Munksjö's Q1, the first full quarter after combining Munksjö AB and Ahlstrom's label and processing unit, swings to net income of €4.3M from net loss of €1.9M a year ago; net sales up 86.3% year-over-year, to €287.9M

HELSINKI , May 8, 2014 (press release) – Highlights of the first quarter 2014

-Net sales amounted to EUR 287.9 (154.5) million. The significant net sales improvement was primarily a result of the business combination between Munksjö AB and Ahlstrom Corporation's business area Label and Processing completed in 2013.

-Adjusted EBITDA was EUR 27.4 (11.5) million corresponding to an adjusted EBITDA margin of 9.5% (7.5%).

-Operating result adjusted for non-recurring items was EUR 13.7 (5.0) million. Non-recurring items amounted to EUR -1.0 (-3.0) million and were costs for achieving synergy benefits and for the work in connection with the Statement of Objections from the European Commission.

-Operating result was EUR 12.7 (2.0) million and the net result was EUR 4.3 (-1.9) million.

-Earnings per share (EPS) were EUR 0.08 (-0.15).

KEY FIGURES (MEUR)                Jan-Mar    Jan-Dec
                                2014   2013     2013
Net sales                      287.9  154.5    863.3
EBITDA (adj.*)                  27.4   11.5     55.0
EBITDA margin, % (adj.*)         9.5    7.5      6.4
EBITDA                          26.4    8.5      5.9
EBITDA margin, %                 9.2    5.5      0.7
Operating result (adj.*)        13.7    5.0     15.7
Operating margin, % (adj.*)      4.8    3.2      1.8
Operating result                12.7    2.0    -33.4
Operating margin, %              4.4    1.3     -3.9
Net result                       4.3   -1.9    -57.4
Earnings per share (EPS), EUR   0.08  -0.15    -1.97
Interest-bearing net debt**    237.6  218.3    229.3
*  Adjusted for non-recurring items
** Restated to reflect the adoption of IFRS 11 as explained in the notes to the interim report 

Unless otherwise indicated, the figures in parentheses refer to the figures for the equivalent period in 2013. This interim report is unaudited. It is published in Swedish, Finnish and English. In case of any discrepancies between the three versions, the Swedish text shall prevail. 

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