Stora Enso First Quarter Results 2014
23 Abril 2014 - 7:47AM
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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