3 - Stora Enso

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North America North America is the world’s largest market for paper and board, and accounts for some 17% of Stora Enso’s sales, 17% of its production capacity, and 11% of the Group’s personnel. It is also the world’s largest single market for wood products, and Stora Enso is among the largest European exporters of these products to North America. Local production and sales in the USA provide a natural hedge, reducing the Group’s exposure to fl uctuations in the value of the US dollar. Stora Enso merged its North American operations into its global product divisions in 2005 to enhance its competitiveness, present a single interface to the customer, and create new opportunities for improving effi ciency, whilst facilitating global growth. Stora Enso is the continent’s leading producer of coated and super-calendered paper; and also manufactures cores and coreboard, as well as speciality paper for packaging and labelling consumer products. South America The highly competitive cost of pulpwood from fast-growing plantations makes South America a key growth area for Stora Enso. The Veracel Pulp Mill, a joint venture with Aracruz Celulose, started sustainable production of low-cost, highquality eucalyptus pulp in May 2005. Stora Enso’s share of the mill’s output is used in producing multicoated fi ne paper at the Group’s mills in China, Finland, and Germany. The potential for expanding Veracel’s operations by building a second eucalyptus fi bre line is being studied. Stora Enso is purchasing land in Southern Brazil and in Uruguay to establish 100 000 hectares of plantations in both countries. The United Nations Development Programme Brazil (UNDP) is carrying out a socio-economic impact assessment of Veracel’s operations to identify and analyse the impacts on the well-being of the local communities and to recommend a development plan for the area. Publication Paper Fine Paper Packaging Boards Wood Products Pulp in bales SALES COMPANIES Argentina Buenos Aires Australia Brisbane Melbourne Sydney Austria Brand Vienna Wolfsberg Ybbs Belgium Diegem Brazil São Paulo Canada Montreal Toronto Chile Santiago de Chile China Beijing Guangzhou Hong Kong Shanghai Czech Republic Prague Zdirec Denmark Copenhagen Kolding Estonia Tallinn Finland Helsinki Kerava France La Rochelle Paris Germany Düsseldorf Hamburg Pfarrkirchen Greece Athens Hungary Budapest India New Delhi Indonesia Jakarta Ireland Dublin Italy Milan Japan Tokyo Latvia Riga Lithuania Alytus Malaysia Kuala Lumpur Europe Europe is Stora Enso’s main mark Group’s sales, 82% of its product Stora Enso is a leading producer o and Central Europe are importan products and corrugated packagi rising input costs and the increas in Europe, Stora Enso has prioriti of its European platform through assets in the region. Stora Enso’s Papyrus paper merch business rapidly and improving i markets, and became Europe’s se A stronger presence in this busin the customer and the end-user. Mexico Mexico City Netherlands Amsterdam Norway Oslo Poland Warsaw Portugal Estoril Matosinhos Russia Moscow St. Peters Singapo Singapor Slovakia Bratislav Slovenia Koper South A Cape Tow
et, and accounts for some 72% of the ion capacity, and 86% of personnel. f paper and board in Europe. Eastern t areas for manufacturing wood g, and for wood procurement. Given ed competition facing production sed improving the competitiveness continued development of its core ant business has been expanding its ts geographical coverage of European cond-largest paper merchant in 2005. ess area will bring Stora Enso closer to burg re e a frica n Spain Barcelona Madrid Sweden Falun Fors Stockholm Switzerland Zürich Taiwan Taipei Hsien United Arab Emirates Dubai UK Immingham Nottingham Orpington Wilmslow USA Atlanta, GA Chicago, IL Dallas, TX Los Angeles, CA New York, NY Portland, OR Stamford, CT MERCHANTS Belgium Brussels Croatia Zagreb Russia Russia is a fast-growing market for many of Stora Enso’s products. The Group has two corrugated packaging mills and two sawmills in Russia, and sees scope for carefully planned and risk-assessed strategic investment in new mills in these product segments. The long-term strategic intention is to expand also in pulp, paper or board, when the conditions for a major investment are appropriate. Demand for high-quality packaging continues to be strong, and Stora Enso is looking for a location to grow its corrugated board production in European Russia. Russia is also a major source of wood raw material for the Group, and supplies wood to Stora Enso’s mills in the Baltic countries, Finland, and Sweden. Stora Enso has joined forces with three publishers – Axel Springer, Random House Group UK, and Time Inc. – under the umbrella of a joint pilot initiative, known as the Tikhvin Project, to improve the transparency of the wood supply chain in Russia. Czech Republic í any u Prahy - Jažlovice Denmark Taastrup Estonia Tallinn Finland Vantaa France Geispolsheim Pantin Wissous China The Chinese market has great growth potential. Stora Enso already has a fi ne paper machine in Suzhou, a core plant in Hangzhou, eucalyptus plantations in Guangxi in Southern China, and fi ve sales companies across the region. The Group signed an agreement with Gaofeng Forest - Pulp & Paper Company to increase its land concession rights and wholly-owned plantations in Guangxi to some 60 000 hectares. The UNDP China conducted an environmental and social impact assessment of Stora Enso’s Guangxi plantations during autumn 2005, and recommended development priorities and ways of minimising any adverse impact associated with operations. Germany Essen Ettlingen Hungary Budapest Italy Verona Latvia Riga Lithuania Kaunas Vilnius www.storaenso.com/mills Netherlands Culemborg De Meern Nijmegen Norway Oslo Poland Warsaw Sweden Mölndal Switzerland Dintikon Thalwil www.storaenso.com/sales
Page 2 and 3:
Stora Enso’s Annual Report 2005 c
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 58: Colorado Stora Enso Oyj P.O. Box 30
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3 - Stora Enso

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