Stora Enso Oyj Half-year Report 2024

Q2/2024 (year-on-year)

  • Sales decreased by 3% to EUR 2,301 (2,374) million; however, continuing operations grew by 1%.
  • Operating result (IFRS) was EUR 99 (-253) million.
  • Earnings per share (EPS) were EUR 0.06 (-0.29) and EPS excl. fair valuations (FV) was EUR 0.07 (-0.27).
  • The value of the forest assets increased to EUR 8.7 (8.1) billion, equivalent to EUR 11.06 per share.
  • Cash flow from operations amounted to EUR 323 (146) million. Cash flow after investing activities was EUR 86 (-70) million.
  • Net debt increased by EUR 466 million to EUR 3,497 (3,030) million, mainly due to the board investment at the Oulu

Key highlights

  • The value creation programmes, centred on sourcing, operational and commercial efficiencies, are making good progress across all divisions.
  • In addition, the profit improvement programme focusing on fixed costs, initiated in the first quarter 2024, targeting EUR 120 million has continued to progress well. This has supported an improvement in the earnings trend due to enhanced efficiencies and cash flow, and strengthened the leverage ratio: net debt to EBITDA.
  • Operating working capital decreased by EUR 576 million year-on-year to an all-time low, driven by our continued focus to improve working capital efficiency.
  • Stora Enso secured a EUR 435 million long-term loan, on 11 July, from the European Investment Bank to fund its EUR 1 billion investment in the Oulu mill, Finland. Loan repayment extends until 2036, improving and lengthening the Group’s debt maturity profile. The loan is currently undrawn.
  • The consumer board investment at the Oulu site in Finland is progressing on schedule. Production is expected to start in the first half of 2025, with full capacity estimated to be reached during 2027.
    details at: https://www.storaenso.com/en/newsroom/regulatory-and-investor-releases/2024/7/stora-enso-oyj-half-year-report-2024-continued-profit-improvement-with-strengthened-leverage-ratio
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