Debt Investor Presentation 4Q 2012 7.2. 2013 Metsä Board Metsä Group
Financial Situation Improved in 2012 Net Debt, m€ 4000 ‒ Net debt 625 m€ 3693 3500 ‒ Net gearing 72%, equity ratio 33.6% at year end 3000 ‒ ONWC decreased by 35 m€ in 2012 and 4 m€ in 4Q vs. 3Q 2403 2500 ‒ Metsä Board’s cash about 185 m€ at year end 2000 1500 ‒ Average interest rate reduced to 4.6% 783 1000 625 500 0 0 1 2 3 4 5 6 7 8 9 0 1 2 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Metsä Board Metsä Group
Agreement on Metsä Board’s Refinancing Signed in May 2012 ‒ 600 m€ term loan and revolving credit facility agreement with a syndicate of five banks and certain Finnish institutional investors ‒ This agreement will be utilized to refinance the 500 m€ eurobond maturing in April 2013 ‒ Facilities include a 100 m€ RCF available immediately and 500 m€ term loans available from late March 2013 ‒ Maturity of RCF is three years ‒ 150 m€ of term loans matures at end June 2014 and 350 m€ at end March 2016 ‒ The average financing cost of the facilities calculated for the entire loan period is 6.5 % 3 Metsä Board Metsä Group
Loans and Interest Rate At the end of 2012 ‒ Average maturity of long term loans 1,1 years ‒ Average interest rate of loans (including derivatives) 4,6 % ‒ Interest rate maturity of loans (including derivatives) 9,9 months ‒ Of the loans about 72 per cent was subject to variable interest rates and 28 per cent to fixed interest rates 4 Metsä Board Metsä Group
Long-T erm Interest Bearing Liabilities 7 % 3 % 2 % Bonds Pension premium loans Loans from financial institutions 22 % Finance leases Other interest bearing liabilities 66 % Total 810 m€ 31.12.2012 5 Metsä Board Metsä Group
Short-T erm Interest Bearing Liabilities 1 % Metsä Group Short-term bank loans and other 99 % Total 300 m€ 31.12.2012 6 Metsä Board Metsä Group
Interest Bearing Net Liabilities 31.12.2012 m€ ‒ Long-term 810 ‒ Short-term 300 Total interest bearing liabilities 1 110 ‒ Liquidity and other interest bearing receivables 485 Interest bearing net liabilities 625 7 Metsä Board Metsä Group
Long-term Interest Bearing Liabilities and Committed Undrawn Credit Facilities 31.12.2012 m€ 600 Long-term interest bearing liabilities 508 Committed undrawn credit facilities 500 400 350 300 200 150 119 100 100 72 28 22 21 21 20 20 0 2013 2014 2015 2016 2017 2018 2019 >2 019 8 Metsä Board Metsä Group
Liquidity m€ Liquid funds Committed credit facilities 600 500 400 300 200 100 0 I/11 II/11 III/11 IV/11 I/12 II/12 III/12 IV/12 9 Metsä Board Metsä Group
Debt Programs The following table sets forth the significant debt securities issued and outstanding of Metsä Board as at Dec. 31, 2012: Average Long-term borrowings Total amount Outstanding I nterest Rate (1) Maturity (currency in millions) USD 350 million Private Note Issue USD 350 USD 121 10,0 % 2014 EUR 500 million Bond Issue EUR 500 EUR 500 6,3 % 2013 Global Medium-Term Note Program EUR 1 500 EUR 0 – – EUR 66 million bilateral loans EUR 66 EUR 66 6,5 % 2013-2015 EUR 27 million finance leases EUR 27 EUR 27 2,3 % 2013–2020 EUR 230 million pension loans EUR 230 EUR 181 4,8 % 2013–2020 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 Metsä Board Group interest bearing liabilities including interest rate derivatives per 31.12.2012 is 4,6 %. The following table sets forth Metsä Board´s principal long-term liquidity reserves as at December 31, 2012: Average Liquidity reserves Total amount Outstanding I nterest Rate (1) Maturity (EUR in millions) Revolving Credit Facility 2012 EUR 100 EUR 0 – 2015 Bridge Financing Faciility 2012 EUR 150 EUR 0 – 2014 Term Loan Facility 2012 EUR 350 EUR 0 – 2016 Pension loan facilities EUR 230 EUR 181 4,8 % - (1) The average interest rates take into account outstanding interest rate swaps and amortised arrangement fees. 10 Metsä Board 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 2012 Moody’s: Outlook to positive 11 Metsä Board Metsä Group
Thank You! www.metsaboard.com Juha Laine Headof IR +358 10 4654335 juha.laine@metsagroup.com Metsä Board Metsä Group
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