- Operational EBIT EUR 34 million higher than in Q2 2012 at EUR 175 (EUR 141) million mainly due to lower costs, EUR 50 million lower year-on-year.
- Cash flow from operations EUR 312 (EUR 362) million and liquidity EUR 1 700 (EUR 1 181) million.
- Ratio of net debt to the last twelve months' operational EBITDA 2.8 (2.7 in Q2 2012).
- New packaging joint-venture to be established in Pakistan.
- New profitability improvement actions planned across all Business Areas, estimated annual cost savings EUR 36 million and 520 employees affected.
- Q4 2012 sales expected to be at roughly similar level and operational EBIT in line with or slightly lower than Q3 2012.
HELSINKI, Finland, Oct. 23, 2012 (GLOBE NEWSWIRE) --
Summary of Third Quarter Results
|Sales||EUR million||2 694.1||2 720.4||2 739.3|
|Operational EBITDA||EUR million||299.6||248.1||339.2|
|Operational EBIT*||EUR million||174.7||141.2||224.4|
|Operating profit (IFRS)||EUR million||161.3||152.7||178.6|
|Profit before tax excl. NRI||EUR million||102.2||31.8||113.4|
|Profit/loss before tax||EUR million||102.2||85.9||-14.8|
|Net profit excl. NRI||EUR million||81.3||13.5||78.3|
|Net profit/loss||EUR million||81.3||69.5||-49.9|
|EPS excl. NRI||EUR||0.10||0.02||0.10|
|CEPS excl. NRI||EUR||0.29||0.20||0.27|
*The Group has adopted operational EBIT as a key operative non-IFRS measure starting from the fourth quarter of 2011.
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.
In the fourth quarter of 2012 Group sales are expected to be at roughly similar level and the operational EBIT in line with or slightly lower than the third quarter of 2012. Mill maintenance will have a negative impact on Renewable Packaging and Biomaterials during the quarter.
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 full year 2012 results will be published on 5 February 2013.
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 30 000 people worldwide, and our sales in 2011 amounted to EUR 11.0 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.
It should be noted that certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by "believes", "expects", "anticipates", "foresees", or similar expressions, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group's targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group's patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group's products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group's principal geographic markets or fluctuations in exchange and interest rates.
CONTACT: For further information, please contact: Jouko Karvinen, CEO, tel. +358 2046 21410 Karl-Henrik Sundstrom, CFO, tel. +46 1046 71660 Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242 Sanna Lahti, SVP, Global Communications, tel. +358 2046 21251Source:Stora Enso Oyj