2013-05-07 11:00:00 CEST
2013-05-07 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 30.2 million in January–March 2013
Metsä Board Corporation Interim Report 1 January-31 March 2013, 7 May 2013 at
12:00 noon
Result for January-March 2013
-- Sales were EUR 535.0 million (Q4/2012: 508.5).
-- The operating result excluding non-recurring items was EUR 30.2 million
(23.5). The operating result including non-recurring items was EUR 34.8
million (39.3).
-- The result before taxes excluding non-recurring items was EUR 3.9 million
(9.4). The result before taxes including non-recurring items was EUR 8.5
million (25.2).
-- Earnings per share excluding non-recurring items were EUR 0.01 (0.08) and
including non-recurring items EUR 0.02 (0.11).
Events in the first quarter of 2013
-- Folding boxboard order inflow strengthened and delivery volumes increased
from the previous quarter.
-- Demand for white-top kraftliner continued to be very strong. Metsä Board
announced a white-top kraftliner price increase.
-- The delivery volumes of uncoated fine paper and coated papers improved from
the previous quarter, but prices declined. Metsä Board announced an
uncoated fine paper price increase in Europe.
-- Demand for market pulp continued to be strong and prices increased
slightly.
-- In January, Metsä Board divested the Alizay mill site in France, including
the equipment and buildings, to Conseil Général de l'Eure, representing the
French government, for EUR 22 million.
“Our operating result excluding non-recurring items improved in the first
quarter of 2013, mainly due to increased delivery volumes. The market situation
in paperboard is currently strong, and delivery volumes are expected to be good
in the second quarter as well. We will increase the prices of white-top
kraftliner in all our main markets during the second quarter. Demand for pulp
has also continued to be strong, and prices have continued to increase
slightly.
Production efficiency of our expanded folding boxboard capacity reached the
targeted level at the beginning of 2013. The capacity expansion was very
important to our customers so that the availability of high-quality paperboard
could be ensured. In the folding boxboard business, Europe is our home market,
but we are seeking new business in North America and Asia as well, where we are
developing our operations in order to clearly increase delivery volumes in the
future. We still have good opportunities to grow the capacity of our existing
paperboard machines through moderate investments in order to support our
customers' growth.
No signs of improvement are visible in the European paper market. Cash flow of
the Husum mill has been positive even in the difficult market situation.
Nevertheless, Husum's profitability must be improved, and we have launched a
new cost savings programme to reduce both fixed and variable costs. We have
worked hard in order to develop more profitable products at Husum, both in
parallel with the existing ones and to replace them. The first concrete example
of this is the light-weight uncoated linerboards, the production of which was
launched in April. Our linerboard business has developed very well, and the
Kemi mill, which increasingly focuses on the coated grades, has been operating
at full capacity for a long time. Husum's new products enable profitable growth
in the linerboard business, and they complement our product portfolio in an
excellent way.”
Mikko Helander, CEO
Adoption of amended IAS19 standard
Metsä Board has adopted retrospectively from the beginning of 2013 amended
IAS19 Employee Benefits-standard. The major changes were as follows: all
actuarial gains and losses are immediately recognized in other comprehensive
income and finance costs are calculated on a net funding basis.
Group's equity decreased as of December 31, 2012 by EUR 10.6 million. Operating
result for 2012 increased by EUR 1.4 million and finance costs increased by EUR
3.2 million.
The effects on the Balance sheet and Income statement are more specifically
presented in the Notes (Note 1).
Changed key figures are presented in the key figures table (Key figures,
restate) as well as key figures according to old standard (Key figures,
reported in 2012).
KEY FIGURES, restate 2013 2012 2012 2012 2012 2012
Q1 Q4 Q3 Q2 Q1 Q1-Q4
------------------------------------------
Sales, EUR million 535.0 508.5 532.3 522.2 544.6 2,107.
6
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EBITDA, EUR million 61.4 53.8 52.0 189.9 25.7 321.4
excl. non-recurring items, EUR 56.8 49.0 54.0 47.8 35.2 186.0
million
EBITDA, % 11.5 10.6 9.8 36.4 4.7 15.3
excl. non-recurring items, % 10.6 9.6 10.1 9.2 6.5 8.8
--------------------------------------------------------------------------------
Operating result, EUR million 34.8 39.3 23.4 162.0 -3.6 221.1
excl. non-recurring items, EUR 30.2 23.5 25.5 19.8 6.1 74.9
million
EBIT, % 6.5 7.7 4.4 31.0 -0.7 10.5
excl. non-recurring items, % 5.6 4.6 4.8 3.8 1.1 3.6
--------------------------------------------------------------------------------
Result before taxes, EUR million 8.5 25.2 7.8 159.4 -18.5 173.9
excl. non-recurring items, EUR 3.9 9.4 9.9 17.2 -8.8 27.7
million
--------------------------------------------------------------------------------
Result for the period, EUR million 8.0 38.2 7.9 140.6 -15.4 171.3
excl. non-recurring items, EUR 3.4 24.2 9.9 14.0 -5.7 42.4
million
--------------------------------------------------------------------------------
Result per share, EUR 0.02 0.11 0.03 0.43 -0.05 0.52
excl. non-recurring items, EUR 0.01 0.08 0.03 0.04 -0.02 0.13
--------------------------------------------------------------------------------
Return on equity, % 3.8 18.1 3.9 72.8 -8.4 21.5
excl. non-recurring items, % 1.6 11.5 4.8 7.3 -3.1 5.3
--------------------------------------------------------------------------------
Return on capital employed, % 7.7 8.7 5.4 36.0 -0.2 12.4
excl. non-recurring items, % 6.8 5.5 5.8 6.0 1.9 4.8
--------------------------------------------------------------------------------
Equity ratio at end of period, % 33.3 33.2 31.2 31.1 27.9 33.2
Gearing ratio at end of period, % 122 130 138 138 153 130
Net gearing ratio at end of period, % 69 73 70 73 103 73
Shareholders' equity per share at end 2.54 2.59 2.51 2.46 2.22 2.59
of period, EUR
Interest-bearing net liabilities, EUR 577.6 625.2 580.1 595.4 758.5 625.2
million
Gross investments, EUR million 9.2 28.2 10.7 17.5 9.7 66.1
--------------------------------------------------------------------------------
Deliveries, 1 000 tonnes
Paperboard 311 298 306 289 295 1,188
Paper 186 162 169 165 185 681
--------------------------------------------------------------------------------
Personnel at the end of period 3,239 3,279 3,337 3,597 3,818 3,279
Deliveries are not comparable due to
restructuring.
EBITDA = Earnings before interest, taxes, depreciation and impairment charges
KEY FIGURES, reported in 2012 2012 2012 2012 2011 2012
Q4 Q3 Q2 Q1 Q1-Q4
------------------------------------
Sales, EUR million 508.5 532.3 522.2 544.6 2,107.6
--------------------------------------------------------------------------------
EBITDA, EUR million 54.8 51.2 189.1 24.9 320.0
excl. non-recurring items, EUR million 50.0 53.2 47.0 34.4 184.6
EBITDA, % 10.8 9.6 36.2 4.6 15.2
excl. non-recurring items, % 9.8 10.2 9.0 6.2 8.8
--------------------------------------------------------------------------------
Operating result, EUR million 40.4 22.6 161.2 -4.4 219.8
excl. non-recurring items, EUR million 24.6 24.7 19.0 5.3 73.6
EBIT, % 8.1 4.1 30.8 -0.7 10.4
excl. non-recurring items, % 4.9 4.7 3.6 0.9 3.5
--------------------------------------------------------------------------------
Result before taxes, EUR million 27.0 7.8 159.4 -18.5 175.7
excl. non-recurring items, EUR million 11.2 9.9 17.2 -8.8 29.5
--------------------------------------------------------------------------------
Result for the period, EUR million 39.9 7.9 140.6 -15.4 173.0
excl. non-recurring items, EUR million 25.9 9.9 14.0 -5.7 44.1
--------------------------------------------------------------------------------
Result per share, EUR 0.13 0.02 0.43 -0.05 0.53
excl. non-recurring items, EUR 0.08 0.02 0.05 -0.02 0.13
--------------------------------------------------------------------------------
Return on equity, % 18.8 3.9 72.9 -8.4 21.6
excl. non-recurring items, % 12.2 4.8 7.3 -3.1 5.5
--------------------------------------------------------------------------------
Return on capital employed, % 8.9 5.2 35.9 -0.4 12.3
excl. non-recurring items, % 5.7 5.7 5.8 1.7 4.7
--------------------------------------------------------------------------------
Equity ratio at end of period, % 33.6 31.1 31.0 27.8 33.6
Gearing ratio at end of period, % 128 138 138 154 128
Net gearing ratio at end of period, % 72 70 73 104 72
Shareholders' equity per share at end of 2.62 2.51 2.46 2.21 2.62
period, EUR
Interest-bearing net liabilities, EUR 625.2 580.1 595.4 758.5 625.2
million
Gross investments, EUR million 28.2 10.7 17.5 9.7 66.1
--------------------------------------------------------------------------------
Deliveries, 1 000 tonnes
Paperboard 298 306 289 295 1,188
Paper 162 169 165 185 681
--------------------------------------------------------------------------------
Personnel at the end of period 3,279 3,337 3,597 3,818 3,279
Near-term outlook
Delivery volumes of folding boxboard improved in the first quarter of 2013 and
were at a good level. The folding boxboard delivery volumes are estimated to
continue to further improve slightly in the second quarter of 2013. Metsä Board
is considering to announce a folding boxboard price increase during the coming
months.
Demand for white-top kraftliner is expected to continue to be at very goodlevel, and delivery volumes are estimated to be at the previous quarter's level
in the second quarter of 2013. Metsä Board has announced a white-top kraftliner
price increase of approximately EUR 50 per tonne in all main markets.
The delivery volumes of uncoated fine paper and coated papers are estimated to
decline slightly from the previous quarter due to seasonal reasons in the
second quarter of 2013. Metsä Board has announced an uncoated fine paper price
increase of approximately EUR 50 per tonne in Europe. The price of coated paper
is estimated to remain unchanged at the low level in the near future.
Delivery volumes of market pulp are estimated to be at the previous quarter's
level. The pulp price increase is expected to continue in the second quarter.
Higher number of planned maintenance shutdowns has a slight negative result
impact in the second quarter of 2013.
Production costs in the second quarter of 2013 are expected to be approximately
at the same level as in the previous quarter.
Metsä Board's operating result, excluding non-recurring items, is in the second
quarter of 2013 expected to be roughly in line with the first quarter of 2013.
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 2013 enclosed to this stock
exchange release. Metsä Board's complete Interim Report 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:
Matti Mörsky, 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 7 May 2013. 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 931452.
Metsä Board is Europe's leading manufacturer of folding boxboard, the world's
leading manufacturer of coated white-top kraftliners and a significant supplier
of paper, which offers customers high-quality cartonboard and papers for
consumer and retail packaging as well as graphics industry and office end uses.
The company's sales network serves brand owners, carton printers, manufacturers
of corrugated boards, printing houses, merchants and office suppliers. Metsä
Board is part of Metsä Group and its shares are listed in NASDAQ OMX
Helsinki.In 2012, the company's sales totalled approximately EUR 2.1 billion.
The company has approximately 3,300 employees.
www.metsaboard.com
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