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Stora Enso’s Annual Report 2005 comprises three separate booklets Letter to shareholders Strategy and actions in 2005 Divisional presentations Board of Directors and management Financial statements and notes Operating and fi nancial review Corporate governance Shares and shareholders Printed copies of the report may be ordered through our website at www.storaenso.com/order or by contacting any of the corporate offi ces (see back cover). DIVIDEND AND AGM INFORMATION Payment of dividend The Board of Directors proposes to the Annual General Meeting (AGM) that a dividend of EUR 0.45 per share be paid for the fi scal year ending 31 December 2005. Dividends payable on VPC-registered shares will be forwarded by VPC and paid in Swedish krona. Dividends payable to ADR holders will be forwarded by Deutsche Bank Trust Company Americas and paid in US dollars. Dividend policy • Strive to pay stable dividends linked to the long-term performance • One half of net profi ts over a business cycle Annual General Meeting The AGM of Stora Enso Oyj will be held at 16.00 (Finnish time) on Tuesday, 21 March 2006 at the Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland. AGM AND DIVIDEND CALENDAR FOR 2006 10 March Record date for AGM 21 March Annual General Meeting (AGM) 22 March Ex-dividend date 24 March Record date for dividend 5 April Dividend payment effect For more details, see Information for Shareholders on the back cover. CONTACTS Sustainability governance, targets and performance Sustainability in value chain raw materials and suppliers the Group markets investors society Kari Vainio Executive Vice President, Corporate Communications Tel. +44 20 7016 3140 Fax +44 20 7016 3208 Stora Enso International Offi ce, 9 South Street, London W1K 2XA, UK kari.vainio@storaenso.com Keith B Russell Senior Vice President, Investor Relations Tel. +44 20 7016 3146 Fax +44 20 7016 3208 Stora Enso International Offi ce, 9 South Street, London W1K 2XA, UK keith.russell@storaenso.com Ulla Paajanen-Sainio Vice President, Investor Relations and Financial Communications Tel. +358 2046 21242 Fax +358 2046 21457 Stora Enso Oyj, P.O. Box 309, FI-00101 Helsinki, Finland ulla.paajanen-sainio@storaenso.com
CONTENTS COMPANY AND STRATEGY STORA ENSO IN BRIEF • MISSION, VISION AND VALUES 2 We promote communication and the well-being of people by turning renewable fi bre into paper, packaging and processed wood products. • MAIN EVENTS IN 2005 . . . . . . . 3 • KEY FIGURES . . . . . . . . . . . . . . . 3 Key fi gures for 2005 excluding nonrecurring items: operating profi t EUR 357.5 million (2.7% of sales), profi t before tax and minority interests EUR 273.1 million, and EPS EUR 0.28. • DIVISIONS IN BRIEF . . . . . . . . . . 4 STRATEGY • LETTER TO SHAREHOLDERS . . . 6 • STRATEGY . . . . . . . . . . . . . . . . . . 8 Stora Enso is operated and managed as one industrial group, with a core product portfolio consisting of publication and fi ne paper, packaging board, and wood products. Stora Enso is focusing on expanding its operations in the new growth markets of South America, China, and Russia. • STRATEGY IN ACTION IN 2005 . . . . . . . . . . . . . . . . . . . 10 Two profi t improvement programmes were introduced in 2005 covering Stora Enso’s European operations to secure the competitiveness of the Group’s assets. Stora Enso continued its strategy of moving closer to the end-use customer in 2005, through the acquisition of two paper merchants. • COMPETITIVE ENVIRONMENT IN 2005 . . . . . . . . . . . . . . . . . . 10 DIVISIONS HUMAN RESOURCES AND GOVERNANCE DIVISIONS Stora Enso reviewed and reorganised its organisational structure in 2005. The new organisation, based around global product divisions, is designed to enhance the Group’s potential to expand in new growth markets and develop globally. The North American division was merged into the global product division structure. As a result, fi nancial fi gures for North American operations will no longer be reported separately twice a year. • PUBLICATION PAPER . . . . . . . . 12 • A NEW PAPER MACHINE AT KVARNSVEDEN . . . . . . . . . . . . . 14 • FINE PAPER . . . . . . . . . . . . . . . . 16 • PULP FROM VERACEL TO OULU . . . . . . . . . . . . . . . . . 19 • PACKAGING BOARDS . . . . . . . 20 • CORRUGATED BOARD BUSINESS IN RUSSIA . . . . . . . . . . . . . . . . . 23 • FOREST PRODUCTS . . . . . . . . . 24 • STORA ENSO TIMBER IN THE USA . . . . . . . . . . . . . . . . 27 HUMAN RESOURCES • HUMAN RESOURCE MANAGEMENT . . . . . . . . . . . . 28 Managing change and ensuring continuous improvement are essential tasks for Stora Enso, particularly during a time when the emphasis Groupwide is on improving profi tability and performance. GOVERNANCE • CORPORATE GOVERNANCE . . 30 • BOARD OF DIRECTORS . . . . . . 36 • MANAGEMENT GROUP . . . . . . 38 SHARE AND FINANCIAL SUMMARY • SHARES AND SHAREHOLDERS 42 • FINANCIAL SUMMARY . . . . . . . 46 For complete information on Stora Enso’s fi nancials, see the separate Financials 2005 report or go to www.storaenso.com/investors. • ORGANISATION CHART . . . . . . 52 APPENDIX • INFORMATION FOR SHAREHOLDERS • STORA ENSO WORLDWIDE STORA ENSO COMPANY 2005• 1
Page 4 and 5: STORA ENSO IN BRIEF Stora Enso in b
Page 6 and 7: DIVISIONS IN BRIEF Publication Pape
Page 8 and 9: STRATEGY LETTER TO SHAREHOLDERS Dea
Page 10 and 11: STRATEGY Improving profi tability -
Page 12 and 13: STRATEGY Strategy in action in 2005
Page 14 and 15: PUBLICATION PAPER Improved asset ma
Page 16 and 17: PUBLICATION PAPER BUSINESS AREAS |
Page 18 and 19: FINE PAPER Cost-effi cient producti
Page 20 and 21: FINE PAPER BUSINESS AREAS More than
Page 22 and 23: PACKAGING BOARDS Getting closer to
Page 24 and 25: PACKAGING BOARDS BUSINESS AREAS Cor
Page 26 and 27: FOREST PRODUCTS Enhancing efficienc
Page 28 and 29: FOREST PRODUCTS BUSINESS AREAS Wood
Page 30 and 31: HUMAN RESOURCES People performance
Page 32 and 33: CORPORATE GOVERNANCE Corporate Gove
Page 34 and 35: CORPORATE GOVERNANCE Chief Executiv
Page 36 and 37: CORPORATE GOVERNANCE Remuneration C
Page 38 and 39: BOARD OF DIRECTORS Board of Directo
Page 40 and 41: EXECUTIVE MANAGEMENT GROUP Executiv
Page 42 and 43: MANAGEMENT GROUP Management Group M
Page 44 and 45: SHARES AND SHAREHOLDERS Shares and
Page 46 and 47: SHARES AND SHAREHOLDERS Incentive p
Page 48 and 49: FINANCIAL SUMMARY Consolidated Inco
Page 50 and 51: FINANCIAL SUMMARY Consolidated Cash
Page 52 and 53:
FINANCIAL SUMMARY Key Figures 1997
Page 54 and 55:
ORGANISATION CHART Stora Enso’s o
Page 56 and 57:
North America North America is the
Page 58:
Colorado Stora Enso Oyj P.O. Box 30
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