M-Real Oyj http://www.alacrastore.com/company-snapshot/M_Real_Oyj-2110543 Thursday, August 21, 2008 5:49:27 PM 2110543 M-Real Oyj en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/72946cs/72946norm Norske Skog #Q##: Bad Streak Continues We discuss Norske's #Q## earnings in the context of lower European newsprint prices and rampant input cost inflation. We update pro forma credit metrics and covenant ratios for the Korea sale...729462612YesD0Article19131179corphy154163968Earnings Reports - Industrials/Consumer54Euro Markets Issuers42High Yield8/7/2008 9:11:00 PM150Norske reported another weak quarter as lower newsprint contract prices in Europe and input cost inflation across all geographical markets killed its margins.72946Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72470cs/72470norm The Printing & Writing Paper Monthly: July #### We discuss whether the sudden drop in coated paper demand in North America in the past # months could be a possible tipping point for pricing power in the market. We provide an overview...724702703YesD0Article191340392152381169corphy1712251642High Yield54Euro Markets Issuers7/31/2008 10:11:51 PM150In June, coated paper demand in North America continued its poor streak. However, NewPage responded with a large-scale closure.72470Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72564cs/72564norm Sappi Fiscal #Q##: Cost Inflation Largely Offsets Earnings Growth We discuss Sappi's fiscal #Q## earnings in the context of higher CFS prices in North America and South Africa, offset by rising input cost inflation. We focus on relative...725641761YesD0Article4019133912101179corphy1851163968Earnings Reports - Industrials/Consumer42High Yield54Euro Markets Issuers7/31/2008 10:11:51 PM150Sappi reported fiscal 3Q08 adjusted EBITDA of $182 million, up slightly from $176 million in the year-ago quarter.72564Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72386cs/72386norm Louisiana-Pacific #Q##: Poor Streak Continues We discuss LPX's #Q## earnings in the context of the weak U.S. housing market and input cost inflation. We stack the company's potential cash needs in #H## against its available liquidity...723861896YesD0Article49421528631913corphy12251668Earnings Reports - Industrials/Consumer42High Yield7/29/2008 11:13:15 PM150Liquidity remains on the forefront as Louisiana-Pacific posted poor 2Q08 earnings.72386Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/661316spcred/661316normThe latest News from S&Pglobal7/24/2008 3:40:03 PM100News661316FinlandPaper ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsForest ProductsNewsSTOCKHOLM (Standard&Poor's) July 24, 2008--Standard&Poor's Rating Services said today it revised its outlook on Finland-based forest product company M-real Corp. to negative from stable. At the same time, all ratings on M-Real were affirmed, including the 'B-' long-term and 'B' short-term corporate credit ratings. "The outlook revision reflects deterioration in M-Real's liquidity position," said Standard&Poor's credit analyst Jacob Zachrison. The deterioration results from negative operating cash flow generation in the first half of 2008 with poor prospects for any significant medium-term improvement, large upcoming debt maturities in 2009, and the expiry in 2009 of a €500 million revolving credit facility which is M-real's key liquidity source. These factors could lead to serious difficulties inFINX5594C15105020 151050 1510 15M-real Corp.328964EUROMIDAFRUSAMRLBV@FHNEWSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661317spcred/661317normThe latest Research Update from S&Pglobal7/24/2008 3:40:03 PM175Research Update661317FinlandPaper ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsForest ProductsResearch UpdateOn July 24, 2008, Standard&Poor's Rating Services revised the outlook on Finland-based forest product company M-real Corp. to negative from stable. At the same time, all ratings on M-Real were affirmed, including the 'B-' long-term and 'B' short-term corporate credit ratings. The outlook revision reflects deterioration in M-Real's liquidity position, resulting from negative operating cash flow generation in the first half of 2008 with poor prospects for any significant medium-term improvement, large upcoming debt maturities in 2009, and the expiry in 2009 of a €500 million revolving credit facility which is M-real's key liquidity source. Combined, these factors could lead to serious difficulties in meeting its debt obligations over the next 18 months. The ratings on M-real continueFINX5594C15105020 151050 1510 15M-real Corp.328964EUROMIDAFRUSAMRLBV@FHRESUPDGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/72105cs/72105norm M-Real #Q##: Long Road Ahead We discuss M-Real's #Q## earnings in light of rampant input cost inflation, the strong Euro, and a string of price increases. We evaluate relative value for #-yr and #-yr protection in the context of the...721052385YesD0Article1913corphy71391690Covenants54Euro Markets Issuers42High Yield7/23/2008 11:12:00 PM150M-Real reported 2Q08 adjusted EBITDA of €54 million, down from €77 million in the year-ago quarter. We evaluate relative value by stacking M-Real's hefty maturity schedule against potential sources of liquidity.72105Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1902554ccbn/T1902554norm...Ladies and gentlemen, you are very welcome to M-real's webcast. My name is Mikko Helander and I am M-real's CEO. I have here in our Tapiola office also Seppo Parvi, our CFO, and Juha Laine, M-real's Head of Communication. After the presentation, we have plenty of time for your challenging questions. Let's look first our key events in the second quarter ####. We raised the profit improvement and complexity reduction program target from EUR###m to EUR###m. We divested ###,### of Pohjolan Voima B# shares for EUR##m. Those shares do not have impact on our today's energy self-sufficiency, because the shares give rights for the new nuclear power plants starting at the beginning of the next decade. After transaction, M-real's ownership in the new reactor under construction is #% and in the two current units ##%. We booked from the divestment EUR##m positive non-recurring profit impact. At the same time, we booked remaining PVO shares at fair value. This has increased, together with the sale of... 7/23/2008 5:12:00 PMM-real Corporation54.0000FinalHalf Year 2008 M-real Corporation Earnings Conference Call TranscriptMRLAV.HE3:00pm EETTranscriptT1902554Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/71432cs/71432norm The Printing & Writing Paper Monthly: June #### We discuss the larger-than-expected drop in coated paper demand in North America as a possible tipping point for pricing power in the market. We provide an overview of macro fundamentals...2579YesDArticle191340392152381169corphy1712251642High Yield54Euro Markets Issuers7/9/2008 2:17:00 AM150A huge decline in demand jolted coated paper markets in North America.07143271432Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70805cs/70805norm European Paper #Q## Recap: Gloomy Days We recap a weak first quarter for the European paper industry in the context of rampant input cost inflation and weak supply-demand fundamentals for key paper grades. We detail the major factors...708053024YesD0Article1913117912103940corphy118571154163954Euro Markets Issuers42High Yield6/19/2008 1:11:00 AM150We recap a weak first quarter for the European paper industry with special attention to relative value for M-Real.70805Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70598cs/70598norm The Printing & Writing Paper Monthly: May #### We discuss pricing power for coated paper in North America as producers have almost finished implementing their second price hike in ####. The impressive pricing trend continued in North...705981692YesD0Article191340392152381169corphy171225High Yield54Euro Markets Issuers6/16/2008 2:11:00 AM150North American and European paper producers announced a string of price increases even as April data was lukewarm at best.164270598Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70089cs/70089norm M-Real #Q## Tearsheet A steady stream of asset sales have provided positive credit impetus and improved the company's liquidity profile.We view M-Real's ##% stake in Botnia to be an undervalued source of liquidity if push comes to shove.The...70089604YesC21Tearsheet1913tearsheets/premium166/4/2008 4:10:09 PM15070089Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69058cs/69058norm Norske Skog #Q##: Crushed by Euro Newsprint and Input Costs We discuss Norske's #Q## earnings in the context of price erosion for European newsprint and rampant input cost inflation in all geographic markets. We focus on relative value...90150Norske got its first taste of newsprint contract price declines in Europe, and it was bitter.690582951YesD0Article19131179202corphy15411668Earnings Reports - Industrials/Consumer54Euro Markets IssuersCovenants5/8/2008 9:11:00 PM69058Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68907cs/68907norm Sappi Fiscal #Q##: Impressive Quarter Despite Input Cost Inflation We discuss Sappi's fiscal #Q## earnings in the context of flourishing CFS markets in North America offset by rising input cost inflation. We focus on relative value...689071779YesD0Article1179121019134039corphy11851668Earnings Reports - Industrials/Consumer42High Yield5/6/2008 10:11:00 PM150We discuss relative value for Sappi in the context of a healthy YoY earnings improvement despite rising input costs.68907Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68827cs/68827norm The Printing & Writing Paper Monthly: April #### We discuss pricing power for coated paper in North America as producers have almost finished implementing their second price hike in ####. The North American cut-size price hike is in...688273347YesD0Article1179191312104039382021169corphy1225711642High Yield5/5/2008 11:11:57 PM150In March, pricing initiatives in North America and Europe gained traction despite weak global demand for key paper grades.68827Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68412cs/68412norm UPM & Stora Enso #Q##: Brother, Can you Spare a Log? Considering three of the major European paper names have come in below expectations, we discuss broader themes related to the precarious wood supply situation and the heated M&A landscape...684124796YesD0Article4012103919131179corphy1711668Earnings Reports - Industrials/Consumer54Euro Markets Issuers4/28/2008 9:11:17 PM150We reevaluate relative value as rampant wood cost inflation, Euro appreciation and weak timber markets marred UPM and Stora's 1Q08 earnings.68412Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/645112spcred/645112normThe latest Full Report from S&Pglobal4/28/2008 3:51:41 PM400Full Report645112FinlandPaper ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsForest ProductsFull ReportLeading fine paper and consumer packaging producer with an asset base in line with the industry average Some product diversification through paperboard and magazine operations High self-sufficiency in pulp and, to a lesser extent, energy High dependence on the cyclical and challenging European fine paper markets Limited geographical diversification Weak operating performance and cash flows Weak debt-protection measures, a liquidity position exposed to covenants, and refinancing concerns over the near term The ratings on Finland-based forest product company M-real Corp. reflect its exposure to challenging market conditions, commoditized products, weak pricing power, and high and escalating input costs. They also reflect its weak operating performance, profitability, credit measures, and increased refinancing and liquidity risks. These factors are partly offset byFINX5594C15105020 151050 1510 15M-real Corp.328964EUROMIDAFRUSAMRLBV@FHFULLGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645115spcred/645115normThe latest Summary from S&Pglobal4/28/2008 3:51:41 PM175Summary645115FinlandPaper ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsForest ProductsSummaryThe ratings on Finland-based forest product company M-real Corp. reflect its exposure to challenging market conditions, commoditized products, weak pricing power, and high and escalating input costs. They also reflect its weak operating performance, profitability, credit measures, and increased refinancing and liquidity risks. These factors are partly offset by the group's large and modern asset base, significant restructuring initiatives, meaningful diversification among paper grades, and sizable shares of the European fine paper and paperboard markets. On March 31, 2008, M-real had adjusted debt of about €2.3 billion (including about €86 million in postretirement and leasing liabilities). About two-thirds of M-real's sales are derived from the challenging publishing and printing segments. This exposes the company to cyclical demand volatility when economicFINX5594C15105020 151050 1510 15M-real Corp.328964EUROMIDAFRUSAMRLBV@FHSUMMARYGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/68258cs/68258norm M-Real #Q##: Asset Sales Remain Key Focus We discuss M-Real's #Q## earnings in the context of rampant cost inflation, a strong Euro and weak supply-demand fundamentals in European coated paper markets. We provide an update on M-Real's...682582581YesD0Article1913corphy71391690Covenants68Earnings Reports - Industrials/Consumer42High Yield4/23/2008 10:11:20 PM150As M-Real's earnings continue to disappoint, asset sales will be key to meeting debt maturities.68258Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1826104ccbn/T1826104norm... - M-real Corporation - CEOOkay, ladies and gentlemen. You are very welcome to M-real's call. My name is Mikko Helander. I am the CEO of M-real, and we have here also Mr. Seppo Parvi, our CFO, and Mr. Juha Laine, M-real's head of communication and investor relations. Let's start from the key events in first quarter ####. We implemented price increases in coated magazine paper and folding boxboard business. Anyhow, weak US dollar and British pound have offset the impact to some extent. The good news is that our new profit improvement and complexity reduction program is proceeding as targeted. In many respects, the important issue was [M-real's] divestment and related contract of the UK industrial operations pension liabilities. The financial result was satisfactory. Non-recurring gain was EUR## million, and positive cash impact EUR## million. And as early told, new [items] will be converted to the other grades improving uncoated fine paper market balance in Europe starting from ####. Kangas... 4/23/2008 2:14:00 PMM-real Corporation54.0000FinalQ1 2008 M-real Corporation Earnings Conference Call TranscriptMRLAV.HE3:00pm EETTranscriptT1826104Credit & Investment ResearchThomson Street Events