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Key highlights Q4: *Organic* and currency neutral sales growth of 14% *Solid operating cash flow and strong balance sheet *Shift towards softer demand and declining sentiment. Quarterly data Q4: *Net sales increased by 79% to SEK 11,971 million (6,688), whereof Billerud North America accounted for SEK 4,004 million *Operating profit was SEK 1,353 million (418), including items impacting comparability of SEK -52 million (-177) *Net profit was SEK 940 million (320). Comments by the CEO: Full-year performance 2022 has been excellent. Organic and currency neutral sales growth for the year was 16%. The EBITDA margin was 19% and earnings per share increased from SEK 7.2 to SEK 20.1. The Board of Directors proposes an approximately 75% increase of dividend to SEK 7.5 per share.
The first quarter result was a clear sequential improvement. As we expected, the improvement was mainly derived from stronger sales volumes and stronger price positions within liquid packaging board. We also experienced favorable product mix changes in both regions. Despite headwinds of higher costs for energy, logistics and fiber in Europe, the Group’s EBITDA margin strengthened to 11% in the quarter. Net sales for the first quarter declined by 9% to SEK 10,423 million (11,495). Currency changes had a positive impact of 2%. The organic* and currency-neutral net sales declined by 9%, mainly due to lower sales prices and reduced sales volumes. The Group’s sales volumes totaled 921 ktons (943), negatively impacted by curtailments of production in North America.
Rayonier Advanced Materials Inc. announced that it has completed its previously announced sale of its lumber and newsprint assets to GreenFirst Forest Products Inc., a Canadian lumber company, for a total purchase price of approximately US$235 million, subject to final adjustments. The total purchase price is payable approximately 85 percent in cash and 15 percent of common shares in GreenFirst, which is subject to a six-month holding period. Notably, RYAM retained all the cash generated by the Purchased Assets prior to closing plus rights and obligations related to all softwood lumber duties, including any potential interest on the duties, previously paid to the U.S. Department of Commerce of approximately $110 million. As previously disclosed, the proceeds will be used to repay debt and make strategic capital investments focused on the High Purity Cellulose segment.