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Metsä Board
Metsä Board
Results 2Q 2013
Metsä Board
Key Events in 2Q 2013
‒ Folding boxboard deliveries increased further
‒ White top kraftliner market continued ...
Metsä Board
6
25 24 26
43
6
32
-21
20
30
-40
-20
0
20
40
60
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
685 660 616
...
Metsä Board
‒ Overall production volume decreased somewhat in 2Q 2013 mainly
due to the planned maintenance shutdowns
‒ FB...
Metsä Board
Paper and Pulp’s Results Improved in 2Q 2013
‒ Result was improved mainly by higher pulp price
‒ Paper deliver...
Metsä Board
Financial Situation Continues Good
‒ Net debt 606 m€
‒ Net gearing 74%, equity ratio 32.4% at end 2Q 2013
‒ Th...
Metsä Board
Short-Term Profitability Outlook
7
‒ Metsä Board’s operating result, excluding non-recurring
items, is in the ...
Metsä Board
Metsä Board Aims to Secure Healthy Price Levels for Its
Paperboards
‒ White top kraftliner prices were increas...
Metsä Board
‒ First kraftliners sold in April 2013, current monthly volume about 3 000 tonnes
‒ Monthly volumes to be incr...
Metsä Board
Thank you!
QA
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Metsä Board 2Q 2013 interim report presentation

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Metsä Board 2Q 2013 interim report presentation

  1. 1. Metsä Board Metsä Board Results 2Q 2013
  2. 2. Metsä Board Key Events in 2Q 2013 ‒ Folding boxboard deliveries increased further ‒ White top kraftliner market continued very strong and prices were increased ‒ Paper delivery volumes weakened from previous quarter ‒ WFU prices increased slightly but coated paper prices declined ‒ Pulp prices continued to increase ‒ Production of new light-weight uncoated kraftliners was started at Husum 2
  3. 3. Metsä Board 6 25 24 26 43 6 32 -21 20 30 -40 -20 0 20 40 60 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 685 660 616 524 545 522 509532 535 503 0 200 400 600 800 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 28 16 -11 -33 17 10 9 -9 19 4 -50 -25 0 25 50 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Sales, m€ Operating result excl. non-rec. items, m€ Result before taxes excl. non-rec. items, m€ Operating Result in 2Q 2013 Roughly in Line with the Previous Quarter 3
  4. 4. Metsä Board ‒ Overall production volume decreased somewhat in 2Q 2013 mainly due to the planned maintenance shutdowns ‒ FBB deliveries increased slightly in 2Q 2013 and market prices were stable ‒ Metsä Board’s average FBB selling price declined somewhat due to sales mix ‒ White top kraftliner deliveries continued on a very good level in 2Q 2013 and prices increased slightly ‒ Stable FBB deliveries in sight in 3Q 2012. Possible FBB price increase in the coming months is not yet decided ‒ White top kraftliner deliveries, incl. Husum’s products are expected to increase slightly in 3Q 2013 and prices to remain stable ‒ Performance of FBB business assumed to improve in 3Q 2013. Annual maintenance shutdown at Kemi mill will however have a negative result impact 4 EBIT, excl. non-recurring items Sales Paperboard’s Results Declined Slightly in 2Q 2013 m€ m€ 289293 279289 274281 0 50 100 150 200 250 300 350 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 32 2527 24 28 27 0 10 20 30 40 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
  5. 5. Metsä Board Paper and Pulp’s Results Improved in 2Q 2013 ‒ Result was improved mainly by higher pulp price ‒ Paper delivery volumes decreased, partly due to seasonality ‒ WFU prices increased slightly but coated paper prices continued to decline ‒ Paper as well as market pulp deliveries are expected to remain stable in 3Q 2013. No material paper or pulp price changes in sight ‒ Production of new light-weight uncoated kraftliners has been increased at Husum as planned ‒ Extensive annual maintenance shutdown at Husum mill will have a negative result impact in 3Q 2013 5 EBIT, excl non-recurring items m€ m€ Sales -2 4 -12 5 2 0 -15 -10 -5 0 5 10 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 216 198 245 229 223 210 0 50 100 150 200 250 300 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
  6. 6. Metsä Board Financial Situation Continues Good ‒ Net debt 606 m€ ‒ Net gearing 74%, equity ratio 32.4% at end 2Q 2013 ‒ The 500 m€ term loans were drawn and the remaining 450 m€ of the 500 m€ eurobond was repaid in April ‒ Metsä Board’s cash about 130 m€ at end 2Q 2013 and a 100 m€ RCF available ‒ Average interest rate 3.9% at end 2Q 2013 Net Debt, m€ 606 3693 2403 0 500 1000 1500 2000 2500 3000 3500 4000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2Q13 6
  7. 7. Metsä Board Short-Term Profitability Outlook 7 ‒ Metsä Board’s operating result, excluding non-recurring items, is in the third quarter of 2013 expected to be weaker than in the second quarter of 2013 primarily due to the maintenance shutdowns at Husum and Kemi mills
  8. 8. Metsä Board Metsä Board Aims to Secure Healthy Price Levels for Its Paperboards ‒ White top kraftliner prices were increased in late 2012 and in the spring 2013 ‒ Previous FBB price increase was implemented in 2011. Since then production costs have increased ‒ Market situation in spring 2013 did not support a FBB price increase ‒ FBB order inflows have strengthened during recent weeks ‒ Further FBB lightweightning has improved yield advantages ‒ Final decision on the possible folding boxboard price increase during the coming months has not yet been taken 8
  9. 9. Metsä Board ‒ First kraftliners sold in April 2013, current monthly volume about 3 000 tonnes ‒ Monthly volumes to be increased to about 5 000 tonnes by the end of the year ‒ Large supply agreements signed with leading packaging companies ‒ Approximately 20 000 annual tonnes of uncoated kraftliner volumes will be transferred from Kemi mill in 2013 and additional 10 000 tonnes in 2014 ‒ Kemi mill focuses further on better value added coated grades ‒ Target is to produce min. 80 000 tonnes of kraftliner at Husum in 2014 that would improve the mill’s profitability by about 10 m€/a ‒ The 15 m€ cost savings programme is proceeding well 9 Production of Husum’s Kraftliners Has Developed According to Targets
  10. 10. Metsä Board Thank you! QA

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