Facts & Figures Stora Enso 2011 2 3 4 6 8 10 14 15

Key figures Stora Enso in brief Business Areas Map Board of Directors and Group Executive Team Extract of the Consolidated Financial Statements Auditor’s Report Information for shareholders

Key figures

Stora Enso in brief

Key figures

Stora Enso is the global rethinker of the biomaterials, paper, 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 30 000 people worldwide, and our sales in 2011 amounted to EUR 11.0 billion.

EUR million

2011

2010

10 964.9

10 296.9

Operational EBIT1)

866.7

797.3

Operating profit (IFRS)*

759.3

986.2

Profit before tax excl. NRI2)

639.1

705.1

Profit before tax*

420.9

885.3

Net profit for the period excl. NRI2)

498.2

627.0

Net profit for the period

342.2

769.3

Capital expenditure

453.3

400.4

Sales

Operational ROCE, % Return on equity (ROE), % Debt/equity ratio

10.0

9.7

5.6

13.5

0.47

0.39

10 330.0

10 758.0

Corrugated packaging deliveries, million m2

1 018.0

1 027.0

Wood products deliveries, 1 000 m3

5 072.0

5 198.0

27 958.0

27 383.0

Paper and board deliveries, 1 000 tonnes

Average number of employees

Stora Enso’s annual production capacity is 4.9 million tonnes of chemical pulp, 11.8 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 3.1 million cubic metres of value-added products. The Group is listed in Helsinki and Stockholm.

Paper and board capacity by country 2012

Number of employees by country 2011 Finland 22% Sweden 21% Germany 8% Poland 7% Russia 5% Other Europe 16% China 16% Other countries 5%

Finland 39% Sweden 30% Germany 13% China 4% Brazil 2% Other countries 12%

Sales and operational EBIT margin

Chemical Pulp capacity by country 2012*

Share information Earnings per share (EPS) excl. NRI2), EUR

2011

2010

0.63

0.79

Eearnings per share (EPS), EUR

0.43

0.97

Cash earnings per share (CEPS) excl. NRI2), EUR

1.33

1.46

Cash earnings per share (CEPS), EUR

1.16

1.33

Dividend and distribution per share3), EUR

0.30

0.25

Equity per share, EUR

7.45

7.87

Payout ratio, excluding NRI2), % Total market capitalisation at 31 December, EUR million

48

32

3 726

6 109

Finland 62% Sweden 25% Brazil 11% Poland 2%

2011

2010

* Including Stora Enso's share of equity accounted investments

Sales EUR 10 964.9 million

Sales EUR 10 296.9 million

Operational EBIT margin 7.9%

Operational EBIT margin 7.7%

Earnings and distribution per share * Reclassified. Stora Enso changed the presentation of its equity accounted investments and all comparative data with effect from the fourth quarter of 2011. Stora Enso’s share of the net profit of its equity accounted investments is now presented in one line in Stora Enso’s operating profit. The share of taxes of equity accounted investments has been eliminated from tax expense. 1)

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. 2)

3)

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

CO2 performance*

Total operations excluding non-recurring items (NRI) EUR

million tonnes

1.5

8

500

7

460

6

420

5

380

4

340

1.2 0.9 0.6

3

300 07

0.3 Million tonnes

0.0 08 Earnings per share Dividend per share

2

Stora Enso Facts & Figures 2011

kg/tonne



09

10

Board’s proposal for dividend

11 Cash earnings per share

08

09

10

11

kg/tonne

* 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.

Stora Enso Facts & Figures 2011

3

Business Areas in 2012*

Reporting Segments in 20111) Consumer Board Main markets Share of Group

Biomaterials Stora Enso Biomaterials offers a variety of pulp grades to meet the demands of paper, board and tissue producers. Pulp is an

Europe

Asia

77

18

Main markets (% of sales) Sales 23% Operational EBIT2) 31%

General market share not applicable due to nature of product portfolio.

excellent raw material: it is made from renewable resources in a sustainable manner, and has many different uses.

Industrial Packaging Main markets Share of Group

Printing and Reading Stora Enso Printing and Reading comprises the business units Newsprint and Book Paper, Magazine Paper and Fine Paper. Its wide offering serves, among others, publishers, advertisers, printing houses, merchants, office equipment manufacturers and office suppliers. Newsprint and Book Paper offers a wide range of paper grades which are mainly used in newspapers, newspaper supplements, direct mail products, books and directories.

Magazine Paper provides uncoated magazine paper used mainly in periodicals and advertising materials. Its coated paper offering consists of matt, silk and glossy magazine paper used mainly in specialist and general interest magazines.

Sales 9% Operational EBIT2) 8%

Europe

Asia

North America

81

12

5

Main markets (% of sales)* * Packaging Products and Corenso, external sales

General market share not applicable due to nature of product portfolio.

Newsprint and Book Paper

Fine Paper offers high-quality graphic and office papers. Graphic papers are often used in art books, annual reports and luxury magazines, while office papers are ideal for office and digital printing, envelopes, notebooks and business forms.

Share of Group Sales 12% Operational EBIT2) 13%

Market share and main markets

Asia Pacific & Middle East

Europe

Market share, %

17

3

Main markets (% of sales)

80

18

Magazine Paper Market share and main markets

Renewable Packaging 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, material and packaging production to recycling.

Share of Group

Industrial Packaging products include corrugated packaging for consumer and transport packages, containerboard, cores and coreboard, paper sacks, and sack and kraft paper.

Sales 19% Operational EBIT2) 15%

Asia Pacific & Middle East

Europe

Latin America

Market share, %

16

36

4

Main markets (% of sales)

72

12

13

Fine Paper

Consumer Board products cover all major board categories and end-uses, such as liquid packaging boards, food service boards, graphical boards and carton boards for packaging cosmetics and luxury products, beverages, chocolates and confectionery, pharmaceuticals and cigarettes.

Market share and main markets Share of Group Sales 20% Operational EBIT2) 22%

Europe

Latin America

Asia & Middle East

Graphic Papers Market share, %

15

2

2

Main markets (% of sales)

76

2

22

Office Papers Market share, %

12

1

1

Main markets (% of sales)

88

2

10

Wood Products Market share and main markets

Building and Living Stora Enso Building and Living provides wood-based products and innovations for construction and interior decoration, as well as solid biofuels for the energy sector. Building and Living

Share of Group

products address living, building and packaging needs. The products are recyclable, and made from high-quality renewable European pine or spruce.

Sales 15% Operational EBIT2) 7%

Main markets (% of sales)

* Stora Enso renewed its Business Area and Reporting Segment structure in January 2012

1)

2)

4

Stora Enso Facts & Figures 2011

Europe

World

4

2

Market share, % Europe

Asia & Oceania

North Africa & Middle East

North America

59

29

11

1

Reporting segment Other is not included in the pie charts presented on this page, thus the shares of the Group’s sales and operational EBIT percentages do not add up to 100. See Operational EBIT explanation on page 2.



Stora Enso Facts & Figures 2011

5

Europe Most 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 publication and fine 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.

Sweden

Finland

Estonia

Lithuania

Poland

Russia

6 179 employees

6 590 employees

652 employees

236 employees

1 971 employees

1 332 employees

Corenso Svenska Skene

Loviisa

Corenso Poland

Arzamas

PACK

BUILD

Alytus

PACK

Anjala

Imavere

PACK

Ala

Skoghall

Enocell

Oulu

Näpi

Łódz

Balabanovo

PRINT

BUILD

Kaunas

Fors

Skutskär

Heinola

Pori

Tallinn

Mosina

Impilahti

Murow BUILD

Lukhovitsy

690 employees

Planá

Ostrołe˛ka

Nebolchi

BUILD PACK

PACK BIO

PRINT BIO

PACK

PACK

Honkalahti

Pälkäne

Gruvön

Imatra

Ruovesi

Hylte

Ingerois

Sunila

Jönköping

Kitee

Uimaharju

Kvarnsveden

Kristiinankaupunki

Varkaus

Forshaga PACK

Vikingstad PACK

BUILD PACK

BUILD PRINT

PACK

BUILD

PACK

PRINT

PACK

Nymölla

Lahti

PRINT

BUILD PACK BIO

BUILD

BUILD PACK

PACK

Czech Republic

Latvia 270 employees

BUILD

Launkalne

Zdírec

BUILD

BUILD

Riga

PACK PACK PACK

PACK

PACK PACK

BUILD PACK

BUILD

Stora Enso is the global rethinker of the biomaterials, paper, packaging and wood products industry. The Group has employees and production facilities in more than 35 countries worldwide. Stora Enso focuses on four key areas: growth markets in China and Latin America, as well as fibre-based packaging, plantation-based pulp and selected paper grades.

Tychy PACK

PACK

PRINT, BUILD

Veitsiluoto PRINT

PACK

USA 199 employees

Wisconsin Rapids PACK

France

Great Britain

Austria

489 employees

177 employees

1 093 employees

Corbehem

Corenso UK

Bad St. Leonhard

PRINT

PACK

Corenso France Belgium

Spain

596 employees

342 employees

PRINT

Langerbrugge

PACK

Germany 2 342 employees

Corenso Elfes

Brazil Latin 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 a fibre base of 212 000 hectares of land, of which 92 000 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. 400 employees

Arapoti PRINT

Rio Grande do Sul

Netherlands 120 employees

Amsterdam BUILD

Corenso Edam PACK

BUILD

Sollenau BUILD

Ybbs BUILD

Barcelona Corenso Tolosana

BUILD

Brand

PACK

PACK

PACK

Kabel PRINT

Maxau

Hungary 190 employees

Komárom PACK

Páty PACK

PRINT

Pfarrkirchen BUILD

Sachsen PRINT

Uetersen PRINT

Uruguay Stora Enso and Arauco's joint venture company Montes del Plata started building a pulp mill at Punta Pereira in June 2011. The new mill, producing 1.3 million tonnes of pulp per year, is expected to be operational by the end of the first quarter of 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. 247 000 hectares of land.

BIO

Veracel BIO

6

Stora Enso Facts & Figures 2011

Employees and production facilities

Montes del Plata BIO

China The rapidly expanding Chinese paper and paperboard market offers huge demand for Stora Enso’s products. Stora Enso has acquired a majority stake in the Chinese packaging company Inpac International. Inpac, with approximately 3 600 employees, has production operations in China and India, with main plants in Qian’an in northern China, Dongguan in southern China and Chennai in India. The company specialises in manufacturing consumer packaging, especially for global manufacturers of mobile phones and other consumer goods. The Group’s plantations in Guangxi could serve as a foundation for potential integrated pulp and paper or board production for manufacturing recyclable products for the local market, from renewable natural resources.

Laos

Trial plantation BIO

Thailand

Trial plantation BIO

India 606 employees

Chennai PACK

Hangzhou

4 815 employees

Dawang

PACK

PRINT

Suzhou

Dongguan

PRINT

PACK

Qian’an

Foshan

PACK

KEY BIO

Biomaterials Business Area

PACK

PRINT

Printing and Reading Business Area

Guangxi

PACK

Renewable Packaging Business Area

BUILD

Building and Living Business Area

PACK



Stora Enso Facts & Figures 2011

7

Board of Directors

Group Executive Team (GET)*

Left to right: Gunnar Brock, Juha Rantanen, Birgitta Kantola, Mikael Mäkinen, Hans Stråberg, Matti Vuoria and Marcus Wallenberg.

Left to right/top to bottom: Jouko Karvinen, Markus Rauramo, Hannu Alalauri, Juan Carlos Bueno, Lars Häggström, Hannu Kasurinen, Mats Nordlander, Bernd Rettig and Juha Vanhainen.

Gunnar Brock

Hans Stråberg

Jouko Karvinen

Hannu Kasurinen

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 25 318 R shares in Stora Enso.

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 9 778 R shares in Stora Enso.

Chief Executive Officer (CEO) of Stora Enso. Born 1957. M.Sc. (Eng.). Finnish citizen. Owns 211 616 R shares and has 157 646 (2005–2007) options/synthetic options in Stora Enso.

Executive Vice President, Building and Living. EVP, Wood Products until 16 January 2012. Born 1963. M.Sc. (Econ.). Finnish citizen. Owns 46 411 R shares and has 26 250 (2005–2007) options/synthetic options in Stora Enso.

Matti Vuoria

Markus Rauramo

Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders. Born 1951. LL.M., B.Sc. (Arts). Finnish citizen. Owns 21 705 R shares in Stora Enso.

Chief Financial Officer (CFO) of Stora Enso. Born 1968. M.Sc. (Econ. and Pol. Hist.). Finnish citizen. Owns 60 388 R shares and has 20 000 (2005–2007) options/synthetic options 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 17 076 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 16 205 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 6 893 R shares in Stora Enso.

Hannu Alalauri 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 17 420 R shares in Stora Enso.

Executive Vice President, Fine Paper. Born 1959. M.Sc. (Chem.), eMBA. Finnish citizen. Owns 50 324 R shares and has 30 000 (2005–2007) options/synthetic options in Stora Enso.

Juan Carlos Bueno Carla Grasso, member of Stora Enso’s Board of Directors since March 2010 until her resignation on 20 April 2011. 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. * Marcus Wallenberg (member of the investment committee of Foundation Asset Management) is not independent of significant shareholders of the Company.

Executive Vice President, Biomaterials, Head of Latin America. EVP, Stora Enso Latin America until 16 January 2012. Born 1968. M.Sc. (Industrial Eng.). Colombian citizen. Does not own any Stora Enso shares nor options.

Lars Häggström Executive Vice President, Human Resources. Born 1968. B.Sc. (HR Development and Labour Relations). Swedish citizen. Does

Mats Nordlander Executive Vice President, Renewable Packaging, Regional responsibility for Asia Pacific, and Country Manager Sweden. EVP, Packaging until 16 January 2012. Born 1961. Dipl.Eng. Swedish citizen. Owns 59 080 R shares and has 30 000 (2005–2007) options/synthetic options in Stora Enso.

Bernd Rettig Executive Vice President, R&D, Technology, Energy, Logistics and Investments, Country Manager Germany. Born 1956. M.Sc. (Eng.). German citizen. Owns 69 503 R shares and has 45 000 (2005–2007) options/synthetic options in Stora Enso.

Juha Vanhainen Executive Vice President, Printing and Reading, Country Manager Finland. EVP, Publication Paper until 16 January 2012. Born 1961. M.Sc. (Eng.). Finnish citizen. Owns 52 940 R shares and has 30 000 (2005–2007) options/synthetic options in Stora Enso.

not own any Stora Enso shares nor options.

Options/synthetic options were issued annually between 1999 and 2007. * GET in 2011. However, the titles of some GET members are their new titles under the new Business Area and reporting segment structure announced on 17 January 2012.

8

Stora Enso Facts & Figures 2011



Stora Enso Facts & Figures 2011

9

Extract of the Consolidated Financial Statements

Consolidated Statement of Comprehensive Income Year Ended 31 December EUR million

2011

2010

Net profit for the period

342.2

769.3

-55.8

-32.5

Other Comprehensive Income (OCI) Actuarial losses on defined benefit plans

Consolidated Income Statement Year Ended 31 December EUR million Sales Other operating income Changes in inventories of finished goods and work in progress Change in net value of biological assets

2011

2010

10 964.9

10 296.9

208.9

159.1

31.7

64.2

-5.1

-4.0

Materials and services

-6 998.5

-6 451.6

Freight and sales commissions

-1 018.9

-1 010.1

Personnel expenses

-1 393.9

-1 375.3

-575.2

-482.2

118.0

71.9

Other operating expenses Share of results of equity accounted investments* Depreciation, amortisation and impairment charges and reversals

-572.6

-282.7

Operating Profit*

759.3

986.2

Financial income

42.9

91.6

Financial expense

-381.3

-192.5

Profit before Tax*

420.9

885.3

Income tax*

-78.7

-116.0

Net Profit for the Year

342.2

769.3

339.7

766.0

Available for sale financial assets

-240.5

95.9

Currency and commodity hedges

-128.4

107.7

Share of other comprehensive income of equity accounted investments

-19.4

9.2

Currency translation movements on equity net investments (CTA)

-76.2

305.6

Currency translation movements on non-controlling interests Net investment hedges Income tax relating to components of other comprehensive income

-

5.1

6.0

-9.8

40.8

-13.4

Other Comprehensive Income, net of tax

-473.5

467.8

Total Comprehensive Income

-131.3

1 237.1

-133.8

1 228.7

Total Comprehensive Income Attributable to: Owners of the Parent Non-controlling interests

2.5

8.4

-131.3

1 237.1

Attributable to: Owners of the Parent Non-controlling Interests Net Profit for the Year

2.5

3.3

342.2

769.3

0.43

0.97

Earnings per Share Basic and diluted earnings per share, EUR

* Reclassified. See explanation on page 2.

This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2011.

10

Stora Enso Facts & Figures 2011

This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2011.



Stora Enso Facts & Figures 2011

11

Consolidated Statement of Financial Position

Consolidated Cash Flow Statement Year Ended 31 December

As at 31 December EUR million

2011

2010

Fixed Assets and Other Non-current Investments

Net profit for the year

Goodwill

O

224.3

214.8

Other intangible fixed assets

O

57.8

52.6

Property, plant and equipment

O

4 942.5

5 066.9

5 224.6

5 334.3

Biological assets Emission rights

EUR million

O O

212.6 43.0

Result from the Statement of Other Comprehensive Income

2010

Taxes1) Depreciation and impairment charges

41.0

4.0

-118.0

-71.9

-1.6

-7.9

1 744.0

82.0

78.7

Available-for-sale: operative

O

640.2

879.4

Profits and losses on sale of fixed assets and investments

Non-current loan receivables

I

125.3

126.5

CTA and equity hedges expensed Net financial items

111.0

26.6

37.2

8 389.3

8 542.6

Share of results of equity accounted investments1)

-

-1.2

338.4

100.9

Dividends received from equity accounted investments

24.1

12.3

Interest received

23.6

28.8

-129.3

-113.0

Interest paid

Inventories

O

1 528.7

1 474.6

Tax receivables

T

6.2

1.7

Current operative receivables

O

1 654.6

1 621.8

Interest-bearing receivables

I

281.5

285.1

Cash and cash equivalents

I

1 138.8

1 110.9

4 609.8

4 494.1

12 999.1

13 036.7

Total Assets

282.7 -5.1

1 913.1

121.9

116.0

9.8

I

T

78.7 572.6

Change in fair value of options and TRS

O

O

97.3

5.1

Equity accounted investments

Other non-current assets

769.3

Change in value of biological assets

Available-for-sale: interest-bearing

Deferred tax assets

342.2 -127.3

Adjustments and reversal of non-cash items:

190.5

Current Assets

Income received on interest-bearing securities Other financial items, net

0.2

0.3

-19.3

-66.9

Income taxes paid

-129.1

-62.0

Change in net working capital, net of businesses acquired or sold

-173.3

-271.7

696.8

811.9

Net Cash Provided by Operating Activities Cash Flow from Investing Activities Acquisition of subsidiary shares, net of acquired cash2)

-25.0

-12.5

Equity and Liabilities

Acquisition of shares in equity accounted investments

-128.6

-16.3

Equity Attributable to Owners of the Parent

Acquisition of available-for-sale investments

Share capital

1 342.2

1 342.2

Capital expenditure

Share premium

76.6

76.6

Treasury shares

-10.2

-10.2

Proceeds from disposal of subsidiary shares, net of disposed cash2)

Other comprehensive income

498.1

852.0

Proceeds from disposal of available-for-sale investments

32.0

103.7

Proceeds from sale of fixed assets

633.1

633.1

Payment of/proceeds from non-current receivables, net

2 961.2

2 439.5

Cumulative translation adjustment Invested non-restricted equity fund Retained earnings Net profit for the period Non-controlling Interests Total Equity

339.7

766.0

5 872.7

6 202.9

87.1

51.8

5 959.8

6 254.7

Post-employment benefit provisions

O

333.1

320.5

Other provisions

O

147.7

148.6

Deferred tax liabilities

T

401.0

422.6

Non-current debt

I

3 339.4

3 259.2

Other non-current operative liabilities

O

31.9

62.0

4 253.1

4 212.9

Current Liabilities Current portion of non-current debt

I

250.0

303.5

Interest-bearing liabilities

I

779.5

440.7

Bank overdrafts

I

4.5

7.8

Current operative liabilities

O

1 678.7

1 697.1

Tax liabilities

T

Total Equity and Liabilities

Investment in biological assets

Net Cash Used in Investing Activities2)

73.5

120.0

2 786.2

2 569.1

12 999.1

13 036.7

Proceeds from new long-term debt Repayment of long-term liabilities Dividends and capital repayments paid Equity injections less dividends to non-controlling interest Net Cash Used in Financing Activities Net Increase in Cash and Cash Equivalents2) Translation adjustment

Stora Enso Facts & Figures 2011

-6.7

-392.4

-377.0

-17.2

-23.4

-

-1.4

1.0

0.8

21.7

28.6

-4.0

42.9

-545.1

-365.0

61.7

791.8

-83.3

-1 180.6

131.2

318.5

-197.2

-157.7

-3.6

-1.2

-91.2

-229.2

60.5

217.7

-29.3

8.4

Cash and cash equivalents at beginning of year

1 103.1

877.0

Net Cash and Cash Equivalents at Year End

1 134.3

1 103.1

Cash and Cash Equivalents at Year End

1 138.8

1 110.9

Bank Overdrafts at Year End

1) 2)

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 2011.

-0.6

Cash Flow from Financing Activities

Change in current borrowings

Non-current Liabilities

12

2011

Cash Flow from Operating Activities

Assets

-4.5

-7.8

1 134.3

1 103.1

Reclassified. See explanation on page 2. For 2010 acquired and disposed cash have been netted against acquisition of subsidiary shares and proceeds from disposal of subsidiary shares respectively.

This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2011.



Stora Enso Facts & Figures 2011

13

Auditor’s Report

Information for shareholders

To the Annual General Meeting of Stora Enso Oyj 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 financial period 1.1.–31.12.2011. The financial statements comprise of 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 Officer The 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 Responsibility Our 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.

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 statements In 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 opinions We 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, 8 February 2012 Deloitte & Touche Oy Authorized Public Audit Firm Mikael Paul APA

This Auditor’s Report is a copy of the Auditor’s Report included in a separate document, Financial Report 2011.

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Stora Enso Facts & Figures 2011

Annual General Meeting (AGM) Stora Enso Oyj’s AGM will be held at 16.00 (Finnish time) on Tuesday 24 April 2012 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, 12 April 2012. 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/investors.

Corporate Governance Report 2011 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.

AGM and dividend in 2012

Mailing lists for financial information

12 April 24 April 25 April 27 April 16 May

• 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, Financial 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

Record date for AGM Annual General Meeting (AGM) Ex-dividend date Record date for dividend Dividend payment effective

Dividend The 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 2011. 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 2012 8 February 20 February 24 April 20 July 23 October

Financial results for 2011 Annual Report 2011 Interim Review for January–March Interim Review for January–June Interim Review for January–September

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.

Distribution of financial information Stora Enso’s Annual Report is comprised of four separate reports: Stora Enso Rethink 2011, Financial Report 2011, Corporate Governance Report 2011 and Global Responsibility Report 2011. Stora Enso Rethink 2011 is published in English, Finnish and Swedish, and distributed to shareholders registered with Euroclear Finland and Euroclear Sweden who have requested a copy. Stora Enso Rethink 2011 is downloadable as a PDF file from the Company’s website. Financial Report 2011 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.

Contact information for Stora Enso ADR holders Deutsche Bank Trust Company Americas c/o American Stock Transfer & Trust Company Peck Slip Station, P.O. Box 2050, New York, NY 10272-2050, USA Toll-Free (within the USA only): +1 866 249 2593

Contacts Ulla Paajanen-Sainio Head of Investor Relations Stora Enso Oyj, P.O. Box 309, FI-00101 Helsinki, Finland Tel. +358 2046 21242 [email protected]

Stora Enso Facts & Figures 2011

15

Financial Report Stora Enso 2011

Stora Enso Global

Stora Enso Financial Report 2011

Responsibility Report 2011

Contains detailed information on

Find out more about Stora Enso’s

Stora Enso’s financial performance

performance on issues related to

and corporate governance, as well

sustainability from this in-depth

as the capital markets. This

report, which follows guidelines

includes consolidated financial

defined by the Global Reporting

statements and notes, and the

Initiative (GRI). A new stakeholder

report of the Board of Directors.

magazine on Stora Enso’s Global Responsibility is also included, containing interesting articles about the work the company does around the globe.

Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Kanavaranta 1 Tel. +358 2046 131

Stora Enso AB Box 70395 SE-107 24 Stockholm, Sweden Visiting address: World Trade Center Klarabergsviadukten 70 Tel. +46 1046 46 000 storaenso.com facebook.com/storaenso twitter.com/storaenso [email protected]