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Nordic Paper Year-end report January – December 2021

Regulatory

Publish date: 28 Jan 2022 07:30

quarterly results october - december

  • Net sales increased by 21% to SEK 810m (670).
  • EBITDA was SEK 124m (144) corresponding to an EBITDA margin of 15.4% (21.4).
  • Operating profit amounted to SEK 61m (113), corresponding to an operating margin of 7.5% (16.8%). Excluding write-down of SEK 32m in relation to the closure of the pulp production in Säffle, adjusted operating profit was SEK 93m (113) corresponding to an adjusted operating margin of 11.4% (16.8).
  • Net result for the period amounted to SEK 45m (75) and earnings per share was SEK 0.67 (1.13).
  • Cash flow from operating activities was SEK 75m (17).
  • Return on operating profit was 15.9% (26.9).
  • Sales volume increased by 8% to 69 ktonnes (64).
  • On 31 December 2021 the Canadian specialty paper producer Glassine Canada Inc was acquired for a preliminary purchase price on a cash and debt free basis of SEK 644m. The acquisition strengthens the position of the group in the North American market for greaseproof papers.
  • The Board of Directors proposes a dividend of SEK 2.00 per share, corresponding a total amount of SEK 134m.

key figures

SEKm 2021

Q4
2020

Q4
Δ, % 2021    Full year 2020    Full year Δ, %
Net sales 810 670 21 3,083 2,903 6
EBITDA 124 144 -13 358 458 -22
Adjusted EBITDA 1 124 144 -13 434 458 -5
EBITDA-margin, % 15.4 21.4 11.6 15.8
Adjusted EBITDA-margin, % 1 15.4 21.4 14.1 15.8
Operating profit 61 113 -46 208 348 -40
Adjusted operating profit 1, 2 93 113 -18 316 348 -9
Operating margin, % 7.5 16.8 6.8 12.0
Adjusted operating margin, % 1, 2 11.4 16.8 10.3 12.0
Profit for the period 45 75 -41 144 258 -44
Earnings per share, SEK 0.67 1.13 2.15 3.85
Cash flow from operating activities 75 17 331 408 352 16
Return on operating capital 12m, % 15.9 26.9 15.9 26.9
Net debt/EBITDA 12 m, ratio 3 3.7 1.6 3.7 1.6
Sales volume, ktonnes 69 64 8 281 267 5

1 Full year 2021 adjusted for the SEK 76m provision that was made in Q2 2021 for remediation of buildings and land in Säffle

2 Q4 2021 and full year 2021 adjusted for the SEK 32m write-down of the pulp production in Säffle that was made in Q4 2021

3 Net debt adjusted for the acquisition of Glassine Canada amounts to SEK 674m and corresponds to a net debt excluding the acquisition of Glassine Canada Inc/EBITDA 12 m ratio of 1.9

For further information, please contact:

Niclas Eriksson, CFO

Tel: +46 705 654 257

E-mail: niclas.eriksson@nordic-paper.com

Henrik Essén, Head of Strategy and IR

Tel: +46 730 573 801

E-mail: henrik.essen@nordic-paper.com

This is information that Nordic Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7.30am CET on 28 January 2022.

Nordic Paper is a leading specialty paper producer with its base in Scandinavia. We have been manufacturing top-quality kraft papers and natural greaseproof papers since the 19th century. Our products are based on renewable raw material from local forests. From our five paper mills, four in Scandinavia and one in Canada, we supply customers in more than 70 countries. Nordic Paper had in 2021 net sales of approximately SEK 3,100m, about 690 employees and is listed on Nasdaq Stockholm. www.nordic-paper.com