3 - Stora Enso

SHARES AND SHAREHOLDERS
Incentive programmes
Share-based option programmes
In 2005, Stora Enso extended the two
share-based option programmes introduced
in 2004 to cover all participants in
long-term incentive plans. The programmes
are synthetic share awards
under which designated employees may
receive shares already issued (not new
shares).
Option/synthetic option programmes
Stora Enso has seven option/synthetic
option programmes for key personnel.
Option programmes
Option programme Type
44• STORA ENSO COMPANY 2005
Year of
issue
Options/synthetic options were issued in
each year from 1999 to 2005. Depending
on local circumstances, holders may
receive either cash compensation or an
option to purchase shares already issued
(not new shares).
Stora Enso North America
option programme
Following the acquisition of Consolidated
Papers, Inc. the Board of Directors
decided to convert the Consolidated
Papers’ share option plans into Stora
Enso share option plans. The options
Number
of staff Strike price
Number of
options issued
entitle the holder to either cash compensation
or an option to subscribe for
shares already issued (not new shares). •
Number of options
outstanding Exercise period
2005 Synthetic 2005 1 000 EUR 12.20 3 076 125 3 076 125 1 Mar 2008 – 28 Feb 2012
2004 Synthetic 2004 1 000 EUR 11.15 4 675 300 4 592 800 1 Mar 2007 – 28 Feb 2011
2003 Synthetic 2003 1 000 EUR 10.00 6 064 150 5 845 400 8 Feb 2006 – 7 Feb 2010
2002 Synthetic 2002 1 000 EUR 16.50 5 902 000 5 592 000 8 Feb 2005 – 7 Feb 2009
2001 Synthetic 2001 500 EUR 11.70 4 215 000 3 915 000 1 Apr 2004 – 31 Mar 2008
2000 Synthetic 2000 200 EUR 12.25 2 800 000 2 545 000 1 Apr 2003 – 31 Mar 2007
1999 Synthetic 1999 200 EUR 11.75 2 750 000 2 480 450 15 Jul 2002 – 15 Jul 2006
North America
Stock
options 2000 839
Detailed descriptions of the option
programmes may be found on
pages 96 – 99 in the Financials
2005 report.
USD 6.97
(EUR 5.91) 5 680 000 967 913 11 Sep 2000 – 4 Feb 2010
Key share ratios 1997 – 2005 (for calculations see Financials 2005 report, page 113)
According to Helsinki Stock Exchange 1997 1998 1999 2000 2001 2002 2003 2004 2005
Earnings/share, EUR* 0.53 0.24 0.98 1.77 1.02 -0.27 0.16 0.89 -0.16
diluted, EUR* 0.53 0.24 0.98 1.76 1.02 -0.27 0.17 0.89 -0.16
excl. non-recurring items, EUR* 0.58 0.59 0.89 1.32 0.93 0.55 0.24 0.25 0.28
Cash earnings/share, EUR* 1.63 1.79 2.18 3.16 2.42 2.50 1.57 2.01 1.62
diluted, EUR* 1.63 1.79 2.18 3.13 2.42 2.50 1.57 2.01 1.62
excl. non-recurring items, EUR* 1.65 1.80 2.09 2.61 2.33 1.97 1.63 1.67 1.70
Equity/share, EUR* 7.28 6.94 7.84 9.41 9.90 9.22 9.49 9.81 9.70
Dividend/share, EUR* 0.33 0.35 0.40 0.45 0.45 0.45 0.45 0.45 **0.45
Payout ratio, excl. non-recurring items, %*
Dividend yield, %*
57 59 45 34 48 82 180 180 161
A share 4.6 4.6 2.3 3.5 3.2 4.5 4.1 3.9 3.9
R share
Price/earnings ratio (P/E)*
4.6 4.6 2.3 3.6 3.1 4.5 4.2 4.0 3.9
A share 12.3 12.8 19.8 9.7 15.1 17.7 44.0 46.2 40.9
R share
Average share prices for the period, EUR***
12.2 13.0 19.4 9.5 15.3 17.6 42.7 45.1 40.9
A share 7.75 9.14 11.21 12.01 12.24 11.24 10.63 11.11 11.05
R share 7.97 8.35 11.84 11.27 12.57 12.86 10.23 10.89 10.98
Total market capitalisation at year-end, EUR million***
Average number of shares (thousands)
2 214 5 801 13 209 11 733 13 006 9 052 9 288 9 486 9 304
basic* 759 574 759 574 759 580 812 040 901 506 889 606 851 128 829 935 798 687
diluted* 759 691 759 822 760 628 813 488 902 296 889 956 851 326 830 546 799 218
* Proforma STORA and Enso figures for years 1997–1998 ** Board of Directors’ proposal to the AGM *** Figures based on market information are calculated from Enso Oyj’s figures
before 29 December 1998