IN:n jutun by Stora Enson management has issued an order to delay payments. According to the newspaper, invoices that were paid in the third quarter have been moved to the fourth quarter for cash flow reasons.
The same procedure was resorted to for cash flow reasons also at the end of the second quarter. DI’s article explains how Wallenberg’s Stora Enso, owned by the family and the Finnish state, would have delayed paying its bills for a long time.
DI refers to an internal announcement from Stora Enso that he saw, which talks about “special actions to improve September’s cash flow.” Payments would thus have been moved to mid-October.
Stora Enso’s exchange share, or R share, fell by 3.4 percent to 11.60 euros on Monday. The share’s highest price of the year is 14.22 euros.
This is Stora Enso’s answer
Stora Enso has more than 20,000 suppliers, and DI suggests that delaying payments will lead suppliers to a liquidity crisis “in the worst case”.
In the story’s illustration, DI shows an email message that Stora Enso uses to justify late payments. The company’s “internal” problems are mentioned as reasons, but DI says that the company is lying when it says this.
The article describes how Stora Enso would have a list that mentions the most important suppliers. According to DI, their invoices are paid on time.
Stora Enso did not answer DI’s questions regarding the payment of invoices or the postponement of their payment. The forest company justified its position with a silent period: the result will be announced on Thursday, October 24.
However, Stora Enso confirmed in a press release on Monday evening that the company has postponed payment times by a week in the last weeks of June and September. According to the company’s press release, this was done to optimize cash flow.
According to the company, the decision was proactively and transparently communicated to relevant internal stakeholders, such as financial management and procurement employees. The company says that suppliers of goods and services have been informed on a case-by-case basis.
Stora Enso informs that the financial effects of the week’s delayed payments are not material in terms of Stora Enso’s overall cash flow and liquidity.
Stora Enso is expected to have a strong third-quarter profit improvement. In DI’s story, it is mentioned separately that Stora Enso’s largest owners include Solidium in addition That, Ilmarinen and Varma.
Source: www.arvopaperi.fi
