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Financial results – Segments

Consumer Board division
EUR million 2016 2015
Sales 2 342 2 340
Operational EBITDA1 447 466
Operational EBITDA margin1 19.1% 19.9%
Operational EBIT2 254 290
Operational EBIT margin 10.8% 12.4%
Operational ROOC3 12.7% 15.5%
Cash flow from operations2 453 481
Cash flow after investing activities2 40 21
Board deliveries, 1 000 tonnes 2 507 2 458
Board production, 1 000 tonnes 2 554 2 490
1 Restated according to the new reporting structure. See chapter Change in the reporting of costs related to growth of biological assets at the end of the Report of the Board of Directors.
2 See chapter non-IFRS measures at the end of the Report of the Board of Directors.
3 Operational ROOC = 100% x Operational EBIT/Average operating capital.

Consumer Board division sales at EUR 2 342 (EUR 2 340) million were on the same level as previous year. Sales grew by 3.9% excluding the divestment of Barcelona Mill in Spain in autumn 2015, mainly due to the ramp up of the Beihai consumer board mill and higher sales in Skoghall and Fors mills. 

Operational EBIT at EUR 254 (EUR 290) million was 12% down from previous year. Operational EBIT was positively impacted by higher volumes in the European mills and lower variable costs. Operational EBIT was negatively impacted by slightly higher fixed costs and the Beihai consumer board mill ramp up in the Guangxi region, China.

Packaging Solutions division
EUR million 2016 2015
Sales 1 044 913
Operational EBITDA 129 147
Operational EBITDA margin 12.4% 16.1%
Operational EBIT1 64 90
Operational EBIT margin 6.1% 9.9%
Operational ROOC2 7.6% 11.1%
Cash flow from operations1 132 138
Cash flow after investing activities1 63 20
Board deliveries, 1 000 tonnes 869 587
Board production, 1 000 tonnes 1 221 904
Corrugated packaging deliveries, million m2 1 082 1 112
Corrugated packaging production, million m2 1 073 1 093
1 See chapter non-IFRS measures at the end of the Report of the Board of Directors.
2 Operational ROOC = 100% x Operational EBIT/Average operating capital.

Packaging Solutions division sales were EUR 1 044 (EUR 913) million, up 14% compared to 2015. The increase is mainly due to the ramp up of the Varkaus kraftliner mill. Sales growth excluding Varkaus would have been 3%.

Operational EBIT at EUR 64 (EUR 90) million was 29% down from the previous year mainly due to the ramp up of the Varkaus kraftliner mill and the challenges with the corrugated China operations. Operational EBIT would have grown by EUR 3 million excluding Varkaus kraftliner mill and corrugated China operations.

Biomaterials division
EUR million 2016 2015
Sales 1 376 1 484
Operational EBITDA1 361 444
Operational EBITDA margin1 26.2% 29.9%
Operational EBIT2 224 313
Operational EBIT margin 16.3% 21.1%
Operational ROOC3 8.5% 12.4%
Cash flow from operations2 419 385
Cash flow after investing activities2 278 187
Pulp deliveries, 1000 tonnes 2 508 2 499
1 Restated according to the new reporting structure. See chapter Change in the reporting of costs related to growth of biological assets at the end of the Report of the Board of Directors.
2 See chapter non-IFRS measures at the end of the Report of the Board of Directors.
3 Operational ROOC = 100% x Operational EBIT/Average operating capital.

Biomaterials division sales were EUR 1 376 (EUR 1 484) million, down 7% on 2015 due to significantly lower hardwood pulp sales prices and also lower softwood pulp prices.

Operational EBIT at EUR 224 (EUR 313) million was 28% down from previous year mainly due to lower hardwood and softwood pulp sales prices in local currencies and higher fixed costs due to investments into innovation activities. Foreign exchange rates had a positive impact on operational EBIT.

Wood Products division
EUR million 2016 2015
Sales 1 595 1 603
Operational EBITDA 118 111
Operational EBITDA margin 7.4% 6.9%
Operational EBIT1 88 81
Operational EBIT margin 5.5% 5.1%
Operational ROOC2 16.8% 15.7%
Cash flow from operations1 142 118
Cash flow after investing activities1 75 59
Deliveries, 1 000 m3 4 643 4 334
1 See chapter non-IFRS measures at the end of the Report of the Board of Directors.
2 Operational ROOC = 100% x Operational EBIT/Average operating capital.

Wood Products division sales were EUR 1 595 (EUR 1 603) million, down EUR 8 million from 2015, mainly due to conscious decision to lower the trading business volumes. The Building components sales has increased by 15%.

Operational EBIT at EUR 88 (EUR 81) million was 9% up from previous year. Operational EBIT was positively impacted by higher volumes of own products and lower volumes from the low margin trading business. Operational EBIT was negatively impacted by higher fixed costs related to the ramp up of new investments mainly at Murów sawmill and Varkaus LVL mill.

Paper division
EUR million 2016 2015
Sales 3 245 3 630
Operational EBITDA 324 231
Operational EBITDA margin 10.0% 6.4%
Operational EBIT1 211 77
Operational EBIT margin 6.5% 2.1%
Operational ROOC2 19.4% 5.5%
Cash flow from operations1 351 286
Cash flow after investing activities1 277 201
Cash flow after investing activities to sales (non-IFRS) 8.5% 5.5%
Paper deliveries, 1 000 tonnes 5 141 5 778
Paper production, 1 000 tonnes 5 155 5 794
1 See chapter non-IFRS measures at the end of the Report of the Board of Directors.
2 Operational ROOC = 100% x Operational EBIT/Average operating capital.

Paper division sales were EUR 3 245 (EUR 3 630) million, down 11% from 2015 due to restructuring and disposals. Stora Enso divested the Arapoti Paper Mill in Brazil in late 2015 and the divestment was completed in March 2016. Divestment of the Suzhou Mill site in China was announced and paper production ceased in June 2016. Stora Enso’s 33.33% ownership of the Swedish recycled materials company IL Recycling AB was divested in June 2016. Divestment of the Kabel coated magazine paper mill in Germany was completed in September 2016. Paper production ended in August 2015 at the Varkaus office paper mill which was converted into kraftliner mill.

Operational EBIT at EUR 211 (EUR 77) million was 174% up from 2015 due to lower variable costs and tight fixed costs management. The foreign exchange rate impact including the hedging result was positive.

Other
EUR million 2016 2015
Sales 2 477 2 478
Operational EBITDA -8 9
Operational EBITDA margin -0.3% 0.4%
Operational EBIT1 43 64
Operational EBIT margin 1.7% 2.6%
Cash flow from operations1 136 148
Cash flow after investing activities1 101 111
1 See chapter non-IFRS measures at the end of the Report of the Board of Directors.

Sales of the segment Other at EUR 2 477 (EUR 2 478) million were on the same level as previous year.

Operational EBIT at EUR 43 (EUR 64) million was EUR 21 million down from previous year mainly due to lower market prices for energy.

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