Stora Enso's sales of Euro 2 526 million were Euro 36 million lower, or 1.4% than a year ago, as the company said in the press release received by Lesprom Network.
Sales decreased mainly due to structural changes, including the conversion of paper production to kraftliner at Varkaus Mill in Finland, the Arapoti paper mill disposal in Brazil, and the Barcelona board mill divestment in Spain.
Operational EBIT was Euro 226 million, an increase of Euro 19 million. The operational EBIT margin was 8.9% (8.1%).
2Q operational EBIT increased 9.2% to Euro 226 million, including a bad debt provision of Euro 6 million in the Paper division, lower variable costs, and a positive net currency impact. The EBIT margin was 8.9%.
Stora Enso's CEO Karl-Henrik Sundström comments on the 2Q 2016 results: “In the 2Q 2016, sales excluding the structurally declining paper business and the divested Consumer Board Barcelona Mill increased 3.6% compared to the same quarter last year. This was primarily due to the ramp-up of Varkaus kraftliner mill and additional volumes from the Ostrołęka containerboard mill. Cash flow year-on-year was record high, due to higher profitability and release of working capital.”
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.
