2011-11-02 11:01:00 CET
2011-11-02 11:01:05 CET
REGULATED INFORMATION
Metsäliitto Osuuskunta - Interim report (Q1 and Q3)
Metsäliitto Group Interim Report 1-9/2011
Metsäliitto Group Interim Report 1-9/2011, Stock Exhange Release 2 November
2011 at noon
Metsäliitto Group's operating result excluding non-recurring items was EUR 311
million
Result for January-September 2011
- Sales amounted to EUR 4,123 million (1--9/2010: EUR 3,986 million).
- Operating result excluding non-recurring items was EUR 311 million (405).
Operating result including non-recurring items was EUR 229 million (415).
- Result before taxes and excluding non-recurring items was EUR 217 million
(299). Including non-recurring items, the result before taxes was EUR 130
million (293).
Result for July-September 2011
- Sales amounted to EUR 1,317 million (7-9/2010: EUR 1,345 million).
- Operating result excluding non-recurring items was EUR 63 million (155).
Operating result including non-recurring items was EUR 44 million (170).
- Result before taxes and excluding non-recurring items was EUR 35 million
(114). Including non-recurring items, the result before taxes was EUR 17
million (128).
Events in the third quarter of 2011
- Metsä Tissue's Düren mill was inaugurated on 14 September 2011.
- Metsäliitto Cooperative's shareholding in Metsä Tissue increased from 70.5
per cent to 76.6 per cent.
- The divestment of M-real's Hallein pulp mill was completed on 1 September
2011.
Events after the period
- M-real announced it would start negotiations on closing the Alizay mill and
on discontinuing the unprofitable operations at the Gohrsmühle mill.
- M-real announced plans to restructure its coated paper business, including
closure of Äänekoski paper mill and increase of Husum mill's production.
“The result development in the third quarter was in accordance with the
guidance we provided. In addition to the economic uncertainty and weakened
situation in the paper and pulp market also the costs for closing down the
mills and annual maintenance shutdowns affected our operating result.
If realised, our plans concerning the paper business in Alizay, Gohrsmühle and
Äänekoski will further M-real's focus in cartonboard for which the demand
outlook is good. The launch of the operations at Metsä Tissue's Düren mill in
Germany strengthens our position as a significant European manufacturer of
baking and cooking papers.”
Kari Jordan, President & CEO, Metsäliitto Group
Key figures
Metsäliitto Group
Income statement 2011 2010 2011 2010 2010
(Continuing operations) 1-9 1-9 7-9 7-9 1-12
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Sales 4 123 3 986 1 317 1 345 5 377
Other operating income 64 98 14 51 142
Operating expenses -3 692 -3 461 -1 210 -1 157 -4 686
Depreciation and impairment losses -265 -207 -76 -70 -336
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Operating result 229 415 44 170 497
Share of results in associates 5 -14 2 -1 -15
Exchange gains and losses 2 -6 1 -6 -7
Other net financial items -106 -103 -31 -35 -129
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Result before income tax 130 293 17 128 345
Income taxes -81 -102 -21 -39 -131
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Result from continuing operations 50 191 -4 89 214
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Metsäliitto Group
Profitability 2011 2010 2011 2010 2010
(Continuing operations) 1-9 1-9 7-9 7-9 1-12
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Operating result, EUR mill. 229 415 44 170 497
- “ -, excluding non-recurring items 311 405 63 155 547
- “ - % of sales 7.6 10.2 4.8 11.5 10.2
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Return on capital employed, % 8.0 13.1 4.9 16.6 11.8
- ” -, excluding non-recurring items 10.9 13.3 6.7 15.2 13.4
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Return on equity, % 3.9 16.9 -0.9 22.4 13.9
- ” -, excluding non-recurring items 10.8 17.4 3.4 18.8 18.2
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Financial position 2011 2010 2011 2010 2010
30.9 30.9 30.6 30.6 31.12
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Equity ratio, % 31.0 28.1 30.9 27.6 29.7
Net gearing ratio, % 113 123 121 135 116
Interest-bearing net liabilities, EUR mill. 1 895 1 985 2 051 2 109 1 939
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Business Areas
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Sales and Operating result Wood Wood Pulp Board Tissue
January-September 2011 Supply Products Industry and and
(EUR mill.) Industry Paper Cooking
Industry Papers
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Sales 1 121 720 1 011 1 961 725
Other operating income 6 4 11 47 7
Operating expenses -1 107 -687 -732 -1 859 -685
Depreciation & impairment -2 -25 -48 -148 -30
losses
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Operating result 18 12 242 1 17
Non-recurring items - 0 4 80 -
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Operating result, excl. 18 12 246 81 17
non-rec. items
- % of sales 1.6 1.6 24.4 4.1 2.3
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Near-term outlook
The rainy autumn season has slowed down harvesting and made deliveries
difficult. Nevertheless, the supply of wood to Metsäliitto Group's production
plants has been successful. All timber types are still being purchased from
privately owned forests, with the focus being on stands marked and suitable for
summer felling until the freezing weather.
Pressures on prices of sawn timber, in particular, will have a negative impact
on the result outlook of Wood Products Industry in the last quarter of the
year. Adapting sawmill operations in order to safeguard financially sustainable
development will be necessary.
In the last quarter of the year, Metsä-Botnia's utilisation rate will be
slightly lower than normal due to the upcoming annual maintenance shutdowns.
The annual maintenance shutdowns in Joutseno, Kemi and Äänekoski took place in
August-October, and the shutdown at the Rauma mill will take place in November.
No signs of weakness have been observed in the end demand for cartonboard.
Delivery volumes were at a record high level at the end of last year and at the
beginning of this year. Nevertheless, inventory levels have been clearly
reduced in recent months in different parts of the supply chain as the general
economic situation has become more uncertain and producers' ability to supply
materials has improved. The long-term demand and profitability outlook for
cartonboard will continue to be strong, and the inventory levels are estimated
to normalize during the next few months.
Improving the operating result and increasing the sales of own brands will be
Metsä Tissue's goals for the remainder of the year. Furthermore, the company's
investments into successful completion of strategic development projects will
continue.
The economic uncertainty has weakened the situation in the paper and pulp
market and in the sawmill industry in all main markets in recent months. Order
books are currently below the normal level and production curtailments will be
carried out at most mills during the remainder of the year.
Metsäliitto Group's operating result excluding non-recurring items in the last
quarter of 2011 is estimated to be slightly lower than in the third quarter.
New disclosure procedure
Metsäliitto Group has adopted a new disclosure procedure made possible by the
Financial Supervision Authority Standard 5.2b. This report is a summary of
Metsäliitto Group's Interim Report for January-September 2011. The Interim
Report and its tables are attached to this Stock Exchange Release as a PDF
attachment and are available on the Metsäliitto Group website at
www.metsäliitto.fi.
Further information:
Vesa-Pekka Takala, Group CFO, Metsäliitto Group, tel. +358 10 465 4260
Anne-Mari Achrén, Group CCO, Metsäliitto Group, tel. +358 10 465 4541
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