In continuation of the 2014 improvement in momentum, Stora Enso reported a healthy operating performance for 2015 as well. However, unlike paper and packaging (which were the outperforming segments in 2014), pulp (Biomaterials) stole the show in 2015. *Top-line still awaits growth* Sales: Q4 – €2.5bn (-2.5% yoy; -0.5% qoq); 2015 – €10bn (-1.7%; in line with AV estimates) In addition to the downward trend of Stora’s paper business continuing – lower prices and
