HELSINKI, Finland, July 19, 2013 (GLOBE NEWSWIRE) -- Q2/2013 (compared with Q2/2012)
- Operational EBIT EUR 124 (EUR 144) million. Improvement in Building and Living and in Renewable Packaging. Printing and Reading loss-making due to weak paper market.
- Solid cash flow from operations at EUR 344 (EUR 246) million due to reduction in working capital, especially in paper business. Cash flow after investing activities EUR 227 (EUR 74) million.
Q2/2013 (compared with Q1/2013)
- Operational EBIT EUR 124 (EUR 118) million.
- Ratio of net debt to the last twelve months' operational EBITDA 2.7 (2.7).
- Cash flow from operations EUR 344 (EUR 101) million. Strong liquidity at EUR 1.8 (EUR 1.7) billion.
Q1-Q2/2013 (compared with Q1-Q2/2012)
- Operational EBIT at EUR 242 (EUR 294) million.
- Solid cash flow from operations at EUR 445 (EUR 469) million.
- To accelerate access to the growing Chinese market, Stora Enso will launch its integrated mill project in Guangxi, China in two phases, starting with building a consumer board machine. First phase capital expenditure expected to be EUR 760 million.
- Montes del Plata Pulp Mill estimated to begin mill start-up process at the end of Q3/2013.
- Stora Enso to invest EUR 32 million in a world-class biorefinery at Sunila Mill in Finland.
Streamlining and structure simplification
- Streamlining and structure simplification plans to achieve annual net fixed cost savings of EUR 200 million proceeding on schedule.
- Q3/2013 sales expected to be slightly lower and operational EBIT in line with or slightly higher than Q2/2013.
|Summary of Second Quarter Results*|
|Sales||EUR million||2 717||2 667||2 721|
|Operational EBITDA||EUR million||247||240||251|
|Operational EBIT**||EUR million||124||118||144|
|Operating profit (IFRS)||EUR million||74||20||155|
|Profit before tax excl. NRI||EUR million||60||55||31|
|Profit/loss before tax||EUR million||27||-36||85|
|Net profit excl. NRI||EUR million||45||56||13|
|Net profit/loss||EUR million||21||-16||69|
|EPS excl. NRI||EUR||0.05||0.07||0.02|
|CEPS excl. NRI||EUR||0.24||0.25||0.20|
* 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. For further details, please see Basis of Preparation on page 14.
** 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 third quarter of 2013 Group sales are expected to be slightly lower and operational EBIT in line with or slightly higher than the second quarter of 2013.
For further information, please contact:
Jouko Karvinen, CEO, tel. +358 2046 21410
Jyrki Tammivuori, CFO, tel. +358 2046 21043
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Sanna Lahti, SVP, Global Communications, tel. +358 2046 21251
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 third quarter 2013 results will be published on 22 October 2013 at 13.00 EET.
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.
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.
STORA ENSO OYJ
Source:Stora Enso Oyj