In connection with the announcement of its third quarter results on 22 October 2009, M-real expected the fourth quarter operating result, excluding non-recurring items, to be clearly better than the results of the two first quarters of the year. Mainly due to improved operating rates and own profit improvement measures and despite the seasonally lower delivery volumes in December, the fourth quarter operating result, excluding non-recurring items, was clearly better than also the third quarter 2009. M-real's annual sales in 2009 were approximately 2,440 million Euros, and the operating result, excluding non-recurring items, was approximately -150 million Euros.M-real's equity was positively impacted by approximately 58 million Euros due to the divestment of Metsä Botnia's Uruguayn operations and Pohjolan Voima Oy shares, as well as the change in Metsä Botnia's ownership structure.