STOCKHOLM, Sweden, April 22, 2002 (PRIMEZONE) -- Billerud:
Quarter Full-year
2002 2001 2001
I IV I 2001
Net turnover, MSEK 1 756 1 735 1 840 6 910
Operating profit, MSEK 268 265 469 1 299
Operating margin, % 15 15 25 19
Profit after financial items, 247 230 441 1 181
MSEK
Earnings per share, SEK 2.82 2.98 5.04 13.81
-- Market demand was stable during the first quarter, although
prices fell slightly in some segments compared with the final
quarter of 2001.
-- The market situation is relatively good and order levels have
improved in recent months.
-- Production efficiency and delivery capability were high at
Billerud's mills. No maintenance stoppages were carried out
during the quarter.
-- Deliveries reached 333 000 tonnes, up 3% on the final quarter of
2001 and up 10% on the first quarter of 2001.
-- The operating profit was MSEK 268, up 1% on the final quarter of
2001 but down 43% on the first quarter of 2001.
-- The profit after financial items was MSEK 247. Adjusted for
one-off items, the result was down MSEK 12 on the previous
quarter.
-- The return on capital employed during the past 12-month period
was 23%.
A telephone conference in English will be held at 6 p.m. CET, call +44 20 8781 0598. See a film presentation of the conference on www.billerud.com from 9 p.m. CET today.
Billerud Group
Market
During the first quarter of the year demand for Billerud's products has generally been stable. The total volume of deliveries reached 333,000 tonnes, which was 3% higher than the final quarter of 2001 and the best quarterly result in recent years. A prerequisite for increased deliveries has been high production efficiency and delivery capability at Billerud's mills. The streamlining project is proceeding according to plan. No maintenance stoppages were carried out during the period.
Small price reductions were made for Billerud's packaging paper during the quarter. Deliveries amounted to 251,000 tonnes, an increase of 6% compared with the final quarter of 2001.
With stocks high, market prices for long-fibre market pulp fell during the quarter from around USD 465 per tonne at the start of January to around USD 435 per tonne at the start of April. However, increases in pulp prices have been announced in recent weeks. Billerud's deliveries of market pulp amounted to 82 000 tonnes during the quarter, 6% down on the previous quarter, partly due to higher internal consumption.
Sales and Results
First quarter
Net turnover for the period amounted to MSEK 1 756, a 1% increase compared with final quarter of 2001 and a 5% fall compared with the first quarter of 2001.
Operating profit amounted to MSEK 268, an increase compared with the previous quarter of MSEK 3 or 1%, and a decrease compared with the same period last year of MSEK 201 or 43%.
The change in operating profit compared with the final quarter of 2001 was partly due to the fact that one-off costs of MSEK 15 affected the final quarter results and partly due to lower sales prices being balanced by higher delivery volumes and slightly lower costs, mainly for energy and chemicals.
The deterioration in earnings compared with the same period last year is explained by lower prices, expressed in EUR and USD, primarily for market pulp, which accounts for MSEK 126 of the decline. The effect on earnings of price reductions was balanced to a certain extent by the weakened Swedish krona and by increased deliveries.
Comments on the earnings trend for each product area are provided on page 4.
Net financial items amounted to MSEK -21 and mainly comprised interest costs for Billerud's syndicated bank loan. The profit after financial items amounted to MSEK 247. Adjusted for one-off items, the result was down MSEK 12 on the previous quarter.
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