Stora Enso Oyj Half-year Report January–June 2020

Sales decreased by 18.9% to EUR 2 114 (2 608) million, due to lower deliveries and prices, as a result of the impact of the Covid-19 pandemic. Operational EBIT decreased to EUR 178 (299) million. The impact of lower sales was partly offset by good cost management. Operational EBIT margin was 8.4% (11.5%). Operating profit (IFRS) was EUR 226 (142) million. EPS was EUR 0.19 (0.08) and EPS excl. IAC and fair valuations was EUR 0.14 (0.27). Cash flow from operations amounted to EUR 363 (550) million. Cash flow after investing activities was EUR 239 (428) million. The net debt to operational EBITDA ratio at 2.5 (2.1) was above the target level of less than 2.0. The health and safety of Stora Enso’s employees is a key priority. Stora Enso has secured the health and safety of its employees by various measures and is closely monitoring the Covid-19 situation. Thanks to Stora Enso's proactive approach thus far, there has been minimal impact on the Group's ability to serve customers and run operations.