Facts & Figures Stora Enso 2013 2 3 4 6 8 10 14 15
Key figures Stora Enso in brief Divisions Map Board of Directors and Group Leadership Team Extract of the Consolidated Financial Statements Auditor’s Report Information for shareholders
Key figures
Stora Enso in brief Stora 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 2013 amounted to EUR 10.5 billion.
Key figures EUR million Sales Operational EBIT** Operating profit (IFRS) Profit before tax excl. NRI***
2013
2012*
10 544
10 815
578
630
34
701
350
317
-189
481
323
263
Net loss/profit for the period
-71
490
Capital expenditure
425
556
Operational ROCE, %
7.1
7.3
Loss/Profit before tax Net profit for the period excl. NRI***
Return on equity (ROE), %
-1.3
8.3
Debt/equity ratio
0.47
0.48
Paper and board deliveries, 1 000 tonnes
9 898
10 268
Corrugated packaging deliveries, million m2
1 086
1 097
Wood products deliveries, 1 000 m3
4 930
4 750
28 231
28 777
Average number of employees
Share information
2012*
0.40
0.33
-0.07
0.61
Cash earnings per share (CEPS) excl. NRI***, EUR
1.12
1.07
Cash earnings per share (CEPS), EUR
1.16
1.28
Earnings per share (EPS), EUR
Dividend per share****, EUR
0.30
0.30
Equity/share, EUR
6.61
7.32
Payout ratio, excluding NRI***, %
75.0
90.9
5 756
4 222
Total market capitalisation at 31 December, EUR million
Employees by country 2013
Paper and board capacity by country 2014
Finland 40% Sweden 26% Germany 13% China 3% Brazil 2% Other countries 16%
Finland 25% Sweden 19% Germany 8% Poland 7% Russia 4% Other Europe 16% China 17% Other countries 4%
Sales and operational EBIT margin
Chemical Pulp capacity by country 2014*
Finland 56% Sweden 22% Brazil 11% Uruguay 9% Poland 2% 2013
Earnings per share (EPS) excl. NRI***, EUR
Stora Enso’s annual production capacity is 5.4 million tonnes of chemical pulp, 11.7 million tonnes of paper and board, 1.3 billion square metres of corrugated packaging and 5.6 million cubic metres of sawn wood products, including 2.9 million cubic metres of value-added products. The Group is listed in Helsinki and Stockholm.
*Data for the comparative period have been restated following adoption of the revised IAS 19 Employee Benefits standard. **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.
2013
2012
Sales EUR 10 544 million Operational EBIT margin 5.5%
*Including Stora Enso's share of equity accounted investments
Sales EUR 10 815 million Operational EBIT margin 5.8%
Earnings and distribution per share
CO2 performance*
Excluding non-recurring items EUR
Million tonnes
1.5
kg/tonne
8
500
7
460
6
420
5
380
4
340
1.2
***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 disclosed individually if they exceed one cent per share.
0.9
****Board's proposal for dividend distribution.
0.6 0.3
300
3 09 Million tonnes
0.0 10 Earnings per share Dividend per share
2
Stora Enso Facts & Figures 2013
11
12
Board's proposal for dividend Cash earnings per share
13
10
11
12
13
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 2013
3
Divisions in brief Printing and Living Division
Biomaterials Division
Printing and Reading Business Area
Building and Living Business Area
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.
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.
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.
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.
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 2014, 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.
Sales EUR 10 544 million
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.
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 will 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.
Geographical distribution of external sales and market share Printing and Reading
Operational EBIT EUR 578 million
Printing and Reading 40% Biomaterials 5% Building and Living 17% Renewable Packaging 30% Other 8%**
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.
Renewable Packaging Division
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.
External sales and operational EBIT* by segments
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.
Printing and Reading 6% Biomaterials 13% Building and Living 13% Renewable Packaging 55% Other 13%**
Europe
Latin America
Asia Pacific
Rest of the world
Geographical distribution (% of sales)
78
7
10
5
Market share %
16
6
2
Biomaterials Europe
Geographical distribution (% of sales)
66
Asia Pacific
Building and Living Geographical distribution (% of sales)
Europe
Asia Pacific
North Africa
Middle East
56
21
8
15
Market share: Europe 4%, worldwide 2%.
Rest of the world
25
General market share not applicable due to nature of the business.
9
Renewable Packaging Geographical distribution (% of sales)
Europe
Asia Pacific
Rest of the world
78
14
8
General market share not applicable due to nature of product portfolio.
*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.
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Stora Enso Facts & Figures 2013
Stora Enso Facts & Figures 2013
5
Employees and production facilities Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. The Group has employees in more than 35 countries worldwide. Stora Enso focuses on growth markets in Asia and Latin America through fibre-based packaging, plantation-based pulp, innovations in biomaterials, competitive paper grades and sustainable building solutions.
USA 186 employees
Renewable Packaging Wisconsin Rapids
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 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.
France
Netherlands
Germany
468 employees
101 employees
2 239 employees
Printing and Reading Corbehem
Building and Living Amsterdam
Printing and Reading Kabel Maxau Sachsen Uetersen
Renewable Renewable Packaging Packaging Saint Seurin sur Edam l’Isle Austria Spain 289 employees
Renewable Packaging Barcelona Tolosa
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 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 43 000 hectares of land, around half of which is planted with eucalyptus. 326 employees
Printing and Reading Arapoti Biomaterials Rio Grande do Sul Veracel
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Stora Enso Facts & Figures 2013
Belgium
945 employees
Building and Living Bad St. Leonhard Brand Sollenau Ybbs
Sweden
Finland
Estonia
Latvia
Czech Republic
Hungary
5 283 employees
6 951 employees
632 employees
263 employees
728 employees
117 employees
Building and Living Imavere Näpi
Building and Living Launkalne
Building and Living Planá Zdírec
Renewable Packaging Komárom
Printing and Reading Hylte Kvarnsveden Nymölla Biomaterials Skutskär Building and Living Ala Gruvön
Renewable Packaging Bäckefors Fors Forshaga Jönköping Mohed Skene Skoghall Vikingstad
Printing and Reading Anjala Oulu Varkaus Veitsiluoto Biomaterials Enocell Sunila Building and Living Hartola Honkalahti Kitee Pälkäne Uimaharju Varkaus
Renewable Packaging Heinola Imatra Ingerois Kristiinankaupunki Lahti Loviisa Pori
Renewable Packaging Tallinn
Renewable Packaging Riga Lithuania 235 employees
Building and Living Alytus Renewable Packaging Kaunas
Printing and Reading Langerbrugge
Renewable Packaging Krefeld
Building and Living Murow Renewable Packaging Łódz Mosina Ostrołęka Tychy
1 129 employees
Building and Living Impilahti Nebolchi Renewable Packaging Arzamas Balabanovo Lukhovitsy
China 4 811 employees
Printing and Reading Dawang Suzhou
Great Britain 149 employees
Asia Uruguay Stora Enso and Arauco’s joint venture company Montes del Plata’s pulp mill in Punta Pereira is expected to begin the mill start up process in early 2014. Once completed, the new mill will produce 1.3 million tonnes of pulp per year. Employees in Uruguay are working for the joint venture. The eucalyptus pulpwood will be sourced essentially from plantations on Montes del Plata’s own approximately 190 000 hectares of land. Biomaterials Montes del Plata
1 926 employees
Building and Living Pfarrkirchen
Renewable Packaging Bolton
572 employees
Russia Poland
The rapidly expanding Asian paper and paperboard market offers huge demand for Stora Enso’s products. The Group is building a consumer board machine at Beihai city in Guangxi, southern China scheduled to be operational in the beginning of 2016. After the board mill is completed, the Group will construct a pulp mill at the same site. When ready, the mill site will include a 450 000 tonnes per year state-of-the-art paperboard machine and pulp capacity of 700 000 tonnes per year, including necessary energy plant and auxiliary facilities. The board and pulp mills will be selfsufficiently integrated with wood supply from 90 000 hectares of self-managed 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 May 2013, Stora Enso and Packages Ltd. of Pakistan completed the process of establishing a joint venture called Bulleh Shah Packaging (Private) Limited. Stora Enso’s initial shareholding is 35%. The joint venture includes the packaging operations of the Kasur mill and Karachi plant.
Renewable Packaging Dongguan Foshan Guangxi Hangzhou Qian’an Laos 90 employees
Biomaterials Trial plantation India 397 employees
Renewable Packaging Chennai Pakistan
Renewable Packaging Kasur Karachi
Stora Enso Facts & Figures 2013
7
Board of Directors
Group Leadership Team
Juha Rantanen Gunnar Brock
Hans Stråberg Matti Vuoria
Elisabeth Fleuriot
Karl-Henrik Sundström
Mats Nordlander
Jouko Karvinen
Lars Häggström
First Lastneme
Hock Goh
Marcus Wallenberg
Mikael Mäkinen
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 52 008 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 1955. Bachelor’s degree (honours) in Mechanical Engineering. Singaporean citizen. Owns 10 990 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 23 777 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 27 195 R shares in Stora Enso.
Anne Brunila Member of Stora Enso’s Board of Directors since April 2013. Independent of the Company and the significant shareholders. Born 1957. D.Sc. (Econ.). Finnish citizen. Owns 5 207 R shares in Stora Enso. Elisabeth Fleuriot Member of Stora Enso’s Board of Directors since April 2013. Independent of the Company and the significant shareholders. Born 1956. M.Sc. (Econ). French citizen. Owns 5 207 R shares in Stora Enso.
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Stora Enso Facts & Figures 2013
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 17 883 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 20 768 R shares in Stora Enso.
Birgitta Kantola Anne Brunila
Matti Vuoria 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 32 695 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 28 410 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 15-year membership of the Board of Directors. 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.
Juha Vanhainen
Juan Carlos Bueno Lauri Peltola
Jyrki Tammivuori Per Lyrvall
Jouko Karvinen Chief Executive Officer (CEO) of Stora Enso. Born 1957. M.Sc. (Eng.). Finnish citizen. Owns 237 009 R shares in Stora Enso. Karl-Henrik Sundström Executive Vice President, Printing and Living, Deputy to the CEO. Born 1960. B.Sc. (Business Studies). Swedish citizen. Owns 23 700 R shares in Stora Enso through Alma Patria AB.* Jyrki Tammivuori Chief Financial Officer (acting until 31 January 2014). Born 1971. M.Sc. (Econ.). Finnish citizen. Owns 15 749 R shares and has 2 500 (2007) options/synthetic options in Stora Enso. Juan Carlos Bueno Executive Vice President, Biomaterials. 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.
Per Lyrvall Executive Vice President, Global Ethics and Compliance, General Counsel, Country Senior Executive, Sweden. Born 1959. LL.M. Swedish citizen. Owns 19 205 R shares and 2 500 (2007) options/synthetic options in Stora Enso. Mats Nordlander Executive Vice President, Renewable Packaging. Born 1961. Dipl.Eng. Swedish citizen. Owns 67 002 R shares in Stora Enso. Lauri Peltola Executive Vice President, Global Identity, Country Senior Executive, Finland. Born 1963. CCJ. Finnish citizen. Owns 32 955 R shares in Stora Enso. Juha Vanhainen Executive Vice President, Programme Director.** Born 1961. M.Sc. (Eng.). Finnish citizen. Owns 58 314 R shares and has 7 500 (2007) options/ synthetic options in Stora Enso.
*related party **for the EUR 200 million streamlining and structure simplification programme. Also responsible for Wood Supply operations in Finland and Sweden, Energy, Logistics and Business Information Services.
Hannu Kasurinen, Executive Vice President, Building and Living, was a member of the Group Executive Team until the reorganisation of the company on 1 July 2013. Seppo Parvi has been appointed Stora Enso´s new Chief Financial Officer as of 1 February 2014.
Options/synthetic options were issued annually between 1999 and 2007.
Stora Enso Facts & Figures 2013
9
Extract of the Consolidated Financial Statements Consolidated Income Statement
Consolidated Statement of Comprehensive Income Year Ended 31 December
EUR million
Year Ended 31 December
2013
2012
10 544
10 815
122
219
Changes in inventories of finished goods and work in progress
-30
-7
Items that will Not be Reclassified to Profit and Loss
Change in net value of biological assets
172
-5
-6 777
-6 962
-977
-1 008
Income tax relating to items that will not be reclassified
-1 368
-1 349
-602
-578
100
108
-1 150
-532
Operating Profit
34
701
Financial income
64
128
Financial expense
-287
-348
Loss/Profit before Tax
-189
481
Sales Other operating income
Materials and services Freight and sales commissions Personnel expenses Other operating expenses Share of results of equity accounted investments Depreciation, amortisation and impairment charges
Income tax
118
9
Net Loss/Profit for the Year
-71
490
Owners of the Parent
-53
480
Non-controlling Interests
-18
10
Net Loss/Profit for the Year
-71
490
Attributable to:
-0.07
This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.
10
Stora Enso Facts & Figures 2013
2013
2012
-71
490
Actuarial gains/losses on defined benefit plans
74
-184
Share of OCI of equity accounted investments that will not be reclassified
-1
-5
-27
35
46
-154
Net loss/profit for the period Other Comprehensive Income (OCI)
Items that may be Reclassified Subsequently to Profit and Loss Share of OCI of equity accounted investments that may be reclassified Currency translation movements on equity net investments (CTA)
15
1
-227
-29
Currency translation movements on non-controlling interests
-6
-3
Net investment hedges
23
-17
Currency and commodity hedges
-28
34
Available-for-sale financial assets
-101
-178
Income tax relating to items that may be reclassified
Total Comprehensive Income
Earnings per Share Basic and diluted earnings per share, EUR
EUR million
2
-3
-322
-195
-347
141
-323
134
Total Comprehensive Income Attributable to: Owners of the Parent Non-controlling interests
-24
7
-347
141
0.61
This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.
Stora Enso Facts & Figures 2013
11
Consolidated Statement of Financial Position
Consolidated Cash Flow Statement Year Ended 31 December
As at 31 December EUR million
2013
2012
EUR million
2013
2012
Net loss/profit for the year
-71
490
Result from the Statement of Other Comprehensive Income
-23
34
Cash Flow from Operating Activities
ASSETS Non-current Assets Goodwill
O
220
226
Other intangible assets
O
51
44
Property, plant and equipment
O
4 182
5 049
4 453
5 319
Biological assets
O
399
Emission rights
O
21
222 30
Equity accounted investments
O
1 961
1 965
Adjustments and reversal of non-cash items: Taxes Depreciation and impairment charges Change in value of biological assets Change in fair value of options and TRS Share of results of equity accounted investments
Available-for-sale: interest-bearing
I
10
96
Available-for-sale: operative
O
361
451
Profits and losses on sale of fixed assets and investments Net financial items
Non-current loan receivables
I
80
134
Deferred tax assets
T
229
143
Other non-current assets
O
16
23
7 530
8 383
Interest received Interest paid
Current Assets Inventories
Other adjustments Dividends received from equity accounted investments
O
1 376
1 458
Tax receivables
T
13
19
Current operative receivables
O
1 521
1 687
Interest-bearing receivables
I
249
297
Cash and cash equivalents
I
2 065
1 850
5 224
5 311
12 754
13 694
Total Assets
Other financial items, net Income taxes paid
-9 532
-172
5
1
-26
-100
-108
-6
5
223
220
-
-31
38
102
20
17
-210
-168
14
-79
-43
-104
Change in net working capital, net of businesses acquired or sold
285
56
Net Cash Provided by Operating Activities
988
936
Cash Flow from Investing Activities Acquisition of subsidiary shares and business operations, net of acquired cash Acquisition of shares in equity accounted investments
EQUITY AND LIABILITIES
Acquisition of available-for-sale investments
Equity Attributable to Owners of the Parent
Capital expenditure
Share capital
-118 1 150
25
-11
-66
-115
-9
-
-405
-541
-19
-20
-
2
1 342
1 342
Share premium
77
77
Treasury shares
-
-10
Proceeds from disposal of available-for-sale investments
42
-
235
344
Proceeds from sale of fixed assets
23
6
Fair value reserve
Investment in biological assets Proceeds from disposal of shares in equity accounted investments and equity repayment
Cumulative translation adjustment
-218
-10
Proceeds from/payment of non-current receivables, net
Invested non-restricted equity fund
633
633
Net Cash Used in Investing Activities
3 197
2 914
-53
480
5 213
5 770
Retained earnings Net loss/profit for the period Non-controlling Interests Total Equity
60
92
5 273
5 862
Post-employment benefit provisions
O
378
480
Other provisions
O
121
142
Deferred tax liabilities
T
300
340
Non-current debt
I
3 702
4 341
Other non-current operative liabilities
O
16
12
4 517
5 315
-5 -684
Cash Flow from Financing Activities Proceeds from new long-term debt Repayment of long-term liabilities Change in current borrowings Dividends paid
Non-current Liabilities
96 -313
Equity injections less dividends to non-controlling interest
151
1 472
-371
-571
20
-179
-237
-237
-7
-3
-444
482
Net Increase in Cash and Cash Equivalents
231
734
Translation adjustment
-23
-23
Cash and cash equivalents at beginning of year
1 845
1 134
Net Cash and Cash Equivalents at Year End
2 053
1 845
2 065
1 850
Net Cash Used in/Provided by Financing Activities
Current Liabilities Current portion of non-current debt
I
505
181
Cash and Cash Equivalents at Year End
Interest-bearing liabilities
I
619
607
Bank Overdrafts at Year End
Bank overdrafts
I
12
5
Current operative liabilities
O
1 812
1 685
Tax liabilities
T
16
39
2 964
2 517
12 754
13 694
Total Equity and Liabilities
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 2013.
12
Stora Enso Facts & Figures 2013
-12
-5
2 053
1 845
This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.
Stora Enso Facts & Figures 2013
13
Auditor’s Report
Information for shareholders
To the Annual General Meeting of Stora Enso Oyj
Annual General Meeting (AGM)
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, 2013. 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.
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.
Responsibility of the Board of Directors and the Chief Executive Officer
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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,
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, 5 February 2014 Deloitte & Touche Oy Authorized Public Audit Firm Jukka Vattulainen APA
Stora Enso Oyj’s AGM will be held at 16.00 (Finnish time) on Wednesday 23 April 2014 at the Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland.
Corporate Governance Report 2013 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.
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, 9 April 2014. 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.
Global Responsibility Report is published in English and downloadable as a PDF file from the Company’s website.
AGM and dividend in 2014
Mailing lists for financial information
9 April 23 April 24 April 28 April 15 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, 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.
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 2013. 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 2014 5 February 17 February 23 April 21 July 22 October
Financial results for 2013 Annual Report 2013 Interim Review for January–March Interim Review for January–June Interim Review for January–September
Distribution of financial information Stora Enso’s Annual Report is comprised of four separate reports: Stora Enso Rethink 2013, Financial Report 2013, Corporate Governance Report 2013 and Global Responsibility Report 2013. Stora Enso Rethink 2013 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 2013 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.
Interim Reviews are published in English, Finnish and Swedish on the Company’s website, from where they can be downloaded as PDF files.
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): +1 866 706 0509
[email protected]
Contacts Ulla Paajanen-Sainio SVP, Investor Relations Stora Enso Oyj, P.O. Box 309, FI-00101 Helsinki, Finland Tel. +358 2046 21242,
[email protected]
This Auditor’s Report is a copy of the Auditor’s Report included in a separate document, Financial Report 2013.
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Stora Enso Facts & Figures 2013
Stora Enso Facts & Figures 2013
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Global Responsibility Report
Financial Report Stora Enso 2013
Stora Enso 2013
Stora Enso
Stora Enso
Global Responsibility Report 2013
Financial Report 2013
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which follows guidelines defined by the
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consolidated financial statements and notes, and the report of the Board of Directors.
Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Kanavaranta 1 Tel. +358 2046 131
Stora Enso AB P.O. 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
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