Imatra, Finland, 2018-03-11 16:00 CET
SUMMARY 1 Jan – 31 Dec 2017 (1 Jan – 31 Dec 2016)
· The Group's forest assets grew in value by 9.1%, to €1,371.2 million, and the balance sheet value exceeded €1.5 billion
· The company’s forestland area increased by some 26,000 hectares in Finland and some 4,500 hectares in Estonia
· Due to a high demand for wood, net sales increased by 4.8%, to €101.6 million. Net sales and operating profit increased in all operating countries of the company
· The core business, timber sales, set a record: €94.8 million and some 3.0 million m3
· Adjusted operating profit increased by 7.7%, to €72.4 million
· The IFRS profit for the period at fair value was €77.9 million, the effect of the change in the value of growing stock being +€20.0 million before taxes
· There was a clear upturn in market interest rates, which had a positive effect on the fair values of Tornator’s interest rate instruments, with a profit effect of +€26.3 million before taxes
· Cash flow from operations after financial items and taxes was strong, €46.0 million.
Complete translations of Financial Statement Release and Financial Statements are attached.
For further information, please contact:
Sixten Sunabacka, Chief Executive Officer, tel. +358 400 366 148
Henrik Nieminen, Chief Financial Officer, tel. +358 40 869 7613