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Company Stora Enso’S Annual Report 2006 Comprises Three Separate Booklets Company Stora Enso’s Annual Report 2006 comprises three separate booklets Letter to shareholders Financial statements and notes Sustainability governance, stakeholder Strategy and actions in 2006 Report on operations engagement, targets and performance Divisional presentations Risk management Sustainability in the value chain Board of Directors and management Capital markets raw materials and suppliers the Group markets Printed copies of the report may be ordered through our website at www.storaenso.com/order or by contacting any of the corporate offi ces (see back cover). DIVIDEND AND AGM INFORMATION CONTACTS Payment of dividend Kari Vainio The Board of Directors proposes to the Annual General Meet- Executive Vice President, Corporate Communications ing (AGM) that a dividend of EUR 0.45 per share be paid for Tel. +44 20 7016 3140 the fi scal year ending 31 December 2006. Fax +44 20 7016 3208 Stora Enso International Offi ce, Dividends payable on VPC-registered shares will be forwarded 9 South Street, London W1K 2XA, UK by VPC and paid in Swedish krona. Dividends payable to ADR [email protected] holders will be forwarded by Deutsche Bank Trust Company Americas and paid in US dollars. Keith B Russell Senior Vice President, Investor Relations Dividend Policy Tel. +44 20 7016 3146 • Strive to pay stable dividends linked to the long-term Fax +44 20 7016 3208 performance Stora Enso International Offi ce, • One half of net profi ts over a business cycle 9 South Street, London W1K 2XA, UK [email protected] Annual General Meeting The AGM of Stora Enso Oyj will be held at 16.00 (Finnish Ulla Paajanen-Sainio time) on Thursday, 29 March 2007 at the Marina Congress Vice President, Investor Relations and Financial Communications Center, Katajanokanlaituri 6, Helsinki, Finland. Tel. +358 2046 21242 Fax +358 2046 21307 Stora Enso Oyj, P.O. Box 309, AGM AND DIVIDEND CALENDAR FOR 2007 FI-00101 Helsinki, Finland [email protected] 19 March Record date for AGM 29 March Annual General Meeting (AGM) 30 March Ex-dividend date 3 April Record date for dividend 17 April Dividend payment effected For more details, see Information for Shareholders on the back cover Stora Enso in brief tora Enso is an integrated paper, social responsibility underpins our open dialogue with its stakeholders. packaging and forest products thinking and our approach to every Group-wide targets and clear gover- Scompany, producing publication aspect of doing business. The Group nance are used to monitor and measure and fi ne paper, packaging board and builds accountability into its operations how well Stora Enso performs in terms wood products – all areas in which the by being transparent and engaging in of sustainability.• Group is a global market leader. Stora Enso’s sales totalled EUR 14.6 billion in 2006. The Group has some 44 000 employees in more than 40 coun- tries on fi ve continents. Stora Enso has an annual production capacity of 16.5 million tonnes of paper and board and 7.4 million cubic metres of sawn wood products, including 3.2 million cubic metres of value-added products. Stora Enso’s shares are listed in Helsinki, Stockholm and New York. Stora Enso serves mainly business-to- business customers through its own global sales and marketing network. A global presence provides local customer service. Customers include publishers, printing houses and merchants, as well as the packaging, joinery and construc- tion industries – and are mainly concen- trated in Europe, North America and Asia. As Stora Enso moves into the future, the Group is focusing on expand- ing its operations in new growth markets in China, Latin America and Russia. The Group has production facilities in Europe, North and Latin America, and Asia. Modern production capacity, combined with effi cient raw material and energy sourcing and effi cient pro- cesses, ensure excellent continuity of production. Stora Enso is committed to sustain- ability. Economic, environmental and Key figures 2005 2006 2005 2006 Sales, EUR million 13 187.5 14 593.9 Earnings/share, EUR –0.14 0.74 Operating profit, EUR million –59.8 623.8 diluted, EUR –0.14 0.74 excluding non-recurring items, EUR milliion 357.5 757.5 excluding non-recurring items, EUR 0.28 0.55 % of sales 2.7 5.2 Cash earnings/share, EUR 1.65 2.34 Profit before tax and minority interests, diluted, EUR 1.65 2.34 EUR million –144.2 631.8 excluding non-recurring items, EUR 1.70 1.94 excluding non-recurring items, EUR million 273.1 602.5 Dividend/share, EUR 0.45 0.45* Net profit for the period (attributable to Equity/share, EUR 9.16 9.89 Company shareholders), EUR million –111.1 585.0 Payout ratio, % 161 82* Capital expenditure, EUR million 1 145.3 583.4 Market capitalisation, EUR million, 31 Dec. 9 304 9 528 Interest-bearing net liabilities, EUR million 5 084.1 4 233.9 Deliveries of paper and board, 1 000 tonnes 14 150 14 618 Capital employed, EUR million 11 677.9 11 331.8 Deliveries of wood products, 1 000 m3 6 741 6 572 Return on capital employed (ROCE), % –0.5 5.4 Average number of employees 46 166 45 631 excluding non-recurring items, % 3.3 6.6 *Board’s dividend proposal Return on equity (ROE), % –1.4 7.7 Debt/equity ratio 0.70 0.54 STORA ENSO COMPANY 2006• 1 CONTENTS AND MAIN EVENTS STORA ENSO IN BRIEF STRATEGY • LETTER TO SHAREHOLDERS . 6–7 • MISSION, VISION, VALUES AND STRATEGY . 8–9 • PROFIT 2007 AND ASSET PERFORMANCE REVIEW . 10–11 Stora Enso’s profi t improvement programmes are aimed at securing a competitive European production base for the Group. Good fi nancial performance in the mature markets of Europe and North America is important to enable Stora Enso to expand in new growth markets. The Profi t 2007 programme has proceeded well and the initial target has been reached. The Group achieved an improvement of EUR 310 million by the end of 2006. Stora Enso completed divestments and closures in accordance with the Asset Performance Review during 2006 and announced plans to close two mills to be com- pleted in 2007. • STRATEGY IN ACTION IN 2006 . 12–13 Stora Enso is an integrated paper, packaging and forest products company, producing publication and fi ne paper, packaging board and wood products – all areas in which the Group is a global market leader. • KEY FIGURES FOR 2006 . 1 Stora Enso’s sales totalled EUR 14.6 billion in 2006. Key In China, Stora Enso has set up a joint venture with Shandong Huatai fi gures for 2006, excluding non-recurring items: operat- Paper in 2006. Its publication paper machine is expected to start up ing profi t EUR 757.5 million (5.2% of sales), profi t before in late 2007. tax and minority interests EUR 602.5 million, earnings per share EUR 0.55 and cash earnings per share EUR • COMPETITIVE ENVIRONMENT IN 2006 . 14–15 1.94. Cash fl ow after investing activities was EUR 1 309.5 The growth in demand for printing and writing paper million. recovered slightly in 2006. Coated woodfree paper and SC paper led the way, with almost 4% growth, whereas • DIVISIONS IN BRIEF . 4–5 uncoated woodfree and coated mechanical advanced by only 1%. Growth was fastest in Eastern Europe, China and Latin America. Growth in North America was fl at and A summary of the press and stock exchange releases and demand in Western Europe was modest. interim reviews published by Stora Enso during 2006 can be found at www.storaenso.com/press 2 • STORA ENSO COMPANY 2006 THE GROUP GOVERNANCE • PUBLICATION PAPER . 16–19 • CORPORATE GOVERNANCE . 34–39 Stora Enso became the sole producer of LWC in Latin America in 2006 through the acquisition of a paper mill, • BOARD OF DIRECTORS . 40–41 a sawmill and plantations in Brazil from International Paper. The paper mill is Stora Enso’s fi rst paper produc- • MANAGEMENT GROUP . 42–44 tion facility in Latin America and establishes the Group’s Jukka Härmälä will step down as CEO on 29 March 2007 publication paper business there. and will be succeeded by Jouko Karvinen. Jouko Karvinen brings a wealth of global experience • FINE PAPER . 20–23 and a strong commitment to innovation. He has a prov- North America is the world’s largest paper market and en track record of improving profi tability in the busi- around 40% of Stora Enso’s coated fi ne paper capacity is nesses that he has managed, and delivering results located at two sites in the heart of the Midwest. A large through acquisitions, operational improvements, inno- proportion of the North American printing market lies vation and building customer loyalty. within some 500 kilometres of the Group’s mills. Stora Born in 1957, Jouko Karvinen holds a Master of Enso is looking to continue increasing its coated fi ne Science degree in Electronics and Industrial Economics. paper business in the USA, especially in the Midwest. He worked in industrial automation for 25 years and, more recently, has been a senior executive in the health • PACKAGING BOARDS . 24–27 care technologies business. Stora Enso has started building its third corrugated pack- aging plant in Russia, at Lukhovitsy, southeast of Moscow. The market for corrugated packaging is growing rapidly SHARE PERFORMANCE AND in Russia and Eastern Europe. Transport packaging is FINANCIAL SUMMARY growing at 5–10% annually, while corrugated sales pack- aging is growing even faster. • STORA ENSO IN CAPITAL MARKETS . 45–49 The new Debt Investors section contains information on the Group’s funding and rating strategy, and debt struc- ture.
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