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Financial InsightsFinnish and Swedish Forest IndustryQ2 2016
Tieto Forest Industry Consulting
www.tieto.com
© Tieto Corporation
Executive summary• In Q2 2016, the consumer confidence index in the euro zone was behind the level of the corresponding period last year, but rose
slightly from the first quarter of 2016. While in the United States, the consumer confidence index showed relatively stable
development, but remained slightly below the level of the comparison period.
• Lower wood costs, especially in the Nordics, and lower maintenance costs related to fewer shutdowns had a positive effect on
companies’, especially Stora Enso’s, operational EBITs. Popularity of electronic services increases. A total of almost 20 per cent of
wood acquired by Metsä Forest from private forests was purchased electronically during Q1 and Q2.
• General view of Europe’s demand for pulp has remained stable even the demand for hard wood pulp was slightly stronger. The
demand for logs and pulpwood in Sweden was normal in the second quarter. Sales prices were largely unchanged. Generally the
chemical pulp demand remained strong but the demand growth was primarily recorded in Asia, particularly in China.
• The market for consumer board was stable in the second quarter and prices were unchanged. In the first half-year, demand in
Europe was unchanged compared with the same period last year.
• Demand for printing paper in Europe fell by 3 per cent during January–May compared with the same period in 2015. Sales prices
were largely unchanged in the second quarter. Fine paper demand remained stable in the Asia-Pacific region while label and
release paper demand increased globally.
• Overcapacity in fine papers prevailed and price competition was intense.
• Market conditions for wood products in Europe was generally stable in the second quarter. Prices have been quite stable, but the
demand for wood products were significantly stronger in Q2 compared with Q1/2016 and Q2/2015 which has a positive effect on
companies EBIT numbers.
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Content• Sales and EBIT margin development on Group
Level
• EBIT Margin and Sales development on Product
level• Forest Operations
• Pulp
• Packaging
• Paper
• Wood Products
• Tissue
• Special Papers
• EBIT Margin development – Group Level
including non recurring items
• Contacts
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Financial InsightsTieto Forest Industry Consulting
© Tieto Corporation
Sales of Finnish forest companies continues to grow while the Swedish forest companies sales was stable
7
Source: Annual Reports, International Monetary Fund
Excluding Billerudkorsnäs and Munksjö.
Finnish companies: Ahlstrom sales development is compared to 2010 (than 2009)
• In Q2 2016, the consumer confidence index in the
euro zone was behind the level of the
corresponding period last year, but rose slightly
from the first quarter of 2016. While in United
States, the consumer confidence index showed
relatively stable development, but remained slightly
below the level of the comparison period.
• Swedish and Finnish companies have grown in
sales after 2013, but still the growth among
Swedish forest companies have been quite stable
in 2015.
• The Finnish Forest Industries Federation started to
work on defining a vision “Evolving forest industry –
prosperous bio-economy” for the sector, a vision
that extends until 2025. It has been marked that in
the 2025 the digitalisation represents a major
challenge in some sectors while offering new
business opportunities to others.
50
100
150
200
2009 2010 2011 2012 2013 2014 2015
Average sales growth all forest companies Finnish forest companiesSwedish forest companies GDP European unionGDP Commonwealth of Independent States GDP Latin America and the CaribbeanGDP ASEAN-5 GDP Africa
© Tieto Corporation
EBIT Margin Development – Group Levelexcl. IAC (Items Affecting Comparability)
8
Source: Annual Reports, Finnish Forest Industries Federation homepage.
All companies excl. Munksjö and Billerudkorsnäs
Total SCA Group
Quarterly Margin trendYearly trend
• In Q2 Stora Enso improved their profitability once
again. The business area sleeper was the paper
division, which operating profit improved clearly
mainly due to improved sales prices. Although the
result of paper division improved, paper production
has long been the Stora Enso's least profitable
part.
• UPM’s comparable EBIT increased by 21% to
EUR 264 million (219 million) in Q2. Furthermore
UPM’s growth projects contributed to earnings,
driving delivery growth in UPM Biorefining, UPM
Raflatac and UPM Paper Asia.
• In Q2 Ahlström’s operating profit and margin
improved for the 11th consecutive quarter, y-on-y.
• For Holmen compared with the first quarter,
operating profit for the second quarter decreased
by SEK 97 million to SEK 483 million as a result of
running in the rebuilt board machine, seasonally
lower hydro power production and earnings from
timber trading returning to normal levels.
-20%
-10%
0%
10%
20%
30%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
YearsEbit margin average
© Tieto Corporation
Sales Development – Group Level
9
Recovery Boom
SlowdownDepression
• Suominen’s net sales and operating profit for
Q2 decreased from the record-high
comparison period in 2015. Net sales
decreased by 4% while operating profit
decreased by 13%. Despite Q2 result
Suominen expects their net sales and
comparable operating profit to improve from
year 2015.
• Stora Enso sales improved 3.3%. Sales
excluding the structurally declining paper
business increased 5.8%, mainly due to
higher consumer board sales. The
operational EBIT decreased 8.9%, mainly
due to the higher maintenance impact of
EUR 28 million.
• Metsä Group’s net sales and profit decreased
in Q2 comparing the corresponding period
last year mainly due to the considerable
decline in paper deliveries and the decrease
in the market prices of pulp.
Sales
Development
2015 vs. 2009
Sales Development
Q1 2016 vs. Q1 2015Source: Annual Reports
*)Ahlstrom has adjusted their net sales and operating profit, starting from Q1/2015.
260%
SuominenSetra
BillerudKorsnäs
StoraEnso
SCA
Metsä
Holmen
UPM
Ahlstrom
Sveaskog
-20%
-10%
0%
10%
20%
-50% -30% -10% 10% 30% 50%//
© Tieto Corporation
Q1
Q2
Q1
Q2
Q1
Q2
Q1Q2
Q1
Q2
Q1Q2
Q1
Q2
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
EB
IT M
arg
in A
ve
rag
e
Average EBIT Margin Development Q2 2016 vs. Q1 2016
10
Forest
OperationsPulp Packaging Paper Wood
ProductTissue
Source: Annual Reports
Special
Papers
• Wood products demand improved and prices
increased slightly in Q2 2016 which has a
positive effect on companies EBIT numbers.
• The price difference between long- and short-
fibre pulp at the end of the Q2 was USD 126,
whereas the corresponding difference at the
beginning of the year was USD 13.
• Demand for paperboards remained stable in
both Europe and the Americas – price levels
were stable.
• Supply of wood was steady and stumpage
prices remained stable.
• Generally demand for paper in Europe were
slightly weaker and prices stable in Q2/2016
compared with Q1/2016.
• In the first half of 2016 global demand for
self-adhesive label materials increased.
Public
Tieto Industry Consulting Tietoto create innovation index in Q4: Digitalization gives
more space for innovation
• As digitalization gains speed, demand for new data-driven innovations and renewal of customers’ business and IT increases rapidly
• Innovation has a power that extends beyond imagination. A power to create new and change current ways of working, also to create new networks.
• Tieto’s innovation index levels shows forest industries innovation in different business areas
• Now YOU have chance to be part of the innovation index. This innovation index will be measured by conducting interviews with YOU and forest industry companies operating in Finland and Sweden
By participating in this interview process you can win an innovation workshop conducted by TietoForest Industry Consulting team (free of charge)
For further information contact: [email protected]
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Public
Product Group:
Forest Operations
11
© Tieto Corporation
Public
13
Quarterly Margin trendYearly trend
• Metsä Forest EBIT margin were a bit lower in
Q2/2016 (1,7%) compared to Q2/2015 (2%).
• Popularity of electronic services increases. A total
of almost 20 per cent of wood acquired by Metsä
Forest from private forests was purchased
electronically during Q1 and Q2.
• In January-June, the forest industry purchased
more wood than in the corresponding period in the
previous year.
Source: Annual Reports
-15%
0%
15%
30%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
Years
Holmen Skog Sveaskog
Södra Skog Metsä Forest
EBIT Margin Average
EBIT Margin Development – Forest operationsexcl. IAC (Items Affecting Comparability)
© Tieto Corporation
Public
Sales Development – Forest Operations*
14
Source: Annual Reports
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
Recovery Boom
SlowdownDepression
*) Concerns only companies that clearly distinguish forest operations
• In Q1-Q2, Metsä Forest delivered a total of
approx. 15.7 million cubic metres of wood to
its customers.
• In Sweden and the rest of Europe, the key
markets for Swedish forest industry, growth
increase is weak while development in the
US is stronger. Growth in China is slowing
down but from a high level. The value of the
Swedish krona has weakened which
provides improved margins for Swedish
forest industry which in turn is positive for
Sveaskog as a raw material supplier.
Sveaskog
Holmen SkogMetsä Forest
-10%
-5%
0%
5%
10%
-40% -30% -20% -10% 0% 10% 20% 30% 40%
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Product Group:
Pulp
14
© Tieto Corporation
Public
EBIT Margin Development – Pulpexcl. IAC (Items Affecting Comparability)
16
Source: Annual Reports
Quarterly Margin trendYearly trend• Operational EBIT for Stora Enso in Q2/2016
decreased slightly compared to Q2/2015, mainly
due to lower pulp prices in local currencies,
especially for hardwood pulp.
• Comparable EBIT for UPM Biorefining decreased.
Lower variable and fixed costs as well as higher
delivery volumes partly offset the negative impact
of lower pulp prices.
• Metsä Fibre’s operating result in Q1-Q2/2016
totalled EUR 115.7 million (Q1-Q2/2015: 171.1).
The reduction in sales prices, in particular,
decreased the result below the level of the
corresponding period in the previous year.
• In May 2016, Metsä Fibre signed an agreement
with Valmet on the construction of a sulphuric acid
plant at the Äänekoski bioproduct mill.
-20%
-10%
0%
10%
20%
30%
40%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
Years
Södra Cell Stora Enso BiomaterialsMetsä Fibre UPM BiorefiningEBIT Margin Average
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Sales Development – Pulp
17
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
• Stora Enso will invest EUR 26.5 million in
Skutskär pulp mill to increase the mill’s fluff
capacity to meet the growing demand in the
hygiene market.
• Demand for advanced renewable diesel
continued strong and prices stayed stable
compared to the Q2 2015.
• Stora Enso sales decreased EUR 22 million
driven by significantly lower hardwood pulp
prices, and also lower softwood pulp prices.
• To strengthen Stora Enso’s bio-based
chemicals development, Stora Enso has
signed a joint technology development
agreement with specialty chemicals
company Rennovia Inc.
Source: Annual Reports
Recovery Boom
SlowdownDepression
//260%
UPM Biorefining
Stora Enso Biomaterials (Sales
development 2014 vs2011
Metsä Fibre
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
-50% -30% -10% 10% 30% 50%
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Product Group:
Packaging
17
© Tieto Corporation
Public
EBIT Margin Development – Packagingexcl. IAC (Items Affecting Comparability)
19
Quarterly Margin trendYearly trend
Source: Annual Reports
Billerudkorsnäs financial data from 2012.
• Stora Enso’s Ebit margin were lower in Q2/2016
(11%) compared to Q2/2015 (12%).
• Metsä Board’s operating result was weakened by
the start-up of the new paperboard production line
at Husum, which affected the production volumes
of pulp and paperboard.
• Holmen’s consumer board deliveries amounted
250 000 tonnes during January–June, which was
the same level as last year.
• Metsä Board’s the new folding boxboard
production line at the Husum mill in Sweden
started up in February. Metsä Board will expand its
range of paperboards for food service packaging
and invest in an extrusion coating line at the
Husum mill. The extrusion coating line will be
started up in the first half of 2017. Metsä will also
continue to develop other barrier solutions.
-15%
-5%
5%
15%
25%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
Years
Billerudkorsnäs Consumer BoardBillerudKorsnäs Packging paperBillerudKorsnäs Corrugated SolutionsMetsä BoardStora Enso packaging solutions & consumer board
© Tieto Corporation
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Sales Development – Packaging
20
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
• In Q2 Stora Enso stepped up a gear in their
transformation to a renewable materials
growth company. To further enhance their
position as a leading global supplier of
premium paperboards, Stora Enso is
investing 70 MEUR in Imatra Mills in
Finland.
• Stora Enso’s Beihai consumer board mill in
China started operations in May, and the
ramp-up is proceeding ahead of plan.
• Holmen: in March, the board machine in
Workington was rebuilt to increase capacity
by 20 000 tonnes annually and to improve
product quality. In the second quarter, the
last stage of the expansion to increase pulp
production at Iggesund Mill by 50 000
tonnes annually was completed.
Source: Annual Reports
Stora Enso result is calculated for packaging solutions and consumer board.
Recovery Boom
SlowdownDepression
Metsä
Stora Enso
Holmen Paperboard
-20%
-10%
0%
10%
20%
-25% -15% -5% 5% 15% 25%
Billerudkorsnäs
Consumer board
(-1% in short term
sales)
Billerudkorsnäs
Packaging Paper
(-4% in short term
sales)
Billerudkorsnäs
Container Board
16% in short term
sales)
© Tieto Corporation
Public
Product Group:
Paper
20
© Tieto Corporation
Public
EBIT Margin Development – Paperexcl. IAC (Items Affecting Comparability)
22
Quarterly Margin trendYearly trend
Source: Annual Reports
UPM ENA & Asia financial data after 2012 and UPM Paper financial data before 2012.
• In Q2/2016 Stora Enso’s operational EBIT was
EUR 31 million higher compared to the
corresponding period of 2015, mainly due to
slightly better sales prices, lower variable costs,
especially for energy, pulp and chemicals.
• In Q2/2016 compared to Q2/2015 comparable
EBIT for UPM Paper Asia increased mainly due to
lower variable costs and higher delivery volumes.
Also comparable EBIT for UPM Paper ENA
increased mainly due to lower variable and fixed
costs, partly driven by ongoing profit improvement
measures.
• During the third quarter, Holmen’s Braviken Paper
Mill will have a maintenance shutdown, which is
expected to negatively affect earnings by SEK 40
million.
-10%
-5%
0%
5%
10%
15%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
YearsHolmen Paper Stora Enso PaperUPM Paper Asia UPM Paper ENAEBIT Margin Average
© Tieto Corporation
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Sales Development – Paper
23
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
• Holmen’s deliveries in the first half-year
amounted to 615 000 tonnes, which was 6
per cent lower than the same period last
year as a result of production losses and
rebuild of inventories following the fire at
Hallsta in November 2015. Production has
been at full capacity since March.
• Holmen, sold the newsprint mill in Madrid
and transaction was completed in the
second quarter. The sale represents a
decisive step towards concentrating the
paper business into magazine paper and
speciality products. The rebuilt board
machine in Workington reached full capacity
towards the end of the quarter, while a
further stage in the expansion of pulp
production at Iggesund Mill was completed.
At mid-year, forest and hydro power
accounted for two thirds of the Group’s
operating capital.
Source: Annual Reports
UPM ENA & Asia results are calculated.
Recovery Boom
SlowdownDepression
Holmen Paper
Stora EnsoPaper
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-40% -30% -20% -10% 0% 10% 20% 30% 40%
UPM Paper Asia
(9% in short term
sales)
UPM ENA
(-9% in short
term sales)
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Public
Product Group:
Wood Products
23
© Tieto Corporation
Public
Quarterly Margin trend
EBIT Margin Development – Wood Productsexcl. IAC (Items Affecting Comparability)
25
Yearly trend• Thanks for the higher deliveries from significantly
stronger demand, improved product mix, and lower
log prices Stora Enso’s operational EBIT improved
10 MEUR.
• Comparable EBIT for UPM Plywood increased due
to higher delivery volumes and lower costs.
• At the end of June, the Metsä Group announced
the transfer of Metsä Wood’s sawmills in Finland to
Metsä Fibre through an internal transaction. The
transaction is estimated to be completed by the end
of 2016.
• Holmen’s deliveries of wood products amounted to
396 000 cubic meters, which was unchanged from
the same period last year.
Source: Annual Reports
-20%
-10%
0%
10%
20%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q12016E
BIT
Marg
in
Years
Holmen Timber Stora Enso Wood ProductsSödra Timber SetraMoelven Bergs Timber
© Tieto Corporation
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Sales Development – Wood Products
26
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
Source: Annual Reports
//140%
Recovery Boom
SlowdownDepression
• Mainly due to slightly lower prices and a
strategic reduction in external sawn goods
trading in Q2/2016 (compared with
Q2/2015) Stora Enso’s sales were EUR 8
million lower.
• Metsä Wood’s sales in the Q2 were EUR
229.2 million (Q2/2015: 242.8) and
operating result excl. non-recurring items
was EUR 14.4 million (10.2).
• Holmen has during the quarter, made a
decision to invest SEK 50 million in a wood
treatment plant and distribution warehouse
at Braviken Sawmill. The aim is to increase
added value and boost sales in Sweden.
Stora Enso
SetraMetsä Wood
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-40% -20% 0% 20% 40%
Holmen
Timber
© Tieto Corporation
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Product Group:
Tissue
26
© Tieto Corporation
Public
EBIT Margin Development – Tissueexcl. IAC (Items Affecting Comparability)
28
Quarterly Margin trendYearly trend
Source: Annual Reports
• Metsä Tissue’s operating result excl. non-
recurring items in Q2/2016 was EUR 13.2 million
(7.6). The operating result was increased mainly
due to a better product mix as well as lower costs
of energy and transport.
• SCA, for consumer tissue, organic sales growth
was 4%. Growth is related to high growth in
emerging markets, particularly China, Latin
America and Russia. For AfH tissue, organic sales
growth was 3%. The increase was mainly related
to western Europe and emerging markets.
0%
5%
10%
15%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
Years
SCA (Tissue)Metsä (Tissue)*Including Cooking paperEbit margin Average
© Tieto Corporation
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Sales Development – Tissue
29
• Metsä Tissue’s sales in Q1-Q2/2016 (EUR
495.1 million) decreased 2% compared to
the corresponding period in the previous
year (EUR 502.7 million). The reduction in
sales is primarily due to the decrease in
sales volumes, which was affected by the
closure of tissue paper operations in Russia
in summer 2015.
Source: Annual Reports
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2015
Recovery Boom
SlowdownDepression
SCATissue
MetsäTissue
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-60% -30% 0% 30% 60%
© Tieto Corporation
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Product group:
Special Paper and Products
29
© Tieto Corporation
Public
30
EBIT Margin Development – Special Paper and Productsexcl. IAC (Items Affecting Comparability)
• In Q2 comparable EBIT for UPM Raflatac
increased (Ebit margin 10%) mainly due to the
improved sales margins and higher delivery
volume.
• The markets for various industrial nonwoven
applications, excluding wipes, showed an increase
in Q2 2016. Furthermore the markets for food
packaging materials were quite strong, particularly
for cooking applications.
Quarterly Margin trendYearly trend
Source: Annual Reports
*)Ahlstrom has adjusted their net sales and operating profit, starting from Q1/2015.
-5%
0%
5%
10%
15%
20%
2009 2010 2011 2012 2013 2014 2015 Q12016
Q22016
EB
IT M
arg
in
Years
Munksjö UPM RaflatacAhlstrom SuominenEBIT Margin Average
© Tieto Corporation
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Sales Development – Special Papers and
Products
31
Sales
Development
2015 vs. 2009
Sales Development
Q2 2016 vs. Q2 2016
• The Q2 2016 was a very strong quarter for
Ahlstrom. Ahlstrom delivered sales growth
of 2.8% at constant currency rates and were
able to raise their profitability to an all-time
high level in the current structure of the
company mainly due to lower variable
costs, improved operational efficiency and a
more competitive cost structure.
• Suominen’s net sales and operating profit
for Q2 increased from the Q1 2016 mainly
due to improved demand.
Recovery Boom
SlowdownDepression
Source: Annual Reports
//
260%
Suominen
Munksjö
UPM RaflatacAhlstrom
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-80% -40% 0% 40% 80%
© Tieto Corporation
Public
Adam Aljaraidah
Associate Management Consultant
[email protected]+46722424416
Heidi Metsola
Associate Management [email protected]
+358505116031
Contacts
© Tieto Corporation
PublicNotes
1
1. Alhstrom
1. group level
2. Starting from Q1/2015 Ahlstrom has adjusted their net sales and operating profit. These tables and figures are updated based
on change:
• Adjusted net sales starting from Q1/2015.
• Before Q1/2015 Operating profit excluding non-recurring items was used. The adjusted operating profit margin
excludes restructuring costs, impairment charges, capital gains or losses, and discontinued operations. This might
case differ to the numbers
• In 2015 Operating profit excluding non-recurring items was reported 47,5 MEUR (Q1/2015:12MEUR) and
in Q1 2016 release the adjusted operating profit margin shows 41.6MERU (Q1/2015:10,3)
3. 2014 annual report is used for the 2012-14 financial figures and 2013 annual report is used for the 2009-11 financial figures
4. On slide 7, we are comparing Alhstrom sales development to 2010 sales (not 2009)
2. Bergs Timber
1. Bergs Timber has fiscal financial year and reports from 1/9-31/8
3. BillerudKorsnäs
1. On Group level BillerudKorsnäs was excluded
2. On Product level from 2009-2011 Korsnäs and Billerud sales figures is added to BillerudKorsnäs
3. BillerudKorsnäs adjusted result 2012
4. Holmen
1. Excluding changes in forest value for Holmen
5. Mellanskog
1. On group level revenues from affiliated companies are included
2. On group level other revenues are excluded
© Tieto Corporation
PublicNotes
2
6. Metsä Group
1. On group level adjusted result in 2010
2. On group level other revenues excluded
3. On product level Metsä Tissue includes cooking paper
7. Moelven
8. Munksjö
1. On group level Munksjö was excluded
9. SCA
1. Forest swap is excluded
2. Adjusted result for SCA in 2012 and 2013.
3. SCA is excluded in product level evaluation
4. SCA Group incl. total financial numbers
10. Setra
1. Other revenues excluded
© Tieto Corporation
PublicNotes
3
11. Stora Enso
1. Adjusted result in 2012 (Operational EBIT)
2. On group level revenues from affiliated companies are included
3. Stora Enso (Packaging) is packaging solutions & consumer board
4. Between 2009-2010 the paper product level for the Stora Enso result include news print paper + book paper + fine paper + magazine paper
5. Stora Enso packaging 2011-2009 result includes industrial packaging and consumer board
6. On product level Stora Enso “Packaging” is consumer board + packaging solutions
7. Stora Enso reorganised its divisional and reporting structure as of 1 January 2015. The IFRS reporting segments are formed by the divisions and the segment
Other. Henceforth, Stora Enso will report financial figures for the divisions Consumer Board, Packaging Solutions, Biomaterials, Wood Products and Paper and
the segment Other.
12. Sveaskog
1. On group level revenues from affiliated companies are included
2. Excluding changes in forest value for Sveaskog
13. Södra
1. Other revenues included for Södra
2. Södra has a Tertial report Q2 (2015) May-Aug
14. Suominen
1. On group level
2. November 2011 Suominen acquired Ahlstrom’s Home and Personal business operations. Net sales were more than doubled.
© Tieto Corporation
PublicNotes
3
15. UPM
1. Group level revenues from affiliated companies are included
2. 2015 Sales figure (EURm) Includes a fair value increase of biological assets in Finland totalling EUR 265 million, due to adjusted long-term wood price
estimates and a change in the discount rate
3. Annual reports UPM Biorefining data includes: UPM Biorefining 2013-Q3/2015 financial data and Pulp division financial data before year 2009-2012.
4. UPM Paper division data includes: UPM Paper division 2009-2011 financial data and after the division in 2012 financial data from UPM ENA and Asia divisions
© Tieto Corporation
Public
Financial Reporting Frequency
4
SCA Mellan
Skog
Södra Setra Metsä BK Holmen Munksjö Stora
Enso
Moelven Bergs Rörvik UPM Suominen Ahlström
Yearly x x x x x x x x x x x x x x x
Quarterly x x x x x x x x x x x
Other Four-
monthly
report
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