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Stora Enso 2012
Facts & Figures2 Key figures3 Stora Enso in brief4 Business Areas6 Map8 Board of Directors and Group Executive Team10 Extract of the Consolidated Financial Statements14 Auditor’s Report15 Information for shareholders
2 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 3
Key figures
* Operational EBIT comprises the operating profit excluding NRI and fair valuations of the segments and Stora Enso’s share of the operating profit excluding NRI and fair valuations of its equity accounted investments (EAI). Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets related to forest assets in EAI.
** NRI = Non-recurring items. These are exceptional transactions that are not related to normal business operations. The most common non-recurring items are capital gains, additional write-downs or reversals of write-downs, provisions for planned restructuring and penalties. Non-recurring items are normally specified individually if they exceed one cent per share.
*** Board's proposal for dividend distribution.
Stora Enso in briefStora Enso is the global rethinker of the paper, biomaterials, packaging and wood products industry. We always rethink the old and expand
to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide,
and our sales in 2012 amounted to EUR 10.8 billion.
Stora Enso’s annual production capacity is 5.2 million tonnes of chemical pulp, 12.1 million tonnes of paper and board, 1.3 billion square
metres of corrugated packaging and 6.0 million cubic metres of sawn wood products, including 3.0 million cubic metres of value-added
products. The Group is listed in Helsinki and Stockholm.
Employees by country 2012
Finland 23 %
Sweden 21 %
Germany 8 %
Poland 7%
Russia 4 %
Other Europe 17 %
China 15%
Other countries 5 %
Paper and board capacity by country 2013
Finland 38 %
Sweden 28 %
Germany 13 %
China 4%
Brazil 2 %
Other countries 15%
* Including Stora Enso's share of equity accounted investments
Chemical Pulp capacity by country 2013*
Finland 58 %
Sweden 24 %
Brazil 11 %
Uruguay 5%
Poland 2 %
Sales and operational EBIT margin
2012 2011 Sales EUR 10 814.8 million Operational EBIT margin 5.7%
Sales EUR 10 964.9 million Operational EBIT margin 7.9%
Earnings and distribution per share
Excluding non-recurring itemsEUR
1.5
1.2
0.9
0.6
0.3
0.0
09 10 11 12
Earnings per share
Dividend per share
Board's proposal for dividend
Cash earnings per share
CO2 performance*
* Covering direct and indirect (purchased electricity and heat) fossil CO2 emissions from pulp, paper and board production facilities. Normalised figures are reported per unit sales production. Some of the figures have been recalculated from previous years due to changes in baseline and reporting errors.
Million tonnes kg/tonne
08 09 10 11 12
Million tonnes kg/tonne
8
7
6
5
4
3
500
460
420
380
340
300
Key figuresEUR million 2012 2011
Sales 10 814.8 10 964.9
Operational EBIT* 618.3 866.7
Operating profit (IFRS) 689.0 759.3
Profit before tax excl. NRI** 318.5 639.1
Profit before tax 481.7 420.9
Net profit for the period excl. NRI** 263.9 498.2
Net profit for the period 490.4 342.2
Capital expenditure 556.3 453.3
Operational ROCE, % 7.1 10.0
Return on equity (ROE), % 8.3 5.6
Debt/equity ratio 0.48 0.47
Paper and board deliveries, 1 000 tonnes 10 268 10 330
Corrugated packaging deliveries, million m2 1 097 1 018
Wood products deliveries, 1 000 m3 4 750 5 072
Average number of employees 28 777 27 958
Share information2012 2011
Earnings per share (EPS) excl. NRI**, EUR 0.33 0.63
Earnings per share (EPS), EUR 0.61 0.43
Cash earnings per share (CEPS) excl. NRI**, EUR 1.07 1.33
Cash earnings per share (CEPS), EUR 1.28 1.16
Dividend per share***, EUR 0.30 0.30
Equity/share, EUR 7.33 7.45
Payout ratio, excluding NRI**, % 91 48
Total market capitalisation at 31 December, EUR million 4 222 3 726
4 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 5
Business Areas in brief
Stora Enso Biomaterials offers a variety of pulp grades to
meet the demands of paper, board and tissue producers. Pulp
made from renewable resources in a sustainable manner is an
excellent raw material with many different end uses. When the
new Montes del Plata Pulp Mill in Uruguay starts operations
in 2013, Biomaterials will have an even wider product offering,
including northern bleached softwood kraft and bleached
hardwood kraft pulp (birch and eucalyptus), which are used
for a variety of paper grades, packaging paperboards and
tissue, as well as fluff pulp for hygiene applications and
dissolving pulp for the textile industry.
The mission of Biomaterials is to find new, innovative ways to
utilise the valuable raw material wood, while simultaneously
running existing pulp and by-product businesses as efficiently
as possible, based on the needs of its customers.
Biomaterials operates the Nordic stand-alone pulp mills Enocell
and Sunila in Finland, and Skutskär in Sweden, as well as the
joint ventures Veracel in Brazil and Montes del Plata in Uruguay
with corresponding plantations. Biomaterials also runs the
plantations in Rio Grande do Sul in Brazil, the trial plantations in
Laos, and the Pulp Competence Centre and the Biorefinery in
Europe.
Biomaterials
Printing and Reading
Stora Enso Printing and Reading is a world-class responsible
supplier of renewable paper solutions for print media and office
use. Its customers – publishers, retailers, printing houses,
merchants, converters and office suppliers among others – are
served with products that best fit their purpose. The offering
includes newsprint, book paper, super-calendered magazine
paper, coated paper and office paper that are used for example
in newspapers and supplements, books, magazines, brochures,
notebooks, art books and an office environment.
The Business Area’s mission is to inspire the world with
sustainable paper, as it believes in the power of paper in
communication, learning and creative expression. Printing and
Reading is continuously developing its products and service
offering with innovative solutions such as lightweight papers
that achieve greater material efficiency and lower environmental
impact without compromising on printing quality.
Printing and Reading has production facilities mainly in Europe,
but it also has one mill in Brazil and two in China. Three of the
16 mills produce paper based on 100% recycled fibre.
* See operational EBIT explanation on page 2** The segment Other includes the Nordic forest equity accounted investments, Stora Enso’s shareholding in Pohjolan Voima, operations supplying wood to the Nordic mills and Group shared services and administration.
Stora Enso Renewable Packaging offers fibre-based packaging
materials and innovative packaging solutions for consumer
goods and industrial applications. Renewable Packaging
operates throughout the value chain, from pulp production to
production of materials and packaging, to recycling.
Consumer Board product range covers all major board
categories and end-uses such as liquid packaging boards,
cigarette boards, graphical boards and general packaging
boards for packaging cosmetics and luxury products, chocolate
and confectionery, pharmaceuticals and food.
Packaging Solutions products include corrugated packaging for
consumer and transport packages, containerboard, cores and
coreboard, paper sacks, and sack and kraft paper.
Renewable Packaging is expanding in growth markets such as
China, India and Pakistan to meet the rising demand in these
markets. Renewable Packaging plans to build an integrated
board and pulp mill in Guangxi in southern China.
Renewable Packaging production sites in Europe are located in
Finland, Sweden, Spain and Eastern and Central Europe.
Renewable Packaging
Building and Living
Stora Enso Building and Living provides wood-based
innovations and solutions for everyday living and housing needs.
Its product range covers all areas of urban construction, from
supporting structures to interior design and environmental
construction. The further-processed products include massive
wood elements and housing modules, wood components and
pellets. A variety of sawn timber goods complete the selection.
Building and Living serves public and private sector customers,
such as construction companies, merchandisers and retailers.
Building and Living has more than twenty production units in
Europe and operates globally, with its main markets in Europe,
the Middle East and North Africa, and Asia Pacific. The products
are made of renewable, high-quality European pine or spruce
with 100% traceability. With carbon captured in the wood
products, they offer a truly sustainable means of reducing
climate change.
Geographical distribution of external sales and market shareExternal sales and operational EBIT* by segments
Printing and Reading 43%
Biomaterials 5%
Building and Living 15%
Renewable Packaging 29 %
Other 8%**
Printing and Reading 35%
Biomaterials 13%
Building and Living 5%
Renewable Packaging 44 %
Other 3%**
Sales EUR 10 814.8 million Operational EBIT EUR 618.3 million
Biomaterials
Printing and Reading
EuropeAsia
PacificRest of the
world
Geographical distribution (% of sales) 70 24 6
General market share not applicable due to nature of the business.
Building and Living Europe
Asia Pacific
North Africa
Middle East
Geographical distribution (% of sales) 60 23 8 9
Market share: Europe 4%, worldwide 2%.
EuropeLatin
AmericaAsia
PacificRest of the
world
Geographical distribution (% of sales) 76 7 11 6
Market share % 15 6 2
Renewable Packaging Europe Asia Pacific Rest of the world
Geographical distribution (% of sales) 77 15 8
General market share not applicable due to nature of product portfolio.
6 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 7
Laos
BiomaterialsTrial plantation
Russia
1 233 employees
Building and LivingImpilahtiNebolchi
Renewable PackagingArzamasBalabanovoLukhovitsy
India
474 employees
Renewable PackagingChennai
Finland
6 383 employees
Printing and ReadingAnjalaOuluVarkausVeitsiluoto
BiomaterialsEnocellSunila
Building and LivingHonkalahtiKiteePälkäneUimaharjuVarkaus
Renewable PackagingHeinolaImatraIngeroisKristiinan-kaupunkiLahtiLoviisaPoriRuovesi
Poland
2 039 employees
Building and LivingMurow
Renewable PackagingŁódzMosinaOstrołękaTychy
Printing and ReadingHylteKvarnsvedenNymölla
BiomaterialsSkutskär
Building and LivingAlaGruvön
Renewable PackagingBäckeforsForsForshagaJönköpingMohedSkeneSkoghallVikingstad
Sweden
5 919 employees
BrazilLatin America has become a cornerstone
of Stora Enso’s strategy of low-cost pulp
from tree plantations. In Brazil, Stora
Enso owns Veracel Celulose through a
joint venture with the Brazilian company
Fibria. Veracel Celulose produces
1.1 million tonnes of eucalyptus pulp
annually. The company has of 211 000
hectares of land, of which 90 000
hectares is planted with eucalyptus.
In addition, Stora Enso owns Arapoti
magazine paper mill jointly with the
Chilean company Arauco. In the state
of Rio Grande do Sul, Stora Enso owns
45 000 hectares of land, around half of
which is planted with eucalyptus.
EuropeMost of Stora Enso’s sales, production capacity and personnel
are in Europe, where the Group is a leading producer of pulp,
paper and board. Eastern and Central Europe are important
areas for the manufacturing of corrugated packaging and
wood products. Stora Enso has faced structural issues in
Europe due to overcapacity in paper production. As a result,
the Group is investing selectively in its mills with long-term
potential in order to secure a competitive cost structure and
renewable materials.
UruguayStora Enso and Arauco's joint venture
company Montes del Plata started
building a pulp mill at Punta Pereira
in 2011. The new mill, producing 1.3
million tonnes of pulp per year, is
expected to be operational by mid-
year 2013. Employees in Uruguay
are working for the joint venture. The
eucalyptus pulpwood will be sourced
essentially from plantations on
Montes del Plata’s own approx.
246 000 hectares of land.
BiomaterialsMontes del Plata
Estonia
687 employees
Building and LivingImavereNäpi
Renewable PackagingTallinn
Lithuania
250 employees
Building and LivingAlytus
Renewable PackagingKaunas
Czech Republic
743 employees
Building and LivingPlanáZdírec
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. The Group has employees and production facilities in more than 35 countries worldwide. Stora Enso focuses on four key areas: growth markets in Asia and Latin America, as well as fibre-based packaging, plantation-based pulp and competitive paper grades.
Employees and production facilities
USA
180 employees
Renewable PackagingWisconsin Rapids
Netherlands
108 employees
Building and LivingAmsterdam
Renewable PackagingEdam
Spain
300 employees
Renewable PackagingBarcelonaTolosa
France
472 employees
Printing and ReadingCorbehem
Renewable PackagingSaint Seurin sur l’Isle
Great Britain
155 employees
Renewable PackagingBolton
Belgium
601 employees
Printing and ReadingLangerbrugge
Latvia
274 employees
Building and LivingLaunkalne
Renewable PackagingRiga
Germany
2 284 employees
Printing and ReadingKabelMaxauSachsenUetersen
Building and LivingPfarrkirchen
Renewable PackagingKrefeld
Austria
1 094 employees
Building and LivingBad St. LeonhardBrandSollenauYbbs
Hungary
130 employees
Renewable PackagingKomárom
China
4 262 employees
Printing and ReadingDawangSuzhou
Renewable PackagingDongguanFoshanGuangxiHangzhouQian’an
383 employees
Printing and ReadingArapoti
BiomaterialsRio Grande do SulVeracel * The joint venture Bulleh Shah Packaging (Private) Limited will employ about 950 people.
AsiaThe rapidly expanding Asian paper and paperboard market offers huge demand for Stora Enso’s
products. In March 2012, the company announced it plans to build plantation-based integrated
board and pulp mills at Beihai city in Guangxi, southern China. The mill site will initially include a
450 000 tonnes per year state-of-the-art paperboard machine and pulp capacity of 900 000 tonnes
per year, including necessary energy plant and auxiliary facilities. The board and pulp mills will be
self-sufficiently integrated with wood supply from 120 000 hectares of self-managed eucalyptus
plantations.
The Group’s other operations in China include a 245 000 tonnes per year coated fine paper mill in
Suzhou, a 170 000 tonnes per year uncoated magazine paper mill at Dawang, two core factories
and majority shareholding in Inpac International, a packaging company with production operations
in China and India, and service operations in Korea. The Group also has trial plantations in Laos.
In September 2012 Stora Enso signed an agreement to establish a joint venture called Bulleh Shah
Packaging (Private) Limited with Packages Ltd. of Pakistan. Stora Enso’s initial shareholding is 35%.
The joint venture will include the packaging operations of the Kasur mill and Karachi plant currently
owned by Packages Ltd. Transaction is expected to be completed during the first quarter of 2013.
Pakistan*
Renewable PackagingKasurKarachi
8 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 9
Gunnar Brock
Chairman of Stora Enso’s Board of
Directors since March 2010. Member of
Stora Enso’s Board of Directors since
March 2005. Independent of the Company
and the significant shareholders. Born
1950. M.Sc. (Econ.). Swedish citizen.
Owns 39 362 R shares in Stora Enso.
Juha Rantanen
Vice Chairman of Stora Enso’s Board of
Directors since March 2010. Member of
Stora Enso’s Board of Directors since
March 2008. Independent of the Company
and the significant shareholders. Born
1952. M.Sc. (Econ.). Finnish citizen. Owns
25 338 R shares in Stora Enso.
Hock Goh
Member of Stora Enso’s Board of Directors
since April 2012. Independent of the
Company and the significant shareholders.
Born in 1955. Bachelor’s degree (honours)
in Mechanical Engineering. Singaporean
citizen. Owns 5 783 R shares in Stora Enso.
Jouko Karvinen
Chief Executive Officer (CEO) of Stora
Enso. Born 1957. M.Sc. (Eng.). Finnish
citizen. Owns 237 009 R shares and has
157 646 (2006–2007) options/synthetic
options in Stora Enso.
Karl-Henrik Sundström
Chief Financial Officer (CFO) of Stora
Enso. Born 1960. B.Sc. (Business Studies).
Swedish citizen. Does not own any Stora
Enso shares nor options.
Juan Carlos Bueno
Executive Vice President, Biomaterials,
Head of Latin America. Born 1968. M.Sc.
(Industrial Eng.). Colombian citizen.
Does not own any Stora Enso shares nor
options.
Lars Häggström
Executive Vice President, Global People
and Organisation. Born 1968. B.Sc. (HR
Development and Labour Relations).
Swedish citizen. Owns 1 045 R shares in
Stora Enso.
Birgitta Kantola
Member of Stora Enso’s Board of Directors
since March 2005. Independent of the
Company and the significant shareholders.
Born 1948. LL.M., Econ.Dr.H.C. Finnish
citizen. Owns 21 988 R shares in
Stora Enso.
Mikael Mäkinen
Member of Stora Enso’s Board of Directors
since March 2010. Independent of the
Company and the significant shareholders.
Born 1956. M.Sc. (Eng.). Finnish citizen.
Owns 12 676 R shares in Stora Enso.
Hans Stråberg
Member of Stora Enso’s Board of Directors
since April 2009. Independent of the
Company and the significant shareholders.
Born 1957. M.Sc. (Eng.). Swedish citizen.
Owns 15 561 R shares in Stora Enso.
Matti Vuoria
Member of Stora Enso’s Board of Directors
since March 2005. Independent of the
Company and the significant shareholders.
Hannu Kasurinen
Executive Vice President, Building and
Living. Born 1963. M.Sc. (Econ.). Finnish
citizen. Owns 50 693 R shares and has
18 750 (2006–2007) options/synthetic
options in Stora Enso.
Per Lyrvall
Executive Vice President, Global Ethics
and Compliance, General Counsel. Born
1959. Swedish Master of Laws Degree.
Swedish citizen. Owns 19 205 R shares
and 5 000 (2006–2007) options/synthetic
options in Stora Enso.
Mats Nordlander
Executive Vice President, Renewable
Packaging, Regional Head of Asia Pacific
and Country Manager Sweden. Born 1961.
Dipl.Eng. Swedish citizen. Owns 67 002
R shares and has 15 000 (2006–2007)
options/synthetic options in Stora Enso.
Lauri Peltola
Executive Vice President, Global Identity.
Born 1963. CCJ. Finnish citizen. Owns
26 255 R shares in Stora Enso.
Group Executive Team Board of Directors
Jouko Karvinen
Karl-Henrik Sundström
Hannu KasurinenLars Häggström
Per Lyrvall
Mats Nordlander
Lauri Peltola
Juha Vanhainen
Juan Carlos Bueno
Born 1951. LL.M., B.Sc. (Arts). Finnish
citizen. Owns 27 488 R shares in
Stora Enso.
Marcus Wallenberg
Member of Stora Enso’s Board of
Directors since December 1998.
Independent of the Company.* Born
1956. B.Sc. (Foreign Service). Swedish
citizen. Owns 2 541 A and 23 203 R
shares in Stora Enso.
* Marcus Wallenberg (member of the investment committee of Foundation Asset Management) is not independent of significant shareholders of the Company. The Board has evaluated that Marcus Wallenberg is independent of the Company despite his 14-year membership of the Board of Directors.
Juha Vanhainen
Executive Vice President, Printing and
Reading, Country Manager Finland.
Born 1961. M.Sc. (Eng.). Finnish citizen.
Owns 58 314 R shares and has 18 750
(2006–2007) options/synthetic options in
Stora Enso.
Hannu Alalauri, Executive Vice President, Fine Paper and Bernd Rettig, Executive Vice President, R&D, Technology, Energy, Logistics and Investments, were members of the Group Executive Team until the reorganisation of the company on 19 March 2012.
Markus Rauramo, Chief Financial Officer (CFO) was a member of the Group Executive Team until his resignation on 31 July 2012.
Options/synthetic options were issued annually between 1999 and 2007.
Photos on the spread: Jenni-Justiina Niemi
The independence is evaluated in accordance with Recommendation 15 of the Finnish Corporate Governance Code. The full recommendation can be found at www.cgfinland.fi. A significant shareholder according to the Recommendation is a shareholder that holds more than 10% of all company shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase 10% of already issued shares.
First Lastneme
Gunnar BrockJuha Rantanen
Matti VuoriaHans Stråberg
Marcus WallenbergHock Goh
Mikael MäkinenBirgitta Kantola
10 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 11
This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2012.
Extract of the Consolidated Financial Statements
This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2012.
Consolidated Income StatementYear Ended 31 December
EUR million 2012 2011
Sales 10 814.8 10 964.9
Other operating income 218.8 208.9
Changes in inventories of finished goods and work in progress -6.9 31.7
Change in net value of biological assets -5.0 -5.1
Materials and services -6 962.2 -6 998.5
Freight and sales commissions -1 007.5 -1 018.9
Personnel expenses -1 360.8 -1 393.9
Other operating expenses -578.3 -575.2
Share of results of equity accounted investments 107.7 118.0
Depreciation, amortisation and impairment charges -531.6 -572.6
Operating Profit 689.0 759.3
Financial income 128.2 42.9
Financial expense -335.5 -381.3
Profit before Tax 481.7 420.9
Income tax 8.7 -78.7
Net Profit for the Year 490.4 342.2
Attributable to:
Owners of the Parent 480.5 339.7
Non-controlling Interests 9.9 2.5
Net Profit for the Year 490.4 342.2
Earnings per Share
Basic and diluted earnings per share, EUR 0.61 0.43
Consolidated Statement of Comprehensive IncomeYear Ended 31 December
EUR million 2012 2011
Net profit for the period 490.4 342.2
Other Comprehensive Income (OCI)
Actuarial losses on defined benefit plans -167.3 -55.8
Available-for-sale financial assets -177.6 -240.5
Currency and commodity hedges 33.6 -128.4
Share of other comprehensive income of equity accounted investments -4.2 -19.4
Currency translation movements on equity net investments (CTA) -29.4 -76.2
Currency translation movements on non-controlling interests -3.2 -
Net investment hedges -16.8 6.0
Income tax relating to components of other comprehensive income 29.6 40.8
Other Comprehensive Income, net of tax -335.3 -473.5
Total Comprehensive Income 155.1 -131.3
Total Comprehensive Income Attributable to:
Owners of the Parent 148.4 -133.8
Non-controlling interests 6.7 2.5
155.1 -131.3
12 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 13
Items designated "O" comprise Operative Capital, items designated "I" comprise Interest-bearing Net Liabilities, items designated "T" comprise Net Tax Liabilities.This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2012. This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2012.
Consolidated Statement of Financial PositionAs at 31 December
EUR million 2012 2011
ASSETS
Fixed Assets and Other Non-current Investments
Goodwill O 225.9 224.3
Other intangible fixed assets O 44.6 57.8
Property, plant and equipment O 5 048.7 4 942.5
5 319.2 5 224.6
Biological assets O 221.7 212.6
Emission rights O 29.6 43.0
Equity accounted investments O 1 965.1 1 913.1
Available-for-sale: interest-bearing I 95.9 82.0
Available-for-sale: operative O 450.6 640.2
Non-current loan receivables I 134.2 125.3
Deferred tax assets T 143.1 121.9
Other non-current assets O 23.1 26.6
8 382.5 8 389.3
Current Assets
Inventories O 1 457.5 1 528.7
Tax receivables T 18.5 6.2
Current operative receivables O 1 688.2 1 654.6
Interest-bearing receivables I 297.0 281.5
Cash and cash equivalents I 1 849.9 1 138.8
5 311.1 4 609.8
Total Assets 13 693.6 12 999.1
EqUITY ANd LIABILITIES
Equity Attributable to Owners of the Parent
Share capital 1 342.2 1 342.2
Share premium 76.6 76.6
Treasury shares -10.2 -10.2
Other comprehensive income 343.4 498.1
Cumulative translation adjustment -10.1 32.0
Invested non-restricted equity fund 633.1 633.1
Retained earnings 2 929.0 2 961.2
Net profit for the period 480.5 339.7
5 784.5 5 872.7
Non-controlling Interests 91.5 87.1
Total Equity 5 876.0 5 959.8
Non-current Liabilities
Post-employment benefit provisions O 461.6 333.1
Other provisions O 142.0 147.7
Deferred tax liabilities T 343.8 401.0
Non-current debt I 4 341.3 3 339.4
Other non-current operative liabilities O 11.7 31.9
5 300.4 4 253.1
Current Liabilities
Current portion of non-current debt I 181.0 250.0
Interest-bearing liabilities I 607.0 779.5
Bank overdrafts I 4.5 4.5
Current operative liabilities O 1 685.6 1 678.7
Tax liabilities T 39.1 73.5
2 517.2 2 786.2
Total Equity and Liabilities 13 693.6 12 999.1
Consolidated Cash Flow StatementYear Ended 31 December
EUR million 2012 2011
Cash Flow from Operating Activities
Net profit for the year 490.4 342.2
Result from the Statement of Other Comprehensive Income 33.7 -127.3
Adjustments and reversal of non-cash items:
Taxes -8.7 78.7
Depreciation and impairment charges 531.6 572.6
Change in value of biological assets 5.0 5.1
Change in fair value of options and TRS -26.1 9.8
Share of results of equity accounted investments -107.7 -118.0
Profits and losses on sale of fixed assets and investments 4.8 -1.6
Net financial items 207.3 338.4
Pension adjustment -18.3 -
Dividends received from equity accounted investments 102.0 24.1
Interest received 16.8 23.6
Interest paid -168.4 -129.3
Income received on interest-bearing securities 0.1 0.2
Other financial items, net -78.7 -19.3
Income taxes paid -103.6 -129.1
Change in net working capital, net of businesses acquired or sold 55.4 -173.3
Net Cash Provided by Operating Activities 935.6 696.8
Cash Flow from Investing Activities
Acquisition of subsidiary shares and business operations, net of acquired cash -11.3 -25.0
Acquisition of shares in equity accounted investments -114.5 -128.6
Acquisition of available-for-sale investments -0.3 -0.6
Capital expenditure -541.0 -392.4
Investment in biological assets -19.7 -17.2
Proceeds from disposal of shares in equity accounted investments and equity repayment 2.2 -
Proceeds from disposal of available-for-sale investments 0.5 1.0
Proceeds from sale of fixed assets 5.7 21.7
Payment of/proceeds from non-current receivables, net -5.3 -4.0
Net Cash Used in Investing Activities -683.7 -545.1
Cash Flow from Financing Activities
Proceeds from new long-term debt 1 471.5 61.7
Repayment of long-term liabilities -570.7 -83.3
Change in current borrowings -179.3 131.2
Dividends paid -236.6 -197.2
Equity injections less dividends to non-controlling interest -2.5 -3.6
Net Cash Provided by/Used in Financing Activities 482.4 -91.2
Net Increase in Cash and Cash Equivalents 734.3 60.5
Translation adjustment -23.2 -29.3
Cash and cash equivalents at beginning of year 1 134.3 1 103.1
Net Cash and Cash Equivalents at Year End 1 845.4 1 134.3
Cash and Cash Equivalents at Year End 1 849.9 1 138.8
Bank Overdrafts at Year End -4.5 -4.5
1 845.4 1 134.3
14 Stora Enso Facts & Figures 2012 Stora Enso Facts & Figures 2012 15
Auditor’s Report Information for shareholdersAnnual General Meeting (AGM)Stora Enso Oyj’s AGM will be held at 16.00 (Finnish time)
on Tuesday 23 April 2013 at the Marina Congress Center,
Katajanokanlaituri 6, Helsinki, Finland.
Nominee-registered shareholders wishing to attend and vote at
the AGM must be temporarily registered in the Company’s register
of shareholders on the record date, 11 April 2013. Instructions for
submitting notice of attendance will be given in the invitation to
the AGM, which can be consulted on the Company’s website at
www.storaenso.com/agm.
AGM and dividend in 201311 April Record date for AGM
23 April Annual General Meeting (AGM)
24 April Ex-dividend date
26 April Record date for dividend
15 May Dividend payment effective
DividendThe Board of Directors proposes to the AGM that a dividend of
EUR 0.30 per share be paid to the shareholders for the fiscal
year ending 31 December 2012. The dividend payable on shares
registered with Euroclear Sweden will be forwarded by Euroclear
Sweden AB and paid in Swedish krona. The dividend payable to
ADR holders will be forwarded by Deutsche Bank Trust Company
Americas (DBTCA) and paid in US dollars.
Publication dates for 20135 February Financial results for 201218 February Annual Report 201223 April Interim Review for January–March19 July Interim Review for January–June 22 October Interim Review for January–September
Distribution of financial information Stora Enso’s Annual Report is comprised of four separate reports:
Rethink Stora Enso 2012, Financial Report 2012, Corporate
Governance Report 2012 and Global Responsibility Report 2012.
Rethink Stora Enso 2012 is published in English, Finnish and
Swedish, and distributed to shareholders registered with Euroclear
Finland and Euroclear Sweden who have requested a copy.
Rethink Stora Enso 2012 is downloadable as a PDF file from the
Company’s website.
Financial Report is published in English and downloadable
as a PDF file from the Company’s website. The Official Financial
Statements (in Finnish), an English translation of the Parent
Company Financial Statements and the list of principal subsidiaries
can be found on the Company’s website.
We have audited the accounting records, the financial statements,
the report of the Board of Directors, and the administration of
Stora Enso Oyj for the year ended 31 December, 2012. The
financial statements comprise the consolidated income statement,
statement of comprehensive income, statement of financial
position, cash flow statement, statement of changes in equity
and notes to the consolidated financial statements, as well as the
parent company’s income statement, balance sheet, cash flow
statement and notes to the financial statements.
Responsibility of the Board of Directors and the Chief Executive OfficerThe Board of Directors and the Chief Executive Officer are
responsible for the preparation of consolidated financial statements
that give a true and fair view in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU, as well
as for the preparation of financial statements and the report of the
Board of Directors that give a true and fair view in accordance with
the laws and regulations governing the preparation of the financial
statements and the report of the Board of Directors in Finland. The
Board of Directors is responsible for the appropriate arrangement of
the control of the company’s accounts and finances, and the Chief
Executive Officer shall see to it that the accounts of the company
are in compliance with the law and that its financial affairs have been
arranged in a reliable manner.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial
statements, on the consolidated financial statements and on the
report of the Board of Directors based on our audit. The Auditing
Act requires that we comply with the requirements of professional
ethics. We conducted our audit in accordance with good auditing
practice in Finland. Good auditing practice requires that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements and the report of the Board of Directors are free
from material misstatement, and whether the members of the Board
of Directors of the parent company or the Chief Executive Officer
are guilty of an act or negligence which may result in liability in
damages towards the company or have violated the Limited Liability
Companies Act or the articles of association of the company.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements
and the report of the Board of Directors. The procedures selected
depend on the auditor’s judgment, including the assessment of
the risks of material misstatement, whether due to fraud or error.
Corporate Governance Report 2012 is published in English and
downloadable as a PDF file from the Company's website. A Finnish
translation of the report can be found on the Company’s website.
Global Responsibility Report is published in English and
downloadable as a PDF file from the Company’s website.
Printed Interim Reviews (in English, Finnish and Swedish) are
distributed to shareholders registered with Euroclear Finland and
Euroclear Sweden who have requested a copy. Interim Reviews
are published in English, Finnish and Swedish on the Company’s
website, from where they can be downloaded as PDF files.
Mailing lists for financial information
• Finnish and Swedish shareholders: Changes of address are
updated automatically based on the population registers in
Finland and Sweden. Please request addition to or removal from
mailing lists by e-mail [email protected],
by mail Stora Enso Oyj, Global Communications, P.O. Box 309,
FI-00101 Helsinki or by tel. +358 2046 131.
• Registered ADR holders should contact DBTCA. Beneficial
owners of Stora Enso ADRs should contact their broker.
• Other stakeholders: see details for Finnish and
Swedish shareholders.
Information for holders of American Depositary Receipts (ADRs)
The Stora Enso dividend reinvestment and direct purchase plan is
administered by Deutsche Bank Trust Company Americas. The plan
makes it easier for existing ADR holders and first-time purchasers
of Stora Enso ADRs to increase their investment by reinvesting cash
distributions or by making additional cash investments. The plan is
intended for US residents only. Further information on the Stora Enso
ADR programme is available at www.adr.db.com.
Contact information for Stora Enso ADR holders Deutsche Bank Shareholder Services
c/o American Stock Transfer & Trust Company
Peck Slip Station
P.O. Box 2050, New York, NY 10272-2050, USA
Toll-Free number (within the USA only): +1 866 249 2593
ContactsUlla Paajanen-Sainio
SVP, Investor Relations
Stora Enso Oyj, P.O. Box 309, FI-00101 Helsinki, Finland
Tel. +358 2046 21242, [email protected]
In making those risk assessments, the auditor considers internal
control relevant to the entity’s preparation of financial statements
and report of the Board of Directors that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the company’s internal control. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the
financial statements and the report of the Board of Directors.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion on the consolidated financial statementsIn our opinion, the consolidated financial statements give a true
and fair view of the financial position, financial performance, and
cash flows of the group in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU.
Opinion on the company’s financial statements and the report of the Board of Directors In our opinion, the financial statements and the report of the Board
of Directors give a true and fair view of both the consolidated and
the parent company´s financial performance and financial position in
accordance with the laws and regulations governing the preparation
of the financial statements and the report of the Board of Directors
in Finland. The information in the report of the Board of Directors is
consistent with the information in the financial statements.
Other opinionsWe support that the financial statements should be adopted.
The proposal by the Board of Directors regarding the treatment of
distributable funds is in compliance with the Limited Liability Companies
Act. We support that the Board of Directors of the parent company and
the Chief Executive Officer should be discharged from liability for the
financial period audited by us.
Helsinki, 5 February 2013
deloitte & Touche Oy
Authorized Public Audit Firm
Mikael Paul
APA
To the Annual General Meeting of Stora Enso Oyj
This Auditor’s Report is a copy of the Auditor’s Report included in a separate document, Financial Report 2012.
Stora Enso OyjP.O. Box 309FI-00101 Helsinki, FinlandVisiting address: Kanavaranta 1Tel. +358 2046 131
Stora Enso ABP.O. Box 70395SE-107 24 Stockholm, SwedenVisiting address: World Trade CenterKlarabergsviadukten 70Tel. +46 1046 46 000
storaenso.comfacebook.com/storaensotwitter.com/storaenso
Stora Enso Global
Responsibility Report 2012
Find out more about Stora Enso’s
performance on issues related to
sustainability in this in-depth report,
which follows guidelines defined by
the Global Reporting Initiative (GRI).
Stora Enso Financial Report 2012
Contains detailed information on
Stora Enso’s financial performance
and corporate governance, as well
as the capital markets. This
includes consolidated financial
statements and notes, and the
report of the Board of Directors.
GlobalResponsibility Report
Stora Enso 2012
FinancialReport
Stora Enso 2012