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M-real’s operating result excluding non-recurring items for the first half of 2010 EUR 82 million

05/08/2010

M-real Corporation Stock Exchange Release on 5 May 2010 at 12.00 p.m.

M-real’s operating result excluding non-recurring items for the first half of 2010 EUR 82 million

Result for the first half of 2010

Sales EUR 1.278 million (Q1–Q2/2009: 1.208)
Operating result excluding non-recurring items EUR 82 million (-135). Operating result including non-recurring items EUR 84 million (-191)
Result before taxes excluding non-recurring items EUR 39 million (-145). Result before taxes including non-recurring items EUR 25 million (-212)
Earnings per share from continuing operations excluding non-recurring items EUR 0.08 (-0.42) and including non-recurring items EUR 0.03 (-0.61)

Result for the second quarter

Sales EUR 676 million (Q1/2010: 602)
Operating result excluding non-recurring items EUR 43 million (39). Operating result including non-recurring items EUR 35 million (49)
Result before taxes excluding non-recurring items EUR 24 million (15). Result before taxes including non-recurring items EUR 0 million (25)
Earnings per share from continuing operations excluding non-recurring items EUR 0.05 (0.03) and including non-recurring items EUR -0.03 (0.06)

Events during the second quarter of 2010

M-real’s market leadership in folding boxboard strengthened further.
M-real signed a MoU on the partial divestment of the Reflex mill to Metsä Tissue Corporation.
M-real completed negotiations on the reduction of 220 jobs in the Speciality Papers business area.
M-real continued to increase prices of its main products.
M-real announced to redeem early its remaining bonds, maturing in December 2010.

Events after the period

In July, M-real finalised the consultation process related to the permanent closure of the Alizay pulp mill.

“M-real’s profit improvement continued in the second quarter. Demand continued to improve, and we increased the prices of all our main products. We will actively carry out price increases also in the future to cover the higher fibre costs. The profit improvement measures in the paper business are progressing, and we expect them to be completed as planned.”