Stora Enso Oyj Financial Statement Release 2023

Q4/2023 (year-on-year)

  • Sales decreased by 24% to EUR 2,174 (2,864) million.
  • Operational EBIT decreased to EUR 51 (355) million.
  • Operational EBIT margin decreased to 2.3% (12.4%).
  • Operating profit (IFRS) decreased to EUR -326 (705) million.
  • EPS was EUR -0.36 (0.74) and EPS excl. fair valuations (FV) was EUR -0.64 (0.32).
  • Cash flow from operations amounted to EUR 323 (429) million. Cash flow after investing activities was EUR -9 (202) million.

Full year 2023 (year-on-year)

  • Sales were EUR 9,396 (11,680) million.
  • Operational EBIT was EUR 342 (1,891) million.
  • Operating result (IFRS) was EUR -322 (2,009) million.
  • Earnings per share (EPS) were EUR -0.45 (1.97) and EPS excl. fair valuations (FV) was EUR -0.73 (1.55).
  • Net debt increased by EUR 1,314 million to EUR 3,167 (1,853) million, due to the acquisition of De Jong Packaging Group, the board investment at the Oulu site, and dividend payment in 2023.
  • The net debt to operational EBITDA ratio (last 12 months) was 3.2 (0.7). The target is to keep the ratio below 2.0.
  • Operational ROCE (last 12 months) excluding the Forest division decreased to 1.0% (20.4%), the target being above 13%.

Stora Enso’s President and CEO Hans Sohlström comments on the fourth quarter 2023 results:
In a world being rapidly reshaped, we must adapt, streamline, and develop our business to meet the evolving needs of our customers. We have faced unprecedented market conditions and focus our efforts on what we can control to improve our competitiveness and prepare for an uncertain future.

Stora Enso’s financial performance in the fourth quarter of last year was affected by continued market headwinds. This especially impacted our Packaging and Wood Products businesses. Group sales decreased year-on-year by 24% to 2.2 billion euro, with low demand leading to reduced deliveries and lower sales prices across all divisions, except for the Forest division. This resulted in an operational EBIT of 51 million euro, down from 355 million euro a year ago and with an operational EBIT margin decreasing to 2.3%, down from 12.4%. However, on a sequential basis, the operational EBIT improved with an increase of 30 million euro. The forest valuation increased to 8.7 from 8.3 billion euro which is equivalent to 11 euro per share.
more at: https://www.storaenso.com/en/newsroom/regulatory-and-investor-releases/2024/2/stora-enso-oyj-financial-statement-release-2023-focus-on-profit-improvement-competitiveness-and-cash-flow

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