2016-12-08 13:00:08 CET
2016-12-08 13:00:08 CET
REGULATED INFORMATION
Stora Enso Oyj - Company Announcement
Change in the reporting of costs related to growth of biological assets
Stora Enso is changing its reporting regarding the costs related to the growth
of biological assets (i.e. growing trees) starting from the fourth quarter of
2016.
Costs related to the development of biological assets are capitalised on the
balance sheet during the growth cycle (i.e. until the time of harvesting). At
harvesting, the capitalised costs are transferred from biological assets to
inventory. Prior to the change, Stora Enso has included the costs related to the
growth of biological assets in its operational EBITDA.
Starting from the fourth quarter of 2016, these growth costs will be excluded
from operational EBITDA and presented as Operational decrease in the value of
biological assets. The reason for the change is to align the reporting of the
growth costs with industry benchmarks.
This change will affect the following key figures:
· operational EBITDA
· operational EBITDA margin
· net debt to last 12 months’ operational EBITDA ratio
There will be no impact on operational EBIT, the subtotals of the official
Condensed Consolidated Income Statement or the group’s other IFRS figures.
The new definition of the non-IFRS measure of operational EBITDA is: operating
profit/loss excluding operational decrease in the value of biological assets,
fixed asset depreciation and impairment, share of results of equity accounted
investments, IAC and fair valuations.
The historical figures are restated according to the new reporting structure and
presented in the tables below.
RECONCILIATION OF OPERATIONAL PROFITABILITY
As published
EUR million Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Operational 326 333 356 1 352 341 353 318 340
EBITDA
Equity 17 16 16 80 22 21 24 13
accounted
investments
(EAI),
operational
Depreciation -124 -123 -124 -517 -121 -128 -135 -133
and
impairment
excl. IAC
Operational 219 226 248 915 242 246 207 220
EBIT
Fair -14 -15 -26 378 401 -25 15 -13
valuations
and non
-operational
items
Items -9 37 -28 -234 -250 16 -8 8
affecting
comparability
(IAC)
Operating 196 248 194 1 059 393 237 214 215
profit
(IFRS)
Restated
EUR million Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Operational 343 355 363 1 408 351 369 337 351
EBITDA
Equity 17 16 16 80 22 21 24 13
accounted
investments
(EAI),
operational
Operational -17 -22 -7 -56 -10 -16 -19 -11
decrease in
the
value of
biological
assets
Depreciation -124 -123 -124 -517 -121 -128 -135 -133
and
impairment
excl. IAC
Operational 219 226 248 915 242 246 207 220
EBIT
Fair -14 -15 -26 378 401 -25 15 -13
valuations
and non
-operational
items
Items -9 37 -28 -234 -250 16 -8 8
affecting
comparability
(IAC)
Operating 196 248 194 1 059 393 237 214 215
profit
(IFRS)
Change
EUR million Q3/1 Q2/1 Q1/1 2015 Q4/1 Q3/15 Q2/15 Q1/15
6 6 6 5
Operational 17 22 7 56 10 16 19 11
EBITDA
Equity 0 0 0 0 0 0 0 0
accounted
investments
(EAI),
operational
Operational -17 -22 -7 -56 -10 -16 -19 -11
decrease in
the
value of
biological
assets
Depreciation 0 0 0 0 0 0 0 0
and
impairment
excl. IAC
Operational 0 0 0 0 0 0 0 0
EBIT
Fair 0 0 0 0 0 0 0 0
valuations
and non
-operational
items
Items 0 0 0 0 0 0 0 0
affecting
comparability
(IAC)
Operating 0 0 0 0 0 0 0 0
profit
(IFRS)
OPERATIONAL EBITDA BY SEGMENTS
As published
EUR million Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 109 113 108 434 89 116 114 115
Packaging Solutions 37 33 23 147 37 32 38 40
Biomaterials 71 84 110 420 108 125 87 100
Wood Products 30 41 23 111 26 30 32 23
Paper 77 74 83 231 74 44 52 61
Other 2 -12 9 9 7 6 -5 1
Total 326 333 356 1 352 341 353 318 340
Restated
EUR million Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 118 127 110 466 94 128 124 120
Packaging Solutions 37 33 23 147 37 32 38 40
Biomaterials 79 92 115 444 113 129 96 106
Wood Products 30 41 23 111 26 30 32 23
Paper 77 74 83 231 74 44 52 61
Other 2 -12 9 9 7 6 -5 1
Total 343 355 363 1 408 351 369 337 351
Change
EUR million Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 9 14 2 32 5 12 10 5
Packaging Solutions 0 0 0 0 0 0 0 0
Biomaterials 8 8 5 24 5 4 9 6
Wood Products 0 0 0 0 0 0 0 0
Paper 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0
Total 17 22 7 56 10 16 19 11
OPERATIONAL EBITDA MARGIN BY SEGMENTS
As published
% Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 18.2% 18.9% 19.1% 18.5% 15.9% 19.1% 18.9% 20.2%
Packaging Solutions 14.3% 12.8% 9.4% 16.1% 15.4% 14.2% 16.8% 18.1%
Biomaterials 21.3% 24.6% 31.3% 28.3% 28.9% 31.9% 23.9% 28.2%
Wood Products 7.8% 9.5% 6.0% 6.9% 6.6% 8.0% 7.3% 5.9%
Paper 9.7% 8.8% 9.7% 6.4% 8.3% 4.8% 5.7% 6.7%
Other 0.4% -1.9% 1.4% 0.4% 1.1% 1.1% -0.8% 0.2%
Total 13.6% 13.2% 14.6% 13.5% 13.7% 14.1% 12.4% 13.6%
Restated
% Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 19.7% 21.2% 19.5% 19.9% 16.8% 21.1% 20.6% 21.1%
Packaging Solutions 14.3% 12.8% 9.4% 16.1% 15.4% 14.2% 16.8% 18.1%
Biomaterials 23.7% 26.9% 32.8% 29.9% 30.2% 32.9% 26.4% 29.9%
Wood Products 7.8% 9.5% 6.0% 6.9% 6.6% 8.0% 7.3% 5.9%
Paper 9.7% 8.8% 9.7% 6.4% 8.3% 4.8% 5.7% 6.7%
Other 0.4% -1.9% 1.4% 0.4% 1.1% 1.1% -0.8% 0.2%
Total 14.3% 14.1% 14.8% 14.0% 14.1% 14.8% 13.2% 14.1%
Change
Percentage point Q3/16 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
Consumer Board 1.5 2.3 0.4 1.4 0.9 2.0 1.7 0.9
Packaging Solutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Biomaterials 2.4 2.3 1.5 1.6 1.3 1.0 2.5 1.7
Wood Products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total 0.7 0.9 0.2 0.5 0.4 0.7 0.8 0.5
NET DEBT/LAST 12 MONTHS' OPERATIONAL EBITDA RATIO
As published
Q3/1 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
6
Net debt/last 12 months' 2.1 2.3 2.3 2.4 2.4 2.5 2.7 2.6
operational EBITDA ratio
Restated
Q3/1 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
6
Net debt/last 12 months' 2.1 2.2 2.2 2.3 2.3 2.3 2.6 2.5
operational EBITDA ratio
Change
Q3/1 Q2/16 Q1/16 2015 Q4/15 Q3/15 Q2/15 Q1/15
6
Net debt/last 12 months' 0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -0.1 -0.1
operational EBITDA ratio
For further information, please contact:
Ulrika Lilja, EVP Communications, tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Stora Enso is a leading provider of renewable solutions in packaging,
biomaterials, wooden constructions and paper on global markets. Our aim is to
replace fossil based materials by innovating and developing new products and
services based on wood and other renewable materials. We employ some 26 000
people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion.
Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq
Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) on the International OTCQX over-the-counter market.
storaenso.com (http://www.storaenso.com/)
STORA ENSO OYJ
For further information, please contact:
Ulrika Lilja
EVP Communications
tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen-Sainio
SVP, Investor Relations
tel. +358 40 763 8767
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