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