Stora Enso’s impact on its stakeholders’ economic capacity can be transmitted in various ways.

1. Monetary flows are the most direct pathways for impacts, and provide an indication of the scale of the relationship between Stora Enso and various stakeholders.
2. Stora Enso’s operations also have many more intangible impacts, such as increased knowledge and networking.
3. Other economic performance indicators include measures related to impacts on the economic risk levels of stakeholders.

Stora Enso creates value for its stakeholders in different forms. The value added distribution statement shows how value added by Stora Enso is generated and distributed between various stakeholders.

Distribution of added value among stakeholders

Generation of value added		2004 EUR million	% of net sales	2003 EUR million	% of net sales
Customers	+ Sales	12 395.8	100	12 172.3	100
Suppliers	- Purchases	8 580.4	69	8 202.9	67
	= Value added	3 815.4	31	3 969.4	33
Distribution of value added
Employees	- Personnel expenses	1 937.3	16	2 297.6	19
Shareholders	- Dividends paid	375.7	3	387.7	3
Creditors	- Net financial items	106.0	1	237.7	2
Public sector	- Taxes	-108.8	-1	67.0	1
	= Retained earnings	1 505.2	12	979.4	8