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Valmet sales decline 28% in Q4

07 Feb '14

2 min read

Valmet Corporation's releases Financial Statements for the period December 31, 2013. Financial Statements Review January-December 2013 shows solid performance in services and focuses on profitability improvement.

Metso Corporation's partial demerger was concluded on December 31, 2013.The financial carve-out data presented in these Financial Statements depicts the financial data of the companies that formerly made up Metso Corporation's Pulp, Paper and Power segment.

The balance sheet as at December 31, 2013 is based on actual figures, while the income statement, cash flow and all comparison figures are based on financial carve-out data. Figures in brackets, unless otherwise stated, refer to the comparison period, i.e. the same period previous year.

October-December 2013: Challenging final quarter

-Orders received amounted to EUR 428 million (EUR 678 million).

-Orders received remained on a par with the Services business line's 2012 level and declined in the Energy, and Board and Paper business units.

-Net sales declined by 28 percent to EUR 666 million (EUR 925 million).

-Net sales for the service business remained on the previous year's level, while net sales for the capital business declined.

-Earnings before interest, taxes and amortization (EBITA) and non-recurring items were EUR -25 million (EUR 54 million), and the corresponding EBITA margin was -3.7 percent (5.8%).

Profitability decreased, mainly because of a delay linked to an individual, major pulp project delivery and the project's higher-than-estimated costs (about EUR 30 million). Capacity utilization in the Board and Paper, and Energy business units was also low.

Earnings per share were EUR -0.41 (0.04).

Non-recurring items related to the profitability improvement program amounted to EUR 29 million (EUR 24 million) and expenses related to the demerger totaled EUR 5 million.

Operational cash flow was EUR -38 million (EUR -81 million).

Cash flow after investments was EUR -48 million (EUR -98 million).

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