Quarterly report 4/2004

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1 Quarterly report 4/2004 Increase in operating revenues for 2004 to NOK 5773,2 million (4 864,1), for the 4 th quarter NOK 1.380,1 million (1.251,4) Operating profit for 2004 at NOK 70.3 million (100.6), for the 4 th quarter NOK 6.2 million (6.8) Stable prices for spruce; further decline in prices for pine Non residental building market still slow, yet solid order book for both Moelven Modular Buildings and Moelven System Interiors at year end The world's longest wooden bridge in laminated timber across the river Glomma at Flisa.

2 Profit and Loss Account 4 th Quarter Operating revenues 1, , , , , ,618.4 Depreciation Cost of goods sold , , ,772.7 Operating expenses 1, , , ,558.9 Operating profit Income from associates Interest and other financial income Interest and other financial expenses Operating result before tax Estimated tax cost Minority interests Net profit Proforma, incl. Are-Group 2003 and 2002 Operating revenues 1,380 1,405 1,355 5,773 5,564 5,239 Depreciation Operating profit Net Operating margin (in %) ,0 3.0 assets 2,962 2,986 2,690 2,884 2,829 2,615 Equity (in %) No. of employees 3,201 3,176 3,418 3,191 3,150 3,420 Balance Sheet Change in 4 th Quarter Per Intangible assets Tangible assets , Financial assets fixed assets , , Stocks Receivables and deposits current assets , , ,151.7 assets , , ,140.2 Share capital* Other equity and capital equity , Long-term liabilities , Current liabilities liabilities , , ,221.7 equity and liabilities , , ,140.2 Net interest bearing debt Capital employed , ,594 1,418 Net working capital , Changes in total equity for the Group Opening balance 1, Profit/loss from share issue before minority 0, Foreign currency translation Provisions for dividend Puchase/sale - Own shares 0, Change in reclassified assets Minority interests Changes for year/period equity 1, , *129,542,384 shares at NOK 5.-, adjusted to account for 1,100 own shares. The quarterly report has been prepared using the same accounting principles as those used in the annual accounts and according to NGAAP. 2 MOELVEN INDUSTRIER ASA QUARTERLY REPORT 4/2004

3 Cash Flow Statement Change in 4 th Quarter Net cash flow from operations Cash from operating result Cash flow from working capital Cash flow from/to investments Cash flow from/to financing Net cash flow for the period Liquid funds Unutilised credit facilities Available liquid funds Net. investments from acquisitions and sales Fixed assets Current assets Liquid funds assets Equity Interest bearing debt Interest free debt capital : Sale of Norra Ny Skogs AB and Moelven Iberica SA. Acquisition of Nordisol Akustik in Karlstad AB. 2003: Aquisition of Finnforest Danmark A/S, Plyfa Göteborg AB and Woodpaint in Karlstad AB. Deconsolidation of Aicher GMBH as associated company. 2004: Aquisition of Are-Group and Mobilarum AB. Operating revenues Operating profit Quarterly in Quarterly in Key figures 4 th Quarter Net operating margin (in %) Gross operating margin (in %) Return on capital employed (in %) Earnings per share (in NOK) Cash flow per share (in NOK) Inv. in fixed assets, excl. acquisition (NOK mill.) Equity ratio (in%) oper. revenue outside Scandinavia (in %) Number of employees 3,201 2,878 3,112 3,191 2,853 3,108 Number of shareholders Average number of shares MOELVEN INDUSTRIER ASA QUARTERLY REPORT 4/2004

4 Directors report Highlights In 2004, the Board has continued the last years efforts to improve the position of the Group s business areas. Scandinavia is still viewed as the Group's domestic market, and production is nearly equally distributed between Sweden and Norway. The profitability continued the development from the second half of 2003, and the result in 2004 was not satisfactory. Efforts were made also in 2004 to improve the structure of the Group's businesses and to increase the efficiency of its operations. As a step in the internal consolidation of the Group's businesses, the Kværnum sawmill and the Gol and Hen planing mills were closed down. The closings were achieved without reducing the overall output of the Moelven Timber Group. Operating revenues and profit The Group's operating revenues totalled NOK million, compared to NOK million in Operating profit was NOK 70.3 million, which is a decrease from NOK the year before. Pro forma operating revenues and operating profit for 2003 (including the acquisition of the Are Group) were NOK million and NOK 128 million, respectively. The main reason for the decrease in profit is the continued slow market for non-residential buildings which means that despite the measures implemented for the Moelven Building Group, the division was not able to sustain the same level of profitability as earlier. The imbalance in prices between raw materials and finished goods for the Moelven Timber Group had a negative impact on the sawmills' profitability. Even though the planing mills and glulam factories have been developing favourably, the Moelven Timber Group posted an overall decrease in profit. Net financial costs increased from NOK 30.2 million in 2003 to NOK 50.0 million in The increase is primarily due to the higher net interest-bearing debt incurred as a result of acquisitions. Pre-tax profit totalled NOK 16.6 million (64.5), while losses after taxes totalled NOK 2.5 million (plus NOK 32.2), corresponding to NOK per share (plus 0.28). The figure for taxes for year includes a correction regarding a change in tax rules for gains or losses on shares. Payable taxes totalled NOK 5.5 million (0.5). Cash flow from profit and loss items was NOK million (227.7), corresponding to NOK 1.41 per share (1.96). Operating revenues for the fourth quarter alone totalled NOK million ( ), with operating profit at NOK 6.2 million (6.8). Pro forma operating revenues and operating profit for including the Are Group - were NOK million and NOK 14 million, respectively. Business areas Moelven Timber Group All of the businesses in the Moelven Timber Group process timber and manufacture wood-based building materials. This business area is divided into Timber (sawmills), Wood (planing mills) and Laminated Timber (glulam factories). Operating revenues totalled NOK million ( ), and operating profit totalled NOK 78.2 million (93.2). Pro forma figures for 2003, which include figures from the Are Group, show a turnover of NOK million and an operating profit of NOK 120,6 million. Operating revenues in the fourth quarter alone totalled NOK million (879.4), and operating profit was NOK 12.0 million (1.6). Comparative pro forma figures for 2003 were NOK million and NOK 8.8 million. Continuing the negative trend from the end of 2003, the sawmills in Timber had a difficult year in The imbalance between the cost of raw materials and the price of finished goods for the Swedish sawmills processing red wood made it extremely difficult to achieve satisfactory profits for these units. The price trend for spruce has been stable to positive. A number of cost cutting and efficiency measures were implemented during the year and are expected to have effect in Although the planing mills have posted improved figures compared to the year before, the results are still Moelven Timber Group 4 th Quarter Operating revenues Moelven Timber Group 1, , , ,380.8 Timber - sawmills , , ,360.1 Wood - processing , , ,273.8 Laminated Timber Operating profit/loss Moelven Timber Group Timber - sawmills Wood - processing Laminated Timber MOELVEN INDUSTRIER ASA QUARTERLY REPORT 4/2004

5 not satisfactory. Solid demand and market activity made it possible to increase prices and still retain a stable level of activity. The laminated timber businesses posted a significantly better result in 2004 than in 2003, and the improvement can be attributed to an extensive process involving both capacity adjustments and a greater focus on the domestic market. Laminated timber production at one of the Group's three glulam factories in Norway was closed down during the year and the plant was sold to Moelven MassivTre AS, in which the Group has a 47 per cent stake. Moelven MassivTre AS is in the process of commercialising the production and sale of solid wood elements. Production started in October. Moelven Building Group The Moelven Building Group supplies system solutions for the nonresidential building market as an industrialised alternative to traditional on-site constructions. The companies in the Moelven Building Group are divided into Moelven Modular Buildings (module-based buildings) and Moelven System Interiors (flexible system interiors). Operating revenues totalled NOK million ( ), and operating profit was NOK 29.8 million (37.0). Operating revenues in the fourth quarter alone totalled NOK 333,0 million (380.8), with operating profit at NOK 5.2 million (8.4). The market for module-based apartment buildings is growing, and this is an important focus area for companies in the Modular Building Group. Developments have come furthest in Sweden, where modules for several independant building projects, as well as to BoKlok, have been delivered. BoKlok is a cooperation between Ikea and Skanska, with the objective of building qualitatively sound, but inexpensive apartment complexes. Major deliveries to oil and gas-related projects in Norway continued in 2004, and are expected to continue in The increase in deliveries to residential building projects is also expected to continue in the Norwegian market, and a new production line dedicated to the production of such modules was started up in the summer of The order stock at the end of the year was satisfactory for both the Swedish and Norwegian units has been a year with a stable, but low level of market activity for the companies producing system interiors. The low level of new-build activity in the non-residential building market meant that adjustments had to be made in both capacity and concept. Most adjustments to capacity were carried out in Sweden, while adjustments to concept were made both in Sweden and Norway, and involved increasing focus on rehabilitation, remodelling and additions. Other businesses This business area includes the Group's parent company, as well as joint service units in Norway and Sweden, such as Information, Personnel, IT, R&D, Insurance and Finances. Some minor businesses and assets that do not belong to the Group's core business area are also included. The book value of assets that do not belong to the core business totals NOK 45 million. In all, operating revenues amounted to NOK 69.8 million (46.6), and operating loss was NOK 37.7 million (29.6). Operating revenues in the fourth quarter alone totalled NOK 16.6 million (12.8), and operating loss was NOK 11.0 million (-3.3). Employees At the end of the year, the Group had a total of employees (2 853) (1 686) of these are employed in Norwegian companies, (1 147) in Swedish, 17 (17) in Danish and 2 (3) in other countries. The rate of absenteeism due to illness in 2004 was 6.32 per cent (7.06), or (48 090) full workdays. Compared with previous years, the decrease is due to the lower instance of longterm absences, lasting more than 16 days. In 2004, the rate of long-term absenteeism totalled 3.08 per cent (4.24). The number of injuries resulting in absences totalled 83 (80), which corresponds to 20.4 (16.7) injuries (resulting in absences) per million work-hours. Investments, balance sheet and financing Investments totalling NOK 57 million (57) were made in the fourth quarter. Accumulated investments for the year totalled NOK 199 million (188.8), which corresponds to 3.4 per cent of operating revenues (3.9). In addition to investments, an increase in assets totalling NOK million came about as a result of the acquisitions. At the end of the year, the Group's total assets totalled NOK million ( ). Shareholders equity totalled NOK million (923.5), corresponding to an equity ratio of 36.5 per cent (39.1). Capital employed totalled NOK Moelven Building Group 4 th Quarter Operating revenues Moelven Building Group , , ,241.5 Modular Buildings Modular System Interiors Operating profit/loss Moelven Building Group Modular Buildings Modular System Interiors MOELVEN INDUSTRIER ASA QUARTERLY REPORT 4/2004

6 SENDER: Moelven Industrier ASA P.O. Box 134, NO-2391 Moelv Tel Fax Internett: HUGIN Online: million ( ). Net interestbearing debt at the end of the year was NOK million (623.8), and liquidity reserves totalled NOK million (676.2). The increase in the total balance is primarily due to the acquisition of the Are Group and Mobilarum. Allocation of profit The Board wishes to maintain a stable dividend policy and believes that even though the Group posted a loss, equity is at a sufficient level to justify the payment of dividends. For 2004, the Board proposes to pay NOK 0.15 per share (0.15) in dividends. In all, the proposed dividends amount to NOK 19.4 million (17.9). The parent company, Moelven Industrier ASA, which will be paying the dividends on behalf of the Group, had a profit of NOK 82.9 million in Any additional amounts beyond the proposed dividend will be transferred to other equity. Outlook The Board expects demand in the Scandinavian markets for woodbased construction material for new housing and leisure homes and renovation materials for this sector to remain stable in the coming year. The activity in the non-residential building market was slow at the start of the year and only minor changes are expected in European planing mills are expected to sustain a high level of activity. The Board therefore expects a good level of activity for the sawmills, while prices for certain raw materials and processed products are expected to remain at a level that will necessitate the implementation of additional efficiency measures. Although the same level of activity as in 2004 is expected to continue in the first half of 2005, the Board anticipates a somewhat better overall result in Jessheim, 2 February 2005 Board of Directors, Moelven Industrier ASA Moelven Industrier ASA is a Scandinavian industrial group that supplies products and associated services to the Scandinavian building market. The Group's businesses employ persons and have a total annual turnover of some NOK 5.8 billion. The Group's close to fortyfive business units are organised into two business areas: the Moelven Timber Group and the Moelven Building Group. Moelven is a member of Finnforest Corporation Oyj. Finnforest is the largest wood products industry corporation in Europe. Its annual turnover is close to 2 billion euros and the number of employees is Finnforest is a core business of its owner the Metsäliitto Group. Finnforest offers wood-based product and service solutions to its customers in the building and construction, industrial, distribution, DIY and retailing segments. Finnforest serves in over 20 countries. Main geographical markets are the UK, Germany, France, Scandinavia and Finland. In Scandinavia the operations are the responsibility of Moelven Industrier ASA, which is Finnforest s majority-owned Norwegian subsidiary. More information: and 6 MOELVEN INDUSTRIER ASA QUARTERLY REPORT 4/2004

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