STORA ENSO CORP
SymbolSEOAY

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Stora Enso Interim Review January-September 2009

2009-10-22 03:26 ET - News Release



 -- EUR 216 million cash flow after capital expenditure: strongest
    quarter since fourth quarter of 2006
 -- Improved EUR 132 million operating profit excluding NRI and fair
    valuations; includes EUR -28 million non-cash impact from
    2003-2009 wood supply inventory error
 -- EUR 655 million non-recurring items, including EUR 71 million
    future cash impact, due to earlier announced impairment and
    restructuring costs
 -- Market outlook remains weak for fourth quarter of 2009


 Summary of Third Quarter Results
 ---------------------------------------------------------------------
  Continuing Operations                    Q3/09     Q2/09     Q3/08
 ---------------------------------------------------------------------
  Sales                         EUR       2 231.0   2 184.8   2 722.7
                                million
 ---------------------------------------------------------------------
  EBITDA excl. NRI and fair     EUR         255.9     190.4     302.1
  valuations                    million
 ---------------------------------------------------------------------
  Operating Profit excl. NRI    EUR         131.5      48.5     125.5
  and Fair Valuations           million
 ---------------------------------------------------------------------
  Operating loss (IFRS)         EUR        -502.6    -209.4    -138.7
                                million
 ---------------------------------------------------------------------
  Profit before tax excl. NRI   EUR         106.4      47.2     117.8
                                million
 ---------------------------------------------------------------------
  Loss before tax               EUR        -548.7    -370.6    -161.7
                                million
 ---------------------------------------------------------------------
  Net profit excl. NRI          EUR          92.5      44.9     116.5
                                million
 ---------------------------------------------------------------------
  Net loss                      EUR        -519.7    -368.3    -119.1
                                million
 ---------------------------------------------------------------------
  EPS excl. NRI                 EUR          0.12      0.06      0.14
 ---------------------------------------------------------------------
  EPS                           EUR         -0.66     -0.46     -0.16
 ---------------------------------------------------------------------
  CEPS excl. NRI                EUR          0.29      0.24      0.37
 ---------------------------------------------------------------------
  ROCE excl. NRI                %             7.7       2.8       5.4
 ---------------------------------------------------------------------
  ROCE excl. NRI and fair       %             6.6       2.3       4.9
  valuations
 ---------------------------------------------------------------------

 Fair valuations include synthetic options net of realised and open
 hedges, CO2 emission rights, and valuations of biological assets
 mainly related to associated companies' forest assets.

 NRI = Non-recurring items. These are exceptional transactions that
 are not related to normal business operations. The most common
 non-recurring items are capital gains, additional write-downs,
 provisions for planned restructuring and penalties. Non-recurring
 items are normally specified individually if they exceed one cent
 per share.

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