HELSINKI, Finland, Feb. 5, 2014 (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 5 February 2014 at 13.01 EET
"We ended the fourth quarter and the year essentially as expected, with a positive tone from cost reduction and working capital improvement. Both contributed to very strong cash flow from operations, but they are also essential metrics for successfully advancing on our transformation journey.
"Within the Printing and Living Division, Printing and Reading segment was able to deliver solid cash flow for the year despite reduced profitability and long term structural decline on the market. It is yet another proof point that we must and can go on adjusting this business to the realities of the markets we serve. Building and Living segment, which was the first of our businesses to start its cost reduction programme, made progress on its turnaround with clearly value-creating returns.
"Renewable Packaging had a strong last quarter with significant year-on-year improvement in earnings and cash flow. Finally, in Biomaterials the focus was and remains on starting up Montes del Plata Pulp Mill in the early months of 2014, as we said in October. The reports on the degree of completion and quality of the commissioning efforts remain positive.
"Like many other years before, the year 2013 included difficult decisions affecting many of our employees. That is a price we must pay to transform our company.
"We have started 2014 in a positive mood. With the recent investment in Ostro??ka Mill in full swing, Montes del Plata to follow soon and our China project progressing with encouraging early experience from forestry and the mill site works, this will be a thrilling year. This is a string of pearls we will continue to build on whilst adjusting the business and Group cost structures to the realities of the surrounding world. An exciting journey, and we are making real progress."
For further information, please contact:
Jouko Karvinen, CEO, tel. +358 2046 21410
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 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
Source: Stora Enso Oyj