Stora Enso's fourth quarter 2023 impairment test results

STORA ENSO OYJ INVESTOR NEWS 12 December 2023 at 14:45 EET

HELSINKI, Dec. 12, 2023 /PRNewswire/ -- Stora Enso will record non-cash impairments of approximately EUR 514 million in its IFRS operating result in the fourth quarter of 2023. The impairments will be reported as an item affecting comparability (IAC). Including the estimated positive tax effect of EUR 65 million, the net result impact will be approximately EUR 449 million negative.

 The impairment charges are allocated between the segments as follows:

The fixed asset impairments in the Packaging Materials division mainly relate to the Business Unit Containerboard and in the Biomaterials division to the Nordic production units. The impairments are mainly a consequence of Stora Enso's predictions of a weaker outlook compared to previous estimates.

As a result of the impairment booking, the annual depreciation will decrease by approximately EUR 40 million going forward. The impairments do not impact Stora Enso's full-year 2023 guidance.

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 210 7691 

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 21,000 employees and our sales in 2022 were EUR 11.7 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors 

STORA ENSO OYJ

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 210 7691