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Financing of Stora Enso

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Financing of Stora Enso The financing of Stora Enso A research paper prepared for Friends of the Earth Europe and Friends of the Earth International The financing of Stora Enso A research paper prepared for Friends of the Earth Europe and Friends of the Earth International Final Draft: 6 May 2010 Jan Willem van Gelder Anna van Ojik Profundo Radarweg 60 1043 NT Amsterdam The Netherlands Tel: +31-20-820 83 20 E-mail: [email protected] Website: www.profundo.nl Contents Summary ....................................................................................................................... i Introduction .................................................................................................................. 1 Chapter 1 The financing of Stora Enso ..................................................................... 2 1.1 Short company profile .................................................................................... 2 1.2 Financial structure .......................................................................................... 2 1.3 Shareholders ................................................................................................... 2 1.4 Bondholders .................................................................................................... 4 1.5 Bank loans ....................................................................................................... 4 1.6 Investment banking services ......................................................................... 5 1.7 Other forms of financing ................................................................................ 6 Appendix 1Glossary of financial terms ..................................................................... 8 Appendix 2References .............................................................................................. 12 Summary Stora Enso is a Finnish-Swedish paper and pulp manufacturer with the head office located in Helsinki, Finland. In 2009 Stora Enso realised total sales of € 8.9 billion. At the end of 2009, the Stora Enso Group owned assets with a total value of € 11.6 billion. Shareholders are the most important financial stakeholders of Stora Enso, financing 44% of its assets. Bondholders are also very important, financing almost 24%. Bank loans are only moderately important as a source of capital for Stora Enso (7% of total assets). The most important shareholders of Stora Enso, owning more than 2% of the shares, are: • Finish state Finland 12.30% • Foundation Asset Management Sweden 10.15% • Kela Finland 3.37% • Orbis Investment Management Bermuda 3.29% • Ilmarinen Mutual Pension Insurance Finland 2.69% • Janus Capital Management United States 2.17% The most important bondholders of Stora Enso, owning more than 1% of the outstanding bonds, are: • ManuLife Canada 2.07% • New York Life Insurance United States 1.64% • Lincoln National Life Insurance United States 1.39% • AXA France 1.28% • Principal Life Insurance United States 1.07% The most important banks involved in bank loans to the company are: • Crédit Agricole France • Deutsche Bank Germany • European Investment Bank Multilateral • Handelsbanken Sweden • RBS United Kingdom Investment banks helping the company to issue shares and bonds are: • HSBC United Kingdom • SEK Sweden In the period 2007-2009 Stora Enso received various government subsidies, with a total value of € 13.5 million. Most subsidies were granted by the Finnish state agency Tekes (7.68 million in the period 2007-2009). Under the European Emissions Trading Scheme, Stora Enso in 2008 and 2009 received emission rights with a total value of € 49.5 million per year, resulting in net income flows of € 21.9 million and € 21.8 million respectively. -i- Introduction The objective of this report is to analyze the financial stakeholders of the Finish-Swedish paper and pulp producer Stora Enso. Significant shareholders and bondholders and all private and public banks which have been involved in loans to and stock issuances by Stora Enso in the past three years, have been identified. A summary of the findings of this report can be found on the first pages of this report. -1- Chapter 1 The financing of Stora Enso 1.1 Short company profile Stora Enso is a Finnish-Swedish paper and pulp manufacturer producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. Stora Enso was created in December 1998 when Stora and Enso merged. Now its head office is located in Helsinki, Finland. Stora Enso employs 27,000 people worldwide in more than 35 countries and 88 different production facilities.1 In 2009 Stora Enso realised total sales of € 8.9 billion and produced 12.7 million tonnes of paper and board, 1.5 billion square metres of corrugated packaging and 6.9 million cubic metres of sawn wood products.2 1.2 Financial structure At 31 December 2009 Stora Enso owned assets with a total value of € 11,593.2 million. These assets were financed by the following financial stakeholders:3 • Shareholders € 5,124.3 million 44.2 % • Bondholders € 2,744.1 million 23.7 % • Trade partners € 1,303.5 million 11.2 % • Banks € 787.5 million 6.8 % • Tax agencies € 472.5 million 4.1 % • Joint-venture partners € 58.2 million 0.5 % • Others € 1,103.1 million 9.5 % Shareholders are the most important financial stakeholders of Stora Enso, financing almost half its assets. Bondholders are also important, financing almost 24% of its assets. Bank loans are only moderately important as a source of capital for Stora Enso (7% of total assets). 1.3 Shareholders Shareholders financed 44.2% of Stora Enso’s assets at the end of 2009. Stora Enso’s shares are divided into A and R shares. All shares entitle holders to an equal dividend but different voting rights. The shares are listed on the stock exchanges of Helsinki and Stockholm. The R shares of Stora Enso are traded in the United States in the form of ADRs. These ADRs are registered by Deutsche Bank Trust Company Americas and have the same value as R shares.4 At 31 December 2009 Stora Enso had a total of 789.5 million shares outstanding. Table 1 gives an overview of the major shareholders of Stora Enso, owning more than 0.20% of the shares. For each shareholder we indicated to which reporting date the shareholding data refer. Some of the shareholders mentioned own the shares for their own account. But the shareholders which are asset managers, generally manage the shares on behalf of their clients. The percentage of shares is based on the total outstanding shares (789.5 million) as at 31 December 2009 and the value is based on the share prices of Stora Enso’s A and R shares as at 22 April 2010, € 6.20 and € 6.07 respectively.5 -2- Table 1 Shareholders of Stora Enso Investor Country Shareholding Number % Value (€ Filing date million) Finish state Finland 97,079,438 12.30 601.9 31-Oct-2009 Foundation Asset Management Sweden 80,123,386 10.15 496.8 31-Jan -2010 Kela Finland 26,601,051 3.37 164.9 31-Jan-2010 Orbis Investment Management Bermuda 25,982,935 3.29 161.1 30-Sep-2009 Ilmarinen Mutual Pension Insurance Finland 21,236,848 2.69 131.7 31-Jan-2010 Company Janus Capital Management United States 17,145,817 2.17 106.3 31-Jan-2010 Keskinäinen eläkevakuutusyhtiö Finland 15,712,991 1.99 97.4 31-Jan-2010 Varma SEB Sweden 7,257,822 0.92 45.0 31-Jan-2010 Pohjola Asset Management Finland 6,121,455 0.78 38.0 31-Jan-2010 Valtion Eläkerahasto Finland 6,000,000 0.76 37.2 31-Jan-2010 MP Bolagen i Vetlanda Sweden 5,978,184 0.76 37.1 31-Jan-2010 BlackRock United States 5,500,503 0.70 34.1 28-Feb-2010 Gartmore Investment Management United Kingdom 4,254,880 0.54 26.4 30-Nov-2009 Erik Johan Ljungberg's Education Sweden 4,116,764 0.52 25.2 31-Jan-2010 Fund Swedbank Sweden 3,941,530 0.50 24.4 31-Jan-2010 Nordea Bank Finland 3,476,045 0.44 21.6 31-Dec-2009 DnB NOR Norway 3,137,185 0.40 19.5 31-Jan-2010 New Jersey Division of Investment United States 3,000,000 0.38 18.6 31-Mar-2009 Danske Capital Finland 2,989,284 0.38 18.5 31-Dec-2009 Suomi Mutual Life Assurance Finland 2,600,000 0.33 16.1 31-Oct-2009 Company Mandatum Henkivakuutusosakeyhtiö Finland 2,393,500 0.30 14.8 31-Jan-2010 UBS Switzerland 2,562,961 0.32 15.9 31-Oct-2009 Etera Keskinäinen Finland 2,309,348 0.29 14.4 31-Oct-2009 Eläkevakuutusyhtiö Pension Fennia Finland 2,276,300 0.29 14.1 31-Jan-2010 Alfred Berg (part of BNP Paribas) France 2,300,245 0.29 14.3 31-Jan-2010 Aviva United Kingdom 2,243,133 0.28 13.9 31-Jan-2010 Bergslaget's Healthcare Foundation Sweden 2,235,752 0.28 13.9 31-Jan-2010 Vanguard Group United States 2,204,646 0.28 13.7 31-Jan-2010 State Street United States 2,184,670 0.28 13.5 various Invesco Asset Management United Kingdom 2,119,290 0.27 13.1 31-Dec-2009 Handelsbanken Sweden 2,052,314 0.26 12.7 31-Dec-2009 Brummer & Partners Sweden 1,973,260 0.25 12.2 31-Jan-2010 Bank Degroof Belgium 1,919,409 0.24 11.9 30-Sep-2009 -3- Source: Thomson One Financial Database, Viewed in April 2010. 1.4 Bondholders Bondholders financed 23.7% of Stora Enso’s assets at the end of 2009. During the year 2009 Stora Enso raised € 562.0 million through the issuance of bonds.6 Information found at the end of April 2010 on the main bondholders (holding above 0.20% of the total outstanding bonds) of Stora Enso is summarized in 1.4. For each bondholder we indicate to which reporting date the bondholding data refer. The insurance companies and pension funds mentioned in the table mostly own the shares for their own account. But when the bondholders are asset managers, they mostly manage the shares on behalf
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