2005 Annual report
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- Headline EPS 7 US cents for the year
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- Sharp input cost increases; limited price increases
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- US impairment and restructuring charges US$204
million; Usutu US$50 million
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- Cash generated by operations US$554 million
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- Dividend unchanged – 30 US cents per share
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More detail on financial highlights |
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The past year was extremely difficult for the global paper and pulp industry. Even though demand improved, continuing surplus paper making capacity depressed prices further, while rising input costs – led by sharply accelerating
energy prices – resulted in squeezed margins and a decline in earnings. |
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Our financial results for 2005 were indeed disappointing. Conditions in the global pulp and paper industry worsened beyond expectations, with continued oversupply and weak pricing power. This was exacerbated by spiralling
input costs, with the run in energy prices driving many
of the increases. |
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