3 - Stora Enso

Consolidated Cash Flow Statement
Supplemental Cash Flow Information
Year Ended 31 December
EUR million 2003 2004 2005
Change in Net Working Capital consists of:
Change in inventories -63.5 -106.8 -254.7
Change in interest-free receivables: Current 188.1 -175.7 -51.4
Non-current 26.8 -50.5 -3.4
Change in interest-free liabilities: Current -62.2 -289.1 -7.1
Non-current 68.7 77.0 28.1
Proceeds from (payment of) short-term Interest-bearing receivables 313.1 444.3 9.8
Non-cash Investing and Financing Activities:
471.0 -100.8 -278.7
Total capital expenditure 1 248.2 975.1 1 129.6
Amounts paid 1 226.7 975.1 1 129.6
Finance lease obligations incurred 21.5 - -
Acquisition of Group Companies
Cash Flow on Acquisitions
Purchase consideration on acquisitions 128.2 176.4 323.9
Cash and cash equivalents in acquired companies -3.0 -45.9 -10.3
125.2 130.5 313.6
Non-cash Transaction
Associate shares held - 3.9 5.0
Total Acquisition Value 125.5 134.4 318.6
Acquired Net Assets
Operating working capital 31.2 44.0 171.4
Operating fixed assets 206.4 190.2 388.3
Interest-bearing assets less cash and cash equivalents 5.7 0.7 -
Tax liabilities -0.2 -19.2 -59.8
Interest-bearing liabilities -90.3 -11.4 -274.6
Minority interests -27.6 -69.9 93.3
Total Net Asset Acquired 125.2 134.4 318.6
Disposal of Group Companies
Cash Flow on Disposals
Cash flow on disposal - 197.9 1.6
Cash and cash equivalents in divested companies - -29.5 -
- 168.4 1.6
Net Assets Sold
Operating working capital - 62.2 -
Operating fixed assets - 94.1 -
Biological assets - 1 541.2 -
Interest-bearing assets less cash and cash equivalents - 23.1 1.6
Tax liabilities - -222.9 -
Interest-bearing liabilities - -1 518.8 -
Gain on sale - 113.0 -
- 91.9 1.6
Provision for unrealised gain - 76.5 -
Total Net Assets Sold - 168.4 1.6
STORA ENSO COMPANY 2005• 49