2008-04-23 11:08:47 CEST
2008-04-23 11:09:26 CEST
REGULATED INFORMATION
Metsäliitto Osuuskunta - Quarterly report
Metsäliitto Group's interim report 1-3/2008
Metsäliitto Group Interim report January-March, 23.4.2008
Metsäliitto Group limits its wood consumption by two million cubic
metres due to difficult wood trade situation
Result for the first quarter of 2008
- Sales EUR 1,930 million (EUR 1,969 million). Comparable sales were
at last year's level.
- Operating profit excluding non-recurring items decreased and stood
at EUR 49 million (EUR 87 million). Operating profit after
non-recurring items was EUR 70 million (EUR 28 million).
- The result before tax and excluding non-recurring items was EUR -14
million (EUR 26 million). The result from continuing operations,
including changes in deferred tax liability, was EUR 1 million (-51).
Events in the first quarter
- M-real sold its New Thames office paper mill located in the UK. The
debt-free price was approximately EUR 80 million. The deal became
effective on 29 February 2008.
- In connection with the New Thames deal, an agreement was made
concerning the pension liabilities of the UK mill operations. The
joint positive effect on the earnings of these arrangements is
approximately EUR 24 million and the effect on cash flow is EUR 82
million.
- In January, Metsäliitto Wood Products Industry purchased
Weyerhaeuser's European iLevel business, a supplier of engineered
wood products.
"The forest industry's operating conditions became more difficult in
the first quarter due in particular to currency exchange rate
development and the shortage of wood raw material. Due to the wood
raw material situation we are limiting our wood consumption byapproximately two million cubic metres which, in particular, affects
the production of our Finnish and Swedish pulp mills. Reaching a new
collective wage agreement in the wood industry in a constructive
manner well before the old agreement runs out is a positive
reflection of the understanding towards the difficult situation. Our
own efforts towards the structural change continue."
Kari Jordan, President & CEO, Metsäliitto Group
Metsäliitto Group
Income statement 2008 2007 2007
(Continuing operations) 1-3 1-3 1-12
Sales 1 930 1 969 7 669
Other operating income 73 24 136
Operating expenses -1 815 -1 834 -7 126
Depreciation and impairment losses -118 -131 -706
Operating profit 70 28 -27
Share of results in associates 2 2 12
Net exchange gains / losses -1 -5 1
Other financial income & expenses -63 -58 -228
Result before tax 8 -33 -242
Income tax -7 -18 -24
Result from continuing operations 1 -51 -265
Metsäliitto Group
Profitability 2008 2007 2007
(Continuing operations) 1-3 1-3 1-12
Operating profit, EUR mill. 70 28 -27
- " -, excluding non-recurring items 49 87 276
Return on capital employed, % 5.3 2.4 0.1
- " -, excluding non-recurring items 3.8 6.4 5.2
Return on equity, % 0.1 -8.9 -12.0
- " -, excluding non-recurring items -4.0 1.3 1.4
Financial position 2008 2007 2007
1-3 1-3 1-12
Equity ratio, % 27.0 27.6 27.0
Net gearing ratio, % 162 157 157
Interest-bearing net liabilities, EUR mill. 3 329 3 600 3 271
Business areas
Sales and Operating Wood Board Tissue
profit 2007 Wood Products Pulp *) and and
(EUR mill.) Supply Industry Industry Paper Cooking
Industry Papers
Sales 486 315 398 1 099 230
Other operating income 1 3 8 60 6
Operating expenses -476 -309 -297 -1 057 -211
Depreciation & impairment -1 -11 -34 -78 -16
losses
Operating profit 10 -2 75 24 9
*) Represents 100%. The Metsäliitto Group consolidates 53% of the
Pulp Industry.
The figures are unaudited
METSÄLIITTO GROUP
INTERIM REPORT 1 January - 31 March 2008
Sales and result
Metsäliitto Group's sales for the first quarter were EUR 1,930
million (1,969). The drop in sales was caused by shutting down the
Wifsta and Sittingbourne paper mills and by divesting the New Thames
paper mill in the UK, as well as carton plants in Finland and
Hungary. The comparable sales were at last year's level.
Operating profit, excluding non-recurring items, was EUR 49 million
(87). The net amount of non-recurring items was EUR +21 million
(-59). The most significant being EUR 24 million related to the sales
and pension liability arrangements of the UK mill operations.
Personnel cost provisions, related to the shutting down of the
Lielahti chemi-thermomechanical pulp mill and paper machine 2 at the
Kangas mill, were EUR 3 million. Operating profit, including
non-recurring items, was EUR 70 million (28).
The Group's net financial expenses were 3.3 per cent of sales (3.2).
Financial income was EUR 5 million (6), income from associates was
EUR 2 million (2) and financial expenses were EUR 68 million (64).
Net exchange gains/losses recognised in financial items were EUR -1
million (-5). At the end of March, the exchange rate of the US dollar
against the euro was 7.4 per cent weaker and that of the British
pound sterling 8.5 per cent weaker than at the beginning of the year.
On average, the dollar weakened by 14 per cent in the first quarter
and the pound weakened by 13 per cent compared to the same period
last year.
The result before taxes was EUR 8 million (-33) and taxes, including
changes in deferred tax liability, were EUR 7 million (18). The
result from continuing operations was EUR 1 million (-51), the result
from discontinued operations was EUR -1 million (2) and the net
result for the period was EUR 0 million (-49).
The result attributable to the owners of the parent company was EUR 9
million (3) and to the minority EUR -9 million (-52).
The Group's return on capital employed for continuing operations was
5.3 per cent (2.4) and return on equity was 0.1 per cent (-8.9).
Excluding non-recurring items, return on capital employed was 3.8 per
cent (6.4) and return on equity was -4.0 per cent (1.3).
Balance sheet and financing
Metsäliitto Group's total liquidity was EUR 1.5 billion at the end of
March (31.12.07: 1.6). Of this, EUR 0.3 billion (0.4) was in terms of
liquid assets and investments, and EUR 1.2 billion (1.2) 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 approximately EUR 0.5 billion.
The Group's equity ratio in March was 27.0 per cent and gearing was
162 per cent (31.12.07: 27.0% and 157%, respectively).
Interest-bearing net liabilities stood at EUR 3,329 million
(31.12.2007: 3,271). The equity ratio of the parent company,
Metsäliitto Cooperative, was 53.7 per cent at the end of March and
gearing ratio 37 per cent (31.12.2007: 55.0% and 37%, respectively).
Metsäliitto Cooperative's members' capital grew by EUR 5.9 million in
January-March. The actual members' capital grew by EUR 0.7 million,
the additional members' capital A by EUR 5.1 million and the
additional members' capital B by EUR 0.1 million. At the end of
March, Metsäliitto Cooperative had 130,494 members (31.12.07:
131,032)
Metsäliitto Cooperative's Supervisory Board will make a proposal to
Metsäliitto Cooperative's Representative Council, convening on 23
April 2008, to decide to pay 6.5 per cent (6.0) of interest on the
subscribed members' capital, 5.5 per cent (5.0) on the additional A
series capital and 4.0 per cent (3.5) on the additional B series
capital for 2007. Thus, the interest on members' capital for 2007
would total EUR 41.1 million (36.2).
Personnel
The Group employed an average of 20,012 people (22,103) during the
first quarter. At the end of March, the number of personnel in the
Group was 19,819 (31.12.07: 20,105). The parent company Metsäliitto
Cooperative employed 3,311 people at the end of March (31.12.07:
3,165).
Investments, acquisitions and divestments
Metsäliitto Group's capital expenditure and corporate acquisitions
totalled EUR 43 million (96).
Investments in fixed assets
Operations at the birch plywood upgrading mill in Suolahti built by
Metsäliitto Wood Products Industry have come onstream. The new unit
will employ some 20 people, and the cost of the project was
approximately EUR 15 million.
Corporate acquisitions and divestments
In January, Metsäliitto Wood Products Industry strengthened its
Building Solutions business line by acquiring iLevel's European
engineering wood operations from Weyerhaeuser. The deal included the
sales, distribution and technical support for iLevel's engineering
wood products in Europe, and offers Wood Products Industry good
conditions to expand and develop its operations in the UK, France and
Germany in particular.
M-real divested its New Thames office paper mill in the UK to DS
Smith Plc. In connection with the deal, an agreement was made
concerning the pension liabilities of the UK mill operations. The
joint positive effect on the earnings of these arrangements is
approximately EUR 24 million and the effect on cash flow is EUR 82
million.
Structural changes
The profit improvement and business concept simplification programme
M-real announced in November 2007 has proceeded according to the
targets. As part of the programme, M-real shut down its BCTMP plant
in Lielahti and paper machine 2 producing coated magazine paper at
the Kangas mill. Publishing and Commercial Printing business areas
were combined into Graphic Papers business area and a project to
simplify the coated magazine paper operating method and to lighten
the sales and marketing organisation was initiated at the same time.
As part of the programme, M-real announced it is also prepared to
take other measures, such as capacity cuts, if they are required by
changes in the business environment. The aggregate annual profit
improvement target of the programme is estimated to be EUR 100
million by the end of 2009.
In February 2008, M-real announced an additional target of EUR 200
million from asset sales, which should be achieved by the end of the
first quarter of 2009. The targeted sum includes M-real's divestment
of the New Thames mill in early February.
Business areas
Wood Supply
Wood Supply sales were EUR 486 million (408) in January-March, and
operating profit amounted to EUR 10 million (10). The operating
profit includes approximately EUR 2 million in non-recurring income.
Wood Supply Finland accounted for EUR 334 million (304) of the sales
and EUR 7 million (8) of the operating profit.
In the first quarter, Metsäliitto purchased approximately half of the
wood in Finland than it had done last year, which means that the
Group is clearly behind its annual target. Procurement has been
pulpwood heavy and focused on immediately transportable procurement
batches. The price level has remained high for pulpwood in the first
quarter; the price of birch logs has been rising and for spruce logs
decreasing.
In Russia, wood harvesting has been more successful than last year.
The price level has been slightly decreasing but the market situation
fluctuates depending on area and wood assortment. In January-March,
imports from Russia to Finland amounted to 0.5 million cubic metres
(0.4). On a whole year level a decrease in imports from Russia is
expected.
In the Baltic region, poor weather conditions lowered harvesting in
private forests in particular. The prices of all wood assortments
have been decreasing but are expected to make an upturn due to
decreased supply prices.
Difficult weather conditions also impeded West European wood supply.
In Austria, the storms in January-February caused damages to
approximately 12 million cubic metres of forestry, which have
affected the entire wood market in Central Europe. Restricted sawmill
production has also decreased wood chip delivery volumes.
The entire delivery volume of wood supply to production plants during
the three first months of the year was 9.2 million cubic metres
(9.2). The Group's mills wood supply was managed by special measures
though the amounts procured were clearly less than estimated.
Wood Products Industry
Metsäliitto Wood Products Industry's sales amounted to EUR 315
million (354) and operating profit was EUR -2 million (27). The main
reason behind the negative result was the higher than expected log
costs and the weak British pound.
The market situation for wood products has clearly weakened
especially as a result of a clear slowdown in the demand for sawn
timber products and high log prices. The demand for plywood products
for industrial end-uses has remained at a good level. The Building
Solutions and the Upgrading and Distribution businesses have also
developed positively.
The main event in the plywood business in the first quarter was the
start of operations at the birch plywood upgrading mill in Suolahti.
The new processing technology allows the development of more
innovative plywood solutions for demanding industrial end-uses. The
plant will operate at full capacity from the second quarter.
A new concourse, made of birch plywood cladding and delivered by
Building Solutions, was completed at the Charles de Gaulle airport in
Paris in March. The successful delivery of a large-scale demanding
project will strengthen Metsäliitto Wood Product Industry's position
as the leading supplier of advanced wooden structures in Europe.
Inputs in production efficiency in accordance with the investment
programme continued. The strategic role of product development has
also been strengthened and the operating model renewed.
Pulp
Pulp industry sales were EUR 398 million (357) in January-March, and
operating profit amounted to EUR 75 million (64). The sales and
earnings were improved by the successful start-up of the Uruguay mill
and the continued positive price development of pulp. Earnings were
mainly weighted down by a clear weakening of the US dollar against
the euro, a considerable increase in wood raw material prices and the
production curtailments at the mills in Finland.
In the markets, hardwood pulp remained strong during the first
quarter. In softwood pulp, producers' inventories grew and there was
a slight oversupply onto the market. The new hardwood pulp capacity,
which started up in late 2007 in Latin America and Indonesia will be
available on the market this year. There are no significant new pulp
capacity start-ups in 2008.
Foreign-currency-denominated market prices for softwood pulp were, on
average, 16 per cent higher compared with the first quarter last
year. Although the price of hardwood pulp increased by 18 per cent,
the US dollar dropped 14 per cent so euro-denominated prices did not
increase much.
The start-up of the Uruguay pulp mill in November 2007 was successful
and production has been running well during the first quarter.
Environmental emissions have been low and there have been no odour
emissions apart from a few exceptions.
M-real's result includes 30 per cent of pulp production's operating
profit. In total, 53 per cent of the figures for the Pulp Industry
are consolidated into Metsäliitto Group's financial statements.
Board and Paper
Board and Paper Industry's sales totalled EUR 1,099 million (1,157),
and operating profit, excluding non-recurring items was EUR 3 million
(21).
The result was affected positively by implemented cost saving
measures and price increases, as well as the start-up of the pulp
mill in Uruguay. Increased wood raw material and energy costs,
stronger euro against the US dollar and British pound as well as
production curtailments at Metsä-Botnia's mills in Finland, depressed
the operating profit excluding non-recurring items compared to last
year.
Net non-recurring items totalled EUR 21 million (76) in
January-March. EUR 24 million was booked as income connected to the
release of UK pension liabilities as a result of the divestment of
the New Thames mill and from some other liabilities related to the
shut-down of the Sittingbourne mill. A EUR 2 million reservation to
complete the shut-down of the paper machine 2 producing coated
magazine paper at the Kangas mill and a EUR 1 million reservation to
complete the shut-down of the Lielahti BCTMP mill were booked as
costs.
Operating profit including non-recurring items was EUR 24 million
(97). Net interest and other financial expenses totalled EUR 40
million (37), shares in associate companies were EUR 0 million (0)
and net exchange gains/losses recognised as financial items were EUR
0 million (-5).
Earnings before taxes were EUR -16 million (55), earnings per share
were EUR -0.06 (0.16) and the return on investment was 2.9 per cent
(9.7). Excluding non-recurring items, the result before taxes was EUR
-37 million (-21), earnings per share were EUR -0.12 (-0.09) and
return on capital employed was 0.8 per cent (2.5).
At the end of March, M-real's equity ratio was 32.2 per cent and
gearing was 117 per cent (31.12.07: 32.1 per cent and 112 per cent,
respectively). In some of M-real's borrowing arrangements, a limit of
120 per cent has been set for gearing and a limit of 30 per cent for
the equity ratio. At the end of March, gearing calculated in the
manner defined in the borrowing agreements was approximately 98 per
cent and the equity ratio about 36 per cent.
Tissue and Cooking Papers
Sales of Metsä Tissue that produces tissue and cooking papers, stood
at EUR 230 million (213), and its operating profit was EUR 9 million
(6). Six per cent of the approximate 8 per cent increase in sales
came from price increases and sales structure and approximately 2 per
cent came from higher production volumes. The sales of the company`s
own brands continued to increase. Exchange rate development had a
negative effect on sales and operating profit.
The effects from the fire at the finished product warehouse at the
Zilina mill in Slovakia in early March were minor. The production
machinery did not suffer much damage and production losses were only
a couple of days. Customer deliveries were handled with temporary
arrangements and support from other mills. The planning work for a
new warehouse building has begun and the building should be completed
by the end of the year.
The market situation in tissue paper is good. The Central and Eastern
European and in particular the Russian markets are growing faster
than other markets.
Risks and uncertainties
Since the forward-looking statements in this interim report are based
on current plans, estimates and projections, they involve risks and
uncertainties that may cause actual results to materially differ from
those expressed in such forward-looking statements. The risks related
to the Group's business have been explained more extensively in
Metsäliitto Group's annual report for 2007.
Outlook
Metsäliitto launched a national summer logging campaign in April to
support wood supply. The aim of the campaign is to increase the
amount of thinning by a quarter from last year. It offers, through
the strong demand for pulpwood, excellent opportunities for forest
owners to carry out forest management actions.
Due to a low stock level, the supply of wood to mills will depend on
transport weather and successful harvesting and wood supply in the
next quarter. Due to a difficult wood raw material situation, wood
consumption must be limited by approximately 2 million cubic metres,
which is directly visible as corresponding curtailments of production
during the spring and summer mainly in Finnish and Swedish pulp
mills.
The second quarter in the Wood Products Industry is likely to
continue to be difficult. As a result of the weakened market
situation in sawn timber, the oversupply is expected to continue. In
the near future, permanent structural changes and curtailments of
production might have to be considered.
The pulp industry will restrict its production in all of its Finnish
mills during spring and summer due to the wood raw material
situation. In addition to the high price and availability of wood raw
material, the weak US dollar against the euro has a negative effect
on earnings. On the other hand, however, the start-up of the Uruguay
pulp mill will increase 2008 sales and earnings.
The demand for M-real's board and paper products is estimated to be
relatively good in the second quarter of 2008 but to weaken slightly
seasonally. Measures to increase product prices will continue. Board
price increases are sought in the second quarter mainly in the UK and
markets outside Europe. The prices of coated magazine papers will
also be raised. Capacity shut-downs in uncoated fine paper will
support a positive price development towards the end of the year and
increases are sought already in the second quarter. The situation is
most challenging in coated fine paper, where oversupply and the
strong euro make the situation difficult.
No major changes are expected in the demand for tissue paper in the
near future. The main challenges in these operations are still
related to increasing raw material, energy, salary and transportation
costs. This year, Metsä Tissue will invest in quality and production
efficiency, for instance, in Mänttä, Finland and Mariestad, Sweden.
Metsäliitto Group's operating result, excluding non-recurring items
in the first quarter of 2008 was weaker than in last year's first
quarter as expected. The situation is not expected to change
drastically in the second quarter, with the operating profit is
expected to remain at the level seen in the first quarter.
Espoo, 23 April 2008
Metsäliitto Group
Board of Directors
For further information:
Ilkka Pitkänen, Group CFO, Metsäliitto Group, tel. +358 10 465 4260
Anne-Mari Achrén, Group CCO, Metsäliitto Group, tel. +358 10 465 4541
Unaudited
METSÄLIITTO GROUP
Income statement 2008 2007 2007
(EUR mill.) 1-3 1-3 Change 1-12
Sales 1 930 1 969 -39 7 669
Other operating income 73 24 49 136
Materials and services -1 275 -1 242 -33 -4 988
Employee costs -271 -299 28 -1 126
Other operating expenses -269 -293 24 -1 012
Depreciation and impairment losses -118 -131 13 -706
Operating profit 70 28 42 -27
Share of results in associates 2 2 0 12
Net exchange gains / losses -1 -5 4 1
Other financial income 5 6 -1 19
Other financial expenses -68 -64 -4 -247
Result before tax 8 -33 41 -242
Income taxes -7 -18 11 -24
Result from continuing operations 1 -51 52 -265
Result from discontinued operations -1 2 -3 55
Net result for the period 0 -49 49 -211
Attributable to:
Owners of parent company 9 3 6 -9
Minority interest -9 -52 43 -202
0 -49 49 -211
Unaudited
Balance sheet 2008 2007 2007
31.3. 31.3. 31.12.
ASSETS
Non-current assets
Intangible assets 435 616 389
Tangible assets 3 853 4 161 4 021
Biological assets 77 72 83
Shares in associated and other companies 206 200 204
Interest-bearing receivables 32 52 32
Deferred tax receivables 44 85 46
Other non-interest-bearing receivables 6 15 12
4 653 5 200 4 787
Current assets
Inventories 1 175 1 133 1 132
Interest-bearing receivables 79 37 27
Non-interest-bearing receivables 1 435 1 660 1 358
Cash and cash equivalents 323 189 428
3 012 3 019 2 945
Assets classified as held for sale 86
TOTAL 7 665 8 306 7 732
MEMBERS' FUNDS AND LIABILITIES
Members' funds 1 239 1 297 1 235
Minority interest 820 991 847
Total members' funds 2 059 2 288 2 082
Non-current liabilities
Deferred tax liabilities 323 381 325
Retirement benefit obligations 176 244 195
Provisions 73 110 83
Other non-interest-bearing liabilities 46 56 50
Interest-bearing liabilities 3 030 3 459 3 011
3 648 4 251 3 664
Current liabilities
Non-interest-bearing liabilities 1 225 1 321 1 240
Interest-bearing liabilities 733 414 747
1 958 1 735 1 987
Total liabilities 5 606 5 986 5 650
Liabilities classified as held for sale 31
TOTAL 7 665 8 306 7 732
Change in members' Fair
funds Trans- value
EUR mill. Share lation and
Mem- pre- differ- other Retai- Mino-
bers' mium ences reser- ned rity Total
capital acc- ves earn- inte-
ount ings rest
Members' funds 577 30 6 48 628 1 064 2 353
January 1, 2007
Currency flow hedges
recorded in equity 2 3 5
transferred to -6 -10 -16
sales
Interest flow hedges
recorded in equity 1 2 4
transferred to -1 -2 -3
financial items
Commodity hedges
recorded in equity -5 -7 -11
transferred to 3 5 8
purchases
Assets classified as
held for sale
recognised to fair 1 1
value
transferred to 0
financial items
Translation -4 -7 -11
differences
Net investment hedges 3 6 10
Other items 1 1
Tax on equity -1 1 0 1
components
Recognised directly 0 0 -2 -3 1 -8 -13
in equity
Result for the period 3 -52 -49
Total 0 0 -2 -3 3 -60 -62
Dividends paid -12 -12
Increase in members' 10 10
capital, other
changes
Change in share 0
premium account
Change in revaluation 0
reserve
Transfer from 0
unrestricted to
restricted equity
Business arrangements 0 0
Total 10 0 0 0 0 -13 -3
Members' funds March 586 30 4 45 632 991 2 288
31, 2007
Change in members' Fair
funds Trans- value
EUR mill. Share lation and
Mem- pre- differ- other Retai- Mino-
bers' mium ences reser- ned rity Total
capital acc- ves earn- inte-
ount ings rest
Members' funds 574 30 -7 54 583 847 2 082
January 1, 2008
Currency flow hedges
recorded in equity 3 4 7
transferred to -2 -2 -4
sales
Interest flow hedges
recorded in equity -1 -1 -2
transferred to 0 -1 -1
financial items
Commodity hedges
recorded in equity 5 -4 -9
transferred to 1 0 1
purchases
Assets classified as
held for sale
recognised to fair 0 0
value
transferred to 0
financial items
Translation -17 -9 -26
differences
Net investment hedges 13 3 16
Other items 0 0 0
Tax on equity -3 1 0 -2
components
Recognised directly 0 0 -8 -3 0 -9 -19
in equity
Result for the period 9 -9 0
Total 0 0 -8 -3 10 -18 -19
Dividends paid -12 -12
Increase in members' 6 6
capital, other
changes
Change in share 0
premium account
Change in revaluation 0
reserve
Transfer from 0
unrestricted to
restricted equity
Business arrangements 3 3
Total 6 0 0 0 0 -9 -3
Members' funds March 580 30 -15 51 593 820 2 059
31, 2008
Unaudited
Cash flow statement 2008 2007 2007
(EUR mill.) 1-3 1-3 1-12
Cash flow from operations
Result for the period 0 -49 -211
Adjustments total 152 246 859
Change in working capital -164 -75 -34
Cash generated from operations -12 122 614
Finance costs, net -51 -72 -265
Income taxes paid -15 -39 -78
Net cash from operations -77 10 272
Cash flow from investments
Acquisitions -1 -8 -46
Purchases of assets -42 -88 -447
Sold assets and others 58 -4 447
Net cash from investments 14 -100 -45
Cash flow from financing
Increase in equity 8 41 29
Change in long-term loans and
other financial items -37 8 -21
Dividends paid -12 -12 -51
Net cash flow from financing -40 36 -42
Change in cash and cash equivalents -103 -54 184
Cash at beginning of period 428 246 246
Translation difference -2 -2 -3
Change in cash and cash equivalents -103 -54 184
Cash in assets classified as held for sale 0 -2 0
Cash at end of period 323 189 428
Unaudited
BUSINESS SEGMENTS
Consumer Packaging QI/08 QI/07 I-IV/07
Sales 235 236 934
EBITDA 50 50 172
Depreciation & impairment losses -22 -21 -93
Operating profit 28 29 79
Papers QI/08 QI/07 I-IV/07
Sales 742 779 2 991
EBITDA 83 29 204
Depreciation & impairment losses -59 -58 -452
Operating profit 24 -29 -248
Wood products QI/08 QI/07 I-IV/07
Sales 315 354 1 399
EBITDA 9 39 134
Depreciation & impairment losses -11 -12 -47
Operating profit -2 27 87
EBITDA = Result before depreciation and impairment losses
Others QI/08 QI/07 I-IV/07
Operating profit 20 1 55
of which
Wood Supply 10 10 38
Tissue and Cooking Papers 9 6 35
Others and Group eliminations 1 -15 -18
M-real includes 30% of the Pulp Industry's (Metsä-Botnia) operating
profit and Metsäliitto a further 23% in the segments Consumer
Packaging and Papers.
Production
1 000 units QI/08 QI/07 I-IV/07
Paper, t 955 1 019 3 935
Paperboard, t 314 311 1 210
Sawn goods, m3 403 513 1 837
Processed timber, m3 151 166 580
Engineered Wood -products, m3 220 223 849
Pulp & CTMP, t (M-real) 446 426 1 679
Pulp, t (Metsä-Botnia) 840 676 2 616
Sawn goods, m3 (Metsä-Botnia) 34 51 188
Unaudited
Quarterly data 2008 2007 2007 2007 2007
(EUR mill.) QI QIV QIII QII QI
Sales
Consumer Packaging 235 225 231 242 236
Papers 742 740 740 732 779
Wood Products 315 321 338 386 354
Others & internal sales 638 583 604 558 600
Group sales 1 930 1 869 1 913 1 918 1 969
Operating profit
Consumer Packaging 28 3 35 12 29
Papers 24 -241 29 -7 -29
Wood Products -2 -1 20 41 27
Others 20 28 8 18 1
Group operating profit 70 -211 92 64 28
- % of sales 3.6 -11.3 4.8 3.3 1.4
Share of results
in associates 2 7 2 1 2
Net exchange gains / losses -1 5 0 1 -5
Other fin. income & expenses -63 -66 -59 -45 -58
Result before tax 8 -265 35 21 -33
Income taxes -7 36 -16 -25 -18
Result from continuing operations 1 -229 19 -4 -51
Result from discontinued operations -1 56 -2 -1 2
Net result for the period 0 -173 17 -5 -49
Unaudited
Change in tangible assets QI/08 QI/07 I-IV/07
Book value at beginning of period 4 021 4 197 4 197
Company acquisitions - - 22
Increase 46 85 430
Decrease -79 -4 -72
Depreciation and impairment charges -109 -110 -480
Assets classified as held for sale - - -
Translation differences and other changes -27 -8 -76
Book value at end of period 3 853 4 161 4 021
Commitments QI/08 QI/07 QIV/07
On own behalf (incl. leasing liabilities) 324 332 330
On behalf of associated companies 5 3 5
On behalf of others 2 2 3
Total 332 337 340
Commitments related to fixed assets QI/08 QI/07 QIV/07
Payments due under 1 year 9 182 38
Payments due in subsequent years 1 17 7
Open derivative contracts QI/08 QI/07 QIV/07
Interest rate derivatives 1 458 2 402 1 693
Currency derivatives 2 613 3 275 3 268
Other derivatives 184 188 160
Total 4 255 5 865 5 121
The market value of open derivative contracts at the end of the
review period was EUR 15 million (12/07: EUR 29 million). Open
derivative contracts also include closed contracts to a total amount
of EUR 441 million (12/07: EUR 793 million).
Accounting policies
The Financial Statements Bulletin was prepared in accordance with the
IAS 34 standard Interim Financial Reporting and the accounting
policies presented in Metsäliitto Group's Annual Report 2007.
Taxes include taxes corresponding to the result for the period under
review.
© 2023 Nasdaq, Inc. All Rights Reserved |