2014-05-13 11:00:00 CEST
2014-05-13 11:00:04 CEST
REGULATED INFORMATION
Metsä Board Oyj - Interim report (Q1 and Q3)
Metsä Board Corporation’s operating result excluding non-recurring items was EUR 36.1 million in January–March
Metsä Board Corporation Interim Report 1 January-31 March 2014, 13 May 2014 at
12:00 noon
Result for the first quarter of 2014
• Sales were EUR 501.2 million (1Q/2013: 535.0).
• Operating result excluding non-recurring items was EUR 36.1 million (30.2).
Operating result including non-recurring items was EUR 43.5 million (34.8).
• Result before taxes excluding non-recurring items was EUR 20.8 million (3.9).
Result before taxes including non-recurring items was EUR 26.0 million (8.5).
• Earnings per share excluding non-recurring items were EUR 0.06 (0.01) and
including non-recurring items EUR 0.08 (0.02).
Events during the first quarter of 2014
• Metsä Board issued a EUR 225 million unsecured bond and signed an agreement
on a new syndicated credit facility of EUR 250 million.
• Metsä Board announced to increase the prices of white-top and fully bleached
fresh forest fibre linerboards as well as uncoated fine paper in Europe as of
April.
• Metsä Board divested its property in Lielahti, Tampere to the City of Tampere
for EUR 26 million.
• Metsä Board introduced new coated, fresh forest fibre based Modo Northern
Light liner.
• The Court of Arbitration ordered Metsä Board to compensate approximately EUR
19.7 million to UPM-Kymmene in damages, including legal expenses, in connection
with a dispute concerning Metsä Fibre Oy's shareholder agreement. "The year 2014 started as we had expected. Our profitability improved, and
paperboard delivery volumes increased from the previous quarter in spite of the
continuing uncertainty of the macroeconomy.
Folding boxboard delivery volumes increased both in Europe and outside Europe.
The growth has been fastest in North America, where we have been focusing
strongly in recent times. The positive development is expected to continue
based on, among other things, our folding boxboard being even over 30 per cent
lighter in weight than competing products. Lightness improves customers' cost
competitiveness and mitigates environmental impacts.
The strong growth in the sales of fresh forest fibre linerboard has also
continued. Focusing on coated linerboards in Kemi has produced excellent
results, and sales of Husum's fully bleached linerboards have developed
according to plans. All in all, the target for this year is to increase Metsä
Board's fresh forest fibre linerboard sales by approximately 25 per cent from
the previous year, to over 450,000 tonnes.
Demand for Metsä Board's paperboards is estimated to continue good in the
second quarter but our profitability is burdened by the extensive maintenance
shudowns at Husum integrate and at Metsä Fibre's Joutseno and Äänekoski pulp
mills.”
Mikko Helander, CEO
Key figures
2014 2013 2013 2013 2013 2013
Q1 Q4 Q3 Q2 Q1 Q1-Q4
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Sales, EUR million 501.2 479.2 502.3 502.8 535.0 2,019.3
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EBITDA, EUR million 69.2 56.7 44.0 52.7 61.4 214.8
excl. non-recurring items, EUR 61.8 55.5 43.6 52.1 56.8 208.0
million
EBITDA, % 13.8 11.8 8.8 10.5 11.5 10.6
excl. non-recurring items, % 12.3 11.6 8.7 10.4 10.6 10.3
--------------------------------------------------------------------------------
Operating result, EUR million 43.5 30.6 19.3 28.9 34.8 113.6
excl. non-recurring items, EUR 36.1 29.3 18.9 26.0 30.2 104.4
million
EBIT, % 8.7 6.4 3.8 5.7 6.5 5.6
excl. non-recurring items, % 7.2 6.1 3.8 5.2 5.6 5.2
--------------------------------------------------------------------------------
Result before taxes, EUR million 26.0 19.0 9.0 21.3 8.5 57.8
excl. non-recurring items, EUR 20.8 17.8 8.5 18.5 3.9 48.6
million
--------------------------------------------------------------------------------
Result for the period, EUR million 24.8 31.2 7.3 17.6 8.0 64.1
excl. non-recurring items, EUR 20.6 29.9 6.8 15.3 3.4 55.4
million
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Result per share, EUR 0.08 0.09 0.02 0.06 0.02 0.19
excl. non-recurring items, EUR 0.06 0.09 0.02 0.05 0.01 0.17
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Return on equity, % 11.6 14.9 3.6 8.5 3.8 7.5
excl. non-recurring items, % 9.6 14.3 3.3 7.4 1.6 6.5
--------------------------------------------------------------------------------
Return on capital employed, % 11.2 8.2 5.1 6.7 7.7 7.0
excl. non-recurring items, % 9.9 7.9 4.9 6.1 6.8 6.4
--------------------------------------------------------------------------------
Equity ratio at end of period, % 41.0 40.7 38.7 32.4 33.3 40.7
Gearing ratio at end of period, % 84 83 91 130 122 83
Net gearing ratio at end of period, 69 70 75 74 69 70
%
Shareholders' equity per share at 2.62 2.59 2.51 2.48 2.54 2.59
end of period, EUR
Interest-bearing net liabilities, 592.6 597.2 622.1 605.9 577.6 597.2
EUR million
Gross investments, EUR million 4.7 20.2 16.0 21.5 9.2 66.9
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Deliveries, 1 000 tonnes
Cartonboard 219 209 225 220 217 872
Linerboard and Paper 265 250 247 250 279 1,027
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Personnel at the end of period 3,145 3,116 3,178 3,401 3,239 3,116
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EBITDA = Earnings before interest, taxes, depreciation and impairment charges
The divestment of shareholding in Metsä Group Treasury Oy in September 2013
improved Metsä Board's equity ratio by approximately 5 percentage points and
return on capital employed by almost 1 percentage point and reduced the
company's gross debt by more than EUR 300 million, compared to the second
quarter's actual figures in 2013.
Business environment and near-term outlook
Folding boxboard delivery volumes are estimated to increase slightly during the
second quarter of 2014 compared to the previous quarter. Delivery volumes of
white-top fresh forest fibre linerboard are estimated to be roughly at the
level of the previous quarter. The slightly higher prices of annual folding
boxboard agreements concluded in Europe at the end of last year will take full
effect during the second quarter. Metsä Board has announced a white-top fresh
forest fibre linerboard price increase in Europe as of April 2014.
Delivery volumes of uncoated fine paper are expected to decrease slightly in
the second quarter of 2014, compared to the previous quarter, and delivery
volumes of coated paper are expected to be roughly at the previous quarter's
level. Metsä Board has announced an uncoated fine paper price increase in
Europe as of April. No material changes in coated paper prices are in sight.
The delivery volumes and average price of Metsä Board's market pulp are not
expected to change materially during the second quarter of 2014.
Production costs in the second quarter of 2014 are expected to be approximately
at the same level as in the previous quarter.
Metsä Board's profitability during the second quarter will be burdened by the
planned annual maintenance shutdowns at the Husum mill and Metsä Fibre's
Joutseno and Äänekoski pulp mills.
Metsä Board's operating result, excluding non-recurring items, is in the second
quarter of 2014 expected to weaken from the first quarter of 2014 due to the
annual maintenance shutdowns at Husum mill integrate and at the associated
company Metsä Fibre's Joutseno and Äänekoski pulp mills.
Disclosure procedure
Metsä Board Corporation follows the disclosure procedure enabled by Standard
5.2b published by the Finnish Financial Supervision Authority and hereby
publishes its Interim Report for January-March 2014 enclosed to this stock
exchange release. Metsä Board's complete Financial Statements is attached to
this release in pdf-format and is also available on the company's web site at
www.metsaboard.com.
METSÄ BOARD CORPORATION
Further information:
Markus Holm, CFO, tel. +358 (0)10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358
(0)10 465 4335
More information will be available starting from 1 p.m. on 13 May 2014. A
conference call held in English for investors and analysts starts at 3 p.m.
(EET). Conference call participants are requested to dial in and register a few
minutes prior to the start of the conference call on the following numbers:
Europe: +44 (0)20 7162 0025
US: +1 334 323 6201
The conference ID is 943100.
Metsä Board is Europe's leading producer of folding boxboard, the world's
leading manufacturer of coated white-top fresh forest fibre kraftliners and a
major paper supplier. It offers premium solutions for consumer and retail
packaging, graphics and office end-uses. The company's sales network serves
brand owners, carton printers, corrugated packaging manufacturers, printers,
merchants and office suppliers. Metsä Board is part of Metsä Group and its
shares are listed on the NASDAQ OMX Helsinki. In 2013, the company's sales
totalled approximately EUR 2.0 billion. The company has approximately 3,100
employees.
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