Stora Enso's Historical Figures According to IFRS 11 Joint Arrangements
19 Março 2014 - 4:03AM
STORA ENSO OYJ STOCK EXCHANGE RELEASE 19 March 2014 at 9.00
EETStora Enso adopted the new IFRS 11 Joint Arrangements as of 1
January 2014. The change affects the accounting treatment of Montes
del Plata and Veracel which are now treated as joint operations and
thus Stora Enso's 50% ownership is consolidated with the
line-by-line method. Previously these two entities were
consolidated using the equity method. The line by line
consolidation of Stora Enso's 50% ownership of Montes del Plata and
Veracel has no impact on published operational EBIT, net profit,
equity or earnings per share. The line by line consolidation
impacts all the primary statements in the consolidated financial
statements. The impacts are summarised below:
- Increase in operational EBITDA
- Increase in property, plant and equipment, biological assets
and net debt
- Decrease in equity accounted investment
- Increase in capital expenditure and decreases in equity
injections to equity accounted investments.
Historical figures according to the new standard are presented
in the tables below. Additionally, the Group has revised the
presentation of the cash flow statement to reflect better the
underlying cash movements.CTA = Cumulative Translation Adjustment,
EAI = Equity Accounted Investments, NCI = Non-controlling
Interests, NRI = Non-recurring Items, OCI = Other Comprehensive
IncomeEffects of Changes to IFRS 11 Joint
Arrangements
|
Restated |
|
Change |
|
As
published |
EUR million |
2013 |
2012 |
|
2013 |
2012 |
|
2013 |
2012 |
Sales |
10 563 |
10 837 |
|
19 |
22 |
|
10 544 |
10 815 |
Operational EBITDA |
1 090 |
1 154 |
|
46 |
60 |
|
1 044 |
1 094 |
Operational EBIT |
578 |
630 |
|
- |
- |
|
578 |
630 |
Operating profit (IFRS) |
50 |
716 |
|
16 |
15 |
|
34 |
701 |
Net profit/loss for the period |
-71 |
490 |
|
- |
- |
|
-71 |
490 |
|
|
|
|
|
|
|
|
|
Capital expenditure |
760 |
1 012 |
|
335 |
456 |
|
425 |
556 |
Depreciation and impairment charges excl. NRI |
603 |
623 |
|
39 |
40 |
|
564 |
583 |
|
|
|
|
|
|
|
|
|
Operational ROCE, % |
6.5 |
6.9 |
|
-0.6 |
-0.4 |
|
7.1 |
7.3 |
Return on equity (ROE), % |
-1.3 |
8.3 |
|
- |
- |
|
-1.3 |
8.3 |
Debt/equity ratio |
0.61 |
0.58 |
|
0.14 |
0.10 |
|
0.47 |
0.48 |
Net debt/last twelve months' operational EBITDA |
2.9 |
2.9 |
|
0.6 |
0.4 |
|
2.3 |
2.5 |
Equity ratio, % |
39.2 |
41.0 |
|
-2.1 |
-1.8 |
|
41.3 |
42.8 |
|
|
|
|
|
|
|
|
|
Capital structure |
|
|
|
|
|
|
|
|
Operative fixed assets |
6 824 |
7 520 |
|
1 590 |
1 498 |
|
5 234 |
6 022 |
Equity accounted investments |
1 013 |
941 |
|
-948 |
-1 024 |
|
1 961 |
1 965 |
Operative working capital, net |
1 179 |
1 526 |
|
94 |
66 |
|
1 085 |
1 460 |
Non-current interest-free items, net |
-466 |
-551 |
|
33 |
60 |
|
-499 |
-611 |
Operating Capital Total |
8 550 |
9 436 |
|
769 |
600 |
|
7 781 |
8 836 |
Net tax liabilities |
-86 |
-237 |
|
-12 |
-20 |
|
-74 |
-217 |
Capital Employed |
8 464 |
9 199 |
|
757 |
580 |
|
7 707 |
8 619 |
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the Parent |
5 213 |
5 770 |
|
- |
- |
|
5 213 |
5 770 |
Non-controlling interests |
60 |
92 |
|
- |
- |
|
60 |
92 |
Net interest-bearing liabilities |
3 191 |
3 337 |
|
757 |
580 |
|
2 434 |
2 757 |
Financing Total |
8 464 |
9 199 |
|
757 |
580 |
|
7 707 |
8 619 |
Key Figures -
Restated
EUR million |
2013 |
Q4/13 |
Q3/13 |
Q2/13 |
Q1/13 |
2012 |
Sales |
10 563 |
2 612 |
2 553 |
2 726 |
2 672 |
10 837 |
Operational EBITDA |
1 090 |
260 |
319 |
257 |
254 |
1 154 |
Operational EBITDA margin, % |
10.3 |
10.0 |
12.5 |
9.4 |
9.5 |
10.6 |
Operational EBIT |
578 |
152 |
184 |
124 |
118 |
630 |
Operational EBIT margin, % |
5.5 |
5.8 |
7.2 |
4.5 |
4.4 |
5.8 |
Operating profit (IFRS) |
50 |
-210 |
156 |
83 |
21 |
716 |
Operating margin (IFRS), % |
0.5 |
-8.0 |
6.1 |
3.0 |
0.8 |
6.6 |
Profit before tax excl. NRI |
350 |
111 |
126 |
57 |
56 |
314 |
Loss/profit before tax |
-189 |
-281 |
103 |
24 |
-35 |
478 |
Net profit for the period excl. NRI |
323 |
118 |
104 |
45 |
56 |
263 |
Net loss/profit for the period |
-71 |
-160 |
84 |
21 |
-16 |
490 |
|
|
|
|
|
|
|
Capital expenditure |
760 |
278 |
168 |
184 |
130 |
1 012 |
Depreciation and impairment charges excl. NRI |
603 |
136 |
157 |
154 |
156 |
623 |
|
|
|
|
|
|
|
Operational ROCE, % |
6.5 |
7.0 |
8.3 |
5.4 |
5.1 |
6.9 |
|
|
|
|
|
|
|
Earnings per share (EPS) excl. NRI, EUR |
0.40 |
0.15 |
0.13 |
0.05 |
0.07 |
0.33 |
EPS (basic), EUR |
-0.07 |
-0.18 |
0.11 |
0.02 |
-0.02 |
0.61 |
Cash earnings per share (CEPS) excl. NRI, EUR |
1.16 |
0.31 |
0.33 |
0.25 |
0.27 |
1.13 |
CEPS, EUR |
1.21 |
0.46 |
0.31 |
0.21 |
0.23 |
1.35 |
|
|
|
|
|
|
|
Return on equity (ROE), % |
-1.3 |
-11.9 |
6.2 |
1.5 |
-1.1 |
8.3 |
Debt/equity ratio |
0.61 |
0.61 |
0.64 |
0.68 |
0.61 |
0.58 |
Net debt/last twelve months' operational EBITDA |
2.9 |
2.9 |
3.1 |
3.2 |
3.1 |
2.9 |
Equity per share, EUR |
6.61 |
6.61 |
6.82 |
6.67 |
7.32 |
7.32 |
Equity ratio, % |
39.2 |
39.2 |
39.2 |
38.7 |
40.7 |
41.0 |
|
|
|
|
|
|
|
Average number of employees |
28 921 |
28 453 |
28 997 |
29 357 |
28 887 |
29 385 |
Reconciliation of Operational Profitability
- Restated
EUR million |
2013 |
Q4/13 |
Q3/13 |
Q2/13 |
Q1/13 |
2012 |
Operational EBITDA |
1 090 |
260 |
319 |
257 |
254 |
1 154 |
Equity accounted investments (EAI), operational |
91 |
28 |
22 |
21 |
20 |
99 |
Depreciation and impairment excl. NRI |
-603 |
-136 |
-157 |
-154 |
-156 |
-623 |
Operational EBIT |
578 |
152 |
184 |
124 |
118 |
630 |
Fair valuations and non-operational items |
11 |
30 |
-5 |
-8 |
-6 |
-44 |
Non-recurring items |
-539 |
-392 |
-23 |
-33 |
-91 |
130 |
Operating Profit/Loss (IFRS) |
50 |
-210 |
156 |
83 |
21 |
716 |
Capital Structure -
Restated
EUR million |
31 Dec 13 |
30 Sep 13 |
30 Jun 13 |
31 Mar 13 |
31 Dec 12 |
Operative fixed assets |
6 824 |
7 159 |
7 130 |
7 511 |
7 520 |
Equity accounted investments |
1 013 |
1 003 |
982 |
980 |
941 |
Operative working capital, net |
1 179 |
1 470 |
1 518 |
1 640 |
1 526 |
Non-current interest-free items, net |
-466 |
-534 |
-535 |
-544 |
-551 |
Operating Capital Total |
8 550 |
9 098 |
9 095 |
9 587 |
9 436 |
Net tax liabilities |
-86 |
-196 |
-189 |
-216 |
-237 |
Capital Employed |
8 464 |
8 902 |
8 906 |
9 371 |
9 199 |
|
|
|
|
|
|
Equity attributable to owners of the Parent |
5 213 |
5 381 |
5 261 |
5 772 |
5 770 |
Non-controlling interests |
60 |
86 |
88 |
89 |
92 |
Net interest-bearing liabilities |
3 191 |
3 435 |
3 557 |
3 510 |
3 337 |
Financing Total |
8 464 |
8 902 |
8 906 |
9 371 |
9 199 |
Cash Flow -
Restated
EUR million |
2013 |
Q4/13 |
Q3/13 |
Q2/13 |
Q1/13 |
2012 |
Operational EBITDA |
1 090 |
260 |
319 |
257 |
254 |
1 154 |
NRI on Operational EBITDA |
37 |
154 |
-23 |
-43 |
-51 |
18 |
Dividends received from EAI |
38 |
18 |
2 |
7 |
11 |
102 |
Other adjustments |
-178 |
-168 |
1 |
8 |
-19 |
-25 |
Change in working capital |
265 |
198 |
48 |
88 |
-69 |
45 |
Cash Flow from Operations |
1 252 |
462 |
347 |
317 |
126 |
1 294 |
Cash spent on fixed and biological assets |
-740 |
-216 |
-182 |
-170 |
-172 |
-1 000 |
Acquisitions of equity accounted investments |
-31 |
- |
-1 |
-30 |
- |
- |
Cash Flow after Investing Activities |
481 |
246 |
164 |
117 |
-46 |
294 |
Condensed Consolidated Income Statement
- Restated
EUR million |
2013 |
Q4/13 |
Q3/13 |
Q2/13 |
Q1/13 |
2012 |
|
|
|
|
|
|
|
Sales |
10 563 |
2 612 |
2 553 |
2 726 |
2 672 |
10 837 |
Other operating income |
140 |
34 |
30 |
37 |
39 |
219 |
Materials and services |
-6 550 |
-1 488 |
-1 585 |
-1 765 |
-1 712 |
-6 890 |
Freight and sales commissions |
-982 |
-235 |
-237 |
-251 |
-259 |
-1 011 |
Personnel expenses |
-1 390 |
-349 |
-314 |
-368 |
-359 |
-1 373 |
Other operating expenses |
-644 |
-141 |
-149 |
-165 |
-189 |
-611 |
Share of results of equity accounted investments |
102 |
49 |
15 |
13 |
25 |
117 |
Depreciation and impairment |
-1 189 |
-692 |
-157 |
-144 |
-196 |
-572 |
Operating Profit/Loss |
50 |
-210 |
156 |
83 |
21 |
716 |
Net financial items |
-239 |
-71 |
-53 |
-59 |
-56 |
-238 |
Loss/Profit before Tax |
-189 |
-281 |
103 |
24 |
-35 |
478 |
Income tax |
118 |
121 |
-19 |
-3 |
19 |
12 |
Net Loss/Profit for the Period |
-71 |
-160 |
84 |
21 |
-16 |
490 |
Condensed Consolidated Statement of Cash Flows
- Restated
EUR million |
2013 |
Q1-Q3/13 |
Q1-Q2/13 |
Q1/13 |
2012 |
Cash Flow from Operating Activities |
|
|
|
|
|
Operating profit |
50 |
260 |
104 |
21 |
716 |
Hedging result from OCI |
7 |
- |
10 |
-1 |
-2 |
Adjustments for non-cash items |
937 |
463 |
320 |
174 |
533 |
Change in net working capital |
265 |
67 |
19 |
-69 |
45 |
Cash Flow Generated by Operations |
1 259 |
790 |
453 |
125 |
1 292 |
Net financial items paid |
-198 |
-134 |
-86 |
-66 |
-161 |
Income taxes paid, net |
-46 |
-33 |
-20 |
-3 |
-105 |
Net Cash Provided by Operating Activities |
1 015 |
623 |
347 |
56 |
1 026 |
|
|
|
|
|
|
Cash Flow from Investing Activities |
|
|
|
|
|
Acquisitions of subsidiaries and business operations, net of
acquired cash |
25 |
- |
- |
- |
-11 |
Acquisitions of equity accounted investments |
-31 |
-31 |
-30 |
- |
- |
Acquisitions of available-for-sale investments |
-9 |
-9 |
-9 |
- |
- |
Proceeds from sale of fixed assets and shares, net of disposed
cash |
96 |
87 |
81 |
18 |
11 |
Proceeds from disposal of available-for-sale investments |
42 |
43 |
- |
- |
- |
Capital expenditure |
-740 |
-524 |
-342 |
-172 |
-1 000 |
Proceeds from/payments of non-current receivables, net |
85 |
107 |
98 |
2 |
-4 |
Net Cash Used in Investing Activities |
-532 |
-327 |
-202 |
-152 |
-1 004 |
|
|
|
|
|
|
Cash Flow from Financing Activities |
|
|
|
|
|
Proceeds from issue of new long-term debt |
239 |
223 |
66 |
- |
1 766 |
Long-term debt, payments |
-415 |
-189 |
-44 |
-39 |
-604 |
Change in short-term borrowings |
108 |
131 |
47 |
-15 |
-155 |
Dividends paid |
-237 |
-237 |
-237 |
- |
-237 |
Dividend to non-controlling interests |
-7 |
-6 |
-6 |
-7 |
-3 |
Net Cash Used in/Provided by Financing
Activities |
-312 |
-78 |
-174 |
-61 |
767 |
|
|
|
|
|
|
Net Increase/Decrease in Cash and Cash
Equivalents |
171 |
218 |
-29 |
-157 |
789 |
Translation adjustment |
-27 |
-16 |
-20 |
3 |
-28 |
Net cash and cash equivalents at the beginning of period |
1 917 |
1 917 |
1 917 |
1 917 |
1 156 |
Net Cash and Cash Equivalents at Period
End |
2 061 |
2 119 |
1 868 |
1 763 |
1 917 |
|
|
|
|
|
|
Cash and Cash Equivalents at Period End |
2 073 |
2 121 |
1 869 |
1 764 |
1 921 |
Bank Overdrafts at Period End |
-12 |
-2 |
-1 |
-1 |
-4 |
Net Cash and Cash Equivalents at Period
End |
2 061 |
2 119 |
1 868 |
1 763 |
1 917 |
Condensed Consolidated Statement of Financial
Position - Restated
EUR million |
|
31 Dec 13 |
30 Sep 13 |
30 Jun 13 |
31 Mar 13 |
31 Dec 12 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current Assets |
|
|
|
|
|
|
PPE*, goodwill and other intangible assets |
O |
5 808 |
6 332 |
6 370 |
6 573 |
6 565 |
Biological assets |
O |
634 |
454 |
466 |
496 |
474 |
Emission rights |
O |
21 |
18 |
15 |
35 |
30 |
Equity accounted investments |
O |
1 013 |
1 003 |
982 |
980 |
941 |
Available-for-sale: Interest-bearing |
I |
10 |
10 |
105 |
100 |
96 |
Available-for-sale: Operative |
O |
361 |
355 |
279 |
407 |
451 |
Non-current loan receivables |
I |
80 |
79 |
37 |
137 |
134 |
Deferred tax assets |
T |
229 |
165 |
162 |
169 |
143 |
Other non-current assets |
O |
63 |
70 |
69 |
80 |
85 |
|
|
8 219 |
8 486 |
8 485 |
8 977 |
8 919 |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Inventories |
O |
1 445 |
1 515 |
1 510 |
1 610 |
1 510 |
Tax receivables |
T |
13 |
14 |
15 |
18 |
18 |
Operative receivables |
O |
1 555 |
1 676 |
1 787 |
1 851 |
1 714 |
Interest-bearing receivables |
I |
147 |
137 |
151 |
196 |
211 |
Cash and cash equivalents |
I |
2 073 |
2 121 |
1 869 |
1 764 |
1 921 |
|
|
5 233 |
5 463 |
5 332 |
5 439 |
5 374 |
|
|
|
|
|
|
|
Total Assets |
|
13 452 |
13 949 |
13 817 |
14 416 |
14 293 |
|
|
|
|
|
|
|
Equity and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Parent |
|
5 213 |
5 381 |
5 261 |
5 772 |
5 770 |
Non-controlling Interests |
|
60 |
86 |
88 |
89 |
92 |
Total Equity |
|
5 273 |
5 467 |
5 349 |
5 861 |
5 862 |
|
|
|
|
|
|
|
Non-current Liabilities |
|
|
|
|
|
|
Post-employment benefit provisions |
O |
378 |
465 |
461 |
470 |
480 |
Other provisions |
O |
127 |
124 |
133 |
145 |
145 |
Deferred tax liabilities |
T |
312 |
331 |
337 |
361 |
358 |
Non-current debt |
I |
4 163 |
4 333 |
4 260 |
4 817 |
4 799 |
Other non-current operative liabilities |
O |
24 |
15 |
10 |
9 |
11 |
|
|
5 004 |
5 268 |
5 201 |
5 802 |
5 793 |
Current Liabilities |
|
|
|
|
|
|
Current portion of non-current debt |
I |
544 |
644 |
732 |
221 |
202 |
Interest-bearing liabilities |
I |
794 |
805 |
727 |
669 |
698 |
Operative liabilities |
O |
1 821 |
1 721 |
1 779 |
1 821 |
1 698 |
Tax liabilities |
T |
16 |
44 |
29 |
42 |
40 |
|
|
3 175 |
3 214 |
3 267 |
2 753 |
2 638 |
|
|
|
|
|
|
|
Total Liabilities |
|
8 179 |
8 482 |
8 468 |
8 555 |
8 431 |
|
|
|
|
|
|
|
Total Equity and Liabilities |
|
13 452 |
13 949 |
13 817 |
14 416 |
14 293 |
* PPE = Property, Plant and Equipment Items designated with "O"
comprise Operating Capital Items designated with "I" comprise
Interest-bearing Net Liabilities Items designated with "T" comprise
Net Tax Liabilities
For further information, please contact: Seppo
Parvi, CFO, tel. +358 2046 21205Ulla Paajanen-Sainio, SVP, Investor
Relations, tel. +358 2046
21242www.storaenso.comwww.storaenso.com/investorsStora Enso is the
global rethinker of the paper, biomaterials, wood products and
packaging industry.We always rethink the old and expand to the new
to offer our customers innovative solutions based on renewable
materials. Stora Enso employs some 28 000 people worldwide, and our
sales in 2013 amounted to EUR 10.5 billion. Stora Enso shares are
listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A,
STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) in the International OTCQX over-the-counter market.STORA
ENSO OYJ
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