Stora Enso's Strategic Financial Targets and Historical Figures According to the new Divisional Structure

Data : 19/03/2020 @ 13:42
Fonte : PR Newswire (US)
Titolo : Stora Enso Oyj (0M32)
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Stora Enso's Strategic Financial Targets and Historical Figures According to the new Divisional Structure

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STORA ENSO OYJ INVESTOR NEWS 19 March 2020 at 14:00 EET

HELSINKI, March 19, 2020 /PRNewswire/ -- On 4 December 2019 Stora Enso announced the creation of a new divisional structure. As of 1 January 2020, the divisions are Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Paper.

Stora Enso merged its containerboard business with the Consumer Board division, creating a new Packaging Materials division. The remaining business in Packaging Solutions, together with the recently created Formed Fiber unit, constitute a more focused Packaging Solutions division.

As announced on 18 September 2019, Stora Enso established a Forest division and started reporting it separately as of 1 January 2020. The new Forest division includes Stora Enso's Swedish forest assets (including the recently acquired Bergvik Skog Väst AB) and a 41% share of Tornator with the majority of its forest assets located in Finland. The Forest division also includes wood supply operations in Finland, Sweden, Russia and the Baltic countries. Tree plantations in Latin America and China, linked to local pulp mills, continue to be reported as before under the Biomaterials and Packaging Materials divisions. After establishing the new Forest division, remaining segment Other reporting includes Group functions, logistics and other operations.

Strategic financial targets

Stora Enso has updated the strategic financial targets according to the new divisional structure. The targets according to the new divisional structure as of 1 January 2020 as well as according to the divisional structure as of 31 December 2019 are presented in the tables below.

Division

KPI

TargetAs of 1 January 2020

Target as of 31 December 2019

Packaging Materials

ROOC

>20%

-

Consumer Board

ROOC

-

>20%

Packaging Solutions

ROOC

>30%

>20%

Biomaterials

ROOC

>15%

>15%

Wood Products

ROOC

>20%

>20%

Forest

ROOC

>5%

-

Paper

Cash flow after investing activities to sales

>7%

>7%

GROUP

ROCE

>13%

>13%

ROOC: Operational return on operating capital

ROCE: Operational return on capital employed

Forest division segment reporting

Growth in the value of forest represents an important component of the annual operative return for long-term rotation forest assets, where typical annual wood sales and related costs do not reflect the total profitability of the forest assets. The long-term value development of standing forests is an important driver for profitability of the forestry business.

Under previous presentation principles, all changes in fair valuation of biological assets were excluded from Operational EBIT, with the exception of depletion of capitalised silviculture costs for tree plantations in Latin America and China. From 1 January 2020 onwards, the changes in the fair valuation of biological assets will be categorised in two components:

1.  non-operational fair value changes, and

2.  operational fair value changes.

Non-operational fair value changes of biological assets reflect the changes made to valuation assumptions and parameters. Operational fair value changes of biological assets contain all other fair value changes, mainly due to inflation and differences in actual harvesting levels compared to the harvesting plan. Operational fair value changes will be reported in Operational EBITDA, whereas non-operational fair value changes will be excluded from Operational EBITDA.

In conjunction with the new segment reporting, Stora Enso will reclassify the silviculture costs of the new Forest division from Operational EBITDA to Operational EBIT. Silviculture costs mainly relate to replanting and the tending and fertilisation of trees. As per previous presentation principles, the depletion of capitalised silviculture costs in tree plantations in Latin America and China are already included in Operational EBIT, so this change aligns the presentation of Nordic forests with plantations in Latin America and China.

All of the above-mentioned changes are related to the non-IFRS alternative performance measures. Operating profit (IFRS) remains unchanged, with both operational and non-operational fair valuation changes to be included on the line change in the net value of biological assets.

The cash outflows regarding the silviculture costs of the Group's Swedish forests will be presented in the cash flow statement as part of the investing activities instead of as operating cash flows under the previous presentation principles.

Restated figures

The restated figures for the Group, Packaging Materials, Packaging Solutions and Forest division are presented below.  

As published: Sales

EUR million

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

2 563

614

640

675

634

2 622

Packaging Solutions

1 247

293

299

316

338

1 344

Biomaterials

1 464

341

331

394

398

1 635

Wood Products

1 569

374

380

412

403

1 622

Paper

2 856

694

690

712

760

3 066

Other

3 396

819

786

868

922

3 425

Inter-segment sales

-3 040

-724

-725

-770

-821

-3 229

Total

10 055

2 411

2 402

2 608

2 635

10 486

Restated: Sales

EUR million

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

3 193

755

791

833

814

3 350

Packaging Solutions

703

171

168

182

182

707

Biomaterials

1 464

341

331

394

398

1 635

Wood Products

1 569

374

380

412

403

1 622

Forest

2 321

558

518

603

642

2 285

Paper

2 856

694

690

712

760

3 066

Other

1 076

262

268

265

280

1,141

Inter-segment sales 

-3 127

-743

-746

-793

-845

-3 321

Total

10 055

2 411

2 402

2 608

2 635

10 486

Packaging Materials: Sales


2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

2 564

614

640

676

634

2 624

Containerboard

630

141

151

157

180

727

As published: Operational EBITDA 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

433

95

119

118

101

423

Packaging Solutions

212

36

48

58

70

313

Biomaterials

356

21

67

133

135

550

Wood Products

153

26

39

47

40

199

Paper

318

71

76

76

95

345

Other 

70

11

26

3

30

48

Total 

1 542

259

376

435

471

1 878

Restated: Operational EBITDA 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

574

115

146

156

157

684

Packaging Solutions

71

16

21

20

14

52

Biomaterials

356

21

67

133

135

550

Wood Products

153

26

39

47

40

199

Forest

145

43

37

25

39

122

Paper

318

71

76

76

95

345

Other

-4

-14

10

-3

3

-26

Total

1 614

277

397

455

484

1 925








Total change

71

18

21

20

13

48

Packaging Materials: Operational EBITDA 


2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

434

96

120

118

101

424

Containerboard

139

19

27

38

56

260

As published: Operational EBITDA margin % 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

16.9%

15.6%

18.6%

17.5%

15.9%

16.1%

Packaging Solutions

17.0%

12.2%

16.0%

18.4%

20.7%

23.3%

Biomaterials

24.3%

6.1%

20.3%

33.7%

33.9%

33.6%

Wood Products

9.8%

7.0%

10.3%

11.5%

10.0%

12.3%

Paper

11.1%

10.2%

11.0%

10.7%

12.5%

11.3%

Other

2.1%

1.3%

3.3%

0.3%

3.3%

1.4%

Total 

15.3%

10.8%

15.7%

16.7%

17.9%

17.9%

Restated: Operational EBITDA margin % 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

18.0%

15.2%

18.5%

18.7%

19.3%

20.4%

Packaging Solutions

10.2%

9.6%

12.6%

11.0%

7.6%

7.4%

Biomaterials

24.3%

6.1%

20.3%

33.7%

33.9%

33.6%

Wood Products

9.8%

7.0%

10.3%

11.5%

10.0%

12.3%

Forest

6.2%

7.7%

7.2%

4.2%

6.1%

5.3%

Paper

11.1%

10.2%

11.0%

10.7%

12.5%

11.3%

Other 

-0.3%

-5.5%

3.9%

-1.1%

1.2%

-2.3%

Total

16.0%

11.5%

16.5%

17.5%

18.4%

18.4%








Total change 

0.7%

0.7%

0.9%

0.8%

0.5%

0.5%

Packaging Materials: Operational EBITDA margin % 


2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

16.9%

15.6%

18.7%

17.5%

15.9%

16.1%

Containerboard

22.1%

13.5%

17.6%

24.0%

31.0%

35.7%

As published: Operational EBIT 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

250

51

73

72

54

231

Packaging Solutions

135

16

29

39

51

245

Biomaterials

233

-12

39

103

103

427

Wood Products

105

14

27

35

29

165

Paper

213

44

50

50

69

234

Other 

17

0

13

-12

17

23

Total

953

112

231

287

324

1 325

Restated: Operational EBIT 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

339

57

86

98

98

444

Packaging Solutions

46

10

15

14

8

32

Biomaterials

233

-12

39

103

103

427

Wood Products

105

14

27

35

29

165

Forest

99

31

25

11

33

88

Paper

213

44

50

50

69

234

Other 

-32

-19

2

-11

-4

-38

Total 

1 003

124

245

299

335

1 352








Total change 

50

12

14

12

11

27

As published: Operational EBIT margin %

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

9.7%

8.3%

11.3%

10.7%

8.6%

8.8%

Packaging Solutions

10.8%

5.5%

9.6%

12.3%

15.1%

18.2%

Biomaterials

15.9%

-3.5%

11.7%

26.1%

25.8%

26.1%

Wood Products

6.7%

3.6%

7.2%

8.6%

7.2%

10.2%

Paper

7.4%

6.3%

7.3%

7.0%

9.1%

7.6%

Other 

0.5%

-0.1%

1.7%

-1.4%

1.9%

0.7%

Total 

9.5%

4.6%

9.6%

11.0%

12.3%

12.6%

Restated: Operational EBIT margin % 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

10.6%

7.5%

10.9%

11.7%

12.0%

13.3%

Packaging Solutions

6.6%

5.9%

8.9%

7.5%

4.1%

4.5%

Biomaterials

15.9%

-3.5%

11.7%

26.1%

25.8%

26.1%

Wood Products

6.7%

3.6%

7.2%

8.6%

7.2%

10.2%

Forest

4.3%

5.6%

4.8%

1.7%

5.1%

3.9%

Paper

7.4%

6.3%

7.3%

7.0%

9.1%

7.6%

Other

-3.0%

-7.4%

0.9%

-4.1%

-1.5%

-3.3%

Total 

10.0%

5.1%

10.2%

11.5%

12.7%

12.9%








Total change 

0.5%

0.5%

0.6%

0.5%

0.4%

0.3%

As published: Operating capital 

EUR million 

31 Dec 2019

30 Sep 2019

30 Jun 2019

31 Mar 2019

31 Dec 2018

Consumer Board

2 100

2 166

2 244

2 287

1 951

Packaging Solutions

962

945

961

954

923

Biomaterials

2 496

2 631

2 638

2 633

2 462

Wood Products

647

679

701

699

621

Paper

657

764

835

839

796

Other 

4 601

4 119

4 027

2 340

2 204

Total 

11 462

11 303

11 406

9 752

8 955

Restated: Operating capital

EUR million

31 Dec 2019

30 Sep 2019

30 Jun 2019

31 Mar 2019

31 Dec 2018

Packaging Materials

2 824

2 861

2 938

2 976

2 627

Packaging Solutions

241

251

267

265

246

Biomaterials

2 496

2 631

2 638

2 633

2 462

Wood Products

647

679

701

699

621

Forest

4 138

3 641

3 722

2 009

1 940

Paper

657

764

835

839

796

Other

460

477

305

330

264

Total

11 462

11 303

11 406

9 752

8 955

As published: Return on operating capital (ROOC)

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

12.3%

9.5%

13.2%

12.8%

10.3%

11.9%

Packaging Solutions

14.4%

6.8%

12.1%

16.3%

21.8%

27.2%

Biomaterials

9.4%

-1.9%

5.9%

15.6%

16.2%

17.9%

Wood Products

16.6%

8.2%

15.8%

20.3%

17.7%

28.1%

Paper

29.3%

24.7%

25.1%

23.8%

33.7%

30.2%

Restated: ROOC 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

12.4%

8.0%

11.9%

13.2%

14.0%

16.9%

Packaging Solutions

18.9%

16.4%

23.1%

20.5%

11.8%

14.6%

Biomaterials

9.4%

-1.9%

5.9%

15.6%

16.2%

17.9%

Wood Products

16.6%

8.2%

15.8%

20.3%

17.7%

28.1%

Forest

3.3%

3.2%

2.7%

1.5%

6.6%

4.7%

Paper

29.3%

24.7%

25.1%

23.8%

33.7%

30.2%

Group Return on capital employed (ROCE) 


2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

ROCE as published

9.8%

4.2%

8.7%

11.3%

14.0%

15.5%

ROCE restated

10.3%

4.7%

9.2%

11.8%

14.5%

15.8%

Total change 

0.5%

0.5%

0.5%

0.5%

0.5%

0.3%








ROCE excluding Forest division restated

12.8%

5.0%

11.7%

15.2%

16.7%

18.9%

Net debt / operational EBITDA 


31 Dec 2019

30 Sep 2019

30 Jun 2019

31 Mar 2019

31 Dec 2018

Net debt / operational EBITDA as published

2.1

2.2

2.2

1.7

1.1

Net debt / operational EBITDA restated

2.0

2.1

2.1

1.6

1.1

Total change 

-0.1

-0.1

-0.1

0.0

0.0

As published: Reconciliation of operational profitability

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Operational EBITDA

1 542

259

376

435

471

1 878

Depreciation and depletion of equity accounted investments (EAI)

-6

-1

-1

-2

-2

-7

Operational decrease in the value of biological assets

-51

-11

-14

-13

-13

-66

Depreciation and impairment excl. IAC

-533

-136

-130

-134

-133

-479

Operational EBIT

953

112

231

287

324

1 325

Fair valuations and non-operational items1

544

600

-25

-25

-7

45

Items affecting comparability (IAC) 

-192

-32

-36

-120

-4

20

Operating profit (IFRS) 

1 305

680

170

142

313

1 390

1 Fair valuations and non-operational items include CO₂ emission rights, valuations of biological assets and the Group's share of income tax and net financial items of EAI.

Restated: Reconciliation of operational profitability

EUR million

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Operational EBITDA1

1 614

277

397

455

484

1 925

Depreciation and depletion of equity accounted investments (EAI)

-16

-2

-3

-7

-3

-28

Silviculture costs2

-62

-15

-19

-15

-13

-66

Depreciation and impairment excl. IAC

-533

-136

-130

-134

-133

-479

Operational EBIT

1 003

124

245

299

335

1 352

Fair valuations and non-operational items3

494

588

-39

-37

-18

18

Items affecting comparability (IAC) 

-192

-32

-36

-120

-4

20

Operating profit (IFRS) 

1 305

680

170

142

313

1 390

1 Restated Operational EBITDA includes operational fair value changes of biological assets of EUR 50 million for 2019 and EUR 27 million for 2018. In addition, the Nordic forests silviculture costs of EUR 21 million for 2019 and EUR 20 million for 2018 have been presented under Operational EBITDA.

2 Including damage to forests

3 Fair valuations and non-operational items include CO₂ emission rights, non-operational fair value changes of biological assets and the Group's share of income tax and net financial items of EAI. Non-operational fair value changes of biological assets reflect changes made to valuation assumptions and parameters, usually during the annual valuation process. Operational fair value changes of biological assets are included in Operational EBITDA and contain all other fair value changes, mainly due to inflation and differences in actual harvesting levels compared to the harvesting plan.

Reconciliation of operational profitability: Change

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Operational EBITDA

71

18

21

20

13

48

Depreciation and depletion of equity accounted investments (EAI)

-10

-1

-2

-5

-1

-20

Silviculture costs

-11

-4

-5

-2

0

0

Depreciation and impairment excl. IAC

0

0

0

0

0

0

Operational EBIT

50

12

14

12

11

27

Fair valuations and non-operational items

-50

-12

-14

-12

-11

-27

Items affecting comparability (IAC) 

0

0

0

0

0

0

Operating profit (IFRS) 

0

0

0

0

0

0

As published: Cash Flow from Operations 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

476

145

163

113

56

339

Packaging Solutions

248

55

69

65

60

272

Biomaterials

423

66

114

138

105

438

Wood Products

183

57

57

51

19

147

Paper

344

97

118

70

59

222

Other 

305

302

-34

112

-76

-52

Total 

1 980

721

488

548

223

1 365

Restated: Cash Flow from Operations 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

632

175

189

167

101

580

Packaging Solutions

93

26

43

10

14

30

Biomaterials

423

66

114

138

105

438

Wood Products

183

57

57

51

19

147

Forest

370

273

47

112

-61

-34

Paper

344

97

118

70

59

222

Other

-55

32

-76

3

-14

-18

Total 

1 991

725

493

550

223

1 365








Total change 

11

4

5

2

0

0

As published: Cash Flow after Investing Activities 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Consumer Board

328

98

135

84

11

177

Packaging Solutions

135

8

26

53

48

172

Biomaterials

266

11

82

104

69

327

Wood Products

135

42

47

38

8

80

Paper

264

72

99

47

46

175

Other 

258

287

-41

102

-89

-119

Total 

1 386

518

347

428

94

811

Restated: Cash Flow after Investing Activities 

EUR million 

2019

Q4/19

Q3/19

Q2/19

Q1/19

2018

Packaging Materials

401

87

133

132

50

351

Packaging Solutions

58

16

27

5

10

-1

Biomaterials

266

11

82

104

69

327

Wood Products

135

42

47

38

8

80

Forest

333

258

37

104

-66

-55

Paper

264

72

99

47

46

175

Other 

-71

32

-78

-2

-23

-64

Total 

1 386

518

347

428

93

811

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 2019 were EUR 10.1 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

STORA ENSO OYJ

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P: V:it D:20200525 02:43:12