HELSINKI, March 29,
2023 /PRNewswire/ -- Stora Enso's segment
reporting changed as of 1 January
2023, and the Group has restated the comparative figures for
its segment reporting for 2021 and 2022.
From 1 January onwards, Stora Enso's reporting segments are:
Packaging Materials, Packaging Solutions, Biomaterials, Wood
Products, Forest, and Other.
The Paper division was discontinued as of 1 January 2023 and is not reported as a separate
segment going forward. From 1 January
2023 onwards, the Maxau and Hylte paper sites are reported
in Segment Other until the completion of the divestments. The
divestment of the Maxau site was completed on 1 March 2023. The Langerbrugge and Anjala paper
sites, which are retained in Stora Enso, are reported as part of
the Packaging Materials division.
From 1 January 2023, the reporting
of emerging businesses, including Formed Fiber, Circular Solutions
(biocomposites), and Selfly Stores, was transferred from the
Packaging Solutions division to Segment Other.
The comparative figures have been restated according to the new
reporting structure and are presented in the tables below under
heading 'Restated'. Comparative figures based on the old reporting
structure are presented under the heading 'As published'.
Sales
Restated
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
5,496
|
1,335
|
1,421
|
1,424
|
1,317
|
4,508
|
|
Packaging
Solutions
|
727
|
177
|
176
|
186
|
189
|
720
|
|
Biomaterials
|
2,180
|
649
|
567
|
522
|
442
|
1,728
|
|
Wood
Products
|
2,195
|
471
|
520
|
631
|
573
|
1,872
|
|
Forest
|
2,519
|
664
|
581
|
649
|
626
|
2,311
|
|
Other
|
2,150
|
528
|
575
|
568
|
481
|
2,119
|
|
Inter-segment
sales
|
-3,589
|
-959
|
-876
|
-925
|
-828
|
-3,094
|
|
Total
|
11,680
|
2,864
|
2,963
|
3,054
|
2,798
|
10,164
|
As published
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
4,690
|
1,127
|
1,210
|
1,222
|
1,132
|
3,898
|
|
Packaging
Solutions
|
737
|
179
|
179
|
189
|
191
|
723
|
|
Biomaterials
|
2,180
|
649
|
567
|
522
|
442
|
1,728
|
|
Wood
Products
|
2,195
|
471
|
520
|
631
|
573
|
1,872
|
|
Forest
|
2,519
|
664
|
581
|
649
|
626
|
2,311
|
|
Paper
|
1,772
|
424
|
471
|
462
|
416
|
1,703
|
|
Other
|
1,097
|
289
|
282
|
290
|
236
|
1,092
|
|
Inter-segment
sales
|
-3,512
|
-939
|
-846
|
-910
|
-817
|
-3,163
|
|
Total
|
11,680
|
2,864
|
2,963
|
3,054
|
2,798
|
10,164
|
Operational EBITDA
Restated
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
993
|
142
|
273
|
285
|
293
|
858
|
|
Packaging
Solutions
|
42
|
11
|
10
|
9
|
11
|
69
|
|
Biomaterials
|
822
|
284
|
234
|
155
|
149
|
618
|
|
Wood
Products
|
356
|
-1
|
82
|
146
|
130
|
410
|
|
Forest
|
256
|
79
|
60
|
59
|
58
|
318
|
|
Other
|
102
|
20
|
38
|
23
|
21
|
-81
|
|
Total
|
2,529
|
515
|
689
|
663
|
662
|
2,184
|
As published
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
900
|
104
|
258
|
265
|
273
|
846
|
|
Packaging
Solutions
|
27
|
6
|
8
|
4
|
8
|
56
|
|
Biomaterials
|
822
|
284
|
234
|
155
|
149
|
618
|
|
Wood
Products
|
356
|
-1
|
82
|
146
|
130
|
410
|
|
Forest
|
256
|
79
|
60
|
59
|
58
|
318
|
|
Paper
|
242
|
59
|
63
|
67
|
53
|
-48
|
|
Other
|
-33
|
4
|
-10
|
-18
|
-9
|
-9
|
|
Total
|
2,529
|
515
|
689
|
663
|
662
|
2,184
|
Operational EBITDA margin
Restated
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
18.1 %
|
10.6 %
|
19.2 %
|
20.0 %
|
22.3 %
|
19.0 %
|
|
Packaging
Solutions
|
5.7 %
|
6.3 %
|
5.7 %
|
5.0 %
|
6.0 %
|
9.6 %
|
|
Biomaterials
|
37.7 %
|
43.8 %
|
41.2 %
|
29.8 %
|
33.7 %
|
35.7 %
|
|
Wood
Products
|
16.2 %
|
-0.1 %
|
15.7 %
|
23.1 %
|
22.7 %
|
21.9 %
|
|
Forest
|
10.2 %
|
11.9 %
|
10.3 %
|
9.1 %
|
9.3 %
|
13.7 %
|
|
Other
|
4.7 %
|
3.8 %
|
6.7 %
|
4.1 %
|
4.3 %
|
-3.8 %
|
|
Total
|
21.7 %
|
18.0 %
|
23.3 %
|
21.7 %
|
23.7 %
|
21.5 %
|
As published
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
19.2 %
|
9.3 %
|
21.3 %
|
21.7 %
|
24.1 %
|
21.7 %
|
|
Packaging
Solutions
|
3.6 %
|
3.5 %
|
4.5 %
|
2.3 %
|
4.3 %
|
7.8 %
|
|
Biomaterials
|
37.7 %
|
43.8 %
|
41.2 %
|
29.8 %
|
33.7 %
|
35.7 %
|
|
Wood
Products
|
16.2 %
|
-0.1 %
|
15.7 %
|
23.1 %
|
22.7 %
|
21.9 %
|
|
Forest
|
10.2 %
|
11.9 %
|
10.3 %
|
9.1 %
|
9.3 %
|
13.7 %
|
|
Paper
|
13.7 %
|
13.8 %
|
13.4 %
|
14.5 %
|
12.8 %
|
-2.8 %
|
|
Other
|
-3.0 %
|
1.3 %
|
-3.4 %
|
-6.3 %
|
-3.8 %
|
-0.8 %
|
|
Total
|
21.7 %
|
18.0 %
|
23.3 %
|
21.7 %
|
23.7 %
|
21.5 %
|
Operational EBIT
Restated
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
655
|
59
|
188
|
200
|
208
|
535
|
|
Packaging
Solutions
|
16
|
5
|
4
|
2
|
5
|
42
|
|
Biomaterials
|
687
|
249
|
197
|
123
|
117
|
495
|
|
Wood
Products
|
309
|
-14
|
70
|
134
|
118
|
364
|
|
Forest
|
204
|
62
|
47
|
47
|
49
|
267
|
|
Other
|
63
|
14
|
29
|
14
|
6
|
-166
|
|
Total
|
1,891
|
355
|
527
|
505
|
503
|
1,528
|
As published
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
596
|
31
|
181
|
188
|
196
|
556
|
|
Packaging
Solutions
|
-2
|
-1
|
1
|
-3
|
1
|
26
|
|
Biomaterials
|
687
|
249
|
197
|
123
|
117
|
495
|
|
Wood
Products
|
309
|
-14
|
70
|
134
|
118
|
364
|
|
Forest
|
204
|
62
|
47
|
47
|
49
|
267
|
|
Paper
|
185
|
49
|
49
|
51
|
36
|
-124
|
|
Other
|
-47
|
-1
|
-12
|
-19
|
-14
|
-48
|
|
Total
|
1,891
|
355
|
527
|
505
|
503
|
1,528
|
Operational EBIT margin
Restated
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
11.9 %
|
4.4 %
|
13.2 %
|
14.1 %
|
15.8 %
|
11.9 %
|
|
Packaging
Solutions
|
2.2 %
|
2.9 %
|
2.3 %
|
1.3 %
|
2.5 %
|
5.9 %
|
|
Biomaterials
|
31.5 %
|
38.4 %
|
34.8 %
|
23.6 %
|
26.4 %
|
28.7 %
|
|
Wood
Products
|
14.1 %
|
-2.9 %
|
13.5 %
|
21.3 %
|
20.6 %
|
19.5 %
|
|
Forest
|
8.1 %
|
9.3 %
|
8.1 %
|
7.2 %
|
7.8 %
|
11.5 %
|
|
Other
|
2.9 %
|
2.6 %
|
5.0 %
|
2.4 %
|
1.3 %
|
-7.8 %
|
|
Total
|
16.2 %
|
12.4 %
|
17.8 %
|
16.5 %
|
18.0 %
|
15.0 %
|
As published
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
12.7 %
|
2.7 %
|
15.0 %
|
15.4 %
|
17.4 %
|
14.3 %
|
|
Packaging
Solutions
|
-0.2 %
|
-0.5 %
|
0.5 %
|
-1.4 %
|
0.4 %
|
3.6 %
|
|
Biomaterials
|
31.5 %
|
38.4 %
|
34.8 %
|
23.6 %
|
26.4 %
|
28.7 %
|
|
Wood
Products
|
14.1 %
|
-2.9 %
|
13.5 %
|
21.3 %
|
20.6 %
|
19.5 %
|
|
Forest
|
8.1 %
|
9.3 %
|
8.1 %
|
7.2 %
|
7.8 %
|
11.5 %
|
|
Paper
|
10.5 %
|
11.6 %
|
10.5 %
|
10.9 %
|
8.8 %
|
-7.3 %
|
|
Other
|
-4.3 %
|
-0.2 %
|
-4.4 %
|
-6.7 %
|
-6.1 %
|
-4.4 %
|
|
Total
|
16.2 %
|
12.4 %
|
17.8 %
|
16.5 %
|
18.0 %
|
15.0 %
|
Cash flow from operations
Restated
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
823
|
168
|
304
|
187
|
165
|
848
|
|
Packaging
Solutions
|
11
|
17
|
-5
|
3
|
-3
|
69
|
|
Biomaterials
|
682
|
213
|
188
|
145
|
136
|
490
|
|
Wood
Products
|
346
|
54
|
74
|
141
|
78
|
313
|
|
Forest
|
146
|
20
|
59
|
23
|
45
|
158
|
|
Other
|
-136
|
-42
|
19
|
-95
|
-17
|
-126
|
|
Total
|
1,873
|
429
|
639
|
404
|
402
|
1,752
|
As published
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
756
|
154
|
278
|
169
|
155
|
807
|
|
Packaging
Solutions
|
-5
|
11
|
-7
|
-2
|
-6
|
56
|
|
Biomaterials
|
682
|
213
|
188
|
145
|
136
|
490
|
|
Wood
Products
|
346
|
54
|
74
|
141
|
78
|
313
|
|
Forest
|
146
|
20
|
59
|
23
|
45
|
158
|
|
Paper
|
77
|
11
|
44
|
20
|
2
|
-25
|
|
Other
|
-130
|
-34
|
3
|
-92
|
-7
|
-48
|
|
Total
|
1,873
|
429
|
639
|
404
|
402
|
1,752
|
Cash flow after investing activities
Restated
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
488
|
61
|
230
|
116
|
81
|
480
|
|
Packaging
Solutions
|
-14
|
9
|
-11
|
-2
|
-10
|
45
|
|
Biomaterials
|
536
|
168
|
156
|
114
|
97
|
391
|
|
Wood
Products
|
264
|
28
|
57
|
124
|
55
|
252
|
|
Forest
|
91
|
-3
|
48
|
11
|
34
|
112
|
|
Other
|
-203
|
-61
|
8
|
-116
|
-34
|
-178
|
|
Total
|
1,162
|
202
|
489
|
247
|
224
|
1,102
|
As published
|
EUR
million
|
2022
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
2021
|
|
Packaging
Materials
|
440
|
51
|
212
|
103
|
74
|
459
|
|
Packaging
Solutions
|
-40
|
-2
|
-15
|
-9
|
-14
|
26
|
|
Biomaterials
|
536
|
168
|
156
|
114
|
97
|
391
|
|
Wood
Products
|
264
|
28
|
57
|
124
|
55
|
252
|
|
Forest
|
91
|
-3
|
48
|
11
|
34
|
112
|
|
Paper
|
16
|
-3
|
28
|
4
|
-12
|
-77
|
|
Other
|
-146
|
-37
|
1
|
-99
|
-11
|
-62
|
|
Total
|
1,162
|
202
|
489
|
247
|
224
|
1,102
|
Return on operating capital (operational ROOC) and return on
capital employed (operational ROCE)
Presenting return measures based on the last 12 months is an
effective way to analyse the most recent financial data on an
annualised basis and is considered more suitable for tracking the
development of long-term targets.
From Q1/2023 onwards, Stora Enso will present the operational
return on capital employed (operational ROCE) based on the last 12
months prior to the end of the reporting period. This is calculated
by dividing the operational EBIT of the last 12 months with the
average capital employed. The average capital employed for the last
12 months is determined as the average of the published capital
employed of the last five quarter-ends.
Similarly, the return on operating capital (operational ROOC)
for the divisions and the return on equity (ROE) for the Group will
be based on the last 12 months prior to the end of the reporting
period.
The presentation of operational ROCE, operational ROOC and ROE
based on quarter or year-to-date figures will be discontinued.
Return on operating capital (operational ROOC) and return on
capital employed (operational ROCE), restated based on the last 12
months
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
|
Packaging
Materials1
|
18.6 %
|
21.0 %
|
20.3 %
|
18.4 %
|
|
Packaging
Solutions1
|
7.9 %
|
14.0 %
|
18.0 %
|
18.6 %
|
|
Biomaterials1
|
25.3 %
|
22.9 %
|
20.7 %
|
22.2 %
|
|
Wood
Products1
|
43.2 %
|
58.5 %
|
68.3 %
|
65.8 %
|
|
Forest2
|
3.7 %
|
3.5 %
|
3.6 %
|
3.7 %
|
|
1
Operational ROOC for last 12 months
2 Operational ROCE for last 12 months
|
Group return on capital employed (operational ROCE) and
return on equity (ROE)
|
Q4/22
|
Q3/22
|
Q2/22
|
Q1/22
|
|
Operational ROCE, last
12 months
|
13.7 %
|
14.6 %
|
14.3 %
|
13.6 %
|
|
Return on equity (ROE),
last 12 months
|
13.3 %
|
14.3 %
|
14.5 %
|
14.4 %
|
About Stora Enso
Part of the global bioeconomy, Stora Enso is a leading provider
of renewable products in packaging, biomaterials and wooden
construction, and one of the largest private forest owners in the
world. We believe that everything that is made from fossil-based
materials today can be made from a tree tomorrow. Stora Enso has
approximately 21,000 employees and our sales in 2022 were
EUR 11.7 billion. Stora Enso shares
are listed on NASDAQ Helsinki Oy (STEAV, STERV) and NASDAQ
Stockholm AB (STE A, STE R). In addition, the shares are traded in
the USA as ADRs (SEOAY).
storaenso.com/investors
For further information, please contact:
Carl Norell
Press officer
tel. +46 72 241 0349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
Tel. +46 70 210 7691
View original
content:https://www.prnewswire.co.uk/news-releases/stora-ensos-restated-comparison-figures-for-segment-reporting-301784383.html