DOCSLIB.ORG

Stora Enso Annual Report 2019 Contents Strategy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Stora Enso Annual Report 2019 Contents Strategy Stora Enso Annual Report 2019 Contents Strategy Strategy Sustainability Financials Governance Part of Stora Enso’s Annual Report 2019 Part of Stora Enso’s Annual Report 2019 Part of Stora Enso’s Annual Report 2019 Part of Stora Enso’s Annual Report 2019 Sustainability Financials Governance Strategy Sustainability Financials Governance This is Stora Enso ................................................2 Governance ..........................................................4 Stora Enso in 2019 ...............................................2 Corporate Governance in Stora Enso 2019 .....2 Strategy, governance, and stakeholders ..............5 Shareholders’ meetings ........................................2 Stora Enso in 2019 ...............................................5 Report of the Board of Directors ......................3 Our targets .............................................................9 Board of Directors (Board) ....................................3 CEO’s overview ....................................................7 Adopting the SDGs ..............................................10 Consolidated financial statements ................21 Board committees .................................................7 How we create value .........................................10 Human rights .......................................................12 Notes to the consolidated Management of the Company ..............................8 financial statements .........................................26 Internal control and risk management Transformation .................................................. 11 Social agenda ....................................................16 related to financial reporting ...............................10 Employees and wider workforce......................... 17 Parent company Stora Enso Oyj Divisions .............................................................22 Community ..........................................................22 financial statements .........................................75 Remuneration Statement ................................ 11 Consumer Board .................................................23 Business ethics ...................................................27 Decision-making procedure ............................... 11 Packaging Solutions ............................................28 Notes to the parent company Stora Enso Oyj financial statements ..............77 Main principles of remuneration ......................... 11 Biomaterials .........................................................33 Environmental agenda .....................................31 Remuneration Report 2019 .................................13 Wood Products ....................................................38 Materials, water, and energy ...............................32 Signatures for the financial statements ........85 Paper ....................................................................43 Carbon dioxide ....................................................42 Members of the Board of Directors ................15 Auditor’s report .................................................86 Forests, plantations, and land use ......................48 Group Leadership Team ...................................48 Members of the Group Leadership Team ...... 17 Stora Enso in capital markets .........................89 Economic agenda .............................................55 Appendix 1 ..........................................................19 Customers ...........................................................56 Stora Enso as a taxpayer ..................................95 Suppliers ..............................................................60 Capacities by mill in 2020 .................................97 Investors ..............................................................64 Information for shareholders ........................100 External recognition ............................................66 Data and assurance ..........................................67 Reporting scope ..................................................68 Data by production unit .......................................69 Auditor’s assurance report ..................................72 The GRI index is available at storaenso.com/gri2019 Strategy Annual Report 2019 Strategy Stora Enso supports customers Part of Stora Enso’s Annual Report 2019 to meet consumers’ demand for sustainable products based on renewable materials. Our solutions offer low-carbon Sustainability alternatives to products based on finite resources. Financials Governance Contents Strategy Annual Report 2019 Our renewable products provide a sustainable alternative to fossil-based materials. Sustainability This is Stora Enso ............................... 2 Stora Enso in 2019 .............................. 5 CEO’s overview ................................... 7 Financials How we create value .........................10 Transformation ..................................11 Divisions ............................................ 22 Consumer Board ................................ 23 Packaging Solutions ........................... 28 Biomaterials ........................................ 33 Wood Products ................................... 38 Paper ................................................... 43 Group Leadership Team .................. 48 Print optimised A4 Governance Download printable PDF of Stora Enso’s Annual Report 2019 This is Stora Enso Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden construction, and paper. We employ some 26 000 people in more than 30 countries and our shares are listed on the Helsinki (STEAV, STERV) and Stockholm (STE A, STE R) stock exchanges. Our fiber-based materials are renewable, recyclable, and fossil-free. Our solutions offer low-carbon alternatives to products based on finite resources. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Our products respond to the needs of eco-conscious consumers and producers looking for innovative alternatives to plastic. PureFiber™, a new selection of formed fiber products can be used for single-use food packaging, and DuraSense™ biocomposites for example in cutlery. We are the renewable Our raw material is Our products Our renewable products renewable, recyclable replace fossil- contribute to a circular materials company and fossil-free. based materials. bioeconomy. 3 Divisions in brief Strategy 2019: Enso Stora – This is Stora Enso Consumer Board Packaging Solutions Biomaterials Wood Products Paper The ambition of the Consumer Board The Packaging Solutions division The Biomaterials division offers The Wood Products division is a leading Stora Enso is the second largest paper division is to be the global leader in provides fiber-based board materials a wide variety of pulp grades to meet provider of innovative wood-based producer in Europe with an established high-quality virgin fiber cartonboard. and corrugated packaging products the demands of paper, board, tissue, solutions. The product range covers customer base and a wide product We aim to be the preferred partner and services that are designed for textile and hygiene product producers. applications for construction, portfolio for print and office use. of customers and brand owners in a wide array of applications. Our We maximise the business potential of the window and door industry, as well Customers benefit from Stora Enso’s premium end-use packaging and renewable high-end packaging the side streams of our processes, such as for the packaging and decoration broad selection of papers made from graphical segments. Our wide board solutions serve leading converters, as tall oil and turpentine from biomass. industries. Biocomposites offer recycled and virgin fiber as well as our and barrier coating selection is suitable brand owners and retailers – including Based on our strong innovation plastic replacement opportunities valuable industry experience, know- for consumer packaging for liquid, food, those in e-commerce that are looking to approach, all fractions of biomass, in e.g. consumer goods, industrial how and customer support. pharmaceutical and luxury goods. optimise performance, drive innovation like lignin and sugars, hold substantial components, cosmetics and packaging. and improve their sustainability. potential for use in various applications. Pellets provide a sustainable solution for heating. The offering includes service concepts such as Building Solutions and e-business. Our solutions meet strict requirements regarding safety, quality, design and sustainability. Share of Share of Share of Share of Share of Group sales Group sales Group sales Group sales Group sales 25% 12% 15%* 16% 28% Share of Group Share of Group Share of Group Share of Group Share of Group operational EBIT operational EBIT operational EBIT operational EBIT operational EBIT 26% 14% 24% 11% 22% * of which internal sales 19% * of which internal sales 19% As of 1 January 2020, Stora Enso merged its containerboard business previously in the Packaging Solutions division with the Consumer Board division, creating a new Packaging Materials division. The remaining business in Packaging Solutions together with the recently created Formed Fiber unit, will constitute a more focused Packaging Solutions division. The Group also established a new Forest division. Divisions in 2020: Packaging Materials, Packaging Solutions, Biomaterials,
Load more

Recommended publications
  • Proposed Members to the Board of Directors 130.83 KB
    Nominated current members of the Board of Directors Håkan Buskhe Member of Stora Enso’s Board of Directors since June 2020. Independent of the company but not of its significant shareholders due to his position as CEO of FAM AB. Håkan Buskhe, M.Sc. Eng., Licentiate of Engineering, born 1963, Swedish citizen. Chair of the Board of Directors of IPCO AB. Member of the Board of AB SKF, Munters Group and Kopparfors Skogar. CEO of FAM AB. CEO and President of SAAB AB (2010–2019) and E.ON Nordic (2008– 2010). Previous working experience further includes executive positions in E.ON Sweden (2006– 2008), acting as CEO of the logistics company Schenker North (2001–2006) as well as several positions in Storel AB (1998–2001), Carlsberg A/S (1994–1998) and Scansped AB (1988–1994). Buskhe has further held positions as Board member in several venture capital companies. Owns 2 781 R shares in Stora Enso. Elisabeth Fleuriot Member of Stora Enso’s Board of Directors since April 2013. Independent of the company and the significant shareholders. Born 1956. M.Sc. (Econ.). Board member and Chair of CSR Committee at G4S. Chair of the Board of Ynsect and Foundation Caritas. President and CEO of Thai Union Europe Africa 2013–2017. Senior Vice President, Emerging Markets and Regional Vice President, France, Benelux, Russia and Turkey, in Kellogg Company 2001–2013. General Manager, Europe, in Yoplait, Sodiaal Group 1998–2001. Several management positions in Danone Group 1979–1997. Owns 26 512 R shares in Stora Enso. Hock Goh Member of Stora Enso’s Board of Directors since April 2012.
    [Show full text]
  • Decreased Wet Strength in Retorted Liquid Packaging Board Master of Science Thesis in the Master Degree Programme Materials and Nanotechnology
    Decreased Wet Strength in Retorted Liquid Packaging Board Master of Science thesis in the Master Degree Programme Materials and Nanotechnology MARIA GUNNARSSON Department of Chemical and Biological Engineering Division of Organic chemistry CHALMERS UNIVERSITY OF TECHNOLOGY Göteborg, Sweden 2012 Report No. 2012:001 Decreased wet strength in retorted liquid packaging board Master of Science Thesis MARIA GUNNARSSON SUPERVISOR: Gunnar Westman EXAMINER: Gunnar Westman Department of Chemical and Biological engineering CHALMERS UNIVERSITY OF TECHNOLOGY Göteborg, Sweden, 2012 Decreased wet strength in retorted liquid packaging board MARIA GUNNARSSON ©MARIA GUNNARSSON, 2012 Report no 2012:001 Department of Chemical and Biological Engineering Chalmers University of Technology SE-412 96 Göteborg Sweden Telephone +46 (0)31-7721000 Cover: The Tetra Recart packaging. Department of Chemical and Biological Engineering Göteborg, Sweden 2012 Decreased wet strength in retorted liquid packaging board Maria Gunnarsson Department of Chemical and Biological Engineering Division of Organic Chemistry CHALMERS UNIVERSITY OF TECHNOLOGY ABSTRACT The Tetra Recart is a retortable food packaging, suitable for high viscous products, making it able to replace most food cans used for storage of food today. The packaging is built up by a paperboard, consisting of an unbleached bottom layer and a bleached top layer. Polymers and aluminium further cover the paperboard in order to protect the food against moisture and light, causing degradation. During the retorting process, the packaging develops a certain wet strength making it hard to disintegrate the pulp fibres in the board. The phenomenon of the developed wet strength is of high interest when inventing and developing new packaging materials. To investigate why and how the phenomenon occurs, a series of trials were made through production of laboratory sheets with subsequent disintegration.
    [Show full text]
  • A Guide to Packaging Material Flows and Terminology Pollution Is Nothing but the Resources We Are Not Harvesting
    A Guide to PAckAGinG MAteriAl Flows And terMinoloGy Pollution is nothing but the resources we are not harvesting. We allow them to disperse because we’ve been ignorant of their value. R. Buckminster Fuller A Guide to Packaging Material Flows and Terminology The work upon which this publication is based was funded, in whole, through grants awarded by the California Department of Conservation and GreenBlue through its Sustainable Packaging Coalition®. The statements and conclusions of this report are those of GreenBlue and not necessarily those of the Department of Conservation or its employees. The Department makes no warranties, express or implied, and assumes no liability for the information contained in the succeeding text. The Guide to Packaging Material Flows and Terminology is issued “as is” and with all faults. We give no express warranties, guarantees or conditions. You may have additional rights under local laws which this disclaimer cannot change. However, to the extent permitted under applicable laws, the Green Blue Institute makes no warranty of any kind, either express or implied, including but not limited to, any implied warranties of merchantability, fitness for a particular purpose or non–infringement. The Scrap Specifications Circular 2008 is © 2008 Institute of Scrap Recycling Industries, Inc. (ISRI), 1615 L Street, N.W., Suite 600, Washington, DC 20036, and portions were used by permission. ISRI’s Scrap Specifications Circular is subject to change; therefore, readers should contact ISRI or go to http://www.isri. org/specs to make certain they are reading the most recent version of the Scrap Specifications Circular. Closing the Loop: A Guide to Packaging Material Flows and Terminology Closing the Loop: A Guide to Packaging Material Flows and Terminology was developed by GreenBlue®, a nonprofit institute that works with the private sector to enable the positive redesign of industrial systems.
    [Show full text]
  • Times Are Good for KONE, Neste Oil and Wärtsilä
    Nov 01, 2013 10:39 UTC Times Are Good for KONE, Neste Oil and Wärtsilä M-Index, M-Brain’s quarterly look into the media coverage of 15 large Finnish stock-listed companies revealed that in July-September, KONE, Neste Oil and Wärtsilä were the companies most often at the receiving end of positive publicity. Nokia reached a larger audience than the combined audience of all the other companies surveyed. Positive media coverage – three companies stand out Slightly more than half of KONE’s publicity in the surveyed web publications of Helsingin Sanomat, Kauppalehti and Taloussanomat was positive by tone, an excellent result and a further improvement to the company’s early-year performance. Examples of favourable coverage included positive profit warning and improved stock exchange performance that followed, Forbes placing KONE as an even more innovative company than Google, and reports of large orders that the company won in China. For Neste Oil, almost four tenths of publicity was positive. The company continued its good performance, improving from the last quarter’s one fourth share of positive attention. Most of the favourable coverage was connected with financials. Media reported of Neste Oil’s profit warning and the role of renewables in the improved Q2 result. Wärtsilä was the third company to stand out in terms of the share of favourable publicity. Comparisons to earlier M-Index analyses show that the company has considerably improved its performance in the surveyed media, compared to the last year. More than a third of Wärtsilä’s publicity in Q3 was positive by tone.
    [Show full text]
  • Stora Enso Annual Report 2000 [email protected] Stora Enso International Office 9, South Street • London W1K 2XA • U.K
    “Stora Enso is the customers’ first choice” ANNUAL REPORT 2000 Contents Year 2000 in brief ............................................................1 Report on operations .....................................................47 Company presentation ....................................................2 Consolidated income statements ...................................51 Mission, vision and values................................................4 Consolidated balance sheets..........................................52 Strategy...........................................................................5 Equity reconciliation ......................................................53 Letter to shareholders ......................................................6 Consolidated cash flow statements ................................54 Shares and shareholders ..................................................8 Notes to the consolidated financial statements ..............56 Financial review .............................................................14 Parent company income statements ..............................89 Magazine paper.............................................................26 Parent company cash flow statements ...........................90 Newsprint......................................................................28 Parent company balance sheets.....................................91 Fine paper .....................................................................30 Parent company notes...................................................92
    [Show full text]
  • Staff Paper Series Number 206 : United States Wood-Based Industry: a Review of Structure and Organization
    UNITED STATES WOOD-BASED INDUSTRY: A REVIEW OF STRUCTURE AND ORGANIZATION by Paul V. Ellefson and Michael A. Kilgore January 2010 STAFF PAPER SERIES NUMBER 206 Department of Forest Resources College of Food, Agricultural and Natural Resources Sciences University of Minnesota St. Paul, MN 55108 For more information about the Department of Forest Resources and its teaching, research, and outreach programs, contact the Department at: Department of Forest Resources University of Minnesota 115 Green Hall 1530 N. Cleveland Avenue North St. Paul, MN 55108-6112 Ph: 612-624-3400 Fax: 612-625-5212 Email: [email protected] http://forestry.umn.edu/publications/staffpapers/index.html The University of Minnesota is committed to the policy that all persons shall have equal access to its programs, facilities, and employment without regard to race, color, creed, religion, national origin, sex, age, martial status, disability, public assistance status, veteran status, or sexual orientation UNITED STATES WOOD-BASED INDUSTRY: A REVIEW OF STRUCTURE AND ORGANIZATION by Paul V. Ellefson and Michael A. Kilgorea January 2010 a Professors, Department of Forest Resources, University of Minnesota, St. Paul, MN. Research supported by Minnesota Agricultural Experim ent Station; Research and Developm ent-RPA Assessment Program, Forest Service, U.S. Departm ent of Agriculture, Washington, DC; and the Southern Research Station, Forest Service, U.S. Department of Agricultural, New Orleans, LA. Contents Page INTRODUCTION 1 TIMBER GROWING INDUSTRY 1 General Character
    [Show full text]
  • 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 ...............................................................................
    [Show full text]
  • Stora Enso 2013
    Financial Report Stora Enso 2013 Stora Enso in Brief Contents Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the Stora Enso in Capital Markets 2 old and expand to the new to offer our customers innovative Debt Investors 9 solutions based on renewable materials. Corporate Governance in Stora Enso 10 Board of Directors 18 The Group has some 28 000 employees in more than 35 Group Leadership Team 20 countries worldwide, and is a publicly traded company listed Report of the Board of Directors 22 in Helsinki and Stockholm. Our customers include publishers, Consolidated Financial Statements 38 printing houses and paper merchants, as well as the packaging, Notes to the Consolidated Financial Statements 44 joinery and construction industries. Note 1 Accounting Principles 44 Note 2 Critical Accounting Estimates and Judgements 53 Our annual production capacity is 5.4 million tonnes of Note 3 Segment Information 55 chemical pulp, 11.7 million tonnes of paper and board, 1.3 Note 4 Acquisitions and Disposals 61 billion square metres of corrugated packaging and 5.6 million Note 5 Other Operating Income and Expense 62 cubic metres of sawn wood products, including 2.9 million Note 6 Staff Costs 63 cubic metres of value-added products. Our sales in 2013 were Note 7 Board and Executive Remuneration 64 EUR 10.5 billion, with an operational EBIT of EUR 578 million. Note 8 Net Financial Items 68 Note 9 Income Taxes 70 Stora Enso uses and develops its expertise in renewable Note 10 Valuation Allowances 72 materials to meet the needs of its customers and many of Note 11 Depreciation and Intangible Assets and Property, today’s global raw material challenges.
    [Show full text]
  • Clarification Announcement
    The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. * (Incorporated in Bermuda with limited liability) (Stock Code: 2689) CLARIFICATION ANNOUNCEMENT This announcement intends to clarify certain matters following the recent meetings of the Directors with investors and analysts of international research institutions regarding the Company’s progress in new products development and upstream expansion plan. In the recent meetings of the directors of the Company (the “Directors”) with investors and analysts of international research institutions, the Directors noted keen interests from the investors and analysts on the Company’s progress in new products development and upstream expansion plan. In this connection, the Directors wish to clarify the progress made by the Company in its development of new products and upstream expansion. Sichuan Factories In December 2007, the Company entered into agreements with three independent third parties (the “Vendors”) in Sichuan Province pursuant to which the Company agreed to acquire (the “Acquisition”) from the Vendors (i) Sichuan Qian Wei Baiya Paper Co. Ltd. (“Qian Wei”) and (ii) Sichuan Rui Song Paper Co. Ltd. (“Rui Song”). Qian Wei Pursuant to the sale and purchase agreements (the “Qian Wei Agreements”) for the acquisition of Qian Wei, the Vendors transferred their entire equity interests in Qian Wei to the Group free of consideration. Except for those items which the Group has expressly agreed to be responsible, the Vendors will be responsible for all debts and liabilities of Qian Wei prior to completion of the acquisition.
    [Show full text]
  • Corporate Governance Statement
    KESKO ANNUAL REPORT CORPORATE GOVERNANCE STATEMENT Introduction 3 Other information to be provided in the CG statement 18 CORPORATE Descriptions concerning Corporate Governance 4 Internal audit 18 GOVERNANCE Kesko Group’s corporate governance system 4 Related party transactions 18 Board of Directors 5 Main procedures relating to insider administration 19 STATEMENT Managing Director (President and CEO) and his duties 12 Auditing 19 Group Management Board 12 Descriptions of internal control procedures and the main features of risk management systems 13 The Group’s financial reporting 13 Internal control 15 Risk management 16 KESKO'S YEAR 2019 2 Introduction This Corporate Governance Statement has been CORPORATE GOVERNANCE CODES KESKO COMPLIES WITH AND DEPARTURES FROM THEM reviewed at the meeting of the Audit Committee of Kesko Corporate Governance Code The Corporate Governance Code effective as of 1 January 2020 Corporation’s Board of Directors on 3 February 2020. the Company complies with (“Corporate Governance Code”) This is the Corporate Governance Statement in accordance Website where the Corporate cgfinland.fi/en/corporate-governance-code/ Governance Code is publicly available with the Finnish Corporate Governance Code issued by the Securities Market Association and effective as of 1 January Corporate Governance Code Recommendation 6 (Term of Office of the Board of Directors) 2020. Kesko Corporation issues the statement separately recommendations from which the Recommendation 10 (Independence of Directors) company departs from the Report by the Board of Directors. This statement and the other information to be disclosed in accordance Explanation of and grounds for The term of office of Kesko's Board of Directors departs from the one-year term pursuant to with the Corporate Governance Code, and the Company’s the departure Recommendation 6 (Term of Office of the Board of Directors) of the Corporate Governance • grounds for the departure Code.
    [Show full text]
  • Annual Report 2001 Information for Shareholders
    Annual Report 2001 Information for Shareholders ANNUAL GENERAL MEETING Letters authorizing a proxy to exer- INTERIM REPORTS 2002 The Annual General Meeting of cise a shareholder’s voting right at Wärtsilä Corporation will publish Wärtsilä Corporation will take place the AGM should be sent to the Interim Reports on its financial in the Congress Wing of the Helsinki Company before the notification performance during 2002 as follows: Fair Centre on Tuesday 12 March period expires. 2002, beginning at 4 p.m. January-March: 3 May 2002 Shareholders who have registered PAYMENT OF DIVIDEND January-June: 1 August 2002 themselves no later than 1 March The Board of Directors will propose January-September: 30 October 2002 in the Company’s shareholder to the Annual General Meeting that 2002. register maintained by the Finnish a normal dividend of EUR 0.50 and Central Securities Depository Ltd an extra dividend of EUR 3.50 or These Interim Reports are published may attend the AGM. altogether EUR 4.00 per share to be in English, Finnish and Swedish Shareholders whose shares have paid on the 2001 financial period. on Wärtsilä’s Internet site. Interim not been transferred to the book- The record date for dividend Reports will be sent by post on entry securities system may also payment is 15 March 2002, and the request. Interim Report orders: attend the AGM on condition that dividend payment date is 22 March tel. +358 10 709 0000 or such shareholders were registered in 2002, should the Board’s proposal be Internet: www.wartsila.com the Company’s shareholder register approved.
    [Show full text]
  • Governance Governance Covers Part of Stora Enso’S Annual Report 2018 Stora Enso’S Governance Policy, Practices, and Actions As Well As Our Remuneration Statement
    Strategy Annual Report 2018 Governance Governance covers Part of Stora Enso’s Annual Report 2018 Stora Enso’s governance policy, practices, and actions as well as our remuneration statement. Sustainability Financials Governance Strategy Annual Report 2018 Contents Corporate Governance in Stora Enso 2018 ......................................2 Shareholders’ meetings .........................................................................2 Board of Directors (Board) .....................................................................3 Sustainability Board committees ..................................................................................7 Management of the Company ...............................................................8 Internal control and risk management related to financial reporting ................................................................10 Remuneration Statement ................................................................. 11 Decision-making procedure ................................................................ 11 Main principles of remuneration .......................................................... 11 Remuneration Report 2018 ..................................................................13 Members of the Board of Directors .................................................15 Members of the Group Leadership Team ....................................... 17 Appendix 1 ...........................................................................................20 Financials Governance 2 Stora Enso
    [Show full text]