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Auditors’ Report<br />
To the shareholders of <strong>Stora</strong> <strong>Enso</strong> Oyj<br />
We have audited the accounting records,<br />
the fi nancial statements and the administration<br />
of <strong>Stora</strong> <strong>Enso</strong> Oyj for the year<br />
ended 31 December 2005. The Board of<br />
Directors and the Chief Executive Offi cer<br />
have prepared the report on operations<br />
and the consolidated fi nancial statements,<br />
prepared in accordance with<br />
International Financial Reporting Standards<br />
as adopted by the EU, and the parent<br />
company’s fi nancial statements prepared<br />
in accordance with prevailing regulations<br />
in Finland, that includes parent<br />
company’s balance sheet, income statement,<br />
cash fl ow statement and the notes<br />
to the fi nancial statements. Based on our<br />
audit, we express an opinion on the consolidated<br />
fi nancial statements, the parent<br />
company’s fi nancial statements and on<br />
the administration of the parent company.<br />
We have conducted the audit in<br />
accordance with Finnish Standards on<br />
Auditing. Those standards require that<br />
we perform the audit to obtain reasonable<br />
assurance about whether the fi nancial<br />
statements are free of material misstatement.<br />
An audit includes examining<br />
on a test basis evidence supporting the<br />
amounts and disclosures in the fi nancial<br />
statements, assessing the accounting<br />
principles used as well as evaluating the<br />
overall fi nancial statement presentation.<br />
The purpose of our audit of administration<br />
is to examine that the members of<br />
the Board of Directors and the Chief<br />
Executive Offi cer of the parent company<br />
have legally complied with the rules of<br />
the Finnish Companies Act.<br />
Consolidated fi nancial statements<br />
In our opinion the consolidated fi nancial<br />
statements give a true and fair view,<br />
as referred to in International Financial<br />
Reporting Standards as adopted by the<br />
EU and defi ned in the Finnish Accounting<br />
Act, of the consolidated results of<br />
Helsinki, 28 February, 2006<br />
PricewaterhouseCoopers Oy<br />
Authorised Public Accountants<br />
Eero Suomela<br />
APA<br />
* This audit report refers to the full consolidated financial statements printed in a separate document, Financials 2005.<br />
operations as well as of the fi nancial<br />
position. The consolidated fi nancial<br />
statements can be adopted.<br />
Parent company’s fi nancial statements<br />
and administration<br />
In our opinion the parent company’s<br />
fi nancial statements have been prepared<br />
in accordance with the Finnish Accounting<br />
Act and other rules and regulations<br />
governing the preparation of fi nancial<br />
statements in Finland. The fi nancial<br />
statements give a true and fair view, as<br />
defi ned in the Finnish Accounting Act,<br />
of the parent company’s result of operations<br />
as well as of the fi nancial position.<br />
The fi nancial statements can be adopted<br />
and the members of the Board of Directors<br />
and the Chief Executive Offi cer of<br />
the parent company can be discharged<br />
from liability for the year audited by us.<br />
The proposal by the Board of Directors<br />
regarding distributable funds is in compliance<br />
with the Finnish Companies Act.<br />
STORA ENSO COMPANY 2005• 51
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