Billerud Korsnäs has published its full year 2012 report. Net sales amounted to SEK 10 427 million, a rise of 12% compared to with the same period in 2011.
Operating profit fell to SEK 489 million, mainly as a result of lower prices in local currency and a less favourable currency situation. In all, non-recurring costs amounted to SEK 170 million.
According to the Billerud Korsnäs outlook, the order situation for the majority of products in the packaging materials segments is expected to remain at normal seasonal levels through the first quarter of 2013. Prices in local currency for packaging materials are expected to remain stable in the first quarter of 2013. Wood prices in 2013 are expected to be lower than in 2012.
It is estimated that non-recurring costs of SEK 48 million, arising from a reduction in the surplus value in the inventory of finished products acquired, will be charged to earnings in the first quarter of 2013.
BillerudKorsnäs’ CEO Per Lindberg comments on the report:
“With the finalization of the historic combination between Billerud and Korsnäs, the fourth quarter was an unusually eventful one. We also completed the integration of our paper machines in Finland during the quarter. The integration process at BillerudKorsnäs progresses as planned, and from the next quarter on we will start to report the benefits of our synergies. The synergies for the two acquisitions are estimated at approximately SEK 330 million annually, with full impact from the end of 2015.
Our preferential rights issue was oversubscribed, and we greatly value the firm support we have received from our shareholders. The proceeds of the issue, approximately SEK 2 billion, strengthen our financial position and create scope for us to capture future business opportunities.
While our quarterly results have been charged with a number of extra costs, the underlying operational results for the Group are still stable. Most importantly of all, we remain highly optimistic regarding the future opportunities open to BillerudKorsnäs.”
