STORA ENSO OYJ STOCK EXCHANGE RELEASE 29 March 2023 at 12:00 EEST

HELSINKI, March 29, 2023 /PRNewswire/ -- Update to Stora Enso's stock exchange release published today at 10:00 EEST. Restated comparison figures for the key figure "Operational ROCE excluding Forest division" added.

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 %

Operational ROCE excl. Forest division, last 12 months

20.4 %

22.1 %

21.7 %

20.5 %

Return on equity (ROE), last 12 months

13.3 %

14.3 %

14.5 %

14.4 %

 

The complete updated release is as follows:

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 %

Operational ROCE excl. Forest division, last 12 months

20.4 %

22.1 %

21.7 %

20.5 %

Return on equity (ROE), last 12 months

13.3 %

14.3 %

14.5 %

14.4 %

 

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

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 

 

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