Stora Enso’s restated comparison figures for segment reporting

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STORA ENSO OYJ STOCK EXCHANGE RELEASE 29 March 2023 at 10:00 EEST

Stora Enso's segment reporting changed as of 1 January 2023, and the Group has restated the comparative figures for its segment reporting for 2021 and 2022.

From 1 January onwards, Stora Enso’s reporting segments are: Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Other.

The Paper division was discontinued as of 1 January 2023 and is not reported as a separate segment going forward. From 1 January 2023 onwards, the Maxau and Hylte paper sites are reported in Segment Other until the completion of the divestments. The divestment of the Maxau site was completed on 1 March 2023. The Langerbrugge and Anjala paper sites, which are retained in Stora Enso, are reported as part of the Packaging Materials division.

From 1 January 2023, the reporting of emerging businesses, including Formed Fiber, Circular Solutions (biocomposites), and Selfly Stores, was transferred from the Packaging Solutions division to Segment Other.

The comparative figures have been restated according to the new reporting structure and are presented in the tables below under heading ‘Restated’. Comparative figures based on the old reporting structure are presented under the heading ‘As published’.

Sales

Restated

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 5,496 

 1,335 

 1,421 

 1,424 

 1,317 

 4,508 

Packaging Solutions

 727 

 177 

 176 

 186 

 189 

 720 

Biomaterials

 2,180 

 649 

 567 

 522 

 442 

 1,728 

Wood Products

 2,195 

 471 

 520 

 631 

 573 

 1,872 

Forest

 2,519 

 664 

 581 

 649 

 626 

 2,311 

Other

 2,150 

 528 

 575 

 568 

 481 

 2,119 

Inter-segment sales

 -3,589 

 -959 

 -876 

 -925 

 -828 

 -3,094 

Total

 11,680 

 2,864 

 2,963 

 3,054 

 2,798 

 10,164 


As published

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 4,690 

 1,127 

 1,210 

 1,222 

 1,132 

 3,898 

Packaging Solutions

 737 

 179 

 179 

 189 

 191 

 723 

Biomaterials

 2,180 

 649 

 567 

 522 

 442 

 1,728 

Wood Products

 2,195 

 471 

 520 

 631 

 573 

 1,872 

Forest

 2,519 

 664 

 581 

 649 

 626 

 2,311 

Paper

 1,772 

 424 

 471 

 462 

 416 

 1,703 

Other

 1,097 

 289 

 282 

 290 

 236 

 1,092 

Inter-segment sales

 -3,512 

 -939 

 -846 

 -910 

 -817 

 -3,163 

Total

 11,680 

 2,864 

 2,963 

 3,054 

 2,798 

 10,164 

 

Operational EBITDA

Restated

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 993

 142

 273

 285

 293

 858

Packaging Solutions

 42

 11

 10

 9

 11

 69

Biomaterials

 822

 284

 234

 155

 149

 618

Wood Products

 356

 -1

 82

 146

 130

 410

Forest

 256

 79

 60

 59

 58

 318

Other

 102

 20

 38

 23

 21

 -81

Total

 2,529

 515

 689

 663

 662

 2,184


As published

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 900 

 104 

 258 

 265 

 273 

 846 

Packaging Solutions

 27 

 6 

 8 

 4 

 8 

 56 

Biomaterials

 822 

 284 

 234 

 155 

 149 

 618 

Wood Products

 356 

 -1 

 82 

 146 

 130 

 410 

Forest

 256 

 79 

 60 

 59 

 58 

 318 

Paper

 242 

 59 

 63 

 67 

 53 

 -48 

Other

 -33 

 4 

 -10 

 -18 

 -9 

 -9 

Total

 2,529 

 515 

 689 

 663 

 662 

 2,184 



Operational EBITDA margin

Restated

 

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 18.1 %

 10.6 %

 19.2 %

 20.0 %

 22.3 %

 19.0 %

Packaging Solutions

 5.7 %

 6.3 %

 5.7 %

 5.0 %

 6.0 %

 9.6 %

Biomaterials

 37.7 %

 43.8 %

 41.2 %

 29.8 %

 33.7 %

 35.7 %

Wood Products

 16.2 %

 -0.1 %

 15.7 %

 23.1 %

 22.7 %

 21.9 %

Forest

 10.2 %

 11.9 %

 10.3 %

 9.1 %

 9.3 %

 13.7 %

Other

 4.7 %

 3.8 %

 6.7 %

 4.1 %

 4.3 %

 -3.8 %

Total

 21.7 %

 18.0 %

 23.3 %

 21.7 %

 23.7 %

 21.5 %


As published

 

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 19.2 %

 9.3 %

 21.3 %

 21.7 %

 24.1 %

 21.7 %

Packaging Solutions

 3.6 %

 3.5 %

 4.5 %

 2.3 %

 4.3 %

 7.8 %

Biomaterials

 37.7 %

 43.8 %

 41.2 %

 29.8 %

 33.7 %

 35.7 %

Wood Products

 16.2 %

 -0.1 %

 15.7 %

 23.1 %

 22.7 %

 21.9 %

Forest

 10.2 %

 11.9 %

 10.3 %

 9.1 %

 9.3 %

 13.7 %

Paper

 13.7 %

 13.8 %

 13.4 %

 14.5 %

 12.8 %

 -2.8 %

Other

 -3.0 %

 1.3 %

 -3.4 %

 -6.3 %

 -3.8 %

 -0.8 %

Total

 21.7 %

 18.0 %

 23.3 %

 21.7 %

 23.7 %

 21.5 %

 

Operational EBIT

Restated

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 655

 59

 188

 200

 208

 535

Packaging Solutions

 16

 5

 4

 2

 5

 42

Biomaterials

 687

 249

 197

 123

 117

 495

Wood Products

 309

 -14

 70

 134

 118

 364

Forest

 204

 62

 47

 47

 49

 267

Other

 63

 14

 29

 14

 6

 -166

Total

 1,891

 355

 527

 505

 503

 1,528


As published

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 596

 31

 181

 188

 196

 556

Packaging Solutions

 -2

 -1

 1

 -3

 1

 26

Biomaterials

 687

 249

 197

 123

 117

 495

Wood Products

 309

 -14

 70

 134

 118

 364

Forest

 204

 62

 47

 47

 49

 267

Paper

 185

 49

 49

 51

 36

 -124

Other

 -47

 -1

 -12

 -19

 -14

 -48

Total

 1,891

 355

 527

 505

 503

 1,528



Operational EBIT margin

Restated

 

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 11.9 %

 4.4 %

 13.2 %

 14.1 %

 15.8 %

 11.9 %

Packaging Solutions

 2.2 %

 2.9 %

 2.3 %

 1.3 %

 2.5 %

 5.9 %

Biomaterials

 31.5 %

 38.4 %

 34.8 %

 23.6 %

 26.4 %

 28.7 %

Wood Products

 14.1 %

 -2.9 %

 13.5 %

 21.3 %

 20.6 %

 19.5 %

Forest

 8.1 %

 9.3 %

 8.1 %

 7.2 %

 7.8 %

 11.5 %

Other

 2.9 %

 2.6 %

 5.0 %

 2.4 %

 1.3 %

 -7.8 %

Total

 16.2 %

 12.4 %

 17.8 %

 16.5 %

 18.0 %

 15.0 %


As published

 

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 12.7%

 2.7%

 15.0%

 15.4%

 17.4%

 14.3%

Packaging Solutions

 -0.2%

 -0.5%

 0.5%

 -1.4%

 0.4%

 3.6%

Biomaterials

 31.5%

 38.4%

 34.8%

 23.6%

 26.4%

 28.7%

Wood Products

 14.1%

 -2.9%

 13.5%

 21.3%

 20.6%

 19.5%

Forest

 8.1%

 9.3%

 8.1%

 7.2 %

 7.8%

 11.5%

Paper

 10.5%

 11.6%

 10.5%

 10.9%

 8.8%

 -7.3%

Other

 -4.3%

 -0.2%

 -4.4 %

 -6.7 %

 -6.1%

 -4.4%

Total

 16.2%

 12.4%

 17.8%

 16.5%

 18.0%

 15.0%

 

Cash flow from operations

Restated

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 823

 168

 304

 187

 165

 848

Packaging Solutions

 11

 17

 -5

 3

 -3

 69

Biomaterials

 682

 213

 188

 145

 136

 490

Wood Products

 346

 54

 74

 141

 78

 313

Forest

 146

 20

 59

 23

 45

 158

Other

 -136

 -42

 19

 -95

 -17

 -126

Total

 1,873

 429

 639

 404

 402

 1,752


As published

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 756

 154

 278

 169

 155

 807

Packaging Solutions

 -5

 11

 -7

 -2

 -6

 56

Biomaterials

 682

 213

 188

 145

 136

 490

Wood Products

 346

 54

 74

 141

 78

 313

Forest

 146

 20

 59

 23

 45

 158

Paper

 77

 11

 44

 20

 2

 -25

Other

 -130

 -34

 3

 -92

 -7

 -48

Total

 1,873

 429

 639

 404

 402

 1,752



Cash flow after investing activities

Restated

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 488

 61

 230

 116

 81

 480

Packaging Solutions

 -14

 9

 -11

 -2

 -10

 45

Biomaterials

 536

 168

 156

 114

 97

 391

Wood Products

 264

 28

 57

 124

 55

 252

Forest

 91

 -3

 48

 11

 34

 112

Other

 -203

 -61

 8

 -116

 -34

 -178

Total

 1,162

 202

 489

 247

 224

 1,102

 


As published

EUR million

2022

Q4/22

Q3/22

Q2/22

Q1/22

2021

Packaging Materials

 440

 51

 212

 103

 74

 459

Packaging Solutions

 -40

 -2

 -15

 -9

 -14

 26

Biomaterials

 536

 168

 156

 114

 97

 391

Wood Products

 264

 28

 57

 124

 55

 252

Forest

 91

 -3

 48

 11

 34

 112

Paper

 16

 -3

 28

 4

 -12

 -77

Other

 -146

 -37

 1

 -99

 -11

 -62

Total

 1,162

 202

 489

 247

 224

 1,102

 

Return on operating capital (operational ROOC) and return on capital employed (operational ROCE)

Presenting return measures based on the last 12 months is an effective way to analyse the most recent financial data on an annualised basis and is considered more suitable for tracking the development of long-term targets.

From Q1/2023 onwards, Stora Enso will present the operational return on capital employed (operational ROCE) based on the last 12 months prior to the end of the reporting period. This is calculated by dividing the operational EBIT of the last 12 months with the average capital employed. The average capital employed for the last 12 months is determined as the average of the published capital employed of the last five quarter-ends. 

Similarly, the return on operating capital (operational ROOC) for the divisions and the return on equity (ROE) for the Group will be based on the last 12 months prior to the end of the reporting period.

The presentation of operational ROCE, operational ROOC and ROE based on quarter or year-to-date figures will be discontinued.

Return on operating capital (operational ROOC) and return on capital employed (operational ROCE), restated based on the last 12 months

 

Q4/22

Q3/22

Q2/22

Q1/22

Packaging Materials1

 18.6 %

 21.0 %

 20.3 %

 18.4 %

Packaging Solutions1

 7.9 %

 14.0 %

 18.0 %

 18.6 %

Biomaterials1

 25.3 %

 22.9 %

 20.7 %

 22.2 %

Wood Products1

 43.2 %

 58.5 %

 68.3 %

 65.8 %

Forest2

 3.7 %

 3.5 %

 3.6 %

 3.7 %

1 Operational ROOC for last 12 months
2 Operational ROCE for last 12 months

Group return on capital employed (operational ROCE) and return on equity (ROE)

 

Q4/22

Q3/22

Q2/22

Q1/22

Operational ROCE, last 12 months

 13.7 %

 14.6 %

 14.3 %

 13.6 %

Return on equity (ROE), last 12 months

 13.3 %

 14.3 %

 14.5 %

 14.4 %

 

For further information, please contact:
Carl Norell
Press officer
tel. +46 72 241 0349

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
Tel. +46 70 210 7691  

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 21,000 employees and our sales in 2022 were EUR 11.7 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors


STORA ENSO OYJ

For further information, please contact:
Carl Norell
Press officer
tel. +46 72 241 0349

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
Tel. +46 70 210 7691

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