Company Key Facts Company Presentation Year 2004 Product Areas In Brief Board of Directors Management Executive Management Group Management Group Letter to Shareholders Strategy Mission, Vision and Values Financial Targets Shareholder Value Acquisition Policy Business Drivers Emerging Markets Actions in 2004 Profit Enhancement Fibre Strategy Asset Restructuring Eastern Europe R&D Competitive Environment Western Europe North America Emerging Markets Paper Publication Paper Outlook Fine Paper Outlook Continuous Improvement Emerging Markets Customer Focus Case: Stora Enso North America Profit Enhancement Main Features Long-term Development Packaging Boards Consumer Boards Corrugated Packaging Cores Value Chain Growth Strategy Outlook Case: Imatra Mills Successful Investment Energy-efficiency Pulp Grades Forest Products Wood Products Outlook Wood Supply Europe Wood Supply Chain Added Value Case: Stora Enso Timber in Japan Market Customer benefits HR Strategy in Action Motivation Competence Students Share IR Contacts AGM and Dividend Financial Information ADR Information Trading Codes and Symbols Key Figures Publication Paper Fine Paper Packaging Boards Forest Products HR
Key Facts Company Presentation Year 2004 Product Areas In Brief
Company Presentation
Year 2004
Product Areas In Brief
Board of Directors
Management Executive Management Group Management Group
Executive Management Group
Management Group
Letter to Shareholders
Strategy Mission, Vision and Values Financial Targets Shareholder Value Acquisition Policy Business Drivers Emerging Markets Actions in 2004 Profit Enhancement Fibre Strategy Asset Restructuring Eastern Europe R&D Competitive Environment Western Europe North America Emerging Markets
Mission, Vision and Values
Financial Targets
Shareholder Value
Acquisition Policy
Business Drivers
Emerging Markets
Actions in 2004 Profit Enhancement Fibre Strategy Asset Restructuring Eastern Europe R&D
Competitive Environment Western Europe North America Emerging Markets
Paper Publication Paper Outlook Fine Paper Outlook Continuous Improvement Emerging Markets Customer Focus Case: Stora Enso North America Profit Enhancement Main Features Long-term Development
Publication Paper Outlook
Fine Paper Outlook
Continuous Improvement
Customer Focus
Case: Stora Enso North America Profit Enhancement Main Features Long-term Development
Packaging Boards Consumer Boards Corrugated Packaging Cores Value Chain Growth Strategy Outlook Case: Imatra Mills Successful Investment Energy-efficiency Pulp Grades
Consumer Boards
Corrugated Packaging
Cores
Value Chain
Growth Strategy
Outlook
Case: Imatra Mills Successful Investment Energy-efficiency Pulp Grades
Forest Products Wood Products Outlook Wood Supply Europe Wood Supply Chain Added Value Case: Stora Enso Timber in Japan Market Customer benefits
Wood Products Outlook
Wood Supply Europe
Wood Supply Chain
Added Value
Case: Stora Enso Timber in Japan Market Customer benefits
HR Strategy in Action Motivation Competence Students
Strategy in Action
Motivation
Competence
Students
Share IR Contacts AGM and Dividend Financial Information ADR Information Trading Codes and Symbols
IR Contacts
AGM and Dividend
Financial Information
ADR Information
Trading Codes and Symbols
Key Figures Publication Paper Fine Paper Packaging Boards Forest Products HR
Publication Paper
Fine Paper
Packaging Boards
Forest Products
HR
Financials Financial Review Return Target Market Sales and Deliveries Financial Results by Segment Profitability Non-Recurring Items Financing and Capital Expenditure Changes in Associates Quarterly Figures By Segment 2002-2004 Condensed Balance Sheet Key Figures 1997-2004 Risk Management Risk Factors Sensitivity Analysis Operational Risk Management Financial Risk Management Currency Risk Funding Risk Interest Rate Risk Financial Credit Risk Board Report Auditors' Report Share Share Capital Share Listings and Registers Changes in Share Capital Incentive Programmes Shareholders Share Price Performance and Volumes Helsinki Stockholm New York Indices Key Share Ratios Governance Governance Bodies Board of Directors Working Order of the Board of Directors CEO and Deputy CEO Management Board Committees Financial and Audit Committee Nomination Committee Compensation Committee Operative Committees Other Supervisory Bodies and Norms Comparison to NYSE’s Rules Sarbanes-Oxley Act Note 1 Accounting Principles Note 2 Financial Risk Management Note 3 Segment Information Note 4 Acquisitions and Disposals Note 5 Other Operating Income & Expense Note 6 Staff Costs Note 7 Net Financial Items Note 8 Income Taxes Note 9 Valuation Provisions Note 10 Depreciation, Amortisation and Fixed Asset Impa Note 11 Fixed Assets Note 12 Biological Assets Note 13 Associated Companies Note 14 Available-for-Sale Investments Note 15 Other Non-Current Assets Note 16 Inventories Note 17 Receivables Note 18 Shareholders' Equity Note 19 Minority Interests Note 20 Post-Employment Benefits Note 21 Borrowings Note 22 Other Provisions Note 23 Operative Liabilities Note 24 Financial Instruments Note 25 Cumulative Translation Adjustment Note 26 Commitments and Contingencies Note 27 Principal Subsidiaries as at 31 December 2004 Note 28 Employee Bonus and Equity Incentive Schemes Note 29 Related Party Transactions Note 30 Earnings per Share and Equity per Share Note 31 Post-Balance Sheet Events Note 1 Accounting Principles Note 2 Other Operating Income Note 3 Materials and Services Note 4 Personnel Expenses Note 5 Other Operating Expenses Note 6 Net Financial Items Note 7 Depreciation According to Plan Note 8 Extraordinary Items Note 9 Fixed Assets Note 10 Depreciation Reserve Note 11 Receivables from Management Note 12 Long-term Investments and Loan Receivables Note 13 Inventories Note 14 Short-term Receivables Note 15 Interest-bearing Receivables Note 16 Shareholders' Equity Note 17 Long-term Liabilities Note 18 Short-term Borrowings Note 19 Other Current Liabilities Note 20 Commitments and Contingent Liabilities Note 21 Fair Value of Open Financial Instruments Restatement of Prior Year Results: Finnish TEL System Notes Notes reversed Financial Statements Consolidated Financial Statements Parent Company Financial Statements
Financial Review Return Target Market Sales and Deliveries Financial Results by Segment Profitability Non-Recurring Items Financing and Capital Expenditure Changes in Associates
Return Target
Market
Sales and Deliveries
Financial Results by Segment Profitability
Non-Recurring Items
Financing and Capital Expenditure
Changes in Associates
Quarterly Figures By Segment 2002-2004 Condensed Balance Sheet Key Figures 1997-2004
By Segment 2002-2004
Condensed Balance Sheet
Key Figures 1997-2004
Risk Management Risk Factors Sensitivity Analysis Operational Risk Management Financial Risk Management Currency Risk Funding Risk Interest Rate Risk Financial Credit Risk
Risk Factors
Sensitivity Analysis
Operational Risk Management
Financial Risk Management Currency Risk Funding Risk Interest Rate Risk Financial Credit Risk
Currency Risk
Funding Risk
Interest Rate Risk
Financial Credit Risk
Board Report
Auditors' Report
Share Share Capital Share Listings and Registers Changes in Share Capital Incentive Programmes Shareholders Share Price Performance and Volumes Helsinki Stockholm New York Indices Key Share Ratios
Share Capital
Share Listings and Registers
Changes in Share Capital
Incentive Programmes
Shareholders
Share Price Performance and Volumes Helsinki Stockholm New York
Indices
Key Share Ratios
Governance Governance Bodies Board of Directors Working Order of the Board of Directors CEO and Deputy CEO Management Board Committees Financial and Audit Committee Nomination Committee Compensation Committee Operative Committees Other Supervisory Bodies and Norms Comparison to NYSE’s Rules Sarbanes-Oxley Act
Governance Bodies
Board of Directors Working Order of the Board of Directors
Working Order of the Board of Directors
CEO and Deputy CEO
Management
Board Committees Financial and Audit Committee Nomination Committee Compensation Committee
Financial and Audit Committee
Nomination Committee
Compensation Committee
Operative Committees
Other Supervisory Bodies and Norms
Comparison to NYSE’s Rules
Sarbanes-Oxley Act
Note 1 Accounting Principles Note 2 Financial Risk Management Note 3 Segment Information Note 4 Acquisitions and Disposals Note 5 Other Operating Income & Expense Note 6 Staff Costs Note 7 Net Financial Items Note 8 Income Taxes Note 9 Valuation Provisions Note 10 Depreciation, Amortisation and Fixed Asset Impa Note 11 Fixed Assets Note 12 Biological Assets Note 13 Associated Companies Note 14 Available-for-Sale Investments Note 15 Other Non-Current Assets Note 16 Inventories Note 17 Receivables Note 18 Shareholders' Equity Note 19 Minority Interests Note 20 Post-Employment Benefits Note 21 Borrowings Note 22 Other Provisions Note 23 Operative Liabilities Note 24 Financial Instruments Note 25 Cumulative Translation Adjustment Note 26 Commitments and Contingencies Note 27 Principal Subsidiaries as at 31 December 2004 Note 28 Employee Bonus and Equity Incentive Schemes Note 29 Related Party Transactions Note 30 Earnings per Share and Equity per Share Note 31 Post-Balance Sheet Events Note 1 Accounting Principles Note 2 Other Operating Income Note 3 Materials and Services Note 4 Personnel Expenses Note 5 Other Operating Expenses Note 6 Net Financial Items Note 7 Depreciation According to Plan Note 8 Extraordinary Items Note 9 Fixed Assets Note 10 Depreciation Reserve Note 11 Receivables from Management Note 12 Long-term Investments and Loan Receivables Note 13 Inventories Note 14 Short-term Receivables Note 15 Interest-bearing Receivables Note 16 Shareholders' Equity Note 17 Long-term Liabilities Note 18 Short-term Borrowings Note 19 Other Current Liabilities Note 20 Commitments and Contingent Liabilities Note 21 Fair Value of Open Financial Instruments Restatement of Prior Year Results: Finnish TEL System Notes Notes reversed
Financial Statements Consolidated Financial Statements Parent Company Financial Statements
Consolidated Financial Statements
Parent Company Financial Statements
Sustainability Introduction Profile Report Scope Report Profile Value Chain Suppliers Mills Employees Investors Society Markets Stakeholder Engagement Channels Action Plan Governance Sustainability Committee Implementation Policy & Principles Policy CSR Principles Certified Mills DCEO Statement Environment Group Targets Targets and Indicators Process Management & Investments Results Investments and Liabilities Permits Chemicals Chemical Safety Supplier Co-operation Converting Energy & Climate Electricity Procurement Power to Heat Energy Audits Emissions Trading North America Fuel Consumption Saving Energy Air Emissions Water Water Treatment Water Consumption Residuals Landfill Management Highlights Hazardous Waste Wood Procurement Forest Certification Certification Systems Testing FSC North America Certification Table Traceability Illustration Legality of Wood Boreal Forest Dialogue in Finland Management Systems Wood Flows Organisation Plantations Recovered Fibre Recovered Paper Use Book Papers Highlights Pulp Bleaching Methods Pulp Balance Social Targets Milestones Long-term objectives Unit Implementation Pilot Projects Training Workforce Reductions Diversity WISE Indicators Health and Safety Employee satisfaction OHS Targets OHS Highlights Fatalities Performance Country specific Management
Introduction Profile Report Scope Report Profile Value Chain Suppliers Mills Employees Investors Society Markets Stakeholder Engagement Channels Action Plan Governance Sustainability Committee Implementation Policy & Principles Policy CSR Principles Certified Mills
Profile Report Scope Report Profile
Value Chain Suppliers Mills Employees Investors Society Markets
Stakeholder Engagement Channels Action Plan
Governance Sustainability Committee Implementation
Policy & Principles Policy CSR Principles
Certified Mills
DCEO Statement
Environment Group Targets Targets and Indicators Process Management & Investments Results Investments and Liabilities Permits Chemicals Chemical Safety Supplier Co-operation Converting Energy & Climate Electricity Procurement Power to Heat Energy Audits Emissions Trading North America Fuel Consumption Saving Energy Air Emissions Water Water Treatment Water Consumption Residuals Landfill Management Highlights Hazardous Waste Wood Procurement Forest Certification Certification Systems Testing FSC North America Certification Table Traceability Illustration Legality of Wood Boreal Forest Dialogue in Finland Management Systems Wood Flows Organisation Plantations Recovered Fibre Recovered Paper Use Book Papers Highlights Pulp Bleaching Methods Pulp Balance
Group Targets Targets and Indicators Process
Management & Investments Results Investments and Liabilities Permits
Chemicals Chemical Safety Supplier Co-operation Converting
Energy & Climate Electricity Procurement Power to Heat Energy Audits Emissions Trading North America Fuel Consumption Saving Energy Air Emissions
Power to Heat
Energy Audits
Emissions Trading North America
Fuel Consumption
Saving Energy
Air Emissions
Water Water Treatment Water Consumption
Residuals Landfill Management Highlights Hazardous Waste
Wood Procurement Forest Certification Certification Systems Testing FSC North America Certification Table Traceability Illustration Legality of Wood Boreal Forest Dialogue in Finland Management Systems Wood Flows Organisation Plantations
Forest Certification Certification Systems Testing FSC North America Certification Table
Traceability Illustration
Legality of Wood
Boreal Forest
Dialogue in Finland
Management Systems
Wood Flows
Organisation
Plantations
Recovered Fibre Recovered Paper Use Book Papers Highlights
Pulp Bleaching Methods Pulp Balance
Social Targets Milestones Long-term objectives Unit Implementation Pilot Projects Training Workforce Reductions Diversity WISE Indicators Health and Safety Employee satisfaction OHS Targets OHS Highlights Fatalities Performance Country specific Management
Targets Milestones Long-term objectives
Unit Implementation Pilot Projects Training
Workforce Reductions
Diversity WISE Indicators
Health and Safety Employee satisfaction OHS Targets OHS Highlights Fatalities Performance Country specific Management
Employee satisfaction
OHS Targets
OHS Highlights
Fatalities
Performance Country specific
