2014-03-19 08:00:00 CET
2014-03-19 08:00:06 CET
REGULATED INFORMATION
Stora Enso Oyj - Company Announcement
Stora Enso’s historical figures according to IFRS 11 Joint Arrangements
Helsinki, Finland, 2014-03-19 08:00 CET (GLOBE NEWSWIRE) -- STORA ENSO OYJ
STOCK EXCHANGE RELEASE 19 March 2014 at 9.00 EET
Stora Enso adopted the new IFRS 11 Joint Arrangements as of 1 January 2014. The
change affects the accounting treatment of Montes del Plata and Veracel which
are now treated as joint operations and thus Stora Enso's 50% ownership is
consolidated with the line-by-line method. Previously these two entities were
consolidated using the equity method.
The line by line consolidation of Stora Enso's 50% ownership of Montes del
Plata and Veracel has no impact on published operational EBIT, net profit,
equity or earnings per share. The line by line consolidation impacts all the
primary statements in the consolidated financial statements. The impacts are
summarised below:
-- Increase in operational EBITDA
-- Increase in property, plant and equipment, biological assets and net debt
-- Decrease in equity accounted investment
-- Increase in capital expenditure and decreases in equity injections to
equity accounted investments.
Historical figures according to the new standard are presented in the tables
below. Additionally, the Group has revised the presentation of the cash flow
statement to reflect better the underlying cash movements. CTA = Cumulative Translation Adjustment, EAI = Equity Accounted Investments,
NCI = Non-controlling Interests,
NRI = Non-recurring Items, OCI = Other Comprehensive Income
Effects of Changes to IFRS 11 Joint Arrangements
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Restated Change As published
EUR million 2013 2012 2013 2012 2013 2012
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Sales 10 563 10 837 19 22 10 544 10 815
Operational EBITDA 1 090 1 154 46 60 1 044 1 094
Operational EBIT 578 630 - - 578 630
Operating profit (IFRS) 50 716 16 15 34 701
Net profit/loss for the period -71 490 - - -71 490
Capital expenditure 760 1 012 335 456 425 556
Depreciation and impairment 603 623 39 40 564 583
charges excl. NRI
Operational ROCE, % 6.5 6.9 -0.6 -0.4 7.1 7.3
Return on equity (ROE), % -1.3 8.3 - - -1.3 8.3
Debt/equity ratio 0.61 0.58 0.14 0.10 0.47 0.48
Net debt/last twelve months' 2.9 2.9 0.6 0.4 2.3 2.5
operational EBITDA
Equity ratio, % 39.2 41.0 -2.1 -1.8 41.3 42.8
Capital structure
Operative fixed assets 6 824 7 520 1 590 1 498 5 234 6 022
Equity accounted investments 1 013 941 -948 -1 024 1 961 1 965
Operative working capital, net 1 179 1 526 94 66 1 085 1 460
Non-current interest-free items, -466 -551 33 60 -499 -611
net
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Operating Capital Total 8 550 9 436 769 600 7 781 8 836
Net tax liabilities -86 -237 -12 -20 -74 -217
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Capital Employed 8 464 9 199 757 580 7 707 8 619
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Equity attributable to owners of 5 213 5 770 - - 5 213 5 770
the Parent
Non-controlling interests 60 92 - - 60 92
Net interest-bearing liabilities 3 191 3 337 757 580 2 434 2 757
----------------------------------------------
Financing Total 8 464 9 199 757 580 7 707 8 619
----------------------------------------------
Key Figures - Restated
EUR million 2013 Q4/13 Q3/13 Q2/13 Q1/13 2012
--------------------------------------------------------------------------------
Sales 10 563 2 612 2 553 2 726 2 672 10 837
Operational EBITDA 1 090 260 319 257 254 1 154
Operational EBITDA margin, % 10.3 10.0 12.5 9.4 9.5 10.6
Operational EBIT 578 152 184 124 118 630
Operational EBIT margin, % 5.5 5.8 7.2 4.5 4.4 5.8
Operating profit (IFRS) 50 -210 156 83 21 716
Operating margin (IFRS), % 0.5 -8.0 6.1 3.0 0.8 6.6
Profit before tax excl. NRI 350 111 126 57 56 314
Loss/profit before tax -189 -281 103 24 -35 478
Net profit for the period excl. 323 118 104 45 56 263
NRI
Net loss/profit for the period -71 -160 84 21 -16 490
Capital expenditure 760 278 168 184 130 1 012
Depreciation and impairment 603 136 157 154 156 623
charges excl. NRI
Operational ROCE, % 6.5 7.0 8.3 5.4 5.1 6.9
Earnings per share (EPS) excl. 0.40 0.15 0.13 0.05 0.07 0.33
NRI, EUR
EPS (basic), EUR -0.07 -0.18 0.11 0.02 -0.02 0.61
Cash earnings per share (CEPS) 1.16 0.31 0.33 0.25 0.27 1.13
excl. NRI, EUR
CEPS, EUR 1.21 0.46 0.31 0.21 0.23 1.35
Return on equity (ROE), % -1.3 -11.9 6.2 1.5 -1.1 8.3
Debt/equity ratio 0.61 0.61 0.64 0.68 0.61 0.58
Net debt/last twelve months' 2.9 2.9 3.1 3.2 3.1 2.9
operational EBITDA
Equity per share, EUR 6.61 6.61 6.82 6.67 7.32 7.32
Equity ratio, % 39.2 39.2 39.2 38.7 40.7 41.0
Average number of employees 28 921 28 453 28 997 29 357 28 887 29 385
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Reconciliation of Operational Profitability - Restated
EUR million 2013 Q4/13 Q3/13 Q2/13 Q1/13 2012
--------------------------------------------------------------------------------
Operational EBITDA 1 090 260 319 257 254 1 154
Equity accounted investments (EAI), 91 28 22 21 20 99
operational
Depreciation and impairment excl. NRI -603 -136 -157 -154 -156 -623
-----------------------------------------
Operational EBIT 578 152 184 124 118 630
Fair valuations and non-operational 11 30 -5 -8 -6 -44
items
Non-recurring items -539 -392 -23 -33 -91 130
-----------------------------------------
Operating Profit/Loss (IFRS) 50 -210 156 83 21 716
-----------------------------------------
Capital Structure - Restated
EUR million 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec
13 13 13 13 12
--------------------------------------------------------------------------------
Operative fixed assets 6 824 7 159 7 130 7 511 7 520
Equity accounted investments 1 013 1 003 982 980 941
Operative working capital, net 1 179 1 470 1 518 1 640 1 526
Non-current interest-free -466 -534 -535 -544 -551
items, net
------------------------------------------------
Operating Capital Total 8 550 9 098 9 095 9 587 9 436
Net tax liabilities -86 -196 -189 -216 -237
------------------------------------------------
Capital Employed 8 464 8 902 8 906 9 371 9 199
------------------------------------------------
Equity attributable to owners 5 213 5 381 5 261 5 772 5 770
of the Parent
Non-controlling interests 60 86 88 89 92
Net interest-bearing 3 191 3 435 3 557 3 510 3 337
liabilities
------------------------------------------------
Financing Total 8 464 8 902 8 906 9 371 9 199
------------------------------------------------
Cash Flow - Restated
EUR million 2013 Q4/13 Q3/13 Q2/13 Q1/13 2012
--------------------------------------------------------------------------------
Operational EBITDA 1 090 260 319 257 254 1 154
NRI on Operational EBITDA 37 154 -23 -43 -51 18
Dividends received from EAI 38 18 2 7 11 102
Other adjustments -178 -168 1 8 -19 -25
Change in working capital 265 198 48 88 -69 45
------------------------------------------
Cash Flow from Operations 1 252 462 347 317 126 1 294
Cash spent on fixed and biological -740 -216 -182 -170 -172 -1 000
assets
Acquisitions of equity accounted -31 - -1 -30 - -
investments
------------------------------------------
Cash Flow after Investing Activities 481 246 164 117 -46 294
------------------------------------------
Condensed Consolidated Income Statement - Restated
EUR million 2013 Q4/13 Q3/13 Q2/13 Q1/13 2012
--------------------------------------------------------------------------------
Sales 10 563 2 612 2 553 2 726 2 672 10 837
Other operating income 140 34 30 37 39 219
Materials and services -6 550 -1 488 -1 585 -1 765 -1 712 -6 890
Freight and sales commissions -982 -235 -237 -251 -259 -1 011
Personnel expenses -1 390 -349 -314 -368 -359 -1 373
Other operating expenses -644 -141 -149 -165 -189 -611
Share of results of equity 102 49 15 13 25 117
accounted investments
Depreciation and impairment -1 189 -692 -157 -144 -196 -572
-----------------------------------------------
Operating Profit/Loss 50 -210 156 83 21 716
Net financial items -239 -71 -53 -59 -56 -238 -----------------------------------------------
Loss/Profit before Tax -189 -281 103 24 -35 478
Income tax 118 121 -19 -3 19 12
-----------------------------------------------
Net Loss/Profit for the Period -71 -160 84 21 -16 490
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Condensed Consolidated Statement of Cash Flows - Restated
EUR million 2013 Q1-Q3/ Q1-Q2/ Q1/13 2012
13 13
--------------------------------------------------------------------------------
Cash Flow from Operating Activities
Operating profit 50 260 104 21 716
Hedging result from OCI 7 - 10 -1 -2
Adjustments for non-cash items 937 463 320 174 533
Change in net working capital 265 67 19 -69 45
-------------------------------------
Cash Flow Generated by Operations 1 259 790 453 125 1 292
Net financial items paid -198 -134 -86 -66 -161
Income taxes paid, net -46 -33 -20 -3 -105
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Net Cash Provided by Operating Activities 1 015 623 347 56 1 026
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Cash Flow from Investing Activities
Acquisitions of subsidiaries and business 25 - - - -11
operations, net of acquired cash
Acquisitions of equity accounted -31 -31 -30 - -
investments
Acquisitions of available-for-sale -9 -9 -9 - -
investments
Proceeds from sale of fixed assets and 96 87 81 18 11
shares, net of disposed cash
Proceeds from disposal of 42 43 - - -
available-for-sale investments
Capital expenditure -740 -524 -342 -172 -1 000
Proceeds from/payments of non-current 85 107 98 2 -4
receivables, net
-------------------------------------
Net Cash Used in Investing Activities -532 -327 -202 -152 -1 004
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Cash Flow from Financing Activities
Proceeds from issue of new long-term debt 239 223 66 - 1 766
Long-term debt, payments -415 -189 -44 -39 -604
Change in short-term borrowings 108 131 47 -15 -155
Dividends paid -237 -237 -237 - -237
Dividend to non-controlling interests -7 -6 -6 -7 -3
-------------------------------------
Net Cash Used in/Provided by Financing -312 -78 -174 -61 767
Activities
-------------------------------------
Net Increase/Decrease in Cash and Cash 171 218 -29 -157 789
Equivalents
Translation adjustment -27 -16 -20 3 -28
Net cash and cash equivalents at the 1 917 1 917 1 917 1 917 1 156
beginning of period
-------------------------------------
Net Cash and Cash Equivalents at Period 2 061 2 119 1 868 1 763 1 917
End
-------------------------------------
Cash and Cash Equivalents at Period End 2 073 2 121 1 869 1 764 1 921
Bank Overdrafts at Period End -12 -2 -1 -1 -4
-------------------------------------
Net Cash and Cash Equivalents at Period 2 061 2 119 1 868 1 763 1 917
End
-------------------------------------
Condensed Consolidated Statement of Financial Position - Restated
EUR million 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec
13 13 13 13 12
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Assets
Non-current Assets
PPE*, goodwill and other O 5 808 6 332 6 370 6 573 6 565
intangible assets
Biological assets O 634 454 466 496 474
Emission rights O 21 18 15 35 30
Equity accounted investments O 1 013 1 003 982 980 941
Available-for-sale: I 10 10 105 100 96
Interest-bearing
Available-for-sale: Operative O 361 355 279 407 451
Non-current loan receivables I 80 79 37 137 134
Deferred tax assets T 229 165 162 169 143
Other non-current assets O 63 70 69 80 85
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8 219 8 486 8 485 8 977 8 919
--------------------------------------------
Current Assets
Inventories O 1 445 1 515 1 510 1 610 1 510
Tax receivables T 13 14 15 18 18
Operative receivables O 1 555 1 676 1 787 1 851 1 714
Interest-bearing receivables I 147 137 151 196 211
Cash and cash equivalents I 2 073 2 121 1 869 1 764 1 921
--------------------------------------------
5 233 5 463 5 332 5 439 5 374
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Total Assets 13 452 13 949 13 817 14 416 14 293
--------------------------------------------
Equity and Liabilities
Owners of the Parent 5 213 5 381 5 261 5 772 5 770
Non-controlling Interests 60 86 88 89 92
--------------------------------------------
Total Equity 5 273 5 467 5 349 5 861 5 862
--------------------------------------------
Non-current Liabilities
Post-employment benefit O 378 465 461 470 480
provisions
Other provisions O 127 124 133 145 145
Deferred tax liabilities T 312 331 337 361 358
Non-current debt I 4 163 4 333 4 260 4 817 4 799
Other non-current operative O 24 15 10 9 11
liabilities
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5 004 5 268 5 201 5 802 5 793
--------------------------------------------
Current Liabilities
Current portion of non-current I 544 644 732 221 202
debt
Interest-bearing liabilities I 794 805 727 669 698
Operative liabilities O 1 821 1 721 1 779 1 821 1 698
Tax liabilities T 16 44 29 42 40
--------------------------------------------
3 175 3 214 3 267 2 753 2 638
Total Liabilities 8 179 8 482 8 468 8 555 8 431
--------------------------------------------
Total Equity and Liabilities 13 452 13 949 13 817 14 416 14 293
--------------------------------------------
* PPE = Property, Plant and Equipment
Items designated with “O” comprise Operating Capital
Items designated with “I” comprise Interest-bearing Net Liabilities
Items designated with “T” comprise Net Tax Liabilities
For further information, please contact:
Seppo Parvi, CFO, tel. +358 2046 21205
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
www.storaenso.com
www.storaenso.com/investors
Stora Enso is the global rethinker of the paper, biomaterials, wood products
and packaging 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 28 000 people worldwide, and our sales in 2013 amounted to
EUR 10.5 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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