Mets Board Investor presentation January December 2018 Contents - - PowerPoint PPT Presentation
Mets Board Investor presentation January December 2018 Contents Mets Board in brief 3 Operating environment and demand drivers 15 Main contributors in Mets Boards profitability 23 Results: January September 2018 29 Balance
January–December 2018
Investor presentation 1-9/2018 2
Metsä Board in brief 3 Operating environment and demand drivers 15 Main contributors in Metsä Board’s profitability 23 Results: January–September 2018 29 Balance sheet and financing 39 Sustainability and product safety 43 Sustainability guides our R&D work 55 Owners and management 66 Contact information 70
3
Folding boxboard 55 % White kraftlainer 27 % Market pulp 18 %
Sales split by product Sales split by market area
focused on premium fresh fibre paperboards
urbanization drive the demand for ecological and lightweight packaging
material and self-sufficiency in pulp
EMEA 70 % Americas 23 % APAC 7 %
FY 2017: EUR 1,849m FY 2017: EUR 1,849m Our total paperboard capacity is
1/3 are white kraftliners and 2/3 folding boxboard
Investor presentation 1-9/2018
Folding boxboards
Packaging solutions for consumer goods
Food service boards
Solutions for food service
White kraftliners
Retail-ready tray and point-of-sale solutions
5
BRAND OWNERS FOLDING BOXBOARD WHITE KRAFTLINERS MERCHANTS CORRUGATED BOX MANUFACTURERS CONVERTERS
Investor presentation 1-9/2018
Sustainability We use only renewable fresh fibres from sustainably managed northern forests Food safety We have good control of raw materials, which guarantees purity and safety in food contact uses E-commerce Our paperboards
promotion and branding experience
Globalisation & urbanisation We offer recyclable products that are ideal for the circular economy
7
Folding boxboard in Europe
Total capacity 3.8m tonnes
White kraftliner in Europe
Total capacity 2.1m tonnes
Metsä Board #1
#2 #3 #4 #5 Others
Metsä Board #1
#2 #3 #4 #5 Others
70% EMEA 23% Americas 7% APAC
quality FBB segment
importer of FBB to US
kraftliners globally
Investor presentation 1-9/2018
Wood products Paperboard
METSÄ TISSUE METSÄ FOREST
Wood supply and forest services
METSÄ FIBRE
Pulp and sawn timber
METSÄ WOOD METSÄ BOARD
Tissue and cooking papers Group’s parent company, owned by 104,000 Finnish forest owners METSÄLIITTO COOPERATIVE METSÄ GROUP
METSÄ BOARD OWNS 24.9%
Through Metsä Fibre’s ownership Metsä Board’s annual net pulp balance is 550,000 tonnes long in 2018
Investor presentation 1-9/2018 8
9
Husum, SWE
400,000 t/a FBB 270,000 t/a WKL 730,000 t/a Pulp
Kemi
420,000 t/a WKL 620,000 t/a Pulp*
Kaskinen
370,000 t/a BCTMP
Kyro
190,000 t/a FBB
Äänekoski
240,000 t/a FBB 1.3 million t/a Pulp*
Simpele
290,000 t/a FBB
Joutseno
330,000 t/a BCTMP 690,000 t/a Pulp
Tako
210,000 t/a FBB
Wood sourced from Finland, Sweden, Baltics and Russia.
*Metsä Fibre mill
Our net balance in pulp in 2018, including the 24.9% ownership in Metsä Fibre, is 550,000 t/a Total paperboard capacity: Folding boxboard (FBB): 1.33m t/a White kraftliner (WKL): 690,000 t/a
Investor presentation 1-9/2018
Enterprise value, EUR million
500 1000 1500 2000 2500 3000 3500
2012 2013 2014 2015 2016 2017 9/18
Market capitalization, EUR million Net debt, EUR million
Dividend, EUR and payout ratio, %
0% 20% 40% 60% 80% 100% 0,00 0,05 0,10 0,15 0,20 0,25 2012 2013 2014 2015 2016 2017 Dividend, EUR Dividend/EPS, %
10
CAGR in dividend
+30%
in 2012–2017
Investor presentation 1-9/2018
Comparable ROCE, %
9,1 11,3 8,1 11,2 14,1
2014 2015 2016 2017 LTM
1,8 1,2 2,0 1,2 1,0
2014 2015 2016 2017 9/2018
Net debt / comparable EBITDA
10% 13% 12% 15% 6%
2014 2015 2016 2017 LTM
Annual growth in total paperboard deliveries, %
Target is to exceed relevant market growth, 3%/a
Dividend policy
We aim to distribute at least 50% of our result for the financial period in annual dividends
Target >12% Target <2.5 11 11 Investor presentation 1-9/2018
12
500 1 000 1 500 2 000
2013 2014 2015 2016 2017 LTM White kraftliner Folding boxboard
Metsä Board’s annual paperboard deliveries
Annual global demand growth for folding boxboard and white kraftliner is estimated to be 3%
Source: Metsä Board´s own research
1,000 tonnes
Investor presentation 1-9/2018
Growth capex: 2011–12 Debottlenecking in Simpele, Äänekoski and Kyro mills: total 150,000 t/a of FBB 2015–16 New folding boxboard production line in Husum: 400,000 t/a of FBB and linerboard production line conversion: 270,000 t/a of WKL 2017 New extrusion coating line in Husum: 100,000 t/a PE coating capacity
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30 60 90 120 150 180 2010 2011 2012 2013 2014 2015 2016 2017 2018E Maintenance capex Growth capex Depreciation
Capital expenditure and depreciation
EUR million
NEXT STEPS
– To keep ROCE above 12% and – To generate the highest possible shareholder value
medium-sized investments to increase the capacity of our current production lines
growth and a strong focus on profitability
Investor presentation 1-9/2018
– Improved profitability – Decreased capex – Good working capital discipline
– Dividend: supported by strong performance – Capital structure: deleveraging continues to levels below 1.0x – CAPEX: return-based allocation (ROCE above 12%)
20 40 60 80
50 100 150 200 2013 2014 2015 2016 2017 LTM FCF, EUR million FCF/EBITDA,%
14
EUR million %
Free cash flow in EUR million and % of EBITDA
Comparable EBITDA (LTM) EUR 341 million
Investor presentation 1-9/2018
16
The total packaging market is USD 850 billion Average annual growth rate of paperboard packaging USD 300 bn
USD bn
Source: Smithers Pira
50 100 150 200 250 300 350 2012 2013 2014 2015 2016 2017 2022F
+3% per year 2017–2022
Board and Paper
Other fibre- based Plastic Metal Glass
10% 34% 13% 7%
Investor presentation 1-9/2018
17
Cartonboard White linerboard Cartonboard White linerboard Cartonboard White linerboard Total annual demand: 10 million tonnes 3 million tonnes 10 million tonnes 5 million tonnes 22 million tonnes 3 million tonnes
Americas EMEA APAC
FSB FBB Other fresh fibre grades Recycled grades CWKL WKL White testliner FSB FBB Other fresh fibre grades Recycled grades CWKL WKL White testliner FSB FBB Other fresh fibre grades Recycled grades WKL White testliner
Annual global demand growth for FBB, FSB and WKL is estimated to be 3%
FSB = food service board, FBB = folding boxboard, SBS = other fresh fibre grades, CUK, WLC = recycled grades WKL = uncoated white kraftliner, CWKL=coated white kraftliner
28% 77% 41% 38% 36% Source: Metsä Board research based on several sources, e.g. CEPI Cartonboard and Containerboard, RISI Investor presentation 1-9/2018
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AMERICAS
SHARE OF TOTAL PAPERBOARD DELIVERIES IN 1–9/2018
23% EMEA
SHARE OF TOTAL PAPERBOARD DELIVERIES IN 1–9/2018
70% APAC
SHARE OF TOTAL PAPERBOARD DELIVERIES IN 1–9/2018
7% Demand drivers:
classes, and increased purchasing power
consumers
retail and mobile commerce
Demand drivers:
confidence
environmental commitments and regulations
requirements
Demand drivers:
confidence in the US, private consumption recovering in Latin America
considerations
packaging – but limited local capacity in FBB
Investor presentation 1-9/2018
Origin and transparency of materials, renewability, resource efficiency and recylability
reducing their carbon footprints: Lighter packaging reduces CO2 emissions across the value chain
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“Our comprehensive approach to reducing our environmental impact means looking at all aspects of our business, how they intersect and how we can integrate new solutions to create meaningful and sustained change.” – Starbucks website “We want low-carbon to become the new normal, so we’re taking action to reduce GHG emissions throughout our value chain.” – Unilever website
Investor presentation 1-9/2018
food packaging
consumers
migration from recycled packaging into foodstuffs set stricter demands on packaging materials
to reduce food waste
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Investor presentation 1-9/2018
kraftliners
– Functionality, durability and consumer experience are the key words – Personalisation of boxes is supported by advanced technology in digital printing
per year on average and its share of the retail trade is estimated to grow from 10% to 18% in 2017-2021
Investor presentation 1-9/2018 22
Sources: eMarketer, Smithers Pira
fresh fibre paperboards have led to increased price levels
announcements:
– FBB: Europe EUR 80/t, valid 11/2018, Americas USD 50/t, valid 9/2018 – WKL: Europe EUR 50/t, valid 10/2018
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Market prices have increased in Europe since 2017
€/tonne 500 600 700 800 900 1000 1100 1200 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Folding boxboard White-top kraftliner
Investor presentation 1-9/2018
Source: Foex Indexes Ltd
USD
25
USD
roughly 550,000 tonnes long, including our share in Metsä Fibre
approximately 600,000 tonnes long
is consolidated in Metsä Board’s EBITDA
Pulp prices (PIX) in Europe have risen by one third in 1-9/2018 compared to last year
Investor presentation 1-9/2018
Metsä Board’s cost split in 2017 total EUR1.6 billion*
26 Wood 26 % Logistics 16 % Chemicals, pigments and fillers 14 % Energy 12 % Other variables 3 % Personnel 14 % Other fixed 15 %
Cost component Near-term outlook Wood Prices in Finland and Sweden are expected to remain stable. In the Baltics, the price level will depend on the demand in export markets (e.g. Sweden) Logistics In line with general cost inflation Chemicals In line with or below general cost inflation Energy Stabilisation following the oil and electricity price hikes in 2018 Personnel Approximately +2% y-on-y, mainly based on collective agreements Other fixed In line with or below general cost inflation * incl. the share of Metsä Fibre’s costs
Investor presentation 1-9/2018
27
New estimate in 2019 vs. 2016: EUR 110–120 million Original estimate in 2019 vs. 2016: EUR 100 million Achieved in 2018 vs. 2016: EUR 90 million Estimated profitability improvement in 2019 vs. 2016
Our estimate is based on
pricing of EUR 20–30 million
Initial estimate communicated in 2017
Investor presentation 1-9/2018
Component Change Impact on EBIT
Folding boxboard Price +/- 10% > EUR 100 million White kraftliners Price +/- 10% > EUR 50 million FX USD/EUR +/- 10% EUR 65 million SEK/EUR +/- 10% EUR 40 million Pulp Pix price of SW/HW per tonne +/- 10% EUR 25 million Wood Price per m3 in Finnish mills +/-10% EUR 30 million* Price per m3 in Husum +/-10% EUR 20 million
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Annual FX net transaction exposure is approximately EUR1.1 bn, of which 55% USD, 36% SEK and 7% GBP
* incl. ownership in Metsä Fibre
Metsä Board is sourcing approximately 5.6 million m3 wood in 2018, of which 35% from Sweden, 35% Finland, 20% Baltics and 10% Russia. Including the 24.9% share from Metsä Fibre, the total sourcing is 10.7 million m3
Investor presentation 1-9/2018
January–September 2018
Investor presentation 1- 9/2018 30
Q3/18 Q2/18
Change Q3/18
1–9/18 1–9/17
Change 1–9/18 vs 1–9/17
FY 2017 Sales
EUR, m
475 519
1486 1397
6%
1,849 EBITDA*
EUR, m
84 84
0%
263 211
24%
289 Operating result*
EUR, m
64 59
8%
192 139
38%
194 % of sales
%
13.4 11.4 12.9 10.0 10.5 Result before taxes*
EUR, m
60 53
11%
174 110
58%
157 Earnings per share
EUR
0.16 0.12
33%
0.43 0.30
43%
0.42 ROCE*
%
15.0 13.9 14.7 10.6 11.2 Capex
EUR, m
11 15
36 39
65 Cash flow from operations
EUR, m
54 36
+ 48%
121 130
236 Net debt, at end of period
EUR, m
344 388
344 437
358
*comparable
paperboard prices and strong pulp market
Kemi integrated mill and partly at Husum integrated mill
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Investor presentation 1-9/2018
227 250 266 245 265 304 299 276 297 328 297 142 148 148 143 163 173 170 152 171 161 149
100 200 300 400 500 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
White kraftliner Folding boxboard
1,000 tonnes
32
1–12/2016 1,568k tonnes 1–12/2017 1,802k tonnes
Annual global demand growth for folding boxboard and white kraftliners is estimated to be 3%
Source: Metsä Board’s own research 1–9/2017 1,375k tonnes 1–9/2018 1,405k tonnes
+2% +15%
Investor presentation 1-9/2018
Folding boxboard YTD 2018 (1–9/17) tonnes
EMEA 637k (601) Americas 192k (179) APAC 92k (88)
↑
EMEA 344k (350) Americas 134k (145)
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White kraftliner YTD 2018 (1–9/17) tonnes
69% 21% 10% 72% 28%
Total FBB deliveries 922k tonnes (868) Total WKL deliveries 481k (506)
↑ ↑ ↓ ↓
Investor presentation 1-9/2018
Sales
EUR million
445 474 479 451 492 519 475
100 200 300 400 500
Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
45 44 50 54 69 59 64
10,2 % 9,2 % 10,5 % 12,0 % 14,0 % 11,4 % 13,4 % 0% 4% 8% 12% 16% 20 40 60 80
Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
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Comparable operating result
EUR million and % of sales
EUR million EUR million
1–12/2017: EUR 1,849 million 1–9/2017: EUR 1,397 million 1–9/2018: EUR 1,486 million 1–12/2017: EUR 194 million (10.5% of sales) 1–9/2017: EUR 139 million 1–9/2018: EUR 192 million
Investor presentation 1-9/2018
0% 2% 4% 6% 8% 10% 12% 14% 16% Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18
Comparable ROCE-%, Quarterly
35
Target: 12%
Investor presentation 1-9/2018
– YTD 2018 impact EUR -47 million compared to corresponding period last year
54 % 36 % 8 % 2 %
USD SEK GBP Other currencies
Annual transaction exposure total EUR 1.1 billion FX sensitivities excluding hedges
10% strengthening of foreign currency vs. EUR will have an impact on Metsä Board’s EBIT of Currency Next 12 months USD, $ EUR +63 million SEK EUR -41 million GBP, £ EUR +9 million
36 Investor presentation 1-9/2018
67 55 26 37 68 106 30 36 54
49 17 7 2 59 79 20 23 43
50 100 150 200 250
50 100 150 200 250 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18
Cash flow from operations, quarterly Free cash flow, quarterly Cash flow from operations, rolling 12 months Free cash flow, rolling 12 months
EUR million
37 Free cash flow = Cash flow from operations - investments
EUR million
Investor presentation 1-9/2018
38
production costs expected
positive impact in Q4 compared to Q3
compared to the Q3 2018
Investor presentation 1-9/2018
541 488 464 458 495 437 358 335 388 344 2,1 2,1 2,0 1,9 2,0 1,7 1,2 1,1 1,2 1,0
0,0 0,5 1,0 1,5 2,0 2,5 3,0 100 200 300 400 500 600 6/2016 9/2016 12/2016 3/2017 6/2017 9/2017 12/2017 3/2018 6/2018 9/2018 Net debt, EUR million Net debt to comparable EBITDA (12 months)
40
Net debt / EBITDA target level: <2.5
EUR million
Investor presentation 1-9/2018
50 100 150 200 250
2018 2019 2020 2021 2022–26 2027
Bonds Loans from financial institutions Pension loans Other loans
41
Maturity profile of interest-bearing debt, total EUR 469 million 30 September 2018
EUR million Rating agency Rating and
Latest update Standard & Poor‘s BBB- stable 02/2018 Moody‘s Ba1 positive 04/2018
Metsä Board’s credit ratings
2027 Notes’ annual coupon is 2.75%
Investor presentation 1-9/2018
In addition company has undrawn credit facility EUR 150 million, maturing in 03/2020
Investor presentation 1-9/2018 42
39 32 31 36 18
4,2 3,8 3,3 3,3 3,3
2,0 2,5 3,0 3,5 4,0 4,5 5,0 10 20 30 40 50 2014 2015 2016 2017 1-9/2018
Net financial costs, EUR million Average interest rate at the end of period, % EUR million %
foreign exchange differences) in 1–9/2018 were EUR 18 million (1–9/17: EUR 29 million)
Replacing fossil- based materials, i.e. plastics The solution: renewable and biodegradable wood fibre Increased waste generation due to urbanisation The solution: circular economy and bio-based packaging Reducing carbon footprint The solution: bio-based fuels, lower production emissions and lighter paperboards Consumer expectations on safer products – especially in food packaging The solution: pure and safe fresh fibres Fresh fibre paperboards offer solutions to major challenges
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MILLION M3
Annual growth of Finnish forests is
Forests grow more than they are used, annual harvesting 71 million m3 (2017) Four seedlings are planted for each harvested tree Over 20% of the Finnish export comes from forest-based products
The area of Finland
Cities, villages and roads Fields and agricultural use Lakes and rivers Forest
10% 10% 75% 5%
Wood is the main raw material for Metsä Board
wood mainly from Finland and Sweden (75 %)
traceable and comes from sustainably managed forest sources ensuring the bio- diversity and recreational use
certified (remaining 20 % from controlled forest sources)
46
Metsä Board has decreased its water use by 17% since 2010
surface water in its processes
in processes several times
returned back to the close-by waterways after thorough purification
Metsä Board Tako is located in the middle of the city
environmental and noise permits
water use of all Metsä Board’s mills
chain City of Tampere
city of the Nordic countries
Less energy, water and raw material consumed Less transport weight Less waste generated
Own generation 22 % Through PVO shareholding 29 % Purchased electricity 46 % Outsourced generation 3 %
Electricity sourced in 2017 (total 2.4 TWh)
50
Wood-based 52 % Nuclear power 28 % Gas 8 % Others 12 %
Primary energy used in 2017
(total 12.0 TWh)
electricity in Finland
− Including the electricity used in Husum mill, self-sufficiency will be nearly 80%
− Fair value as per 30 September 2018 was EUR 270 million
1) Olkiluoto Nuclear Power Plant 2) Pohjolan Voima Oyj is a non-listed public limited liability company.
It supplies electricity and heat for its shareholders at cost price
3) Out of 46% share of purchased energy, 8% is from Metsä Fibre
3)
Investor presentation 1-9/2018
RAW MATERIALS AND SUPPLY CHAIN
Share of certified wood:
PERFORMANCE 2017
80%
TARGET
>80%
Ensure sustainability of the main logistics flows:
TARGET
100%
Fossil CO2 emissions per product tonne 2009–2020:
PERFORMANCE 2017
TARGET
Energy efficiency improvement 2009–2020:
PERFORMANCE 2017
10.2%
TARGET
12%
Process water use per product tonne 2010–2020:
PERFORMANCE 2017
TARGET
Coverage of Code of Conduct training:
PERFORMANCE 2017
79%
TARGET
100%
Lost-time accidents frequency annually (LTA1: 6.4):
PERFORMANCE 2017
TARGET
Sickness absenteeism:
PERFORMANCE 2017
3.9%
TARGET
<3%
RESOURCE EFFICIENCY AND ENVIRONMENTAL IMPACTS STAKEHOLDERS AND SOCIAL IMPACTS
PERFORMANCE 2017
100%
External recognitions and commitments in sustainability:
Leader in Sustainalytics’ assessment in May 2018. A rating of AAA in the MSCI ESG Ratings assessment in June 2018. Metsä Board was awarded “Prime” status in Oekom corporate responsibility rating in May 2018
Investor presentation 1-9/2018 51
EU Commission – Announced plans to regulate printed food contact materials (FCMs)
Food Contact Material legislation in Switzerland – Part of Swiss Food law – Recycled paper cannot be used as FCM, if direct contact with food products – Concentration limits of certain polyaromatic hydrocarbons micrograms/kg food has been set Draft German mineral oil regulation – 4th ordinance draft published in March 2017 – The draft focuses on mineral oil migration from recycled fibre based packaging materials to food
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Investor presentation 1-9/2018
not change the taste, smell, colour or composition of the food..
foods like beverages
fibres includes mineral oil migration risk ..
board
Investor presentation 1-9/2018 54
We promote circular economy providing vital material to the recycling loop Recycled fibre packaging is suitable for many goods In food packaging mineral oil migration pose a health hazard in recycled fibre Global restrictions in the use of recycled fibres in direct food contact
Recycling would end in few months without fresh fibre inflow
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Investor presentation 1-9/2018
58
Bleached chemical pulp High yield pulp (BCTMP)
Bleached chemical pulp Top coating
Investor presentation 1-9/2018
PROMOTION
Brightness
PROTECTION
Stiffness
Folding boxboard (FBB) White lined chipboard (WLC)
Metsä Board’s folding boxboard
Coated unbleached kraft (CUK)
Solid bleached board (SBB)
Investor presentation 1-9/2018 59
Light weight – better yield and sustainability High strength and bending stiffness – secure protection High brightness and smoothness – excellent printability Consistent quality – improved production efficiency
SBS (100% chemical pulp) Metsä Board FBB (up to 70% BCTMP, 30% chemical pulp )
5 m3 of wood per tonne of pulp 3.4 m3 of wood per tonne of pulp
Investor presentation 1-9/2018
Metsä Board lightweight paperboard Average FBB – Folding boxboard SBB – Solid bleached board WLC – White lined chipboard
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The weights equal to a print job of 30 000 sheets on a standard size printing press
Investor presentation 1-9/2018
biodegradable fresh fibres
with short food contact time and when light grease resistance is sufficient
and investigate the utilization of dispersion and biobased coatings, and their commercial potential
Investor presentation 1-9/2018 63
Barriers are inbuild in many competing materials e.g. plastics, metals but those have other issues Often needed are water, moisture and grease barriers and they are in the focus
64
Packed product Influence from environment
Light, O2, H2O Light, O2, H2O, Aromas/Odor Monomers, additives,
CO2, H2O, N2, Aromas/Flavor H2O, Fats, CO2, Acids, Alcohols, Aromas
Packaging material Barriers protect product and/or packaging
Investor presentation 1-9/2018
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NON-RENEWABLE BIODEGRADABLE RENEWABLE NON-BIODEGRADABLE Biobased, biodegradable coating, i.e. starch, PLA etc. Oil-based, biodegradable coating Bioplastic coating, i.e. green PE Latex based dispersion coating PE extrusion coating
Investor presentation 1-9/2018
Market cap and foreign owners
30 September 2018
Ownership distribution
30 September 2018
5 10 15 20 25 500 1 000 1 500 2 000 2 500 3 000 3 500
2013 2014 2015 2016 2017 9/2018
Market cap, EUR million Share of foreign owners, %
41 % 19 % 17 % 23 %
Metsäliitto Cooperative Domestic institutional investors Domestic private investors Foreign owners
EUR million
67
%
Investor presentation 1-9/2018
Investor presentation 1-9/2018 68
Mika Joukio
CEO Chairman of CMT since 2014 MG employee since 1990 Share ownership: 250,000
Jussi Noponen
CFO Member of CMT since 2016 MG employee since 2000 Share ownership: 54,000
Sari Pajari
SVP, Marketing and Sales Member of CMT since 2011 MG employee since 2007 Share ownership: 51,500
Ari Kiviranta
SVP, Development Member of CMT since 2014 MG employee since 1993 Share ownership: 40,000
Harri Pihlajaniemi
SVP, Production Member of CMT since 2017 MG employee in 2001-2004 and since 2017 Share ownership: no ownership
Susanna Tainio
SVP, HR Member of CMT since 2015 MG employee since 2011 Share ownership: 31,358 Share ownerships are B-shares. MG = Metsä Group
METSÄ TISSUE
Tissue and cooking papers
Sales 2017:
EUR 1.0 billion
Personnel:
2,800
METSÄ WOOD
Wood Products
Sales 2017:
EUR 0.5 billion
Personnel:
1,400
METSÄ FOREST
Wood Supply and Forest Services
Sales 2017:
EUR 1.6 billion
Personnel:
850
Investor presentation 1-9/2018 69
METSÄ BOARD
Paperboard
Sales 2017:
EUR 1.8 billion
Personnel:
2,350
Metsäliitto Cooperative holding 42% of shares, 61% of votes
METSÄ FIBRE
Pulp and Sawn Timber
Sales 2017:
EUR 1.9 billion
Personnel:
1,200
Metsäliitto Cooperative holding 50.1%, Itochu Corporation 25.0% Metsä Board 24.9%
METSÄLIITTO COOPERATIVE
Owned by 104,000 Finnish forest owners Metsä Board is listed
Metsäliitto Cooperative holding 100%
Katri Sundström Vice President, Investor relations Tel +358 400 976 333 katri.sundstrom@metsagroup.com Metsä Board Corporation P.O. Box 20 02020 Metsä, Finland www.metsaboard.com
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Investor presentation 1-9/2018
This presentation includes forward-looking statements. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “will,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or any similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are
believe that the expectations reflected in these forward-looking statements are reasonable, actual results may differ, even materially, from those expressed or implied by these forward-looking statements. We urge presentation participants not to place undue reliance on such statements. The information and views contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Metsä Board does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Viewers should understand that this presentation does not constitute, and should not be construed as, an offer to buy or subscribe for Metsä Board’s securities anywhere in the world or an inducement to enter into any investment activity relating to the same. No part of this presentation should form the basis of, or be relied on in connection with, any contract
themselves with Metsä Board’s annual accounts, interim reports and stock exchange releases as well as other information published by Metsä Board to form a comprehensive picture of the company and its securities. Metsä Board publishes inside information according to Market Abuse Regulation (MAR) and rules of the Nasdaq Helsinki.
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