Mid term review of Stora Enso from January to Marc

2022-07-23
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Stora Enso mid-term review from January to March 2011

Stora Enso group mid-term review

all business departments improved in the strong first quarter

the quarterly operating profit excluding non recurring items and fair value was 248million euros, an increase of 129million euros over the same period last year, an increase of 108%, EBITDA (earnings before interest, tax, depreciation and amortization) excluding non recurring items and fair value increased by 59%

the return on capital (roce) excluding non recurring items and fair value is 11% (6%)

compared with the previous year, all business departments were able to implement annual price increases and improve production efficiency

commodity pulp maintained strong growth

the cost growth rate in 2011 is expected to increase to about 4%, and the improvement measures in reducing costs, improving production efficiency, and improving product and customer portfolio will be more important

cost increase and maintenance shutdown will restrict the year-on-year revenue growth in the second quarter of 2011

in the field of strategic high return growth, announced investments include Montes del Plata pulp mill in Uruguay and box board machine in ostroka plant in Poland

first quarter performance overview

2011 first quarter

2010 fourth quarter

2010 first quarter

sales

million euros

2 726.9

2 685.2

2 295.9

EBITDA excluding non recurring items and fair value

million euros

368.3

288.8

232.1

operating profit excluding non recurring items and fair value

million euros

248.0

166.8

119.4

operating profit (IFRS)

million euros

237.2

410.9

123.4

tax static electricity excluding non recurring items will damage sensitive electronic components and can cause pre explosion profit in flammable environment

million euros

213.2

187.0

136.8

pre tax profit

million euros

186.0

389.2

117.9

net profit excluding non recurring items

million euros

175.3

148 7

121.0

net profit

million euros

155.9

313.0

102.1

earnings per share excluding non recurring items

euro

0.22

0.19

0.15

earnings per share

euro

0.20

0.39

0.13

cash per share excluding non recurring items

euro

0.39

0.37

0.31

capital profit margin excluding non recurring items

%

12.1

9.9

7.2

undistorted units mm, cm, inch capital profit margin including non recurring items and fair value

%

11.4

7.9

6.0

fair value includes equity incentive scheme, comprehensive options deducting realized and unrealized hedges, carbon dioxide emission rights, and biological asset valuation related to forest assets in investment with equity

nri = non recurring items. These projects refer to the trend transactions that have nothing to do with normal business operations and are aimed at controlling the integration of information technology and equipment manufacturing industry. The most common non recurring items include capital gains, other write downs or reversal of write downs, provisions for planned restructuring, and penalties. If non recurring items exceed one euro cents per share, they are usually specified separately

recent outlook

it is expected that the demand for ordinary packaging paperboard will be slightly stronger than that of the same period last year, while the demand for industrial packaging products will be stronger than that of the same period last year; In Europe, the demand for paper and coated magazine paper is expected to be similar to that of a year ago; The demand for uncoated magazine paper will be slightly stronger than the same period last year

the demand for high-grade cultural paper is expected to be similar to that of the same period last year. The demand for wood products is expected to be slightly stronger than the same period last year

it is expected that the price of ordinary packaging paperboard is similar to that of the previous quarter, but the price of industrial packaging products will be slightly higher than that of the previous quarter. The price of paper and coated magazine paper is expected to remain stable, while the price of uncoated magazine paper will be slightly higher than that of the previous quarter

similarly, the price of high-end cultural paper and wood products is expected to be slightly higher than that of the previous quarter

the rising cost growth rate and maintenance shutdown will restrict the year-on-year revenue growth in the second quarter of 2011

the group has increased the estimated cost growth rate excluding internal measures in 2011 from 3% to 4%. Improvements in reducing costs, improving productivity, and improving product and customer portfolios will be even more important

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