Stora Enso’s historical figures according to IFRS 11

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News Desk 2018

Mar 19, 2014 at 3:15 AM

Stora Enso’s historical figures according to IFRS 11 Joint Arrangements

Helsinki, Finland, 2014-03-19 08:00 CET (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 19 March 2014 at 9.00 EET Stora Enso adopted the new IFRS 11 Joint Arrangements as of 1 January 2014. The change affects the accounting treatment of Montes del Plata and Veracel which are now treated as joint operations and thus Stora Enso’s 50% ownership is consolidated with the line-by-line method. Previously these two entities were consolidated using the equity method. The line by line consolidation of Stora Enso’s 50% ownership of Montes del Plata and Veracel has no impact on published operational EBIT, net profit, equity or earnings per share. The line by line consolidation impacts all the primary statements in the consolidated financial statements. The impacts are summarised below:

Increase in operational EBITDA
Increase in property, plant and equipment, biological assets and net debt
Decrease in equity accounted investment
Increase in capital expenditure and decreases in equity injections to equity accounted investments.

Historical figures according to the new standard are presented in the tables below. Additionally, the Group has revised the presentation of the cash flow statement to reflect better the underlying cash movements. CTA = Cumulative Translation Adjustment, EAI = Equity Accounted Investments, NCI = Non-controlling Interests, NRI = Non-recurring Items, OCI = Other Comprehensive Income Effects of Changes to IFRS 11 Joint Arrangements

	Restated		Change		As published
EUR million	2013	2012	2013	2012	2013	2012
Sales	10 563	10 837	19	22	10 544	10 815
Operational EBITDA	1 090	1 154	46	60	1 044	1 094
Operational EBIT	578	630	-	-	578	630
Operating profit (IFRS)	50	716	16	15	34	701
Net profit/loss for the period	-71	490	-	-	-71	490

Capital expenditure	760	1 012	335	456	425	556
Depreciation and impairment charges excl. NRI	603	623	39	40	564	583

Operational ROCE, %	6.5	6.9	-0.6	-0.4	7.1	7.3
Return on equity (ROE), %	-1.3	8.3	-	-	-1.3	8.3
Debt/equity ratio	0.61	0.58	0.14	0.10	0.47	0.48
Net debt/last twelve months’ operational EBITDA	2.9	2.9	0.6	0.4	2.3	2.5
Equity ratio, %	39.2	41.0	-2.1	-1.8	41.3	42.8

Capital structure
Operative fixed assets	6 824	7 520	1 590	1 498	5 234	6 022
Equity accounted investments	1 013	941	-948	-1 024	1 961	1 965
Operative working capital, net	1 179	1 526	94	66	1 085	1 460
Non-current interest-free items, net	-466	-551	33	60	-499	-611
Operating Capital Total	8 550	9 436	769	600	7 781	8 836
Net tax liabilities	-86	-237	-12	-20	-74	-217
Capital Employed	8 464	9 199	757	580	7 707	8 619

Equity attributable to owners of the Parent	5 213	5 770	-	-	5 213	5 770
Non-controlling interests	60	92	-	-	60	92
Net interest-bearing liabilities	3 191	3 337	757	580	2 434	2 757
Financing Total	8 464	9 199	757	580	7 707	8 619

Key Figures – Restated

EUR million	2013	Q4/13	Q3/13	Q2/13	Q1/13	2012
Sales	10 563	2 612	2 553	2 726	2 672	10 837
Operational EBITDA	1 090	260	319	257	254	1 154
Operational EBITDA margin, %	10.3	10.0	12.5	9.4	9.5	10.6
Operational EBIT	578	152	184	124	118	630
Operational EBIT margin, %	5.5	5.8	7.2	4.5	4.4	5.8
Operating profit (IFRS)	50	-210	156	83	21	716
Operating margin (IFRS), %	0.5	-8.0	6.1	3.0	0.8	6.6
Profit before tax excl. NRI	350	111	126	57	56	314
Loss/profit before tax	-189	-281	103	24	-35	478
Net profit for the period excl. NRI	323	118	104	45	56	263
Net loss/profit for the period	-71	-160	84	21	-16	490

Capital expenditure	760	278	168	184	130	1 012
Depreciation and impairment charges excl. NRI	603	136	157	154	156	623

Operational ROCE, %	6.5	7.0	8.3	5.4	5.1	6.9

Earnings per share (EPS) excl. NRI, EUR	0.40	0.15	0.13	0.05	0.07	0.33
EPS (basic), EUR	-0.07	-0.18	0.11	0.02	-0.02	0.61
Cash earnings per share (CEPS) excl. NRI, EUR	1.16	0.31	0.33	0.25	0.27	1.13
CEPS, EUR	1.21	0.46	0.31	0.21	0.23	1.35

Return on equity (ROE), %	-1.3	-11.9	6.2	1.5	-1.1	8.3
Debt/equity ratio	0.61	0.61	0.64	0.68	0.61	0.58
Net debt/last twelve months’ operational EBITDA	2.9	2.9	3.1	3.2	3.1	2.9
Equity per share, EUR	6.61	6.61	6.82	6.67	7.32	7.32
Equity ratio, %	39.2	39.2	39.2	38.7	40.7	41.0

Average number of employees	28 921	28 453	28 997	29 357	28 887	29 385

Reconciliation of Operational Profitability – Restated

EUR million	2013	Q4/13	Q3/13	Q2/13	Q1/13	2012
Operational EBITDA	1 090	260	319	257	254	1 154
Equity accounted investments (EAI), operational	91	28	22	21	20	99
Depreciation and impairment excl. NRI	-603	-136	-157	-154	-156	-623
Operational EBIT	578	152	184	124	118	630
Fair valuations and non-operational items	11	30	-5	-8	-6	-44
Non-recurring items	-539	-392	-23	-33	-91	130
Operating Profit/Loss (IFRS)	50	-210	156	83	21	716

Capital Structure – Restated

EUR million	31 Dec 13	30 Sep 13	30 Jun 13	31 Mar 13	31 Dec 12
Operative fixed assets	6 824	7 159	7 130	7 511	7 520
Equity accounted investments	1 013	1 003	982	980	941
Operative working capital, net	1 179	1 470	1 518	1 640	1 526
Non-current interest-free items, net	-466	-534	-535	-544	-551
Operating Capital Total	8 550	9 098	9 095	9 587	9 436
Net tax liabilities	-86	-196	-189	-216	-237
Capital Employed	8 464	8 902	8 906	9 371	9 199

Equity attributable to owners of the Parent	5 213	5 381	5 261	5 772	5 770
Non-controlling interests	60	86	88	89	92
Net interest-bearing liabilities	3 191	3 435	3 557	3 510	3 337
Financing Total	8 464	8 902	8 906	9 371	9 199

Cash Flow – Restated

EUR million	2013	Q4/13	Q3/13	Q2/13	Q1/13	2012
Operational EBITDA	1 090	260	319	257	254	1 154
NRI on Operational EBITDA	37	154	-23	-43	-51	18
Dividends received from EAI	38	18	2	7	11	102
Other adjustments	-178	-168	1	8	-19	-25
Change in working capital	265	198	48	88	-69	45
Cash Flow from Operations	1 252	462	347	317	126	1 294
Cash spent on fixed and biological assets	-740	-216	-182	-170	-172	-1 000
Acquisitions of equity accounted investments	-31	-	-1	-30	-	-
Cash Flow after Investing Activities	481	246	164	117	-46	294

Condensed Consolidated Income Statement – Restated

EUR million	2013	Q4/13	Q3/13	Q2/13	Q1/13	2012

Sales	10 563	2 612	2 553	2 726	2 672	10 837
Other operating income	140	34	30	37	39	219
Materials and services	-6 550	-1 488	-1 585	-1 765	-1 712	-6 890
Freight and sales commissions	-982	-235	-237	-251	-259	-1 011
Personnel expenses	-1 390	-349	-314	-368	-359	-1 373
Other operating expenses	-644	-141	-149	-165	-189	-611
Share of results of equity accounted investments	102	49	15	13	25	117
Depreciation and impairment	-1 189	-692	-157	-144	-196	-572
Operating Profit/Loss	50	-210	156	83	21	716
Net financial items	-239	-71	-53	-59	-56	-238
Loss/Profit before Tax	-189	-281	103	24	-35	478
Income tax	118	121	-19	-3	19	12
Net Loss/Profit for the Period	-71	-160	84	21	-16	490

Condensed Consolidated Statement of Cash Flows – Restated

EUR million	2013	Q1–Q3/13	Q1–Q2/13	Q1/13	2012
Cash Flow from Operating Activities
Operating profit	50	260	104	21	716
Hedging result from OCI	7	-	10	-1	-2
Adjustments for non-cash items	937	463	320	174	533
Change in net working capital	265	67	19	-69	45
Cash Flow Generated by Operations	1 259	790	453	125	1 292
Net financial items paid	-198	-134	-86	-66	-161
Income taxes paid, net	-46	-33	-20	-3	-105
Net Cash Provided by Operating Activities	1 015	623	347	56	1 026

Cash Flow from Investing Activities
Acquisitions of subsidiaries and business operations, net of acquired cash	25	-	-	-	-11
Acquisitions of equity accounted investments	-31	-31	-30	-	-
Acquisitions of available-for-sale investments	-9	-9	-9	-	-
Proceeds from sale of fixed assets and shares, net of disposed cash	96	87	81	18	11
Proceeds from disposal of available-for-sale investments	42	43	-	-	-
Capital expenditure	-740	-524	-342	-172	-1 000
Proceeds from/payments of non-current receivables, net	85	107	98	2	-4
Net Cash Used in Investing Activities	-532	-327	-202	-152	-1 004

Cash Flow from Financing Activities
Proceeds from issue of new long-term debt	239	223	66	-	1 766
Long-term debt, payments	-415	-189	-44	-39	-604
Change in short-term borrowings	108	131	47	-15	-155
Dividends paid	-237	-237	-237	-	-237
Dividend to non-controlling interests	-7	-6	-6	-7	-3
Net Cash Used in/Provided by Financing Activities	-312	-78	-174	-61	767

Net Increase/Decrease in Cash and Cash Equivalents	171	218	-29	-157	789
Translation adjustment	-27	-16	-20	3	-28
Net cash and cash equivalents at the beginning of period	1 917	1 917	1 917	1 917	1 156
Net Cash and Cash Equivalents at Period End	2 061	2 119	1 868	1 763	1 917

Cash and Cash Equivalents at Period End	2 073	2 121	1 869	1 764	1 921
Bank Overdrafts at Period End	-12	-2	-1	-1	-4
Net Cash and Cash Equivalents at Period End	2 061	2 119	1 868	1 763	1 917

Condensed Consolidated Statement of Financial Position – Restated

EUR million		31 Dec 13	30 Sep 13	30 Jun 13	31 Mar 13	31 Dec 12

Assets

Non-current Assets
PPE*, goodwill and other intangible assets	O	5 808	6 332	6 370	6 573	6 565
Biological assets	O	634	454	466	496	474
Emission rights	O	21	18	15	35	30
Equity accounted investments	O	1 013	1 003	982	980	941
Available-for-sale: Interest-bearing	I	10	10	105	100	96
Available-for-sale: Operative	O	361	355	279	407	451
Non-current loan receivables	I	80	79	37	137	134
Deferred tax assets	T	229	165	162	169	143
Other non-current assets	O	63	70	69	80	85
		8 219	8 486	8 485	8 977	8 919

Current Assets
Inventories	O	1 445	1 515	1 510	1 610	1 510
Tax receivables	T	13	14	15	18	18
Operative receivables	O	1 555	1 676	1 787	1 851	1 714
Interest-bearing receivables	I	147	137	151	196	211
Cash and cash equivalents	I	2 073	2 121	1 869	1 764	1 921
		5 233	5 463	5 332	5 439	5 374

Total Assets		13 452	13 949	13 817	14 416	14 293

Equity and Liabilities

Owners of the Parent		5 213	5 381	5 261	5 772	5 770
Non-controlling Interests		60	86	88	89	92
Total Equity		5 273	5 467	5 349	5 861	5 862

Non-current Liabilities
Post-employment benefit provisions	O	378	465	461	470	480
Other provisions	O	127	124	133	145	145
Deferred tax liabilities	T	312	331	337	361	358
Non-current debt	I	4 163	4 333	4 260	4 817	4 799
Other non-current operative liabilities	O	24	15	10	9	11
		5 004	5 268	5 201	5 802	5 793
Current Liabilities
Current portion of non-current debt	I	544	644	732	221	202
Interest-bearing liabilities	I	794	805	727	669	698
Operative liabilities	O	1 821	1 721	1 779	1 821	1 698
Tax liabilities	T	16	44	29	42	40
		3 175	3 214	3 267	2 753	2 638

Total Liabilities		8 179	8 482	8 468	8 555	8 431

Total Equity and Liabilities		13 452	13 949	13 817	14 416	14 293

* PPE = Property, Plant and Equipment Items designated with “O” comprise Operating Capital Items designated with “I” comprise Interest-bearing Net Liabilities Items designated with “T” comprise Net Tax Liabilities

For further information, please contact: Seppo Parvi, CFO, tel. +358 2046 21205 Ulla Paajanen-Sainio, SVP, I nvestor 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 28 000 people worldwide, and our sales in 2013 amounted to EUR 10.5 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

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