M-real's operating result for July-September excluding non-recurring
items was EUR -22 million
(Thomson Reuters ONE) - M-real Corporation Interim report 1 January-30 September 2009,22.10.2009 at 12Result for January-September 2009* Sales EUR 1,826 million (Q1-Q3/2008: 2,514)* Operating result excluding non-recurring items EUR -157 million (16). Operating result including non-recurring items was EUR -215 million (100).* Result before taxes from continuing operations excluding non-recurring items EUR -215 million (-91). Result before taxes including non-recurring items totalled EUR -284 million (-7).* Earnings per share from continuing operations excluding non-recurring items were EUR -0.64 (-0.31) and including non-recurring items EUR -0.83 (-0.05)Result for the third quarter of 2009* Sales EUR 618 million (Q2/2009: 585)* Operating result excluding non-recurring items EUR -22 million (-70). Operating result including non-recurring items EUR -24 million (-73).* Result before taxes excluding non-recurring items totalled EUR -70 million (-83). Result before taxes including non-recurring items EUR -72 million (-97).* Earnings per share from continuing operations excluding non-recurring items were EUR -0.22 (-0.24) and including non-recurring items EUR -0.22 (-0.29)Events during the third quarter* The result of the Consumer Packaging business area improved significantly.* Major pulp mill boiler rebuild implemented in Husum.* M-real received a EUR 190 million cash payment as the final settlement from Sappi on 27 August 2009 related to the divestment of the Graphic Papers business at the end of 2008.* A letter of intent regarding the new ownership structure of M-real's associated company Metsä-Botnia and the divestment of Metsä-Botnia's operations in Uruguay to UPM-Kymmene was signed on 15 July 2009.Events after the period* An agreement on the new ownership structure of M-real's associated company Metsä-Botnia and the divestment of Metsä-Botnia's operations in Uruguay to UPM-Kymmene was signed on 22 October 2009."The demand picked up especially for paperboard, which combined withthe efficiency improvement measures, significantly improved theprofitability of Consumer Packaging. The adaptation of M-real afterthe divestment of Graphic Papers and the streamlining of theremaining paper business have proceeded according to plans. Thesemeasures have a considerable negative result impact this year. Theprofit impact of these successful measures will be seen clearlyduring the next year."Mikko Helander, CEO, M-real CorporationKEY FIGURES 2009 2009 2009 2008 2009 2008 2008 Q3 Q2 Q1 Q3 Q1-Q3 Q1-Q3Sales, EUR million 618 585 623 826 1,826 2,514 3,236EBITDA, EUR million 27 -23 -48 49 -44 272 254 excl. non-recurringitems, EUR million 26 -20 -13 60 -7 188 192Operating result, EURmillion -24 -73 -118 -8 -215 100 -61 excl. non-recurringitems, EUR million -22 -70 -65 3 -157 16 -35Result before taxes from continuingoperations, EUR million -72 -97 -115 -45 -284 -7 -204 excl. non-recurringitems, EUR million -70 -83 -62 -34 -215 -91 -178Result for the period from continuingoperations, EUR million -73 -93 -105 -44 -271 -7 -170 from discontinuedoperations, EUR million -3 -2 -10 -212 -15 -276 -338 Total, EUR million -76 -95 -115 -256 -286 -283 -508Result per share from continuingoperations, EUR -0.22 -0.29 -0.32 -0.15 -0.83 -0.05 -0.55 from discontinuedoperations, EUR -0.01 -0.01 -0.03 -0.64 -0.05 -0.84 -1.03 Total, EUR -0.23 -0.30 -0.35 -0.79 -0.88 -0.89 -1.58Result per share excl. non-recurringitems, EUR -0.22 -0.24 -0.18 -0.13 -0.64 -0.31 -0.48Return on equity, % -27.2 -32.1 -32.0 -10.1 -29.7 -0.6 -10.4 excl. non-recurringitems, % -26.6 -27.2 -17.6 -8.3 -22.9 -7.2 -9.0Return on capital employed,% -2.3 -10.2 -13.4 -0.5 -8.5 4.9 -1.3 excl. non-recurringitems, % -2.0 -8.3 -7.0 1.0 -5.6 1.3 -0.5Equity ratio at end ofperiod, % 28.5 29.4 30.3 32.5 28.5 32.5 30.8Gearing ratio at end ofperiod, % 170 168 151 129 170 129 152Net gearing ratio at end ofperiod, % 121 116 101 114 121 114 90Interest-bearing netliabilities, EUR million 1,262 1,276 1,243 1,865 1,262 1,865 1,254Gross investments, EURmillion 23 16 16 38 55 89 128Deliveries, 1 000 tonnes 0 Paper businesses 275 269 321 438 866 1,368 1,761 Consumer Packaging 315 296 274 348 885 1,041 1,345Personnel at the end ofperiod in continuing operations 5,649 6,080 6,314 6,679 5,649 6,679 6,546 in discontinuedoperations 2,159 2,159EBITDA = Earnings before interest, taxes, depreciationand impairment chargesResult for July-September compared with the previous quarterM-real's sales totalled EUR 618 million (Q2/2009: 585). Comparablesales were up 5.7 per cent. The operating result was EUR -24 million(-73), and the operating result excluding non-recurring items was EUR-22 million (-70).Non-recurring items totalling EUR -2 million were recognised in theoperating result consisting of the following:* EUR 3 million cost related to profit improvement measures of the Husum mill of which EUR 2 million in Office Papers business area and EUR 1 million in Market Pulp and Energy business area.* EUR 1 million income related to closure of Hallein Paper in speciality Papers business area.The non-recurring items for the previous quarter totalled EUR -3million net due to the implemented efficiency improvement measures.The operating result excluding non-recurring items compared with theprevious quarter was improved by increased delivery volumes, higherselling price of pulp and implemented cost savings. The result wasweakened by a decrease in the price of uncoated fine paper, theinvestment and maintenance shutdown at the Husum mill and costsassociated with the discontinuation of the standard coated fine paperproduction.The total paper business delivery volume was 275,000 tonnes forJuly-September (269,000). Deliveries by the Consumer Packagingbusiness area totalled 315,000 tonnes (296,000).Financial income and expenses totalled EUR -47 million (-12). Foreignexchange gains and losses from accounts receivable, accounts payable,financial income and expenses and the valuation of currency hedgingwere EUR 2 million (2). Net interest and other financial income andexpenses stood at EUR -49 million (-14). Other financial expenses donot include valuation gains on interest rate hedges (valuation gainof 7). A loss of EUR -30 million was booked in the financial expensesdue to the early repayment of the vendor notes issued to Sappi.The result from continuing operations in July-September before taxeswas EUR -72 million (-97). The result from continuing operationsbefore taxes excluding non-recurring items was EUR -70 million (-83).Income taxes, including the change in deferred tax liabilities, cameto EUR -1 million (+4).Earnings per share were EUR -0.23 (-0.30). Earnings per share fromcontinuing operations excluding non-recurring items were EUR -0.22(-0.24). The return on equity was -27.2 per cent (-32.1); excludingnon-recurring items, -26.6 per cent (-27.2). Return on capitalemployed was -2.3 per cent (-10.2); excluding non-recurring items-2.0 per cent (-8.3).Result for January-September compared with the corresponding periodlast yearM-real's sales totalled EUR 1,826 million (2,514). Comparable saleswere down 23.8 per cent. The operating result was EUR -215 million(+100), and the operating result excluding non-recurring items wasEUR -157 million (+16).Non-recurring items in the operating result for January-Septembertotalled EUR -58 million net, including the following key items:* EUR 28 million cost provisions and write-downs in the Speciality Papers business area connected to the closure of the Hallein paper mill.* EUR 22 million cost provisions and write-downs associated with the closure of the Metsä-Botnia Kaskinen mill. This total consists of EUR 16 million related to the Consumer Packaging business area and EUR 6 million to the Market Pulp and Energy business area.* EUR 3 million cost under Other operations related to the streamlining of the sales network.* EUR 3 million cost related to profit improvement measures of the Husum mill of which EUR 2 million in Office Papers business area and EUR 1 million in Market Pulp and Energy business area.The non-recurring items of the corresponding period in the previousyear were EUR 84 million net.Compared to the corresponding period last year, the operating resultexcluding non-recurring items was weakened by the reduced deliveryvolumes caused by weakened demand and the reduced value of product,wood and pulp inventories. The result was improved by the implementedprice increases and cost savings.The total paper business delivery volume was 866,000 tonnes forJanuary-September (1,368,000). Consumer Packaging deliveries totalled885,000 tonnes (1,041,000).Financial income and expenses over the period totalled EUR -55million (-106). Foreign exchange gains and losses from accountsreceivable, accounts payable, financial income and expenses and thevaluation of currency hedging were EUR 4 million (2). Net interestand other financial income and expenses stood at EUR -59 million(-108). Other financial expenses include EUR 9 million of valuationgains on interest rate derivatives (valuation gain of 3). Thefinancial income of the review period includes a profit of about EUR31 million from repurchases of M-real's EUR 400 million bond due inDecember 2010. A loss of EUR -30 million was booked in the financialexpenses due to the early repayment of the vendor notes issued toSappi.The result from continuing operations over the review period beforetaxes was EUR -284 million (-7). The result includes a non-recurringitem of EUR -11 million in the line "share of results in associatedcompanies" from the Sunila pulp mill divested by Myllykoski Paperduring the second quarter. The result from continuing operationsbefore taxes and excluding non-recurring items was EUR -215 million(-91). Income taxes, including the change in deferred taxliabilities, came to EUR +13 million (0).Earnings per share were EUR -0.88 (-0.89). Earnings per share fromcontinuing operations excluding non-recurring items were EUR -0.64(-0.31). The return on equity was -29.7 per cent (-0.6); excludingnon-recurring items -22.9 per cent (-7.2). Return on capital employedwas -8.5 per cent (4.9); excluding non-recurring items -5.6 per cent(1.3).PersonnelOn 30 September 2009, the company had 5,649 employees (31 December2008: 6,546), of which 2,097 (2,258) worked in Finland. InJanuary-September 2009, M-real employed an average of 6,103 people(2008: 9,087). The numbers include 30 per cent of Metsä-Botnia'spersonnel.InvestmentsGross investments in January-September totalled EUR 55 million(Q1-Q3/2008: 89). Investments include a EUR 15 million share ofMetsä-Botnia's capital expenditure (23). Metsä-Botnia's investmentshare is based on M-real's 30 per cent ownership.Structural changeIn February 2009, M-real launched a new profit improvement programmewith an annual target of EUR 80 million. The improvement actionstarget at savings in the business areas and streamlining the supportfunctions to reflect the changed company structure. The full annualeffect of the programme will be visible from 2011. The majority ofthe profit improvement measures regarding continuing businesses areexpected to be completed during 2009. The profit impact is estimatedto be EUR 25-30 million in 2009. The related non-recurring costs havemainly been booked by the end of September.A separate EUR 60 million programme to improve the 2009 cash flow wasalso launched in February. The actions include, e.g., the reductionof net working capital and cuts in investments.Both programmes have proceeded better than expected, and thereforethe target of the profit improvement programme was increased to EUR90 million and the target of the cash flow improvement programme toEUR 80 million in October 2009.In 2008, M-real announced it was planning the discontinuation ofstandard coated fine paper production at the Hallein and Gohrsmühlemills based on earlier examined strategic options. Both mills havebeen loss-making for a long period of time. At Hallein, paperproduction was discontinued at the end of April 2009. At theGohrsmühle mill, standard coated fine paper production wasdiscontinued in April. At Gohrsmühle, the production of specialitypapers as well as uncoated fine paper reels and folio sheets has beenexpanded.The organisation of M-real was revised following the closure of theHallein paper mill and the discontinuation of standard coated finepaper production at the Gohrsmühle mill. The Other Papers businessarea was renamed Speciality Papers. The new structure took effect on17 June 2009.On 15 July 2009, M-real's associated company Oy Metsä-Botnia Ab andits owners, M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj,signed a letter of intent regarding the divestment of the pulp milland forests located in Fray Bentos, Uruguay, to UPM. The finalagreement was signed on 22 October 2009. The transaction is describedmore in detail in the chapter Events after the reporting period.M-real's structural change to concentrate more clearly on producingpackaging materials has proceeded as planned. The strategic review ofthe paper business continues.Management changesMatti Mörsky started as M-real's CFO on 4 May 2009.On 17 June 2009, Heikki Husso was appointed Head of the SpecialityPapers business area, and Soili Hietanen was appointed Head of theMarket Pulp and Energy business area. Hietanen is also responsiblefor contract manufacturing between M-real and Sappi.Mika Joukio, Head of the Consumer Packaging business area, wasappointed as Deputy to the CEO of M-real in addition to his currentposition as of 15 September 2009.FinancingAt the end of September 2009, M-real's equity ratio was 28.5 per cent(31 December 2008: 30.8) and the gearing ratio 170 per cent (152).Net gearing ratio was 121 (90). Some of M-real's loan agreements seta 120 per cent limit on the company's net gearing ratio and a 30 percent limit on the equity ratio. Calculated as defined in the loanagreements, the net gearing ratio at the end of September wasapproximately 94 per cent (74) and the equity ratio some 34 per cent(36).The change in the fair value of investments available for sale wasapproximately EUR -93 million in January-September based mainly onthe decrease in the value of the Pohjolan Voima shares.At the end of September, net interest-bearing liabilities totalledEUR 1,262 million (1,254). Foreign-currency-denominated loansaccounted for 14 per cent; 87 per cent were floating-rate and therest were fixed-rate. At the end of September, the average interestrate on loans was 5.1 per cent and the average maturity of long-termloans 2.7 years. The interest rate maturity was 5.1 months at the endof September. During the period the interest rate maturity has variedbetween 2 and 6 months.In January-September, cash flow from operations amounted to EUR 35million (Q1-Q3/2008: 102). Working capital was down by EUR 131million (up 19).At the end of the period, an average of 4.4 months of net foreigncurrency exposure was hedged. The degree of hedging has variedbetween 4 and 5 months during the period. Approximately 95 per centof the non-euro-denominated equity was hedged at the end of theperiod.Liquidity continues at a good level. At the end of the review period,liquidity was EUR 1,278 million, of which EUR 828 million consistedof committed credit facilities, and EUR 450 million of liquid assetsand investments. The amount of committed credit facilities includethe undrawn EUR 500 million syndicated revolving credit facility duein December 2009, which was cancelled after the review period inOctober. In addition, the Group had other interest-bearingreceivables totalling EUR 64 million. To meet its short-termfinancing needs, the Group also had at its disposal uncommitteddomestic and foreign commercial paper programmes and creditfacilities amounting to about EUR 570 million.In connection with the divestment of Graphic Papers in December 2008,M-real received EUR 220 million in interest-bearing vendor notes fromSappi. In August, M-real agreed with Sappi that Sappi will repay thevendor notes at the price of 86.5 per cent of their nominal value.The cash payment of EUR 190 million received by M-real from Sappi inAugust strengthened the Group's liquidity. This early repaymentresulted in an approximately EUR 30 million loss that was booked inM-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 aboutEUR 260 million of undrawn pension premium (TyEL) loans.In the first quarter, M-real repurchased its own bonds (EUR 400million bond due in December 2010) with a nominal value of EUR 59.95million. A gain of approximately EUR 31 million from the purchaseswas recorded in the first quarter result.M-real's liquidity is ensured and actions to secure long-termfinancing are ongoing.Standard & Poor's downgraded M-real's credit rating from B- to CCC+on 16 January 2009. The outlook of the rating remains negative. Thedowngrade has an about EUR 2 million impact on current annualfinancing costs.On 13 February 2009, Moody's Investors Service downgraded M-real's B3credit rating to Caa1. The outlook of the rating remains negative.The downgrade has an about EUR 2 million impact on current annualfinancing costs.SharesIn January-September 2009, the highest price for M-real's B share onthe NASDAQ OMX Helsinki was EUR 0.92, the lowest EUR 0.19, and theaverage price EUR 0.50. At the end of September, the price of the Bshare was EUR 0.80.The trading volume of B shares was EUR 214 million, 138 per cent ofthe share capital. The market value of the A and B shares totalledEUR 292 million at the end of September.At the end of September, Metsäliitto Cooperative owned 38.6 per centof the shares and held 60.5 per cent of the voting rights conferredby these shares. International investors' holdings increased to 18per cent.On 5 February 2009, Financier de l'Echiquier SA's holding in M-realdecreased to 4.8 per cent of the share capital and 1.6 per cent ofthe voting rights.The company does not hold any of its own shares.Events after the reporting periodM-real Corporation, a part of Metsäliitto Group, announced on 15 July2009 that its associated company, Oy Metsä-Botnia Ab, and its owners,M-real, Metsäliitto Cooperative and UPM-Kymmene Oyj, have signed aletter of intent regarding the new ownership structure ofMetsä-Botnia and the divestment of Metsä-Botnia's Uruguayanoperations to UPM. The master agreement regarding this transactionwas signed on 22 October 2009.Pursuant to the agreement, Metsä-Botnia will sell all its holdings inUruguayan operations to UPM. The agreed total value of the pulp milland forest assets in Uruguay is approximately EUR 1.6 billion. Inaddition, Metsä-Botnia will sell 77 per cent of its holding inPohjolan Voima Oy to UPM for a consideration of EUR 66 million.Concurrently, Metsä-Botnia will distribute dividends and capitalrepayments to its shareholders, of which M-real's share is about EUR300 million.Pursuant to the agreement, Metsä-Botnia will acquire its own sharesfrom UPM and will cancel them. As a result, M-real's ownership inMetsä-Botnia increases by 3.0 percent-units. M-real and MetsäliittoCooperative have agreed that Metsäliitto Cooperative will acquiresuch 3.0 percent holding of Metsä-Botnia from M-real. The agreedtotal value of Metsä-Botnia without its Uruguayan operations andPohjolan Voima Oy shares is approximately EUR 1.9 billion.Metsäliitto Cooperative will pay its share purchase from M-real witha market priced vendor note of EUR 50 million, having a maturity of 3years.Upon the closing of the transaction, M-real will change theconsolidation method of Metsä-Botnia in its consolidated financialaccounts and process its ownership in Metsä-Botnia as an associatedcompany according to IAS 28. When closed, the transaction will reduceM-real's net debt compared to the end of the third quarter in 2009 byapproximately EUR 500 million when taking into account the cashconsideration of EUR 300 million, the market priced receivable of EUR50 million from Metsäliitto and the change in the consolidationmethod for the consolidated financial statements of M-real. Earlierthe net debt reduction was estimated at EUR 550 million. This changein the estimation results from Metsä-Botnia's decreased net debt andweakened US dollar exchange rate. M-real will use the funds forpaying off its debts. The transaction will not have a significantimpact on M-real's equity. The closing of the transaction and thechange in the consolidation method of Metsä-Botnia are estimated todecrease M-real's annual sales by approximately EUR 250 million andto slightly improve the result before taxes compared to 1-3Q 2009.The transaction is still subject to the conclusion of negotiationswith financing parties and approvals by competition authorities. Thetransaction is expected to be completed latest during the firstquarter of 2010. After the closing of the transaction M-real owns 30per cent, Metsäliitto Cooperative 53 per cent and UPM 17 per cent ofMetsä-Botnia.The Board of Directors of M-real has reviewed and approved thetransaction without those of its members who are dependent onMetsäliitto Cooperative. Upon request of the Board of Directors ofM-real, Handelsbanken Capital Markets has issued a Fairness Opinion,according to which the transaction is financially fair from the pointof view of M-real's shareholders. Castrén & Snellman Oy,Attorneys-at-law, has acted as the company's legal advisor.Near-term outlookThe demand for folding boxboard improved during the third quarter,and the operating rates were at a good level. The demand is believedto remain good also during the fourth quarter. However, seasonallythe fourth quarter is typically slightly weaker than the thirdquarter. Folding boxboard prices are being increased in the UK, andprice increases of approximately 10 per cent have also been announcedfor other markets. Linerboard prices have been increased in the mainmarkets.Also the order inflow of uncoated fine paper improved during thethird quarter. The demand seems to continue at a relatively goodlevel. Following the divestment of the New Thames mill last year andthe subsequent production conversion, M-real's operating rates havebeen slightly better than the average operating rates in the market.Producers' low average operating rates seem to continue to maintainthe price pressure.Following the discontinuation of the standard coated fine paperproduction, the expansion of uncoated fine paper and speciality paperproduction has progressed according to plan in the Speciality Papersbusiness area. The demand for speciality papers is still below thenormal level but seems to be improving gradually. The prices ofspeciality papers have mainly remained stable, and no significantchanges in the average price are expected.The increase in the price of pulp has continued. The weakening of theUS dollar has decreased the effect of the price increase in euros. Itis believed the increase in prices will continue also during thefourth quarter.The adaptation of M-real after the divestment of Graphic Papers hasproceeded according to plans, and it is expected to result insignificant cost savings before the end of the year, e.g., due to thereorganisation of IT functions.M-real's internal profit improvement programmes have proceeded astargeted. The implemented efficiency improvements and decreases inproduction costs in 2009 help the profitability situation.Performance in 2009 has been negatively affected by significantextraordinary operating costs related to adapting operations to asmaller scale and more profitable entity. The costs related to theseannounced adaptation measures during the fourth quarter will besignificantly lower than during the previous quarters. The positiveeffect of successful measures on performance will however be seenclearly during the next year.The third quarter was notably better than the first half of the year.The fourth quarter is also expected to be clearly better than theprofitability level of the first two quarters. As a result of theweak performance during the first half of the year, the operatingresult for 2009 as a whole excluding non-recurring items will fallclearly short of the previous year.The agreement on the new ownership structure of M-real's associatedcompany Metsä-Botnia and the divestment of Metsä-Botnia's operationsin Uruguay to UPM-Kymmene Oyj is expected to be closed latest duringthe first quarter of 2010.Near-term business risksThe weakening of the global economy and general uncertainty have hada negative impact on the operating conditions of the European paperand board industry. In spite of several signs of improvement, thereis still the risk that the slowdown of the global economy and theweak demand for paper will be prolonged. A prolonged period of weakdemand may delay the improvement of profitability.North-American subsidies to pulp industry have led restarts of idledcapacity. The possible material increase in pulp supply can result asdiscontinuation of the global pulp price increase or even as a globalpulp price decline.The overall situation of the financial market has recently improved,but the availability of corporate financing on reasonable termsremains challenging. M-real's financial situation improved followingthe early repayment of Sappi's vendor notes and will improve furtheronce the arrangement of Metsä-Botnia's operations in Uruguay isclosed latest during the first quarter of 2010.The company's strategic review has proceeded consistently in phases.Together with successful cost saving programmes, the company hasachieved significant savings and rationalisation of operations. Ithas been announced that the strategic review of the paper business,cost cuts and streamlining of operations will continue. If themeasures to be implemented are unable to reach the desired effect oncosts, there is the risk of continued weak profitability of the paperbusiness.There is a risk of a strengthening euro in relation to the US dollarand the British pound. This would have a negative impact on operatingconditions in the European paper and board industry.Because the forward-looking estimates and statements of thesefinancial statements are based on current plans and estimates, theycontain risks and other uncertain factors that may cause the resultsto differ from the statements concerning them.In the short term, M-real's result will be particularly affected bythe price of, 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 pages37-38 of M-real's 2008 annual report.M-REAL CORPORATIONFurther information:Matti Mörsky, CFO, tel. +358 10 465 4913Juha Laine, Vice President, Investor Relations and Communications,tel. +358 10 465 4335More information available starting from 1 pm on 22 October 2009. Atelephone conference for investors and analysts in English starts at3 pm.BUSINESS AREAS AND MARKET TRENDS 2009 2009 2009 2008 2008 2009 2008 2008Consumer Packaging Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3Sales, EUR million 250 237 226 248 274 713 814 1,061EBITDA, EUR million 51 24 15 11 37 90 97 108 excl. non-recurringitems 51 25 19 11 37 94 98 109Operating result, EURmillion 31 4 -17 -13 17 18 37 24 excl. non-recurringitems 31 5 -1 -9 17 35 38 29Return on capitalemployed, % 16.4 2.1 -8.8 -6.0 8.3 3.1 6.1 3.2 excl. non-recurringitems, % 16.4 2.5 -0.4 -4.0 8.3 6.1 6.3 3.8Deliveries, 1,000tonnes 315 296 274 303 348 885 1,041 1,345Production, 1,000tonnes 323 275 292 293 347 890 1,043 1,336Personnel at the endof period 1,545 1,690 1,535 1,541 1,576 1,545 1,576 1,535Result for July-September compared with the previous quarterThe operating result excluding non-recurring items for the ConsumerPackaging business area improved from the previous quarter and wasEUR 31 million (Q2/2009: 5). The result was improved by an increasein the delivery volumes, lower costs and implemented cost savingmeasures.No non-recurring items were booked in the result. The result for theprevious quarter included a non-recurring item EUR -1 million costprovision related to personnel reductions.The deliveries of European folding boxboard producers were 9 per centhigher compared with the previous quarter. Consumer Packaging'sdeliveries of folding boxboard were up by 12 per cent.Result for January-September compared with the corresponding periodlast yearThe operating result excluding non-recurring items for the ConsumerPackaging business area weakened compared to the corresponding periodlast year and totalled EUR 35 million (38). The most significantfactor weakening the result was the general decline in demand. Priceincreases, the implementation of cost saving measures and thestrengthening of the US dollar improved the result.The result includes EUR -17 million non-recurring items related tothe closure of Metsä-Botnia's Kaskinen pulp mill and personnelreductions. The result for the corresponding period last yearincluded non-recurring items of EUR -1 million.The deliveries of European folding boxboard producers fell by 16 percent compared with the corresponding period last year. ConsumerPackaging's deliveries of folding boxboard were down by 12 per cent. 2009 2009 2009 2008 2008 2009 2008 2008Office Papers Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3Sales, EUR million 133 131 147 174 203 411 630 804EBITDA, EUR million 0 -3 -2 -3 11 -5 38 35 excl. non-recurringitems 0 -3 -2 -1 11 -5 38 37Operating result, EURmillion -15 -18 -17 -38 -6 -50 -15 -53 excl. non-recurringitems -13 -18 -17 -14 -6 -48 -15 -29Return on capitalemployed, % -13.0 -13.7 -12.4 -25.6 -3.2 -12.9 -2.2 -7.4 excl. non-recurringitems, % -11.4 -13.7 -12.4 -9.2 -3.2 -12.3 -2.2 -3.8Deliveries, 1,000tonnes 199 190 203 237 270 592 844 1,081Production, 1,000tonnes 181 202 199 177 226 582 728 905Personnel at the endof period 1,407 1,428 1,454 1,495 1,518 1,407 1,518 1,454Result for July-September compared with the previous quarterThe operating result excluding non-recurring items for the OfficePapers business area improved compared to the previous quarter andwas EUR -13 million (Q2/2009: -18). The result was improved by anincrease in delivery volumes and the implemented cost savingmeasures. A decrease in the average sale prices impacted the result.A non-recurring item totalling EUR -2 million was recognised in theoperating result in connection with the profit improvement measuresat the Husum mill. The result for the previous quarter did notinclude non-recurring items.Total deliveries by European uncoated fine paper producers were downby 1 per cent compared to the previous quarter. The delivery volumeof Office Papers increased by 5 per cent.Result for January-September compared with the corresponding periodlast yearThe operating result excluding non-recurring items for Office Papersweakened compared to the corresponding period last year and totalledEUR -48 million (-15). The result was weakened by lower averageselling prices and weaker demand for products. The result wasimproved by lower raw material costs and implemented cost savingmeasures.A non-recurring item totalling EUR -2 million was recognised in theoperating result in connection with the profit improvement measuresat the Husum mill. The result for the corresponding period last yeardid not include non-recurring items.Total deliveries by European uncoated fine paper producers fell by 15per cent compared to the corresponding period last year. The deliveryvolume of Office Papers fell by 30 per cent. This figure includes theimpact of the divestment of the New Thames mill. 2009 2009 2009 2008 2008 2009 2008 2008Speciality Papers Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3Sales, EUR million 80 82 117 147 153 279 475 622EBITDA, EUR million -7 -17 -33 -1 7 -57 46 45 excl. non-recurringitems -8 -16 -5 1 7 -29 22 23Operating result, EURmillion -10 -23 -40 -75 -3 -73 16 -59 excl. non-recurringitems -11 -22 -12 -8 -3 -45 -7 -15Return on capitalemployed, % -16.0 -32.2 -43.4 -63.5 -2.3 -29.6 4.8 -14.3 excl. non-recurringitems, % -17.6 -30.4 -12.5 -5.8 -2.3 -17.8 -2.0 -3.4Deliveries, 1,000tonnes 76 80 118 157 168 274 524 680Production, 1,000tonnes 75 74 99 160 170 248 546 705Personnel at the endof period 1,563 1,742 1,971 1,965 2,009 1,563 2,009 1,971Result for July-September compared with the previous quarterThe operating result excluding non-recurring items for the SpecialityPapers business area improved compared to the previous quarter andwas EUR -11 million (Q2/2009: -22). The result was improved by higherselling prices and implemented cost saving measures. The result wasweakened by the costs associated with discontinuation of the standardcoated fine paper production.The result includes a EUR 1 million non-recurring income related toclosure of Hallein paper mill. The result for the previous quarterincluded a non-recurring item of EUR -1 million connected to theclosure of the Hallein paper mill.The delivery volume of Speciality Papers fell by 5 per cent; thisfigure includes the discontinuation of the standard coated fine paperproduction.Result for January-September compared with the corresponding periodlast yearThe operating result excluding non-recurring items for SpecialityPapers weakened compared to the corresponding period last year andtotalled EUR -45 million (-7). The result was weakened by a sharpdecline in the demand, declined delivery volumes and the costsassociated with discontinuation of the coated fine paper production,accounting for approximately half of the losses for the year. Theresult was improved by higher average selling prices and implementedcost savings measures.The result includes total EUR -28 million in non-recurring itemsrelated to the closure of Hallein paper mill. The result for thecorresponding period last year included non-recurring items of EUR+23 million.The delivery volume of Speciality Papers fell by 48 per cent; thisfigure includes the discontinuation of the standard coated fine paperproduction. 2009 2009 2009 2008 2008 2009 2008 2008Market Pulp and Energy Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3Sales, EUR million 132 116 134 150 172 382 494 644EBITDA, EUR million -6 -10 -4 8 23 -20 140 148 excl. non-recurringitems -6 -10 -3 8 23 -19 65 73Operating result, EURmillion -15 -19 -18 -2 12 -52 108 106 excl. non-recurringitems -14 -19 -12 -2 12 -45 34 32Return on capitalemployed, % -7.3 -9.2 -8.4 -1.3 5.1 -8.2 17.0 12.6 excl. non-recurringitems, % -6.9 -9.2 -5.8 -1.3 5.1 -7.2 5.2 3.6Deliveries, 1,000 tonnes 328 327 287 264 291 942 850 1,115Result for July-September compared with the previous quarterThe operating result excluding non-recurring items for the MarketPulp and Energy business area improved compared with the previousquarter and was EUR -14 million (Q2/2009: -19). The result wasimproved by the higher selling price of pulp and lower wood costs.The result includes a EUR -1 million non-recurring item related toimplemented profit improvement measures at Husum mill. The result forthe previous quarter did not include non-recurring items.Result for January-September compared with the corresponding periodlast yearThe operating result excluding non-recurring items for the MarketPulp and Energy business area weakened compared to the correspondingperiod last year and totalled EUR -45 million (34). The result wasweakened by lower selling price of pulp and production curtailmentsof pulp mills due to low demand. The result was improved by lowerwood costs.In addition, cost provisions and write-downs of EUR 7 millionassociated with the closure of the Metsä-Botnia Kaskinen mill and theimplemented profit improvement measures at Husum mill were recognisedas non-recurring items in the result.The result for the corresponding period last year included EUR +74million non-recurring items.Condensed consolidated statement of comprehensiveincome 2009 2008 2008 2009 2009EUR million Q1-Q3 Q1-Q3 Change Q2 Q3Continuing operationsSales 1,826 2,514 -688 3,236 585 618Other operating income 86 172 -86 182 28 25Operating expenses -1,956 -2,414 458 -3,164 -636 -616Depreciation and impairmentlosses -171 -172 1 -315 -50 -51Operating result -215 100 -315 -61 -73 -24 % of sales -11.8 4.0 -1.9 -12.5 -3.9Share of results inassociated companies -14 -1 -13 -1 -12 -1Net exchange gains and losses 4 2 2 13 2 2Other net financial items -59 -108 49 -155 -14 -49Result before income tax -284 -7 -277 -204 -97 -72 % of sales -15.6 -0.3 -6.3 -16.6 -11.7Income taxes 13 0 13 34 4 -1Result for the period fromcontinuing operations -271 -7 -264 -170 -93 -73 % of sales -14.8 -0.3 -5.3 -15.9 -11.8Discontinued operationsResult from discontinuedoperations -15 -276 261 -338 -2 -3Result for the period -286 -283 -3 -508 -95 -76Other comprehensive incomeCash flow hedges 24 -11 35 -41 13 12Available for sale financialassets -93 70 -163 87 -57 27Translation differences -10 6 -16 11 0 -13Income tax relating tocomponents of othercomprehensive income 22 -16 38 -19 10 -6Other comprehensive income,net of tax -57 49 -106 38 -34 20Total comprehensive incomefor the period -343 -234 -109 -470 -129 -56Result for the periodattributable to Shareholders of parentcompany -289 -292 3 -517 -96 -77 Minority interest 3 9 -6 9 1 1Total comprehensive incomefor the period attributableto Shareholders of parentcompany -344 -244 -100 -481 -127 -55 Minority interest 1 10 -9 11 -2 -1 Total -343 -234 -109 -470 -129 -56Earnings per share for resultattributable to shareholdersof parent company (EUR/share) from continuing operations -0.83 -0.05 -0.78 -0.55 -0.29 -0.22 from discontinuedoperations -0.05 -0.84 0.79 -1.03 -0.01 -0.01 Total -0.88 -0.89 0.01 -1.58 -0.30 -0.23Condensed consolidated balancesheet 30.9. 30.9. 31.12.EUR million 2009 % 2008 % 2008 %ASSETSNon-current assetsGoodwill 51 1.4 71 1.4 51 1.1Other intangible assets 43 1.2 63 1.3 51 1.1Tangible assets 1,449 39.4 1,868 37.2 1,808 40.1Biological assets 2 0.1 54 1.0 57 1.3Investments in associatedcompanies 49 1.3 63 1.3 63 1.4Available for sale investments 329 8.9 390 7.8 440 9.8Non-current financial assets 11 0.3 29 0.6 232 5.2Deferred tax receivables 5 0.1 5 0.1 5 0.1 1,939 52.7 2,543 50.7 2,707 60.1Current assetsInventories 341 9.3 533 10.6 505 11.2Accounts receivables and otherreceivables 576 15.7 754 14.9 743 16.5Cash and cash equivalents 424 11.5 133 2.6 550 12.2 1,341 36.5 1,420 28.1 1,798 39.9Assets classified as held forsale 397 10.8 1,065 21.2Total assets 3,677 100.0 5,028 100.0 4,505 100.0SHAREHOLDERS' EQUITY AND LIABILITIESShareholders' equityEquity attributableto shareholders of parentcompany 985 26.8 1,566 31.1 1,329 29.5Minority interest 58 1.6 65 1.3 57 1.3Total equity 1,043 28.4 1,631 32.4 1,386 30.8Non-current liabilitiesDeferred tax liabilities 193 5.2 274 5.4 232 5.1Post-employment benefitobligations 92 2.5 102 2.0 98 2.2Provisions 72 2.0 38 0.8 99 2.2Borrowings 1,387 37.7 1,532 30.5 1,568 34.8Other liabilities 14 0.4 12 0.2 18 0.4 1,758 47.8 1,958 38.9 2,015 44.7Current liabilitiesCurrent borrowings 276 7.5 422 12.2 538 11.9Accounts payable and otherliabilities 467 12.7 611 8.4 566 12.6 743 20.2 1,033 20.6 1,104 24.5Liabilities classified as heldfor sale 133 3.6 406 8.1Total liabilities 2,634 71.6 3,397 67.6 3,119 69.2Total shareholders' equity andliabilities 3,677 100.0 5,028 100.0 4,505 100.0Condensed consolidated cash flow statement 2009 2008 2008 2009EUR million Q1-Q3 Q1-Q3 Q3Result for the period -286 -283 -508 -75Total adjustments 190 404 619 89Change in working capital 131 -19 7 57Cash flow arising from operations 35 102 118 71Net financial items -5 -64 -193 -4Income taxes paid 10 -20 -22 0Net cash flow arising from operating activities 40 18 -97 67Investments in intangible and tangible assets -55 -89 -128 -23Divestments of assets and other 7 141 483 2Net cash flow arising from investing activities -48 52 355 -21Share issue, minority interest 0 2 2 0Changes in non-current loans and in otherfinancial items -91 -297 -71 144Dividends paid 0 -20 -20 0Net cash flow arising from financing activities -91 -315 -89 144Changes in cash and cash equivalents -99 -245 169 190Cash and cash equivalents at beginning ofperiod 550 380 380 247Translation difference in cash and cashequivalents -1 1 1 -1Changes in cash and cash equivalents -99 -245 169 190Assets held for sale -26 -3 0 -12Cash and cash equivalents at end of period 424 133 550 424Statement of changes in shareholders' equity Equity attributable to shareholders of parent company Fair Share Trans- value Minor- pre- lation and ity Share mium differ- other Retained inter-EUR million capital account ences reserves earnings Total est TotalShareholders'equity,1 January2008 558 667 -11 225 391 1,830 52 1,882Dividendspaid -20 -20 -20Metsä-Botniarestructuringin Uruguay 3 3Comprehensiveincomefor theperiod 5 43 -292 -244 10 -234Shareholders'equity,30 September2008 558 667 -6 268 79 1,566 65 1,631Shareholders'equity,1 January2009 558 667 -9 259 -146 1,329 57 1,386Comprehensiveincomefor theperiod -3 -52 -289 -344 1 -343Shareholders'equity, 30September2009 558 667 -12 207 -435 985 58 1,043Key ratios 2009 2008 2008 2009 Q1-Q3 Q1-Q3 Q3Sales, EUR million 1,826 2,514 3,236 618EBITDA, EUR million -44 272 254 27 excl. non-recurring items, EUR million -7 188 192 26Operating result, EUR million -215 100 -61 -24 excl. non-recurring items, EUR million -157 16 -35 -22Result from continuing operations before taxes, EUR million -284 -7 -204 -72 excl. non-recurring items, Eur million -215 -91 -178 -70Result for the period from continuing operations, EUR million -271 -7 -170 -73 from discontinued operations, EURmillion -15 -276 -338 -3Total, EUR million -286 -283 -508 -76Earnings per share from continuing operations, EUR -0.83 -0.05 -0.55 -0.22 from discontinued operations, EUR -0.05 -0.84 -1.03 -0.01Total, EUR -0.88 -0.89 -1.58 -0.23Earnings per share, excl. non-recurringitems, EUR -0.64 -0.31 -0.48 -0.22Return on equity, % -29.7 -0.6 -10.4 -27.2 excl. non-recurring items, % -22.9 -7.2 -9.0 -26.6Return on capital employed, % -8.5 4.9 -1.3 -2.3 excl. non-recurring items, % -5.6 1.3 -0.5 -2.0Equity ratio at end of period, % 28.5 32.5 30.8 28.5Gearing ratio at end of period, % 170 129 152 170Net gearing ratio at end of period, % 121 114 90 121Shareholders' equity per share at end ofperiod, EUR 3.00 4.77 4.05 3.00Interest-bearing net liabilities, EURmillion 1,262 1,865 1,254 1,262Gross capital expenditure, EUR million 55 89 128 23Deliveries, 1 000 tonnes Paper business 866 1,368 1,761 275 Consumer Packaging 885 1,041 1,345 315Personnel at the end of period In continuing operations 5,649 6,679 6,546 5,649 In discontinued operations 2,159EBITDA = Earnings before interest, taxes, depreciationand impairment chargesSecurities and guarantees 2009 2008 2008EUR million Q3 Q3For own liabilities 130 62 61On behalf of associatedcompanies 1 1 1On behalf of Group companies 4 5 5On behalf of others 5 3 2Total 140 71 69Open derivative contracts 2009 2008 2008EUR million Q3 Q3Interest rate derivatives 1,256 1,844 1,286Currency derivatives 3,033 3,153 2,805Other derivatives 300 207 185Total 4,589 5,204 4,276The fair value of open derivative contracts calculated at marketvalue at the end of the review period was EUR -23.7 million (EUR 15.0million 31 December 2008 and EUR -14.0 million 30 September 2008).Also include other closed contracts to a total amount of EUR 2,544.8million (EUR 2,068.8 million 31 December 2008 and EUR 2,510.6 millionSeptember 30 2008).Commitments related to fixedassets 2009 2008 2008EUR million Q3 Q3Payments due in following 12months 5 0 0Payments due later 2 1 1Changes in property, plantand equipment 2009 2008 2008EUR million Q3 Q3Carrying value at beginningof period 1,808 2,820 2,820Capital expenditure 52 89 128Decreases -9 -79 -670Assets classified as held forsale -245 -646 0Depreciation and impairmentcharges -162 -160 -282related to discontinuedoperations 0 -149 -149Translation difference 5 -7 -39Carrying value at end ofperiod 1,449 1,868 1,808Depreciation and impairment losses related to discontinued operationsinclude Graphic Papers business. Assets classified as held for salein 2009 include Metsä Botnia's Uruguay business and in 2008 GraphicPapers business, which was sold in December 2008.Related-party transactionTransaction and balances withparent and sister companies 2009 2008 2008EUR million Q3 Q3Sales 21 25 34Other operating income 3 2 3Purchases 244 455 571Interest income 3 4 7Interest expences 2 3 4Non-current receivables 5 18 5Current receivables 66 74 49Non-current liabilities 0 0 0Current liabilities 187 57 228Transaction with associatedcompanies 2009 2008 2008EUR million Q3 Q3Sales 0 0 0Purchases 3 3 4Non-current receivables 1 0 0Current receivables 7 7 7Current liabilities 1 2 2Accounting policiesThis unaudited interim report has been prepared in accordance withaccounting policies set out in International Accounting Standard 34and in the M-real's Annual Report for 2008.The Group has adopted the following standards: IAS 1 (revisited),Presentation of Financial Statements. The revisited standard is aimedat improving users' ability to analyse and compare the informationgiven in financial statements by separating changes in equity of anentity arising from transactions with owners from other changes inequity. The Group presents non-owner changes in equity in thestatement of comprehensive income.IFRS 8, Operating Segments. The new standard replaces IAS 14. The newstandard requires a 'management approach', under which segmentinformation is presented on the same basis as that used for internalreporting purposes. The operating segments are the same as in 2008according to IAS 14 or Consumer Packaging, Office Papers, SpecialityPapers and Market Pulp and Energy.The figures in the financial statement are unaudited.Calculation of key ratios (Result from continuing operationsReturn on equity (%) = before tax - direct taxes) per (Shareholders' equity (average)) (Result from continuing operations before taxReturn on capital + interest expenses,net exchangeemployed (%) = gains/losses and other financial expenses) per (Shareholders' equity + interest-bearing borrowings (average))Equity ratio (%) = (Shareholders' equity) per (Total assets - advance payments received)Gearing ratio (%) = (Interest-bearing borrowings) per (Shareholders' equity) (Interest-bearing borrowingsNet gearing ratio (%) = - liquid funds - interest-bearing receivables) per (Shareholders' equity) (Profit attributable to shareholdersEarnings per share = of parent company) per (Adjusted number of shares (average)) (Equity attributable to shareholdersShareholders'equity per = of parent company)share per (Adjusted number of shares at the end of period)Sales and result by segment 2009 2009 2009 2008 2008 2009 2008 2008EUR million Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3ConsumerPackaging 250 237 226 248 274 713 814 1,061Office Papers 133 131 147 174 203 411 630 804SpecialityPapers 80 82 117 147 153 279 475 622Market Pulp andEnergy 132 116 134 150 172 382 494 644Other operations 56 40 34 57 77 130 246 323Internal sales -33 -21 -35 -54 -53 -89 -175 -218Sales 618 585 623 722 826 1,826 2,514 3,236ConsumerPackaging 51 24 15 11 37 90 97 108Office Papers 0 -3 -2 -3 11 -5 38 35SpecialityPapers -7 -17 -33 -1 7 -57 46 45Market Pulp andEnergy -6 -10 -4 8 23 -20 140 148Other operations -11 -17 -24 -33 -29 -52 -49 -82EBITDA 27 -23 -48 -18 49 -44 272 254 % of sales 4.4 -3.9 -7.7 -2.5 5.9 -2.4 10.8 7.8ConsumerPackaging 31 4 -17 -13 17 18 37 24Office Papers -15 -18 -17 -38 -6 -50 -15 -53SpecialityPapers -10 -23 -40 -75 -3 -73 16 -59Market Pulp andEnergy -15 -19 -18 -2 12 -52 108 106Other operations -15 -17 -26 -33 -28 -58 -46 -79Operating result -24 -73 -118 -161 -8 -215 100 -61 % of sales -3.9 -12.5 -18.9 -22.3 -1.0 -11.8 4.0 -1.9Non-recurringitemsConsumerPackaging 0 -1 -16 -4 0 -17 -1 -5Office Papers -2 0 0 -24 0 -2 0 -24SpecialityPapers 1 -1 -28 -67 0 -28 23 -44Market Pulp andEnergy -1 0 -6 0 0 -7 74 74Other operations 0 -1 -3 -14 -11 -4 -12 -27Non-recurringitemsin operatingresult -2 -3 -53 -110 -11 -58 84 -26ConsumerPackaging 51 25 19 11 37 94 98 109Office Papers 0 -3 -2 -1 11 -5 38 37SpecialityPapers -8 -16 -5 1 7 -29 22 23Market Pulp andEnergy -6 -10 -3 8 23 -19 65 73Other operations -11 -16 -22 -15 -18 -48 -35 -50EBITDA, excl.non-recurringitems 26 -20 -13 4 60 -7 188 192 % of sales 4.2 -3.4 -2.1 0.6 7.3 -0.4 7.5 5.9ConsumerPackaging 31 5 -1 -9 17 35 38 29Office Papers -13 -18 -17 -14 -6 -48 -15 -29SpecialityPapers -11 -22 -12 -8 -3 -45 -7 -15Market Pulp andEnergy -14 -19 -12 -2 12 -45 34 32Other operations -15 -16 -23 -18 -17 -54 -34 -52Operating result,excl.non-recurringitems -22 -70 -65 -51 3 -157 16 -35 % of sales -3.6 -12.0 -10.4 -7.1 0.4 -8.6 0.6 -1.1Return on capitalemployed %ConsumerPackaging 16.4 2.1 -8.8 -6 8.3 3.1 6.1 3.2Office Papers -13 -13.7 -12.4 -25.6 -3.2 -12.9 -2.2 -7.4SpecialityPapers -16 -32.2 -43.4 -63.5 -2.3 -29.6 4.7 -14.3Market Pulp andEnergy -7.3 -9.2 -8.4 -1.3 5.1 -8.2 17 12.6Group -2.3 -10.2 -13.4 -19.7 -0.5 -8.5 4.9 -1.3Capital employed,EUR millionConsumerPackaging 744 771 774 801 839 744 839 801Office Papers 479 501 517 556 645 479 645 556SpecialityPapers 225 241 312 415 518 225 518 415Market Pulp andEnergy 830 822 876 899 929 830 929 899Unallocated andeliminations 541 611 609 822 -12 541 -12 822Group 2,819 2,946 3,088 3,493 2,919 2,819 2,919 3,493The capital employed for a segment included its assets: goodwill,other intangible goods, tangible assets, biological assets,investments in associates, inventories, accounts receivables,prepayments and accrued income (excluding interest and taxes), lessthe segment's liabilities (accounts payable, advance payments,accruals and deferred income (excluding interest and taxes).Deliveries 2009 2009 2009 2008 2008 2009 2008 20081,000 tonnes Q3 Q2 Q1 Q4 Q3 Q1-Q3 Q1-Q3Consumer Packaging 315 296 274 303 348 885 1,041 1,345Office Papers 199 190 203 237 270 592 844 1,081Speciality Papers 76 80 118 157 168 274 524 680Paper business, total 275 270 321 394 438 866 1,368 1,761Market Pulp 328 327 287 264 291 942 850 1,115Production1,000 tonnesConsumer Packaging 323 275 292 293 347 890 1,043 1,336Office Papers 181 202 199 177 226 582 728 905Speciality Papers 75 74 99 160 170 248 546 705Paper business, total 257 276 298 337 396 831 1,274 1,610Metsä-Botnia pulp 1) 219 210 231 235 270 660 755 990M-real pulp 263 264 277 303 377 804 1,183 1,4861) corresponds to M-real's ownership share of 30% in Metsä-Botniahttp://hugin.info/3071/R/1349355/325151.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 11:00 Uhr
Sprache: Deutsch
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