HELSINKI, Finland, Oct. 22, 2013 (GLOBE NEWSWIRE) --
Q3/2013 (compared with Q3/2012)
- Operational EBIT slightly higher at EUR 184 (EUR 178) million.
- Operational ROCE 9.0% (8.2%).
- Net debt to the last twelve months' operational EBITDA improved to 2.5 (2.8).
- Cash flow from operations EUR 331 (EUR 312) million. Liquidity further strengthened to EUR 2.1 (EUR 1.7) billion.
Q3/2013 (compared with Q2/2013)
- Operational EBIT significantly higher at EUR 184 (EUR 124) million mainly due to lower costs.
Q1-Q3/2013 (compared with Q1-Q3/2012)
- Operational EBIT at EUR 426 (EUR 472) million.
- Solid cash flow from operations at EUR 776 (EUR 781) million.
- Consumer board machine in Guangxi, China is expected to be operational in the beginning of 2016, as previously announced.
- Montes del Plata Pulp Mill is expected to begin the mill start-up process during the first months of 2014, provided the main contractors continue to deliver on their updated schedules.
Streamlining and structure simplification
- EUR 200 million streamlining and structure simplification programme announced on 23 April 2013 proceeding as planned.
- In Q4/2013 sales are expected to be lower than the EUR 2 727 million and operational EBIT clearly lower than the EUR 158 million in Q4/2012. Renewable Packaging and Building and Living are expected to experience usual seasonal weakness in operational EBIT in Q4/2013. Historically, Renewable Packaging has typically generated around 85% of its operational EBIT during the first three quarters of the year. The weak demand and price situation in European paper markets is expected to continue in Q4/2013.
|Summary of Third Quarter Results*|
|Sales||EUR million||2 556||2 717||2 694|
|Operational EBITDA||EUR million||311||247||302|
|Operational EBIT**||EUR million||184||124||178|
|Operating profit (IFRS)||EUR million||158||74||165|
|Profit before tax excl. NRI||EUR million||125||60||102|
|Profit before tax||EUR million||102||27||102|
|Net profit excl. NRI||EUR million||104||45||81|
|Net profit||EUR million||84||21||81|
|EPS excl. NRI||EUR||0.13||0.05||0.10|
|CEPS excl. NRI||EUR||0.32||0.24||0.29|
* Data for the comparative periods have been restated following adoption of the amended IAS 19 Employee Benefits standard. Data for the comparative periods have been restated in all tables affected by IAS 19.
** 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 include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets related to forest assets in EAI.
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 28 000 people worldwide, and our sales in 2012 amounted to EUR 10.8 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
CONTACT: For further information, please contact: Ulla Paajanen-Sainio, SVP, Investor Relations tel. +358 2046 21242Source: Stora Enso Oyj