Stora Enso Q1 Report 2024

  • Sequential adj. EBIT improvement but year-on-year performance below a comparably strong Q1/2023
  • Political strikes in Finland adversely impacted the results by approximately €25 million
  • €551 million reduction in operating working capital
  • Raised profit improvement target to €120 million from the initial EUR 80 million due to additional cost savings, full effect in 2025
  • A reduction of about 1,000 employees may result from the programme
  • Awarded “Green bond of the year – corporate EMEA”
  • Advancing positive impacts on biodiversity through partnering with IUCN

Sales

  • Sales decreased by 20% or by €557 million to ~€2.2 billion
  • Sales declined due to capacity closures, political strikes and lower sales prices in all divisions, except Forest

EBIT

  • Adj. EBIT decreased to €156 million
  • Adj. EBIT margin decreased to 7.2%
  • Higher volumes (excluding structural impact) supported by lower maintenance
  • Apart from fiber costs, many variable cost categories continued to decline
  • Political strikes impact more than offset by one-off CO2 emission compensations 

Cash Flow

  • Cash flow from operations amounted to €269 million and cash flow after investing activities to €-104 million
  • Operating working capital decreased by €551 million

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