Note 27 Principal Subsidiaries as at 31 December 2004

The following is a list of the Company’s fifty principal operating subsidiary undertakings ranked by external sales; these companies, along with the parent, account for 98% (95%) of Group external sales. 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 Companies (ranked by external sales)

	Country	% Sales	Publication Paper	Fine Paper	Merchants	Packaging Boards	Wood Products	Wood supply Europe	Other
Stora Enso Oyj	Finland	17.73	X	X		X		X	X
Stora Enso North America Corp +*	USA	13.28	X	X		X			X
Stora Enso Publication Papers Oy Ltd +	Finland	5.36	X
Stora Enso Skoghall AB *	Sweden	3.80				X
Stora Enso Maxau GmbH & Co KG	Germany	3.12	X
Stora Enso Kabel GmbH & Co KG	Germany	3.07	X
Stora Enso Hylte AB *	Sweden	2.78	X
Stora Enso Kvarnsveden AB *	Sweden	2.74	X
Stora Enso Fors AB *	Sweden	2.45				X
Stora Enso Corbehem SA	France	2.25	X
Stora Enso Port Hawkesbury Ltd *	Canada	2.22	X
Stora Enso Timber Oy Ltd +	Finland	2.12					X
Stora Enso Timber AG	Austria	2.11					X
Stora Enso Nymölla AB *	Sweden	1.93		X
Stora Enso Skog AB *	Sweden	1.91						X
Stora Enso Langerbrugge NV +	Belgium	1.69	X
Puumerkki Oy	Finland	1.67					X
Stora Enso Pulp AB *	Sweden	1.57	X	X
Stora Enso Uetersen GmbH & Co KG	Germany	1.42		X
Papyrus Sweden AB *	Sweden	1.38			X
Berghuizer Papierfabriek NV +	Netherlands	1.32		X
Stora Enso Sachsen GmbH	Germany	1.30	X
Stora Enso Baienfurt GmbH & Co KG	Germany	1.21				X
Stora Enso Grycksbo AB *	Sweden	1.11		X
Stora Enso Timber AB *	Sweden	1.08					X
Stora Enso Ingerois Oy +	Finland	1.06				X
Sydved AB (66.7%) *	Sweden	1.05						X
Stora Enso Barcelona S.A.	Spain	1.04				X
Stora Enso Reisholz GmbH & Co KG	Germany	1.01	X
Stora Enso Timber AS (66.0%) *	Estonia	1.00					X
Laminating Papers Oy +	Finland	0.91				X
Stora Enso Timber US Corp. *	USA	0.88					X
Stora Enso Suzhou Paper Co Ltd (80.9%) *	China	0.83		X
Enocell Oy (98.4%) +	Finland	0.82				X
Papyrus France SA	France	0.80			X
Stora Enso Packaging Oy +	Finland	0.77				X
Papyrus A/S *	Denmark	0.74			X
Stora Enso Packaging AB *	Sweden	0.71				X
Papyrus SA	Belgium	0.57			X
Stora Enso Timber Zdirec sro *	Czech	0.49					X
Celulose Beira Industrial SA	Portugal	0.48		X
Stora Enso Timber Bad St Leonard GmbH	Austria	0.47					X
Corenso United Oy Ltd (71.0%) +	Finland	0.42				X
ZAO Stora Enso Packaging (93.5%) *	Russia	0.37				X
Stora Enso Pankakoski Oy Ltd	Finland	0.36				X
Stora Enso Bois SA	France	0.33					X
Sydved Energileveranser AB (66.7%) *	Sweden	0.32						X
Stora Enso Lumber Trading GmbH	Austria	0.31					X
Papyrus Norge A/S *	Norway	0.30			X
Papyrus Finland Oy +	Finland	0.29			X				X
Scaldia Papier BV	Netherlands	0.28			X