FINLAND – Finnish pulp and paper maker Stora Enso has recorded €11.68 billion (US$12.74bn) in full-year revenue for fiscal 2022 (FY22), up 14.9% from fiscal 2021 (FY21).

Stora Enso says that its sales for the year, excluding sales of paper, grew by 17% from the prior year.

The company reported that its operational earnings before interest and taxes (EBIT) grew 23.7% to €1.89 billion (US$2.08bn) and its operational EBIT margin was 16.2%.

In the fourth quarter (Q4) of FY22, the company’s sales increased by 5.3% to €2.8 billion (US$3.08bn), while sales excluding paper rose by 5%.

Meanwhile, in Q4, the company’s operational EBIT declined by 16.7% to €355 million (US$390.47m), while its operational EBIT, excluding paper, also dropped to €306 million (US$336.57m).

The firm recorded basic earnings per share (EPS) of €0.74 (US$0.81) in the quarter, down by 4.7% from €0.78 (US$0.86) a year earlier.

The company said recent highlights included the acquisition of Dutch company De Jong Packaging Group, which was completed this month.

The Paper division was discontinued as of 1 January 2023, and the divestments of the Hylte and Maxau paper sites are expected to be completed in H1 2023.

The divestment of the Nymölla site was completed in January 2023 while the divestment process of the Anjala paper site was discontinued, and the site will be retained in the group.

Stora Enso president and CEO Annica Bresky said: “After what has been an exceptional year in many ways, I am proud that we have delivered against our financial guidance for 2022 despite a disruptive, highly inflationary, and challenging environment.

“We have completed significant strategic projects while making good progress to invest in strategic assets and innovation for growth in renewable packaging, sustainable building solutions and biomaterials innovations.

“Our performance in 2022 demonstrates the strength of our leading market positions and our ability to be proactive and agile in making necessary adjustments for a new reality both short and long term.”

Bresky noted that Q4 was characterized “by the gloomy general macro-economic outlook along with accelerated market weakness in certain segments such as sawn wood and containerboard”.

Stora Enso’s full-year 2023 operational EBIT is expected to be lower than for the full-year 2022.

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