Financial results Q April 2011
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1 Financial results Q April 2011
2 It should be noted that certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by believes, expects, anticipates, foresees, or similar expressions, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group s principal geographic markets or fluctuations in exchange and interest rates. 2
3 Q Strong Earnings more than doubled Sales up 19% EBIT excl NRI and fair valuations up 108% EPS excl NRI up 47% Q compared to Q
4 Earnings improving Higher prices and continued productivity improvement 300 EBIT excl NRI and fair valuation EBIT margin*, % 4 Q avg 10 % % EUR millio on % 4 % 60 2 % 0 0 % *excluding NRI and fair valuation 4
5 Increased productivity Pricing over volumes, managing assets EUR Sales per employee Q1 08Q1 09Q1 10Q1 11Q1 5
6 RCP continued to drive inflation EUR/t tonne Mixed OCC De-inking 0 German RCP price development, free delivered Source: Verband Deutscher Papierfabriken/Stora Enso 6
7 Higher pulp prices positive Due to 1 mill. tonnes net market pulp position USD/t tonne Bleached softwood kraft pulp Bleached hardwood kraft pulp Source: FOEX 7
8 Summary financials Q EUR million I/2011 IV/2010 I/2010 Change % Q111/Q110 Change % Q111/Q410 Sales EBITDA, excl. NRI and fair valuations Operating profit, excl. NRI and fair valuations Profit before tax, excl. NRI Earnings per share, excl. NRI (EUR) ROCE, excl. NRI and fair valuations (%) Cash flow from operations Cash flow after investing activities n/m Debt/equity NRI = Non-recurring items Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges, CO 2 emission rights, and valuations of biological assets related to forest assets in equity accounted investments 8
9 Net debt down 15% y-o-y Net Debt Net Debt/EBITDA excl NRI and fair valuations 6,0 5,0 ion EUR milli ,0 3,0 2,0 1,0 0,0 SENA divestment closed in Q Merchants divestment closed in Q EBITDA: Continuing operations Net debt: Total operations 9
10 Strong pricing improvement, inflation unfavourable Q110 Sales price & Mix Volume Costs FX net Equity acc investments Other Q111 Change in operating profit excl. NRI and fair valuations Q Q
11 Only European board demand above pre-crisis level 115 Folding boxboard Std Newsprint Uncoated magazine Coated fine paper 2007 Q avg = INDEX European demand Source: CEPIPRINT, PPPC, CEPIFINE 11
12 Implementing strategy High return growth businesses Project On target Other progress Montes del Plata pulp mill, Uruguay Machinery and port suppliers selected and contracted for MdP Ostroleka containerboard machine, Poland Proceeding as planned CLT investment, Ybbs, Austria All permits received, main machine supplier selected Skoghall investment Support wood handling in Sweden and further develop Skoghall mill
13 Outlook - increasing concerns on cost inflation Inflation and maintenance limit Q2 earnings improvement y-o-y Inflation estimate increased to ~4% for the full year 2011 compared to 2010 Consumer Board Industrial Packaging Demand development Q2/11 vs Q2/10 Price development Q2/11 vs Q1/11 Actions to fight inflation continue to be even more important Newsprint and Book Paper Coated Magazine Paper Uncoated Magazine Paper Fine Paper Wood Products 13
14 Summary Strong quarter Inflation pressure 80% of CAPEX for strategic high return growth areas in 2011 Investments in strategic highreturn growth areas Montes del Plata Ostroleka Ybbs Skoghall 14
15 Rethinking continues!
16 16
17 Operating profit by segments EUR million I/2011 IV/2010 I/2010 Change % Q111/Q110 Change % Q111/Q410 Consumer Board % of sales Industrial Packaging % of sales Newsprint and Book Paper n/m n/m % of sales n/m n/m Magazine Paper n/m 40.0 % of sales n/m 63.9 Fine Paper % of sales Wood Products % of sales excluding non-recurring items 17
18 Capital expenditure and depreciation Q Q Forecast: Capex FY 2011 approximately EUR 550 m 10 % 8 % illion EUR mi % 4 % 50 2 % 0 0 % Capex Depreciation and impairment excl NRI Capex % of sales Total operations 18
19 Operative working capital Q Q illion EUR mi ,0 % 26,0 % 24,0 % 22,0 % 20,0 % 18,0 % 16,0 % 14,0 % 12,0 % Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 Operative Working Capital at the end of Q Working Capital per Sales ratio Operative W/Cap = inventories + trade receivables trade payables 10,0 % 19
20 Debt/equity 2005 Q ,9 0,8 0,7 0,70 0,6 0,5 0,54 0,56 0,51 0,4 0,39 0,39 0,38 0,3 0,2 0, Q Total operations 20
21 Pressure on variable costs Wood pricing in Finland and in Sweden EUR/m 3 SEK/m Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 Pulpwood, Pine Sawlogs, Pine Pulpwood Sawlogs Source: METLA Pulpwood includes pine, spruce and birch. Sawlogs include pine and spruce. Source: SDC, Skogsstyrelsen 21
22 Net Financial Items EUR million I/2011 IV/2010 I/2010 Change % Q111/Q110 Change % Q111/Q410 Net interest expense Foreign exchange gains and losses n/a n/a Other financial items, of which n/m n/a PIK notes Fair valuation of interest rate derivates* Fair valuation of long-term debt Other items Total net financial items n/m *Not hedge accounted interest rate derivatives. 22
23 Transaction risk and hedges as at 31 March 2011 EUR million USD GBP SEK Estimated annual net operating cash flow exposure Transaction hedges as at 31 March Hedging percentage as at 31 March 2011 for the next 12 months 47% 43% 54% Operating Profit: Currency strengthening of + 10% Based on estimated next 12 months net operating cash flow exposure. EUR million USD 108 SEK -110 GBP 58 The calculation does not take into account currency hedges, and assumes no changes occur other than a single currency exchange rate movement. Weakening would have the opposite impact. 23
24 Maturity profile 31 March SEK 500m 3.5% 2015 SEK 1.4 bn S+3.7% 2015 SEK 2.4 bn 5.75% EUR 750m 5.125% 2014 EUR million EUR 390m E+4.21% 2016 USD 507m 6.404% 2016 USD 300m 7.25% 2036 Other loans/liabilities Bonds Commercial paper Revolving Credit Facility 700 million matures in January 2014 and is fully undrawn. 24
25 Energy balance Q TWh/a Total energy self sufficiency 60% Self sufficiency 54% Electricity Self sufficiency 62% Fuels Internal External (hedged) External (non-hedged) Impact* on operating profit from 10% change in: EUR million p.a. Electricity market price ~6 Fossil fuel price ~11 *) Remaining impact on non-hedged volume 25
26 Stora Enso electricity procurement GWh/a Sales to market Open position Local tariff Financial contracts Physical contracts PVO production Own production
27 Permanent pulp, paper and board capacity reductions since 2006 Mill Date Grade Capacity reduction, t Corbehem PM 3 and PM 4 Jun 2006 LWC Varkaus PM 1 End 2006 WFC Berghuizer Mill Oct 2007 WFU Reisholz Mill End 2007 SC Summa Mill Jan 2008 Newsprint, uncoated mag, book paper Anjala Mill PM1 Feb 2008 Coated magazine paper Baienfurt Mill End 2008 FBB Kabel Mill PM 3 End 2008 Coated magazine Kemijärvi Pulp Mill April 2008 Long-fibre (SW) pulp Norrsundet Pulp Mill Dec 2008 Long-fibre (SW), pulp Varkaus Mill coreboard machine Dec 2008 Coreboard Imatra PM 8 Mar 2010 WFU Varkaus PM 2 and PM 4 Sep 2010 Newsprint, directory paper Maxau PM 7 Nov 2010 Newsprint Totals % of capacity as at end 2005 (adjusted for disposals) Paper and board t/a 15% Pulp t/a 9% 27
28 Permanent sawn wood capacity reductions since 2006 Mill Date Capacity reduction, m 3 Veitsiluoto Sawmill Honkalahti Sawmill Sauga Sawmill Jun Sollenau Sawmill Näpi Sawmill Kotka Sawmill Paikuse Sawmill End Zdirec Sawmill Ybbs Sawmill 2008 & Jun Kitee Sawmill 2008 & Jun Varkaus Sawmill Jun Tolkkinen Sawmill End Total Reductions equal 20% of capacity as at end 2005 (adjusted for disposals) 28
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