2011-12-15 08:00:00 CET
2011-12-15 08:00:26 CET
REGULATED INFORMATION
Stora Enso Oyj - Company Announcement
Stora Enso changes presentation of equity accounted investments
Goodwill and fixed asset impairment testing undertaken with positive impact of
EUR 4 million
Helsinki, Finland, 2011-12-15 08:00 CET (GLOBE NEWSWIRE) -- STORA ENSO OYJ
STOCK EXCHANGE RELEASE 15 December 2011 at 9.00 EET
Stora Enso will change the presentation of its equity accounted investments and
all comparative data with effect from the fourth quarter of 2011.
Stora Enso's share of the net profit of its equity accounted investments will
be presented in one line in Stora Enso's operating profit. The Group will adopt
operational EBIT as a key operative non-IFRS measure instead of operating
profit excluding NRI and fair valuations, which has been used until now.
Operational EBIT comprises the operating profit excluding NRI and fair
valuations of the segments and Stora Enso's share of the operating profit
excluding NRI and fair valuations of its equity accounted investments.
This change will not affect the Group's net profit, equity or statement of
financial position.
Goodwill and fixed asset impairment testing
Stora Enso has undertaken goodwill and fixed asset impairment testing in the
fourth quarter of 2011. The resulting net reversal of impairment recording will
have a positive impact of about EUR 4 million on the fourth quarter of 2011
operating profit.
Updated profit and loss presentation for periods Q1 2010 - Q3 2011:
Segment table - As published in Q3 2011
EUR million Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
--------------------------------------------------------------------------------
Consumer Board 64.4 84.5 95.8 277.1 52.1 77.6 76.9 70.5
Industrial Packaging 20.1 19.5 19.4 65.5 22.0 18.7 17.1 7.7
Newsprint and Book 33.6 27.5 26.0 -10.8 -2.7 0.1 -6.6 -1.6
Paper
Magazine Paper 48.3 33.9 28.2 90.9 19.5 45.5 22.0 3.9
Fine Paper 37.8 48.7 79.9 259.4 67.6 70.9 79.4 41.5
Wood Products 9.8 35.2 11.8 70.9 10.2 25.2 30.1 5.4
Other -13.2 -31.8 -28.2 -65.9 -22.3 -4.9 -16.5 -22.2
----------------------------------------------------------
Operating Profit 200.8 217.5 232.9 687.1 146.4 233.1 202.4 105.2
excl. NRI and Fair
Valuations by
Segment
Share of results of 3.4 10.8 15.1 67.0 20.4 21.9 10.5 14.2
equity accounted
investments excl.
fair valuations
----------------------------------------------------------
Operating Profit 204.2 228.3 248.0 754.1 166.8 255.0 212.9 119.4
excl. NRI and Fair
Valuations*
Fair valuations* -28.1 -11.9 16.4 92.5 41.9 16.5 11.2 22.9
----------------------------------------------------------
Operating Profit 176.1 216.4 264.4 846.6 208.7 271.5 224.1 142.3
excl. NRI
NRI on operating - -31.7 -27.2 180.2 202.2 5.4 -8.5 -18.9
profit
----------------------------------------------------------
Operating Profit 176.1 184.7 237.2 1 026.8 410.9 276.9 215.6 123.4
(IFRS)
Net financial items -193.4 -34.6 -51.2 -100.9 -21.7 -51.1 -22.6 -5.5
Loss/Profit before -17.3 150.1 186.0 925.9 389.2 225.8 193.0 117.9
Tax and
Non-controlling
Interests
Income tax expense -32.6 -14.1 -30.1 -156.6 -76.2 -31.5 -33.1 -15.8
----------------------- ------
Net Loss/Profit -49.9 136.0 155.9 769.3 313.0 194.3 159.9 102.1
==========================================================
* Fair valuations include equity incentive schemes, synthetic options net of
realised and open hedges, CO2 emission rights, and valuations of biological
assets related to forest assets in equity accounted investments.
Segment table - Reclassified, Operational EBIT
EUR million Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
--------------------------------------------------------------------------------
Consumer Board 64.4 84.5 95.8 277.1 52.1 77.6 76.9 70.5
Industrial Packaging 20.1 19.5 19.4 65.5 22.0 18.7 17.1 7.7
Newsprint and Book 33.6 27.5 26.0 -10.8 -2.7 0.1 -6.6 -1.6
Paper
Magazine Paper 48.3 33.9 28.2 90.9 19.5 45.5 22.0 3.9
Fine Paper 37.8 48.7 79.9 259.4 67.6 70.9 79.4 41.5
Wood Products 9.8 35.2 11.8 70.9 10.2 25.2 30.1 5.4
Other -13.2 -31.8 -28.2 -65.9 -22.3 -4.9 -16.5 -22.2
---------------------------------------------------------
Operational EBIT from 200.8 217.5 232.9 687.1 146.4 233.1 202.4 105.2
Segments
Equity accounted 23.6 21.6 25.4 110.2 30.7 30.0 22.1 27.4
investments (EAI),
operational**
---------------------------------------------------------
Operational EBIT 224.4 239.1 258.3 797.3 177.1 263.1 224.5 132.6
Fair valuations, -34.6 -7.5 11.5 31.7 -7.1 14.0 6.8 18.0
Group***
Equity accounted -11.2 -19.4 -11.9 -38.3 -1.7 -11.2 -12.9 -12.5
investments (EAI),
non-operational
items****
Non-recurring items, - -31.7 -27.2 195.5 217.5 5.4 -8.5 -18.9
Group
---------------------------------------------------------
Operating Profit 178.6 180.5 230.7 986.2 385.8 271.3 209.9 119.2
(IFRS)
Net financial items -193.4 -34.6 -51.2 -100.9 -21.7 -51.1 -22.6 -5.5
Loss/Profit before Tax -14.8 145.9 179.5 885.3 364.1 220.2 187.3 113.7
Income tax expense -35.1 -9.9 -23.6 -116.0 -51.1 -25.9 -27.4 -11.6
Net Loss/Profit -49.9 136.0 155.9 769.3 313.0 194.3 159.9 102.1
=========================================================
** Group's share of EAIs operating profit excluding non-recurring items and
fair valuations.
*** Fair valuations include equity incentive schemes, synthetic options net of
realised and open hedges, CO2 emission rights.
**** EAI non-operational items include valuations of biological assets related
to forest assets in EAIs, non-recurring items in EAIs and Group's share of EAIs
tax and net financial items.
Segment table - Change
EUR million Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
--------------------------------------------------------------------------------
Consumer Board - - - - - - - -
Industrial Packaging - - - - - - - -
Newsprint and Book Paper - - - - - - - -
Magazine Paper - - - - - - - -
Fine Paper - - - - - - - -
Wood Products - - - - - - - -
Other - - - - - - - -
Operational EBIT from - - - - - - - -
Segments
Equity accounted 20.2 10.8 10.3 43.2 10.3 8.1 11.6 13.2
investments (EAI),
operational
-------------------------------------------------------
Operational EBIT 20.2 10.8 10.3 43.2 10.3 8.1 11.6 13.2
Fair valuations, Group -6.5 4.4 -4.9 -60.8 -49.0 -2.5 -4.4 -4.9
Equity accounted -11.2 -19.4 -11.9 -38.3 -1.7 -11.2 -12.9 -12.5
investments (EAI),
non-operational items
Non-recurring items, - - - 15.3 15.3 - - -
Group
-------------------------------------------------------
Operating Profit (IFRS) 2.5 -4.2 -6.5 -40.6 -25.1 -5.6 -5.7 -4.2
Net financial items - - - - - - - -
Loss/Profit before Tax 2.5 -4.2 -6.5 -40.6 -25.1 -5.6 -5.7 -4.2
Income tax expense -2.5 4.2 6.5 40.6 25.1 5.6 5.7 4.2
Net Loss/Profit - - - - - - - -
=======================================================
Condensed Consolidated Income Statement - As published in Q3/11
EUR Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10
Q1/10
milli
on
--------------------------------------------------------------------------------
------
Sales 2 739.3 2 817.1 2 726.9 10 296.9 2 685.2 2 623.6 2 692.2
2 295.9
Other 41.7 57.1 57.0 159.1 54.3 38.6 31.9
34.3
opera
ting
incom
e
Materi -1 750.3 -1 757.2 -1 668.2 -6 391.4 -1 747.8 -1 574.2 -1 641.3
-1 428.1
als
and
servi
ces
Freigh -255.8 -262.5 -257.1 -1 010.1 -253.7 -267.3 -263.9
-225.2
t and
sales
commi
ssions
Person -352.3 -370.5 -343.2 -1 375.3 -374.8 -309.7 -361.8
-329.0
nel
expen
ses
Other -118.0 -165.6 -143.3 -482.2 -102.1 -119.8 -148.2
-112.0
opera
ting
expen
ses
Share 9.9 6.4 20.0 112.5 54.1 24.4 14.9
19.1
of
resul
ts of
equit
y
accou
nted
inves
tments
Deprec -138.4 -140.1 -154.9 -282.7 95.7 -138.7 -108.2
-131.6
iation
and
impai
rment
-------------------------------------------------------------------------------
Operat 176.1 184.7 237.2 1 026.8 410.9 276.9 215.6
123.4
ing
Profi
t
Net -193.4 -34.6 -51.2 -100.9 -21.7 -51.1 -22.6
-5.5
finan
cial
items
-------------------------------------------------------------------------------
Loss/P -17.3 150.1 186.0 925.9 389.2 225.8 193.0
117.9
rofit
befor
e Tax
Income -32.6 -14.1 -30.1 -156.6 -76.2 -31.5 -33.1
-15.8
tax
-------------------------------------------------------------------------------
Net -49.9 136.0 155.9 769.3 313.0 194.3 159.9
102.1
Loss/
Profit
for
the
Perio
d
Attrib
utable
to:
Owners -50.3 135.7 155.6 766.0 312.2 193.2 159.1
101.5
of
the
Paren
t
Non-co 0.4 0.3 0.3 3.3 0.8 1.1 0.8
0.6
ntroll
ing
inter
ests
------------------------------------------------------------
-49.9 136.0 155.9 769.3 313.0 194.3 159.9
102.1
===============================================================================
Condensed Consolidated Income Statement - Reclassified
EUR Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10
Q1/10
milli
on
--------------------------------------------------------------------------------
------
Sales 2 739.3 2 817.1 2 726.9 10 296.9 2 685.2 2 623.6 2 692.2
2 295.9
Other 41.7 57.1 57.0 159.1 54.3 38.6 31.9
34.3
opera
ting
incom
e
Materi -1 750.3 -1 757.2 -1 668.2 -6 391.4 -1 747.8 -1 574.2 -1 641.3
-1 428.1
als
and
servi
ces
Freigh -255.8 -262.5 -257.1 -1 010.1 -253.7 -267.3 -263.9
-225.2
t and
sales
commi
ssions
Person -352.3 -370.5 -343.2 -1 375.3 -374.8 -309.7 -361.8
-329.0
nel
expen
ses
Other -118.0 -165.6 -143.3 -482.2 -102.1 -119.8 -148.2
-112.0
opera
ting
expen
ses
Share 12.4 2.2 13.5 71.9 29.0 18.8 9.2
14.9
of
resul
ts of
equit
y
accou
nted
inves
tments
*
Deprec -138.4 -140.1 -154.9 -282.7 95.7 -138.7 -108.2
-131.6
iation
and
impai
rment
-------------------------------------------------------------------------------
Operat 178.6 180.5 230.7 986.2 385.8 271.3 209.9
119.2
ing
Profi
t*
Net -193.4 -34.6 -51.2 -100.9 -21.7 -51.1 -22.6
-5.5
finan
cial
items
-------------------------------------------------------------------------------
Loss/P -14.8 145.9 179.5 885.3 364.1 220.2 187.3
113.7
rofit
befor
e Tax*
Income -35.1 -9.9 -23.6 -116.0 -51.1 -25.9 -27.4
-11.6
tax*
-------------------------------------------------------------------------------
Net -49.9 136.0 155.9 769.3 313.0 194.3 159.9
102.1
Loss/
Profit
for
the
Perio
d
Attrib
utable
to:
Owners -50.3 135.7 155.6 766.0 312.2 193.2 159.1
101.5
of
the
Paren
t
Non-co 0.4 0.3 0.3 3.3 0.8 1.1 0.8
0.6
ntroll
ing
inter
ests
-49.9 136.0 155.9 769.3 313.0 194.3 159.9
102.1
===============================================================================
Condensed Consolidated Income Statement - Change
EUR million Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
--------------------------------------------------------------------------------
Sales - - - - - - - -
Other operating income - - - - - - - -
Materials and services - - - - - - - -
Freight and sales - - - - - - - -
commissions
Personnel expenses - - - - - - - -
Other operating expenses - - - - - - - -
Share of results of 2.5 -4.2 -6.5 -40.6 -25.1 -5.6 -5.7 -4.2
equity accounted
investments
Depreciation and - - - - - - - -
impairment
-------------------------------------------------------
Operating Profit 2.5 -4.2 -6.5 -40.6 -25.1 -5.6 -5.7 -4.2
Net financial items - - - - - - - -
-------------------------------------------------------
Loss/Profit before Tax 2.5 -4.2 -6.5 -40.6 -25.1 -5.6 -5.7 -4.2
Income tax -2.5 4.2 6.5 40.6 25.1 5.6 5.7 4.2
-------------------------------------------------------
Net Loss/Profit for the - - - - - - - -
Period
Attributable to:
Owners of the Parent - - - - - - - -
Non-controlling - - - - - - - -
interests
- - - - - - - -
=======================================================
ROCE - As published in Q3 2011
% Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
--------------------------------------------------------------------------------
ROCE excl. NRI and fair 9.3 10.4 11.4 9.2 7.9 12.4 10.5 6.0
valuations
ROCE - Reclassified
% Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
-----------------------------------------------------------------------
Operational ROCE 10.3 10.9 11.9 9.7 8.4 12.8 11.0 6.7
ROCE - Change
% Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
-----------------------------------------------------------------------
Operational ROCE 1.0 0.5 0.5 0.5 0.5 0.4 0.5 0.7
For further information, please contact:
Markus Rauramo, CFO, tel. +358 2046 21121
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242
www.storaenso.com
www.storaenso.com/investors
Stora Enso is the global rethinker of the packaging, paper and wood products
industry. We always rethink the old and expand to the new to offer our
customers innovative solutions based on renewable materials. Stora Enso employs
some 30 000 people worldwide, and our sales in 2010 amounted to EUR 10.3
billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and
Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) in the International OTCQX over-the-counter market.
STORA ENSO OYJ
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