Debt Investor Presentation 4Q 2011 M-real M-real 9.2. 2012 Metsä Group
Financial Situation Stable Net Debt, m€ 4000 3693 3482 ‒ Net debt unchanged at 783 m€ 3500 3109 3019 ‒ Net gearing 106 %, equity ratio 27.4 % 3000 2403 ‒ Clear headroom to the covenant levels 2205 2183 2500 ‒ ONWC decreased 95 m€ in 4Q 2011 and 110 m€ in 2011 1867 2000 ‒ Good cash position, M-real’s liquid funds about 200 m€ 1500 1254 ‒ Average interest rate 6.1 % 777 827 783 1000 ‒ Refinancing negotiations ongoing 500 0 0 1 2 3 4 5 6 7 8 9 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 M-real M-real 2 Metsä Group
Loans and Interest Rate At the end of 2011 ‒ Average maturity of long term loans 1,9 years ‒ Average interest rate of loans (including derivatives) 6,1 % ‒ Interest rate maturity of loans (including derivatives) 14,5 months ‒ Of the loans about 61 per cent was subject to variable interest rates and 39 per cent to fixed interest rates 3 M-real M-real Metsä Group
Long-term Interest Bearing Liabilities 5 % 3 % 5 % Bonds Pension premium loans Loans from financial institutions 20 % Finance leases Other interest bearing liabilities 67 % Total 1 023 m€ 31.12.2011 4 M-real Metsä Group
Short-term Interest Bearing Liabilities 2 % Metsäliitto Group Short-term bank loans and other 98 % Total 113 m€ 31.12.2011 5 M-real Metsä Group
Interest Bearing Net Liabilities 31.12.2011 (m€) ‒ Long-term 1 023 ‒ Short-term 113 Total interest bearing liabilities 1 137 ‒ Liquidity and other interest bearing receivables 354 Interest bearing net liabilities 783 6 M-real M-real Metsä Group
Long-term Interest Bearing Liabilities 31.12.2011 m€ 600 554 500 400 300 200 166 121 100 71 70 21 20 0 2012 2013 2014 2015 2016 2017 >2 017 7 M-real M-real Metsä Group
Liquidity m€ Liquid funds Committed credit facilities 600 500 400 300 200 100 0 I/10 II/10 III/10 IV/10 I/11 II/11 III/11 IV/11 8 M-real M-real Metsä Group
Debt Programs The following table sets forth the significant debt securities issued and outstanding as at Dec. 31, 2011: Average Long-term borrowings Total amount Outstanding I nterest Rate (1) Maturity (currency in millions) USD 350 million Private Note Issue USD 350 USD 224 7,9 % 2012–2014 EUR 500 million Bond Issue EUR 500 EUR 500 7,6 % 2013 Global Medium-Term Note Program EUR 1 500 EUR 0 million private placements – – EUR 0 EUR 98 million bilateral loans EUR 98 EUR 98 3,4 % 2012–2013 EUR 27 million finance leases EUR 27 EUR 27 2,1 % 2012–2020 EUR 230 million pension loans EUR 230 EUR 210 5,6 % 2012–2020 Short-term funding programmes EUR 350 million domestic CP-program EUR 350 EUR 0 – – EUR 150 milj. Belgian CP-program EUR 150 EUR 0 – – Average interest rate of all interest bearing liabilities including interest rate derivatives per 31.12.2011 is 6,1 %. (1) The average interest rates take into account outstanding interest rate swaps and amortised arrangement fees. 9 M-real M-real Metsä Group
Ratings’ History 2000 2006 S&P: Short term ratings lowered to A3, S&P: Downgrade to BB-, negative outlook Long term ratings placed to credit watch Moody’s: Downgrade to Ba3, negative outlook negative Moody’s: Downgrade to B2, negative outlook Moody’s: Long and short term ratings S&P: Downgrade to B+, negative outlook outlook changed from stable to negative 2007 2001 Moody’s: Downgrade to B3, negative outlook S&P: Long term ratings lowered to BBB-, S&P: Downgrade to B, negative outlook stable outlook S&P: Downgrade to B-, stable outlook Moody’s: Long and short term ratings 2008 lowered to Baa3/P3, negative outlook S&P: Outlook to negative 2003 2009 S&P: Downgrade to BB+, stable outlook S&P: Downgrade to CCC+, negative outlook Moody’s: Downgrade to Ba1, negative Moody’s: Downgrade to Caa1, outlook negative outlook 2010 2004 S&P: Outlook to stable S&P: Outlook changed from stable to Moody’s: Outlook to stable negative, ratings affirmed S&P: Upgrade to B-, stable outlook Moody’s: Downgrade to Ba2, stable outlook Moody’s: Upgrade to B3, outlook to positive 2005 2011 S&P: Downgrade to BB, stable outlook S&P: Outlook to positive Moody’s: Outlook changed from stable to negative, S&P: Outlook to stable ratings affirmed Moody’s: Outlook to stable 10 M-real M-real Metsä Group
Thank You! www.metsaboard.com Juha Laine Head of IR +358 10 4654335 juha.laine@metsagroup.com M-real M-real M-real M-real Metsä Group
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