Helsinki, Finland, April 23, 2014 (GLOBE NEWSWIRE) -- "Our first quarter results are a testimony to our commitment to continuous improvement. Not only did our Group essentially complete the promised EUR 200 million fixed cost improvements compared with 2012 (excluding capacity reduction impacts) three months ahead of schedule, but we also saw an improvement in almost all of our businesses. This, combined with an improvement in cash flow from operations year-on-year albeit in a seasonally weak quarter, continues to be the foundation of our transformation strategy.
"With 15% return on operating capital, Renewable Packaging had yet another strong quarter, as did the Building and Living segment. Printing and Reading also improved year on year both in operational EBIT supported by lower depreciation and, in operational EBITDA due to cost reductions and capacity closures. Finally Biomaterials, where operational EBIT was similar to last year as a result of one-time land sales a year ago, is after a long delay ready to start up Montes del Plata Pulp Mill once the operating licence is received from the Uruguayan environmental authority Dinama. In China the first phase of the consumer board mill project is in full implementation and we look forward to starting adding its revenues and margins to the portfolio two years from now. We are moving on our long journey of transformation.
"When we build our future in the emerging growth markets, we will be challenged, not least in the area of corporate social responsibility. As always we will learn and improve not only operationally, but also in having a more transparent, open dialogue with all our stakeholders whose support we also so strongly need. During challenging times we will continue to improve and not let the local communities be excluded from the opportunities our investments can offer when completed with patience, focus and transparency."
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 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.
STORA ENSO OYJ
Source:Stora Enso Oyj