Interim report January-June 2009
Submitted for publication at 7.30 .a.m. on 23 July 2009 Quarter January-June 2009 2009 2008 II I II 2009 2008 Net 1 907 1 900 1 949 3 807 4 045 turnover, MSEK EBITDA, 181 102 239 283 576 MSEK Operating 42 -37 114 5 328 profit/loss MSEK Operating 2 -2 6 0 8 margin, % Profit/loss 12 -69 77 -57 257 after financial items, MSEK Net profit/ 8 -39 57 -31 187 loss, MSEK Earnings 0.16 -0.76 1.11 -0.60 3.63 per share, SEK January-June 2009 compared with same period in 2008 • Net turnover was MSEK 3,807 (4,045), down 6%. • Net loss was MSEK -31 (187). • Earnings per share were SEK -0.60 (3.63). • Operating profit was MSEK 5 (328), representing a margin of 0% (8). • Currency hedging had a negative impact on operating profit of MSEK -193 (66) compared with if no hedging had taken place • A new share issue, with preferential rights for existing shareholders and worth a total of MSEK 1,000, will be proposed at an Extra General Meeting on 27 August 2009. April-June 2009 compared with January-March 2009 • Net turnover was MSEK 1,907 (1,900). • Net profit was MSEK 8 (-39), an improvement of MSEK 47. • Operating profit was MSEK 42 (-37), an improvement of MSEK 79, mainly due to lower price levels being compensated for by lower costs and a reduced negative effect of currency hedging. • An improved order situation has meant that there has not been a need to make any significant market related production curtailments following the large curtailment at the start of the year. • New significant order for Billerud Flute® and for co-operation based on the Fresh Services concept on the markets in Brazil and India for fruit deliveries to Europe, was signed with Rigesa in Brazil. Outlook for full year 2009 • The order situation remained positive at the end of the second quarter, although uncertainty remains about the impact of the economic downturn on demand in the remainder of the year. • Prices in respective sales currencies remain under pressure. • Lower input prices primarily for wood and chemicals together with a significantly improved currency situation are expected to have a positive impact on profits as lower prices come into effect and old currency hedges are replaced with new ones. • Cost savings are continuing according to plan and are expected to amount to at least MSEK 250 annually by the end of 2009. • Inventories for market pulp on the global market have fallen in the second quarter, which helped to improve price levels. For further information in connection with this report, please contact Per Lindberg, President and CEO, +46 8 553 335 00 or +46 70 248 15 17 and Bertil Carlsén, CFO, +46 8 553 335 00 or +46 730 211 092 Billerud’s President Per Lindberg and CFO Bertil Carlsén will present the interim report at a press conference on Thursday 23 July at 10 a.m. Location: Spårvagnshallarna, Birger Jarlsgatan 57 A, Stockholm.