Financial information
During July 2009 Munksjö's owner, the fund EQT III, injects 40 million euro in equity. Senior debt has been renegotiated to longer maturities and better terms and mezzanine lenders have converted their loans (130 million euro) corresponding to 20 per cent of the shares.
The new financing provides Munksjö with a stable and long-term capital structure and reduces the Group's interes cost to less than half. Munksjö equity ratio will be over 25 per cent, the net debt/equity ratio 1.4 and net debt 180 million euro.
The Year in Brief and Key Figures 2008
The year has been characterized by the extreme global economic downturn with overcapacity, fierce price competition and high and increasing energy costs. The focus has been to improve productivity and reduce costs by closing down non-profitable plants and internal programmes to improve efficiency. During 2008 the production of decor paper at the plant in Besozzo, Italy was closed down. The closure affected about 170 employees. Decision was also made to cease production of decor paper at the facitlity in US.
| EUR M |
2008 |
2007 |
2006 |
2005 |
| Net sales |
379.3 |
421.8 |
434.7 |
425.1 |
|
|
|
|
|
| EBITDA |
26.5 |
46.4 |
49.2 |
57.7 |
| Operating depreciation |
-24.4 |
-23.3 |
-19.3 |
-19.4 |
| Goodwill amortization |
-9.2 |
-9.2 |
-9.1 |
-9.2 |
| EBIT |
-7.1 |
13.9 |
20.8 |
29.1 |
|
|
|
|
|
| EBITDA margin% |
7 |
11 |
11 |
14 |
|
|
|
|
|
| Average number of employees |
1,316 |
1,423 |
1,440 |
1,447 |
| - Excluding closed units |
1,060 |
|
|
|
|
|
|
|
|
| NET SALES BY BUSINESS UNIT (EUR M) |
| Decor |
211 |
| Billingsfors |
56 |
| Electrotechnical Paper |
27 |
| Aspa Bruk |
84 |
| Inpak |
5 |
| Elimination of Group |
-4 |
| Total Munksjö Group |
379 | |
| AVERAGE NUMBER OF EMPLOYEES |
| Decor |
443 |
| Billingsfors |
276 |
| Electrotechnical Paper |
125 |
| Aspa Bruk |
177 |
| Inpak |
24 |
| Munksjö Group |
15 |
| Total Munksjö Group |
1,060 |
|
| NET SALES BY PRODUCT AREA |
| Decor |
55% |
| Spantex |
7% |
| Thin Paper |
8% |
| Electrotechnical paper |
7% |
| Pulp |
22% |
| Inpak |
1% | |
| SALES BY COUNTRY |
| Nordic countries |
9% |
| Germany |
27% |
| Other Europe |
40% |
| America |
10% |
| Asia |
10% |
| Rest of the world |
4% | |
|
|
|
EBITDA= Operating profit before depreciation excluding non-recurring items.
EBIT= Operating profit excluding non-recurring items and write-downs of tangible and intangible fixed assets in closed operations.
The Munksjö Group is not doing any public Annual Report for 2008.
Official Annual report in Swedish, according to Swedish law, for Munksjö AB, 556669-9731, can be ordered from the Swedish Companies Registration Office (Bolagsverket).
www.bolagsverket.se |