|
|
 |
|
|
| |
|
|
|
|
|
|
|
| Historical Cost |
|
|
|
|
|
|
|
| At 1 January |
|
289.9 |
|
133.2 |
|
178.2 |
|
| Translation difference |
|
1.8 |
|
-0.2 |
|
- |
|
| Additions |
|
20.2 |
|
59.0 |
|
127.5 |
|
| Disposals |
|
-36.8 |
|
-13.8 |
|
-73.9 |
|
| Transfer to available-for-sale investments |
|
-141.9 |
|
- |
|
-0.6 |
|
| Historical cost at 31 December |
|
133.2 |
|
178.2 |
|
231.2 |
|
| |
|
|
|
|
|
|
|
| Equity Adjustment to Investments in Associated Companies |
|
|
|
|
|
|
|
| At 1 January |
|
44.2 |
|
32.3 |
|
35.4 |
|
| Share of results before tax |
|
9.7 |
|
20.6 |
|
79.6 |
|
| Translation difference |
|
-27.3 |
|
6.3 |
|
-2.4 |
|
| Dividends received |
|
-3.1 |
|
-1.2 |
|
-14.9 |
|
| Income taxes |
|
-2.4 |
|
-7.0 |
|
-23.0 |
|
| Disposals and other changes |
|
11.2 |
|
-15.6 |
|
0.8 |
|
| Equity Adjustment at 31 December |
|
32.3 |
|
35.4 |
|
75.5 |
|
| |
|
|
|
|
|
|
|
| Carrying Value of Associated Companies at 31 December |
|
165.5 |
|
213.6 |
|
306.7 |
|
|
The principal disposal in 2001 comprised the sale on 10 October of 40% of the Group's shareholding in Billerud AB, representing 20% of that company, for EUR 62.8 (SEK 580.7) million at a sales price approximating book value; at the year-end Stora Enso had a 30% shareholding, representing 18 822 300 shares, but with an intention to divest in the future.
The 1999 transfer from investments in associated companies to available-for-sale investments includes EUR 134.6 million relating to the reduction of the shareholding in Pohjolan Voima Oy to 16.5% and thence to 16% in 2001.
|
|
|
|
|
| Sunila Oy (pulp mill) |
|
Finland |
|
50.0 |
|
51.4 |
|
51.8 |
|
| Billerud AB (pulp, SC, fluting, kraft papers) |
|
Sweden |
|
30.0 |
|
- |
|
100.2 |
|
| Thiele Kaolin Company |
|
USA |
|
34.9 |
|
- |
|
36.7 |
|
| Steveco Oy (stevedoring) |
|
Finland |
|
36.7 |
|
14.1 |
|
15.2 |
|
| Veracel (pulp mill project) |
|
Brazil |
|
45.0 |
|
55.7 |
|
49.5 |
|
| Mitsubishi HiTec Paper Bielefeld GmbH (technical office papers) |
|
Germany |
|
24.0 |
|
19.3 |
|
18.1 |
|
| Mitsubishi HiTec Paper Flensburg GmbH (technical office papers) |
|
Germany |
|
24.1 |
|
5.7 |
|
5.2 |
|
| |
|
|
|
|
|
146.2 |
|
276.7 |
|
| Others |
|
|
|
|
|
67.4 |
|
30.0 |
|
| Carrying Value of Associated Companies at 31 December |
|
|
|
|
|
213.6 |
|
306.7 |
|
|
|
|
|
|
|
| Receivables from Associated Companies |
|
|
|
|
|
| |
|
|
|
|
|
| Long-term loan receivables |
|
2.1 |
|
4.4 |
|
| Trade receivables |
|
19.3 |
|
25.5 |
|
| Short-term investments and receivables |
|
0.1 |
|
0.3 |
|
| Prepaid expenses and accrued income |
|
0.2 |
|
- |
|
| |
|
|
|
|
|
| Liabilities due to Associated Companies |
|
|
|
|
|
| |
|
|
|
|
|
| Long-term interest bearing liabilities |
|
0.2 |
|
0.5 |
|
| Trade payables |
|
22.7 |
|
12.1 |
|
| Accrued liabilities and deferred income |
|
0.4 |
|
1.7 |
|
| Other current interest-bearing liabilities |
|
0.7 |
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales to associated companies |
|
122.7 |
|
122.8 |
|
86.2 |
|
| Interest on associated company loan receivables |
|
1.5 |
|
0.3 |
|
- |
|
| Purchases from associated companies |
|
-150.1 |
|
-31.4 |
|
-78.3 |
|
|
The Group occasionally engages in transactions with associated companies, such as sales of wood material and purchases of energy and pulp products. All agreements are negotiated at arm's length and are conducted on terms that the Group considers customary in the industry and generally no less favourable than would be available from independent third parties.
|
|
