2012-02-09 11:01:00 CET
2012-02-09 11:01:06 CET
REGULATED INFORMATION
Metsäliitto Osuuskunta - Financial Statement Release
Metsäliitto Group’s operating result excluding non-recurring items was EUR 314 million in 2011
Metsäliitto Group Financial Statements Bulletin 2011, Stock Exchange Release 9
February 2012 at 12.00 EET
The operating result excluding non-recurring items was EUR 3 million in
October-December
This 2011 Financial Statements Bulletin still uses the Metsäliitto Group
company names in use in 2011.
Full year result for 2011
- Sales amounted to EUR 5,346 million (1-12/2010: EUR 5,377 million).
- The operating result excluding non-recurring items was EUR 314 million (547).
The operating result including non-recurring items was EUR 29 million (497).
- The result before taxes and excluding non-recurring items was EUR 195 million
(411). Including non-recurring items, the result before taxes was EUR -98
million (345).
Result for October-December 2011
- Sales amounted to EUR 1,223 million (10-12/2010: EUR 1,391 million).
- The operating result excluding non-recurring items was EUR 3 million (142).
The operating result including non-recurring items was EUR -200 million (82).
- The result before taxes and excluding non-recurring items was EUR -21 million
(112). Including non-recurring items, the result before taxes was EUR -228
million (52).
Events during the fourth quarter of 2011
- M-real announced it would start negotiations on shutting down the Alizay mill
and on discontinuing the unprofitable operations at the Gohrsmühle mill.
- M-real announced it will shut down the coated paper machine in Äänekoski by
the end of 2011. Correspondingly, the company aims to increase production at
the Husum mill from 285,000 tonnes to 340,000 tonnes in 2012.
- Metsä Tissue announced it would discontinue the tissue paper manufacturing,
refining and logistics operations at the Konstancin-Jeziorna mill in April
2012.
- Metsäliitto Cooperative launched the Equity Bonus investment alternative for
co-op members. The new investment alternative came into effect as of the
beginning of 2012.
- Metsä-Botnia's pulp production volume was a record high. Annual production
records were set at the Äänekoski, Joutseno and Rauma mills.
Events after the period
- M-real announced on 13 January 2012 that it would sell the Premium Paper
operations of the Reflex mill to Hahnemühle FineArt GmbH. It is estimated that
the arrangement will be finalised during the first quarter of 2012.
- Metsäliitto Group announced it will unify its corporate identity to Metsä
Group.
“The uncertainty in the world economy in the second half of the year, in
particular, weakened demand in all our business areas, and the Group's result
in the last quarter of the year was modest. However, due to the successful
structural change in recent years, our Group is on a solid foundation. We rely
strongly on four central and competitive business areas: wood products, pulp,
paperboard, and tissue and cooking papers.
M-real's restructuring measures and the strategic review of the paper business
are being finalised and will improve our result capability considerably. Metsä
Tissue's development investments form a solid basis for improving the company's
profitability, and the new business area management is driving the efforts
powerfully.
The transformation of our corporate identity into the unified Metsä Group will
further strengthen our competitiveness.”
Kari Jordan, President & CEO, Metsä Group
Key figures
Metsäliitto Group
Income statement 2011 2010 2011 2010
(Continuing operations) 1-12 1-12 10-12 10-12
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Sales 5 346 5 377 1 223 1 391
Other operating income 95 142 32 44
Operating expenses -5 058 -4 686 -1 366 -1 225
Depreciation and impairment losses -354 -336 -89 -129
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Operating result 29 497 -200 82
Share of results in associates 4 -15 -1 -1
Exchange gains and losses 2 -7 0 -1
Other net financial items -133 -129 -27 -27
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Result before income tax -98 345 -228 52
Income taxes -59 -131 22 -29
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Result from continuing operations -157 214 -206 23
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Metsäliitto Group
Profitability 2011 2010 2011 2010
(Continuing operations) 1-12 1-12 10-12 10-12
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Operating result, EUR mill. 29 497 -200 82
- “ -, excluding non-recurring items 314 547 3 142
- “ - % of sales 5.9 10.2 0.2 10.2
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Return on capital employed, % 1.1 11.8 -20.6 8.0
- ” -, excluding non-recurring items 8.4 13.4 0.4 13.9
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Return on equity, % -9.9 13.9 -51.9 5.7
- ” -, excluding non-recurring items 8.6 18.2 0.1 20.2
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Financial position 2011 2010 2011 2010
31.12 31.12 30.9 30.9
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Equity ratio, % 28.3 29.7 31.0 28.1
Net gearing ratio, % 131 116 113 123
Interest-bearing net liabilities, EUR mill. 1 953 1 939 1 895 1 985
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Segments
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Sales and Operating result Wood Wood Pulp Board and Tissue and
January-December 2011 Supply Produc Indust Paper Cooking
(EUR mill.) ts ry Industry Papers
Indust
ry
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Sales 1 476 939 1 301 2 485 971
Other operating income 10 9 19 66 11
Operating expenses -1 459 -904 -994 -2 574 -923
Depreciation & -3 -41 -63 -191 -40
impairment losses
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Operating result 24 3 263 -214 20
Non-recurring items - 9 4 274 -
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Operating result, excl. 24 12 267 59 20
non-rec. items
- % of sales 1.7 1.3 20.5 2.4 2.1
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Near-term outlook
Metsäliitto Wood Supply's reserves are good. The wood market primarily in
western Finland is, to a certain extent, affected by the damage caused by the
storms at the end of 2011.
Wood Product Industry's near-term outlook continues to be challenging. Growth
in total demand is expected to be small at best in the main markets. Cost
management will continue and adjustments in production may be necessary.
The price level of pulp in various market areas has stabilised and partly
started to rise after the downward development at the end of the year. In
addition, the weakening of the euro against the pulp pricing currency dollar
will improve profitability and relative competitiveness.
Board orders have been growing in recent weeks but continue to be below the
normal level. Orders declined considerably in the latter half of 2011, which is
estimated to be due in part to the decreased inventory levels in different
parts of the supply chain as the general economic uncertainty increased.
However, the long-term demand and profitability outlook for board will continue
to be strong and M-real is increasing its folding boxboard capacity as planned.
The last of the investments in the programme announced earlier, the increase in
the folding boxboard capacity at the Äänekoski mill, will be completed in the
second quarter of 2012.
Demand for soft tissue products will continue to be fairly steady despite the
economic situation. Demand for baking and cooking papers will continue to rise
and the new products will also increase sales. High energy costs and raw
material prices, as well as the local availability and price of recycled paper,
will make the company's result improvement objective challenging.
The Group's operating result excluding non-recurring items in the first quarter
of 2012 is expected to improve from the level of the last quarter in 2011 due
to bigger delivery volumes in board and pulp.
New disclosure procedure
Metsäliitto Group has adopted a new disclosure procedure made possible by the
Financial Supervision Authority Standard 5.2b. This bulletin is a summary of
Metsäliitto Group's Financial Statement Bulletin for 2011. The Financial
Statement Bulletin and its tables are attached to this Stock Exchange Release
as a PDF attachment and are available on the Group website at
www.metsäliitto.com.
METSÄ GROUP
Group Communications
For further information, please contact:
Vesa-Pekka Takala, CFO, Metsä Group, tel. +358 (0) 10 465 4260
Anu Salonsaari-Posti, VP, Metsä Group, Communications, tel. +358 (0)50 453 4262
Metsä Group is a responsible forest industry group whose products are part of
people's everyday life and promote sustainable well-being. Metsä Group produces
high-quality products mainly from renewable Nordic wood. The Group's business
areas are tissue and cooking papers, board and paper, pulp, wood products as
well as wood supply. Metsä Group's sales totalled EUR 5.3 billion in 2011, and
it employs approximately 12,500 people. The Group is present in some 30
countries.
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