January–June 2023 (1–6/2022)
*Sales were EUR 3,116 million (3,416).
*Operating result was EUR 402 million (589). Comparable operating result was EUR 380 million (574).
*Result before taxes was EUR 389 million (564). Comparable result before taxes was EUR 370 million (550).
*Comparable return on capital employed was 10.7% (18.3).
*Net cash flow from operations was EUR 18 million (456).
April–June 2023 (4–6/2022)
*Sales were EUR 1,481 million (1,822).
*Operating result was EUR 127 million (248). Comparable operating result was EUR 104 million (330).
*Result before taxes was EUR 119 million (235). Comparable result before taxes was EUR 98 million (317).
*Comparable return on capital employed was 5.9% (20.5).
*Net cash flow from operations was EUR -19 million (321).
President and CEO Ilkka Hämälä: As expected, the first quarter and its excellent result were followed by a poorer result in the second quarter. The quarter’s result was weak. The Group’s largest business areas – paperboard and pulp – are experiencing a slow business cycle. The demand for paperboard is low, especially in the European market, where high inflation has affected consumers’ purchasing behaviour and therefore the demand for packaging materials. The import of Chinese paperboard is having a significant impact on the folding boxboard market, especially around the Mediterranean. The demand situation in the US, an important market for Metsä Board, is considerably stronger than in Europe. In the pulp market, prices have been decreasing in the first half of the year. In China, the market price has dropped by roughly a third from its peak. The low availability rates of the European paper and paperboard industry have reduced pulp consumption. The Chinese market has turned to Europe for pulp volumes replacing the normal level of pulp deliveries from Russia and Canada. Due to the demand in the paperboard and pulp industry, production was curtailed at Metsä Board’s and Metsä Fibre’s mills in the second quarter. The demand for sawn timber was lower than normal because of the weak demand in the construction industry. The demand for Metsä Wood’s birch plywood and LVL has remained at a good level. As the market for spruce plywood was weak, similar to the previous quarter, production at the Suolahti plywood mill was curtailed. Tissue and greaseproof papers are consumer products enjoying relatively stable demand, as has been seen during the current economic cycle. Metsä Tissue posted a strong performance.
details at: https://www.metsagroup.com/news-and-publications/news/2023/metsa-groups-comparable-operating-result-in-januaryjune-2023-was-eur-380-million/