HELSINKI, Finland, April 23, 2014 (GLOBE NEWSWIRE) --

Q1/2014 (compared with Q1/2013)*

  • Operational EBIT EUR 182 (EUR 118) million, an increase of EUR 64 million and margin of 7.1% (4.4%).
  • Clearly higher operational EBIT due to lower costs and lower depreciation.
  • EPS excluding NRI EUR 0.09 (EUR 0.07).
  • Cash flow from operations EUR 152 (EUR 126) million, cash flow after investing activities EUR 20 (EUR -46) million.
  • Net debt to operational EBITDA 2.8 (3.1), liquidity remained strong at EUR 2.0 (1.8) billion.

Q1/2014 (compared with Q4/2013)*

  • Operational EBIT higher at EUR 182 (EUR 152) million, mainly due to seasonally lower maintenance costs, higher production volumes and progress in fixed cost reduction.
  • Operational ROCE 8.6% (7.0%).

Transformation

  • Montes del Plata (MdP) Pulp Mill ready for start-up, subject to granting of the operation permit by the local authorities in the coming weeks. In 2014 Stora Enso's share of MdP's production expected to be approximately 350 000–400 000 tonnes, a reduction from the earlier estimate of half a million tonnes.
  • Consumer board machine investment in Guangxi, China proceeding as planned: approximately 2/3 of mill site levelling work completed, plantation harvesting building up, key equipment selected and equity injected together with IFC into the companies in early April. Board machine expected to be operational in early 2016, as previously announced. 

Restructuring

  • The EUR 200 million streamlining and structure simplification programme announced a year ago is progressing faster than initially expected and nearly all the originally targeted annualised cost reductions are already apparent in the financial results. Finalisation of the programme is continuing in the second quarter.
  • Veitsiluoto Mill PM 1 has been permanently shut down as planned.
  • As earlier announced, Stora Enso will invest EUR 28 million in modernising and developing Murow Sawmill in Poland to increase its capacity and improve its competitiveness. Sollenau Sawmill in Austria was permanently shutdown at the end of the first quarter as planned.

* Data for the comparative periods have been restated.

Summary of First Quarter Results*

EUR million Q1/14 Q1/13 Change % Q1/14– Q1/13 Q4/13 Change % Q1/14– Q4/13 2013
Sales 2 568 2 672 -3.9 2 612 -1.7 10 563
Operational EBITDA 302 254 18.9 260 16.2 1 090
Operational EBIT 182 118 54.2 152 19.7 578
Operating profit (IFRS) 195 21 n/m -210 192.9 50
Profit before tax excl. NRI 106 56 89.3 111 -4.5 350
Profit/loss before tax 130 -35 n/m -281 146.3 -189
Net profit/loss for the period 100 -16 n/m -160 162.5 -71
Operational ROCE, % 8.6 5.1   7.0   6.5
Earnings per share (EPS) excl. NRI, EUR 0.09 0.07   0.15   0.40
EPS (basic), EUR 0.13 -0.02   -0.18   -0.07
Cash earnings per share (CEPS) excl. NRI, EUR 0.27 0.27   0.31   1.16

* Data for the comparative periods have been restated following adoption of the new IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities standards. Data for the comparative periods have been restated in all tables affected.

Operational EBIT comprises the operating profit excluding NRI and fair valuations of the segments and Stora Enso's share of the operating profit excluding NRI and fair valuations of its equity accounted investments (EAI). Fair valuations and non-operational items include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets and the Group's share of tax and net financial items of EAI.

Near-term Outlook

Second quarter 2014 sales are forecast to be similar to the EUR 2 568 million and operational EBIT in line with the EUR 182 million in the first quarter of 2014. Biomaterials is expected to be negatively impacted by maintenance costs at Veracel and Sunila pulp mills and Renewable Packaging by maintenance at Imatra Pulp Mill and Ostrołęka Mill, where a one-time maintenance shutdown in the Polish national electricity grid will extend the mill maintenance shutdown to two weeks.

For further information, please contact: Jouko Karvinen, CEO, tel. +358 2046 21410 Seppo Parvi, CFO, tel. +358 2046 21205 Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242

The full-length version of the Stora Enso interim review is available on the Stora Enso website at www.storaenso.com/investors.

Stora Enso's second quarter 2014 results will be published on 21 July 2014. Stora 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 29 000 people worldwide, and our sales in 2013 amounted to EUR 10.6 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. www.storaenso.com www.storaenso.com/investors STORA ENSO OYJ

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