2017-05-04 11:00:01 CEST
2017-05-04 11:00:01 CEST
REGULATED INFORMATION
Metsä Board Oyj - Interim report (Q1 and Q3)
Metsä Board's comparable operating result in January–March 2017 was EUR 45 million
Interim report 1 January−31 March 2017, 4 May 2017 at 12:00 noon
January–March 2017 (10–12/2016)
• Sales amounted to EUR 444.5 million (421.8).
• Comparable operating result was EUR 45.2 million (32.8), or 10.2 per cent
(7.8) of sales. Operating result was EUR 45.2 million (38.5).
• Comparable result before taxes was EUR 39.9 million (22.8). Result before
taxes was EUR 39.9 million (28.6).
• Comparable earnings per share were EUR 0.10 (0.05), and earnings per share
were EUR 0.10 (0.07).
January–March 2017 (1–3/2016)
• Sales amounted to EUR 444.5 million (435.6).
• Comparable operating result was EUR 45.2 million (35.0), or 10.2 per cent
(8.0) of sales. Operating result was EUR 45.2 million (32.7).
• Comparable result before taxes was EUR 39.9 million (30.0). Result before
taxes was EUR 39.9 million (27.7).
• Comparable earnings per share were EUR 0.10 (0.07), and earnings per share
were EUR 0.10 (0.07).
Events in January–March 2017
• The delivery volumes of Metsä Board’s paperboards and market pulp increased
from the previous quarter.
• The market prices of folding boxboard remained stable. The average price of
Metsä Board's folding boxboard was burdened by Husum's sales mix. The prices of
coated white-top fresh fibre linerboard rose in North America.
• The capacity utilisation rate of Husum's new folding boxboard machine was
approximately 70 per cent during the review period.
• No major maintenance shutdowns took place during the review period.
• Metsä Board's Annual General Meeting was held on 23 March 2017. The Annual
General Meeting decided to pay a dividend of 0.19 euros per share for the 2016
financial period.
Events after the period
• The new extrusion coating line started up at Husum mill in Sweden in April.
Profit guidance for April–June 2017
Metsä Board's comparable operating result for the second quarter of 2017 is
expected to remain roughly on the same level as in the first quarter of 2017.
Metsä Board's CEO Mika Joukio:
“The delivery volumes of paperboards grew compared to the previous quarter and
achieved a monthly all-time high in March. As expected, the most significant
growth derived from Husum's folding boxboard, but demand for fresh fibre
linerboards was also strong. Our operating result was supported by the positive
development of Finnish mills and a strong pulp market. No major maintenance
shutdowns that would have weakened the result took place during the review
period.
We still have plenty of potential to improve our profitability at Husum. In
folding boxboard, the increase of the capacity utilisation rate will lower the
production costs per tonne produced. The extrusion coating line targeted for
food and food service packaging will speed up sales growth in a customer
segment that is new for us. In fresh fibre linerboards, our focus in the coming
years is increasingly on coated linerboard, which has better profitability than
uncoated linerboard.
In 2017, we aim to sell 300,000 tonnes of Husum's folding boxboard primarily in
North America, where demand for Metsä Board's paperboards is strong. The
lightness of our folding boxboard is still a considerable competitive advantage
for us, and one of the most important focus areas in our product development.
Increasing product safety requirements and the growing emphasis on the
appearance of packaging are increasing demand for premium and sustainably
produced packaging materials. Metsä Board's paperboards bring all these
qualities together. We want to continue to develop our products in such a way
that they meet our customers' needs and to keep growing profitably together
with our customers in the coming years.”
FINANCIAL KEY FIGURES
2017 2016 2016 2016 2016 2016
Q1 Q4 Q3 Q2 Q1 Q1–Q4
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Sales, EUR million 444.5 421.8 440.0 422.9 435.6 1,720.3
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EBITDA, EUR million 68.8 58.9 60.6 59.6 55.5 234.6
comparable, EUR million 68.8 53.1 59.4 60.7 57.8 231.1
EBITDA, % of sales 15.5 14.0 13.8 14.1 12.7 13.6
comparable, % of sales 15.5 12.6 13.5 14.4 13.3 13.4
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Operating result, EUR million 45.2 38.5 26.6 34.5 32.7 132.3
comparable, EUR million 45.2 32.8 34.0 35.8 35.0 137.5
Operating result, % of sales 10.2 9.1 6.0 8.2 7.5 7.7
comparable, % of sales 10.2 7.8 7.7 8.5 8.0 8.0
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Result before taxes, EUR million 39.9 28.6 19.8 25.5 27.7 101.6
comparable, EUR million 39.9 22.8 27.1 26.8 30.0 106.8
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Result for the period, EUR million 34.2 24.7 18.6 23.2 23.9 90.4
comparable, EUR million 34.2 19.2 24.1 24.6 25.7 93.6
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Result per share, EUR 0.10 0.07 0.05 0.06 0.07 0.25
comparable, EUR 0.10 0.05 0.07 0.07 0.07 0.26
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Return on equity, % 13.1 9.6 7.4 9.4 9.5 8.7
comparable, % 13.1 7.5 9.6 9.9 10.2 9.0
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Return on capital employed, % 10.6 9.0 6.3 8.2 7.8 7.8
comparable, % 10.6 7.7 8.0 8.5 8.3 8.1
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Equity ratio at end of period, % 47 48 48 47 44 48
Net gearing ratio at end of period, 44 44 49 54 42 44
%
Interest-bearing net 1.9 2.0 2.1 2.1 1.5 2.0
liabilities/EBITDA1)
Shareholders' equity per share at 2.90 2.96 2.82 2.81 2.77 2.96
end of period, EUR
Interest-bearing net liabilities, 457.8 463.8 487.6 541.4 412.3 463.8
EUR million
Gross investments, EUR million 19.0 43.3 16.4 48.3 54.3 162.4
Net cash flow from operating 25.6 54.6 67.0 -22.2 -22.3 77.0
activities, EUR million
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Personnel at the end of period 2,450 2,466 2,493 2,762 2,573 2,466
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Near-term outlook
Global demand for high-quality consumer packaging board made from fresh fibre
is expected to continue to grow. The increases in capacity made by European
producers of folding boxboard have not had a negative impact on price
development. Several producers of white fresh fibre linerboards announced price
increases in Europe and North America at the beginning of the year. Global
demand and supply for long-fibre and short-fibre pulp is expected to remain
stable.
Metsä Board's paperboard deliveries in April–June are expected to grow from the
previous quarter. The growth is supported by Husum's production of folding
boxboard.
A number of maintenance shutdowns will take place at Metsä Board's mills in
Finland during the second quarter of the year. The production costs of
paperboards will continue to be impacted by the price increase of latex.
METSÄ BOARD CORPORATION
Espoo, Finland, 4 May 2017
BOARD OF DIRECTORS
Further information:
Jussi Noponen, CFO
tel. +358 10 465 4913
Katri Sundström, Head of Investor Relations,
tel. +358 400 976 333
More information will be available as of 1 p.m. on 4 May 2017. A conference
call held for investors and analysts in English will begin at 3 p.m. Conference
call participants are requested to dial in and register a few minutes earlier
on the following numbers:
Finland +358 9 7479 0404
Sweden +46 8 5065 3942
United Kingdom +44 330 336 9412
United States: +1 719-325-2385
The conference ID is 2112158.
Metsä Board is a leading European producer of premium fresh fibre paperboards
including folding boxboards, food service boards and white kraftliners. Our
lightweight paperboards are developed to provide better, safer and more
sustainable solutions for consumer goods as well as retail-ready and food
service applications. We work together with our customers on a global scale to
innovate solutions for better consumer experiences with less environmental
impact. The pure fresh fibres Metsä Board uses are a renewable resource,
traceable to origin in sustainably managed northern forests.
The global sales network of Metsä Board supports customers worldwide, including
brand owners, retailers, converters and merchants. In 2016, the company’s sales
totalled EUR 1.7 billion, and it has approximately 2,500 employees. Metsä
Board, part of Metsä Group, is listed on the Nasdaq Helsinki.
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