|
|
 |
|
|
|
|
|
| |
|
|
|
|
|
| On Own Behalf |
|
|
|
|
|
| Pledges given (1) |
|
38.9 |
|
18.7 |
|
| Mortgages |
|
400.8 |
|
396.6 |
|
| On Behalf of Associated Companies |
|
|
|
|
|
| Mortgages |
|
1.0 |
|
1.0 |
|
| Guarantees |
|
14.5 |
|
68.3 |
|
| On Behalf of Others |
|
|
|
|
|
| Pledges given |
|
0.4 |
|
0.6 |
|
| Guarantees |
|
102.8 |
|
98.0 |
|
| Other Commitments, own |
|
|
|
|
|
Leasing commitments, in next 12
months |
|
30.3 |
|
43.4 |
|
Leasing commitments, after next 12
months |
|
106.9 |
|
257.3 |
|
| Pension liabilities |
|
2.9 |
|
2.1 |
|
| Other contingencies (2) |
|
87.2 |
|
92.5 |
|
| Total |
|
785.7 |
|
978.5 |
|
| |
|
|
|
|
|
| Pledges given |
|
39.3 |
|
19.3 |
|
| Mortgages |
|
401.8 |
|
397.6 |
|
| Guarantees |
|
117.3 |
|
166.3 |
|
| Leasing commitments |
|
137.2 |
|
300.7 |
|
| Pension liabilities |
|
2.9 |
|
2.1 |
|
| Other contingencies |
|
87.2 |
|
92.5 |
|
| Total |
|
785.7 |
|
978.5 |
|
(1) Assets pledged as at 31 December 2000 and 2001 consist of marketable securities, inventories and fixed assets.
(2) Includes USD 64 (EUR 72.6) million as a maximum contingent liability pursuant to the indemnification provision of the sale and purchase agreement dated 9 February 1994 between Stora Kopparberg Bergslags AB and Wahid Vermögensverwaltungs GmbH in the relation to the disposal of Tarkett Inc.
Stora Enso Oyj has guaranteed leasing agreements relating to Stora Enso Barcelona SA to a maximum of EUR 31.7 million at 31 December 2001; the commitment lasts to 23 December 2003.
Guarantees are made in the ordinary course of business on behalf of associated companies and occasionally others; the guarantees, entered into with financial institutions and other credit guarantors, generally obligate the Group to make payment in the event of default by the borrower. The guarantees have off-Balance Sheet credit risk representing the accounting loss that would be recognised at the reporting date if counterparties failed to perform completely as contracted. The credit risk amounts are equal to the contract sums, assuming the amounts are paid in full and are irrecoverable from other parties.
The Group leases office and warehouse space under various non-cancellable operating leases, some of which contain renewal options. The future cost for contracts exceeding one year and for non-cancellable operating leasing contracts are :
|
|
|
|
|
|
|
| |
|
|
|
|
|
| 2002 |
|
43.4 |
|
|
|
| 2003 |
|
48.3 |
|
|
|
| 2004 |
|
23.3 |
|
|
|
| 2005 |
|
20.0 |
|
|
|
| 2006 |
|
19.1 |
|
|
|
| 2007 - |
|
146.6 |
|
|
|
| |
|
300.7 |
|
|
|
Contingent Liabilities
Group companies are parties to legal proceedings that arise in the ordinary course of business and which primarily involve claims arising out of commercial law. The Group is also involved in administrative proceedings relating primarily to competition law. The Directors do not consider that liabilities related to such proceedings, before insurance recoveries, if any, are likely to be material to the Group financial condition or results of operations.
The Company has given its reply to a Statement of Objection from the European Commission in Autumn 1999 relating to newsprint producer operations from 1989 to 1995 and is still awaiting the Commission's response; no provision has been made in this respect.
Stora Timber Finance B.V. has been found responsible for soil pollution at the Port of Amsterdam, but has appealed the decision to the Court of Appeal in Amsterdam; EUR 2.5 million was recorded as a provision at 31 December 2001.
|
|
|
