Bli medlem
Bli medlem

Du är här



Kotkamills Group Oyj


31 May 2016, at 4 pm (CET + 1)

This is a summary of the January - March 2016 interim report. The complete
report is attached to this release and is also available

January-March 2016 (1-3/2015)

The revenue of continued operations was MEUR 51,0 (0,0).

The operating profit of continued operations was MEUR -2,1 (28,8).

Events in January-March 2016

According to the plan, the production of magazine paper discontinued in
January and the conversion of paper machine 2 to board machine was started.

Demand of Industrial Products segment's products continued to stay at a good
level. Consumer Boards had no deliveries during the reporting period.

Key figures

The business of Magazine Papers was classified as a discontinued operation in
January 2016 and thus the net result of the business of Magazine Papers is
presented in the statement of profit or loss under "Profit (loss) from
discontinued operations" separately from continuing operations for all
periods presented.

The Kotkamills Group Oyj became the parent company on 24 March 2015, when the
Company acquired the entire share capital of Kotkamills Oy, thus the
comparison quarter, Q1 2015, does not include business activities of
continued operations. The Group recognized a gain, i.e. negative goodwill, of
EUR 30,5 million on the acquisition of Kotkamills Oy. The gain has been
recognized in the other operating income in Q1 2015.

| (IFRS) 1-3/2016 1-3/2015 1-12/2015 |
| Continued operations |
| Revenue, EUR million 51,0 0,0 146,4 |
| EBITDA, EUR million -0,7 28,8 46,0 |
| Operating profit, EUR million -2,1 28,8 40,9 |
| Operating profit/ Revenue (%) -4,1 - 27,9 |
| |
| Group Total |
| Return on equity (%) -20,9 119,4 122,4 |
| Equity ratio (%) 11,5 13,0 13,1 |
| Equity ratio, adjusted (%)* 45,3 44,2 44,3 |
| *Equity includes shareholder loans |
The Group monitors capital using an equity ratio and an adjusted equity ratio
based on the financial covenants, which is total equity added with
shareholder loan and divided by total assets. The Group's policy is to keep
the adjusted equity ratio above 30%. There have been no breaches of the
financial covenants of equity ratio in the current period.

Events after reporting date

On May 18, 2016, the Company informed that the construction work of the new BM
2 of Kotkamills Oy has progressed to the very advanced stage. The start-up of
the new board machine is estimated to take place during July 2016. The
earlier target set already in 2015 was last week of June 2016.

On May 20, 2016 the Company informed, that Kotkamills Oy has signed a contract
of approximately EUR 20 million with a Nordic financial institution
concerning sale of trade receivables of the company to the financial
institution (on an ongoing, non-recourse basis on customary market terms).
The entry into the transaction is expected to increase the efficiency of the
Kotkamills Group's working capital management.

Outlook for 2016

The revenue and the profit for the second quarter of 2016 will decrease due
the ending of the magazine paper production, maintenance shutdown of Kotka
mill in May and the investment shutdown until July 2016. Market of the other
continued operations' businesses is expected to be at least at the same level
as in the last year, but ongoing uncertain economic situation in Europe and
geopolitical risks may have weakening impact on demand. Also present currency
rates and energy price levels are expected to support the Group's
performance, but possible increases in raw material prices could adversely
impact the Group's profit development.

Kotkamills Group Oyj

Board of Directors

For additional information, please contact:

CFO Petri Hirvonen, tel.+358 40 571 0834,

Nasdaq Helsinki Ltd
Key media

Kotkamills Group in brief

Kotkamills is a responsible partner that delivers renewable products and high
quality performance to its customers' processes via product innovations
created from wood, a renewable raw material. Kotkamills' key brands include
Absorbex® and Imprex®, both innovative laminating paper products for the
laminate and plywood industries. Moreover, Kotkamills also offers ecological,
technically sound and visually attractive wood products for demanding joinery
and construction. The start-up of the new board machine producing totally
recyclable Consumer Board products is due in

The information contained in this release shall not constitute an offer to
sell or the solicitation of an offer to buy securities of Kotkamills Group
Oyj in any jurisdiction.

Kotkamills Group Oyj Interim Report Q1-2016


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kotkamills Group Oyj via Globenewswire


Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.