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Financial Notes
Consolidated Financial Statements

Note 22 - Principal Subsidiaries as at 31 December 2001

The following is a list of the Company's principal operating subsidiary undertakings; it excludes intermediate holding companies and undertakings of minor importance. The principal country in which each subsidiary operates is the country of incorporation. The Group's effective interest in the undertakings is 100% except where indicated and is held in each case by a subsidiary undertaking except for those companies marked with "+" which are held directly by the Parent Company. The countries operating outside the Euro area are indicated by "*".
 
Subsidiary Company Country
Stora Kopparbergs Bergslags AB +* Sweden
   
Fine Paper  
Stora Enso Uetersen GmbH & Co. KG Germany
Berghuizer Papierfabriek NV + Netherlands
Celulose Beira Industrial SA Portugal
Stora Enso Suzhou Paper Co Ltd (80.9%) * China
Stora Enso Nymölla AB * Sweden
Stora Enso Grycksbo AB * Sweden
Stora Enso Mölndal AB * Sweden
Stora Enso Pulp AB * Sweden
   
Newsprint & Magazine Paper  
Stora Enso Langerbrugge NV + Belgium
Kemijärven Sellu Oy + Finland
Stora Enso Publication Papers Oy Ltd + Finland
Stora Enso Corbehem SA France
Stora Enso Sachsen GmbH Germany
Stora Enso Maxau GmbH & Co KG Germany
Stora Enso Kabel GmbH & Co. KG Germany
Stora Enso Reisholz GmbH & Co. KG Germany
Stora Enso Hylte AB * Sweden
Stora Enso Kvarnsveden AB * Sweden
Stora Enso Port Hawkesbury Ltd * Canada
   
Packaging Boards  
Corenso United Oy Ltd (71.0%) + Finland
Enocell Oy (98.4%) + Finland
Stora Enso Ingerois Oy + Finland
Stora Enso Packaging Oy + Finland
Laminating Papers Oy + Finland
Stora Enso Pankakoski Oy Ltd Finland
Stora Enso Baienfurt GmbH & Co. KG Germany
Stora Enso Barcelona S.A. Spain
Stora Enso Skoghall AB * Sweden
Stora Enso Fors AB * Sweden
   
Timber  
Stora Enso Timber Oy Ltd + Finland
Puumerkki Oy Finland
Stora Enso Timber AG Austria
Stora Enso Timber AB * Sweden
   
Merchants
Papyrus Finland Oy + Finland
Papyrus A/S * Denmark
Papyrus Sweden AB * Sweden
Papyrus Norge A/S * Norway
   
Forest  
Stora Enso Skog AB * Sweden
AS Stora Enso Mets +* Estonia