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Stora Enso Oyj Interim Report January-September 2022
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HELSINKI, Finland, Oct. 21, 2022
HELSINKI, Finland, Oct. 21, 2022 /PRNewswire/ -- STORA ENSO OYJ INTERIM REPORT 21 October 2022 at 8:30 EEST
Strong quarterly performance and executing on our strategic agenda to accelerate long-term growth
Q3/2022 (year-on-year)
- Sales increased by 15% to EUR 2,963 (2,577) million.
- Operational EBIT increased by 29% to EUR 527 (410) million.
- Operational EBIT margin increased to 17.8% (15.9%).
- Operating profit (IFRS) increased to EUR 511 (386) million.
- EPS was EUR 0.47 (0.38) and EPS excl. fair valuations (FV) was EUR 0.47 (0.37).
- Cash flow from operations amounted to EUR 639 (485) million. Cash flow after investing activities was EUR 489 (347) million.
- The net debt to operational EBITDA ratio improved to 0.8 (1.4). The target is to keep the ratio below 2.0.
- Operational ROCE excluding the Forest division increased to 22.2% (20.0%), the target being >13%.
Q1-Q3/2022 (year-on-year)
- Sales were EUR 8,816 (7,445) million.
- Operational EBIT was EUR 1,536 (1,102) million.
Key highlights
- Stora Enso has entered into an agreement to acquire the Dutch De Jong Packaging Group to advance its strategic direction, accelerate revenue growth and build market share in renewable packaging in Europe. The transaction is expected to be closed in early 2023 and is subject to employee consultation and regulatory approval.
- The divestments of the Maxau paper site in Germany and the Nymölla site in Sweden were announced in September for a total enterprise value of EUR 360 million. Closure of the transactions is expected at the beginning of 2023.
- In October, Stora Enso decided to invest approximately EUR 1 billion to convert the remaining idle paper machine at the Group's Oulu site in Finland into a high-volume consumer board production line. The expected annual sales volume is approximately EUR 800 million.
- In July, Stora Enso and Northvolt, the battery cells and systems supplier, entered into a Joint Development Agreement to create a battery with wood-based components sourced sustainably and locally in the Nordic countries.
Outlook
Global megatrends such as an increased awareness of sustainability, an accelerated focus on combatting climate change, and digitalisation underpin Stora Enso's business strategy and the demand for its renewable and eco-friendly products, both short and long term.
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Stora Enso remains vigilant against the persisting market disruptions and uncertainties such as increased geopolitical risk, the rapidly changing macroeconomic environment, inflationary pressures, logistical constraints and material shortages. To manage volatility, measures such as pricing, flexibility in sourcing and logistics, as well as hedging are in place. Stora Enso also benefits from its high self-sufficiency in wood of 30% and in energy of 69% for the Group.
Stora Enso enters Q4 with the profitability of the Packaging Materials division expected to deteriorate due to escalated cost inflation in energy along with costs for planned maintenance at four of its sites including its two largest. There is stable demand in consumer board with a strong orderbook. Contracts are typically fixed long-term which are now impacted by cost inflation and will be renegotiated as they expire. The normalisation of the demand in containerboard from the third quarter continues, contracts in containerboard are short-term and hence give flexibility for renegotiations. The demand for corrugated packaging is expected to remain stable.
Pulp is showing early signs of price normalisation from the recent extraordinary high levels as the pulp market in general follows the development of the global economy. The overall pulp demand when including all our grades is expected to be flat.
In Wood Products, there is a continued market decline in traditional sawn goods from the first half year's peak levels.
In Building Solutions, the order book is good for Q4, but the demand is expected to weaken due to increased uncertainty among developers, especially impacting residential and commercial construction.
In the Forest division, wood demand in Q4 is estimated to remain on par with the previous quarter. There is strong demand for pulpwood, while sawlogs demand is at a lower level due to a weaker sawn wood market.
In the Paper division there is a solid demand outlook for the fourth quarter, supported by seasonality and a good orderbook. However, the division will be impacted in Q4 by higher energy costs and maintenance work.
The Group impact from higher energy costs in the Packaging Materials and Paper divisions will be partly offset by recognised income in Segment Other due to Stora Enso's ownership in the energy company Pohjolan Voima.
Guidance
Stora Enso reiterates its full-year 2022 operational EBIT guidance to be higher than the full year operational EBIT 2021 (EUR 1,528 million).
Key figures
Key figures
| EUR million | Q3/22 | Q3/21 | Change % | Q2/22 | Change % | Q1-Q3/22 | Q1-Q3/21 | Change%Q1- | 2021 |
| Sales | 2,963 | 2,577 | 15.0 % | 3,054 | -3.0 % | 8,816 | 7,445 | 18.4 % | 10,164 |
| Operational EBITDA | 689 | 570 | 20.8 % | 663 | 3.9 % | 2,014 | 1,582 | 27.3 % | 2,184 |
| Operational EBIT | 527 | 410 | 28.7 % | 505 | 4.4 % | 1,536 | 1,102 | 39.4 % | 1,528 |
| Operational EBIT margin | 17.8 % | 15.9 % | | 16.5 % | | 17.4 % | 14.8 % | | 15.0 % |
| Operating profit (IFRS) | 511 | 386 | 32.3 % | 399 | 27.8 % | 1,304 | 729 | 78.8 % | 1,568 |
| Profit before tax (IFRS) | 448 | 349 | 28.3 % | 370 | 20.9 % | 1,192 | 626 | 90.5 % | 1,419 |
| Net profit for the period (IFRS) | 367 | 299 | 22.7 % | 299 | 22.8 % | 953 | 652 | 46.2 % | 1,268 |
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