KEY FIGURES (MEUR) Jan-Mar Jan-Dec Change, % 2015

Transcription

1 Munksjö Interim Report January March 2016

2 KEY FIGURES () Jan-Mar Jan-Dec Change, % 20 Net sales % 1,130.7 EBITDA (adj.*) % 93.6 EBITDA margin, % (adj.*) EBITDA % 86.3 EBITDA margin, % Operating result (adj.*) % 40.0 Operating margin, % (adj.*) Operating result % 32.7 Operating margin, % Net result % 22.8 Earnings per share (EPS), EUR % 0.44 Interest-bearing net debt % * Adjusted for non-recurring items

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4 Jan-Mar Change, % 20 Jan-Dec Net sales % 1,130.7 EBITDA (adj.*) % 93.6 EBITDA margin, % (adj.*) EBITDA % 86.3 EBITDA margin, % Operating result (adj.*) % 40.0 Operating margin, % (adj.*) Operating result % 32.7 Operating margin, % Net result % 22.8 Capital expenditure % 39.8 Employees, FTE 2,732 2,755-1% 2,774 * Adjusted for non-recurring items Net sales Jan-Mar 2016 Net sales EBITDA and margin (adj.*) % Industrial Applications % Graphics & Packaging 16% Decor 32% % 10% 8% 6% 4% 2% Release Liners 38% % * Adjusted for non-recurring items

5 Jan-Mar Change, % 20 Jan-Dec Net sales % EBITDA (adj.*) % 42.6 EBITDA margin, % (adj.*) EBITDA % 42.6 EBITDA margin, % Operating result (adj.*) % 34.6 Operating margin. % (adj.*) Operating result % 34.6 Operating margin. % Capital expenditure % 10.2 Delivery volumes, tonnes 46,000 46,800-2% 183,400 Production volumes, tonnes 48,200 46,700 3% 181,700 Employees, FTE % 855 * Adjusted for non-recurring items Net sales Jan-Mar 2016 Net sales EBITDA and margin (adj.*) % Decor 32% % % 12% 10% 8% 6% 4% 2% % * Adjusted for non-recurring items

6 Jan-Mar Change, % 20 Jan-Dec Net sales % EBITDA (adj.*) % 39.5 EBITDA margin, % (adj.*) EBITDA % 36.1 EBITDA margin, % Operating result (adj.*) % 11.4 Operating margin, % (adj.*) Operating result % 8.0 Operating margin, % Capital expenditure %.9 Delivery volumes, tonnes 131, , % 498,700 Production volumes, tonnes 123, ,000 +4% 475,900 Employees, FTE % 859 * Adjusted for non-recurring items Net sales Jan-Mar 2016 Net sales EBITDA and margin (adj.*) % Release Liners 38% % 12% 10% 8% 6% 4% 2% 0% * Adjusted for non-recurring items

7 Jan-Mar Change, % 20 Jan-Dec Net sales % EBITDA (adj.*) % 27.5 EBITDA margin, % (adj.*) EBITDA % 27.5 EBITDA margin, % Operating result (adj.*) % 19.6 Operating margin, % (adj.*) Operating result % 19.6 Operating margin, % Capital expenditure % 9.2 Delivery volumes, tonnes 21,200 21,200 +0% 85,100 Production volumes, tonnes 22,800 22,900 +0% 84,900 Employees, FTE % 574 * Adjusted for non-recurring items. Net sales Jan-Mar 2016 Net sales EBITDA and margin (adj.*) % % 20% Industrial Applications % % 10% % % * Adjusted for non-recurring items

8 Jan-Mar Change, % 20 Jan-Dec Net sales % EBITDA (adj.*) % 0.3 EBITDA margin, % (adj.*) EBITDA % -0.2 EBITDA margin, % Operating result (adj.*) Operating margin, % (adj.*) Operating result Operating margin, % Capital expenditure Delivery volumes, tonnes 34,700 31, % 127,200 Production volumes, tonnes 35,200 35,300 +0% 128,500 Employees, FTE % 428 * Adjusted for non-recurring items Net sales Jan-Mar 2016 Net sales EBITDA and margin (adj.*) % Graphics & Packaging 16% % 4% 3% 2% % 0% -1% -2% -3% * Adjusted for non-recurring items

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14 CONDENSED STATEMENT OF COMPREHENSIVE INCOME Jan-Mar Jan-Dec Net sales ,130.7 Other operating income Total operating income ,2.3 Operating costs Changes in inventories Materials and supplies Other external costs Personnel costs Depreciation and amortisation Total operating costs ,109.6 Share of profit in equity accounted investments Operating result Net financial items Profit before tax Taxes Net profit Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations for the period Change in cash flow hedge reserve Cash flow hedge transferred to this year's result Items that will not be reclassified to profit or loss Actuarial gains and losses on defined benefit plans Tax attributable to other comprehensive income Comprehensive income Net result attributable to: Parent company s shareholders Non-controlling interests Comprehensive income attributable to: Parent company s shareholders Non-controlling interests Average number of outstanding shares* 50,761,581 50,963,981 50,818,260 Basic earnings per share, EUR Diluted earnings per share, EUR * As adjusted for treasury shares

15 CONDENSED STATEMENT OF FINANCIAL POSITION 31 Mar 31 Dec ASSETS Non-current assets Tangible assets Goodwill Other intangible assets Equity accounted investments Other non-current assets Deferred tax assets Total non-current assets Current assets Inventory Accounts receivable Other current assets Current tax assets Cash and cash equivalents Total current assets TOTAL ASSETS 1, , ,173.4 EQUITY AND LIABILITIES Equity Non-current liabilities Non-current borrowings Other non-current liabilities Pension obligations Deferred tax liabilities Provisions Total non-current liabilities Current liabilities Current borrowings Accounts payable Liabilities to equity accounted investments Accrued expenses and deferred income Current tax liabilities Other current liabilities and provisions Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES 1, , ,173.4

16 CONDENSED STATEMENT OF CHANGES IN EQUITY Share capital Reserve for invested unrestricted equity Other reserves Treasury shares Cumulative translation adjustment Retained earnings Total Noncontrolling interests Total equity Balance at 1 Jan Result for the period Other comprehensive income Total comprehensive income Purchase of Munksjö Oyj shares Return of capital and dividends Employee share incentive plan Balance at 31 March Result for the period Other comprehensive income Total comprehensive income Purchase of Munksjö Oyj shares Return of capital and dividends Employee share incentive plan Balance at 31 December Result for the period Other comprehensive income Total comprehensive income Return of capital and dividends Employee share incentive plan Balance at 31 March

17 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Jan-Mar Jan-Dec Operating profit Depreciation Income taxes paid Interest paid and received Cash flow from operating activities before change in working capital Change in inventories Change in operating liabilities Change in operating receivables Cash generated from operating activities Purchase of intangible assets Purchase of tangible assets Cash flow used in investing activities Return of equity and dividends Purchase of own shares Proceeds from borrowings, net of costs Repayment of borrowings Cash flow from financing activities CASH FLOW FOR THE PERIOD Cash and cash equivalents at the beginning of the period Currency effects on cash and cash equivalents Cash and cash equivalents at the end of the period

18 Notes to the interim financial statements Accounting principles This unaudited consolidated quarterly interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU. All figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. Furthermore, all percentages are subject to possible rounding differences. The accounting principles applied remain unchanged compared with the Annual report 20 of Munksjö Oyj. SEGMENT INFORMATION 2016 Jan-Mar 2016 Decor Release Liners Industrial Applications Graphics and Packaging Others and eliminations Total Net sales, external Net sales, internal Net sales Operating result Operating margin, % 12.6% 3.5% 13.0% -1.9% 5.7% Net financial items -6.4 Taxes -3.6 Net result 6.3 Other information Capital expenditure Return on operating capital, % (adjusted) 21.9% 5.8% 27.5% -21.3% 6.4% Depreciation Employees, FTE ,732 SEGMENT INFORMATION 20 Jan-Mar 20 Decor Release Liners Industrial Applications Graphics and Packaging Others and eliminations Total Net sales, external Net sales, internal Net sales Operating result Operating margin, % 10.4% 2.3% 16.6% -0.7% 4.7% Net financial items 2.0 Taxes -5.5 Net result 9.7 Other information Capital Expenditure Return on operating capital, % (adjusted) 16.4% 5.2% 24.9% -4.0% 7.3% Depreciation Employees, FTE ,755

19 SEGMENT FINANCIAL INFORMATION PER QUARTER Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Net sales, Decor Release Liners Industrial Applications Graphics and Packaging Other and eliminations Group EBITDA (adj.*), Decor Release Liners Industrial Applications Graphics and Packaging Other and eliminations Group EBITDA, Decor Release Liners Industrial Applications Graphics and Packaging Other and eliminations Group Operating result (adj.*), Decor Release Liners Industrial Applications Graphics and Packaging Other and eliminations Group Operating result, Decor Release Liners Industrial Applications Graphics and Packaging Other and eliminations Group Delivered volumes, metric tonnes Decor 46,000 48,300 42,100 46,200 46,800 44,300 43,300 46,100 46,600 Release Liners 131, , , , , , , , ,500 Industrial Applications 21,200 21,700 19,500 22,700 21,200 20,700 18,900 21,600 22,800 Graphics and Packaging 34,700 31,500 30,300 34,000 31,400 31,200 32,600 36,600 35,700 Other and eliminations -3,700-2,900-3,300-3,900-4,600-3,300-2,500-3,400-4,000 Group 229, ,700 2, , , , , , ,600 Production volumes, metric tonnes Decor 48,200 44,500 42,400 48,100 46,700 42,300 42,900 47,500 51,000 Release Liners 123, , ,600 1, , , , , ,700 Industrial Applications 22,800 20,300 18,500 23,200 22,900 20,200 17,400 23,300 22,300 Graphics and Packaging 35,200 27,000 31,300 34,900 35,300 33,300 27,900 39,600 37,800 Other and eliminations -2,800-2,500-2,900-3,200-4,100-3,800-4,200-4,400-5,200 Group 226, , , , ,800 2, , , ,600 * Adjusted for non-recurring items

20 CONSOLIDATED KEY RATIOS Jan-Mar Jan-Dec Margins (adjusted) EBITDA margin, % 10.8% 9.5% 8.3% Operating margin, % 5.7% 4.7% 3.5% Return (Rolling 12 months) Return on operating capital, % (adjusted) 6.4% 7.3% 5.9% Return on shareholders equity, % 1.6% 3.1% 5.7% Capital structure at period s end Operating capital, Shareholders equity, Interest-bearing net debt, Debt/equity ratio, % 57.1% 58.5% 56.7% Equity/assets ratio, % 35.3% 35.2% 34.2% Per share (before and after dilution) Earnings per share, EUR Shareholders equity per share, EUR Average number of shares 50,761,581 50,963,981 50,818,260 Capital expenditure, Employees, FTE 2,732 2,755 2,774 CURRENCY RATES Closing rate Average rate 31 Mar 31 Mar 31 Dec Jan-Mar Jan-Mar Jan-Dec SEK USD BRL

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