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| 27.06.2002
ZANDERS Feinpapiere AG Annual General Meeting: Restructuring on Course. Zanders becomes a 100% part of M-real |
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Bergisch Gladbach (June 27, 2002): The restructuring at ZANDERS Feinpapiere AG is on course. With an investment package and measures to reduce fixed costs, Zanders is pursuing the aim of becoming more efficient and profitable by the end of 2003. Following a squeeze-out, Zanders becomes a 100% part of M-real.
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At today’s annual general meeting in Bergisch Gladbach, Dr. Jürg Müller, Chairman of the Board of Management of ZANDERS Feinpapiere AG, said, “The restructuring measures are pursuing the aim of making Zanders more efficient and more competitive. We are convinced that we can make Zanders fit for the future with investments and a substantial reduction in the fixed costs.” Structural changes will be made together with Zanders’ owner M-real. Following the squeeze-out, M-real will hold a 100% stake in Zanders. The current financial year is characterised by the integration of Zanders into M-real. In future the whole of Zanders will form a subdivision of M-real’s Commercial printing business area.
Declining annual turnover in 2001 due to decreasing volumes
Turnover of Zanders Feinpapiere AG fell in comparison with the very good 2000 financial year from € 579.8 million to € 481.4 million. This was entirely caused by decreasing sales volumes. Total sales decreased from 430,300 tonnes in the previous year to 360,000 tonnes in 2001. Substantial one-time effects totalling more than € 60 million have negatively impacted the 2001 annual result. These include provisions and value adjustments concerning restructuring and integration. All previous and value adjustments relating to these special effects have been booked in M-real’s group accounts for 2001. In 2001 ZANDERS Feinpapiere AG shows a net loss including all special effects of € 69.4 million. (Previous year net loss: € 6.2 million). The operating performance (EBIT before special effects, according to Finnish GAAP) is close to break even. The operating profit (EBIT according to Finnish GAAP) for the Zanders Group was € 0.2 million.
Improved result in 1st quarter of 2002
The performance of the Zanders Group improved in Q1 of 2002, with earnings before interest and taxes (EBIT for the Zanders Group according to Finnish GAAP) amounting to € 6.1 million . The improvement in earnings is based on improved volume development (plus 9 percent compared with Q4 in 2001). It is also based on a strict pricing policy and rigid fixed costs management.
The result in Q1 was thus better than planned. Nevertheless Zanders remains cautious in its estimate for further development in 2002. The economy remains slack and the improvement trends in the fine paper markets have not continued into the 2nd quarter. This indicates quiet summer months in terms of volume, with an upturn not anticipated until autumn. Considerable production adjustments will again be necessary. Benno Hundgeburt: “Our estimate for the whole of 2002 therefore remains unchanged: We are confident of achieving improved earnings this year and of seeing Zanders back in the black figures.”
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| Press inquiries: |
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M-real Zanders GmbH
Stefan Küchler
An der Gohrsmühle | Postfach 20 09 60 | D-51465 Bergisch Gladbach
Tel: +49 (0) 2202 15 2050 Fax: +49 (0) 2202 15 2821
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