M-real's operating result excluding non-recurring items for 2009 EUR -150 million, final quarter pos
(Thomson Reuters ONE) - M-real Corporation Stock Exchange Release, 4 February 2010 at 12M-real's operating result excluding non-recurring items for 2009 EUR -150million, final quarter positiveFull year result for 2009· Sales EUR 2,432 million (2008: 3,236)· Operating result excluding non-recurring items EUR -150 million (-35).Operating result including non-recurring items EUR -267 million (-61).· Result before taxes excluding non-recurring items EUR -230 million(-178). Result before taxes including non-recurring items EUR -358 million(-204).· Earnings per share from continuing operations excluding non-recurringitems EUR -0.66 (-0.48), and including non-recurring items EUR -1.02 (-0.55)Result for October-December· Sales EUR 606 million (Q3/2009: 618)· Operating result excluding non-recurring items EUR 7 million (-22).Operating result including non-recurring items EUR -52 million (-24).· Result before taxes excluding non-recurring items EUR -15 million(-70). Result before taxes including non-recurring items EUR -74 million (-72).· Earnings per share from continuing operations excluding non-recurringitems EUR -0.02 (-0.22), and including non-recurring items EUR -0.19 (-0.22)Events during the fourth quarter· The transaction regarding the new ownership structure of Mets?otniaand the divestment of operations in Uruguay was closed.· A new EUR 80 million profit improvement programme was launched,including plans to close down the Alizay pulp mill and two speciality papermachines at the Reflex mill.· A decision was made on an energy efficiency investment totalling EUR22 million at Husum.· A new three-year IT service contract was signed with Tieto.· M-real announced that it will redeem prematurely a EUR 250 million lotof its bond maturing in 2010.· Based on the annual impairment testing, impairment losses of EUR 113million were booked in the result for the fourth quarter."M-real reached a positive operating result excluding non-recurring items duringthe final quarter of the year. The internal profit improvement measures and thegradual recovery of the market situation support the continuation of ourpositive profit development. The divestment of Mets?otnia's operations inUruguay significantly improved our balance sheet structure and financialposition. M-real's structural change to become more clearly a packaging materialproducer has proceeded as planned."Mikko Helander, CEO, M-real Corporation KEY FIGURES 2009 2008 2009 2009 2009 2009 2008 Q1-Q4 Q1-Q4 Q4 Q3 Q2 Q1 Q4-------------------------------------------------------------------------------- Sales, EUR million 2,432 3,236 606 618 585 623 722-------------------------------------------------------------------------------- EBITDA, EUR million 88 254 132 27 -23 -48 -18 excl. non-recurring items, EUR million 44 192 51 26 -20 -13 4-------------------------------------------------------------------------------- Operating result, EUR million -267 -61 -52 -24 -73 -118 -161 excl. non-recurring items, EUR million -150 -35 7 -22 -70 -65 -51-------------------------------------------------------------------------------- Result before taxes from continuing operations, EUR million -358 -204 -74 -72 -97 -115 -197 excl. non-recurring items, EUR million -230 -178 -15 -70 -83 -62 -87-------------------------------------------------------------------------------- Result for the period from continuing operations, EUR million -331 -170 -60 -73 -93 -105 -163 from discontinued operations, EUR million -23 -338 -8 -3 -2 -10 -62 ------------------------------------------- Total, EUR million -354 -508 -68 -76 -95 -115 -225-------------------------------------------------------------------------------- Result per share from continuing operations, EUR -1.02 -0.55 -0.19 -0.22 -0.29 -0.32 -0.50 from discontinued operations, EUR -0.07 -1.03 -0.02 -0.01 -0.01 -0.03 -0.19 ------------------------------------------- Total, EUR -1.09 -1.58 -0.21 -0.23 -0.30 -0.35 -0.69-------------------------------------------------------------------------------- Result per share excl. non-recurring items, EUR -0.66 -0.48 -0.02 -0.22 -0.24 -0.18 -0.17-------------------------------------------------------------------------------- Return on equity, % -28.6 -10.4 -24.3 -27.2 -32.1 -32.0 -43.3 excl. non-recurring items, % -18.3 -9.0 -1.4 -26.6 -27.2 -17.6 -14.5-------------------------------------------------------------------------------- Return on capital employed, % -8.9 -1.3 -8.7 -2.3 -10.2 -13.4 -19.7 excl. non-recurring items, % -4.5 -0.5 0.4 -2.0 -8.3 -7.0 -6.2-------------------------------------------------------------------------------- Equity ratio at end of period, % 29.6 30.8 29.6 28.5 29.4 30.3 30.8 Gearing ratio at end of period, % 153 152 153 170 168 151 152 Net gearing ratio at end of period, % 84 90 84 121 116 101 90 Interest-bearing net liabilities, EUR million 777 1,254 777 1,262 1,276 1,243 1,254 Gross investments, EUR million 73 128 18 23 16 16 39-------------------------------------------------------------------------------- Deliveries, 1 000 tonnes Paper businesses 1,132 1,761 266 275 269 321 393 Consumer Packaging 1,212 1,345 327 315 296 274 304-------------------------------------------------------------------------------- Personnel at the end of period in continuing operations 4,903 6,546 4,903 5,649 6,080 6,314 6,546 Divident proposed by the Board of Directors 0.00 0.00 EBITDA = Earnings before interest, taxes, depreciation and impairment chargesThe consolidation method of the Mets?otnia shareholding was changed to theassociated company method in accordance with IAS 28 on 8 December 2009.Result for 2009 compared to 2008M-real's sales totalled EUR 2,432 million (3,236). Comparable sales were up 2.8per cent. The operating result was EUR -267 million (-61), and the operatingresult excluding non-recurring items was EUR -150 million (-35).The non-recurring items recognised in the operating result amounted to EUR -117million net, the most significant being:· EUR 134 million profit related to the Mets?otnia arrangement, ofwhich EUR 18 million is allocated to Market Pulp and Energy and EUR 116 millionto Other operations.· An impairment loss of EUR 113 million according to IAS 36, of whichEUR 66 million is allocated to Speciality Papers and EUR 47 million to OfficePapers. Of this, EUR 33 million was recognised in goodwill.· EUR 48 million write-downs and cost provisions in the Market Pulp andEnergy business area connected to the plan to permanently close down the Alizaypulp mill.· EUR 28 million cost provisions and write-downs in the SpecialityPapers business area connected to the closure of the Hallein paper mill.· EUR 22 million cost provisions and write-downs associated with theclosure of the Mets?otnia Kaskinen mill. This total consists of EUR 16 millionrelated to the Consumer Packaging business area and EUR 6 million to the MarketPulp and Energy business area.· EUR 12 million cost provision in Other operations associated with theterminated IT contract.· EUR 11 million cost provision related to profit improvement measuresof the Husum mill, of which EUR 9 million in the Office Papers business area andEUR 2 million in the Market Pulp and Energy business area.· EUR 5 million cost provision associated with the profit improvementprogramme of the Speciality Papers business area.· EUR 12 million net in other non-recurring items, of which EUR 2million in Consumer Packaging and EUR 1 million in Speciality Papers and EUR 9million in Other operations.The non-recurring items recognised in the operating result for 2008 amounted toEUR -26 million net, the most significant being:· EUR 86 million impairment charges under IAS 36, of which EUR 66million were allocated to Other Papers, EUR 16 million to Office Papers and EUR4 million to Consumer Packaging. Of these, EUR 20 million was recognised ingoodwill.· EUR 74 million recognised as realised fair value and capital gainsfrom the sale of Pohjolan Voima shares in Market Pulp and Energy.· EUR 23 million positive effect in the Speciality Papers business arearelated to the sale of the New Thames mill and being freed from the pensionliabilities of industrial operations in the UK, as well as the removal of otherresponsibilities related to the closure of the Sittingbourne mill.· EUR 14 million cost provision for streamlining M-real's structure toreflect the divestment of Graphics Papers business in Other operations.· EUR 13 million cost for the Pont Sainte Maxence (PSM) mill divested inJune 2006 for a guarantee issued to the mill's energy supplier and for thewrite-down of receivables from PSM in Other operations.· EUR 10 million cost provision and write-down for the closure of NewThames mill's cut-size operations in Office Papers.Compared to the previous year, the operating result excluding non-recurringitems was weakened by the reduced delivery volumes caused by weakened demand andlower average selling prices of office papers. The result was improved by theimplemented price increases, especially in board, and the implemented costsavings.The total delivery volume of paper businesses in 2009 was 1,132,000 tonnes(1,761,000). The deliveries by Consumer Packaging totalled 1,212,000 tonnes(1,345,000).Financial income and expenses totalled EUR -75 million (-142). Foreign exchangegains and losses from accounts receivable, accounts payable, financial incomeand expenses and the valuation of currency hedging were EUR 5 million (13). Netinterest and other financial income and expenses amounted to EUR -80 million(-155). Other financial income and expenses included EUR 10 million of valuationgains on interest rate derivatives (valuation gain of 0). Additionally, thefinancial income included a gain of approximately EUR 31 million related torepurchases of the EUR 400 million bond maturing in December 2010 and financialexpenses included a loss of EUR 30 million related to early repayment of thevendor note by Sappi.In the review year, the result from continuing operations before taxes was EUR-358 million (-204). The result from continuing operations before taxes,excluding non-recurring items, was EUR -230 million (-178). Income taxes,including the change in deferred tax liabilities, were EUR 27 million positive(34).Earnings per share were EUR -1.09 (-1.58). Earnings per share from continuingoperations excluding non-recurring items were EUR -0.66 (-0.48). Return onequity was -28.6 per cent (-10.4), and -18.3 per cent (-9.0) excludingnon-recurring items. Return on capital employed was -8.9 per cent (-1.3);excluding non-recurring items -4.5 per cent (-0.5).Result for October-December compared with the previous quarterM-real's sales totalled EUR 606 million (Q3/2009: 618). Comparable sales weredown 0.6 per cent. The operating result was EUR -52 million (-24), and theoperating result excluding non-recurring items was EUR 7 million (-22).A net total of EUR -59 million was recognised as non-recurring items in theoperating result for October-December, the most significant of them being:· EUR 134 million profit related to the Mets?otnia arrangement, ofwhich EUR 18 million is allocated to Market Pulp and Energy and EUR 116 millionto Other operations.· An impairment loss of EUR 113 million according to IAS 36, of whichEUR 66 million is allocated to Speciality Papers and EUR 47 million to OfficePapers. Of these, a total of EUR 33 million was recognised in goodwill.· EUR 48 million write-down and cost provisions in Market Pulp andEnergy for the plan to permanently close down the Alizay pulp mill.· EUR 12 million cost provision in Other operations associated with theterminated IT contract.· EUR 8 million cost provision related to profit improvement measures ofthe Husum mill, comprising EUR 7 million in Office Papers and EUR 1 million inMarket Pulp and Energy.· EUR 5 million cost provision associated with the profit improvementprogramme of the Speciality Papers business area· EUR 7 million net in other non-recurring items, of which EUR 1 millionin Consumer Packaging and EUR 1 million in Speciality Papers and EUR 5 millionin Other operations.The non-recurring items for the previous quarter totalled EUR -2 million net dueto the implemented profit improvement measures.The operating result excluding non-recurring items compared with the previousquarter was improved by increased average operating rates in spite of theseasonally low delivery volumes in December, implemented cost savings and higherpulp price.The total delivery volume of the paper businesses in October-December was266,000 tonnes (275,000). Consumer Packaging's deliveries amounted to 327,000tonnes (315,000).Financial income and expenses in the period totalled EUR -20 million (-47).Foreign exchange gains and losses from accounts receivable, accounts payable,financial income and expenses and the valuation of currency hedging were EUR 1million (2). Net interest and other financial income and expenses stood at EUR-21 million (-49). Other financial income and expenses include EUR 1 million ofvaluation gains on interest rate derivatives (valuation gain of 0). A loss ofEUR -30 million was booked in the financial expenses due to the early repaymentof the vendor notes issued to Sappi in third quarter.The result from continuing operations for the review period before taxes was EUR-74 million (-72). The result from continuing operations before taxes, excludingnon-recurring items, was EUR -15 million (-70). Income taxes, including thechange in deferred tax liabilities, came to EUR 14 million (-1).Earnings per share were EUR -0.21 (-0.23). Excluding non-recurring items,earnings per share from continuing operations were EUR -0.02 (-0.22). Return onequity was -24.3 per cent (-27.2); excluding non-recurring items -1.4% (-26.6).Return on capital employed was -8.7 per cent (-2.3); excluding non-recurringitems, 0.4 per cent (-2.0).()PersonnelThe number of personnel was 4,903 on 31 December 2009 (31 December2008: 6,546), of which 2,047 (2,258) worked in Finland. In 2009, M-real employedan average of 5,913 people (2008: 9,087). The figure for the end of 2009 nolonger includes the share of Mets?otnia personnel due to the change in theconsolidation method (the figure for 2008 included 30 per cent of Mets?otniapersonnel, or 553 people).InvestmentsGross investments in 2009 totalled EUR 73 million (2008: 128), including a EUR16 million share of Mets?otnia's investments (30). Mets?otnia's investmentshare is based on M-real's 30 per cent share of ownership and the consolidationmethod of Mets?otnia until 8 December 2009.Structural changeIn February 2009, M-real launched a new profit improvement programme with anannual target of EUR 80 million. The improvement actions concerned the businessareas and streamlining the support functions to reflect the changed companystructure. The full annual effect of the programme will be visible from 2011.A separate EUR 60 million programme to improve the 2009 cash flow was alsolaunched in February. The actions included, e.g., the reduction of net workingcapital and cuts in investments.Both programmes proceeded better than expected, and therefore the target of theprofit improvement programme was increased to EUR 90 million and the target ofthe cash flow improvement programme to EUR 80 million in October 2009.In 2008, M-real announced it was planning the discontinuation of standard coatedfine paper production at the Hallein and Gohrsm? mills based on earlierexamined strategic options. Both mills had been loss-making for a long period oftime. At Hallein, paper production was discontinued at the end of April 2009. Atthe Gohrsm? mill, standard coated fine paper production was discontinued inApril. At Gohrsm?hle, the production of speciality papers as well as uncoatedfine paper reels and folio sheets has been expanded.The organisation of M-real was revised following the closure of the Halleinpaper mill and the discontinuation of standard coated fine paper production atthe Gohrsm? mill. The Other Papers business area was renamed SpecialityPapers. The new structure took effect on 17 June 2009.In October 2009, M-real's associated company Oy Mets?otnia Ab and its owners,M-real Corporation, Mets?itto Cooperative and UPM-Kymmene Oyj, signed anagreement on the divestment of the pulp mill and forests located in Uruguay, toUPM. The transaction was closed in December 2009, and as a result Mets?otniabecame Mets?itto Cooperative's subsidiary. M-real changed the consolidationmethod of Mets?otnia in its consolidated financial accounts and processes itsownership in Mets?otnia as an associated company according to IAS 28 insteadof a joint venture (IAS 31). Previously, Mets?otnia had been consolidated lineby line based on the ownership. Starting from 8 December 2009, M-real willdisclose its share of the profits of Mets?otnia on the line Share of profitsof associated companies under operating result, and on the line Investments inassociates on the balance sheet. As a result of the transaction, M-real's netdebt decreased by approximately EUR 500 million compared to the end of the thirdquarter of 2009 when taking into account the cash consideration of EUR 300million, the market priced receivable of EUR 50 million from Mets?itto and thechange in the consolidation method of Mets?otnia for M-real's consolidatedfinancial statements. M-real will use the funds to pay off its debts. Thetransaction and the change in the consolidation method of Mets?otnia willdecrease M-real's annual sales by approximately EUR 250 million. As a result ofthe transaction and the change in the consolidation method, M-real'sshareholders' equity increased by approximately EUR 58 million.In December 2009, M-real announced that it will start a new profit improvementprogramme for 2010, with the most significant actions being plans to permanentlyshut down the Alizay pulp mill in France and two speciality paper machines atReflex, Germany, the plan to streamline the organisation and management model inM-real Zanders, a EUR 22 million investment at the Husum mill to improve itsenergy efficiency and a new EUR 20 million internal profit improvement programmecovering all of M-real's business areas. Once implemented, the planned measuresare expected to improve M-real's annual operating result by EUR 80 million withfull effect from 2011 onwards. The result improvement of the new plannedmeasures in 2010 is expected to be EUR 40 million. The combined profit impact ofthe new planned measures and the previous years' profit improvement programmesis expected to be approximately EUR 100 million positive in 2010.M-real's structural change from a paper company to become more clearly apackaging material producer has proceeded according to plans. The strategicreview of the paper business continues.Management changesMatti M?y started as M-real's CFO on 4 May 2009.On 17 June 2009, Heikki Husso was appointed Head of the Speciality Papersbusiness area, and Soili Hietanen was appointed Head of the Market Pulp andEnergy business area. Hietanen is also responsible for contract manufacturingbetween M-real and Sappi.Mika Joukio, Head of the Consumer Packaging business area, was appointed asDeputy to the CEO of M-real in addition to his current position as of 15September 2009.FinancingAt the end of 2009, M-real's equity ratio was 29.6 per cent (31 December2008: 30.8) and the gearing ratio 153 per cent (152). The net gearing ratio was84 (90). Some of M-real's loan agreements set a 120 per cent limit on thecompany's net gearing ratio and a 30 per cent limit on the equity ratio.Calculated as defined in the loan agreements, the net gearing ratio at the endof September was approximately 63 per cent (74) and the equity ratio some 35 percent (36).The change in the fair value of investments available for sale was approximatelyEUR -97 million in 2009 based mainly on the decrease in the value of thePohjolan Voima shares.At the end of the year, net interest-bearing liabilities totalled EUR 777million (1,254). Foreign-currency-denominated loans accounted for 8 per cent;84 per cent were floating-rate and the rest were fixed-rate. At the end of2009, the average interest rate on loans was 6.0 per cent and the averagematurity of long-term loans 2.4 years. The interest rate maturity of loans was6.4 months at the end of the year. During the period, the interest rate maturityhas varied between 2 and 7 months.Cash flow from operations amounted to EUR 110 million in 2009 (2008: 118).Working capital was down by EUR 140 million (down 7).At year-end, an average of 4.9 months of the net foreign currency exposure washedged. The degree of hedging varied between 3 and 5 months during the period.Approximately 99 per cent of the non-euro-denominated equity was hedged at theend of the review period.Liquidity continues at a good level. At the end of the year, liquidity was EUR776 million, of which EUR 279 million consisted of committed credit facilitiesand EUR 497 million of liquid assets and investments. The amount of committedcredit facilities decreased after the EUR 500 million syndicated revolvingcredit facility ended due to being cancelled by the company in October 2009. Therevolving credit facility would have been due in December 2009. In addition, theGroup had other interest-bearing receivables totalling EUR 137 million. To meetits short-term financing needs, the Group also had at its disposal uncommitteddomestic and foreign commercial paper programmes and credit facilities amountingto about EUR 530 million. In connection with the restructuring of Mets?otnia'sownership and the divestment of the operations in Uruguay, M-real received acash payment of EUR 300 million in December. In addition, M-real sold a threeper cent share of Mets?otnia to Mets?itto. Mets?itto paid its sharepurchase with a market priced vendor note of EUR 50 million, having a maturityof 3 years.In connection with the divestment of Graphic Papers in December 2008, M-realreceived EUR 220 million in interest-bearing vendor notes from Sappi. In August,M-real agreed with Sappi that Sappi will repay the vendor notes at the price of86.5 per cent of their nominal value. The cash payment of EUR 190 millionreceived by M-real from Sappi in August strengthened the Group's liquidity. Thisearly repayment resulted in an approximately EUR 30 million loss that was bookedin M-real's financial expenses in the third quarter of 2009.In the second quarter, M-real drew a EUR 60 million pension premium (TyEL) loan.After this drawdown, M-real still has a total of about EUR 279 million ofundrawn pension premium (TyEL) loans.In the first quarter, M-real repurchased its own bonds (EUR 400 million bond duein December 2010) with a nominal value of EUR 59.95 million. A gain ofapproximately EUR 31 million from the purchases was recorded in the firstquarter result. In December, M-real announced that it will exercise its right topartial early redemption of the above-mentioned floating rate notes. The totalpar value of redemption was EUR 250 million. The early redemption took place on25 January 2010 and the redemption price was 100 per cent of the par valueaccording to the terms of the notes. After the redemption, the par value of alloutstanding notes is approximately EUR 90 million.SharesIn 2009, the highest price for M-real's B share on the NASDAQ OMX Helsinki wasEUR 1.57, the lowest EUR 0.19, and the average price EUR 0.66. At the end of theyear, the price of the B share was EUR 1.53.The trading volume of B shares was EUR 321 million, 171 per cent of the sharecapital. The market value of the A and B shares totalled EUR 517 million at theend of the year.At the end of the year, Mets?itto Cooperative owned 38.6 per cent of theshares, and the voting rights conferred by these shares amounted to 60.5 percent. International investors' holdings increased to 19 per cent.On 5 February 2009, Financier de l'Echiquier SA's holding in M-real decreased to4.8 per cent of the share capital and 1.6 per cent of the voting rights.The company does not hold any of its own shares.Distributable funds and dividendThe distributable funds of the parent company as of 31 December 2009 were EUR-342,787,654.55 of which the result for the financial year is EUR-120,580,449.73. The company therefore has no distributable funds. In itsmeeting on 4 February 2010, the Board of Directors decided to propose to theAnnual General Meeting in spring 2010, to be held on 24 March 2010, that nodividend is paid for the financial year 2009.Board of Directors and AuditorsThe Annual General Meeting of March 2009 confirmed the number of members of theM-real Board of Directors as nine (9). The Annual General Meeting elected asmembers of the Board of Directors Martti Asunta, M. Sc. (Forestry); Kari Jordan,President and CEO of Mets?itto Group; Erkki Karmila, LL.M.; Kai Korhonen,M.Sc. (Eng); Liisa Leino, M.Edu; Runar Lillandt, Counsellor of Agriculture; JuhaNiemel?Honorary Counsellor; Antti Tanskanen, Minister and Erkki Varis, M.Sc.(Eng). The term of office of the Board members expires at the end of the nextAnnual General Meeting.At its organising meeting, the Board of Directors elected Kari Jordan as itsChairman and Martti Asunta as its Vice Chairman. The Board further resolved toorganise the Board committees as follows: The members of the Audit Committee areErkki Karmila (Chairman), Kai Korhonen, Antti Tanskanen and Erkki Varis. Themembers of the combined Nomination and Compensation Committee are Kari Jordan(Chairman), Martti Asunta, Liisa Leino, Runar Lillandt and Juha Niemel?The Annual General Meeting elected Authorised Public AccountantsPricewaterhouseCoopers Oy as M-real's auditor. The term of office of the auditorexpires at the end of the next Annual General Meeting.The Annual General Meeting instructed the Board of Directors to investigatepossibilities and the related terms to merge the company's series A and Bshares. The results of the investigation were instructed to be presented to thenext General Meeting.Events after the reporting periodThe company has no information about any material events after the reportingperiod.Near-term outlookThe demand for board is expected to remain good during the first quarter.Folding boxboard and liner prices are slightly increasing as a result of priceincrease measures.The improvement of the uncoated fine paper demand continued during the fourthquarter. The demand seems to continue at a good level also during the firstquarter of 2010. M-real has announced price increases of eight per cent acrossall main markets. The price increases will take effect at the beginning ofMarch.The demand for speciality papers is still below the normal level but it isexpected to improve during the first quarter. The prices of speciality papershave mainly remained stable, and no significant changes in the average price areexpected.In December 2009, M-real launched a new EUR 80 million profit improvementprogramme for 2010. The result improvement of the new planned measures in 2010is expected to be EUR 40 million. The combined profit impact of the new plannedmeasures and the previous years' profit improvement programmes is expected to beapproximately EUR 100 million positive in 2010. In addition to business areasthe decreasing cost trend is visible also in Other operations.The average totalproduction input costs are not expected to change materially during 2010.In M-real's main products, the prerequisites for profitable business haveimproved further. The operating result excluding non-recurring items in thefirst quarter of 2010 is forecast to be better than in the last quarter of2009. The operating result excluding non-recurring items for 2010 is expected tobe positive, provided that no material weakening takes place in the operatingenvironment.Near-term business risksIn spite of several signs of improvement, there is still the risk that theslowdown of the global economy will be prolonged and that the demand forpaperboard and paper products, which has already partially revived, canexperience another downturn.The company's strategic review has proceeded consistently in phases. Togetherwith successful cost saving programmes, the company has achieved significantsavings and rationalisation of operations. It has been announced that thestrategic review of the paper business, cost cuts and streamlining of operationswill continue. If the measures to be implemented are unable to reach the desiredeffect on costs, there is the risk of continued weak profitability of the paperbusiness.There is a risk of a strengthening euro in relation to the US dollar and theBritish pound. This would have a negative impact on operating conditions in theEuropean paper and board industry.Possible industrial actions related to labour market negotiations in Finlandmight if implemented negatively impact M-real's profitability.Because the forward-looking estimates and statements of these financialstatements are based on current plans and estimates, they contain risks andother uncertain factors that may cause the results to differ from the statementsconcerning them.In the short term, M-real's result will be particularly affected by the priceof, and demand for, finished products, raw material costs, the price of energy,and the exchange rate development of the euro.More information about longer-term risk factors can be found on pages 37-38 ofM-real's 2008 annual report.M-REAL CORPORATIONFurther information:Matti M?y, CFO, tel. +358 10 465 4913Juha Laine, Vice President, Investor Relations and Communications, tel. +35810 465 4335More information available starting from 1 pm on 4 February 2010. A telephoneconference for investors and analysts in English starts at 3 pm.M-real's annual report, including financial statements, report of the Board ofDirectors and auditor's report, will be available on the company's websitewww.m-real.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 04.02.2010 - 05:02 Uhr
Sprache: Deutsch
News-ID 1009984
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Espoo
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 88 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"M-real's operating result excluding non-recurring items for 2009 EUR -150 million, final quarter pos
"
steht unter der journalistisch-redaktionellen Verantwortung von
M-real Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
