Stora Enso Declared Results for Q1/2020

SEATTLE (Scrap Monster): Stora Enso published interim report outlining the financial and operating results of the company for the first quarter of the current year. The quarterly revenues missed estimates.

The company reported sales of EUR 2,207 million, significantly down by 16% from EUR 2,635 million in Q1/2019. This was mainly due to significantly lower prices and volumes. The operational EBIT and operating profit totalled EUR 180 million and EUR 262 million respectively. The cash flow from operations was EUR 146 million. At the end of Q1/2020, cash and cash equivalents stood at EUR 756 million.

Stora Enso announced that annual mill maintenance shutdowns are being postponed to the second half of 2020. On the contrary, Heinola Mill maintenance shutdown is being scheduled for Q2 2020. The health and safety of its employees and their families is the top priority for the company, the press release said.

Stora Enso discontinued its quarterly guidance and annual outlook until further notice due to current difficult market situations caused by the spread of the pandemic. The dividend proposal of EUR 0.15 per share and additional of maximum EUR 0.35 per share will be decided later.

The conversion works of Oulu Mill into kraftliner is progressing as per company plan.

The company will build on its growth strategy to keep itself ready for the market recovery, said Annica Bresky, President and CEO.

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