Debt Investor Presentation 4Q 2012 7.2. 2013 Mets Board Mets - - PowerPoint PPT Presentation
Debt Investor Presentation 4Q 2012 7.2. 2013 Mets Board Mets Group Financial Situation Improved in 2012 Net Debt, m 4000 Net debt 625 m 3693 3500 Net gearing 72%, equity ratio 33.6% at year end 3000 ONWC decreased by
Metsä Group
7.2. 2013
Metsä Group
‒ Net debt 625 m€ ‒ Net gearing 72%, equity ratio 33.6% at year end ‒ ONWC decreased by 35 m€ in 2012 and 4 m€ in 4Q vs. 3Q ‒ Metsä Board’s cash about 185 m€ at year end ‒ Average interest rate reduced to 4.6%
Net Debt, m€
625 3693 2403 500 1000 1500 2000 2500 3000 3500 4000 2 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 1 2 1 1 2 1 2
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Metsä Group
‒ 600 m€ term loan and revolving credit facility agreement with a syndicate of five banks and certain Finnish institutional investors ‒ This agreement will be utilized to refinance the 500 m€ eurobond maturing in April 2013 ‒ Facilities include a 100 m€ RCF available immediately and 500 m€ term loans available from late March 2013
‒ Maturity of RCF is three years ‒ 150 m€ of term loans matures at end June 2014 and 350 m€ at end March 2016
‒ The average financing cost of the facilities calculated for the entire loan period is 6.5 %
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Metsä Group
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Metsä Group
66 % 7 % 3 % 2 % 22 % Bonds Pension premium loans Loans from financial institutions Finance leases Other interest bearing liabilities
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Metsä Group
1 % 99 % Metsä Group Short-term bank loans and other
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Metsä Group
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m€
Metsä Group
508 119 72 22 21 21 20 28 150 100 350 20 100 200 300 400 500 600 2013 2014 2015 2016 2017 2018 2019 >2 019 Long-term interest bearing liabilities Committed undrawn credit facilities
m€
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Metsä Group
Committed credit facilities Liquid funds
m€ 100 200 300 400 500 600 I/11 II/11 III/11 IV/11 I/12 II/12 III/12 IV/12
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Metsä Group
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The following table sets forth the significant debt securities issued and outstanding of Metsä Board as at Dec. 31, 2012: Average Long-term borrowings Total amount Outstanding I nterest Rate (1) Maturity USD 350 million Private Note Issue USD 350 USD 121 10,0 % 2014 EUR 500 million Bond Issue EUR 500 EUR 500 6,3 % 2013 Global Medium-Term Note Program EUR 1 500 EUR 0 – – EUR 66 million bilateral loans EUR 66 EUR 66 6,5 % 2013-2015 EUR 27 million finance leases EUR 27 EUR 27 2,3 % 2013–2020 EUR 230 million pension loans EUR 230 EUR 181 4,8 % 2013–2020 Short-term funding programmes EUR 350 million domestic CP-program EUR 350 EUR 0 – – EUR 150 milj. Belgian CP-program EUR 150 EUR 0 – – Average interest rate of all Metsä Board Group interest bearing liabilities including interest rate derivatives per 31.12.2012 is 4,6 %. The following table sets forth Metsä Board´s principal long-term liquidity reserves as at December 31, 2012: Average Liquidity reserves Total amount Outstanding I nterest Rate (1) Maturity (EUR in millions) Revolving Credit Facility 2012 EUR 100 EUR 0 – 2015 Bridge Financing Faciility 2012 EUR 150 EUR 0 – 2014 Term Loan Facility 2012 EUR 350 EUR 0 – 2016 Pension loan facilities EUR 230 EUR 181 4,8 %
(currency in millions)
Metsä Group
2000 S&P: Short term ratings lowered to A3, Long term ratings placed to credit watch negative Moody’s: Long and short term ratings
2001 S&P: Long term ratings lowered to BBB-, stable outlook Moody’s: Long and short term ratings lowered to Baa3/P3, negative outlook 2003 S&P: Downgrade to BB+, stable outlook Moody’s: Downgrade to Ba1, negative
2004 S&P: Outlook changed from stable to negative, ratings affirmed Moody’s: Downgrade to Ba2, stable outlook 2005 S&P: Downgrade to BB, stable outlook Moody’s: Outlook changed from stable to negative, ratings affirmed 2006 S&P: Downgrade to BB-, negative outlook Moody’s: Downgrade to Ba3, negative outlook Moody’s: Downgrade to B2, negative outlook S&P: Downgrade to B+, negative outlook 2007 Moody’s: Downgrade to B3, negative outlook S&P: Downgrade to B, negative outlook S&P: Downgrade to B-, stable outlook 2008 S&P: Outlook to negative 2009 S&P: Downgrade to CCC+, negative outlook Moody’s: Downgrade to Caa1, outlook negative 2010 S&P: Outlook to stable Moody’s: Outlook to stable S&P: Upgrade to B-, stable outlook Moody’s: Upgrade to B3, outlook to positive 2011 S&P: Outlook to positive S&P: Outlook to stable Moody’s: Outlook to stable 2012 Moody’s: Outlook to positive
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Metsä Group