Holmen Ab Class A · OMXSTO:HOLM_A
Holmen Ab Class A — Q3 2001 Earnings Presentation
20 slides from Holmen Ab Class A's earnings presentation, Oct 25, 2001
Slide 1: Earnings Q3 2001
Earnings Q3 2001 l Very good profit for Holmen Paper. Stable prices. Good delivery volumes l Recovery for Iggesund Paperboard. Stable prices but still weak demand l Lower costs, mainly seasonally 1 2001-10-25
Slide 2: Profit
Profit Quarterly MSEK % 3000 30 2508 2500 25 2000 20 1500 15 986 1000 823 857 10 631 699 610 424 500 5 0 0 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 Profit after financial items Profit after financial items* Operating margin* RO C* * excl divested activities 2 2001-10-25
Slide 3: Profit and loss account
Profit and loss account 2001 2001 2001 2000 2000 Q3 Q2 Jan-Sep Jan-Sep Net turnover 4 099 4 097 12 312 11 107 15 155 Operating costs -2 908 -3 156 -9 197 -8 511 -11 843 Depreciation according to plan -280 -281 -842 -761 -1045 Items affecting comparability - - - 2 023 2 023 Interest in earnings of as
Slide 4: Profit
Profit M SEK 2001 2001 2001 2000 2000 Q3 Q2 Jan-Sep Jan-Sep Holm en Paper 750 597 1 842 1 084 1 389 Iggesund Paperboard 150 53 345 477 569 Iggesund Tim ber -19 -20 -55 -32 -116 Holm en Skog 83 79 262 358 466 Holm en Kraft 15 5 56 58 99 G roup adjustm ents and other -70 -51 -175 -88 -112 909 663 2 27
Slide 5: Holmen Paper
Holmen Paper Net turnover, MSEK Operating profit, MSEK 2 500 800 2 000 600 1 500 400 750 1 000 2137 2041 2173 2260 1855 1699 1804 1978 597 444 495 200 500 310 294 346 305 0 0 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 Operating capital, MSEK Profi
Slide 6: Iggesund Paperboard
Iggesund Paperboard Net turnover, MSEK Operating profit, MSEK 1 200 200 1 000 150 800 100 600 166 150 963 991 1036 1083 1076 1102 1053 1131 50 174 142 400 137 92 53 200 0 -14 0 -50 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 6 000 Operating capital
Slide 7: Operating Profit
Operating Profit MSEK Iggesund Timber Holmen Skog 0 -8 200 -10 -13 -12 -1 2 -2 0 -1 6 -20 -19 -20 150 -30 -40 100 -50 -6 4 176 -60 136 125 50 97 108 100 -70 79 83 -80 -90 0 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 Holmen Kraft 100 75 50 81 25 38
Slide 8: Holmen
Holmen Excl divested activities and non-recurring items Net turnover, MSEK Operating profit, MSEK 5 000 1000 4 000 800 3 000 600 909 2 000 3793 3685 3680 3742 4048 4116 4097 4099 400 671 703 641 663 475 545 1 000 200 438 0 0 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 IV/99 I/00 II/00 III/00 IV/
Slide 9: Cash Flow
Cash Flow M SEK 2001 2001 2001 2000 2000 Q3 Q2 Jan-Sep Jan-Sep Operating profit 909 663 2 275 4 404 4 842 Adjus tments 284 241 808 -1 616 -1 446 Change in working c apital -250 -95 -287 -370 -388 Net financial items -52 -53 -109 -87 -101 Paid tax -101 -101 -261 -579 -942 Cash flow before capital exp
Slide 10: Balance Sheet
Balance Sheet MSEK 2001 2001 2000 Sept 30 June 30 Dec 31 Fixed assets 19 531 19 107 18 764 Deferred tax receivable 104 96 191 Current assets 5 552 5 375 5 330 Financial receivables 30 29 15 Liquid funds 301 282 2 000 25 518 24 889 26 300 Equity 14 017 12 742 17 014 Deferred tax liability 4 117 4 228
Slide 11: Financial Ratios
Financial Ratios 2001 2001 2001 2000 2000 Q3 Q2 Jan-Sep Jan-Sep Earnings per share 13,00 5,40 24,50 41,20 45,90 Operating margin 22,2 16,1 18,5 16,5 15,0 Return on capital employed Actual 16,8 12,6 14,3 30,2 24,6 Pro forma 16,8 12,6 14,3 14,3 13,1 Return on equity 31,1 13,7 19,3 29,9 24,1 Debt/equit
Slide 12: Return
Return Operating capital Equity % % 30 30 25 25 20 20 Pro forma 15 15 10 10 Actual 5 5 0 0 95 97 99 III/01 95 97 99 III/01 12 2001-10-25
Slide 13: Debt/equity ratio
Debt/ Debt/equity ratio 1995 - III/2001 0 ,5 0 ,4 0 ,3 0 ,2 0 ,1 0 -0 ,1 95 96 97 98 99 00 II I/0 1 13 2001-10-25
Slide 14: Cash flow before capital expenditure
Cash flow before capital expenditure Cash flow before capital expenditure, divestments and dividend (excl. divested activities) MSEK 4500 4000 3500 3000 2500 2000 1500 1000 500 0 1996 1997 1998 1999 2000 2001 Jan-Sept 14 2001-10-25
Slide 15: Deliveries
Deliveries 2001 2001 2001 2000 2000 Q3 Q2 Jan-Sep Jan-Sep Newsprint and magazine paper, 1,000 tonnes 388 374 1 131 1 126 1 560 Paperboard, 1,000 tonnes 103 97 304 308 415 491 471 1 435 1 434 1 975 Sawn timber, 1,000 m³ (Company sawm ills) 74 92 251 264 360 15 2001-10-25
Slide 16: Non-recurring items
Non-recurring items l Tax cost during Q3 positively affected by MSEK 325 from settled tax case l A further tax case has been settled in Holmen’s favour. The positive effect on the result, some MSEK 200, will be stated in the fourth quarter. 16 2001-10-25
Slide 17: Earnings and dividend per share
Earnings and dividend per share 1995 - III/2001 SEK 70 60 50 40 Earnings Dividend 30 Extra dividend 20 10 0 95 96 97 98 99 0 III/01 17 2001-10-25
Slide 18: Paperboard
Paperboard Order Inflow Europe (virgin fibre) CEPI Mov 4 weeks average 45 0 00 40 0 00 35 0 00 30 0 00 25 0 00 20 0 00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2 00 0 20 01 18 2001-10-25
Slide 19: Newsprint
Newsprint Total deliveries to Western Europe CEPI 1000 tonnes 950 900 850 800 750 700 2001 650 2000 600 550 500 1 2 3 4 5 6 7 8 9 10 11 12 Month 19 2001-10-25
Slide 20: Deliveries to Western Europe CEPI
Deliveries to Western Europe CEPI Jan-Dec Jan-Sept ∆ 1999/2000 ∆ 2000/2001 Std newsprint +5% -0,9% MF Journal +13% +2% SC +9% +1% Coated +13% -5% 20 2001-10-25