Update: Stora Enso’s restated comparison figures for segment reporting
STORA ENSO OYJ STOCK EXCHANGE RELEASE 29 March 2023 at 12:00 EEST
Update to Stora Enso’s stock exchange release published today at 10:00 EEST. Restated comparison figures for the key figure “Operational ROCE excluding Forest division” added.
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 % |
|
Operational ROCE excl. Forest division, last 12 months |
20.4 % |
22.1 % |
21.7 % |
20.5 % |
|
Return on equity (ROE), last 12 months |
13.3 % |
14.3 % |
14.5 % |
14.4 % |
The complete updated release is as follows:
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 % |
|
Operational ROCE excl. Forest division, last 12 months |
20.4 % |
22.1 % |
21.7 % |
20.5 % |
|
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