Stora Enso Oyj Interim Report January-September 2022

Q3/2022 (year-on-year)
*Sales increased by 15% to EUR 2,963 (2,577) million.
*Operational EBIT increased by 29% to EUR 527 (410) million.
*Operational EBIT margin increased to 17.8% (15.9%).
*Operating profit (IFRS) increased to EUR 511 (386) million.
*EPS was EUR 0.47 (0.38) and EPS excl. fair valuations (FV) was EUR 0.47 (0.37).
*Cash flow from operations amounted to EUR 639 (485) million. Cash flow after investing activities was EUR 489 (347) million.
*The net debt to operational EBITDA ratio improved to 0.8 (1.4). The target is to keep the ratio below 2.0.
*Operational ROCE excluding the Forest division increased to 22.2% (20.0%), the target being >13%.

Q1-Q3/2022 (year-on-year)
*Sales were EUR 8,816 (7,445) million.
*Operational EBIT was EUR 1,536 (1,102) million.

Key highlights
-Stora Enso has entered into an agreement to acquire the Dutch De Jong Packaging Group to advance its strategic direction, accelerate revenue growth and build market share in renewable packaging in Europe. The transaction is expected to be closed in early 2023 and is subject to employee consultation and regulatory approval.
-The divestments of the Maxau paper site in Germany and the Nymölla site in Sweden were announced in September for a total enterprise value of EUR 360 million. Closure of the transactions is expected at the beginning of 2023.
-In October, Stora Enso decided to invest approximately EUR 1 billion to convert the remaining idle paper machine at the Group’s Oulu site in Finland into a high-volume consumer board production line. The expected annual sales volume is approximately EUR 800 million.
-In July, Stora Enso and Northvolt, the battery cells and systems supplier, entered into a Joint Development Agreement to create a battery with wood-based components sourced sustainably and locally in the Nordic countries.
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