M-real's sales were 2,485 million Euros (2,605 million). The operating result, excluding non-recurring items, was 59 million Euros (173). Including non-recurring items the operating result was -214 million Euros (146).The result before taxes excluding non-recurring items was 0 million Euros (92), including non-recurring items -281 million (48). Earnings per share from continuing operations excluding non-recurring items were 0.02 Euros (0.23) and including non-recurring items -0.83 Euros (0.09).Delivery volumes decreased in all main products due to the general economic uncertainty.In the fourth quarter of 2011 M-real's operating result excluding non-recurring items was -22 million Euros (6). The operating result including non-recurring items was -215 million Euros (-13). The result before taxes excluding non-recurring items was -33 million euros in the fourth quarter (-11) and including non-recurring items -230 million (-29).“The uncertainty in the general economic situation in Europe decreased the delivery volumes that weakened our profitability especially in the pulp and paper business in the last quarter of 2011. Paperboard delivery volumes decreased as well, but less than pulp and paper,” said Mikko Helander, CEO of M-real.”Order inflows for cartonboard that declined considerably in the latter half of 2011 have shown a recovery in recent weeks,” Helander continued.