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Modo Annual Report 1996

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Modo Annual Report 1996 Contents 1 Highlights 1996 2 This is MoDo 4 Comments by the Chief Executive Officer Annual Report 1996 6 Report of the Directors 8 Consolidated profit and loss account 10 Consolidated balance sheet 12 Consolidated cash flow statement 14 Parent company 15 Definitions of financial ratios 16 Accounting principles 18 Notes 22 List of shareholdings 24 Financial risks 25 Proposed treatment of unappropriated earnings 25 Report of the Auditors 26 Quarterly comparisons 27 Review of the Group 28 Group sales 29 Operations by country 29 Production capacity 30 MoDo shares Review of the business areas 1996 32 MoDo Paper 34 Holmen Paper 36 Iggesund Paperboard 38 MoDo Merchants 38 Iggesund Timber 40 MoDo Skog 42 Investments and Development 45 MoDo and the environment 46 Board of Directors 47 Group functions – Business area presidents 48 Addresses 49 Annual General Meeting Financial information MoDo 1996 Highlights 1996 1995 Sales, SKr million 20,115 22,319 Profit after net financial items, SKr million 2,919 5,216 Net profit after tax, SKr million 1,979 3,671 Earnings per share, SKr 22.30 41.30 Dividend, SKr 9.00* 8.50 Debt/equity ratio 0.26 0.41 Capital expenditure, SKr million 2,415 2,654 Average number of employees 9,899 9,707 *Proposal of the Board of Directors ■ Second best result ever ■ Financial position further improved ■ Investments to strengthen competitive position Net profit/loss after tax, Earnings and dividend SKr million per share, SKr 4,000 50 Earnings Dividend 40 3,000 30 2,000 20 10 1,000 0 0 –10 –1,000 –20 92 93 94 95 96 92 93 94 95 96 1 This is MoDo MoDo in Europe The Company MoDo is one of Sweden’s top Head Office exporters. MoDo’s main markets Production units are in Western Europe, and more Marketing companies: MoDo Paper than 80 per cent of the Group’s fine paper MoDo Paper output is sold in the EU. pulp Holmen Paper The Group has its own pro- wood-containing printing paper duction facilities in Sweden, Iggesund Paperboard paperboard Great Britain and France. MoDo Merchants sale and There are marketing organisa- distribution of writing and tions in most European countries printing paper and paperboard and in the USA. MoDo’s pro- Iggesund Timber Husum sawn timber Domsjö ducts are also marketed by MoDo Skog Strömsbruk regional and agents and distributors in many purchasing offices Iggesund other countries. Hallstavik The average number of Vargön Stockholm employees in 1996 was 9,899, Braviken of whom 2,790 were employed Silverdalen outside Sweden. Workington Alizay Pont Sainte Maxence Products Fine paper Wood-containing printing paper Paperboard Sawn timber Pulp 2 Organisation Share of Group Sales Capital employed Fine paper for offices, printed matter, continuous 27% 34% President MoDo Paper stationery and books. Pulp and dissolving pulp. Mills in Husum, Domsjö and Silverdalen in Sweden, and Alizay and Pont Sainte Maxence in France. Wood-containing printing paper, mainly for daily 33% 25% Group Holmen Paper newspapers, printed matter and telephone functions directories. Holmen Paper also includes MoDo’s power business, which is responsible for procuring electricity for MoDo’s mills in Sweden. Mills in Norrköping, Hallstavik and Vargön. High-quality paperboard for packaging and printed 19% 17% Iggesund matter. It is used for food, chocolate, tobacco and Paperboard cosmetics as well as for book and brochure covers. Mills in Iggesund and Strömsbruk in Sweden, and Workington in Great Britain. Paper merchanting, mainly fine paper. 17% 2% MoDo Activities in Sweden, Norway, Great Britain, Merchants Belgium, the Netherlands and Spain. Sawn timber, with a growing proportion of 4% 2% Iggesund customised special products. Timber Sawmills in Iggesund and Domsjö in Sweden, and timber distributors in the Netherlands and France (wholly-owned or associates). Wood procurement and management of MoDo’s 27% 22% MoDo Skog own forests. Regional offices in Lycksele, Robertsfors, Örnsköldsvik, Iggesund, Strängnäs and Norrköping. Purchasing companies in Estonia, Latvia and Russia. 3 Comments by the Chief Executive Officer oDo achieved a strong result in Group was able to realise substantial years, including both years of growth and 1996, despite the weak state of profits on these forward contracts. economic downturns. Mthe market for several of its Over the year, the degree of hedging During the period 1991–1996 the return product areas. was gradually reduced, and by the end of on capital employed was 9.6 per cent, even The profit of SKr 2,919 million after 1996, it corresponded to some five though 1995 and 1996 were good years in net financial items is the second best ever. months’ currency flows. terms of earnings. During this period the Around half of this profit, or SKr 1,470 return should have amounted to at least 13 million, represents an operating result per cent. affected by the spot exchange rates that Financial position For the average return to be satisfactory, were prevailing during the year, while the further improved the profit level has to be maintained at a other half, or SKr 1,449 million, is the The market situation for MoDo’s products higher level than it has been so far, especi- result of currency hedging. thus altered dramatically during 1995 and ally during recession years. Tight control Given the global environment, the 1996. This development clearly illustrates over the costs we can influence ourselves operating profit can be considered to be the fact that MoDo is active in a cyclical is very important here. A programme is relatively good. The prices of fine paper industry, where the opportunities to influ- therefore now being carried out within the and pulp, which were running at a high ence conditions in our external environ- Group to contain fixed costs. The aim is level during the first half of 1995, began ment are limited. that in 1997 these costs should not exceed to come under pressure in the late autumn MoDo’s consistent policy of giving the cost level, for comparable units, in of 1995, and continued to fall rapidly priority to strengthening the company’s 1995. In line with this programme personnel cuts are being made in 1996 during the first half of 1996. Deliveries financial position throughout the years of and 1997 affecting around 400 people, were low, as a result of destocking by cus- economic growth in 1994 and 1995 is now mainly in the Swedish operations. tomers and distributors. The order intake turning out to be justified, in the light of and deliveries revived during the autumn the cyclical conditions in which MoDo operates. The net debt was reduced also in of 1996, but the price level remained low, 1996, and the amount of equity was incre- Investments to strengthen despite some price increases towards the ased, so that the closing debt/equity ratio competitive position end of the year. was down to 0.26, a level which MoDo The fluctuations in paperboard prices MoDo’s three main product areas are fine has never in the past even approached. were considerably less than for fine paper paper, wood-containing printing paper and Together with lower interest rates, this paperboard. The Group’s strategy is to and pulp, although order and delivery pat- means that interest costs on an annual develop these areas, primarily in the form terns were similar. The market for wood- basis are now down to some 1.5 per cent of organic growth in pace with the market. containing printing paper, especially news- of sales. Even extremely low operating Product quality, customer service and cost print, was strong during the first six margins would therefore still make a posi- efficiency are the decisive factors influen- months, but deteriorated towards the end tive net contribution to the result. cing the competitive position and thus the of the year, with falling prices as a result. The need for a strong financial position profitability. The investment policy is Sawn timber experienced a very weak is now well satisfied, and MoDo’s policy intended to strengthen the competitive market throughout 1996, albeit the situa- now is not to jeopardise the position it has position, primarily within these three main tion improved during the autumn. achieved. The strong balance sheet gives areas. In 1996, the Group’s wood consumption MoDo considerable freedom of action, MoDo’s largest investment in 1996 was was lower than in 1995. Extensive pro- and enables the company to continue with the new PM 53 newsprint machine at the duction restrictions in the industry in consistent and planned investment Braviken paper mill. This machine, which 1995–1996 resulted in rising stocks of programmes, even in a recession. gives Braviken a very cost-effective mill wood in Sweden, which in turn meant that structure, was commissioned at the end of pulpwood prices could gradually be April. The start-up was remarkably lowered by 15–20 per cent. Profitability over an smooth, and after a week the machine was Currency hedging contributed SKr economic cycle insufficient already producing paper of commercial 1,449 million to the result. MoDo has a MoDo’s profitability, seen over a complete quality. This was a great advantage, since policy of hedging its currency flows. The economic cycle, is still not satisfactory, the paper from the new machine was laun- extent of the hedging is decided partly on and needs to be improved in order to gene- ched in time to gain a firm foothold on the commercial considerations, and partly on rate a rate of capital growth that satisfies market before it turned down. assessments of the currency risk. In 1995, the demands of the capital market. The At Iggesunds Bruk, the trimming of the MoDo sold forward a large proportion of highly cyclical nature of MoDo’s business paperboard machine, which was rebuilt its estimated currency flows in 1996.
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