Crown Van Gelder N.V.
Download
1 / 32

Crown Van Gelder N.V. Velsen - PowerPoint PPT Presentation


Crown Van Gelder N.V. Velsen. Annual results 2006. Presentation 9 February 2007. Agenda 9 February 2007. Opening Highlights 2006 Key figures Production volume and geographical spread of sales volume Pulp shipments, price and volume outlook Raw materials cost Finance

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha

Download Presentation

Crown Van Gelder N.V. Velsen

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Crown Van Gelder N.V.

Velsen

Annual results 2006

Presentation 9 February 2007


Agenda 9 February 2007

  • Opening

  • Highlights 2006

  • Key figures

  • Production volume and geographical spread of sales volume

  • Pulp shipments, price and volume outlook

  • Raw materials cost

  • Finance

  • Results and outlook European paper companies

  • Outlook Deutsche Bank and Nordea

  • NBD

  • Outlook CVG for 2007

  • Questions


Highlights 2006

  • Net result EUR 2.2 million, down 75% on revised 2005

  • Sales volume increase of 4.2% to 208,800 ton

  • Selling price up by 1% on 2005

  • NBD in line with expectation (15,000 ton)

  • Dividend proposal of EUR 1.00 per share certificate (196% pay out)

  • Restructuring of paper industry making a good pace


Key figures 2002-2006

1) 2005 figure revised


WF Uncoated European order inflow total – 3 weeks average

Bron: Cepifine


Production and sales volume CVG

Geographical spread of sales volume CVG

15%

10%

Netherlands

Outside Europe

6%

19%

Other Europe

France

15%

Belgium/Luxembourg

22%

13%

Germany

United Kingdom


Shipments of Market Pulp in million tons 2005

Bron: Das Papier


NBSK (benchmark pulp)

Voorwaarden: termijncontracten CIF West-Europese havens

Bron: FOEX/PIX-index


BHKP

Voorwaarden: termijncontracten CIF West-Europese havens

Bron: FOEX/PIX-index


Consolidated profit & loss account

(EUR x 1,000) (unaudited)


Result analysis 2006 vs 2005


Result analysis 2006 vs 2005


Consolidated Balance Sheet

(before profit appropriation)

(EUR x 1,000) (unaudited)


Consolidated Cash Flow Statement

(EUR x 1,000) (unaudited)


Pension accounting

Comparison of differences in pension accounting (“corridor approach” versus “SoRIE approach”


Results and outlook European paper companies


StoraEnso results

Sales EUR 14,6 billion; 43,900 employees

  • Net profit of EUR 589 mln (2005: EUR -107 mln revised)

  • Non-recurring items EUR -134 mln (2005: EUR -417 mln)

  • Operating profit Fine Paper division EUR 166 mln (2005: EUR 62 mln)

  • Sales volume up 9% to 3.8 mln ton (7 weeks strike in 2005)

  • Selling price Fine Paper up 1%

  • ROCE Fine Paper 7.1% (2005: 2.4%)


UPM-Kymmene results

Sales EUR 10,022 mln; 28,704 employees

  • Net result increased from EUR 261 mln to EUR 338 mln in 2006

  • Non-recurring items EUR -189 mln (2005: EUR -240 mln)

  • Operating profit Fine and Speciality Papers division increases from EUR 85 mln to EUR 108 in 2006

  • Sales volume up 16% to 3,550 mln ton (2005: effect of Finnish strike and start-up papermachine in China)

  • Selling prices -1% (2005: -1%)

  • ROCE up to 5.4% (2005: 3.3%)


M-Real results

Sales EUR 5,6 mln; 14,125 employees

  • Net result of EUR -399 mln (2005: EUR -80 mln)

  • Non-recurring items EUR -316 mln (2005: EUR 32 mln)

  • Operating profit Office Paper Division EUR 7 mln (2005: EUR 4 mln), excluding non-recurring items

  • Sales volume up by 0.5% to 1,039 mln ton

  • Selling prices +2.8%

  • ROCE Office Paper Division 1.0% (2005: 0.6%), including non-recurring items -2.3% (2005: -0.5%)

  • EUR 15 mln write down on Wifsta mill (closure June 2007)


Outlook

  • Board of Directors StoraEnso: “In Europe the outlook for fine paper remains healthy, with demand and shipments in the first quarter predicted to be up on a year ago and the previous quarter. Higher prices are anticipated in uncoated fine paper, and price increases have been announced in coated fine paper …..”

  • UPM-Kymmene: “Demand for printing papers is forecast to grow somewhat from last year. The strongest growth in demand will be in emerging markets. We expect paper deliveries to increase over last year. Average paper price is slightly higher in Q1 2007 than Q4 2006.”


Outlook

  • Mikko Helander (CEO M-Real): “In fine paper products, capacity utalization rates are very high at the beginning of the year. We have initiated measures to increase the prices of fine paper products and are currently confident that we will be able to push through these increases at least in part. Our result for 2007 will be burdened by an increase of production input costs, estimated at more than EUR 100 million. In order to achieve a positive result before taxes …. we must be able to raise the prices of our paper products.”


ROCE Comparison

CVG and Peer Group


Pulp production to be modernised 1Q08

PM3 modernization 4Q07

PM4 to be converted 2Q07

Stora Enso Oulo

Stora Enso Veitsuluoto

PM6 to be closed 2Q07

PM2 limited 1Q07

IP Svetogorsk

Pulpline to be closed 2Q07

Stora Enso Varkaus

M-Real Husum

‘0606: - 700,000 t / -2,500 employees

‘0701: Investment in Jämsänkoski mill

PM8 overhauled 1Q06

UPM Jämsänkoski

M-Real Kangas

UPM Tervasaari

To be closed 1H07

‘0606: - 370,000 t / - 2,500 employees

M-Real Wifsta Warf

Ahlstrom

UPM Voikkaa

‘0701: - 235,000 t WFU / - 215,000 t SC

UPM Kymi

Sold to financial investor 1H06

SE Grycksbo

‘0606: - 120,000 t WFU / - 240 employees

PM7 Closed 3Q06

‘0701: - 175,000 t WFU / - 310,000 t WFC

Klippan

Bankrupt, sold to investor

Closed down

Mondi Syktyvhar

Mill closed 3Q06

‘0606: - 45,000 t WFU

Cham Hunsfos

IP Taite

‘0701: Future growth outside North America

Coater shut down 2H06

A. Wiggins

Question mark

‘0606: + 500,000 t WFU in 2009 ?

PM1 modernization 4Q07

Stora Enso Nymölla

‘0701: Focus WFU A4 and sheets

To be closed 2007/08

To be closed 2007

Under review 2007

IP Kwidzyn

SE Uetersen

UPM Nordland

Arctic Kostryn

M-Real UK Paper

Drewsen

SE BPF

To be closed 2007

Closed down

SE Reisholz

Sappi Maastricht

Sappi Nash

PM6 & 7 to be closed Feb 2007

M-Real Zanders (Gohrsmühle)

M-Real Alizey

Reorganisation 2006

M-Real PWA (Stockstadt)

Reorganisation 2006

SE Corbehem

Köhler

M-Real PSM

Mondi Ruzomberok

PM3 & PM4 closed 2Q06

Mondi Ybbstal/Kematen

UPMDocelles

IP Maresquel

Mondi Szolnok

Ziegler

Mondi Dunaujvaros

Cham

Sold to investor 2Q06

Goricane

Mill closed 3Q06

Ahlstrom Sibille

Tenero

IP USA sold coated and superc. business (2,000,000 tpa) 2Q06

Pap. de Cran

IP Saillat

Pont de Claix

PM1 revamp 2Q06

Sold to Trierenberg 2006

Zicunaga

IP USA will convert 350,000 t uncoated to 500.000 t liner board 2007

Start-up new 500K tpa

WFU PM planned 1H09 ?

Receivership

Until July 07

Closed down 2006

Question mark

Mill closed 2006

Soporcel

IP China Studying uncoated freesheet machine

IP Brazil expansion focus uncoated paper

Mondi RSA PM31 switch to

WFU office paper late 2005


Deutsche Bank Sector Outlook

CAGR

New estimates


Deutsche Bank Sector Outlook

New estimates


Nordea P&P Market Monitor


World players of digital printers

Xeikon 6000

Inkjet = contactloos & snel

Versamark VT 3000 / VX 5000

NBD

HP Indigo 3250

Xerox iGen3

Oce Variostream 9000


Development of printing presses

Source: PIRA International


Development digital printing

Source: PIRA International


Crown Digital range


Outlook for 2007

  • Volume up to 217,000 ton

  • Positive effect of reduction in capacity will gain momentum

  • Gradual price increases

  • Cost pushes from pulp price and energy costs

  • Strict control on costs and investments

  • Outlook 2007 yet uncertain


Product portfolio

Questions


ad
  • Login