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Magazine Paper, Newsprint
and Fine Paper reported lower operating profits than
in 2001, mainly due to lower sales prices, while Packaging
Boards and Timber Products increased profits. Production
was adjusted to market demand in order to avoid excess
inventories. Paper production was curtailed by 1 257
000 tonnes, some 8% of the Group's total capacity.
Strong balance sheet
The debt/equity ratio was 0.37. Return on capital
employed (ROCE) excluding non-recurring items was
7.1%. Capital expenditure totalled EUR 878 million,
which is 70.5% of depreciation.
Financials
- Operations in 2002
|
|
| Key
figures 2001-2002 |
2001 |
2002 |
| Sales,
EUR million |
13 508.8 |
12 782.6 |
| Operating
profit, EUR million |
1 486.9 |
-151.6 |
| excluding non-recurring items, EUR million |
1 495.2 |
926.5 |
| % of sales |
11.1 |
7.2 |
| Profit
before tax and minority interests, EUR million |
1 223.0 |
-343.2 |
| excluding non-recurring items, EUR
million |
1 231.3 |
734.9 |
| Net
profit for the period, EUR million |
926.3 |
-222.2 |
| Capital
expenditure, EUR million |
857.1 |
877.6 |
| Interest-bearing
net liabilities, EUR million |
4 819.9 |
3 055.1 |
| Capital
employed, EUR million |
13 859.1 |
11 242.4 |
| Return
on capital employed (ROCE), % |
10.7 |
-1.6 |
| excluding non-recurring items, % |
10.8 |
7.1 |
| Return
on equity (ROE), % |
10.4 |
-3.3 |
| Debt/Equity
ratio |
0.53 |
0.37 |
| Earnings
per share, EUR |
1.03 |
-0.25 |
| excluding non-recurring items, EUR |
0.94 |
0.57 |
| Cash
earnings per share, EUR |
2.43 |
2.49 |
| excluding non-recurring items, EUR |
2.34 |
1.97 |
| Equity
per share, EUR |
10.03 |
9.36 |
| Dividend per share, EUR |
0.45 |
0.45* |
| Payout
ratio, % |
48 |
79 |
| Market
capitalisation, EUR million, 31 Dec. 2002 |
13 006 |
9 052 |
| Deliveries
of paper and board, 1 000 tonnes |
12 858 |
13 149 |
| Deliveries
of wood products, 1 000 m3 |
4 860 |
5 112 |
| Average
number of employees |
44 275 |
43 853 |
| *) Board’s dividend proposal |
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