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On 2 November 2016 the European project WaterInnEU (Applying European market leadership to river basin networks and spreading of innovation on water ICT models, tools and data), coordinated by CREAF, will organize its 1st Marketplace E-Pitch Event. It can be followed online and will be a good opportunity for putting in touch different actors in […]
Originally published at CIFOR’s Forests News Can field-based practitioners use Adaptive Collaborative Management (ACM) as an effective way to enhance women’s participation in natural resource management? This question was raised during a recent workshop held in Uganda, which brought together NGOs and forestry sector stakeholders from the local government and National Forest Authority. ACM is an approach whereby stakeholders who […]
The Fifth International Faustmann Symposium was successfully held on October 17-21 October, 2016 in Beijing, China. Forest economists from over nine countries came to present their recent work, discuss recent findings and celebrate the next 167th anniversary of the Faustmann formula. The Faustmann Symposium history The Faustmann Symposium tradition started at the Hunting Castle of Kranichstein near Darmstadt in Germany in 1999, where the first symposium was celebrating the 150th anniversary of the famous Faustmann formula. Before this year, all Faustmann symposia were held in Germany (1999,Continue reading
Artykuł The Faustmann Symposium was held this year in China pochodzi z serwisu Forest Monitor.
Laura K Snook, Bioversity International, writes about the challenges and opportunities for rural populations in continuing to use the trees they depend on for food and other products while conserving them, too. Can rural populations in developing countries continue to use the trees they depend on while conserving them, too? As human populations grow in rural areas of the tropics, the […]
The post FTA event coverage: How can we use trees and conserve them, too? appeared first on Forests, Trees and Agroforestry.
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Pete Coutu, Director of Forest2Market's North American Sales, will speak at the Forest Resources Association Maine Forestry Forum on Thursday, November 3, 2016. The event will be held at Jeff's Catering, 15 Littlefield Way in Brewer, Maine, starting at 5:30 p.m. The topic: Global Trends Driving Forest Industry in the Northeast:
The long term goal is to sustain and maintain an AFTA award program that recognizes members and practitioners for their achievements in agroforestry. AFTA awards will enhance future programs and ensure continued interest in agroforestry practices. The AFTA Board of Directors is proposing four awards, granted biennially. The awards will be awarded at each North American Agroforestry conference (NAAC), beginning in 2017. Awards can be self-nominated or an individual is nominated by another. Award winners will be recognized during the biennial conference lunch on June 27, 2017.
- Outreach and Education Award (AFTA members only)
- Research Award (AFTA members only)
- Early Career Award (AFTA members only)
- Practitioner or Producer Award (AFTA member or non-AFTA member)
Click here for more information:
October 25, 2016 Grant funding to purchase three fire trucks for TIFMAS approved COLLEGE STATION, Texas – Three Texas fire departments were selected to receive more than $700,000 in grants from Texas A&M Forest Service through the Texas Intrastate Fire Mutual System on Oct. 19. This grant fund
By Michelle Kovacevic What happens when you take 150 people and ask them to design a session together? Some might say chaos, others might say equitable participation. At the Youth in Landscapes Initiative, we subscribe to the school of the latter – no matter how much trickier diversity may make processes, it is important and should be […]
· Operational EBIT was EUR 219 (EUR 246) million, including a negative impact of EUR 35 million due to the ramp-up of Beihai. The EBIT margin was 9.2% (9.8%).
· EPS EUR 0.16 (EUR 0.16). EPS excl. IAC increased to EUR 0.17 (EUR 0.13).
· Cash flow from operations was EUR 390 (EUR 484) million, cash flow after investing activities EUR 177 (EUR 234) million.
· Continued strengthening of the balance sheet; net debt to operational EBITDA 2.1 (2.5); liquidity EUR 775 (EUR 797) million.
· Operational ROCE 10.1% (11.6%), operational ROCE excluding the Beihai investment 13.5% (13.1%).
Q3/2016 (compared with Q2/2016)
· Sales at EUR 2 393 (EUR 2 526) million decreased 5.3%. Sales excluding the structurally declining paper business declined 5.1%, mainly due to usual seasonality in Wood Products.
· Operational EBIT at EUR 219 (EUR 226) million decreased 3.1%, mainly due to the ramp-up of Beihai.
Q1–Q3/2016 (compared with Q1–Q3/2015)
· Sales at EUR 7 364 (EUR 7 553) million declined 2.5%. Sales excluding the structurally declining paper business and divested Barcelona Mill increased 2.6%.
· Operational EBIT at EUR 693 (EUR 673) million increased 3.0%, mainly due to lower variable costs.
· Beihai Mill ramp-up is proceeding ahead of plan. Customer tests of liquid boards are proceeding well and the first CKB board test runs are completed. The consumer board machine is expected to reach full production within 18?24 months from the start-up in May 2016. The bleached chemi-thermomechanical pulp (BCTMP) plant is expected to be operational before the end of Q4.
· Varkaus kraftliner mill reached EBITDA break-even during Q3. Full production is expected during the second half of 2017.
· The new production line for wooden building components (LVL) at Varkaus Mill is ramping up, and product certification is going on. Full production is expected in mid-2018.
· Divestment of the Kabel coated magazine paper mill in Germany was completed in September.
· Advance payments of EUR 118 million received from the divestment of the Suzhou Mill site.
Outlook for Q4/2016
Q4/2016 sales are estimated to be slightly higher or slightly lower than the amount of EUR 2 393 million, and operational EBIT is expected to be in line with or somewhat lower than the EUR 219 million recorded in Q3/2016. The impact of the annual maintenance shutdowns is expected to be approximately EUR 35 million lower than in Q3/2016.
Stora Enso's CEO Karl-Henrik Sundström comments on the third quarter 2016 results:
“In the third quarter, sales increased 1.8%, excluding the structurally declining paper business and divested Barcelona Mill. This was primarily due to the ramp-ups of Varkaus kraftliner and Beihai consumer board mills. Operational EBIT was EUR 219 million compared to EUR 246 million a year ago, negatively affected with the ramp-up of Beihai by EUR 35 million. Cash flow from operations was EUR 390 million thanks to reduced working capital and proceeds from divestments. The balance sheet continued to strengthen as net debt to operational EBITDA was 2.1.
Our transformation into a customer-focused renewable materials company is progressing well. I am pleased that the ramp-up of the Beihai Mill is ahead of plan and we are now conducting customer tests of liquid boards and other grades. We have also completed our first test runs of CKB, our cartonboard which is very competitive in terms of strength, stiffness, purity and runnability. It provides superior food safety which is high on consumers’ minds in China. We have launched a new product in our CKB product family during the quarter, CKB Nude by Stora Enso. It is an uncoated carton board designed to meet the consumer preferences for renewable packaging materials with natural look and feel.
The Varkaus kraftliner mill ramp-up is also proceeding and the mill reached EBITDA break-even during the quarter, as planned. We are expecting full production of virgin-fibre-based containerboard during the second half of 2017. In addition, we have finalised the divestment of the Kabel coated magazine paper mill in Germany. We have also received the first pre-payments for the divested Suzhou Mill site in China. This deal was announced in the second quarter 2016.
We are planning to create a centre of excellence for corrugated packaging in Lahti. The aim is to boost competitiveness by consolidating manufacturing of corrugated packaging in Finland to one location. As part of the possible consolidation, we would invest approximately EUR 19 million in new machinery and supporting infrastructure. The proposed project is expected to be finalised by the end of the first quarter 2018.
Wooden buildings are on the rise. Australia's first wooden office building is being built with our Cross Laminated Timber (CLT) in Sydney. The major structural components of the six storey office are made from more than 2 000 m³ of our CLT. The building is due for completion in 2017, proving that CLT is not only a renewable and sustainable choice, but also contributes to rapid construction time.
Another initiative to meet growing urban construction needs is the modernisation of the sawmill in Murów. As previously announced, the modernisation will increase yearly capacity from 70 000 m³ to 400 000 m³. In September, we inaugurated the modernised sawmill together with 200 customers.
I am happy that our Annual Report was awarded the best in Finland for the second consecutive year in a ranking by ReportWatch. The ranking included 1 600 companies from 65 countries. Also, the international not-for-profit organisation CDP (formerly Carbon Disclosure Project) recognises Stora Enso as a world leader for combating global warming, with a position on its 2016 Climate A List.
When it comes to outlook, sales for the fourth quarter 2016 are estimated to be slightly higher or slightly lower than the amount of EUR 2 393 million, and operational EBIT is expected to be in line with or somewhat lower than the EUR 219 million recorded in the third quarter of 2016. The impact of the annual maintenance shutdowns is expected to be approximately EUR 35 million lower than in the third quarter of 2016.
As always, I would like to thank our customers for their business, our employees for their dedication and our investors for their trust.”
Revised capital expenditure outlook for 2016
Capital expenditure is expected to be higher than in 2015 with the majority of the investments directed to business expansion.
Previous capital expenditure outlook for 2016
Capital expenditure is expected to be approximately at the same level as in 2015 with the majority of the investments directed to business expansion.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Thomas Geust, CFO, tel. +358 10 686 7880
Kaisa Uurasmaa, Investor Relations, tel. +358 10 686 7815
Huhtamaki is a global specialist in packaging for food and drink. With our network of 73 manufacturing units and 23 sales offices in 34 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,000 employees develop and make packaging that helps great products reach more people, more easily. In 2015 our net sales totaled EUR 2.7 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Additional information is available at www.huhtamaki.com.
Adjusted EBITDA, Adjusted earnings and Adjusted basic EPS as described in this News Release reflect the adjustments described in the tables referred to in the section titled "Non-IFRS Measures" of our 2016 third quarter Management's Discussion & Analysis.
($ millions except earnings per 2016 2015
share ("EPS")) Q3 Q2 YTD Q3 YTD
Sales 1,155 1,111 3,343 1,044 3,087
Adjusted EBITDA1 213 138 481 82 327
Operating earnings 156 120 355 88 231
Earnings 107 98 247 56 119
Basic EPS ($) 1.35 1.22 3.06 0.67 1.43
Adjusted Earnings1 115 64 229 35 145
Adjusted basic EPS ($)1 1.45 0.80 2.84 0.42 1.74
1. In this News Release, reference is made to Adjusted EBITDA, Adjusted earnings and Adjusted EPS (collectively "these measures"). We believe that, in addition to earnings, these measures are useful performance indicators. None of these measures is a generally accepted earnings measure under International Financial Reporting Standards ("IFRS") and none has a standardized meaning prescribed by IFRS. Investors are cautioned that none of these measures should be considered as an alternative to earnings, EPS or cash flow, as determined in accordance with IFRS. As there is no standardized method of calculating any of these measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these measures may not be directly comparable to similarly titled measures used by other entities.
In the quarter our lumber operations generated operating earnings of $114 million (Q2-16 - $78 million) and Adjusted EBITDA of $151 million (Q2-16 - $113 million). Higher U.S. dollar lumber prices contributed to the improvement in earnings.
The panel segment, which includes plywood, LVL and MDF, generated operating earnings in the quarter of $30 million (Q2-16 - $18 million) and Adjusted EBITDA of $33 million (Q2-16 - $21 million). Higher plywood prices were the main contributor to the improved earnings.
Our pulp & paper operations generated operating earnings of $22 million (Q2-16 - loss of $5 million) and Adjusted EBITDA of $31 million (Q2-16 - $4 million). Pulp and newsprint prices increased and pulp production was higher resulting in increased earnings.
"We're pleased with the ongoing improvements from our capital spending program. I'm also very proud of our committed and focused employee group who continue to strive to improve operational performance each and every day," said Ted Seraphim, our President and CEO.
Management's Discussion & Analysis ("MD&A")
The Company's MD&A is available on the Company's website: www.westfraser.com and on the System for Electronic Document Analysis and Retrieval at www.sedar.com under the Company's profile.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.