Metsä Board Debt investor presentation Q2/ August 2015
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1 Metsä Board Debt investor presentation Q2/2015
2 Strong financing situation continues EUR million Net debt Gross debt EUR 671 million and net debt EUR 389 million at the end of Q2/2015 (EUR 319 million at the end of Q1/2015) Net gearing 39% (34%), equity ratio 46% (41%) and average interest rate 3.8% (3.9%) at the end of Q2 Strong liquidity position 0 % Q 15 Net debt / EBITDA Moody's raised Metsä Board s credit rating by two notches to Ba ,7 4,4 3,4 2,9 1,8 1, Q15 2
3 Loans and interest rates At the end of Q2/2015 Average maturity of long term loans 3.0 years Average interest rate of loans (incl. derivatives) 3.8% Interest rate maturity of loans (incl. derivatives) 26 months Of the loans about 30% was subjected to variable interest rates and 70% to fixed interest rates 3
4 Diversified funding sources Long-term interest bearing liabilities 30 June % 8 % 30 % 33 % Bonds Pension premium loans Loans from financial institutions Finance leases Other interest bearing liabilities 26 % Total EUR 667 million 4
5 Interest bearing net liabilities 30 June 2015 Long-term 667 Short-term 4 Total interest bearing liabilities 671 EUR million Liquidity and interest bearing receivables 282 Interest bearing net liabilities 389 5
6 Well-balanced maturity schedule EUR million Long-term interest bearing liabilities and committed undrawn credit facilities 30 June >2021 Long-term interest bearing liabilities Committed undrawn credit facilities 45 6
7 Balance sheet ratios Net debt and net debt/ebitda* Net debt, EUR million Net debt/ebitda % ,4 3, ,9 1, H/2015 1,5 4,5 4 3,5 3 2,5 2 1,5 1 0, Net gearing Target max. 70% H/2015 * excl. non-recurring items 7
8 Quarterly balance sheet ratios Equity ratio Net gearing % % 50% 40% 30% 20% 41,0 % 39,8 % 39,8 % 39,2 % 40,8 % 45,9 % 80% 70% 60% 50% 40% 30% 69% 65% 57% 51% Target max. 70% 34% 39% 10% 20% 10% 0% Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 0% Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 8
9 Debt programmes 30 June 2015 Metsä Board s significant debt securities issued and outstanding at 30 June 2015 Long-term borrowings Total amount, EUR million Outstanding, EUR million Average interest rate*, % Maturity EUR 225 million bond Issue Syndicated credit facility EUR 104 million bilateral loans EUR 21 million finance leases EUR 218 million pension loans * The average interest rate take into account outstanding interest rate swaps and amortised arrangement fees The average interest rate of all Metsä Board interest bearing net liabilities incl. interest rate derivatives per 30 June 2015 is 3.8% Metsä Board s principal long-term liquidity reserves at 30 June 2015 Liquidity reserves Total amount, EUR million Outstanding, EUR million Average interest rate*, % Maturity Revolving credit facility Pension loan facilities Short-term funding programmes Metsä Group internal short-term limit months Metsä Group Treasury funding programmes EUR 150 million domestic CP programme months 9
10 Ratings history 2000: S&P: Short term ratings lowered to A3, Long term ratings placed to credit watch negative Moody s: Long and short term ratings outlook changed from stable to negative 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 outlook 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 2013: S&P: Outlook to positive Moody s: Upgrade to B2, outlook stable S&P: Upgrade to B, outlook stable Moody s: Outlook to positive 2014: S&P: Outlook to positive Moody s: Upgrade to B1, outlook positive 2015: S&P: Upgrade to BB, outlook stable Moody s: Upgrade to Ba2, outlook stable 10
11 Positive rating development BB+ Ba1 BB Ba2 Standard & Poor s Moody s Stable Stable BB- Ba3 B+ B1 B B2 B- B3 CCC+ Caa1 CCC Caa
12
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