3 - Stora Enso

SHARES AND SHAREHOLDERS
Shares and shareholders
Shares of Stora Enso Oyj are divided into A and R shares. All shares entitle holders to an equal dividend but
different voting rights. Each A share and each ten R shares carry one vote at the AGM. However, each
shareholder has at least one vote. The nominal value of each share is EUR 1.70. The Company’s fully paid-up
share capital entered in the Finnish Trade Register was EUR 1 382.1 million on 31 December 2005. The total
number of shares was 812 977 099 and the number of votes 241 641 510.
Stora Enso continued
to repurchase shares in 2005
The Annual General Meeting (AGM) on
22 March 2005 authorised the Board of
Directors to repurchase and dispose of
not more than 17 900 000 A shares and
not more than 62 150 000 R shares. The
number of shares repurchased could not
exceed 10% of the votes or the share
capital. The authorisation is valid up to
and including 21 March 2006.
Repurchases began on 30 March
2005. By 31 December 2005, 38 600 A
shares and 23 164 400 R shares had been
repurchased, representing 0.2% and
37.3% of the target amounts respectively.
The average price paid for A shares was
EUR 10.74 and for R shares EUR 10.59.
The Board of Directors currently has
no authorisations to issue shares, convertible
bonds, or bonds with warrants.
Changes in share capital 2003–2005
42• STORA ENSO COMPANY 2005
Listed on three stock exchanges
Stora Enso shares are listed on the Helsinki
and Stockholm Stock Exchanges.
R shares are also listed in ADR form on
the New York Stock Exchange (NYSE).
The shares are quoted in Helsinki in
euros (EUR), in Stockholm in Swedish
krona (SEK), and in New York in US dollars
(USD).
Deutsche Bank Trust Company
Americas acts as depositary bank for the
Stora Enso ADR programme. The
exchange rate between Stora Enso ADRs
and R shares is 1:1, i.e. one ADR represents
one Stora Enso R share and the
ADR ticker is SEO.
Share price performance and volumes
Helsinki
The Stora Enso R (STERV) share price
rose during 2005 by 2% (6% in 2004).
No. of A shares
issued
No. of R shares
issued
During the same period, the OMX Helsinki
Index rose by 30%, the OMX Helsinki
Benchmark Index rose by 31% and
the OMX Helsinki Materials Index rose
by 8%. The annual high was EUR 12.17
and the annual low EUR 10.05.
Stockholm
The Stora Enso R (STE R) share price rose
during 2005 by 6% (5% in 2004). During
the same period the OMX Stockholm 30
Index rose by 29% and the OMX Stockholm
Materials Index by 22%. The annual
high was SEK 110.00 and the annual
low SEK 91.75.
New York
The Stora Enso ADR (SEO) share price
rose during 2005 on the NYSE by 11%
(12% in 2004). During the same period,
the Standard & Poor’s Paper index
Total no. of
shares
Share capital
(EUR million)
Stora Enso Oyj, 1 Jan 2003 182 316 685 717 461 614 899 778 299 1 529.6
Warrants exercised and registered - 78 000 78 000 -
Cancellation of repurchased shares -93 800 -35 500 000 -35 593 800 -60.5
Conversion of A shares into R shares -1 011 805 1 011 805 - -
Stora Enso Oyj, 31 Dec 2003 181 211 080 683 051 419 864 262 499 1 469.3
Warrants exercised and registered - 789 000 789 000 -
Cancellation of repurchased shares -8 100 -27 800 000 -27 808 100 -47.3
Conversion of A shares into R shares -2 154 457 2 154 457 - -
Stora Enso Oyj, 31 Dec 2004 179 048 523 658 194 876 837 243 399 1 423.3
Cancellation of repurchased shares -16 300 -24 250 000 -24 266 300 -41.2
Conversion of A shares into R shares -872 445 872 445 - -
Stora Enso Oyj, 31 Dec 2005 178 159 778 634 817 321 812 977 099 1 382.1