RISI

The PPI Top 100 - most companies in the black

By Mark Rushton Mon, Aug 29, 2011
Advertisement

BRUSSELS, Aug. 30, 2011 (RISI) -Once again, International Paper (IP) heads PPI's Top 100 listing (for fiscal year 2010, based on pulp, paper, converting and merchanting operations), outpacing its closest competitor, Procter & Gamble (P&G), by an almost two-to-one margin, about the same as the 2009 figures. IP had PPCM sales of $24,959 million compared with P&G's $14,736 million. Sales figures for both companies are up slightly over 2009 levels.

Of course, if consolidated sales for the same period are looked at, consumer products giant P&G and Japanese behemoth Marubeni far outpace the rest of the Top 100 with total sales of $78,938 million and $102, 705 million respectively.

Overall, the listing did not have as much swing as other years. The top 10 remained albeit in slightly different order. Stora Enso moved up to third from fifth. Oji dropped down a spot to fourth. Nippon Paper rounded out the top five, up from sixth a year ago. In order, the rest of the Top 10 were: SCA, UPM, Kimberly-Clark, Smurfit-Kappa and Mondi.

Coming off a severe recession, most companies were able to post earnings figures that were in the black. Two in particular, AbitibiBowater and Smurfit-Stone (since taken over by RockTenn) showed remarkable turnarounds although these were helped in no small part by "fresh start accounting" following bankruptcies.

As perhaps can be expected, Chinese companies continued their climb up the sales ladder. Nine Dragons led the way moving into No. 31 on the list with PPCM sales of $2,647 million. This is the highest post a Chinese company had held in the listings. It also marks a big climb for Nine Dragons, which was No. 39 on the list in 2010 and 44 in 2009. All showed strong jumps in PPCM sales

Chinese companies now occupy three spots in the top 50 with Shandong Chenming coming in at No. 35 and Lee & Man at No, 46.

Reflecting the growth of most Asian pulp and paper companies, not just the Chinese, India's BILT moved up 11 spots to 84 on the list, with PPCM sales of $834.3 million in 2010, up from $566 million in 2009.

There are only two newcomers to the Top 100: Shandong Bohui, another going Chinese concern, which came in at 94 after just missing the 2010 list; Portugal's Altri is the other, making its debut at No. 98.

Spain's ENCE, which just made the list last year at the 100 spot, jumped all the way to No. 85, showing a 65% increase in PPCM sales.

In an encouraging sign compared with the past two years, PPCM sales showed an increase of just less than 10% to almost $304,000 million. Paper and board production also showed an increase in 2010 following two years of decline. Production topped 199 million tonnes in 2010, compared with 187.5 million tonnes in 2009. Market pulp also showed some growth, up by about five million tonnes to 43.9 million tonnes.

All six regions in the listing showed an increase in PPCM sales. In 2009, every region but Asia showed a drop. In terms of production of paper, board and market pulp, the percentages and tonnages for each region were remarkably similar to 2009 figures although Europe did show a large jump in the amount of market pulp produced, up almost three million tonnes.

PPI's Million Tonners Club also showed an increase in membership in 2010, up by two to 57 with Billerud and Shandong Bohui Paper joining the club. There is another new name on the list, Bio PAPPEL, but this is the former Durango. In 2010, the members combined to produce almost 186 million tonnes of paper and board compared with the 2009 figure of 171.5 million tonnes.

The million tonners´ club
(Those companies making more than one million tonnes of paper and board in 2010)
Company 2010 Top
100 Rank
P&B Output
(1,000 tonnes)
International Paper 1 11,922
Stora Enso 3 10,812
UPM 7 9,914
Svenska Cellulosa Aktiebolaget (SCA) 6 8,948
Smurfit Kappa Group 9 7,650
Nippon Paper 5 7,292
Nine Dragons Paper Holdings 31 7,280
Sappi 11 6,900
Oji Paper 4 6,861
Smurfit-Stone Container 13 5,896
Abitibi Bowater 20 5,318
NewPage 23 4,400
Norske Skog 30 3,998
Mondi 10 3,697
Temple-Inland 28 3,660
Lee & Man Paper Manufacturing 46 3,500
Domtar 15 3,482
Shandong Chenming Paper Holdings 35 3,350
Cascades 22 3,330
Siam Cement 51 3,191
M-Real 26 2,565
Burgo Group 33 2,562
Daio Paper 19 2,500
Rengo 17 2,465
Holmen 47 2,280
Shandong Sun Paper Industry 70 2,240
Graphic Packaging 21 2,225
RockTenn 29 2,221
Packaging Corporation of America 34 2,216
MWV 16 2,155
Boise 40 1,984
Marubeni 12 1,926
Palm 60 1,890e
Myllykoski 55 1,838
Empresas CMPC 25 1,825
Yuen Foong Yu Paper 50 1,820
Sonoco Products 27 1,800
Bio-PAPPEL 76 1,780
Klabin 44 1,716
Hokuetsu Kishu Paper 37 1,715
DS Smith 38 1,700
Lecta 43 1,643
Verso Paper 52 1,627
Prinzhorn Holding 61 1,600
Mayr-Melnhof Karton 36 1,579
Hansol Paper 59 1,504
Portucel Soporcel 49 1,418
Shandong Huatai Paper 79 1,395
Catalyst Paper 65 1,352
Sequana Capital 14 1,300
Cheng Loong 64 1,184
Clearwater Paper 58 1,171
Suzano Papel e Celulose 32 1,128
KorsnÄs 72 1,125
KapStone Paper & Packaging 88 1,115
Billerud 67 1,009
Shandong Bohui Paper Industry 94 1,001
Total of 57 companies 185,976
See notes accompanying production figures on the Top 100 tables for further details.
Geographic portrait of this year´s top 100
No. of companies1 2010 Sales2($ million) 2009 Sales ($ million) % change 2010/
2009
% of total 2010 Mkt pulp3(1,000 tonnes) % of total 2010 P&B4(1,000 tonnes) % of total 2010
Europe 34 95,428 88,622 7.7 31.4 14,129 32.1 72,664 36.8
North America 32 115,239 107,482 7.2 37.9 13,460 30.6 59,203 30.0
Asia 24 65,331 57,858 12.9 21.5 3,078 7.0 53,782 3.4
Latin America 7 14,936 11,715 27.5 4.9 13,284 30.2 6,760 3.4
Oceania 1 5,199 4,931 5.4 1.7 0 0.0 0 0.0
Africa 2 7,845 6,557 19.6 2.6 0 0.0 6,900 3.5
100 303,978 277,166 9.7 100 43,951 100 199,309 100
1. Due to consolidation moves, some companies have been added and deleted from the Top 100. This will affect the regional breakdown compared to previous years. Companies are listed in a particular region according to the location of their headquarters. 2. Sales from pulp, paper, converting and merchanting only. 3: Only companies making and reporting market pulp are included. 4: Only companies making and reporting paper and board are included.
PPI top 100 of 2010 in alphabetical order
Company Rank
Abitibi Bowater 20
Ahlstrom 63
Altri 98
Amcor 18
Appleton 80
Arauco 48
Arctic Paper 89
Billerud 67
BILT - Ballarpur Industries 84
Bio-PAPPEL 76
Boise 40
Buckeye Technologies 90
Burgo Group 33
Canfor 69
Cascades 22
Catalyst Paper 65
Celulose Nipo-Brasileira CENIBRA) 87
Cheng Loong 64
Chuetsu Pulp and Paper 66
Clearwater Paper 58
Daio Paper 19
De la Rue 100
Domtar 15
Double A 99
DS Smith 38
Empresas CMPC 25
ENCE 85
EUROPAC Papeles y Cartones de Europa 92
Exacompta Clairefontaine 93
Fedrigoni 74
Fibria Celulose 24
Glatfelter 56
Graphic Packaging 21
Greif 97
Hansol Paper 59
Hengan International Group 54
Hokuetsu Kishu Paper 37
Holmen 47
International Paper 1
ITC 86
KapStone Paper & Packaging 88
Kimberly Clark 8
Klabin 44
Koehler 81
Korsnäs 72
Lecta 43
Lee & Man Paper Manufacturing 46
LEIPA Georg Leinfelder 78
Lenzing Group 39
Marubeni 12
Mayr-Melnhof Karton 36
Mercer International 68
Metsä-Botnia 45
Mitsubishi Paper Mills 41
Mondi 10
Moorim Group 73
M-Real 26
MWV 16
Myllykoski 55
Nampak 62
Neenah Paper 96
NewPage 23
Nine Dragons Paper Holdings 31
Nippon Paper 5
Norske Skog 30
Oji Paper 4
Packaging Corporation of America 34
Palm 60
Portucel Soporcel 49
Prinzhorn Holding 61
Procter & Gamble 2
Rayonier 77
Rengo 17
Reno de Medici 95
RockTenn 29
Sappi 11
Sequana Capital 14
Shandong Bohui Paper Industry 94
Shandong Chenming Paper Holdings 35
Shandong Huatai Paper 79
Shandong Sun Paper Industry 70
Siam Cement 51
Smurfit Kappa Group 9
Smurfit-Stone Container 13
Södra 53
Sonoco Products 27
Stora Enso 3
Suzano Papel e Celulose 32
Svenska Cellulosa Aktiebolaget (SCA) 6
SWM 91
Tembec 57
Temple-Inland 28
Tokushu Tokai Paper 75
UPM 7
Verso Paper 52
VPK Packaging 83
Wausau Paper 71
West Fraser Timber 82
Weyerhaeuser 42
Yuen Foong Yu Paper 50
Missing in action
Every year there are companies that should be in the Top 100 that are not. This is because these often extremely prominent companies are privately owned and do not make their financial results public. Below is a list of firms that would almost certainly make the list if their financial results were available:
APP; APRIL; Carter Holt Harvey; Georgia Pacific; Ilim Pulp; Irving; Kruger; Grupo Orsa; Saica; Visy and Pratt Industries; White Birch Paper.

See Related Tables (pdf format):

All PPI publications and websites, including ppimagazine.com are copyrighted. Redistributing content or sharing user names are prohibited by law in virtually every country around the world and may subject you to fines. More detail on terms of use.