Operations in 2002 Quarterly Data and Key Figures Board Report Consolidated Financial Statements Parent Company Financial Statements Financial Notes Auditors’ Report The Share Corporate Governance

	Financial Notes		Reports 2002  >  Financials 2002  >  Financial Notes  >  Note 3 - Segment Information Financial Notes All Notes 1.Accounting Principles 2.Financial Risk Management 3.Segment Information 4.Discontinued Operations 5.Acquisitions and Disposals 6.Other Operating Income 7.Staff Costs 8.Net Financial Items 9.Income Taxes 10.Depreciation, Amortisation... 11.Fixed Assets 12.Associated Companies 13.Available-for-Sale Investments 14.Other Non-Current Assets 15.Inventories 16.Receivables 17.Shareholders' Equity 18.Post-employment Benefits 19.Borrowings 20.Other Current Liabilities... 21.Financial Instruments 22.Commitments and Contingencies 23.Principal Subsidiaries... 24.Employee and Equity... 25.Earnings per Share 26.Subsequent Events 1.Accounting Principles 2.Other Operating Income 3.Materials and Services 4.Personnel Expenses 5.Other Operating Expenses 6.Net Financial Items 7.Depreciation According to Plan 8.Extraordinary Items 9.Fixed Assets 10.Depreciation Reserve 11.Receivables from Management 12.Long-term Investments... 13.Inventories 14.Short-term Receivables 15.Interest-Bearing Receivables 16.Shareholders' Equity 17.Long-term Liabilities 18.Short-term Borrowings 19.Other Current Liabilities 20.Commitments and Contingent... 21.Fair Value of Open Financial... Consolidated Financial Statements Note 3 - Segment Information Sales by Segment Segment Share of Associated Company Results and Operating Profit Capital Expenditure and Depreciation, Amortisation & Impairment Charges by Segment Assets and Liabilities by Segment Operating Capital by Segment Reconciliation to Total Assets Average Personnel External Sales by Destination and Origin Total Assets and Capital Employed by Location Capital Expenditure and Depreciation, Amortisation & Impairment by Location The accounting policies of the reportable segments are the same as those set out in Note 1 to the Consolidated Financial Statements; see Note 4 for details of energy operations discontinued in 2000. Segment sales include intersegment sales valued at arm's length prices. The Pulp segment was dissolved in 2001 on the reallocation of the non-integrated pulp mills to the Magazine Paper, Fine Paper and Packaging Boards segments; comparatives have been restated accordingly. Information on Stora Enso's reportable segments as at and for the years ended 31 December 2000, 2001 and 2002 is shown in the following tables.
	Sales by Segment Year Ended 31 December 2000   2001   2002 EUR million External Internal Total  External Internal Total External Internal Total Magazine Paper 2 738.3 80.5 2 818.8 3 396.4 52.6 3 449.0 2 992.7 44.1 3 036.8 Newsprint 1 677.3 89.4 1 766.7 1 845.3 88.6 1 933.9 1 602.4 39.1 1 641.5 Fine Paper 3 119.6 353.6 3 473.2 3 153.3 464.2 3 617.5 2 820.6 287.4 3 108.0 Packaging Boards 2 835.5 139.5 2 975.0 2 553.8 170.2 2 724.0 2 891.2 152.2 3 043.4 Timber Products 1 151.7 90.4 1 242.1 1 090.2 90.3 1 180.5 1 139.4 95.8 1 235.2 Merchants 879.7 10.9 890.6 838.5 1.8 840.3 718.8 1.8 720.6 Forest 388.9 1 488.5 1 877.4 453.6 1 372.0 1 825.6 444.0 1 514.7 1 958.7 Other and elimination of internal sales 186.3 -2 252.8 -2 066.5 177.7 -2 239.7 -2 062.0 173.5 -2 135.1 -1 961.6 Continuing Operations Total 12 977.3 - 12 977.3 13 508.8 - 13 508.8 12 782.6 - 12 782.6 Discontinued operations 39.7 - 39.7 - - - - - - Group Total 13 017.0 - 13 017.0 13 508.8 - 13 508.8 12 782.6 - 12 782.6   Segment Share of Associated Company Results and Operating Profit Year Ended 31 December              2000 2001 2002   2000 2001 2002 EUR million Share of Results of Associated Companies Operating Profit       Magazine Paper 27.1 16.4 - 357.8 282.7 -991.5 Newsprint - - - 263.5 503.1 235.3 Fine Paper -1.4 - -1.0 628.9 324.7 69.3 Packaging Boards (1) - 57.0 5.3 352.2 339.5 345.7 Timber Products 1.9 5.2 3.1 69.1 5.2 32.4 Merchants - - - 8.3 -10.0 -24.6 Forest - - -5.5 118.7 88.1 122.2 Other -7.0 1.0 12.7 -4.7 -46.4 59.6 Continuing Operations Total 20.6 79.6 14.6 1 793.8 1 486.9 -151.6 Discontinued operations - - - 577.5 - - Group Total 20.6 79.6 14.6 2 371.3 1 486.9 -151.6 1) The associated company result for Packaging Boards arose from the establishment of Billerud AB in January 2001 and ended on its sale in 2002.   Capital Expenditure and Depreciation, Amortisation & Impairment Charges by Segment Year Ended 31 December     2000 2001 2002   2000 2001 2002 EUR million Capital Expenditure       Depreciation & Impairment         Magazine Paper 115.1 148.5 151.0 255.0 389.5 1 382.5 Newsprint 74.8 91.2 331.2 137.6 132.9 140.1 Fine Paper 116.6 193.7 131.6 274.6 412.0 493.2 Packaging Boards 342.3 294.4 143.5 313.1 225.3 275.1 Timber Products 46.5 64.4 53.5 38.0 43.1 54.6 Merchants 6.8 5.0 0.0 12.4 10.2 11.5 Forest 18.7 21.2 24.9 39.9 35.8 39.0 Other 46.0 38.7 41.9 53.0 18.8 45.9 Continuing Operations Total 766.8 857.1 877.6 1 123.6 1 267.6 2 441.9 Discontinued operations           2.5 - - 5.8 - - Total 769.3 857.1 877.6 1 129.4 1 267.6 2 441.9   Assets and Liabilities by Segment As at 31 December 2000 2001 2002 2000 2001 2002 EUR million Assets Liabilities Magazine Paper 5 120.0 4 940.4 3 433.2   693.7 660.2 653.0 Newsprint 1 630.3 1 526.9 1 631.4 304.3 276.2 265.3 Fine Paper 6 295.7 5 800.8 4 298.9 660.6 585.7 482.6 Packaging Boards 3 289.2 3 126.8 3 582.9 517.1 420.8 410.1 Timber Products 619.9 718.3 721.7 167.6 156.8 172.7 Merchants 403.7 334.0 256.0 146.1 119.2 84.6 Forest 1 488.0 1 487.6 1 131.4 206.5 203.6 214.3 Other 2 476.0 2 623.6 3 158.7 9 906.7 9 096.7 7 744.3 Total 21 322.8 20 558.4 18 214.2 12 602.6 11 519.2 10 026.9   Operating Capital by Segment Reconciliation to Total Assets As at 31 December     As at 31 December     EUR million 2000 2001 2002 EUR million 2000 2001 2002 Magazine Paper 4 426.3 4 280.2 2 780.2 Operating Capital 16 556.9 16 106.4 13 271.6 Newsprint 1 326.0 1 250.7 1 366.1 Gross-up for operating liabilities 2 928.5 2 610.0 2 526.3 Fine Paper 5 635.1 5 215.1 3 816.3 Packaging Boards 2 772.1 2 706.0 3 172.8 Timber Products 452.3 561.5 549.0 Interest-bearing receivables 1 672.7 1 589.6 2 120.5 Merchants 257.6 214.8 171.4 Tax receivables 164.7 252.4 295.8 Forest 1 281.5 1 284.0 917.1 Total Assets 21 322.8 20 558.4 18 214.2 Other 406.0 594.1 498.7 Total 16 556.9 16 106.4 13 271.6 Operating capital (“O” items) is designated thus on the Balance Sheet and represents the sum of fixed assets and other long-term investments (excl loan receivables, investments and deferred tax assets), inventories, short-term receivables, other provisions, other long-term liabilities and other current liabilities.   Average Personnel Year Ended 31 December Year Ended 31 December Segment 2000 2001 2002 Location 2000 2001 2002     Magazine Paper 6 205 7 854 7 699 Finland 15 088 15 054 14 676 Newsprint 5 437 5 530 5 542 Sweden 10 856 9 433 9 187 Fine Paper 9 562 10 607 9 288 Germany 4 723 4 767 4 761 Packaging Boards 10 635 9 888 10 533 France 1 356 1 368 1 333 Timber Products 3 593 3 644 3 745 Other EU 4 592 4 478 4 462 Merchants 1 606 1 580 1 411 Total EU 36 615 35 100 34 419 Forest 2 236 2 176 2 265 Other Europe 1 234 1 343 1 879 Other 2 433 2 996 3 370 Canada 736 746 850 Continuing Operations Total 41 707 44 275 43 853 USA (Part year in 2000) 2 197 6 071 5 731 Discontinued operations 78 - - Other 1 003 1 015 974 Total 41 785 44 275 43 853 Total 41 785 44 275 43 853   External Sales by Destination and Origin Year Ended 31 December                    2000 2001 2002   2000 2001 2002 EUR million Sales By Destination Sales By Invoice Origin           Austria 212.8 213.1 195.4 365.3 310.9 315.1 Belgium 366.8 345.1 301.3 212.8 237.8 213.2 Denmark 319.8 307.6 297.9 131.3 116.2 111.7 Finland 821.8 776.0 780.6 4 563.7 4 370.2 4 151.0 France 1 035.4 1 007.0 965.5 529.8 537.8 486.4 Germany 1 987.4 1 840.3 1 673.6 1 518.6 1 489.9 1 442.2 Italy 520.6 403.2 391.5 6.2 0.6 0.1 Netherlands 610.1 581.9 488.4 242.9 247.6 234.0 Portugal 61.7 71.3 60.9 136.9 80.3 59.7 Spain 495.9 445.5 463.4 135.8 139.4 141.5 Sweden 1 052.3 1 026.6 1 034.2 3 315.8 2 980.2 2 895.6 UK 1 446.4 1 324.8 1 053.4 254.7 157.2 59.1 Other EU 221.0 197.8 197.4 3.6 0.2 0.1 Total EU 9 152.0 8 540.2 7 903.5 11 417.4 10 668.3 10 109.7 Other Europe 788.5 813.2 981.4 227.0 252.4 290.1 Total Europe 9 940.5 9 353.4 8 884.9 11 644.4 10 920.7 10 399.8 Canada 76.4 169.4 160.0 363.1 384.0 290.2 China 190.4 188.8 201.5 119.9 111.6 122.3 USA 1 436.3 2 469.7 2 267.3 845.2 2 067.2 1 909.6 Others 1 373.4 1 327.5 1 268.9 44.4 25.3               60.7 Total 13 017.0 13 508.8 12 782.6 13 017.0 13 508.8 12 782.6   Total Assets and Capital Employed by Location As at 31 December 2000 2001 2002 2000 2001 2002 EUR million Total Assets Capital Employed                Austria 222.8 221.4 233.7 149.0 161.8 162.3 Belgium 588.8 419.2 525.8 139.4 97.6 325.7 Finland 5 184.8 5 354.3 5 692.1 3 903.4 4 146.5 3 872.0 France 478.6 386.9 367.7 331.2 248.2 235.0 Germany 2 040.0 1 895.0 1 754.4 839.6 889.5 783.8 Portugal 375.7 246.7 242.6 182.4 234.0 225.5 Sweden 4 025.8 3 700.9 3 727.7 2 240.0 1 980.2 1 886.7 Other EU 577.7 485.9 415.6 310.2 301.8 199.4 Total EU 13 494.2 12 710.3 12 959.6 8 095.2 8 059.6 7 690.4 Other Europe 161.7 188.1 201.4 130.6 162.3 161.4 Total Europe 13 655.9 12 898.4 13 161.0 8 225.8 8 221.9 7 851.9 Canada 693.5 706.0 561.0 650.0 631.7 491.1 China 259.0 277.4 224.8 225.9 252.7 203.7 USA 6 657.9 6 613.6 4 166.7 4 781.2 4 741.3 2 654.0 Other 56.5 63.0 100.7 20.0 11.5 41.7 Total 21 322.8 20 558.4 18 214.2 13 902.9 13 859.1 11 242.4 Total capital employed represents operating capital less net tax liabilities   Capital Expenditure and Depreciation, Amortisation & Impairment by Location Year Ended 31 December            2000 2001 2002   2000 2001 2002 EUR million Capital Expenditure Depreciation & Impairment         Austria 9.9 25.2 22.1 14.2 15.4 17.8 Belgium 10.9 30.7 290.6 21.2 16.2 27.1 Finland 384.5 392.1 211.7 369.8 341.5 391.6 France 19.6 7.8 13.9 29.3 28.2 28.8 Germany 65.1 91.6 55.1 157.9 159.2 138.0 Portugal 12.7 14.9 18.5 13.9 10.5 11.7 Sweden 189.8 158.5 141.0 304.3 198.4 208.8 Other EU 19.4 18.2 16.6 27.6 21.6 26.7 Total EU 711.9 739.0 769.5 938.2 791.0 850.5 Other Europe 6.7 23.9 9.1 8.5 10.0 14.2 Total Europe 718.6 762.9 778.6 946.7 801.0 864.7 Canada 10.3 12.9 12.7 34.5 34.2 85.7 China 3.4 3.4 3.3 12.0 13.0 14.5 USA 33.3 66.9 74.4 131.5 416.7 1 479.5 Other 3.7 11.0 8.6 4.7 2.7 -2.5 Total 769.3 857.1 877.6 1 129.4 1 267.6 2 441.9 All Notes 1.Accounting Principles 2.Financial Risk Management 3.Segment Information 4.Discontinued Operations 5.Acquisitions and Disposals 6.Other Operating Income 7.Staff Costs 8.Net Financial Items 9.Income Taxes 10.Depreciation, Amortisation... 11.Fixed Assets 12.Associated Companies 13.Available-for-Sale Investments 14.Other Non-Current Assets 15.Inventories 16.Receivables 17.Shareholders' Equity 18.Post-employment Benefits 19.Borrowings 20.Other Current Liabilities... 21.Financial Instruments 22.Commitments and Contingencies 23.Principal Subsidiaries... 24.Employee and Equity... 25.Earnings per Share 26.Subsequent Events 1.Accounting Principles 2.Other Operating Income 3.Materials and Services 4.Personnel Expenses 5.Other Operating Expenses 6.Net Financial Items 7.Depreciation According to Plan 8.Extraordinary Items 9.Fixed Assets 10.Depreciation Reserve 11.Receivables from Management 12.Long-term Investments... 13.Inventories 14.Short-term Receivables 15.Interest-Bearing Receivables 16.Shareholders' Equity 17.Long-term Liabilities 18.Short-term Borrowings 19.Other Current Liabilities 20.Commitments and Contingent... 21.Fair Value of Open Financial...