ANNUAL REPORT 2010 M-Real Is Europe’S Leading Primary Fibre Paperboard Producer and a Major Paper Supplier

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ANNUAL REPORT 2010 M-Real Is Europe’S Leading Primary Fibre Paperboard Producer and a Major Paper Supplier ANNUAL REPORT 2010 M-real is Europe’s leading primary fibre paperboard producer and a major paper supplier. M-real offers its customers innovative high-performance paperboards and papers for consumer packaging, communications and advertising end-uses. M-REAL’S STRATEGY AND WAY OF WORKING ............................................................................... 2 CEO’S REVIEW .................................................................................................................................... 4 OPERATING ENVIRONMENT ............................................................................................................ 6 CONSUMER PACKAGING ................................................................................................................ 10 OFFICE PAPERS ............................................................................................................................... 12 SPECIALITY PAPERS ....................................................................................................................... 14 MARKET PULP AND ENERGY ........................................................................................................ 16 SUSTAINABLE PREMIUM PRODUCTS .......................................................................................... 20 MINIMISING THE ENVIRONMENTAL IMPACTS OF PRODUCTION ............................................. 22 ENERGY EFFICIENCY ...................................................................................................................... 24 FROM RESTRUCTURING TO CONTINUOUS DEVELOPMENT OF THE PERSONNEL ............... 26 FINANCIAL STATEMENTS .............................................................................................................. 29 CORPORATE GOVERNANCE STATEMENT .................................................................................. 104 SALARY AND REMUNERATION REPORT .................................................................................... 110 BOARD OF DIRECTORS ................................................................................................................. 112 MANAGEMENT TEAM .................................................................................................................... 114 SHARES AND SHAREHOLDERS................................................................................................... 116 FINANCIAL REPORTING ............................................................................................................... 126 CONTACT INFORMATION .............................................................................................................. 128 M-real 2010 KEY FIGURES YEAR 2010 IN BRIEF 2010 2009 Change % Sales, EUR million 2,605 2,432 7.1 EUR 26 million investment at the Simpele mill to increase the annual fold- Operating result excl. non-recurring items, EUR million 173 -150 ing boxboard capacity by about 80,000 - % of sales 6.6 -6.2 tonnes and expand the sheeting capacity. Operating result, EUR million 146 -267 - % of sales 5.6 -11.0 EUR 16 million investment at the Result from continuing operations - Kemiart Liners mill to modernize the before tax, EUR million 48 -358 coating section. - % of sales 1.8 -14.7 EUR 6 million investment in sheeting Result for the period, EUR million 27 -354 operations at the Äänekoski paper mill. Return on capital employed, % 5.7 -8.9 Return on equity, % 2.8 -28.9 The integration of production capacity Interest-bearing net liabilities, EUR million 827 777 6.4 in the Reflex mill in Germany and person- Net gearing ratio, % 83 84 nel reduction by 220. Equity ratio, % 32.1 29.6 The partial divestment of the Reflex Earnings per share, euros 0.09 -1.09 mill to Metsä Tissue Corporation for Earnings per share, from continuing operations, EUR 0.09 -1.02 approximately EUR 10 million. Equity per share, EUR 3.03 2.79 Dividend per share, EUR *) 0.00 0.00 The permanent closure of the Alizay Market capitalization 31 Dec, EUR million 845 517 63.4 pulp mill. Gross capital expenditure, EUR million 66 73 -9.6 Gross capital expenditure, from continuing operations The centralisation of speciality paper EUR million 66 73 -9.6 production to the Gohrsmühle mill in Germany and the closure of the Simpele Cash flow arising from operating activities, EUR million -69 81 paper machine. Personnel 31 Dec. 4,538 4,903 -7.4 Sales Operating result Return on capital employed EUR million EUR million % 4,000 200 6 100 3 3,000 0 0 2,000 -100 -3 1,000 -200 -6 0 -300 -9 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 DELIVERIES PER BUSINESS AREA SHARE OF M-REAL’S KEY FIGURES (1,000 tonnes) DELIVERIES (%) 2010 2009 Change % Sales, EUR million 1,175 968 21.4 Operating result, EUR million 135 51 164.7 Operating result, % 11.5 5.3 Deliveries, 1,000 tonnes 1,390 1,212 14.7 Production, 1,000 tonnes 1,420 1.232 15.3 Personnel, average 1,512 1,517 -0.3 1,390 43% 2010 2009 Change % Sales, EUR million 658 543 21.2 Operating result, EUR million 14 -104 Operating result, % 2.1 -19.2 Deliveries, 1,000 tonnes 909 790 15.1 Production, 1,000 tonnes 910 795 14.5 909 Personnel, average 1,264 1,424 -11.2 28% 2010 2009 Change % Sales, EUR million 303 352 -13.9 Operating result, EUR million -54 -151 Operating result, % -17.8 -42.9 Deliveries, 1,000 tonnes 246 342 -28.1 Production, 1,000 tonnes 235 297 -20.9 246 Personnel, average 1,138 1,550 -26.6 8% 2010 2009 Change % Sales, EUR million 434 508 -14.6 Operating result, EUR million 36 -91 Operating result, % 8.3 -17.9 Deliveries, 1,000 tonnes 690 1,155 -40.3 Production, 1,000 tonnes 652 863 -24.5 690 Personnel, average 301 271 11.1 21% M-real’s business areas BUSINESS AREA Consumer Packaging Consumer Packaging is the Europe’s leading producer of innovative pre- mium folding boxboard, coated white top liners and wallpaper base. The products are excellent for the packaging of cosmetics, food products and confectioneries, for example. The business area also offers versatile packaging services in Asia. Office Papers Office Papers produces, markets and sells premium uncoated fine papers to companies in the office supplies industry, office machine manufactur- ers and paper wholesalers. Office Papers’ products are excellent for printing, copying, forms and envelopes. Speciality Papers Speciality Papers is a leading producer of speciality papers in Europe. Its product range includes cast coated papers and boards, label and packag- ing papers, carbonless papers, graphic speciality papers, digital papers, bookbinding materials and uncoated fine papers. Market Pulp and Energy Market Pulp and Energy is responsible for selling M-real’s market pulp to external parties and coordinating measures that aim at improving the energy efficiency of all M-real production plants. The business area coor- dinates contract manufacturing issues between M-real and Sappi and is also responsible for the parties’ cooperation related to pulp and energy. 16 BUSINESS AREAS 1 M-real’s strategy and way of working MISSION M-real is Europe’s leading primary fibre paperboard producer and a major paper VISION supplier. M-real provides high- performance, premium quality paperboards and papers for its M-real will grow profitably, customers in consumer reaching an even stronger packaging, communications VALUES position as the world’s and advertising end-uses. leading supplier of high- quality consumer packaging boards. Responsible profitability Reliability Cooperation Renewal STRATEGY The cartonboard business will be emphasised even further in M-real’s business portfolio. In the first phase, M-real will further strenghten its market leadership in Europe and increase the capacity of the existing machines. During the second phase, the focus will be on expanding production activity more and more to developing markets, either alone or in cooperation with the strongest local players. With FINANCIAL TARGETS regard to the paper business, the aim is to improve operating conditions and profitability by taking Return on capital employed measures to enhance M-real’s efficiency and by (ROCE) target set at a mini- participating in the Europe-wide restructuring of the mum of 10% on average paper industry. High self-sufficiency in pulp and energy over the business cycle are significant competitive advantages for M-real. Gearing ratio not to exceed 100% 2 STRATEGY AND WAY OF WORKING STAKEHOLDERS Committed and competent employees are at the core of M-real’s operations; HR development focuses on securing resources and ensuring competence and well-being at work. M-real provides its customers with added value through high-quality, ecological products tailored to each application. M-real’s aim is to continuously improve its performance and increase shareholder value. M-real’s business is based on responsible per- formance, which provides the prerequi- sites for continuous development of the operations in a way that benefits its customers, shareholders, employees and partners. SALES AND SUPPLY CHAIN M-real has a global sales network and profes- sional customer service. M-real aims for fast and efficient deliveries by utilising various trans- port methods and selecting the most appropri- ate means of transport. M-real’s lightweight products provide savings throughout the value chain by decreasing the volumes transported, emissions in the logistics chain and waste. PRODUCTS M-real’s lightweight products are produced using resource-saving methods where impact from the entire product life cycle is minimised. They are safe for people and the environment. In spite of being
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