Stora Enso’s historical figures according to new Business Area structure
STORA ENSO OYJ STOCK EXCHANGE RELEASE 22 March 2012 at 9.00 EET
As announced on 17 January 2012, Stora Enso has reorganised its Business Area and Reporting Segment structure based on the different markets and customers the Business Areas serve. The new reporting segments are Printing and Reading, Biomaterials, Building and Living, Renewable Packaging, and Other.
The Printing and Reading Business Area comprises the former Newsprint and Book Paper, Magazine Paper and Fine Paper reporting segments. The Biomaterials Business Area comprises mainly tree plantations, the Group’s joint-venture Veracel and Montes del Plata pulp mills, and Nordic stand-alone pulp mills. The Wood Products Business Area was renamed the Building and Living Business Area. The Renewable Packaging Business Area comprises the former Consumer Board and Industrial Packaging reporting segments, and includes the plantations in Guangxi in China. The segment Other includes the Nordic forest equity accounted investments, Stora Enso’s shareholding in Pohjolan Voima, the operations supplying wood to the Nordic mills and Group administration.
The historical figures according to the new Business Area structure are presented in the tables below.
Sales by Segment
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | 5 022.0 | 1 283.8 | 1 283.1 | 1 242.6 | 1 212.5 | 4 858.0 | 1 272.9 | 1 250.1 | 1 251.2 | 1 083.8 |
| Biomaterials | 1 092.0 | 255.4 | 276.4 | 268.6 | 291.6 | 1 071.7 | 262.7 | 295.7 | 297.4 | 215.9 |
| Building and Living | 1 671.1 | 382.0 | 414.0 | 465.4 | 409.7 | 1 588.7 | 410.3 | 424.1 | 422.7 | 331.6 |
| Renewable Packaging | 3 194.6 | 756.6 | 800.6 | 829.6 | 807.8 | 2 971.9 | 776.0 | 744.5 | 763.9 | 687.5 |
| Other | 2 700.5 | 643.9 | 637.4 | 700.1 | 719.1 | 2 501.7 | 620.9 | 620.2 | 641.8 | 618.8 |
| Inter-segment sales | -2 715.3 | -640.1 | -672.2 | -689.2 | -713.8 | -2 695.1 | -657.6 | -711.0 | -684.8 | -641.7 |
| Total | 10 964.9 | 2 681.6 | 2 739.3 | 2 817.1 | 2 726.9 | 10 296.9 | 2 685.2 | 2 623.6 | 2 692.2 | 2 295.9 |
Operational EBITDA* by Segment
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | 547.6 | 123.3 | 138.4 | 138.1 | 147.8 | 411.0 | 110.5 | 109.6 | 107.0 | 83.9 |
| Biomaterials | 200.4 | 26.3 | 61.5 | 49.0 | 63.6 | 245.6 | 58.8 | 85.3 | 70.7 | 30.8 |
| Building and Living | 102.3 | 15.4 | 19.6 | 44.7 | 22.6 | 110.7 | 21.1 | 35.2 | 39.5 | 14.9 |
| Renewable Packaging | 495.8 | 82.7 | 122.0 | 142.6 | 148.5 | 464.1 | 107.7 | 121.7 | 120.0 | 114.7 |
| Other | -38.1 | -4.8 | -2.3 | -16.8 | -14.2 | -14.9 | -9.3 | 14.0 | -7.4 | -12.2 |
| Operational EBITDA | 1 308.0 | 242.9 | 339.2 | 357.6 | 368.3 | 1 216.5 | 288.8 | 365.8 | 329.8 | 232.1 |
*Excluding non-recurring items and fair valuations. Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges and CO2 emission rights.
Operational EBIT by Segments
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | 285.3 | 55.6 | 72.3 | 72.2 | 85.2 | 152.7 | 43.0 | 45.0 | 42.5 | 22.2 |
| Biomaterials | 169.2 | 27.2 | 57.3 | 31.2 | 53.5 | 218.1 | 47.9 | 81.9 | 60.6 | 27.7 |
| Building and Living | 62.8 | 6.0 | 9.8 | 35.2 | 11.8 | 70.9 | 10.2 | 25.2 | 30.1 | 5.4 |
| Renewable Packaging | 301.3 | 32.8 | 73.6 | 93.9 | 101.0 | 287.2 | 60.9 | 78.5 | 76.2 | 71.6 |
| Other | 48.1 | 23.3 | 11.4 | 6.6 | 6.8 | 68.4 | 15.1 | 32.5 | 15.1 | 5.7 |
| Operational EBIT | 866.7 | 144.9 | 224.4 | 239.1 | 258.3 | 797.3 | 177.1 | 263.1 | 224.5 | 132.6 |
| Fair valuations and non-operational items* | -27.5 | 45.6 | -45.8 | -26.9 | -0.4 | 8.7 | 6.5 | 2.8 | -6.1 | 5.5 |
| Non-recurring Items | -79.9 | -21.0 | - | -31.7 | -27.2 | 180.2 | 202.2 | 5.4 | -8.5 | -18.9 |
| Operating Profit (IFRS) | 759.3 | 169.5 | 178.6 | 180.5 | 230.7 | 986.2 | 385.8 | 271.3 | 209.9 | 119.2 |
| Net financial items | -338.4 | -59.2 | -193.4 | -34.6 | -51.2 | -100.9 | -21.7 | -51.1 | -22.6 | -5.5 |
| Profit/Loss before Tax | 420.9 | 110.3 | -14.8 | 145.9 | 179.5 | 885.3 | 364.1 | 220.2 | 187.3 | 113.7 |
| Income tax expense | -78.7 | -10.1 | -35.1 | -9.9 | -23.6 | -116.0 | -51.1 | -25.9 | -27.4 | -11.6 |
| Net Profit/Loss | 342.2 | 100.2 | -49.9 | 136.0 | 155.9 | 769.3 | 313.0 | 194.3 | 159.9 | 102.1 |
*Fair valuations and non-operational items 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 (EAI) and Group's share of tax and net financial items of EAI.
NRI by Segment
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | -29.1 | 3.7 | - | -27.5 | -5.3 | 2.0 | 58.2 | -44.4 | -6.1 | -5.7 |
| Biomaterials | 12.6 | 7.5 | - | -1.9 | 7.0 | 104.0 | 93.2 | - | 10.8 | - |
| Building and Living | -33.5 | -4.6 | - | - | -28.9 | 4.0 | 1.9 | - | 0.5 | 1.6 |
| Renewable Packaging | -8.9 | -6.6 | - | -2.3 | - | 102.7 | 69.4 | 49.8 | -3.3 | -13.2 |
| Other | -21.0 | -21.0 | - | - | - | -32.5 | -20.5 | - | -10.4 | -1.6 |
| NRI on Operating Profit | -79.9 | -21.0 | - | -31.7 | -27.2 | 180.2 | 202.2 | 5.4 | -8.5 | -18.9 |
| NRI on Financial items | -138.3 | -10.1 | -128.2 | - | - | - | - | - | - | - |
| NRI on tax | 62.2 | 50.8 | - | 3.6 | 7.8 | -37.9 | -37.9 | - | - | - |
| NRI on Net Profit | -156.0 | 19.7 | -128.2 | -28.1 | -19.4 | 142.3 | 164.3 | 5.4 | -8.5 | -18.9 |
NRI = Non-recurring items. These are exceptional transactions that are not related to normal business operations. The most common non-recurring items are capital gains, additional write-downs or reversals of write-downs, provisions for planned restructuring and penalties. Non-recurring items are normally specified individually if they exceed one cent per share.
Fair Valuations and Non-operational Items* by Segment
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | -7.9 | 2.0 | -0.3 | -9.2 | -0.4 | 1.3 | 2.0 | -0.4 | -0.1 | -0.2 |
| Biomaterials | -18.5 | 2.7 | -11.6 | -5.4 | -4.2 | -1.0 | 5.1 | -1.7 | -0.4 | -4.0 |
| Building and Living | -1.8 | - | - | -1.8 | - | - | - | - | - | - |
| Renewable Packaging | -6.6 | - | - | -6.6 | - | - | - | - | - | - |
| Other | 7.3 | 40.9 | -33.9 | -3.9 | 4.2 | 8.4 | -0.6 | 4.9 | -5.6 | 9.7 |
| Fair Valuations and Non-operational Items on Operating Profit | -27.5 | 45.6 | -45.8 | -26.9 | -0.4 | 8.7 | 6.5 | 2.8 | -6.1 | 5.5 |
*Fair valuations and non-operational items 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 EAI and Group's share of tax and net financial items of EAI.
Operating Profit/Loss by Segment
| EUR million | 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 |
| Printing and Reading | 248.3 | 61.3 | 72.0 | 35.5 | 79.5 | 156.0 | 103.2 | 0.2 | 36.3 | 16.3 |
| Biomaterials | 163.3 | 37.4 | 45.7 | 23.9 | 56.3 | 321.1 | 146.2 | 80.2 | 71.0 | 23.7 |
| Building and Living | 27.5 | 1.4 | 9.8 | 33.4 | -17.1 | 74.9 | 12.1 | 25.2 | 30.6 | 7.0 |
| Renewable Packaging | 285.8 | 26.2 | 73.6 | 85.0 | 101.0 | 389.9 | 130.3 | 128.3 | 72.9 | 58.4 |
| Other | 34.4 | 43.2 | -22.5 | 2.7 | 11.0 | 44.3 | -6.0 | 37.4 | -0.9 | 13.8 |
| Operating Profit (IFRS) | 759.3 | 169.5 | 178.6 | 180.5 | 230.7 | 986.2 | 385.8 | 271.3 | 209.9 | 119.2 |
| Net financial items | -338.4 | -59.2 | -193.4 | -34.6 | -51.2 | -100.9 | -21.7 | -51.1 | -22.6 | -5.5 |
| Profit (Loss) before Tax | 420.9 | 110.3 | -14.8 | 145.9 | 179.5 | 885.3 | 364.1 | 220.2 | 187.3 | 113.7 |
| Income tax expense | -78.7 | -10.1 | -35.1 | -9.9 | -23.6 | -116.0 | -51.1 | -25.9 | -27.4 | -11.6 |
| Net Profit/Loss | 342.2 | 100.2 | -49.9 | 136.0 | 155.9 | 769.3 | 313.0 | 194.3 | 159.9 | 102.1 |
Operational ROOC* for Segments, %
| 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 | |
| Printing and Reading | 9.2 | 7.2 | 9.3 | 9.2 | 10.8 | 4.9 | 5.5 | 5.8 | 5.4 | 2.8 |
| Biomaterials | 12.0 | 7.7 | 17.1 | 9.5 | 16.1 | 17.9 | 14.9 | 26.2 | 20.0 | 10.0 |
| Building and Living | 10.9 | 4.2 | 6.7 | 23.9 | 8.0 | 12.3 | 6.8 | 16.8 | 20.5 | 3.8 |
| Renewable Packaging | 14.2 | 6.1 | 13.7 | 17.5 | 19.1 | 14.9 | 12.0 | 15.9 | 15.8 | 15.5 |
| Other | 2.6 | 5.0 | 2.3 | 1.3 | 1.4 | 3.9 | 3.3 | 7.9 | 3.7 | 1.4 |
Operational ROCE* for Group, %
| 2011 | Q4/11 | Q3/11 | Q2/11 | Q1/11 | 2010 | Q4/10 | Q3/10 | Q2/10 | Q1/10 | |
| Group | 10.0 | 6.7 | 10.3 | 10.9 | 11.9 | 9.7 | 8.4 | 12.8 | 11.0 | 6.7 |
*Calculations of Operational ROOC and Operational ROCE
Operational return on operating capital, 100 x Operational EBIT
operational ROOC (%) Operating capital 1)
Operational return on capital employed,
operational ROCE (%) 100 x Operational EBIT
Capital employed 1) 2)
1) Average for the financial period
2) Capital employed = Operating capital – Net tax liabilities
Operating Capital
| EUR million | 31 Dec 11 | 31 Dec 10 |
| Printing and Reading | 3 071.4 | 3 140.9 |
| Biomaterials | 1 454.7 | 1 358.3 |
| Building and Living | 562.1 | 593.0 |
| Renewable Packaging | 2 152.9 | 2 085.9 |
| Other | 1 810.9 | 1 916.5 |
| Operating Capital Total | 9 052.0 | 9 094.6 |
The first financial report according to the new reporting segment structure will be the first quarter 2012 Interim Review to be released on 24 April 2012.
For further information, please contact:
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 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 30 000 people worldwide, and our sales in 2011 amounted to EUR 11.0 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