investors' holdings increased to 18
per cent.
On 5 February 2009, Financier de l'Echiquier SA's holding in M-real
decreased to 4.8 per cent of the share capital and 1.6 per cent of
the voting rights.
The company does not hold any of its own shares.
Events after the reporting period
M-real Corporation, a part of Metsäliitto Group, announced on 15 July
2009 that its associated company, Oy Metsä-Botnia Ab, and its owners,
M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj, have signed a
letter of intent regarding the new ownership structure of
Metsä-Botnia and the divestment of Metsä-Botnia's Uruguayan
operations to UPM. The master agreement regarding this transaction
was signed on 22 October 2009.
Pursuant to the agreement, Metsä-Botnia will sell all its holdings in
Uruguayan operations to UPM. The agreed total value of the pulp mill
and forest assets in Uruguay is approximately EUR 1.6 billion. In
addition, Metsä-Botnia will sell 77 per cent of its holding in
Pohjolan Voima Oy to UPM for a consideration of EUR 66 million.
Concurrently, Metsä-Botnia will distribute dividends and capital
repayments to its shareholders, of which M-real's share is about EUR
300 million.
Pursuant to the agreement, Metsä-Botnia will acquire its own shares
from UPM and will cancel them. As a result, M-real's ownership in
Metsä-Botnia increases by 3.0 percent-units. M-real and Metsäliitto
Cooperative have agreed that Metsäliitto Cooperative will acquire
such 3.0 percent holding of Metsä-Botnia from M-real. The agreed
total value of Metsä-Botnia without its Uruguayan operations and
Pohjolan Voima Oy shares is approximately EUR 1.9 billion.
Metsäliitto Cooperative will pay its share purchase from M-real with
a market priced vendor note of EUR 50 million, having a maturity of 3
years.
Upon the closing of the transaction, M-real will change the
consolidation method of Metsä-Botnia in its consolidated financial
accounts and process its ownership in Metsä-Botnia as an associated
company according to IAS 28. When closed, the transaction will reduce
M-real's net debt compared to the end of the third quarter in 2009 by
approximately EUR 500 million when taking into account the cash
consideration of EUR 300 million, the market priced receivable of EUR
50 million from Metsäliitto and the change in the consolidation
method for the consolidated financial statements of M-real. Earlier
the net debt reduction was estimated at EUR 550 million. This change
in the estimation results from Metsä-Botnia's decreased net debt and
weakened US dollar exchange rate. M-real will use the funds for
paying off its debts. The transaction will not have a significant
impact on M-real's equity. The closing of the transaction and the
change in the consolidation method of Metsä-Botnia are estimated to
decrease M-real's annual sales by approximately EUR 250 million and
to slightly improve the result before taxes compared to 1-3Q 2009.
The transaction is still subject to the conclusion of negotiations
with financing parties and approvals by competition authorities. The
transaction is expected to be completed latest during the first
quarter of 2010. After the closing of the transaction M-real owns 30
per cent, Metsäliitto Cooperative 53 per cent and UPM 17 per cent of
Metsä-Botnia.
The Board of Directors of M-real has reviewed and approved the
transaction without those of its members who are dependent on
Metsäliitto Cooperative. Upon request of the Board of Directors of
M-real, Handelsbanken Capital Markets has issued a Fairness Opinion,
according to which the transaction is financially fair from the point
of view of M-real's shareholders. Castrén & Snellman Oy,
Attorneys-at-law, has acted as the company's legal advisor.
Near-term outlook
The demand for folding boxboard improved during the third quarter,
and the operating rates were at a good level. The demand is believed
to remain good also during the fourth quarter. However, seasonally
the fourth quarter is typically slightly weaker than the third
quarter. Folding boxboard prices are being increased in the UK, and
price increases of approximately 10 per cent have also been announced
for other markets. Linerboard prices have been increased in the main
markets.
Also the order inflow of uncoated fine paper improved during the
third quarter. The demand seems to continue at a relatively good
level. Following the divestment of the New Thames mill last year and
the subsequent production conversion, M-real's operating rates have
been slightly better than the average operating rates in the market.
Producers' low average operating rates seem to continue to maintain
the price pressure.
Following the discontinuation of the standard coated fine paper
production, the expansion of uncoated fine paper and speciality paper
production has progressed according to plan in the Speciality Papers
business area. The demand for speciality papers is still below the
normal level but seems to be improving gradually. The prices of
speciality papers have mainly remained stable, and no significant
changes in the average price are expected.
The increase in the price of pulp has continued. The weakening of the
US dollar has decreased the effect of the price increase in euros. It
is believed the increase in prices will continue also during the
fourth quarter.
The adaptation of M-real after the divestment of Graphic Papers has
proceeded according to plans, and it is expected to result in
significant cost savings before the end of the year, e.g., due to the
reorganisation of IT functions.
M-real's internal profit improvement programmes have proceeded as
targeted. The implemented efficiency improvements and decreases in
production costs in 2009 help the profitability situation.
Performance in 2009 has been negatively affected by significant
extraordinary operating costs related to adapting operations to a
smaller scale and more profitable entity. The costs related to these
announced adaptation measures during the fourth quarter will be
significantly lower than during the previous quarters. The positive
effect of successful measures on performance will however be seen
clearly during the next year.
The third quarter was notably better than the first half of the year.
The fourth quarter is also expected to be clearly better than the
profitability level of the first two quarters. As a result of the
weak performance during the first half of the year, the operating
result for 2009 as a whole excluding non-recurring items will fall
clearly short of the previous year.
The agreement on the new ownership structure of M-real's associated
company Metsä-Botnia and the divestment of Metsä-Botnia's operations
in Uruguay to UPM-Kymmene Oyj is expected to be closed latest during
the first quarter of 2010.
Near-term business risks
The weakening of the global economy and general uncertainty have had
a negative impact on the operating conditions of the European paper
and board industry. In spite of several signs of improvement, there
is still the risk that the slowdown of the global economy and the
weak demand for paper will be prolonged. A prolonged period of weak
demand may delay the improvement of profitability.
North-American subsidies to pulp industry have led restarts of idled
capacity. The possible material increase in pulp supply can result as
discontinuation of the global pulp price increase or even as a global
pulp price decline.
The overall situation of the financial market has recently improved,
but the availability of corporate financing on reasonable terms
remains challenging. M-real's financial situation improved following
the early repayment of Sappi's vendor notes and will improve further
once the arrangement of Metsä-Botnia's operations in Uruguay is
closed latest during the first quarter of 2010.
The company's strategic review has proceeded consistently in phases.
Together with successful cost saving programmes, the company has
achieved significant savings and rationalisation of operations. It
has been announced that the strategic review of the paper business,
cost cuts and streamlining of operations will continue. If the
measures to be implemented are unable to reach the desired effect on
costs, there is the risk of continued weak profitability of the paper
business.
There is a risk of a strengthening euro in relation to the US dollar
and the British pound. This would have a negative impact on operating
conditions in the European paper and board industry.
Because the forward-looking estimates and statements of these
financial statements are based on current plans and estimates, they
contain risks and other uncertain factors that may cause the results
to differ from the statements concerning them.
In the short term, M-real's result will be particularly affected by
the price of, and demand for, finished products, raw material costs,
the price of energy, and the exchange rate development of the euro.
More information about longer-term risk factors can be found on pages
37-38 of M-real's 2008 annual report.
M-REAL CORPORATION
Further information:
Matti Mörsky, CFO, tel. +358 10 465 4913
Juha Laine, Vice President, Investor Relations and Communications,
tel. +358 10 465 4335
More information available starting from 1 pm on 22 October 2009. A
telephone conference for investors and analysts in English starts at
3 pm.
BUSINESS AREAS AND MARKET TRENDS
2009 2009 2009 2008 2008 2009 2008 2008
Consumer Packaging Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Sales, EUR million 250 237 226 248 274 713 814 1,061
EBITDA, EUR million 51 24 15 11 37 90 97 108
excl. non-recurring
items 51 25 19 11 37 94 98 109
Operating result, EUR
million 31 4 -17 -13 17 18 37 24
excl. non-recurring
items 31 5 -1 -9 17 35 38 29
Return on capital
employed, % 16.4 2.1 -8.8 -6.0 8.3 3.1 6.1 3.2
excl. non-recurring
items, % 16.4 2.5 -0.4 -4.0 8.3 6.1 6.3 3.8
Deliveries, 1,000
tonnes 315 296 274 303 348 885 1,041 1,345
Production, 1,000
tonnes 323 275 292 293 347 890 1,043 1,336
Personnel at the end
of period 1,545 1,690 1,535 1,541 1,576 1,545 1,576 1,535
Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Consumer
Packaging business area improved from the previous quarter and was
EUR 31 million (Q2/2009: 5). The result was improved by an increase
in the delivery volumes, lower costs and implemented cost saving
measures.
No non-recurring items were booked in the result. The result for the
previous quarter included a non-recurring item EUR -1 million cost
provision related to personnel reductions.
The deliveries of European folding boxboard producers were 9 per cent
higher compared with the previous quarter. Consumer Packaging's
deliveries of folding boxboard were up by 12 per cent.
Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for the Consumer
Packaging business area weakened compared to the corresponding period
last year and totalled EUR 35 million (38). The most significant
factor weakening the result was the general decline in demand. Price
increases, the implementation of cost saving measures and the
strengthening of the US dollar improved the result.
The result includes EUR -17 million non-recurring items related to
the closure of Metsä-Botnia's Kaskinen pulp mill and personnel
reductions. The result for the corresponding period last year
included non-recurring items of EUR -1 million.
The deliveries of European folding boxboard producers fell by 16 per
cent compared with the corresponding period last year. Consumer
Packaging's deliveries of folding boxboard were down by 12 per cent.
2009 2009 2009 2008 2008 2009 2008 2008
Office Papers Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Sales, EUR million 133 131 147 174 203 411 630 804
EBITDA, EUR million 0 -3 -2 -3 11 -5 38 35
excl. non-recurring
items 0 -3 -2 -1 11 -5 38 37
Operating result, EUR
million -15 -18 -17 -38 -6 -50 -15 -53
excl. non-recurring
items -13 -18 -17 -14 -6 -48 -15 -29
Return on capital
employed, % -13.0 -13.7 -12.4 -25.6 -3.2 -12.9 -2.2 -7.4
excl. non-recurring
items, % -11.4 -13.7 -12.4 -9.2 -3.2 -12.3 -2.2 -3.8
Deliveries, 1,000
tonnes 199 190 203 237 270 592 844 1,081
Production, 1,000
tonnes 181 202 199 177 226 582 728 905
Personnel at the end
of period 1,407 1,428 1,454 1,495 1,518 1,407 1,518 1,454
Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Office
Papers business area improved compared to the previous quarter and
was EUR -13 million (Q2/2009: -18). The result was improved by an
increase in delivery volumes and the implemented cost saving
measures. A decrease in the average sale prices impacted the result.
A non-recurring item totalling EUR -2 million was recognised in the
operating result in connection with the profit improvement measures
at the Husum mill. The result for the previous quarter did not
include non-recurring items.
Total deliveries by European uncoated fine paper producers were down
by 1 per cent compared to the previous quarter. The delivery volume
of Office Papers increased by 5 per cent.
Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for Office Papers
weakened compared to the corresponding period last year and totalled
EUR -48 million (-15). The result was weakened by lower average
selling prices and weaker demand for products. The result was
improved by lower raw material costs and implemented cost saving
measures.
A non-recurring item totalling EUR -2 million was recognised in the
operating result in connection with the profit improvement measures
at the Husum mill. The result for the corresponding period last year
did not include non-recurring items.
Total deliveries by European uncoated fine paper producers fell by 15
per cent compared to the corresponding period last year. The delivery
volume of Office Papers fell by 30 per cent. This figure includes the
impact of the divestment of the New Thames mill.
2009 2009 2009 2008 2008 2009 2008 2008
Speciality Papers Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Sales, EUR million 80 82 117 147 153 279 475 622
EBITDA, EUR million -7 -17 -33 -1 7 -57 46 45
excl. non-recurring
items -8 -16 -5 1 7 -29 22 23
Operating result, EUR
million -10 -23 -40 -75 -3 -73 16 -59
excl. non-recurring
items -11 -22 -12 -8 -3 -45 -7 -15
Return on capital
employed, % -16.0 -32.2 -43.4 -63.5 -2.3 -29.6 4.8 -14.3
excl. non-recurring
items, % -17.6 -30.4 -12.5 -5.8 -2.3 -17.8 -2.0 -3.4
Deliveries, 1,000
tonnes 76 80 118 157 168 274 524 680
Production, 1,000
tonnes 75 74 99 160 170 248 546 705
Personnel at the end
of period 1,563 1,742 1,971 1,965 2,009 1,563 2,009 1,971
Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Speciality
Papers business area improved compared to the previous quarter and
was EUR -11 million (Q2/2009: -22). The result was improved by higher
selling prices and implemented cost saving measures. The result was
weakened by the costs associated with discontinuation of the standard
coated fine paper production.
The result includes a EUR 1 million non-recurring income related to
closure of Hallein paper mill. The result for the previous quarter
included a non-recurring item of EUR -1 million connected to the
closure of the Hallein paper mill.
The delivery volume of Speciality Papers fell by 5 per cent; this
figure includes the discontinuation of the standard coated fine paper
production.
Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for Speciality
Papers weakened compared to the corresponding period last year and
totalled EUR -45 million (-7). The result was weakened by a sharp
decline in the demand, declined delivery volumes and the costs
associated with discontinuation of the coated fine paper production,
accounting for approximately half of the losses for the year. The
result was improved by higher average selling prices and implemented
cost savings measures.
The result includes total EUR -28 million in non-recurring items
related to the closure of Hallein paper mill. The result for the
corresponding period last year included non-recurring items of EUR
+23 million.
The delivery volume of Speciality Papers fell by 48 per cent; this
figure includes the discontinuation of the standard coated fine paper
production.
2009 2009 2009 2008 2008 2009 2008 2008
Market Pulp and Energy Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Sales, EUR million 132 116 134 150 172 382 494 644
EBITDA, EUR million -6 -10 -4 8 23 -20 140 148
excl. non-recurring
items -6 -10 -3 8 23 -19 65 73
Operating result, EUR
million -15 -19 -18 -2 12 -52 108 106
excl. non-recurring
items -14 -19 -12 -2 12 -45 34 32
Return on capital
employed, % -7.3 -9.2 -8.4 -1.3 5.1 -8.2 17.0 12.6
excl. non-recurring
items, % -6.9 -9.2 -5.8 -1.3 5.1 -7.2 5.2 3.6
Deliveries, 1,000 tonnes 328 327 287 264 291 942 850 1,115
Result for July-September compared with the previous quarter
The operating result excluding non-recurring items for the Market
Pulp and Energy business area improved compared with the previous
quarter and was EUR -14 million (Q2/2009: -19). The result was
improved by the higher selling price of pulp and lower wood costs.
The result includes a EUR -1 million non-recurring item related to
implemented profit improvement measures at Husum mill. The result for
the previous quarter did not include non-recurring items.
Result for January-September compared with the corresponding period
last year
The operating result excluding non-recurring items for the Market
Pulp and Energy business area weakened compared to the corresponding
period last year and totalled EUR -45 million (34). The result was
weakened by lower selling price of pulp and production curtailments
of pulp mills due to low demand. The result was improved by lower
wood costs.
In addition, cost provisions and write-downs of EUR 7 million
associated with the closure of the Metsä-Botnia Kaskinen mill and the
implemented profit improvement measures at Husum mill were recognised
as non-recurring items in the result.
The result for the corresponding period last year included EUR +74
million non-recurring items.
Condensed consolidated statement of comprehensive
income
2009 2008 2008 2009 2009
EUR million Q1-Q3 Q1-Q3 Change Q2 Q3
Continuing operations
Sales 1,826 2,514 -688 3,236 585 618
Other operating income 86 172 -86 182 28 25
Operating expenses -1,956 -2,414 458 -3,164 -636 -616
Depreciation and impairment
losses -171 -172 1 -315 -50 -51
Operating result -215 100 -315 -61 -73 -24
% of sales -11.8 4.0 -1.9 -12.5 -3.9
Share of results in
associated companies -14 -1 -13 -1 -12 -1
Net exchange gains and losses 4 2 2 13 2 2
Other net financial items -59 -108 49 -155 -14 -49
Result before income tax -284 -7 -277 -204 -97 -72
% of sales -15.6 -0.3 -6.3 -16.6 -11.7
Income taxes 13 0 13 34 4 -1
Result for the period from
continuing operations -271 -7 -264 -170 -93 -73
% of sales -14.8 -0.3 -5.3 -15.9 -11.8
Discontinued operations
Result from discontinued
operations -15 -276 261 -338 -2 -3
Result for the period -286 -283 -3 -508 -95 -76
Other comprehensive income
Cash flow hedges 24 -11 35 -41 13 12
Available for sale financial
assets -93 70 -163 87 -57 27
Translation differences -10 6 -16 11 0 -13
Income tax relating to
components of other
comprehensive income 22 -16 38 -19 10 -6
Other comprehensive income,
net of tax -57 49 -106 38 -34 20
Total comprehensive income
for the period -343 -234 -109 -470 -129 -56
Result for the period
attributable to
Shareholders of parent
company -289 -292 3 -517 -96 -77
Minority interest 3 9 -6 9 1 1
Total comprehensive income
for the period attributable
to
Shareholders of parent
company -344 -244 -100 -481 -127 -55
Minority interest 1 10 -9 11 -2 -1
Total -343 -234 -109 -470 -129 -56
Earnings per share for result
attributable to shareholders
of parent company (EUR/share)
from continuing operations -0.83 -0.05 -0.78 -0.55 -0.29 -0.22
from discontinued
operations -0.05 -0.84 0.79 -1.03 -0.01 -0.01
Total -0.88 -0.89 0.01 -1.58 -0.30 -0.23
Condensed consolidated balance
sheet
30.9. 30.9. 31.12.
EUR million 2009 % 2008 % 2008 %
ASSETS
Non-current assets
Goodwill 51 1.4 71 1.4 51 1.1
Other intangible assets 43 1.2 63 1.3 51 1.1
Tangible assets 1,449 39.4 1,868 37.2 1,808 40.1
Biological assets 2 0.1 54 1.0 57 1.3
Investments in associated
companies 49 1.3 63 1.3 63 1.4
Available for sale investments 329 8.9 390 7.8 440 9.8
Non-current financial assets 11 0.3 29 0.6 232 5.2
Deferred tax receivables 5 0.1 5 0.1 5 0.1
1,939 52.7 2,543 50.7 2,707 60.1
Current assets
Inventories 341 9.3 533 10.6 505 11.2
Accounts receivables and other
receivables 576 15.7 754 14.9 743 16.5
Cash and cash equivalents 424 11.5 133 2.6 550 12.2
1,341 36.5 1,420 28.1 1,798 39.9
Assets classified as held for
sale 397 10.8 1,065 21.2
Total assets 3,677 100.0 5,028 100.0 4,505 100.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Equity attributable
to shareholders of parent
company 985 26.8 1,566 31.1 1,329 29.5
Minority interest 58 1.6 65 1.3 57 1.3
Total equity 1,043 28.4 1,631 32.4 1,386 30.8
Non-current liabilities
Deferred tax liabilities 193 5.2 274 5.4 232 5.1
Post-employment benefit
obligations 92 2.5 102 2.0 98 2.2
Provisions 72 2.0 38 0.8 99 2.2
Borrowings 1,387 37.7 1,532 30.5 1,568 34.8
Other liabilities 14 0.4 12 0.2 18 0.4
1,758 47.8 1,958 38.9 2,015 44.7
Current liabilities
Current borrowings 276 7.5 422 12.2 538 11.9
Accounts payable and other
liabilities 467 12.7 611 8.4 566 12.6
743 20.2 1,033 20.6 1,104 24.5
Liabilities classified as held
for sale 133 3.6 406 8.1
Total liabilities 2,634 71.6 3,397 67.6 3,119 69.2
Total shareholders' equity and
liabilities 3,677 100.0 5,028 100.0 4,505 100.0
Condensed consolidated cash flow statement
2009 2008 2008 2009
EUR million Q1-Q3 Q1-Q3 Q3
Result for the period -286 -283 -508 -75
Total adjustments 190 404 619 89
Change in working capital 131 -19 7 57
Cash flow arising from operations 35 102 118 71
Net financial items -5 -64 -193 -4
Income taxes paid 10 -20 -22 0
Net cash flow arising from operating activities 40 18 -97 67
Investments in intangible and tangible assets -55 -89 -128 -23
Divestments of assets and other 7 141 483 2
Net cash flow arising from investing activities -48 52 355 -21
Share issue, minority interest 0 2 2 0
Changes in non-current loans and in other
financial items -91 -297 -71 144
Dividends paid 0 -20 -20 0
Net cash flow arising from financing activities -91 -315 -89 144
Changes in cash and cash equivalents -99 -245 169 190
Cash and cash equivalents at beginning of
period 550 380 380 247
Translation difference in cash and cash
equivalents -1 1 1 -1
Changes in cash and cash equivalents -99 -245 169 190
Assets held for sale -26 -3 0 -12
Cash and cash equivalents at end of period 424 133 550 424
Statement of changes in shareholders' equity
Equity attributable to shareholders of parent
company
Fair
Share Trans- value Minor-
pre- lation and ity
Share mium differ- other Retained inter-
EUR million capital account ences reserves earnings Total est Total
Shareholders'
equity,
1 January
2008 558 667 -11 225 391 1,830 52 1,882
Dividends
paid -20 -20 -20
Metsä-Botnia
restructuring
in Uruguay 3 3
Comprehensive
income
for the
period 5 43 -292 -244 10 -234
Shareholders'
equity,
30 September
2008 558 667 -6 268 79 1,566 65 1,631
Shareholders'
equity,
1 January
2009 558 667 -9 259 -146 1,329 57 1,386
Comprehensive
income
for the
period -3 -52 -289 -344 1 -343
Shareholders'
equity, 30
September
2009 558 667 -12 207 -435 985 58 1,043
Key ratios 2009 2008 2008 2009
Q1-Q3 Q1-Q3 Q3
Sales, EUR million 1,826 2,514 3,236 618
EBITDA, EUR million -44 272 254 27
excl. non-recurring items, EUR million -7 188 192 26
Operating result, EUR million -215 100 -61 -24
excl. non-recurring items, EUR million -157 16 -35 -22
Result from continuing operations
before taxes, EUR million -284 -7 -204 -72
excl. non-recurring items, Eur million -215 -91 -178 -70
Result for the period
from continuing operations, EUR million -271 -7 -170 -73
from discontinued operations, EUR
million -15 -276 -338 -3
Total, EUR million -286 -283 -508 -76
Earnings per share
from continuing operations, EUR -0.83 -0.05 -0.55 -0.22
from discontinued operations, EUR -0.05 -0.84 -1.03 -0.01
Total, EUR -0.88 -0.89 -1.58 -0.23
Earnings per share, excl. non-recurring
items, EUR -0.64 -0.31 -0.48 -0.22
Return on equity, % -29.7 -0.6 -10.4 -27.2
excl. non-recurring items, % -22.9 -7.2 -9.0 -26.6
Return on capital employed, % -8.5 4.9 -1.3 -2.3
excl. non-recurring items, % -5.6 1.3 -0.5 -2.0
Equity ratio at end of period, % 28.5 32.5 30.8 28.5
Gearing ratio at end of period, % 170 129 152 170
Net gearing ratio at end of period, % 121 114 90 121
Shareholders' equity per share at end of
period, EUR 3.00 4.77 4.05 3.00
Interest-bearing net liabilities, EUR
million 1,262 1,865 1,254 1,262
Gross capital expenditure, EUR million 55 89 128 23
Deliveries, 1 000 tonnes
Paper business 866 1,368 1,761 275
Consumer Packaging 885 1,041 1,345 315
Personnel at the end of period
In continuing operations 5,649 6,679 6,546 5,649
In discontinued operations 2,159
EBITDA = Earnings before interest, taxes, depreciation
and impairment charges
Securities and guarantees 2009 2008 2008
EUR million Q3 Q3
For own liabilities 130 62 61
On behalf of associated
companies 1 1 1
On behalf of Group companies 4 5 5
On behalf of others 5 3 2
Total 140 71 69
Open derivative contracts 2009 2008 2008
EUR million Q3 Q3
Interest rate derivatives 1,256 1,844 1,286
Currency derivatives 3,033 3,153 2,805
Other derivatives 300 207 185
Total 4,589 5,204 4,276
The fair value of open derivative contracts calculated at market
value at the end of the review period was EUR -23.7 million (EUR 15.0
million 31 December 2008 and EUR -14.0 million 30 September 2008).
Also include other closed contracts to a total amount of EUR 2,544.8
million (EUR 2,068.8 million 31 December 2008 and EUR 2,510.6 million
September 30 2008).
Commitments related to fixed
assets 2009 2008 2008
EUR million Q3 Q3
Payments due in following 12
months 5 0 0
Payments due later 2 1 1
Changes in property, plant
and equipment 2009 2008 2008
EUR million Q3 Q3
Carrying value at beginning
of period 1,808 2,820 2,820
Capital expenditure 52 89 128
Decreases -9 -79 -670
Assets classified as held for
sale -245 -646 0
Depreciation and impairment
charges -162 -160 -282
related to discontinued
operations 0 -149 -149
Translation difference 5 -7 -39
Carrying value at end of
period 1,449 1,868 1,808
Depreciation and impairment losses related to discontinued operations
include Graphic Papers business. Assets classified as held for sale
in 2009 include Metsä Botnia's Uruguay business and in 2008 Graphic
Papers business, which was sold in December 2008.
Related-party transaction
Transaction and balances with
parent and sister companies 2009 2008 2008
EUR million Q3 Q3
Sales 21 25 34
Other operating income 3 2 3
Purchases 244 455 571
Interest income 3 4 7
Interest expences 2 3 4
Non-current receivables 5 18 5
Current receivables 66 74 49
Non-current liabilities 0 0 0
Current liabilities 187 57 228
Transaction with associated
companies 2009 2008 2008
EUR million Q3 Q3
Sales 0 0 0
Purchases 3 3 4
Non-current receivables 1 0 0
Current receivables 7 7 7
Current liabilities 1 2 2
Accounting policies
This unaudited interim report has been prepared in accordance with
accounting policies set out in International Accounting Standard 34
and in the M-real's Annual Report for 2008.
The Group has adopted the following standards: IAS 1 (revisited),
Presentation of Financial Statements. The revisited standard is aimed
at improving users' ability to analyse and compare the information
given in financial statements by separating changes in equity of an
entity arising from transactions with owners from other changes in
equity. The Group presents non-owner changes in equity in the
statement of comprehensive income.
IFRS 8, Operating Segments. The new standard replaces IAS 14. The new
standard requires a 'management approach', under which segment
information is presented on the same basis as that used for internal
reporting purposes. The operating segments are the same as in 2008
according to IAS 14 or Consumer Packaging, Office Papers, Speciality
Papers and Market Pulp and Energy.
The figures in the financial statement are unaudited.
Calculation of key ratios
(Result from continuing operations
Return on equity (%) = before tax
- direct taxes) per (Shareholders'
equity (average))
(Result from continuing operations
before tax
Return on capital + interest expenses,net exchange
employed (%) = gains/losses and other financial
expenses) per (Shareholders' equity
+ interest-bearing borrowings
(average))
Equity ratio (%) = (Shareholders' equity) per (Total
assets - advance payments received)
Gearing ratio (%) = (Interest-bearing borrowings)
per (Shareholders' equity)
(Interest-bearing borrowings
Net gearing ratio (%) = - liquid funds
- interest-bearing receivables)
per (Shareholders' equity)
(Profit attributable to shareholders
Earnings per share = of parent company)
per (Adjusted number of shares
(average))
(Equity attributable to shareholders
Shareholders'equity per = of parent company)
share per (Adjusted number of shares at the
end of period)
Sales and result
by segment
2009 2009 2009 2008 2008 2009 2008 2008
EUR million Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Consumer
Packaging 250 237 226 248 274 713 814 1,061
Office Papers 133 131 147 174 203 411 630 804
Speciality
Papers 80 82 117 147 153 279 475 622
Market Pulp and
Energy 132 116 134 150 172 382 494 644
Other operations
56 40 34 57 77 130 246 323
Internal sales -33 -21 -35 -54 -53 -89 -175 -218
Sales 618 585 623 722 826 1,826 2,514 3,236
Consumer
Packaging 51 24 15 11 37 90 97 108
Office Papers 0 -3 -2 -3 11 -5 38 35
Speciality
Papers -7 -17 -33 -1 7 -57 46 45
Market Pulp and
Energy -6 -10 -4 8 23 -20 140 148
Other operations
-11 -17 -24 -33 -29 -52 -49 -82
EBITDA 27 -23 -48 -18 49 -44 272 254
% of sales 4.4 -3.9 -7.7 -2.5 5.9 -2.4 10.8 7.8
Consumer
Packaging 31 4 -17 -13 17 18 37 24
Office Papers -15 -18 -17 -38 -6 -50 -15 -53
Speciality
Papers -10 -23 -40 -75 -3 -73 16 -59
Market Pulp and
Energy -15 -19 -18 -2 12 -52 108 106
Other operations
-15 -17 -26 -33 -28 -58 -46 -79
Operating result
-24 -73 -118 -161 -8 -215 100 -61
% of sales -3.9 -12.5 -18.9 -22.3 -1.0 -11.8 4.0 -1.9
Non-recurring
items
Consumer
Packaging 0 -1 -16 -4 0 -17 -1 -5
Office Papers -2 0 0 -24 0 -2 0 -24
Speciality
Papers 1 -1 -28 -67 0 -28 23 -44
Market Pulp and
Energy -1 0 -6 0 0 -7 74 74
Other operations
0 -1 -3 -14 -11 -4 -12 -27
Non-recurring
items
in operating
result -2 -3 -53 -110 -11 -58 84 -26
Consumer
Packaging 51 25 19 11 37 94 98 109
Office Papers 0 -3 -2 -1 11 -5 38 37
Speciality
Papers -8 -16 -5 1 7 -29 22 23
Market Pulp and
Energy -6 -10 -3 8 23 -19 65 73
Other operations -11 -16 -22 -15 -18 -48 -35 -50
EBITDA, excl.
non-recurring
items 26 -20 -13 4 60 -7 188 192
% of sales 4.2 -3.4 -2.1 0.6 7.3 -0.4 7.5 5.9
Consumer
Packaging 31 5 -1 -9 17 35 38 29
Office Papers -13 -18 -17 -14 -6 -48 -15 -29
Speciality
Papers -11 -22 -12 -8 -3 -45 -7 -15
Market Pulp and
Energy -14 -19 -12 -2 12 -45 34 32
Other operations
-15 -16 -23 -18 -17 -54 -34 -52
Operating result,
excl.
non-recurring
items -22 -70 -65 -51 3 -157 16 -35
% of sales -3.6 -12.0 -10.4 -7.1 0.4 -8.6 0.6 -1.1
Return on capital
employed %
Consumer
Packaging 16.4 2.1 -8.8 -6 8.3 3.1 6.1 3.2
Office Papers -13 -13.7 -12.4 -25.6 -3.2 -12.9 -2.2 -7.4
Speciality
Papers -16 -32.2 -43.4 -63.5 -2.3 -29.6 4.7 -14.3
Market Pulp and
Energy -7.3 -9.2 -8.4 -1.3 5.1 -8.2 17 12.6
Group -2.3 -10.2 -13.4 -19.7 -0.5 -8.5 4.9 -1.3
Capital employed,
EUR million
Consumer
Packaging 744 771 774 801 839 744 839 801
Office Papers 479 501 517 556 645 479 645 556
Speciality
Papers 225 241 312 415 518 225 518 415
Market Pulp and
Energy 830 822 876 899 929 830 929 899
Unallocated and
eliminations 541 611 609 822 -12 541 -12 822
Group 2,819 2,946 3,088 3,493 2,919 2,819 2,919 3,493
The capital employed for a segment included its assets: goodwill,
other intangible goods, tangible assets, biological assets,
investments in associates, inventories, accounts receivables,
prepayments and accrued income (excluding interest and taxes), less
the segment's liabilities (accounts payable, advance payments,
accruals and deferred income (excluding interest and taxes).
Deliveries 2009 2009 2009 2008 2008 2009 2008 2008
1,000 tonnes Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3
Consumer Packaging 315 296 274 303 348 885 1,041 1,345
Office Papers 199 190 203 237 270 592 844 1,081
Speciality Papers 76 80 118 157 168 274 524 680
Paper business, total 275 270 321 394 438 866 1,368 1,761
Market Pulp 328 327 287 264 291 942 850 1,115
Production
1,000 tonnes
Consumer Packaging 323 275 292 293 347 890 1,043 1,336
Office Papers 181 202 199 177 226 582 728 905
Speciality Papers 75 74 99 160 170 248 546 705
Paper business, total 257 276 298 337 396 831 1,274 1,610
Metsä-Botnia pulp 1) 219 210 231 235 270 660 755 990
M-real pulp 263 264 277 303 377 804 1,183 1,486
1) corresponds to M-real's ownership share of 30% in Metsä-Botnia
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