Stora Enso Finalises the Restructuring of Bergvik Skog's Forests Holdings

Data : 31/05/2019 @ 11:33
Fonte : PR Newswire (US)
Titolo : Stora Enso Oyj (0M32)
Quotazione : 131.75  0.0 (0.00%) @ 01:00
Quotazione Stora Enso Oyj Grafico

Stora Enso Finalises the Restructuring of Bergvik Skog's Forests Holdings

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STORA ENSO OYJ INVESTOR NEWS 31 May 2019 at 12.15 EEST

HELSINKI, May 31, 2019 /PRNewswire/ -- The shareholders of Bergvik Skog AB, a Swedish forest holding company, have finalised the previously announced restructuring of its ownership. Stora Enso's forest holdings in Sweden will increase to 1.4 million hectares, of which 1.15 million hectares is productive forest land. Prior to the transaction, Stora Enso's indirect share of Bergvik Skog's productive forest land was 936 thousand hectares.

"I am very pleased that we have successfully finalised the restructuring of Bergvik Skog with the other shareholders. This transaction is a natural next step for us, as we strongly believe in the bioeconomy and want to secure our competitive raw material supply for the long term. The direct ownership gives us better opportunities to further develop sustainable forest management, thus strengthening our competitiveness," says Stora Enso's CEO

Karl-Henrik Sundström

.

As part of the transaction, Stora Enso acquires Bergvik Skog Plantor AB nursery and three wind turbine projects. This will further strengthen the Group's comprehensive offering to forest owners in Sweden and is in line with its commitment to sustainable forestry.

The financial impact of the restructuring for Stora Enso will be as follows:

  • Bergvik Skog was previously reported as an equity accounted investment. Upon completion of the restructuring, Stora Enso's Swedish forest assets are placed in a fully owned subsidiary and consolidated line by line in Stora Enso's results in segment Other from 1 June 2019 onwards.
  • The transaction results in an increase of approximately EUR 1.0 billion in Stora Enso's interest-bearing net debt and the net debt to EBITDA ratio will increase by approximately 0.5x once all the transaction steps have been finalised by the end of 2019.
  • The net debt to EBITDA ratio was 1.7x at the end of the first quarter of 2019. The ratio will exceed the strategic target level of 2.0x temporarily during the second half of 2019 before all the steps of the transaction have been finalised.
  • Capital employed increased by approximately EUR 1.0 billion, resulting in a decrease in the operational return on capital employed (ROCE) of approximately 1 percentage point.

Links to the previous releases about the Bergvik Skog transaction:

  • 30 November 2018: Stora Enso signs agreement to acquire forest assets in Bergvik Skog
  • 13 November 2018: Stora Enso's forest associate Bergvik Skog sells forestland in Latvia and increases fair values of biological assets
  • 27 November 2017: Stora Enso announces intent to acquire forest assets in conjunction with planned structural changes in Bergvik Skog AB

For further information, please contact:
Ulrika Lilja
EVP, Communications
tel. +46-72-221-9228

Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358-40-763-8767

Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 26 000 employees in over 30 countries. Our sales in 2018 were EUR 10.5 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). storaenso.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/stora-enso-oyj/r/stora-enso-finalises-the-restructuring-of-bergvik-skog-s-forests-holdings,c2829444

The following files are available for download:

https://news.cision.com/stora-enso-oyj/i/forest,c2634421

Forest

 

 

Copyright 2019 PR Newswire

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