2007-04-24 11:48:04 CEST
2007-04-24 11:48:04 CEST
REGLAMENTUOJAMA INFORMACIJA
Metsäliitto Osuuskunta - Quarterly report
Metsäliitto Group Interim Report January-March 2007
Metsäliitto Group's operating profit excluding non-recurring items
EUR 97 million in the first quarter
Non-recurring items totalled EUR -62 million
Result for the first quarter of 2007
* Sales EUR 2,244 million (Q1/06: EUR 2,358 million). Sales were 5
per cent down on the previous year because of divested and
discontinued businesses. Comparable sales grew by 5 per cent.
* Operating profit excluding non-recurring items EUR 97 million
(Q1/06: EUR 82 million). Operating profit after non-recurring
items EUR 35 million (Q1/06: EUR 82 million).
* Result before tax and excluding non-recurring items was EUR 32
million (Q1/06: EUR 45 million).
Events during the first quarter of the year
* M-real's Sittingbourne fine paper mill in the UK was closed down
in January. Fine paper machines 6 and 7 at Gohrsmühle in Germany
were closed down in February. It was decided to close the Wifsta
paper mill in Sweden by the end of June.
* M-real sold 9 per cent of its Metsä-Botnia shares to Metsäliitto
Cooperative for EUR 240 million.
* Metsäliitto Cooperative decided to reform and streamline the
organisation of Wood Supply in Finland. The existing area
organisation will be abolished, while supply districts will be
reinforced. The new organisation will be implemented as of 1
January 2008.
* M-real launched a restructuring programme aiming at an
approximately EUR 40 million improvement in results from the
operations in Finland, as of the beginning of 2009. Closures of
entire production plants are not planned, but the number of
personnel is estimated to drop by some 600 people, in addition to
the programmes currently in progress."The first quarter showed that Metsäliitto Group is heading in the
right direction with its profitability improvement measures.
Meanwhile, however, the challenges from the operating environment are
increasing. In particular, energy prices and limited availability of
wood raw material will burden our productivity. The rapid changes in
the forest industry's operating environment can create the impression
of getting nowhere, despite impressive achievements and hard work."
Kari Jordan, President & CEO, Metsäliitto Group
Metsäliitto is the eigth largest forest industry group in the world
with sales of EUR 8.5 billion and 25,000 employees. Its five business
areas include wood supply, wood products industry, pulp, paper and
board, and tissue and cooking papers. The Group's parent company
Metsäliitto Cooperative and subsidiaries Metsä-Botnia, M-real and
Metsä Tissue operate in 30 countries.
Metsäliitto Group
+-----------------------------------------------------------------+
| Income statement | 2007 | 2006 | 2006 |
| (EUR mill.) | 1-3 | 1-3 | 1-12 |
|--------------------------------------+--------+--------+--------|
| Sales | 2 244 | 2 358 | 9 271 |
|--------------------------------------+--------+--------+--------|
| Other operating income | 24 | 46 | 175 |
|--------------------------------------+--------+--------+--------|
| Operating expenses | -2 101 | -2 192 | -8 761 |
|--------------------------------------+--------+--------+--------|
| Depreciation and impairment losses | -132 | -130 | -707 |
|--------------------------------------+--------+--------+--------|
| Operating profit | 35 | 82 | -22 |
|--------------------------------------+--------+--------+--------|
| Share of results in associates | 2 | 0 | 6 |
|--------------------------------------+--------+--------+--------|
| Net exchange gains / losses | -5 | 8 | 6 |
|--------------------------------------+--------+--------+--------|
| Other financial income & expenses | -62 | -45 | -212 |
|--------------------------------------+--------+--------+--------|
| Result before tax | -30 | 45 | -222 |
|--------------------------------------+--------+--------+--------|
| Income tax | -19 | -24 | -37 |
|--------------------------------------+--------+--------+--------|
| Result for the period | -49 | 20 | -259 |
+-----------------------------------------------------------------+
Metsäliitto Group
+-------------------------------------------------------------------+
| Key figures | 2007 | 2006 | 2006 |
| | 1-3 | 1-3 | 1-12 |
|----------------------------------------+--------+--------+--------|
| Return on capital employed, % | 2.8 | 5.4 | 0.1 |
|----------------------------------------+--------+--------+--------|
| - " -, excluding non-recurring | 6.7 | 5.4 | 4.4 |
| items | | | |
|----------------------------------------+--------+--------+--------|
| Return on equity, % | -8.5 | 3.1 | -10.3 |
|----------------------------------------+--------+--------+--------|
| - " -, excluding non-recurring | 2.2 | 3.1 | 0.7 |
| items | | | |
|----------------------------------------+--------+--------+--------|
| Equity ratio, % | 27.6 | 30.3 | 28.0 |
|----------------------------------------+--------+--------+--------|
| Net gearing ratio, % | 157 | 143 | 150 |
|----------------------------------------+--------+--------+--------|
| Interest-bearing net liabilities, EUR | 3 600 | 3 778 | 3 527 |
| mill. | | | |
|----------------------------------------+--------+--------+--------|
| Capital expenditure, EUR mill. | 96 | 168 | 744 |
|----------------------------------------+--------+--------+--------|
| Personnel at end of period | 24 296 | 28 890 | 25 007 |
+-------------------------------------------------------------------+
Business areas
+----------------------------------------------------------------------+
|Sales and Operating | | Wood | |Paper and|Tissue |
|profit | Wood |Products|Pulp *) | Board | and |
|1-3/2007 |Supply |Industry|Industry|Industry |Cooking|
|(EUR mill.) | | | | |Papers |
|------------------------+---------+--------+--------+---------+-------|
|Sales | 408| 354| 357| 1 432| 213|
|------------------------+---------+--------+--------+---------+-------|
| Other operating income | 2| 2| 4| 155| 2|
|------------------------+---------+--------+--------+---------+-------|
| Operating expenses | -398| -317| -271| -1 386| -196|
|------------------------+---------+--------+--------+---------+-------|
| Depreciation & | -2| -12| -26| -97| -13|
|impairment losses | | | | | |
|------------------------+---------+--------+--------+---------+-------|
|Operating profit | 10| 27| 64| 104| 6|
+----------------------------------------------------------------------+
*) Represents 100%. The Metsäliitto Group consolidates 53% of the
Pulp Industry's figures.
The Interim Report is unaudited
METSÄLIITTO GROUP
INTERIM REPORT 1 January - 31 March 2007
Sales and result
As a result of divestments and discontinued businesses, the
Metsäliitto Group's sales fell by 5 per cent from the corresponding
period last year, amounting to EUR 2,244 million (2,358). Comparable
sales grew by 5 per cent.
Operating profit excluding non-recurring items was EUR 97 million
(82). Non-recurring items totalled EUR -62 million (0), of which EUR
43 million are cost provisions for mill closures at Sittingbourne and
Wifsta. EUR 16 million was entered as impairment losses due to
valuation of assets held for sale at expected selling price.
Operating profit after non-recurring items was EUR 35 million (82).
The Metsäliitto Group's net financial expenses were 3.0 per cent
(1.6) of sales in January-March. Financial income was EUR 6 million
(7), income from associates was EUR 2 million (0) and financial
expenses were EUR 68 million (51). Net exchange gains/losses were EUR
-5 million (+8).
Before non-recurring items, the result before tax was EUR 32 million
(45), and after non-recurring items EUR -30 million (+45). Taxes,
including the change in deferred tax liability, were EUR 19 million
(24).
The result for the period was EUR -49 million (+20), EUR +3 million
(+17) of which was attributable to the owners of the parent
cooperative and EUR -52 million (+4) to the minority interest.
The Group's return on capital employed was 2.8 per cent (5.4) and the
return on equity was
-8.5 per cent (3.1). Excluding non-recurring items, the Group's
return on capital employed was 6.7 per cent (5.4) and return on
equity was 2.2 per cent (3.1).
Balance sheet and financing
Metsäliitto Group's total liquidity was EUR 1.5 billion at the end of
March (31 December 2006: 2.0). Of this, EUR 0.2 billion (0.2) was in
terms of liquid assets and investments, and EUR 1.3 billion (1.8) in
binding credit-facility agreements not included in the balance sheet.
In addition, the Group can satisfy short-term financial needs with
non-binding commercial paper schemes in Finland and abroad as well as
credit lines amounting to EUR 0.8 billion.
The Group's equity ratio at the end of March was 27.6 per cent and
gearing ratio was 157 per cent (31 December 2006: 28.0% and 150%,
respectively). Interest-bearing net liabilities increased by EUR 73
million in the first quarter of the year and stood at EUR 3,600
million at the end of March (31 December 2006: 3,527).
Standard & Poor's Ratings Services lowered M-real's long-term credit
rating from B+ to B in March. The outlook for the rating remained
negative. Correspondingly, Moody's Investors Services lowered
M-real's credit rating from B2 to B3. The outlook for the rating
shifted from negative to stable. The lowered ratings have an effect
of about EUR 5 million per year on M-real's current financing
costs.
Metsäliitto Cooperative's members' capital grew by EUR 9.8 million in
January-March. The actual members' capital grew by EUR 1.0 million,
the additional members' capital A by EUR 7.8 million and the
additional members' capital B by EUR 1.0 million. At the end of
March, Metsäliitto Cooperative had 130,948 members (31 December 2006:
131,139).
Metsäliitto Cooperative's Supervisory Board will make a proposal to
Metsäliitto Cooperative's Representative Council, convening on 24
April 2007, to decide to pay 6.0 per cent (6.5) of interest on the
members' capital, 5.0 per cent (5.5) on the additional members'
capital A and 3.5 per cent (4.0) on the additional members' capital B
for 2006. Thus, the interest on members' capital for 2006 would total
EUR 36.2 million (37.4).
Personnel
The Metsäliitto Group employed an average of 24,522 (28,981) people
during the period. The reduction resulted from divestments and
restructuring. At the end of March, the number of personnel was
24,296 (31 December 2006: 25,007). The parent company Metsäliitto
Cooperative employed 3,164 people at the end of the period (31
December 2006: 3,158).
Investments, acquisitions and divestments
Metsäliitto Group's capital expenditure and corporate acquisitions
totalled EUR 96 million (168).
Capital expenditure
In February, Metsäliitto Wood Products Industry decided to build a
birch plywood processing line in Suolahti. It will start up at the
beginning of 2008. The new unit will employ some 20 people, and the
costs of the project are estimated to be EUR 15 million.
Acquisitions
In January, M-real sold 9 per cent of its Metsä-Botnia shares to
Metsäliitto Cooperative for EUR 240 million and posted a gain of
about EUR 135 million. The gain is eliminated in the Metsäliitto
Group's financial statements.
Metsä-Botnia's Russian subsidiary Svir Timber acquired two Russian
harvesting companies. This enhances wood supply for the Svir Timber
sawmill and Metsä-Botnia's long-term strategy in Russia.
Pulp mill project in Uruguay
The Uruguay pulp mill investment is progressing as planned, and the
mill is scheduled to start up in the third quarter of 2007. At the
end of March, the project employed about 4,800 people. The training
and orientation programme for the process workers of the mill is
currently in progress.
Forestal Oriental S.A. (FOSA), a subsidiary of Botnia, has continued
to expand its planting and harvesting capacity. FOSA currently owns
about 160,000 hectares of land, 60 per cent of which is cultivated or
arable. In addition, long-term wood delivery agreements have been
signed with private forest owners and foundations.
Action plan
M-real's restructuring programme, published in October 2006, is
progressing as planned. In addition, in February M-real launched a
programme aiming at an approximately EUR 40 million improvement in
results from the operations in Finland, as of the beginning of 2009.
Closures of production plants are not planned, but the number of
personnel is estimated to drop by some 600 people, in addition to the
programmes currently in progress.
Organisation
Metsäliitto Cooperation has decided to reform the organisation of
Wood Supply in Finland. According to the plans, the procurement area
organisation as it exists in its present form will be abolished while
wood supply districts will be reinforced. The aim of the reform is to
simplify and streamline the organisation and to secure the supply of
wood raw material for the production plants competitively. The new
organisation will be implemented as of 1 January 2008.
Business areas
Wood Supply
Wood Supply sales in January-March were EUR 408 million (403), of
which Wood Supply Finland accounted for EUR 304 million (323).
Operating profit was EUR 10 million (10), of which Wood Supply
Finland accounted for EUR 8 million (8).
In Finland, wood trade had a brisk start early in the year. In
January-March, wood purchasing was at the planned level, and
Metsäliitto's market share was normal. Prices have been on the rise
for nearly all wood assortments.
In Russia, the competition for wood was hard, and warm weather had a
more pronounced negative effect on wood supply than in other regions.
Russia's announcement to raise export taxes caused disturbance in the
already tight market. In January-March, imports from Russia to
Finland amounted to 0.4 million cubic metres (0.6).
In the Baltic countries, supply was low in January, but the situation
returned to normal in February. Prices have remained high, both for
roundwood and chips.
In the Baltic Sea region, winter was nearly a third shorter than
normal, and deliveries to mills in Finland and Sweden did not quite
reach the planned level. Sufficient quantities of wood were supplied
to the mills, but stock levels were clearly below normal.
In Central Europe, storm damage gave a boost to the wood market, and
the mild winter weather relieved the pressure on prices generated by
fuel wood supply. Wood deliveries in France, Germany and Austria were
carried out as planned.
Metsäliitto Wood Products Industry
Metsäliitto Wood Products Industry's sales stood at EUR 354 million
(510), and operating profit was EUR 27 million (14). The decrease in
sales is due to divestments, particularly the divestment of Moelven
Industrier ASA, whose sales in the corresponding period last year
amounted to nearly EUR 200 million. Wood Products Industry's
comparable sales increased by about 14 per cent in the first quarter.
The demand for wood products has continued briskly, and for most
product categories the prices have been at an adequate level. In
addition to the market conditions, the improvement in performance is
attributable to Wood Products Industry's own development and
reinforcement measures.
In the current market conditions, the availability of logs has become
a key issue. During the first quarter, Metsäliitto's Wood Supply
succeeded in delivering nearly the planned quantities of raw
material, despite the problems due to weather and the reduced volume
of imported wood.
In the first quarter of the year, the most important investment
decision was the building of a processing plant for birch plywood in
Suolahti. Other investment decisions have related to machinery
investments that ensure competitiveness and cost-efficiency.
Pulp Industry
The sales of the Pulp Industry stood at EUR 357 million (316), and
operating profit was EUR 64 million (48). The improvement of sales
and operating profit compared with the corresponding period last year
resulted from a positive price development for pulp. The result was
negatively affected particularly by the nine per cent weakening of
the dollar against the euro and by the wood raw material price
increases.
The price for softwood pulp in Europe was USD 760 and for birch and
eucalyptus pulp USD 670. Foreign currency denominated market prices
for pulp were on average 23 per cent higher for softwood pulp and 10
per cent higher for hardwood pulp compared with last year's first
quarter.
The pulp market remained stable during the first quarter of the year.
Both the manufacturers' and the customers' pulp stocks remained on a
normal level or below normal. Shortage of wood in the Nordic
countries, Russia, Central Europe and North America disturbed the
supplying of raw material, and many pulp mills experienced
involuntary production cuts. New eucalyptus pulp capacity came on the
market from Chile and Brazil.
M-real's result includes 30 per cent (Q1/06: 39%) of the pulp
industry's operating profit. Totally, 53 per cent of the figures for
the pulp industry are consolidated into Metsäliitto Group's financial
statements.
Paper and Board Industry
The Paper and Board Industry's sales totalled EUR 1,432 million
(1,441) and the operating profit excluding non-recurring items was
EUR 31 million (35).
The operating profit of M-real was affected negatively by the
weakened US dollar and increased pulpwood price, as well as
production losses at pulp mills, due to poorer availability of wood.
Compared with last year's corresponding period, the operating profit
was affected positively by the eight per cent price increase for
uncoated fine paper as well as the implemented cost improvement
measures.
The net amount of non-recurring items was EUR +73 million (0). The
EUR 135 million gain obtained from the selling of Metsä-Botnia shares
to Metsäliitto Cooperative was entered as non-recurring income. The
amount of entered non-recurring expenses totalled EUR 62 million. The
most important items were the EUR 14 million and EUR 29 million cost
provisions for the completion of mill closures at Sittingbourne and
Wifsta, respectively. In addition, EUR 16 million was entered as an
impairment loss due to valuation of assets held for sale at expected
selling price.
Operating profit after non-recurring items was EUR 104 million (35).
Financial income and expenses together totalled EUR -41 million
(-26), income from associates was EUR 0 million (-1) and net exchange
gains/losses booked in financial items were EUR -5 million (+8).
The result for the period before tax was EUR 58 million (16),
earnings per share were EUR 0.16 (0.01) and return on capital
employed was 9.6 per cent (3.4). Excluding non-recurring items, the
result was EUR -15 million (16), earnings per share were EUR -0.08
(0.01) and return on equity was 3.2 per cent (3.4).
At the end of March, equity ratio was 32.9 per cent and net gearing
114 per cent (31 December 2006: 30.9% and 126%, respectively).
Tissue and Cooking Paper Industry
Tissue and Cooking Paper Industry's sales stood at EUR 213 million
(181), and operating profit was EUR 6 million (5). In the first
quarter, comparable sales increased by about 5 per cent compared with
last year. Rise in selling prices and revision of product range
contributed to the growth. The share of volume growth was 0.4 per
cent.
The increase in the price of the most important raw material, pulp,
caused an additional cost of some EUR 3.5 million compared with the
previous year. However, the effects of higher raw material prices
were mainly compensated by successful price raises and improved sales
of own brands.
In Central Europe and Russia, the tissue paper markets are developing
more rapidly than other markets. The sales of the Slovakian tissue
paper company acquired in spring last year have developed as planned,
but the rise in raw material prices and the strengthened Slovak
koruna had a negative effect on profitability.
In autumn 2006, a sales organisation and warehouse were set up in
Moscow, and direct deliveries to consumers and the away-from-home
products were initiated. The business in Russia is developed to
enable local tissue paper processing.
Events after the review period
As part of the programme to improve the result of M-real's operations
in Finland, the company decided in April to close down paperboard
machine line 2 at the Tako board mill in Tampere. The line
manufactures folding boxboard and its capacity is 70,000 tonnes per
year. The paperboard machine is planned to be run down by the end of
July. According to the plans, the production of the closed line will
be transferred to M-real's other machines in Finland.
Outlook for the second quarter
Demand for wood in Finland is good for all wood assortments, and the
price level is record high. At the beginning of April, Metsäliitto
launched a campaign to promote thinning in summer. The rise in
Russian export taxes will have only a marginal effect on this year's
import volumes.
The second quarter prospects for wood products continue to be mainly
positive. Demand is expected to remain at a good level and product
prices are believed to continue rising moderately.
It seems that the pulp market will remain stable during the second
quarter of the year. There are still pressures to raise pulp prices,
and a 20 dollar increase in softwood pulp price has been announced
for the beginning of April.
The demand for fine paper and paperboard products is estimated to
continue high, and the demand for coated magazine paper is
anticipated to pick up somewhat from the earliest part of the year.
The efforts to raise the prices for uncoated fine paper will
continue. The market price for coated fine paper is also expected to
rise slightly in Europe. The price of folding boxboard will be raised
in mid-May, but prospects of increasing the prices of coated magazine
paper in near future are limited.
In the second quarter the supply of wood to the Group's mills will be
challenging. Disturbances in deliveries are possible at pulp mills as
well as at sawmills. The outcome will depend on the result of
purchasing and harvesting as well as transport conditions.
Metsäliitto Group's operating profit for the second quarter excluding
non-recurring items is predicted to remain below the first quarter's
result because of seasonal factors, increasing cost of wood and more
extensive maintenance shutdowns.
Espoo, 24 April 2007
Metsäliitto Group
Board of Directors
The Interim Report was prepared in accordance with IFRS requirements
for entry and valuation, but all the requirements of the IAS 34
standard were not met.
For further information, please contact:
Ilkka Pitkänen, Group CFO, Metsäliitto Group, tel. +358 10 469 4260
Lauri Peltola, Group CCO, Metsäliitto Group, tel. +358 50 570 5606
METSÄLIITTO GROUP
Income statement 2007 2006 2006
(EUR mill.) 1-3 1-3 Change 1-12
Sales 2 244 2 358 -114 9 271
Other operating income 24 46 -22 175
Materials and services -1 449 -1 474 25 -6 037
Employee costs -328 -361 33 -1 451
Other operating expenses -324 -357 33 -1 273
Depreciation and impairment losses -132 -130 -2 -707
Operating profit 35 82 -47 -22
Share of results in associates 2 0 2 6
Net exchange gains / losses -5 8 -13 6
Other financial income 6 9 -3 23
Other financial expenses -68 -54 -14 -235
Result before tax -30 45 -75 -222
Income taxes -19 -24 5 -37
Result for the period -49 20 -70 -259
Attributable to
Owners of parent company 3 17 -14 -25
Minority interest -52 4 -56 -234
-49 20 -70 -259
Balance sheet 2007 2006 2006
(EUR mill.) 31.3. 31.3. 31.12.
ASSETS
Non-current assets
Intangible assets 616 849 617
Tangible assets 4 161 4 242 4 197
Biological assets 72 65 71
Financial assets
Interest bearing 52 46 52
Deferred tax receivables 85 86 77
Other non-interest bearing 214 230 210
5 200 5 518 5 225
Current assets
Inventories 1 133 1 310 1 095
Receivables
Interest bearing 37 9 145
Non-interest bearing 1 660 1 749 1 617
Cash and cash equivalents 189 190 246
3 019 3 259 3 103
Assets classified as held for sale 86 0 103
TOTAL 8 306 8 777 8 431
MEMBERS' FUNDS AND LIABILITIES
Members' funds 1 297 1 354 1 289
Minority interest 991 1 298 1 064
Total members' funds 2 288 2 652 2 353
Non-current liabilities
Deferred tax liabilities 382 430 382
Retirement benefit obligations 244 269 238
Provisions 110 70 91
Interest bearing 3 459 3 267 3 455
Other non-interest bearing 56 85 56
4 251 4 121 4 222
Current liabilities
Interest bearing 414 757 512
Non-interest bearing 1 321 1 247 1 314
1 735 2 004 1 826
Total liabilities 5 986 6 125 6 048
Liabilities classified as held for sale 31 0 30
TOTAL 8 306 8 777 8 431
Change in members' funds
Members' Retained Minority
(EUR mill.) capital Reserves earnings interest Total
Members' funds Jan 1, 2006 558 74 696 1 317 2 646
Translation differences -4 -4
Dividends paid -24 -24
Increase in members' 8 1 9
capital
Effects of financial 4 4
instruments
Other changes 1 1
Result for the period 17 4 20
Members funds' March 31, 566 79 709 1 298 2 652
2006
Members' funds Jan 1, 2007 577 78 634 1 064 2 353
Translation differences -2 -2
Dividends paid -12 -12
Increase in members' 10 10
capital
Effects of financial -3 -3
instruments
Other changes -8 -8
Result for the period 3 -52 -49
Members funds' March 31, 587 75 635 991 2 288
2007
Cash flow statement 2007 2006 2006
(EUR mill.) 1-3 1-3 1-12
Cash flow from operations
Result for the period -49 20 -259
Adjustments total 248 168 928
Change in working capital -75 -120 193
Cash generated from operations 123 68 863
Finance costs, net -72 -29 -189
Income taxes paid -39 -24 -54
Net cash from operations 12 15 620
Cash flow from investments
Acquisitions -8 -50 -136
Purchases of assets -88 -118 -608
Sold assets and others -4 18 69
Net cash from investments -100 -150 -675
Cash flow from financing
Increase in equity 41 25 98
Change in long-term loans and
other financial items 5 130 74
Dividends paid -12 -24 -62
Net cash flow from financing 34 131 110
Change in cash and cash equivalents -55 -4 55
Cash at beginning of period 248 194 194 Change in cash and cash equivalents -55 -4 55
Cash in assets classified as held for sale -2 -1
Cash at end of period 191 190 248
BUSINESS SEGMENTS
Consumer Packaging I/07 I/06 I-IV/06
Sales 236 257 971
EBITDA 50 50 154
Depreciation & impairment losses -21 -23 -96
Operating profit 29 27 58
Papers I/07 I/06 I-IV/06
Sales 779 801 3 118
EBITDA 29 81 172
Depreciation & impairment losses -58 -64 -388
Operating profit -29 17 -216
MAP Merchant Group I/07 I/06 I-IV/06
Sales 379 365 1 437
EBITDA 8 9 27
Depreciation & impairment losses -1 -2 -69
Operating profit 7 7 -42
Wood Products I/07 I/06 I-IV/06
Sales 354 510 2 045
EBITDA 39 32 173
Depreciation & impairment losses -12 -18 -66
Operating profit 27 14 107
EBITDA = Tulos ennen poistoja ja arvonalentumisia
Others I/07 I/06 I-IV/06
Operating profit 1 17 71
of which
Wood Supply 10 12 44
Tissue and Cooking Papers 6 5 19
Others and Group eliminations -15 0 8
M-real includes 30% (39%) of the Pulp Industry's (Metsä-Botnia)
operating profit and Metsäliitto a further 23% (14%) in the business
segments Consumer Packaging and Papers.
Production
1 000 units I/07 I/06 I-IV/06
Paper, t 1 019 1 079 4 119
Paperboard, t 311 299 1 121
Sawn goods, m3 513 1 113 3 893
Processed timber, m3 116 302 1 179
EW products, m3 223 247 935
Pulp & CTMP, t (M-real) 426 440 1 754
Pulp, t (Metsä-Botnia) 676 644 2 520
Quarterly data 2007 2006 2006 2006 2006
(EUR mill.) I IV III II I
Sales
Consumer Packaging 236 241 236 237 257
Papers 779 778 767 772 801
MAP Merchant Group 379 376 342 354 365
Wood Products 354 482 499 555 510
Others & internal sales 496 475 402 396 425
Group sales 2 244 2 352 2 246 2 314 2 358
Operating profit
Consumer Packaging 29 5 21 5 27
Papers -29 -176 7 -64 17
MAP Merchant Group 7 -59 3 7 7
Wood Products 27 46 21 26 14
Others 1 24 16 14 17
Group operating profit 35 -160 68 -11 82
- % of sales 1.6 -6.8 3.0 -0.5 3.5
Share of results
in associates 2 2 2 2 0
Net exchange gains / losses -5 0 4 -6 8
Other fin. income & expenses -62 -62 -60 -45 -45
Result before tax -30 -220 14 -60 45
Income taxes -19 9 -21 -1 -24
Result for the period -49 -211 -7 -61 20
CHANGE IN TANGIBLE ASSETS
I/07 I/06 I-IV/06
Book value at beginning of period 4 197 4 256 4 256
Company acquisitions - 2 92
Increase 85 133 693
Decrease -4 -17 -600
Depreciation and impairment charges -110 -120 -530
Assets classified as held for sale - - -28
Translation differences and other changes -8 -12 315
Book value at end of period 4 161 4 242 4 197
CONTINGENT LIABILITIES I/07 I/06 IV/06
For own liabilities 332 353 408
On behalf of associated companies 3 2 5
On behalf of others 2 20 3
Total 337 375 416
FIXED ASSETS, PURCHASE AGREEMENTS I/07 I/06 IV/06
Payments due under 1 year 182 136 195
Payments due in subsequent years 17 66 20
OPEN DERIVATIVE CONTRACTS I/07 IV/06
Interest rate derivatives 2 402 2 377
Currency derivatives 3 275 3 838
Other derivatives 188 173
Total 5 865 6 387
The market value of open derivative contracts at the end of the
review period was EUR -9 million (31.12.2005: EUR -4 million).
Open derivative contracts also include closed contracts to a total
amount of EUR 567 million (31.12.2006: EUR 871 million).
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