Stora Enso’s President and CEO, Hans Sohlström, addresses the company's response to challenging market conditions, emphasizing the need for adaptation and development to meet evolving customer demands.
Despite facing significant headwinds, particularly impacting Packaging and Wood Products divisions, Sohlström highlights the company's efforts to enhance competitiveness and prepare for an uncertain future.
Financially, Stora Enso's Q4 2023 performance saw a substantial decline in Group sales and operational EBIT, attributed to reduced demand and lower sales prices. The company's Board proposes a lower dividend distribution, reflecting the current circumstances while acknowledging the importance of dividends to shareholders.
Sohlström underscores the company's pride in the steps taken to improve competitiveness and profitability, including restructuring actions and workforce reductions. Despite these challenges, efforts to streamline operations have resulted in improved cash flow and liquidity.
Looking ahead, Stora Enso plans a profit improvement program aimed at enhancing operational EBIT, albeit potentially leading to further employee reductions. The company remains committed to its long-term growth strategy, focusing on sustainability and renewable energy initiatives.
Despite market volatility, Stora Enso anticipates a higher operational EBIT in 2024, supported by cost reduction measures and growth initiatives. Sohlström concludes by expressing gratitude for continued support and collaboration, reiterating the company's determination to build a stronger and more competitive future.
About Stora Enso
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.
