Stora Enso Fourth Quarter and Full Year Results 2008

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Poor earnings but strong cash flow from operations following aggressive         
production curtailments; operating profit excluding NRI and fair valuations EUR 
28.4 million, cash flow from operations EUR 236.7 million for the fourth quarter

STORA ENSO OYJ ANNUAL FINANCIAL STATEMENT RELEASE 5 February 2009 at 07.00 GMT  

Summary of Fourth Quarter Results                                               
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| Continuing Operations:    |          |   Q4/08 |    2008 |   Q4/07 |    2007 |
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| Sales                     | EUR      | 2 602.5 |      11 | 2 980.7 |      11 |
|                           | million  |         |   028.8 |         |   848.5 |
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| EBITDA excl. NRI and fair | EUR      |   163.3 | 1 027.2 |   306.8 | 1 569.9 |
| valuations                | million  |         |         |         |         |
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| Operating Profit excl.    | EUR      |    28.4 |   388.4 |   144.1 |   861.1 |
| NRI and Fair Valuations   | million  |         |         |         |         |
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| Operating profit / loss   | EUR      |  -784.2 |  -726.6 |   -60.6 |   176.9 |
| (IFRS)                    | million  |         |         |         |         |
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| Profit / loss before tax  | EUR      |   -81.0 |   151.6 |   284.2 |   970.1 |
| excl. NRI                 | million  |         |         |         |         |
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| Profit / loss before tax  | EUR      |  -845.6 |  -893.8 |  -104.3 |    20.2 |
|                           | million  |         |         |         |         |
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| Net profit / loss excl.   | EUR      |   -67.2 |   142.8 |   220.2 |   747.3 |
| NRI                       | million  |         |         |         |         |
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| Net profit / loss         | EUR      |  -654.6 |  -679.0 |   -59.6 |    12.8 |
|                           | million  |         |         |         |         |
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| EPS excl. NRI             | EUR      |   -0.08 |    0.18 |    0.28 |    0.94 |
--------------------------------------------------------------------------------
| EPS                       | EUR      |   -0.82 |   -0.86 |   -0.07 |    0.01 |
--------------------------------------------------------------------------------
| CEPS excl. NRI            | EUR      |    0.06 |    0.99 |    0.50 |    1.94 |
--------------------------------------------------------------------------------
| ROCE excl. NRI            | %        |    -0.8 |     3.4 |    12.8 |    11.3 |
--------------------------------------------------------------------------------
| ROCE excl. NRI and fair   | %        |     1.2 |     4.1 |     5.6 |     8.6 |
| valuations                |          |         |         |         |         |
--------------------------------------------------------------------------------

Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

Message from CEO Jouko Karvinen:                                                
“The drop in customer demand in the last quarter of 2008 turned out to be as    
severe as we expected and warned in our third quarter 2008 results announcement.
We also responded as planned by aggressively curtailing our production by 15% to
30% of capacity by segment. These robust actions had a large negative impact on 
operating profit, but at the same time reduced our working capital by some EUR  
200 million, cut our capital expenditure by 25-30% below the original plan in   
the fourth quarter to a total of EUR 700 million for the year, and made sure we 
started 2009 with minimum inventory levels in all Business Areas as well as     
throughout our supply chain. These measures also helped us to agree with our    
customers meaningful price increases in several critical areas ­- including     
Newsprint, Magazine Paper, Consumer Board and Coated Fine Paper - that we so    
clearly needed as we started this new year.                                     

“The operating environment for at least the early part of 2009 will be as       
challenging as at the end of 2008. We continue to focus on pricing quality and  
cash flow. We will only manufacture when customers buy our product, rather than 
building our inventory. We have also revised our capital expenditure budget for 
2009 to EUR 500 million, and very importantly, it is intended to finance the    
majority of that by further reductions in our working capital. This dramatic    
reduction of capital spending for 2009 does not fundamentally change our        
strategy: you do not change strategy with every downturn - but you do reschedule
some of your projects in order to safeguard the company and its freedom to      
operate. That is exactly what we are doing. In the same spirit, Stora Enso has  
also proactively reduced the liquidity risk and reliance on short-term          
borrowings since mid 2007, when the first wave of the financial crisis hit the  
markets.                                                                        

“We forecast our overall unit cost inflation for the full year 2009 to be close 
to zero. Some costs - notably wood and natural gas - will start to decrease     
significantly only in the second half of the year because of the nature of our  
purchasing contracts.                                                           

“To adjust capacity in response to lower demand, we have started negotiations   
concerning large-scale temporary lay-offs in Finland, and are also in           
negotiations and dialogues in Germany, Sweden and elsewhere to find             
opportunities for rapidly adjusting our capacity and costs. We will extend      
temporary curtailments for as long as necessary. We, the senior management of   
Stora Enso, will participate in the effort to control costs through limitations 
in our compensation.                                                            

"As disclosed in detail in a separate release today Stora Enso has during the   
audit process identified an incorrect accounting 2001-2006 between restricted   
and distributable equity, with no impact on total equity of the Group or parent 
company, but a need to reclassify EUR 1 512 million from distributable to       
restricted equity. This will lead to the fact that the boards proposal to pay a 
return of EUR 0.20 per share to our shareholders is subject to not only AGM     
approval but also a consent from Finnish National Board of Patents and          
Registration - and will be delayed at least until July 2009. We will correct    
this accounting issue in a transparent way, and intend to pay a return, if      
reduced, to our shareholders also in 2009."                                     

Near-term Outlook                                                               
In Europe market demand is forecast to remain weak and clearly less than a year 
ago for all the Group's products, at least throughout the first half of 2009,   
due to the current economic downturn. Advertising expenditure started to decline
steeply in the fourth quarter of 2008 and is expected to remain weak,           
considerably reducing demand for paper.                                         

Seasonal factors and destocking by customers following announced price increases
are likely to reduce demand for newsprint in the first quarter of 2009. However,
temporary and permanent reductions in production capacity have improved the     
supply and demand balance, especially in magazine paper and coated fine paper   
markets. A slight seasonal pickup in demand for some packaging products is      
anticipated towards the end of the first quarter. Very weak markets for wood    
products are foreseen as construction activity has rapidly slowed in all key    
markets.                                                                        

In Europe some prices in local currencies are being raised in the first quarter 
above levels in the fourth quarter of 2008, particularly in newsprint, magazine 
paper, coated fine paper and consumer board; however, uncoated fine paper prices
are likely to remain under pressure. Prices for wood products and most          
industrial packaging products are expected to be under continued pressure. Lower
prices are predicted for newsprint in export markets outside Europe.            

In China soft demand for uncoated magazine paper and fine paper is expected due 
to slowing economic growth and customer de-stocking. Persistent weakness in the 
coated magazine paper market is affecting the uncoated magazine paper market.   
Lower prices for magazine paper are anticipated, with fine paper prices         
remaining under pressure. The outlook for consumer board market is uncertain    
following last year's milk scandal in China.                                    

In Latin America seasonal factors and high customer inventories are expected to 
restrain market demand for coated magazine paper, keeping prices flat.          

Markets                                                                         
Compared with Q4/2007                                                           
In Europe market demand was stronger than a year ago for uncoated magazine      
paper, weaker for newsprint, fine paper and industrial packaging, and           
significantly weaker for consumer board, coated magazine paper and wood         
products.                                                                       

Market prices in local currencies were higher for all magazine paper grades,    
coated fine paper, consumer board and some industrial packaging grades, lower   
for newsprint, uncoated fine paper, recycled-fibre-based containerboard and     
corrugated packaging, and considerably lower for wood products.                 

Producer inventories at the year end were lower in newsprint, magazine paper and
fine paper than a year ago.                                                     

In Latin America market demand and prices for coated magazine paper increased   
significantly.                                                                  

In China market demand for coated fine paper was weaker and prices were         
substantially lower than a year ago.                                            

Compared with Q3/2008                                                           
In Europe market demand was substantially stronger for newsprint, mainly due to 
customer stock building in December, and also strengthened for coated and       
uncoated magazine paper, but demand for all other products weakened.            

Market prices in local currencies were higher for coated fine paper and consumer
board, unchanged for newsprint, magazine paper and some industrial packaging    
products, slightly lower for uncoated fine paper and corrugated packaging, and  
lower for recycled-fibre-based containerboard and wood products.                

Producer inventories were lower in newsprint, magazine paper and uncoated fine  
paper, and unchanged in coated fine paper.                                      

In Latin America market demand for coated magazine paper strengthened but prices
were largely unchanged.                                                         

In China demand for uncoated magazine paper and coated fine paper weakened.     
Uncoated magazine paper prices were under pressure and coated fine paper prices 
decreased.                                                                      

Stora Enso Deliveries and Production from Continuing Operations                 
--------------------------------------------------------------------------------
|                     | 200 | 200 | Q4/07 | Q3/08 | Q4/08 | Chan | Chan | Chan |
|                     |   7 |   8 |       |       |       | ge % | ge % | ge % |
|                     |     |     |       |       |       | Q4/0 | Q4/0 | 2008 |
|                     |     |     |       |       |       | 8-Q4 | 8-Q3 | -200 |
|                     |     |     |       |       |       | /07  | /08  |  7   |
--------------------------------------------------------------------------------
| Paper and board     |  12 |  11 | 3 148 | 2 971 | 2 851 | -9.4 | -4.0 | -5.1 |
| deliveries (1 000   | 477 | 836 |       |       |       |      |      |      |
| tonnes)             |     |     |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Paper and board     |  12 |  11 | 3 056 | 3 015 | 2 698 | -11. | -10. | -5.7 |
| production (1 000   | 458 | 746 |       |       |       |    7 |    5 |      |
| tonnes)             |     |     |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Wood products       |   6 |   5 | 1 421 | 1 441 | 1 422 |  0.1 | -1.3 | -7.2 |
| deliveries (1 000   | 348 | 893 |       |       |       |      |      |      |
| m3)                 |     |     |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Corrugated          |   1 |   1 |   277 |   271 |   254 | -8.3 | -6.3 | -1.8 |
| packaging           | 091 | 071 |       |       |       |      |      |      |
| deliveries (million |     |     |       |       |       |      |      |      |
| m2)                 |     |     |       |       |       |      |      |      |
--------------------------------------------------------------------------------

Mill closures and restructurings reduced comparative deliveries as follows for  
the period Q4/08 compared with Q4/07: Summa Mill closure in January 2008 by some
71 000 tonnes of newsprint and 21 000 tonnes of magazine paper; Reisholz Mill   
closure in the fourth quarter of 2007 by some 29 000 tonnes of magazine paper;  
Anjala Mill restructuring in the first quarter of 2008 by some 29 000 tonnes of 
magazine paper; Berghuizer Mill's two paper machines shut down in April and     
October 2007 by some 20 000 tonnes of fine paper.                               

Mill closures and restructurings reduced comparative deliveries as follows for  
2008 compared with 2007: Summa Mill closure in January 2008 by some 276 000     
tonnes of newsprint and 54 000 tonnes of magazine paper; Reisholz Mill closure  
in the fourth quarter of 2007 by some 162 000 tonnes of magazine paper; Anjala  
Mill restructuring in the first quarter of 2008 by some 103 000 tonnes of       
magazine paper; Berghuizer Mill's two paper machines shut down in April and     
October 2007 by some 142 000 tonnes of fine paper.                              

Q4/2008 Results from Continuing Operations (compared with Q4/2007)              
Sales at EUR 2 602.5 million were EUR 378.2 million less than in the fourth     
quarter of 2007. Mill closures reduced sales by EUR 134 million. Unfavourable   
exchange rate trends for Newsprint and Magazine Paper, lower prices in Wood     
Products and Industrial Packaging, and lower volumes in Fine Paper, Consumer    
Board and Industrial Packaging were only partly compensated by higher sales     
prices for many paper and board products.                                       

Key Figures                                                                     
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| EUR million | Q4/ | 200 | Q1/ | Q2/ | Q3/ | Q4/0 | 2008 | Chan | Chan | Chan |
|             |  07 |   7 |  08 |  08 |  08 |    8 |      | ge % | ge % | ge % |
|             |     |     |     |     |     |      |      | Q4/0 | Q4/0 | 2008 |
|             |     |     |     |     |     |      |      | 8-Q4 | 8-Q3 | -200 |
|             |     |     |     |     |     |      |      | /07  | /08  |  7   |
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| Continuing  |     |     |     |     |     |      |      |      |      |      |
| Operations  |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Sales       |   2 |  11 |   2 |   2 |   2 |    2 |   11 | -12. | -4.4 | -6.9 |
|             | 980 | 848 | 831 | 871 | 722 | 602. | 028. |    7 |      |      |
|             |  .7 |  .5 |  .8 |  .8 |  .7 |    5 |    8 |      |      |      |
--------------------------------------------------------------------------------
| EBITDA      | 306 |   1 | 299 | 262 | 302 | 163. |    1 | -46. | -45. | -34. |
| excl. NRI   |  .8 | 569 |  .2 |  .6 |  .1 |    3 | 027. |    8 |    9 |    6 |
| and fair    |     |  .9 |     |     |     |      |    2 |      |      |      |
| valuations  |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Operating   | 327 |   1 | 125 | 72. | 140 | -19. | 318. | -105 | -113 | -71. |
| profit /    |  .9 | 126 |  .0 |   6 |  .7 |    5 |    8 |   .9 |   .9 |    7 |
| loss excl.  |     |  .8 |     |     |     |      |      |      |      |      |
| NRI         |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Operating   | 144 | 861 | 140 | 94. | 125 | 28.4 | 388. | -80. | -77. | -54. |
| Profit      |  .1 |  .1 |  .1 |   4 |  .5 |      |    4 |    3 |    4 |    9 |
| excl. NRI   |     |     |     |     |     |      |      |      |      |      |
| and Fair    |     |     |     |     |     |      |      |      |      |      |
| Valuations  |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| NRI         | -38 | -94 |   - | -1. | -27 | -764 |   -1 | -96. | -173 | -10. |
| (operationa | 8.5 | 9.9 |     |   3 | 9.4 |   .7 | 045. |    8 |   .7 |    1 |
| l)          |     |     |     |     |     |      |    4 |      |      |      |
--------------------------------------------------------------------------------
| Operating   | 11. | 9.5 | 4.4 | 2.5 | 5.2 | -0.7 |  2.9 | -106 | -113 | -69. |
| margin      |   0 |     |     |     |     |      |      |   .4 |   .5 |    5 |
| excl. NRI,  |     |     |     |     |     |      |      |      |      |      |
| %           |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Operating   | -60 | 176 | 125 | 71. | -13 | -784 | -726 |  n/m |  n/m |  n/m |
| profit /    |  .6 |  .9 |  .0 |   3 | 8.7 |   .2 |   .6 |      |      |      |
| loss (IFRS) |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Net         | -43 | -15 | -41 | -40 | -23 | -61. | -167 | -40. | -167 | -6.7 |
| financial   |  .7 | 6.7 |  .9 |  .9 |  .0 |    4 |   .2 |    5 |   .0 |      |
| items       |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Profit /    | 284 | 970 | 83. | 31. | 117 | -81. | 151. | -128 | -168 | -84. |
| loss before |  .2 |  .1 |   1 |   7 |  .8 |    0 |    6 |   .5 |   .8 |    4 |
| tax and     |     |     |     |     |     |      |      |      |      |      |
| minority    |     |     |     |     |     |      |      |      |      |      |
| interests   |     |     |     |     |     |      |      |      |      |      |
| excl. NRI   |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Profit /    | -10 | 20. | 83. | 30. | -16 | -845 | -893 |  n/m |  n/m |  n/m |
| loss before | 4.3 |   2 |   1 |   4 | 1.7 |   .6 |   .8 |      |      |      |
| tax and     |     |     |     |     |     |      |      |      |      |      |
| minority    |     |     |     |     |     |      |      |      |      |      |
| interests   |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Net profit  | 220 | 747 | 66. | 27. | 116 | -67. | 142. | -130 | -157 | -80. |
| / (loss)    |  .2 |  .3 |   1 |   5 |  .4 |    2 |    8 |   .5 |   .7 |    9 |
| for the     |     |     |     |     |     |      |      |      |      |      |
| period      |     |     |     |     |     |      |      |      |      |      |
| excl. NRI   |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| Net profit  | -59 | 12. | 66. | 28. | -11 | -654 | -679 |  n/m |  n/m |  n/m |
| / loss for  |  .6 |   8 |   1 |   6 | 9.1 |   .6 |   .0 |      |      |      |
| the period  |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ROCE from   | 12. | 11. | 4.9 | 2.8 | 5.4 | -0.8 |  3.4 | -106 | -114 | -69. |
| continuing  |   8 |   3 |     |     |     |      |      |   .3 |   .8 |    9 |
| operations  |     |     |     |     |     |      |      |      |      |      |
| excl. NRI,  |     |     |     |     |     |      |      |      |      |      |
| %           |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| ROCE from   | 5.6 | 8.6 | 5.5 | 3.6 | 4.8 |  1.2 |  4.1 | -78. | -75. | -52. |
| continuing  |     |     |     |     |     |      |      |    6 |    0 |    3 |
| operations  |     |     |     |     |     |      |      |      |      |      |
| excl. NRI   |     |     |     |     |     |      |      |      |      |      |
| and fair    |     |     |     |     |     |      |      |      |      |      |
| valuations, |     |     |     |     |     |      |      |      |      |      |
| %           |     |     |     |     |     |      |      |      |      |      |
--------------------------------------------------------------------------------
| ROCE, %     | -2. | 1.8 | 4.9 | 2.7 | -5. | -33. | -7.7 |  n/m |  n/m |  n/m |
|             |   4 |     |     |     |   3 |    1 |      |      |      |      |
--------------------------------------------------------------------------------

NRI = Non-recurring items. These are exceptional transactions that are not      
related to normal business operations. The most common non-recurring items are  
capital gains, additional write-downs, provisions for planned restructuring and 
penalties. Non-recurring items are normally specified individually if they      
exceed one cent per share.                                                      
Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

Reconciliation of Operating Profit, Continuing Operations                       
--------------------------------------------------------------------------------
| EUR million         | Q4/ | 200 | Q3/0 | Q4/0 | 2008 | Chang | Chang | Chang |
|                     |  07 |   7 |    8 |    8 |      |   e % |   e % |   e % |
|                     |     |     |      |      |      | Q4/08 | Q4/08 | 2008- |
|                     |     |     |      |      |      | -Q4/0 | -Q3/0 |  2007 |
|                     |     |     |      |      |      |     7 |     8 |       |
--------------------------------------------------------------------------------
| Profit from         | 131 | 786 | 129. |  6.4 | 346. | -95.1 | -95.1 | -56.0 |
| operations, excl.   |  .3 |  .8 |    4 |      |    3 |       |       |       |
| NRI                 |     |     |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Associated          | 12. | 74. | -3.9 | 22.0 | 42.1 | 71.9  |  n/m  | -43.3 |
| companies,          |   8 |   3 |      |      |      |       |       |       |
| operational,        |     |     |      |      |      |       |       |       |
| excl.               |     |     |      |      |      |       |       |       |
| fair valuations     |     |     |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Operating Profit    | 144 | 861 | 125. | 28.4 | 388. | -80.3 | -77.4 | -54.9 |
| excl. NRI and       |  .1 |  .1 |    5 |      |    4 |       |       |       |
| Fair                |     |     |      |      |      |       |       |       |
| Valuations          |     |     |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Fair valuations     | 183 | 265 | 15.2 | -47. | -69. | -126. |  n/m  | -126. |
|                     |  .8 |  .7 |      |    9 |    6 |   1   |       |   2   |
--------------------------------------------------------------------------------
| Operating Profit /  | 327 |   1 | 140. | -19. | 318. | -105. | -113. | -71.7 |
| Loss, excl. NRI     |  .9 | 126 |    7 |    5 |    8 |   9   |   9   |       |
|                     |     |  .8 |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| NRI                 | -38 | -94 | -279 | -764 |   -1 | -96.8 | -173. | -10.1 |
|                     | 8.5 | 9.9 |   .4 |   .7 | 045. |       |   7   |       |
|                     |     |     |      |      |    4 |       |       |       |
--------------------------------------------------------------------------------
| Operating Profit /  | -60 | 176 | -138 | -784 | -726 |  n/m  |  n/m  |  n/m  |
| Loss (IFRS)         |  .6 |  .9 |   .7 |   .2 |   .6 |       |       |       |
--------------------------------------------------------------------------------

Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

Q4/2008 Results from Continuing Operations (compared with Q4/2007)	(continued)  
Operating profit excluding non-recurring items and fair valuations decreased by 
EUR 115.7 million to EUR 28.4 million, which is 1.1% of sales. Fine Paper       
accounted for EUR 45.4 million of the decrease, and operating profit also       
decreased in Consumer Board, Industrial Packaging, Wood Products and Other      
operations. Operating profit increased in Newsprint and Magazine Paper. There   
was an operating loss of EUR 9.7 million (operating profit EUR 35.7 million) in 
Fine Paper and EUR 18.9 (EUR 0.5) million in Wood Products. In the segment Other
there was an operating loss of EUR 48.2 (EUR 25.9) million mainly due to wood   
inventory write-downs in Finland.                                               

Higher sales prices in local currencies increased the operating profit of paper 
and board mills by EUR 82 million, excluding the effects of mill closures,      
whereas unfavourable exchange rate trends decreased operating profit net of     
currency hedges by approximately EUR 34 million. Lower sales prices had a       
negative impact of EUR 32 million on the Wood Products operating profit figure, 
resulting in an operating loss. Industrial Packaging also suffered from lower   
sales prices. Lower sales volumes in Fine Paper, Consumer Board and Industrial  
Packaging reduced operating profit by EUR 42 million.                           

Energy costs were higher in the fourth quarter of 2008 since changes in oil     
prices, which peaked during the first half of the year, are reflected in gas    
prices only after a delay averaging approximately six months. This has affected 
the Group's total energy cost. Higher energy prices reduced operating profit by 
EUR 63 million. Higher wood costs reduced the Group's overall operating profit  
by approximately EUR 5 million as the decrease in sawlog costs (EUR 18 million) 
was more than offset by the increase in pulpwood costs (EUR 23 million).        

Fixed costs decreased by EUR 60 million, mainly due to cost improvement actions,
including restructuring.                                                        

Deliveries of wood to the Group's mills totalled 8.3 million cubic metres, down 
17% on the fourth quarter of 2007 due to mill closures and production           
curtailments, especially in Finland. Wood raw material prices were lower in all 
the main markets.                                                               

The share of associated company operational results, excluding non-recurring    
items and fair valuations amounted to EUR 22.0 (EUR 12.8) million. Since the    
beginning of 2008, associated companies have been reported separately in        
operating profit; in the previous year they were included in the respective     
Business Area's operating profit. The comparative operating profits of Business 
Areas for 2007 have been reclassified accordingly.                              

Operating profit includes a net effect of EUR -47.9 (EUR 183.8) million from the
accounting of share-based compensation, Total Return Swaps (TRS), CO2 emission  
rights and IAS 41 forest valuations mainly related to associated companies.     
                                                                                
Goodwill and fixed asset impairment testing undertaken in the fourth quarter of 
2008 had a negative impact of about EUR 668 million on the fourth quarter       
operating profit, including impairment of EUR 44 million in the investment in   
associated company Sunila Oy. Provisions recorded in the fourth quarter of 2008 
mainly related to already announced restructurings totalled approximately EUR 97
million, of which about half will have a cash impact in 2009. The impairment    
charge is mainly due to the weaker outlook for many of the Group's products.    
These items are reported as non-recurring.                                      

Net financial items were EUR -61.4 (EUR -43.7) million. Net interest expenses   
increased from EUR -39.2 million to EUR -42.9 million as the average interest   
rates were higher than in the previous year and interest-bearing assets         
decreased. The interest rate decreases at the end of 2008 will have a positive  
impact in 2009. Net foreign exchange losses on borrowings, currency derivatives 
and bank accounts increased from EUR -5.4 million to EUR -16.4 million, mainly  
due to euro-denominated loans in Sweden and Russia. The net loss from other     
financial items amounted to EUR -2.1 (EUR 0.9) million, comprising income of EUR
6.4 million from payment-in-kind notes, fair valuation gains of EUR 4.3 million 
on interest rate swaps, fair value losses of EUR -9.6 million on long-term debt 
and other expenses of EUR -3.2 million.                                         
                                                                                
Group capital employed was EUR 8 774.5 million on 31 December 2008, a net       
decrease of EUR 1 845.7 million due to the divestment of Merchant operations,   
restructuring of the Group, fixed asset and goodwill impairments, fair          
valuations of unlisted shares in Pohjolan Voima and NewPage, and decreased      
working capital.                                                                

January-December 2008 Results (compared with previous year)                     
Sales at EUR 11 028.8 million were EUR 819.7 million less than in 2007. Mill    
closures reduced sales by EUR 504 million. Sales were also reduced by           
unfavourable exchange rate trends, and in Wood Products by significantly lower  
prices and deliveries.                                                          

Operating profit excluding non-recurring items and fair valuations decreased by 
EUR 472.7 million to EUR 388.4 million, which is 3.5% of sales. Wood Products   
accounted for EUR 218.2 million of the decrease, and operating profit was also  
lower in all other segments except Magazine Paper. Wood Products made an        
operating loss of EUR 67.5 million (operating profit EUR 150.7 million).        

Changes in deliveries, excluding the effects of mill closures, decreased Group  
operating profit by EUR 33 million, as a large decrease in Wood Products        
deliveries and decreases in Consumer Board and Industrial Packaging deliveries  
were not fully offset by increases in other Business Areas. Sales prices in     
local currencies increased Group operating profit, excluding the effects of mill
closures, by EUR 57 million as increases in Magazine Paper, Fine Paper and      
Consumer Board more than offset slightly lower Newsprint prices and much lower  
Wood Products prices. Unfavourable exchange rate trends decreased operating     
profit net of currency hedges by approximately EUR 181 million.                 

Higher wood costs reduced the Group's overall operating profit by approximately 
EUR 124 million as the decrease in sawlog costs (EUR 38 million) was more than  
offset by the increase in pulpwood costs (EUR 162 million).                     

Considerably higher fuel and electricity prices reduced operating profit by     
approximately EUR 133 million.                                                  

Deliveries of wood to the Group's mills totalled 37 million cubic metres in     
2008, down 12% on 2007 due to mill closures and curtailments, especially in     
Finland.                                                                        

Fixed costs decreased by approximately EUR 134 million mainly due to cost       
improvement actions, including restructuring.                                   

Net financial items were EUR -167.2 (EUR -156.7) million. Net interest expenses 
increased by EUR 15.2 million to EUR -165.2 million and foreign exchange losses 
increased from EUR -3.3 million to EUR -15.3 million. The net gain from other   
financial items amounted to EUR 13.3 (EUR -3.4) million, due to income of EUR   
19.7 million from payment-in-kind notes, fair valuation gains of EUR 1.1 million
on interest rate swaps, fair value losses of EUR -7.9 million on long-term debt 
and other gains of EUR 0.4 million.                                             

Discontinued Operations                                                         
On 30 April 2008 Stora Enso finalised the divestment of its merchant business   
Papyrus to Altor Fund II as announced on 6 March 2008. The merchants business is
classified as a discontinued operation according to IFRS, so its net profit for 
the four months ended 30 April is reported in a single line after net profit    
from continuing operations. The profit on discontinued operations includes a    
loss on disposal partly offset by cumulative exchange rate differences.         

The operating profit from discontinued operations, excluding the loss on        
disposal, was EUR 15.4 million. The loss on disposal before tax was EUR 3.6     
million, net of cumulative exchange rate differences.                           

Q4/2008 Results (compared with Q3/2008)                                         
Sales at EUR 2 602.5 million were EUR 120.2 million less than the previous      
quarter's EUR 2 722.7 million. Mill closures decreased sales by EUR 16 million. 
Sales decreased due to lower deliveries and unfavourable exchange rate trends,  
although prices in local currencies increased somewhat.                         

Operating profit excluding non-recurring items and fair valuations decreased by 
EUR 97.1 million to EUR 28.4 million due to lower sales volumes, the            
unfavourable impact of exchange rate trends on sales prices and higher energy   
costs.                                                                          

Group capital employed was EUR 8 774.5 million on 31 December 2008, a net       
decrease of EUR 1 401.5 million due to fixed asset and goodwill impairments,    
fair valuations of unlisted shares in Pohjolan Voima and NewPage, and decreased 
working capital.                                                                

Capital Structure                                                               
--------------------------------------------------------------------------------
| EUR million              |  31 Dec |  31 Mar |   30 Jun |   30 Sep |  31 Dec |
|                          |      07 |      08 |       08 |       08 |      08 |
--------------------------------------------------------------------------------
| Fixed assets             | 8 493.2 | 8 366.8 |  8 572.8 |  8 044.8 | 6 853.7 |
--------------------------------------------------------------------------------
| Associated companies     | 1 154.5 | 1 142.5 |  1 213.7 |  1 177.1 | 1 042.5 |
--------------------------------------------------------------------------------
| Operative working        | 2 084.4 | 2 361.3 |  1 921.3 |  1 882.5 | 1 674.7 |
| capital                  |         |         |          |          |         |
--------------------------------------------------------------------------------
| Non-current              | - 493.3 | - 524.0 |  - 414.0 |  - 432.3 | - 513.6 |
| interest-free items, net |         |         |          |          |         |
--------------------------------------------------------------------------------
| Operating Capital Total  |      11 |      11 | 11 293.8 | 10 672.1 | 9 057.3 |
|                          |   238.8 |   346.6 |          |          |         |
--------------------------------------------------------------------------------
| Net tax liabilities      |  -618.6 |  -584.5 |   -537.7 |   -496.1 |  -282.8 |
--------------------------------------------------------------------------------
| Capital Employed         |      10 |      10 | 10 756.1 | 10 176.0 | 8 774.5 |
|                          |   620.2 |   762.1 |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to   | 7 593.6 | 7 134.1 |  7 782.5 |  7 112.5 | 5 594.0 |
| Company shareholders     |         |         |          |          |         |
--------------------------------------------------------------------------------
| Minority interests       |    71.9 |    69.2 |     74.8 |     74.0 |    56.5 |
--------------------------------------------------------------------------------
| Net interest-bearing     | 2 954.7 | 3 558.8 |  2 898.8 |  2 989.5 | 3 124.0 |
| liabilities              |         |         |          |          |         |
--------------------------------------------------------------------------------
| Financing Total          |      10 |      10 | 10 756.1 | 10 176.0 | 8 774.5 |
|                          |   620.2 |   762.1 |          |          |         |
--------------------------------------------------------------------------------


Financing Q4/2008 (compared with Q3/2008)                                       
Cash flow from continuing operations was EUR 236.7 (EUR 193.2) million and cash 
flow after investing activities EUR 13.2 (EUR 40.4) million. The poor           
profitability was partly compensated by efficient working capital reduction.    

At the end of the period, net interest-bearing liabilities of the Group were EUR
3 124.0 million, an increase of EUR 134.5 million mainly due to the increase in 
short-term commodity and cash flow derivatives. Total unutilised committed      
credit facilities and cash and cash-equivalent net reserves remained unchanged  
at EUR 1.8 billion. In addition, Stora Enso has access to various long-term     
sources of funding up to EUR 0.7 billion.                                       

The debt/equity ratio at 31 December 2008 was 0.56 (0.42). The currency effect  
on equity was negative EUR 267 million net of the hedging of equity translation 
risks. The fair valuation of unlisted equity and debt instruments, mainly       
related to Pohjolan Voima and NewPage Corporation, included within              
available-for-sale assets decreased equity by EUR 402.2 million. The decrease in
the fair value of Pohjolan Voima was due to the decrease in electricity prices  
since the third quarter of 2008 and the decrease in the value of Newpage        
Corporation was due to the worsening market conditions in the USA.              

Financing Q4/2008 (compared with Q4/2007)                                       
At the end of the fourth quarter of 2008 Stora Enso had current borrowings of   
EUR 1 068 million, compared with EUR 1 087 million at the end of 2007. Cash and 
cash equivalents at the end of 2008 amounted to EUR 416 million, compared with  
EUR 971 million at the end of 2007, which included some of the proceeds from the
sale of the North American operations that was subsequently used in reducing    
long-term debt from EUR 3 868 million to EUR 3 445 million.                     

Cash Flow                                                                       
--------------------------------------------------------------------------------
| EUR million    | 2007 | 2008 | Q4/0 | Q3/0 | Q4/0 | Change | Change | Change |
|                |      |      |    7 |    8 |    8 |      % |      % |      % |
|                |      |      |      |      |      | Q4/08- | Q4/08- | 2008-2 |
|                |      |      |      |      |      |  Q4/07 |  Q3/08 |    007 |
--------------------------------------------------------------------------------
| Continuing     |      |      |      |      |      |        |        |        |
| Operations     |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Operating      | 176. | -726 | -60. | -138 | -784 |    n/m |    n/m |    n/m |
| profit / loss  |    9 |   .6 |    6 |   .7 |   .2 |        |        |        |
--------------------------------------------------------------------------------
| Depreciation   |    1 |    1 | 150. | 231. | 824. |    n/m |    n/m |   18.3 |
| and other      | 219. | 443. |    0 |    8 |    8 |        |        |        |
| non-cash items |    8 |    2 |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Change in      | -228 | 31.8 | 191. | 100. | 196. |    2.6 |   95.9 |  113.9 |
| working        |   .4 |      |    2 |    1 |    1 |        |        |        |
| capital        |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Cash Flow from |    1 | 748. | 280. | 193. | 236. |  -15.6 |   22.5 |  -35.9 |
| Operations     | 168. |    4 |    6 |    2 |    7 |        |        |        |
|                |    3 |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Capital        | -768 | -704 | -300 | -152 | -223 |   25.7 |  -46.3 |    8.3 |
| expenditure    |   .3 |   .7 |   .9 |   .8 |   .5 |        |        |        |
--------------------------------------------------------------------------------
| Cash Flow      | 400. | 43.7 | -20. | 40.4 | 13.2 |  165.0 |  -67.3 |  -89.1 |
| after          |    0 |      |    3 |      |      |        |        |        |
| Investing      |      |      |      |      |      |        |        |        |
| Activities     |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Discontinued   |      |      |      |      |      |        |        |        |
| Operations     |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Cash flow from | 136. | 51.5 | 90.1 |    - |    - | -100.0 |    n/a |  -62.4 |
| discontinued   |    8 |      |      |      |      |        |        |        |
| operations     |      |      |      |      |      |        |        |        |
| after          |      |      |      |      |      |        |        |        |
| investing      |      |      |      |      |      |        |        |        |
| activities     |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------
| Total Cash     | 536. | 95.2 | 69.8 | 40.4 | 13.2 |  -81.1 |  -67.3 |  -82.3 |
| Flow after     |    8 |      |      |      |      |        |        |        |
| Investing      |      |      |      |      |      |        |        |        |
| Activities     |      |      |      |      |      |        |        |        |
--------------------------------------------------------------------------------


Capital Expenditure for 2008                                                    
Capital expenditure during 2008 totalled EUR 704.7 million including land       
acquisitions, which is in line with the decreased level of depreciation for the 
year.                                                                           

The main projects during 2008 included development of existing production (EUR  
130 million), power plants and new energy-related projects at existing mills    
(EUR 120 million), plantations in South America and China (EUR 100 million),    
corrugated packaging expansion in Russia and Eastern Europe (EUR 40 million),   
investments related to restructuring (EUR 35 million) and fine paper sheeting   
plants (EUR 25 million).                                                        

Goodwill and Fixed Asset Impairment Testing                                     
Goodwill impairment testing, which had previously been undertaken in the third  
quarter each year, was undertaken in the fourth quarter in order to align the   
testing procedures with the strategy and planning process. Fixed assets were    
also tested for impairment due to the current and foreseeable difficult market  
conditions.                                                                     

Goodwill impairment amounted to EUR 228 million, all of it related to the Fine  
Paper Business Area. Fixed asset impairment amounted to EUR 440 million,        
comprising EUR 178 million related to Fine Paper, EUR 104 million to Consumer   
Board, EUR 45 million to Industrial Packaging, EUR 76 million to Wood Products  
and EUR 37 million to Other.                                                    
Short-term Risks and Uncertainties                                              
The main short-term risks and uncertainties are related to possible further     
slowing down of the global economy and the effect that would have on demand for 
the Group's products.                                                           

Changes in exchange rates have an impact on operating profit. The effect on     
annual operating profit, based on expected 2009 net operation cash flows, of a  
+/- 10% change in the value of the euro against the US dollar, Swedish krona and
British pound would be EUR 66 million, EUR 100 million and EUR 49 million       
respectively. This calculation does not take into account currency hedges, and  
assumes that no changes occurs other than a single currency exchange rate       
movement.                                                                       

Energy sensitivity analysis for 2009: the direct effects on 2009 operating      
profit of a 10% change in electricity market price and a 10% change in oil      
market price would be about EUR 5 million and about EUR 15 million respectively,
after the effect of hedges. Increased oil hedges have reduced the Group's       
sensitivity to energy prices for 2009.                                          

Near-term Outlook                                                               
In Europe market demand is forecast to remain weak and clearly less than a year 
ago for all the Group's products, at least throughout the first half of 2009,   
due to the current economic downturn. Advertising expenditure started to decline
steeply in the fourth quarter of 2008 and is expected to remain weak,           
considerably reducing demand for paper.                                         

Seasonal factors and destocking by customers following announced price increases
are likely to reduce demand for newsprint in the first quarter of 2009. However,
temporary and permanent reductions in production capacity have improved the     
supply and demand balance, especially in magazine paper and coated fine paper   
markets. A slight seasonal pickup in demand for some packaging products is      
anticipated towards the end of the first quarter. Very weak markets for wood    
products are foreseen as construction activity has rapidly slowed in all key    
markets.                                                                        

In Europe some prices in local currencies are being raised in the first quarter 
above levels in the fourth quarter of 2008, particularly in newsprint, magazine 
paper, coated fine paper and consumer board; however, uncoated fine paper prices
are likely to remain under pressure. Prices for wood products and most          
industrial packaging products are expected to be under continued pressure. Lower
prices are predicted for newsprint in export markets outside Europe.            

In China soft demand for uncoated magazine paper and fine paper is expected due 
to slowing economic growth and customer de-stocking. Persistent weakness in the 
coated magazine paper market is affecting the uncoated magazine paper market.   
Lower prices for magazine paper are anticipated, with fine paper prices         
remaining under pressure. The outlook for consumer board market is uncertain    
following last year's milk scandal in China.                                    

In Latin America seasonal factors and high customer inventories are expected to 
restrain market demand for coated magazine paper, keeping prices flat.          

Fourth Quarter Events                                                           
October                                                                         
On 28 October 2008 Stora Enso announced that it had maintained its position as  
the best paper and forest products company in the Nordic region regarding carbon
emission disclosure. Stora Enso improved its performance in the Climate         
Disclosure Leadership Index (CDLI) and is now ranked the third best corporation 
among Nordic carbon-intensive companies.                                        

On 30 October 2008 Stora Enso announced that it was planning additional         
production curtailments in its Wood Products Business Area through temporary    
mill closures, shift reductions, efficiency measures and extended maintenance   
stoppages in Finland, Estonia and the Czech Republic. Stora Enso also announced 
plans, which have since been implemented, to restructure its joinery component  
business in Estonia by permanently closing down the Viljandi component mill and 
transferring the business to Imavere sawmill.                                   

November                                                                        
On 3 November 2008 Stora Enso announced that it will be investing EUR 137       
million in building a new power plant at the Ostroleka Mill site in Poland. The 
power plant project started immediately and is scheduled to be completed in the 
third quarter of 2010.                                                          

On 4 November 2008 Stora Enso announced that the Supervisory Board of Stora     
Enso's German holding company had decided to close down Baienfurt Mill and Kabel
Mill's coated magazine paper machine (PM) 3 with annual capacity 140 000 tonnes 
by the end of 2008. The reasons for the closures were persistent profitability  
problems caused by European overcapacity, the strength of the euro and cost     
increases, especially for wood and energy.                                      

On 5 November 2008 Stora Enso announced that it had signed an agreement to      
outsource most of its financial transaction processing to Capgemini, one of the 
world's foremost providers of consulting, technology and outsourcing services.  
This is a step in the restructuring of the Group's finance function that was    
announced on 25 October 2007 together with Stora Enso's other restructuring     
plans in response to increasing costs and to safeguard long-term profitability. 

On 26 November 2008 Stora Enso announced that co-determination negotiations at  
its Imatra, Varkaus and Veitsiluoto mills in Finland had been concluded. As a   
result, board machine (BM) 1 at Imatra with annual capacity 170 000 tonnes will 
be permanently shut down by the end of 2009, and Corenso's coreboard machine at 
Varkaus with annual capacity 100 000 tonnes has already been permanently shut   
down due to persistent profitability problems. As announced, the plan also      
includes the restructuring of sheeting lines at Imatra and polymer (PE) coating 
machines at Imatra and Karhula. Related investments will be considered when the 
final investment plans are ready.                                               

Veracel                                                                         
On 11 July 2008 Stora Enso announced that a federal judge in Brazil had claimed 
in a judgement that the permits issued by the State of Bahia to Stora Enso's    
associated company Veracel were not valid and no environmental impact assessment
study had been undertaken for the licensing. The judge decreed that 47 000      
hectares of Veracel's current plantations should be cut down and reforested     
within one year with native trees and fined Veracel a possible BRL 20 million   
(EUR 8 million). Veracel (at that time Veracruz Florestal Ltda.) was accused of 
having deforested a minor area (64 hectares) of native forest in 1993. Veracel  
vigorously disputes the findings of the court and is in the process of appealing
against the judgement. Veracel operates in full compliance with all Brazilian   
laws. An extensive environmental impact assessment study was undertaken in      
1994-1995 as part of the legal permit requirements, and Veracel has obtained all
the necessary environmental and operating licences for its industrial and       
forestry activities from the Brazilian environmental authorities. In November   
2008, the Federal Court of the municipality of Eunápolis, Bahia, suspended the  
effects of the decision as an interim measure. Veracel has not recorded any     
provision for the reforestation or the possible fine.                           

Focused Administration                                                          
On 10 September 2008 Stora Enso announced that it planned to reduce its         
administration to suit its more focussed business needs. A total of about 2 300 
administrative positions within Stora Enso were assessed, and so far the        
potential to reduce or outsource the number of positions by about 40% has been  
identified. These reductions are being implemented where plans are complete. The
assessment is continuing. These efforts are an important part of the ongoing    
process of improving the Group's profitability.                                 

Changes in Group Composition                                                    
On 6 March 2008 Stora Enso signed an agreement to sell its merchant business    
Papyrus to Altor Fund II. The transaction was finalised on 30 April. Stora Enso 
divested Papyrus as part of its strategy of focusing the business portfolio of  
the Group. The divestment includes a long-term supply agreement with Papyrus,   
which will maintain Stora Enso's strong business relationship with Papyrus,     
while at the same time giving the Group independence in dealings with all of its
important distribution channels.                                                

Changes in Group Management and Organisational Structure                        
On 25 August 2008 Stora Enso announced that it had appointed Hannu Kasurinen as 
the new head of Stora Enso's Wood Products Business Area and a member of the    
Group Executive Team (GET). He reports directly to CEO Jouko Karvinen and is    
based in Helsinki.                                                              

On 1 September Stora Enso announced the following changes in the Group Executive
Team, which took effect on 1 October 2008.                                      
Hannu Ryöppönen, Deputy CEO and CFO, handed over his CFO responsibilities to    
Markus Rauramo, formerly Senior Vice President and Group Treasurer. Hannu       
Ryöppönen remains a GET member with responsibility for Group Strategy, Corporate
Finance (including M&A), Purchasing and IT, until he retires from Stora Enso in 
spring 2009. Markus Rauramo joined the Group Executive Team.                    
Christer Ågren, who was responsible for Human Resources and IT, and Country     
Manager for Sweden, decided to join a company outside Stora Enso. Elisabet      
Salander Björklund took over the responsibility for Human Resources in addition 
to her current responsibilities for Wood Supply, Pulp Supply and Sustainability.
The IT function reports to Hannu Ryöppönen.                                     
Mats Nordlander, Business Area (BA) head of Consumer Board, became responsible  
for China and the rest of Asia, Veli-Jussi Potka, BA head of Industrial         
Packaging, for Russia and Elisabet Salander Björklund for Latin America.        
Juha Vanhainen, BA head of Newsprint and Book Paper, took over the role of      
Country Manager Finland from Aulis Ansaharju, who remains BA head of Fine Paper.
Elisabet Salander Björklund took over the role of Country Manager Sweden.       


Inspections by Competition Authorities                                          
In 2007, following US Federal District Court trial, Stora Enso was found not    
guilty of charges by the US Department of Justice relating to the sale of coated
magazine paper in the USA in 2002 and 2003. Coincident with this case, Stora    
Enso has been named in a number of class action lawsuits filed in the USA which 
still are pending.                                                              

As a result of an investigation, the Finnish Competition Authority has proposed 
to the Finnish Market Court that a fine of EUR 30 million should be imposed on  
Stora Enso for violating competition laws in the purchasing of wood in Finland  
in the period from 1997 to 2004. The court hearings are expected to begin during
2009. Stora Enso considers the proposal groundless.                             

No provision has been made in Stora Enso's accounts for the above-mentioned     
investigation and lawsuits.                                                     

Personnel                                                                       
On 31 December 2008 there were 31 667 employees in continuing operations, 3 239 
less than at the end of 2007. The decrease was due to mill closures and Finnish 
maintenance restructuring. The average number of employees decreased by 2 322   
persons during the year to 33 815.                                              

Share Capital                                                                   
During the quarter 50 A shares were converted into R shares. The conversion was 
recorded in the Finnish Trade Register on 14 November 2008.                     

On 31 December 2008 Stora Enso had 177 152 481 A shares and 612 386 018 R shares
in issue of which the Company held no A shares and 918 512 R shares with a      
nominal value of EUR 1.6 million. The holding represents 0.12% of the Company's 
share capital and 0.04% of the voting rights.                                   

Changes in shareholdings                                                        
In July the shares in Stora Enso held by Tradewinds Global Investors, LLC rose  
above 5% of the paid-up share capital.                                          

In December the Group was informed that the Finnish State had transferred all   
its shares in the Company to Solidium Oy, which is wholly owned by the State. As
a result, the shares and votes in the Company held by the Finnish State         
decreased to 0% and the shares in the Company held by Solidium Oy rose to 12.3% 
of the paid-up share capital and votes to 25.1% of the total number of votes in 
Stora Enso Oyj.                                                                 

Events after the Period                                                         
On 12 January 2009 Stora Enso announced that it had been informed on that day   
that the shares in the Company held by AXA S.A. and its subsidiaries (AXA Group)
had decreased below 10% of the paid-up share capital on 5 January 2009.         

On 16 January 2009 Stora Enso announced that it had appointed Lauri Peltola as  
the new Head of Corporate Communications to succeed Kari Vainio, who retired at 
the end of 2008. Lauri Peltola will join Stora Enso during the second quarter of
2009. He will be based in Helsinki and report to CEO Jouko Karvinen.            

On 19 January 2009 Stora Enso announced that significant paper and board        
production curtailments as well as curtailments in pulp and sawmill operations  
would continue during the first half of 2009, in addition to the curtailments in
Wood Products announced on 30 October 2008, owing to the weakened demand for the
Group's products.                                                               

On 19 January 2009 Stora Enso also announced that it was starting               
co-determination negotiations concerning temporary lay-offs in Finland. The     
total number of employees affected by the co-determination negotiations could   
exceed 5 000.                                                                   

On 29 January 2009 Stora Enso announced that it has been included in the Global 
100, a list of the 100 most sustainable companies in the world publicised at the
World Economic Forum in Davos, Switzerland. Stora Enso is considered among the  
best in class in the forest products industry in managing environmental, social 
and governance risks and opportunities.                                         

On 5 February 2009 Stora Enso announced that it modifies remuneration of its    
Board of Directors, management and staff.                                       

On 5 February 2009 Stora Enso announced that Stora Enso Oyj (parent company),   
due to an incorrect classification between restricted and distributable equity  
upon the cancellation of its own shares in the years 2001-2006, has reclassified
EUR 1 512 million from its retained earnings to its share premium fund.         

Sunila Pulp Mill                                                                
Co-determination negotiations are currently in progress at Sunila Pulp Mill in  
Finland concerning planned longer production curtailments.                      

Annual General Meeting                                                          
The Annual General Meeting (AGM) will be held at 16.00 (Finnish time) on        
Wednesday 1 April 2009 at the Marina Congress Center, Katajanokanlaituri 6,     
Helsinki, Finland.                                                              

The proposals of the Board of Directors and its committees relating to the      
agenda of the AGM as well as this notice are available on Stora Enso Oyj's      
website at www.storaenso.com/investors. The Annual Report of Stora Enso Oyj,    
including the Company's annual accounts, the report of the Board of Directors   
and the auditor's report, will be available on Stora Enso Oyj's website no later
than 26 February 2009. The proposals of the Board of Directors and the annual   
accounts will also be available at the AGM. Copies of these documents and of    
this notice will be sent to shareholders upon request. The minutes of the AGM   
will be available on Stora Enso Oyj's website from 15 April 2009.               

Distribution of Dividend                                                        
No assets are available for distribution on the balance sheet of the parent     
company. The parent company loss for the year 2008, EUR 1 204.2 million shall be
recorded in retained earnings. The Board of Directors has decided to propose to 
the AGM that EUR 0.20 per share be distributed to the shareholders from the     
share premium fund of the parent company. If the proposal is approved, the      
distributed amount will be paid after the Finnish National Board of Patents and 
Registration has given its consent to the reduction of the share premium fund,  
which is expected to take place in July 2009 at the earliest. The details of the
record and payment dates of the distribution shall be decided in the AGM.       

This report is unaudited.                                                       

Helsinki, 5 February 2009                                                       
Stora Enso Oyj                                                                  
Board of Directors                                                              
Segments Q4/08 compared with Q4/07                                              


Newsprint and Book Paper                                                        
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales          |    1 | 436. | 405.2 | 414.0 |     1 |  -5.1 |   2.2 |  -8.1 |
|                | 734. |    3 |       |       | 594.7 |       |       |       |
|                |    9 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*        | 345. | 81.0 |  60.7 |  83.6 | 255.2 |   3.2 |  37.7 | -26.0 |
|                |    0 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating      | 211. | 48.4 |  33.5 |  53.0 | 140.8 |   9.5 |  58.2 | -33.6 |
| profit*        |    9 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
|   % of sales   | 12.2 | 11.1 |   8.3 |  12.8 |   8.8 |  15.3 |  54.2 | -27.9 |
--------------------------------------------------------------------------------
| ROOC, %**      | 15.7 | 15.2 |  11.6 |  18.6 |  12.1 |  22.4 |  60.3 | -22.9 |
--------------------------------------------------------------------------------
| Deliveries, 1  |    3 |  804 |   712 |   745 | 2 870 |  -7.3 |   4.6 |  -6.2 |
| 000 t          |  061 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Production, 1  |    3 |  736 |   707 |   699 | 2 808 |  -5.0 |  -1.1 |  -8.3 |
| 000 t          |  061 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Newsprint and book paper sales were EUR 414.0 million, down 5% on the fourth    
quarter of 2007 due to the closure of Summa Mill and adverse exchange rate      
trends. Operating profit was EUR 53.0 million, up EUR 4.6 million on the fourth 
quarter of 2007 due to lower recycled fibre and fixed costs. Energy costs were  
high and significantly higher than in the fourth quarter of 2007.               

Markets                                                                         
Compared with Q4/2007                                                           
In Europe newsprint demand was weaker and market prices lower than a year ago.  
Imports from North America fell back significantly after rising in 2007.        
Deliveries by Western European suppliers were marginally lower as overseas      
exports decreased. Producer inventories were generally much lower than a year   
ago.                                                                            

Compared with Q3/2008                                                           
In Europe demand was substantially stronger, mainly due to customer stock       
building in December. European suppliers' overseas exports declined, especially 
to Asia. Demand continued to weaken in North America. Prices in Europe remained 
flat and producer inventories decreased. Overseas prices stayed high.           

Magazine Paper                                                                  
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales          |    2 | 589. | 544.9 | 544.3 |     2 |  -7.7 |  -0.1 |  -5.2 |
|                | 296. |    5 |       |       | 177.0 |       |       |       |
|                |    3 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*        | 222. | 45.7 |  61.4 |  53.2 | 223.5 |  16.4 | -13.4 |   0.6 |
|                |    1 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating      | 50.9 | 15.6 |  27.4 |  19.7 |  88.8 |  26.3 | -28.1 |  74.5 |
| profit*        |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
|   % of sales   |  2.2 |  2.6 |   5.0 |   3.6 |   4.1 |  38.5 | -28.0 |  86.4 |
--------------------------------------------------------------------------------
| ROOC, %**      |  2.9 |  3.8 |   7.2 |   5.4 |   6.0 |  42.1 | -25.0 | 106.9 |
--------------------------------------------------------------------------------
| Deliveries, 1  |    2 |  785 |   688 |   709 | 2 786 |  -9.7 |   3.1 |  -6.9 |
| 000 t          |  993 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Production, 1  |    2 |  730 |   706 |   644 | 2 774 | -11.8 |  -8.8 |  -6.0 |
| 000 t          |  951 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Magazine paper sales were EUR 544.3 million, 8% down on the fourth quarter of   
2007 mainly due to capacity closures. Operating profit was EUR 19.7 million, up 
EUR 4.1 million on the previous year as sales price increases at the start and  
middle of the year, and the benefits of restructuring and productivity          
improvements more than offset significantly lower production volumes,           
unfavourable currency movements and large rises in energy prices.               

Norrsundet Pulp Mill and PM 3 at Kabel Mill in Germany with annual capacity     
140 000 tonnes of coated magazine paper were permanently shut down in the fourth
quarter. Production is expected to be curtailed somewhat at Skutskär Pulp Mill  
in Sweden in the first quarter of 2009 due to weakness in the pulp market.      

Markets                                                                         
Compared with Q4/2007                                                           
In Europe demand was stronger for uncoated magazine paper but considerably      
weaker for coated magazine paper. Producer inventories were lower but prices    
higher in both grades.                                                          

In Latin America demand and prices improved significantly.                      

Compared with Q3/2008                                                           
In Europe deliveries of uncoated and coated grades increased seasonally, but    
less than usual, especially in coated grades. Producer inventories decreased    
significantly in uncoated grades and dropped sharply in coated grades. Prices   
were stable.                                                                    

In Latin America deliveries increased but price were almost unchanged.          

In China demand weakened and prices came under pressure.                        

Fine Paper                                                                      
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales          |    2 | 526. | 543.9 | 484.8 |     2 |  -8.0 | -10.9 |  -2.1 |
|                | 156. |    7 |       |       | 111.7 |       |       |       |
|                |    2 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*        | 301. | 67.5 |  69.3 |  19.5 | 219.8 | -71.1 | -71.9 | -27.1 |
|                |    6 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating      | 163. | 35.7 |  33.1 |  -9.7 |  80.4 | -127. | -129. | -50.9 |
| profit / loss* |    7 |      |       |       |       |     2 |     3 |       |
--------------------------------------------------------------------------------
|   % of sales   |  7.6 |  6.8 |   6.1 |  -2.0 |   3.8 | -129. | -132. | -50.0 |
|                |      |      |       |       |       |     4 |     8 |       |
--------------------------------------------------------------------------------
| ROOC, %**      |  9.7 |  8.5 |   7.5 |  -2.5 |   5.3 | -129. | -133. | -45.4 |
|                |      |      |       |       |       |     4 |     3 |       |
--------------------------------------------------------------------------------
| Deliveries, 1  |    2 |  681 |   694 |   622 | 2 730 |  -8.7 | -10.4 |  -3.4 |
| 000 t          |  826 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Production, 1  |    2 |  693 |   706 |   611 | 2 707 | -11.8 | -13.5 |  -5.2 |
| 000 t          |  856 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Fine paper sales were EUR 484.8 million, down 8% on the fourth quarter of 2007  
mainly due to lower sales volumes following market-related production           
curtailments. There was an operating loss of EUR 9.7 million, a deterioration of
EUR 45.4 million compared with a year earlier due to lower sales volumes and    
higher pulp and energy costs.                                                   

Markets                                                                         
Compared with Q4/2007                                                           
In Europe demand for coated and uncoated fine paper was weaker than a year ago  
due to the economic downturn. Coated fine paper prices were higher but uncoated 
fine paper prices were lower than a year ago. Producer inventories were lower.  

In China coated fine paper demand was weaker and prices were substantially lower
than a year ago.                                                                

Compared with Q3/2008                                                           
In Europe demand for coated and uncoated fine paper weakened marginally. Coated 
fine paper prices increased but uncoated fine paper prices decreased slightly.  
Producer inventories were unchanged in coated fine paper but lower in uncoated  
fine paper.                                                                     

In China coated fine paper demand weakened and prices decreased substantially.  
Consumer Board                                                                  
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales          |    2 | 579. | 563.9 | 506.3 |     2 | -12.6 | -10.2 |  -3.0 |
|                | 300. |    1 |       |       | 231.9 |       |       |       |
|                |    9 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*        | 336. | 69.2 |  71.8 |  31.6 | 242.0 | -54.3 | -56.0 | -28.1 |
|                |    4 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating      | 158. | 29.6 |  37.5 |   4.3 | 107.3 | -85.5 | -88.5 | -32.1 |
| profit*        |    0 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
|   % of sales   |  6.9 |  5.1 |   6.7 |   0.8 |   4.8 | -84.3 | -88.1 | -30.4 |
--------------------------------------------------------------------------------
| ROOC, %**      |  8.4 |  6.9 |   9.6 |   1.3 |   7.2 | -81.2 | -86.5 | -14.3 |
--------------------------------------------------------------------------------
| Deliveries, 1  |    2 |  622 |   617 |   546 | 2 442 | -12.2 | -11.5 |  -3.6 |
| 000 t          |  532 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Production, 1  |    2 |  637 |   625 |   526 | 2 437 | -17.4 | -15.8 |  -3.8 |
| 000 t          |  532 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Consumer board sales were EUR 506.3 million, down 13% on the fourth quarter of  
2007 due to lower deliveries. Operating profit was EUR 4.3 million, down EUR    
25.3 million on a year ago due to the lower deliveries resulting from closure of
Baienfurt Mill in Germany, the planned maintenance and rebuilding stoppages, and
additional production curtailments to reduce inventories as demand weakened and 
customers reduced their stocks.                                                 

The weakening pulp market impacted negatively in the fourth quarter of 2008.    
Co-determination negotiations are currently in progress at Enocell Pulp Mill in 
Finland concerning planned longer production curtailments.                      

Markets                                                                         
Compared with Q4/2007                                                           
Deliveries of board were significantly lower but prices in euros higher than a  
year ago.                                                                       

Compared with Q3/2008                                                           
Deliveries of board decreased significantly but prices in euros increased.      

Industrial Packaging                                                            
--------------------------------------------------------------------------------
| EUR million          | 2007 | Q4/ | Q3/ | Q4/ | 2008 | Chang | Chang | Chang |
|                      |      |  07 |  08 |  08 |      |   e % |   e % |   e % |
|                      |      |     |     |     |      | Q4/08 | Q4/08 | 2008- |
|                      |      |     |     |     |      | -Q4/0 | -Q3/0 |  2007 |
|                      |      |     |     |     |      |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales                |    1 | 275 | 273 | 242 |    1 | -11.9 | -11.2 |  -0.6 |
|                      | 083. |  .4 |  .1 |  .5 | 076. |       |       |       |
|                      |    5 |     |     |     |    5 |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*              | 168. | 42. | 35. | 20. | 132. | -52.7 | -42.9 | -21.4 |
|                      |    8 |   7 |   4 |   2 |    7 |       |       |       |
--------------------------------------------------------------------------------
| Operating profit*    | 111. | 28. | 20. | 6.2 | 73.9 | -78.2 | -69.0 | -34.0 |
|                      |    9 |   4 |   0 |     |      |       |       |       |
--------------------------------------------------------------------------------
|   % of sales         | 10.3 | 10. | 7.3 | 2.6 |  6.9 | -74.8 | -64.4 | -33.0 |
|                      |      |   3 |     |     |      |       |       |       |
--------------------------------------------------------------------------------
| ROOC, %**            | 16.9 | 16. | 10. | 3.6 | 11.2 | -78.4 | -66.7 | -33.7 |
|                      |      |   7 |   8 |     |      |       |       |       |
--------------------------------------------------------------------------------
| Paper and board      |    1 | 256 | 260 | 229 |    1 | -10.5 | -11.9 |  -5.4 |
| deliveries, 1 000 t  |  065 |     |     |     |  008 |       |       |       |
--------------------------------------------------------------------------------
| Paper and board      |    1 | 260 | 271 | 218 |    1 | -16.2 | -19.6 |  -3.6 |
| production, 1 000 t  |  058 |     |     |     |  020 |       |       |       |
--------------------------------------------------------------------------------
| Corrugated packaging |    1 | 277 | 271 | 254 | 1071 |  -8.3 |  -6.3 |  -1.8 |
| deliveries, million  |  091 |     |     |     |      |       |       |       |
| m2                   |      |     |     |     |      |       |       |       |
--------------------------------------------------------------------------------
| Corrugated packaging |    1 | 276 | 270 | 252 | 1066 |  -8.7 |  -6.7 |  -2.2 |
| production, million  |  090 |     |     |     |      |       |       |       |
| m2                   |      |     |     |     |      |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Industrial packaging sales were EUR 242.5 million, down 12% on the fourth       
quarter of 2007 mainly due to significantly lower delivery volumes as demand    
weakened. Operating profit was EUR 6.2 million, down EUR 22.2 million on the    
previous year due to production curtailments to match weaker demand and reduce  
inventories, and lower sales prices for some industrial packaging products.     

In November work started on building a new multifuel power plant at the         
Ostroleka Mill site in Poland. In December Corenso started up its greenfield    
core plant at Tychy in Poland and shut down its 100 000 tonnes per year         
coreboard machine at Varkaus in Finland.                                        

Markets                                                                         
Compared with Q4/2007                                                           
Demand for industrial packaging products was weakened by the general economic   
downturn. Recycled-fibre-based containerboard prices decreased as supply        
exceeded demand and old corrugated container (OCC) prices declined. Corrugated  
packaging prices also decreased slightly. Coreboard and cores prices were more  
stable, and some SC fluting and laminating paper prices rose.                   

Compared with Q3/2008                                                           
Demand for all products weakened significantly during the fourth quarter of     
2008. Recycled-fibre-based containerboard prices slipped and corrugated         
packaging prices declined slightly, but prices for other products were generally
stable.                                                                         

Wood Products                                                                   
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Sales          |    1 | 393. | 366.2 | 348.7 |     1 | -11.4 |  -4.8 | -18.9 |
|                | 853. |    7 |       |       | 503.3 |       |       |       |
|                |    1 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| EBITDA*        | 205. | 10.4 |  -2.0 |  -8.5 | -19.4 | -181. |   n/m | -109. |
|                |    5 |      |       |       |       |     7 |       |     4 |
--------------------------------------------------------------------------------
| Operating      | 150. | -0.5 | -14.3 | -18.9 | -67.5 |   n/m | -32.2 | -144. |
| profit / loss* |    7 |      |       |       |       |       |       |     8 |
--------------------------------------------------------------------------------
|   % of sales   |  8.1 | -0.1 |  -3.9 |  -5.4 |  -4.5 |   n/m | -38.5 | -155. |
|                |      |      |       |       |       |       |       |     6 |
--------------------------------------------------------------------------------
| ROOC, %**      | 19.5 | -0.3 |  -7.5 | -11.1 |  -9.8 |   n/m | -48.0 | -150. |
|                |      |      |       |       |       |       |       |     3 |
--------------------------------------------------------------------------------
| Deliveries, 1  |    6 |    1 | 1 441 | 1 422 | 5 893 |   0.1 |  -1.3 |  -7.2 |
| 000 m3         |  348 |  421 |       |       |       |       |       |       |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Wood product sales were EUR 348.7 million, down 11% on the fourth quarter of    
2007 mainly due to lower sales prices in the difficult business conditions. The 
operating loss of EUR 18.9 million was EUR 18.4 million greater than a year     
earlier as cost-saving measures and lower raw material costs could not          
compensate for lower sales prices.                                              

Production has been extensively curtailed to adapt to the challenging market    
situation. Paikuse sawmill and Viljandi component mill in Estonia have been     
permanently closed down. Tolkkinen sawmill in Finland has been temporarily shut 
down since the beginning of 2009. Co-determination negotiations concerning the  
temporary closure of Kitee sawmill in Finland are scheduled to be completed     
during February. Production of pellets at Gruvön sawmill in Sweden started in   
January.                                                                        

Decreases in sawlog prices in Central Europe, the Baltic States and Sweden have 
partly offset lower end-product prices. In Finland the benefit of lower raw     
material prices has been delayed by harvesting of high-cost standing stocks.    

Markets                                                                         
Compared with Q4/2007                                                           
Demand and prices were even worse than in the already weak markets a year ago in
almost all markets.                                                             

Compared with Q3/2008                                                           
Prices continued to decline in extremely difficult market conditions. The wood  
products industry continued to curtail production to adjust to weaker demand.   


Financials                                                                      

Key Ratios                                                                      
--------------------------------------------------------------------------------
|                 | Q4/0 | 2007 | Q3/0 | Q4/08 |  2008 | Chang | Chang | Chang |
|                 |    7 |      |    8 |       |       |   e % |   e % |   e % |
|                 |      |      |      |       |       | Q4/08 | Q4/08 | 2008- |
|                 |      |      |      |       |       | -Q4/0 | -Q3/0 |  2007 |
|                 |      |      |      |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Continuing      |      |      |      |       |       |       |       |       |
| Operations      |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Earnings per    | -0.0 | 0.01 | -0.1 | -0.82 | -0.86 |   n/m |   n/m |   n/m |
| share (basic),  |    7 |      |    6 |       |       |       |       |       |
| EUR             |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Earnings per    | 0.28 | 0.94 | 0.14 | -0.08 |  0.18 | -128. | -157. | -80.9 |
| share excluding |      |      |      |       |       |     6 |     1 |       |
| NRI, EUR        |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Cash earnings   | 0.38 | 1.95 | 0.22 |  0.16 |  0.94 | -57.9 | -27.3 | -51.8 |
| per share       |      |      |      |       |       |       |       |       |
| (CEPS), EUR     |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| CEPS excluding  | 0.50 | 1.94 | 0.37 |  0.06 |  0.99 | -88.0 | -83.8 | -49.0 |
| NRI, EUR        |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Return on       | -2.4 |  1.8 | -5.3 | -33.1 |  -7.7 |   n/m |   n/m |   n/m |
| capital         |      |      |      |       |       |       |       |       |
| employed        |      |      |      |       |       |       |       |       |
| (ROCE), %       |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| ROCE excluding  | 12.8 | 11.3 |  5.4 |  -0.8 |   3.4 | -106. | -114. | -69.9 |
| NRI, %          |      |      |      |       |       |     3 |     8 |       |
--------------------------------------------------------------------------------
| Return on       | -6.6 | -2.5 | -6.3 | -40.8 | -10.1 |   n/m |   n/m |   n/m |
| equity (ROE),   |      |      |      |       |       |       |       |       |
| %*              |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Debt/equity     | 0.39 | 0.39 | 0.42 |  0.56 |  0.56 |  43.6 |  33.3 |  43.6 |
| ratio*          |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Equity per      | 9.63 | 9.63 | 9.02 |  7.09 |  7.09 | -26.4 | -21.4 | -26.4 |
| share, EUR*     |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Equity ratio,   | 50.1 | 50.1 | 50.7 |  46.2 |  46.2 |  -7.8 |  -8.9 |  -7.8 |
| %*              |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating       | -2.0 |  1.5 | -5.1 | -30.1 |  -6.6 |   n/m |   n/m |   n/m |
| profit / loss,  |      |      |      |       |       |       |       |       |
| % of sales      |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating       | 11.0 |  9.5 |  5.2 |  -0.7 |   2.9 | -106. | -113. | -69.5 |
| profit / loss   |      |      |      |       |       |     4 |     5 |       |
| excluding NRI,  |      |      |      |       |       |       |       |       |
| % of sales      |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Capital         | 300. | 768. | 152. | 223.5 | 704.7 | -25.7 |  46.3 |  -8.3 |
| expenditure,    |    9 |    3 |    8 |       |       |       |       |       |
| EUR million     |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Capital         |   10 |   10 |   10 | 8 775 | 8 775 | -13.5 | -13.8 | -13.5 |
| employed, EUR   |  140 |  140 |  176 |       |       |       |       |       |
| million         |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Interest-bearin |    2 |    2 |    2 | 3 124 | 3 124 |   5.7 |   4.5 |   5.7 |
| g net           |  955 |  955 |  989 |       |       |       |       |       |
| liabilities,    |      |      |      |       |       |       |       |       |
| EUR million*    |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
| Average number  |   36 |   36 |   34 |    33 |    33 |  -6.4 |  -1.5 |  -6.4 |
| of employees    |  137 |  137 |  331 |   815 |   815 |       |       |       |
--------------------------------------------------------------------------------
| Average number  |      |      |      |       |       |       |       |       |
| of shares       |      |      |      |       |       |       |       |       |
| (million)       |      |      |      |       |       |       |       |       |
--------------------------------------------------------------------------------
|   periodic      | 788. | 788. | 788. | 788.6 | 788.6 |   0.0 |   0.0 |   0.0 |
|                 |    6 |    6 |    6 |       |       |       |       |       |
--------------------------------------------------------------------------------
|   cumulative    | 788. | 788. | 788. | 788.6 | 788.6 |   0.0 |   0.0 |   0.0 |
|                 |    6 |    6 |    6 |       |       |       |       |       |
--------------------------------------------------------------------------------
| cumulative,     | 788. | 788. | 788. | 788.6 | 788.6 |   0.0 |   0.0 |   0.0 |
| diluted         |    8 |    8 |    6 |       |       |       |       |       |
--------------------------------------------------------------------------------

NRI = Non-recurring items                                                       
* Total operations                                                              
Cash Earning per Share (CEPS) = (Net profit for the period + depreciation and   
amortisation)/average number of shares                                          

Key Exchange Rates for the Euro                                                 
--------------------------------------------------------------------------------
| One Euro is |         Closing Rate          |          Average Rate          |
--------------------------------------------------------------------------------
|             |   31 Dec 07   |   31 Dec 08   |   31 Dec 07   |   31 Dec 08    |
--------------------------------------------------------------------------------
| SEK         |    9.4415     |    10.8700    |    9.2517     |     9.6280     |
--------------------------------------------------------------------------------
| USD         |    1.4721     |    1.3917     |    1.3710     |     1.4710     |
--------------------------------------------------------------------------------
| GBP         |    0.7333     |    0.9525     |    0.6847     |     0.7972     |
--------------------------------------------------------------------------------


Transaction Risk and Hedges in Main Currencies as at 31 December 2008           
--------------------------------------------------------------------------------
| EUR million          |   EUR |  USD |    GBP |   SEK |   JPY | Other | Total |
--------------------------------------------------------------------------------
| Sales during 2008    | 6 360 |    1 |    690 | 1 160 |   250 | 1 000 |    11 |
|                      |       |  570 |        |       |       |       |   030 |
--------------------------------------------------------------------------------
| Costs during 2008    |    -6 | -670 |   -110 |    -2 |     0 |    -1 |   -10 |
|                      |   300 |      |        |   110 |       |   150 |   340 |
--------------------------------------------------------------------------------
| Net Operating Cash   |    60 |  900 |    580 |  -950 |   250 |  -150 |   690 |
| Flow*                |       |      |        |       |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transaction hedges   |       |  355 |    207 |  -730 |   119 |       |       |
| as at 31 Dec.        |       |      |        |       |       |       |       |
--------------------------------------------------------------------------------
| As % of 2008         |       |  39% |    36% |   77% |   48% |       |       |
| operating cash flow  |       |      |        |       |       |       |       |
--------------------------------------------------------------------------------
| Average hedging %    |       |  50% |    47% |   58% |   52% |       |       |
| during 2008          |       |      |        |       |       |       |       |
--------------------------------------------------------------------------------

* Continuing operations                                                         

Changes in Exchange Rates on Operating Profit                                   
--------------------------------------------------------------------------------
| Operating Profit: Currency effect +/- 10%         |              EUR million |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| USD                                               |                       66 |
--------------------------------------------------------------------------------
| SEK                                               |                     -100 |
--------------------------------------------------------------------------------
| GBP                                               |                       49 |
--------------------------------------------------------------------------------

The sensitivity is based on expected 2009 net operation cash flow. The          
calculation is made before currency hedges assuming that no other changes other 
than a single currency rate movement occurs                                     
Condensed Consolidated Income Statement                                         
--------------------------------------------------------------------------------
| EUR million    | 2007 | Q4/0 | Q3/08 | Q4/08 |  2008 | Chang | Chang | Chang |
|                |      |    7 |       |       |       |   e % |   e % |   e % |
|                |      |      |       |       |       | Q4/08 | Q4/08 | 2008- |
|                |      |      |       |       |       | -Q4/0 | -Q3/0 |  2007 |
|                |      |      |       |       |       |     7 |     8 |       |
--------------------------------------------------------------------------------
| Continuing     |      |      |       |       |       |       |       |       |
| Operations     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Sales          |   11 |    2 |     2 |     2 |    11 | -12.7 |  -4.4 |  -6.9 |
|                | 848. | 980. | 722.7 | 602.5 | 028.8 |       |       |       |
|                |    5 |    7 |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Other          | 88.4 | 32.9 |  23.8 |  51.4 | 120.2 |  56.2 | 116.0 |  36.0 |
| operating      |      |      |       |       |       |       |       |       |
| income         |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Materials and  | -6 9 |   -1 |    -1 |    -1 | -6 90 |   5.5 |  -1.1 |   0.8 |
| services       | 63.0 | 830. | 712.1 | 730.3 |   5.0 |       |       |       |
|                |      |    1 |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Freight and    | -1 1 | -326 | -292. | -266. |    -1 |  18.4 |   9.0 |   0.6 |
| sales          | 33.9 |   .0 |     4 |     0 | 127.1 |       |       |       |
| commissions    |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Personnel      |   -1 | -448 | -364. | -402. |    -1 |  10.3 | -10.3 |   2.6 |
| expenses       | 712. |   .6 |     5 |     2 | 669.1 |       |       |       |
|                |    9 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Other          | -761 | -340 | -223. | -222. | -752. |  34.8 |   0.5 |   1.2 |
| operating      |   .9 |   .5 |     2 |     1 |     6 |       |       |       |
| expenses       |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Share of       | 341. | 231. |   1.6 | -37.4 |   0.6 | -116. |   n/m | -99.8 |
| results of     |    3 |    8 |       |       |       |     1 |       |       |
| associated     |      |      |       |       |       |       |       |       |
| companies      |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Depreciation   |   -1 | -360 | -294. | -780. |    -1 | -116. | -164. |   7.0 |
| and impairment | 529. |   .8 |     6 |     1 | 422.4 |     2 |     8 |       |
|                |    6 |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating      | 176. | -60. | -138. | -784. | -726. |   n/m |   n/m |   n/m |
| Profit / Loss  |    9 |    6 |     7 |     2 |     6 |       |       |       |
--------------------------------------------------------------------------------
| Net financial  | -156 | -43. | -23.0 | -61.4 | -167. | -40.5 | -167. |  -6.7 |
| items          |   .7 |    7 |       |       |     2 |       |     0 |       |
--------------------------------------------------------------------------------
| Profit / Loss  | 20.2 | -104 | -161. | -845. | -893. |   n/m |   n/m |   n/m |
| before Tax     |      |   .3 |     7 |     6 |     8 |       |       |       |
--------------------------------------------------------------------------------
|  Income tax    | -7.4 | 44.7 |  42.6 | 191.0 | 214.8 |   n/m |   n/m |   n/m |
--------------------------------------------------------------------------------
| Net Profit /   | 12.8 | -59. | -119. | -654. | -679. |   n/m |   n/m |   n/m |
| Loss for the   |      |    6 |     1 |     6 |     0 |       |       |       |
| Period from    |      |      |       |       |       |       |       |       |
| Continuing     |      |      |       |       |       |       |       |       |
| Operations     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued   |      |      |       |       |       |       |       |       |
| Operations     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Profit / Loss  | -225 | -78. |   0.9 |   0.1 |   4.3 | 100.1 | -88.9 | 101.9 |
| after tax for  |   .2 |    1 |       |       |       |       |       |       |
| the period     |      |      |       |       |       |       |       |       |
| from           |      |      |       |       |       |       |       |       |
| discontinued   |      |      |       |       |       |       |       |       |
| operations     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Loss for   | -212 | -137 | -118. | -654. | -674. |   n/m |   n/m | -217. |
| the Period     |   .4 |   .7 |     2 |     5 |     7 |       |       |     7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable   |      |      |       |       |       |       |       |       |
| to:            |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Equity holders | -214 | -135 | -118. | -648. | -673. |   n/m |   n/m | -213. |
| of the Parent  |   .7 |   .2 |     7 |     5 |     4 |       |       |     6 |
| Company        |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Minority       |  2.3 | -2.5 |   0.5 |  -6.0 |  -1.3 | -140. |   n/m | -156. |
| interests      |      |      |       |       |       |     0 |       |     5 |
--------------------------------------------------------------------------------
|                | -212 | -137 | -118. | -654. | -674. |   n/m |   n/m | -217. |
|                |   .4 |   .7 |     2 |     5 |     7 |       |       |     7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per   |      |      |       |       |       |       |       |       |
| Share          |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Basic earnings | -0.2 | -0.1 | -0.15 | -0.82 | -0.85 |   n/m |   n/m | -214. |
| per share, EUR |    7 |    7 |       |       |       |       |       |     8 |
--------------------------------------------------------------------------------
| Diluted        | -0.2 | -0.1 | -0.15 | -0.82 | -0.85 |   n/m |   n/m | -214. |
| earnings per   |    7 |    7 |       |       |       |       |       |     8 |
| share, EUR     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Earnings per   |      |      |       |       |       |       |       |       |
| Share from     |      |      |       |       |       |       |       |       |
| Continuing     |      |      |       |       |       |       |       |       |
| Operations     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Basic earnings | 0.01 | -0.0 | -0.16 | -0.82 | -0.86 |   n/m |   n/m |   n/m |
| per share, EUR |      |    7 |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Diluted        | 0.01 | -0.0 | -0.16 | -0.82 | -0.86 |   n/m |   n/m |   n/m |
| earnings per   |      |    7 |       |       |       |       |       |       |
| share, EUR     |      |      |       |       |       |       |       |       |
--------------------------------------------------------------------------------


Consolidated Statement of Recognised Income & Expense                           
--------------------------------------------------------------------------------
| EUR million                |    2007 |   Q4/07 |   Q3/08 |   Q4/08 |    2008 |
--------------------------------------------------------------------------------
| Total Operations           |         |         |         |         |         |
--------------------------------------------------------------------------------
| Defined benefit plan       |    17.3 |    16.8 |    -0.1 |   -12.6 |   -12.7 |
| actuarial gains            |         |         |         |         |         |
--------------------------------------------------------------------------------
| Tax on actuarial movements |    -6.3 |    -6.2 |     0.2 |    -3.5 |    -3.3 |
--------------------------------------------------------------------------------
| Aggregate fair value       |   217.3 |     3.8 |  -377.7 |  -405.9 |  -398.0 |
| movements in               |         |         |         |         |         |
| Available-for-Sale assets  |         |         |         |         |         |
--------------------------------------------------------------------------------
| Currency and commodity     |     5.6 |   -28.3 |  -116.7 |  -237.7 |  -312.3 |
| hedges                     |         |         |         |         |         |
--------------------------------------------------------------------------------
| Associate hedges           |     5.1 |     0.1 |    -5.4 |   -10.9 |    -9.4 |
--------------------------------------------------------------------------------
| Tax on Other Comprehensive |    -3.2 |     7.8 |    35.6 |    67.2 |    93.3 |
| Income Movements (OCI)     |         |         |         |         |         |
--------------------------------------------------------------------------------
| Currency translation       |   -85.3 |   -61.7 |  -141.1 |  -185.4 |  -295.9 |
| movements on equity net    |         |         |         |         |         |
| investments (CTA)          |         |         |         |         |         |
--------------------------------------------------------------------------------
| Equity net investment      |    53.7 |    18.8 |    56.2 |   -60.4 |    -1.0 |
| hedges                     |         |         |         |         |         |
--------------------------------------------------------------------------------
|   Tax on equity hedges     |   -13.2 |    -4.2 |     4.0 |    -4.1 |     1.1 |
--------------------------------------------------------------------------------
| Income and Expense         |   191.0 |   -53.1 |  -545.0 |  -853.3 |  -938.2 |
| Recognised in Equity       |         |         |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Items From Equity          |    52.7 |    69.3 |    -5.5 |   -16.7 |   -32.4 |
| Recognised in Income       |         |         |         |         |         |
| Statement                  |         |         |         |         |         |
--------------------------------------------------------------------------------
| Net Income and Expense     |   243.7 |    16.2 |  -550.5 |  -870.0 |  -970.6 |
| Recognised in Equity       |         |         |         |         |         |
--------------------------------------------------------------------------------
| Net profit/ loss for the   |  -212.4 |  -137.7 |  -118.2 |  -654.5 |  -674.7 |
| period                     |         |         |         |         |         |
--------------------------------------------------------------------------------
| Total Recognised Income    |    31.3 |  -121.5 |  -668.7 |      -1 |      -1 |
| and Expense for the Period |         |         |         |   524.5 |   645.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:           |         |         |         |         |         |
--------------------------------------------------------------------------------
| Equity holders of the      |    29.0 |  -119.0 |  -669.2 |      -1 |      -1 |
| Parent Company             |         |         |         |   518.5 |   644.0 |
--------------------------------------------------------------------------------
| Minority interests         |     2.3 |    -2.5 |     0.5 |    -6.0 |    -1.3 |
--------------------------------------------------------------------------------
| Total Recognised Income    |    31.3 |  -121.5 |  -668.7 |      -1 |      -1 |
| and Expense for the Period |         |         |         |   524.5 |   645.3 |
--------------------------------------------------------------------------------


Condensed Consolidated Cash Flow Statement - Group Total                        
--------------------------------------------------------------------------------
| EUR million                                  |          2007 |          2008 |
--------------------------------------------------------------------------------
| Cash Flow from Operating Activities          |               |               |
--------------------------------------------------------------------------------
| Operating profit / loss                      |         249.9 |        -714.8 |
--------------------------------------------------------------------------------
| Hedging result from SORIE                    |           3.6 |        -280.9 |
--------------------------------------------------------------------------------
| Adjustments                                  |       1 411.6 |       1 453.8 |
--------------------------------------------------------------------------------
| Change in net working capital                |        -330.9 |          81.5 |
--------------------------------------------------------------------------------
| Cash Flow Generated by Operations            |       1 334.2 |         539.6 |
--------------------------------------------------------------------------------
| Net financials items paid                    |        -362.4 |          47.7 |
--------------------------------------------------------------------------------
| Income taxes paid / received                 |        -111.6 |          25.6 |
--------------------------------------------------------------------------------
| Net Cash Provided by Operating Activities    |         860.2 |         612.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash Flow from Investing Activities          |               |               |
--------------------------------------------------------------------------------
| Acquisitions of subsidiaries                 |         -71.4 |          -4.5 |
--------------------------------------------------------------------------------
| Acquisitions of associated companies         |         -91.6 |         -53.9 |
--------------------------------------------------------------------------------
| Proceeds from sale of fixed assets and other |         415.6 |         230.3 |
| shares                                       |               |               |
--------------------------------------------------------------------------------
| Capital expenditure                          |        -820.4 |        -706.9 |
--------------------------------------------------------------------------------
| Proceeds from (payment of) the non-current   |          17.8 |         -16.2 |
| receivables, net                             |               |               |
--------------------------------------------------------------------------------
| Net Cash Used in Investing Activities        |        -550.0 |        -551.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash Flow from Financing Activities          |               |               |
--------------------------------------------------------------------------------
| Proceeds from issue of new long-term debt    |         289.0 |         303.6 |
--------------------------------------------------------------------------------
| Long-term debt, payments                     |        -759.9 |        -634.2 |
--------------------------------------------------------------------------------
| Change in short-term borrowings              |       1 145.4 |           4.0 |
--------------------------------------------------------------------------------
| Dividends paid                               |        -354.9 |        -354.9 |
--------------------------------------------------------------------------------
| Minority equity injections less dividends    |           7.0 |          -4.2 |
--------------------------------------------------------------------------------
| (Repurchase) / Disposal of own shares        |          -2.1 |             - |
--------------------------------------------------------------------------------
| Net Cash Used in Financing Activities        |         324.5 |        -685.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Increase / Decrease in Cash and Cash     |         634.7 |        -624.0 |
| Equivalents                                  |               |               |
--------------------------------------------------------------------------------
| Cash and bank in acquired companies          |           0.3 |           0.0 |
--------------------------------------------------------------------------------
| Cash and bank in disposed companies          |        -110.8 |         -31.3 |
--------------------------------------------------------------------------------
| Translation adjustment                       |          45.5 |         148.6 |
--------------------------------------------------------------------------------
| Net cash and cash equivalents at the         |         309.6 |         879.3 |
| beginning of period                          |               |               |
--------------------------------------------------------------------------------
| Net Cash and Cash Equivalents at Period End  |         879.3 |         372.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and Cash Equivalents at Period End      |         970.7 |         415.8 |
--------------------------------------------------------------------------------
| Bank Overdrafts at Period End                |         -91.4 |         -43.2 |
--------------------------------------------------------------------------------
| Net Cash and Cash Equivalents at Period End  |         879.3 |         372.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisitions of Subsidiary Companies         |               |               |
--------------------------------------------------------------------------------
|   Cash and cash equivalents                  |           0.3 |             - |
--------------------------------------------------------------------------------
|   Working capital                            |          -9.6 |           0.2 |
--------------------------------------------------------------------------------
|   Fixed assets                               |          10.7 |           3.9 |
--------------------------------------------------------------------------------
|   Tax liabilities                            |          -0.1 |          -0.4 |
--------------------------------------------------------------------------------
|   Interest-bearing liabilities               |          -1.2 |          -1.0 |
--------------------------------------------------------------------------------
|   Minority interests                         |          71.3 |           1.8 |
--------------------------------------------------------------------------------
| Fair Value of Net Assets                     |          71.4 |           4.5 |
--------------------------------------------------------------------------------
|   Goodwill                                   |             - |            -  |
--------------------------------------------------------------------------------
| Total Purchase Consideration                 |          71.4 |           4.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Disposal of Subsidiary Companies             |               |               |
--------------------------------------------------------------------------------
|   Cash and cash equivalents                  |         110.8 |          31.3 |
--------------------------------------------------------------------------------
|   Working capital                            |        -155.0 |         167.0 |
--------------------------------------------------------------------------------
|   Fixed assets                               |       1 779.9 |         281.8 |
--------------------------------------------------------------------------------
|   Interest-bearing assets                    |          29.6 |           0.0 |
--------------------------------------------------------------------------------
|   Tax liabilities                            |         -49.6 |         -26.4 |
--------------------------------------------------------------------------------
|   Interest-bearing liabilities               |      -1 019.2 |        -230.4 |
--------------------------------------------------------------------------------
|   Minority interests                         |          -0.6 |           3.4 |
--------------------------------------------------------------------------------
| Net Assets in Divested Companies             |         695.9 |         226.7 |
--------------------------------------------------------------------------------
|   Income Statement capital gain              |           5.0 |           1.5 |
--------------------------------------------------------------------------------
| Total Disposal Consideration Received in     |         700.9 |         228.2 |
| Cash and Kind                                |               |               |
--------------------------------------------------------------------------------


Property, Plant and Equipment, Intangible Assets and Goodwill                   
--------------------------------------------------------------------------------
| EUR million                                  |          2007 |          2008 |
--------------------------------------------------------------------------------
|   Carrying value at 1 January                |      10 440.4 |       7 232.4 |
--------------------------------------------------------------------------------
|   Acquisition of subsidiary companies        |          10.7 |           3.9 |
--------------------------------------------------------------------------------
|   Capital expenditure                        |         770.2 |         648.2 |
--------------------------------------------------------------------------------
|   Additions in biological assets             |          50.2 |          58.7 |
--------------------------------------------------------------------------------
|   Change in emission rights                  |         -92.9 |          61.8 |
--------------------------------------------------------------------------------
|   Disposals                                  |         -52.9 |         -54.7 |
--------------------------------------------------------------------------------
|   Disposals of subsidiary companies          |      -1 780.0 |        -281.8 |
--------------------------------------------------------------------------------
| Depreciation and impairment, continuing      |      -1 529.6 |      -1 422.4 |
| operations                                   |               |               |
--------------------------------------------------------------------------------
| Depreciation and impairment, discontinued    |        -351.7 |         -46.1 |
| operations                                   |               |               |
--------------------------------------------------------------------------------
|   Translation difference and other           |        -232.0 |        -300.6 |
--------------------------------------------------------------------------------
| Balance Sheet Total                          |       7 232.4 |       5 899.4 |
--------------------------------------------------------------------------------

Borrowings                                                                      
--------------------------------------------------------------------------------
| EUR million                                  |   31 Dec 2007 |   31 Dec 2008 |
--------------------------------------------------------------------------------
| Non-current borrowings                       |       3 354.8 |       3 007.8 |
--------------------------------------------------------------------------------
| Current borrowings                           |       1 086.6 |       1 068.3 |
--------------------------------------------------------------------------------
|                                              |       4 441.4 |       4 076.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                              |          2007 |          2008 |
--------------------------------------------------------------------------------
| Carrying value at 1 January                  |       5 227.9 |       4 441.4 |
--------------------------------------------------------------------------------
| Debt acquired with new subsidiaries          |           1.2 |           1.0 |
--------------------------------------------------------------------------------
| Debt disposed with sold subsidiaries         |      -1 019.2 |        -230.4 |
--------------------------------------------------------------------------------
| Proceeds from borrowings (net)               |         358.3 |         -59.7 |
--------------------------------------------------------------------------------
| Translation difference                       |        -126.8 |         -76.2 |
--------------------------------------------------------------------------------
| Total Borrowings                             |       4 441.4 |       4 076.1 |
--------------------------------------------------------------------------------

Discontinued Operations                                                         
--------------------------------------------------------------------------------
| EUR million                                          |       2007 |     2008 |
--------------------------------------------------------------------------------
| Sales                                                |    3 913.3 |    708.7 |
--------------------------------------------------------------------------------
| Operating costs                                      |   -3 812.0 |   -693.3 |
--------------------------------------------------------------------------------
| Operating profit before remeasurement to fair value  |      101.3 |     15.4 |
--------------------------------------------------------------------------------
| Remeasurement to fair value less CTA                 |      -28.3 |     -3.6 |
--------------------------------------------------------------------------------
| Operating profit                                     |       73.0 |     11.8 |
--------------------------------------------------------------------------------
| Net financial items                                  |     -109.5 |     -5.5 |
--------------------------------------------------------------------------------
| Profit / Loss before Tax                             |      -36.5 |      6.3 |
--------------------------------------------------------------------------------
| Income tax                                           |     -188.7 |     -2.0 |
--------------------------------------------------------------------------------
| Profit / Loss after Tax from Discontinued Operations |     -225.2 |      4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Condensed Consolidated Balance Sheet                                            
--------------------------------------------------------------------------------
| EUR million                              |     |    31 Dec 07 |    31 Dec 08 |
|                                          |     |          (as |              |
|                                          |     |   restated*) |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets                                   |     |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fixed Assets and Other Non-current       |     |              |              |
| Investments                              |     |              |              |
--------------------------------------------------------------------------------
|   Fixed assets                           |  O  |      7 138.5 |      5 698.8 |
--------------------------------------------------------------------------------
|   Biological assets                      |  O  |         88.7 |        133.6 |
--------------------------------------------------------------------------------
|   Emission rights                        |  O  |          5.2 |         67.0 |
--------------------------------------------------------------------------------
|   Investment in associated companies     |  O  |      1 154.5 |      1 042.5 |
--------------------------------------------------------------------------------
| Available-for-sale: Interest-bearing     |  I  |        161.8 |        154.9 |
| securities                               |     |              |              |
--------------------------------------------------------------------------------
|   Available-for-sale: Unlisted shares    |  O  |      1 260.8 |        954.3 |
--------------------------------------------------------------------------------
|   Non-current loan receivables           |  I  |        126.5 |        130.3 |
--------------------------------------------------------------------------------
|   Deferred tax assets                    |  T  |         63.7 |         74.5 |
--------------------------------------------------------------------------------
|   Other non-current assets               |  O  |         22.6 |         16.2 |
--------------------------------------------------------------------------------
|                                          |     |     10 022.3 |      8 272.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current Assets                           |     |              |              |
--------------------------------------------------------------------------------
|   Inventories                            |  O  |      1 992.6 |      1 693.6 |
--------------------------------------------------------------------------------
|   Tax receivables                        |  T  |         34.3 |         25.0 |
--------------------------------------------------------------------------------
|   Operative receivables                  |  O  |      2 063.1 |      1 583.2 |
--------------------------------------------------------------------------------
|   Interest-bearing receivables           |  I  |        227.8 |        251.1 |
--------------------------------------------------------------------------------
|   Cash and cash equivalents              |  I  |        970.7 |        415.8 |
--------------------------------------------------------------------------------
|                                          |     |      5 288.5 |      3 968.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Assets                             |     |     15 310.8 |     12 240.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and Liabilities                   |     |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to Company           |     |      7 593.6 |      5 594.0 |
| shareholders                             |     |              |              |
--------------------------------------------------------------------------------
|  Minority interests                      |     |         71.9 |         56.5 |
--------------------------------------------------------------------------------
| Total Equity                             |     |      7 665.5 |      5 650.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current Liabilities                  |     |              |              |
--------------------------------------------------------------------------------
|  Post-employment benefit provisions      |  O  |        327.3 |        299.0 |
--------------------------------------------------------------------------------
|  Other provisions                        |  O  |        135.9 |        202.3 |
--------------------------------------------------------------------------------
|  Deferred tax liabilities                |  T  |        582.0 |        277.5 |
--------------------------------------------------------------------------------
|  Long-term debt                          |  I  |      3 354.8 |      3 007.8 |
--------------------------------------------------------------------------------
|  Other non-current operative liabilities |  O  |         52.7 |         28.5 |
--------------------------------------------------------------------------------
|                                          |     |      4 452.7 |      3 815.1 |
--------------------------------------------------------------------------------
| Current Liabilities                      |     |              |              |
--------------------------------------------------------------------------------
|  Current portion of long-term debt       |  I  |        513.1 |        437.4 |
--------------------------------------------------------------------------------
|  Interest-bearing liabilities            |  I  |        573.6 |        630.9 |
--------------------------------------------------------------------------------
|  Operative liabilities                   |  O  |      1 971.3 |      1 602.1 |
--------------------------------------------------------------------------------
|  Tax liabilities                         |  T  |        134.6 |        104.8 |
--------------------------------------------------------------------------------
|                                          |     |      3 192.6 |      2 775.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Liabilities                        |     |      7 645.3 |      6 590.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Equity and Liabilities             |     |     15 310.8 |     12 240.8 |
--------------------------------------------------------------------------------

Items designated with “O” comprise Operating Capital                            
Items designated with “I” comprise Interest-bearing Net Liabilities             
Items designated with “T” comprise Net Tax Liabilities                          
* For description of the prior year restatement, see Basis of preparation.      


Changes in Group Shareholders' Equity                                           
--------------------------------------------------------------------------------
| EUR million         | Share | Capit | Treas |  OCI  |   CTA | Retain | Total |
|                     | Capit |    al |   ury |       |       |     ed |       |
|                     |    al | Reser | Share |       |       | Earnin |       |
|                     |       |   ves |     s |       |       |     gs |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.5 | 735.6 | -132. |      3 |     7 |
| December 2006 as    | 342.2 | 278.8 |       |       |     0 |  585.5 | 799.6 |
| reclassified*       |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Impact of           |     - |     - |     - |     - |     - |  117.5 | 117.5 |
| Restatement*        |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.5 | 735.6 | -132. |      3 |     7 |
| December 2006 -     | 342.2 | 278.8 |       |       |     0 |  703.0 | 917.1 |
| restated            |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Dividend (EUR 0.45  |     - |     - |     - |     - |     - | -354.9 | -354. |
| per share)          |       |       |       |       |       |        |     9 |
--------------------------------------------------------------------------------
| Options exercised   |     - |  -2.4 |   0.3 |     - |   8.5 |   -8.5 |  -2.1 |
--------------------------------------------------------------------------------
| Buy-out of minority |     - |     - |     - |     - |     - |    4.5 |   4.5 |
| interests           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Net loss for the    |     - |     - |     - |     - |  52.7 | -214.7 | -162. |
| period              |       |       |       |       |       |        |     0 |
--------------------------------------------------------------------------------
| Net income          |     - |     - |     - | 224.8 | -44.8 |   11.0 | 191.0 |
| recognised directly |       |       |       |       |       |        |       |
| to equity           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.2 | 960.4 | -115. |      3 |     7 |
| December 2007 -     | 342.2 | 276.4 |       |       |     6 |  140.4 | 593.6 |
| restated            |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Dividend (EUR 0.45  |     - |     - |     - |     - |     - | -354.9 | -354. |
| per share)          |       |       |       |       |       |        |     9 |
--------------------------------------------------------------------------------
| Buy-out of minority |     - |     - |     - |     - |     - |   -0.7 |  -0.7 |
| interests           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Net loss for the    |     - |     - |     - |     - | -32.4 | -673.4 | -705. |
| period              |       |       |       |       |       |        |     8 |
--------------------------------------------------------------------------------
| Net expense         |     - |     - |     - | -626. | -295. |  -16.0 | -938. |
| recognised directly |       |       |       |     4 |     8 |        |     2 |
| to equity           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.2 | 334.0 | -443. |      2 |     5 |
| December 2008       | 342.2 | 276.4 |       |       |     8 |  095.4 | 594.0 |
--------------------------------------------------------------------------------


CTA = Cumulative Translation Adjustment                                         
OCI = Other Comprehensive Income                                                
* For description of the prior year restatement and reclassification, see Basis 
of preparation                                                                  
Commitments and Contingencies                                                   

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| EUR million                              |       31 Dec 07 |       31 Dec 08 |
--------------------------------------------------------------------------------
| On Own Behalf                            |                 |                 |
--------------------------------------------------------------------------------
|   Pledges given                          |             0.8 |             0.8 |
--------------------------------------------------------------------------------
|   Mortgages                              |           135.9 |            62.0 |
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| On Behalf of Associated Companies        |                 |                 |
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|   Guarantees                             |           249.7 |           180.5 |
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| On Behalf of Others                      |                 |                 |
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|   Guarantees                             |           118.5 |           156.3 |
--------------------------------------------------------------------------------
| Other Commitments, Own                   |                 |                 |
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|   Leasing commitments, in next 12 months |            30.6 |            28.9 |
--------------------------------------------------------------------------------
| Leasing commitments, after next 12       |           112.2 |            95.0 |
| months                                   |                 |                 |
--------------------------------------------------------------------------------
|   Pension liabilities                    |             0.2 |             0.2 |
--------------------------------------------------------------------------------
|   Other commitments                      |            22.5 |            40.4 |
--------------------------------------------------------------------------------
| Total                                    |           670.4 |           564.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   Pledges given                          |             0.8 |             0.8 |
--------------------------------------------------------------------------------
|   Mortgages                              |           135.9 |            62.0 |
--------------------------------------------------------------------------------
|   Guarantees                             |           368.2 |           336.8 |
--------------------------------------------------------------------------------
|   Leasing commitments                    |           142.8 |           123.9 |
--------------------------------------------------------------------------------
|   Pension liabilities                    |             0.2 |             0.2 |
--------------------------------------------------------------------------------
|   Other commitments                      |            22.5 |            40.4 |
--------------------------------------------------------------------------------
| Total                                    |           670.4 |           564.1 |
--------------------------------------------------------------------------------

Purchase Agreement Commitments                                                  
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| EUR million                 |    Scheduled     |         |         |         |
|                             |     Contract     |         |         |         |
|                             |    Payments      |         |         |         |
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| Type of Supply              | Contrac |   2009 | 2010-11 | 2012-13 |  2014+  |
|                             | t Total |        |         |         |         |
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|   | Fibre                   |   1 782 |    219 |     401 |     378 |     784 |
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|   | Energy                  |   1 575 |    353 |     500 |     277 |     445 |
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|   | Logistics               |     539 |     75 |     123 |      98 |     243 |
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|   | Other Production costs  |     693 |     83 |     113 |      69 |     428 |
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|   |                         |   4 589 |    730 |   1 137 |     822 |   1 900 |
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| Capital Expenditure         |     210 |    182 |      28 |       0 |       0 |
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| Total Contractual           |   4 799 |    912 |   1 165 |     822 |   1 900 |
| Commitments at 31 December  |         |        |         |         |         |
| 2008                        |         |        |         |         |         |
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Fair Values of Derivative Financial Instruments                                 
--------------------------------------------------------------------------------
| EUR million     |      31 Dec 07 |                 31 Dec 08                 |
--------------------------------------------------------------------------------
|                 |            Net |       Positive |   Negative |         Net |
|                 |           Fair |           Fair |          F |        Fair |
|                 |          Value |         Values |        air |          Va |
|                 |              s |                |     Values |        lues |
--------------------------------------------------------------------------------
| Interest rate   |           59.4 |          264.8 |      -37.6 |       227.2 |
| swaps           |                |                |            |             |
--------------------------------------------------------------------------------
| Interest rate   |           -6.1 |            0.0 |      -38.0 |       -38.0 |
| options         |                |                |            |             |
--------------------------------------------------------------------------------
| Forward         |          -19.7 |           82.1 |     -156.0 |       -73.9 |
| contracts       |                |                |            |             |
--------------------------------------------------------------------------------
| Currency        |           17.2 |           35.6 |      -50.2 |       -14.6 |
| options         |                |                |            |             |
--------------------------------------------------------------------------------
| Commodity       |           92.0 |           28.8 |     -119.5 |       -90.7 |
| contracts       |                |                |            |             |
--------------------------------------------------------------------------------
| Equity swaps    |          -34.3 |            1.9 |      -55.0 |       -53.1 |
| (“TRS”)         |                |                |            |             |
--------------------------------------------------------------------------------
| Equity options  |           -0.6 |            0.0 |       -4.3 |        -4.3 |
--------------------------------------------------------------------------------
| Total           |          107.9 |          413.2 |     -460.7 |       -47.4 |
--------------------------------------------------------------------------------

Nominal Values of Derivative Financial Instruments                              
--------------------------------------------------------------------------------
| EUR million              |               31 Dec 07 |               31 Dec 08 |
--------------------------------------------------------------------------------
| Interest Rate            |                         |                         |
| Derivatives              |                         |                         |
--------------------------------------------------------------------------------
| Interest rate swaps      |                         |                         |
--------------------------------------------------------------------------------
|   Maturity under 1 year  |                    69.9 |                   592.8 |
--------------------------------------------------------------------------------
|   Maturity 2-5 years     |                 2 164.4 |                 1 683.4 |
--------------------------------------------------------------------------------
|   Maturity 6-10 years    |                 2 470.9 |                 2 341.6 |
--------------------------------------------------------------------------------
|                          |                 4 705.2 |                 4 617.8 |
--------------------------------------------------------------------------------
| Interest rate options    |                   491.6 |                   394.3 |
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| Total                    |                 5 196.8 |                 5 012.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign Exchange         |                         |                         |
| Derivatives              |                         |                         |
--------------------------------------------------------------------------------
|   Forward contracts      |                 3 114.1 |                 3 049.4 |
--------------------------------------------------------------------------------
|   Currency options       |                 2 607.7 |                 1 438.9 |
--------------------------------------------------------------------------------
| Total                    |                 5 721.8 |                 4 488.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commodity Derivatives    |                         |                         |
--------------------------------------------------------------------------------
|   Commodity contracts    |                   417.2 |                   604.6 |
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| Total                    |                   417.2 |                   604.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Return (Equity)    |                         |                         |
| Swaps                    |                         |                         |
--------------------------------------------------------------------------------
|   Equity swaps (“TRS”)   |                   213.9 |                   158.2 |
--------------------------------------------------------------------------------
|   Equity options         |                    22.0 |                    22.0 |
--------------------------------------------------------------------------------
| Total                    |                   235.9 |                   180.2 |
--------------------------------------------------------------------------------


Sales by Segment                                                                
--------------------------------------------------------------------------------
| EUR        | Q1/ | Q2/ | Q3/ | Q4/ | 2007 | Q1/ | Q2/0 | Q3/0 | Q4/0 |  2008 |
| million    |  07 |  07 |  07 |  07 |      |  08 |    8 |    8 |    8 |       |
--------------------------------------------------------------------------------
| Newsprint  | 438 | 429 | 430 | 436 |    1 | 386 | 389. | 405. | 414. |     1 |
| and Book   |  .7 |  .9 |  .0 |  .3 | 734. |  .5 |    0 |    2 |    0 | 594.7 |
| Paper      |     |     |     |     |    9 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Magazine   | 566 | 552 | 587 | 589 |    2 | 547 | 540. | 544. | 544. |     2 |
| Paper      |  .6 |  .9 |  .3 |  .5 | 296. |  .3 |    5 |    9 |    3 | 177.0 |
|            |     |     |     |     |    3 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Fine Paper | 577 | 522 | 529 | 526 |    2 | 545 | 537. | 543. | 484. |     2 |
|            |  .0 |  .8 |  .7 |  .7 | 156. |  .2 |    8 |    9 |    8 | 111.7 |
|            |     |     |     |     |    2 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Consumer   | 589 | 570 | 562 | 579 |    2 | 574 | 587. | 563. | 506. |     2 |
| Board      |  .6 |  .1 |  .1 |  .1 | 300. |  .4 |    3 |    9 |    3 | 231.9 |
|            |     |     |     |     |    9 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Industrial | 266 | 274 | 267 | 275 |    1 | 275 | 285. | 273. | 242. |     1 |
| Packaging  |  .1 |  .2 |  .8 |  .4 | 083. |  .5 |    4 |    1 |    5 | 076.5 |
|            |     |     |     |     |    5 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Wood       | 472 | 525 | 461 | 393 |    1 | 378 | 409. | 366. | 348. |     1 |
| Products   |  .3 |  .7 |  .4 |  .7 | 853. |  .6 |    8 |    2 |    7 | 503.3 |
|            |     |     |     |     |    1 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Other and  | 90. | 114 | 38. | 180 | 423. | 124 | 122. | 25.5 | 61.9 | 333.7 |
| eliminatio |   9 |  .3 |   4 |  .0 |    6 |  .3 |    0 |      |      |       |
| n          |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Continuing |   3 |   2 |   2 |   2 |   11 |   2 |    2 |    2 |    2 |    11 |
| Operations | 001 | 989 | 876 | 980 | 848. | 831 | 871. | 722. | 602. | 028.8 |
|            |  .2 |  .9 |  .7 |  .7 |    5 |  .8 |    8 |    7 |    5 |       |
--------------------------------------------------------------------------------
| Discontinu |   1 | 963 | 959 | 969 |    3 | 529 | 180. |  0.4 | -1.8 | 708.7 |
| ed         | 020 |  .7 |  .7 |  .1 | 913. |  .6 |    5 |      |      |       |
| operations |  .8 |     |     |     |    3 |     |      |      |      |       |
--------------------------------------------------------------------------------
| Eliminatio |   - |   - |   - |   - |    - |   - |    - |  0.0 |  0.9 |     - |
| n          | 166 | 148 | 151 | 151 | 618. | 134 | 45.8 |      |      | 179.3 |
|            |  .6 |  .4 |  .5 |  .8 |    3 |  .4 |      |      |      |       |
--------------------------------------------------------------------------------
| Total      |   3 |   3 |   3 |   3 |   15 |   3 |    3 |    2 |    2 |    11 |
|            | 855 | 805 | 684 | 798 | 143. | 227 | 006. | 723. | 601. | 558.2 |
|            |  .4 |  .2 |  .9 |  .0 |    5 |  .0 |    5 |    1 |    6 |       |
--------------------------------------------------------------------------------

Operating Profit by Segment excluding NRI and Fair Valuations                   
--------------------------------------------------------------------------------
| EUR        | Q1/ | Q2/ | Q3/ | Q4/ | 2007 | Q1/ | Q2/0 | Q3/0 | Q4/0 |  2008 |
| million    |  07 |  07 |  07 |  07 |      |  08 |    8 |    8 |    8 |       |
--------------------------------------------------------------------------------
| Newsprint  | 61. | 50. | 52. | 48. | 211. | 26. | 27.9 | 33.5 | 53.0 | 140.8 |
| and Book   |   1 |   2 |   2 |   4 |    9 |   4 |      |      |      |       |
| Paper      |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Magazine   | 9.4 | 8.4 | 17. | 15. | 50.9 | 27. | 14.5 | 27.4 | 19.7 |  88.8 |
| Paper      |     |     |   5 |   6 |      |   2 |      |      |      |       |
--------------------------------------------------------------------------------
| Fine Paper | 55. | 38. | 34. | 35. | 163. | 37. | 19.7 | 33.1 | -9.7 |  80.4 |
|            |   1 |   5 |   4 |   7 |    7 |   3 |      |      |      |       |
--------------------------------------------------------------------------------
| Consumer   | 72. | 29. | 27. | 29. | 158. | 42. | 23.0 | 37.5 |  4.3 | 107.3 |
| Board      |   4 |   0 |   0 |   6 |    0 |   5 |      |      |      |       |
--------------------------------------------------------------------------------
| Industrial | 29. | 29. | 24. | 28. | 111. | 27. | 20.1 | 20.0 |  6.2 |  73.9 |
| Packaging  |   2 |   6 |   7 |   4 |    9 |   6 |      |      |      |       |
--------------------------------------------------------------------------------
| Wood       | 54. | 59. | 37. | -0. | 150. | -23 | -10. | -14. | -18. | -67.5 |
| Products   |   8 |   3 |   1 |   5 |    7 |  .4 |    9 |    3 |    9 |       |
--------------------------------------------------------------------------------
| Other      | -11 | -12 | -11 | -25 | -60. | -13 | -8.2 | -7.8 | -48. | -77.4 |
|            |  .2 |  .1 |  .1 |  .9 |    3 |  .2 |      |      |    2 |       |
--------------------------------------------------------------------------------
| Operating  | 270 | 202 | 181 | 131 | 786. | 124 | 86.1 | 129. |  6.4 | 346.3 |
| profit     |  .8 |  .9 |  .8 |  .3 |    8 |  .4 |      |    4 |      |       |
| excl. NRI  |     |     |     |     |      |     |      |      |      |       |
| by Segment |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Share of   | 24. | 20. | 17. | 12. | 74.3 | 15. |  8.3 | -3.9 | 22.0 |  42.1 |
| results of |   1 |   0 |   4 |   8 |      |   7 |      |      |      |       |
| associated |     |     |     |     |      |     |      |      |      |       |
| companies  |     |     |     |     |      |     |      |      |      |       |
| excl. fair |     |     |     |     |      |     |      |      |      |       |
| valuations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Operating  | 294 | 222 | 199 | 144 | 861. | 140 | 94.4 | 125. | 28.4 | 388.4 |
| profit     |  .9 |  .9 |  .2 |  .1 |    1 |  .1 |      |    5 |      |       |
| excl. NRI  |     |     |     |     |      |     |      |      |      |       |
| and Fair   |     |     |     |     |      |     |      |      |      |       |
| Valuations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Fair       | 15. | 21. | 44. | 183 | 265. | -15 | -21. | 15.2 | -47. | -69.6 |
| valuations |   7 |   3 |   9 |  .8 |    7 |  .1 |    8 |      |    9 |       |
| *          |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Operating  | 310 | 244 | 244 | 327 |    1 | 125 | 72.6 | 140. | -19. | 318.8 |
| Profit /   |  .6 |  .2 |  .1 |  .9 | 126. |  .0 |      |    7 |    5 |       |
| Loss excl. |     |     |     |     |    8 |     |      |      |      |       |
| NRI        |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| NRI        | -12 |   - | -54 | -38 | -949 |   - | -1.3 | -279 | -764 |    -1 |
|            |  .0 |     | 9.4 | 8.5 |   .9 |     |      |   .4 |   .7 | 045.4 |
--------------------------------------------------------------------------------
| Operating  | 298 | 244 | -30 | -60 | 176. | 125 | 71.3 | -138 | -784 | -726. |
| Profit /   |  .6 |  .2 | 5.3 |  .6 |    9 |  .0 |      |   .7 |   .2 |     6 |
| Loss       |     |     |     |     |      |     |      |      |      |       |
| (IFRS)     |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net        | -36 | -53 | -23 | -43 | -156 | -41 | -40. | -23. | -61. | -167. |
| financial  |  .1 |  .0 |  .9 |  .7 |   .7 |  .9 |    9 |    0 |    4 |     2 |
| items      |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Profit /   | 262 | 191 | -32 | -10 | 20.2 | 83. | 30.4 | -161 | -845 | -893. |
| Loss       |  .5 |  .2 | 9.2 | 4.3 |      |   1 |      |   .7 |   .6 |     8 |
| before Tax |     |     |     |     |      |     |      |      |      |       |
| and        |     |     |     |     |      |     |      |      |      |       |
| Minority   |     |     |     |     |      |     |      |      |      |       |
| Interests  |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Income tax | -65 | -42 | 55. | 44. | -7.4 | -17 | -1.8 | 42.6 | 191. | 214.8 |
| expense    |  .4 |  .1 |   4 |   7 |      |  .0 |      |      |    0 |       |
--------------------------------------------------------------------------------
| Net Profit | 197 | 149 | -27 | -59 | 12.8 | 66. | 28.6 | -119 | -654 | -679. |
| / Loss     |  .1 |  .1 | 3.8 |  .6 |      |   1 |      |   .1 |   .6 |     0 |
| from       |     |     |     |     |      |     |      |      |      |       |
| Continuing |     |     |     |     |      |     |      |      |      |       |
| Operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Discontinu |     |     |     |     |      |     |      |      |      |       |
| ed         |     |     |     |     |      |     |      |      |      |       |
| Operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net profit | 25. | -5. | -16 | -78 | -225 | 5.1 | -1.8 |  0.9 |  0.1 |   4.3 |
| / loss     |   4 |   2 | 7.3 |  .1 |   .2 |     |      |      |      |       |
| after tax  |     |     |     |     |      |     |      |      |      |       |
| for the    |     |     |     |     |      |     |      |      |      |       |
| period     |     |     |     |     |      |     |      |      |      |       |
| from       |     |     |     |     |      |     |      |      |      |       |
| discontinu |     |     |     |     |      |     |      |      |      |       |
| ed         |     |     |     |     |      |     |      |      |      |       |
| operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net Profit | 222 | 143 | -44 | -13 | -212 | 71. | 26.8 | -118 | -654 | -674. |
| / Loss     |  .5 |  .9 | 1.1 | 7.7 |   .4 |   2 |      |   .2 |   .5 |     7 |
--------------------------------------------------------------------------------

Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

NRI by Segment                                                                  
--------------------------------------------------------------------------------
| EUR        | Q1/ | Q2/ | Q3/ | Q4/ | 200 | Q1/0 | Q2/0 | Q3/0 | Q4/0 |  2008 |
| million    |  07 |  07 |  07 |  07 |   7 |    8 |    8 |    8 |    8 |       |
--------------------------------------------------------------------------------
| Newsprint  |   - |   - |   - | -11 | -11 |    - | -2.4 | -7.8 | -5.0 | -15.2 |
| and Book   |     |     |     | 0.0 | 0.0 |      |      |      |      |       |
| Paper      |     |     |     |     |     |      |      |      |      |       |
--------------------------------------------------------------------------------
| Magazine   |   - |   - | -21 | -23 | -44 |    - | -2.6 | -38. | -19. | -60.4 |
| Paper      |     |     | 8.0 | 1.0 | 9.0 |      |      |    7 |    1 |       |
--------------------------------------------------------------------------------
| Fine Paper |   - |   - | -32 | 21. | -11 |    - |  7.0 | -1.5 | -399 | -394. |
|            |     |     |  .6 |   0 |  .6 |      |      |      |   .7 |     2 |
--------------------------------------------------------------------------------
| Consumer   |   - |   - | -18 | -12 | -19 |    - | -4.3 | -178 | -118 | -301. |
| Board      |     |     | 6.8 |  .5 | 9.3 |      |      |   .2 |   .9 |     4 |
--------------------------------------------------------------------------------
| Industrial |   - |   - | -5. | -1. | -6. |    - | -1.0 | -18. | -45. | -64.6 |
| Packaging  |     |     |   9 |   0 |   9 |      |      |    2 |    4 |       |
--------------------------------------------------------------------------------
| Wood       | -12 |   - | -10 |   - | -11 |    - |    - | -8.0 | -80. | -88.0 |
| Products   |  .0 |     | 6.1 |     | 8.1 |      |      |      |    0 |       |
--------------------------------------------------------------------------------
| Other      |   - |   - |   - | -55 | -55 |    - |  2.0 | -27. | -96. | -121. |
|            |     |     |     |  .0 |  .0 |      |      |    0 |    6 |     6 |
--------------------------------------------------------------------------------
| Continuing | -12 |   - | -54 | -38 | -94 |    - | -1.3 | -279 | -764 |    -1 |
| Operations |  .0 |     | 9.4 | 8.5 | 9.9 |      |      |   .4 |   .7 | 045.4 |
--------------------------------------------------------------------------------
| Discontinu | 44. | 12. |   - | -28 | 28. |    - | -4.5 |    - |    - |  -4.5 |
| ed         |   0 |   8 |     |  .3 |   5 |      |      |      |      |       |
| operations |     |     |     |     |     |      |      |      |      |       |
--------------------------------------------------------------------------------
| Total      | 32. | 12. | -54 | -41 | -92 |    - | -5.8 | -279 | -764 |    -1 |
|            |   0 |   8 | 9.4 | 6.8 | 1.4 |      |      |   .4 |   .7 | 049.9 |
--------------------------------------------------------------------------------

Operating Profit by Segment                                                     
--------------------------------------------------------------------------------
| EUR        | Q1/ | Q2/ | Q3/ | Q4/ | 2007 | Q1/ | Q2/0 | Q3/0 | Q4/0 |  2008 |
| million    |  07 |  07 |  07 |  07 |      |  08 |    8 |    8 |    8 |       |
--------------------------------------------------------------------------------
| Newsprint  | 61. | 50. | 52. | -61 | 101. | 26. | 25.5 | 25.7 | 48.0 | 125.6 |
| and Book   |   1 |   2 |   2 |  .6 |    9 |   4 |      |      |      |       |
| Paper      |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Magazine   | 9.4 | 8.4 | -20 | -21 | -398 | 27. | 11.9 | -11. |  0.6 |  28.4 |
| Paper      |     |     | 0.5 | 5.4 |   .1 |   2 |      |    3 |      |       |
--------------------------------------------------------------------------------
| Fine Paper | 55. | 38. | 1.8 | 56. | 152. | 37. | 26.7 | 31.6 | -409 | -313. |
|            |   1 |   5 |     |   7 |    1 |   3 |      |      |   .4 |     8 |
--------------------------------------------------------------------------------
| Consumer   | 72. | 29. | -15 | 17. | -41. | 42. | 18.7 | -140 | -114 | -194. |
| Board      |   4 |   0 | 9.8 |   1 |    3 |   5 |      |   .7 |   .6 |     1 |
--------------------------------------------------------------------------------
| Industrial | 29. | 29. | 18. | 27. | 105. | 27. | 19.1 |  1.8 | -39. |   9.3 |
| Packaging  |   2 |   6 |   8 |   4 |    0 |   6 |      |      |    2 |       |
--------------------------------------------------------------------------------
| Wood       | 42. | 59. | -69 | -0. | 32.6 | -23 | -10. | -22. | -98. | -155. |
| Products   |   8 |   3 |  .0 |   5 |      |  .4 |    9 |    3 |    9 |     5 |
--------------------------------------------------------------------------------
| Other*     | 4.5 | 9.2 | -14 | -11 | -116 | -36 | -32. | -25. | -133 | -227. |
|            |     |     |  .2 | 6.1 |   .6 |  .5 |    1 |    1 |   .5 |     2 |
--------------------------------------------------------------------------------
| Share of   | 24. | 20. | 65. | 231 | 341. | 23. | 12.4 |  1.6 | -37. |   0.7 |
| result of  |   1 |   0 |   4 |  .8 |    3 |   9 |      |      |    2 |       |
| associated |     |     |     |     |      |     |      |      |      |       |
| companies* |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Operating  | 298 | 244 | -30 | -60 | 176. | 125 | 71.3 | -138 | -784 | -726. |
| Profit /   |  .6 |  .2 | 5.3 |  .6 |    9 |  .0 |      |   .7 |   .2 |     6 |
| Loss       |     |     |     |     |      |     |      |      |      |       |
| (IFRS)     |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net        | -36 | -53 | -23 | -43 | -156 | -41 | -40. | -23. | -61. | -167. |
| financial  |  .1 |  .0 |  .9 |  .7 |   .7 |  .9 |    9 |    0 |    4 |     2 |
| items      |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Profit /   | 262 | 191 | -32 | -10 | 20.2 | 83. | 30.4 | -161 | -845 | -893. |
| Loss       |  .5 |  .2 | 9.2 | 4.3 |      |   1 |      |   .7 |   .6 |     8 |
| before Tax |     |     |     |     |      |     |      |      |      |       |
| and        |     |     |     |     |      |     |      |      |      |       |
| Minority   |     |     |     |     |      |     |      |      |      |       |
| Interests  |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Income tax | -65 | -42 | 55. | 44. | -7.4 | -17 | -1.8 | 42.6 | 191. | 214.8 |
| expense    |  .4 |  .1 |   4 |   7 |      |  .0 |      |      |    0 |       |
--------------------------------------------------------------------------------
| Net Profit | 197 | 149 | -27 | -59 | 12.8 | 66. | 28.6 | -119 | -654 | -679. |
| / Loss     |  .1 |  .1 | 3.8 |  .6 |      |   1 |      |   .1 |   .6 |     0 |
| from       |     |     |     |     |      |     |      |      |      |       |
| Continuing |     |     |     |     |      |     |      |      |      |       |
| Operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Discontinu |     |     |     |     |      |     |      |      |      |       |
| ed         |     |     |     |     |      |     |      |      |      |       |
| Operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net profit | 25. | -5. | -16 | -78 | -225 | 5.1 | -1.8 |  0.9 |  0.1 |   4.3 |
| / loss     |   4 |   2 | 7.3 |  .1 |   .2 |     |      |      |      |       |
| after tax  |     |     |     |     |      |     |      |      |      |       |
| for the    |     |     |     |     |      |     |      |      |      |       |
| period     |     |     |     |     |      |     |      |      |      |       |
| from       |     |     |     |     |      |     |      |      |      |       |
| discontinu |     |     |     |     |      |     |      |      |      |       |
| ed         |     |     |     |     |      |     |      |      |      |       |
| operations |     |     |     |     |      |     |      |      |      |       |
--------------------------------------------------------------------------------
| Net Profit | 222 | 143 | -44 | -13 | -212 | 71. | 26.8 | -118 | -654 | -674. |
| / Loss     |  .5 |  .9 | 1.1 | 7.7 |   .4 |   2 |      |   .2 |   .5 |     7 |
--------------------------------------------------------------------------------

* Fair valuations include synthetic options net of realised and open hedges, CO2
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

Stora Enso Shares                                                               

Closing price                                                                   
--------------------------------------------------------------------------------
|            |         Helsinki, EUR         |         Stockholm, SEK          |
--------------------------------------------------------------------------------
|            |    A share    |    R share    |    A share     |    R share     |
--------------------------------------------------------------------------------
| October    |     7.26      |     7.26      |     69.00      |     68.00      |
--------------------------------------------------------------------------------
| November   |     6.31      |     6.38      |     64.00      |     65.50      |
--------------------------------------------------------------------------------
| December   |     5.63      |     5.52      |     61.00      |     60.75      |
--------------------------------------------------------------------------------

Trading volume                                                                  
--------------------------------------------------------------------------------
|            |           Helsinki            |            Stockholm            |
--------------------------------------------------------------------------------
|            |    A share    |    R share    |    A share     |    R share     |
--------------------------------------------------------------------------------
| October    |    340 400    |  138 814 262  |    697 479     |   19 396 760   |
--------------------------------------------------------------------------------
| November   |    102 168    |  109 319 971  |     59 571     |   13 865 108   |
--------------------------------------------------------------------------------
| December   |    151 833    |  76 079 845   |     80 361     |   8 159 313    |
--------------------------------------------------------------------------------
| Total      |    594 401    |  324 214 078  |    837 411     |   41 421 181   |
--------------------------------------------------------------------------------


Basis of Preparation                                                            
This unaudited interim financial report has been prepared in accordance with the
accounting policies set out in International Accounting Standard 34 on Interim  
Financial Reporting and in the Group's Annual Report for 2007.                  

The divestment of the Merchants segment has been accounted for as a discontinued
operation. A discontinued operation represents a separate major line of business
or geographical area for which the assets, liabilities and net financial results
may be distinguished physically, operationally and for financial reporting      
purposes. The net profit from discontinued operations includes the loss on      
disposal and is reported in a single line after net profit from continuing      
operations. The prior year income statements have been re-presented to disclose 
the results from discontinued operations separately, but the Balance Sheet and  
Cash Flow statements are presented as previously reported.                      

Restatement                                                                     
The sale of Stora Enso's Finnish and Swedish forest assets in 2002 and 2004     
respectively were accounted for as a sale to an associated company and therefore
a portion of the gain on sale equal to Stora Enso's retaining interest was      
deferred and recorded in long-term liabilities. As the majority of the          
underlying assets are carried at fair value, no portion of the gain should have 
been deferred. The related deferred income provision of EUR 117.5 million is no 
longer deemed appropriate and therefore the opening equity balance has been     
restated with no change to the Income Statement as the events occurred in 2002  
and 2004.                                                                       

Reclassification                                                                
Changes in Segment Reporting                                                    
Stora Enso has modified its segment reporting format for operating profit from  
the first quarter of 2008 onwards: the share of results of associated companies 
and certain fair valuations will no longer be included in business segments'    
operating profits; they are reported as separate items to increase the          
transparency of segmental reporting and facilitate comparisons between different
periods. The fair valuation items include share-based compensation, Total Return
Swaps (TRS) and payments to settle, CO2 emission rights and IAS 41 forest asset 
valuations mainly related to associated companies. Comparative operating profits
of segments for 2007 have been reclassified. The reclassification has no effect 
on Group operating profit or Group profit before tax.                           

Changes in Retained Earnings                                                    
Stora Enso has reclassified EUR 1 512 million from its retained earnings to its 
share premium account due to an incorrect classification between restricted and 
distributable equity upon the cancellation of its own shares in the years       
2001-2006. The reclassification has no impact on the total equity in the Parent 
Company or in the Group. This reclassification is recorded in the earliest year 
presented being 2006.                                                           

Calculation of Key Figures                                                      

Return on capital employed, 		                                                  
ROCE (%) 	100  x 	Operating profit____                                          
		Capital employed 1) 2)                                                        

Return on operating capital,	100  x	Operating profit____                        
ROOC (%)		Operating capital 1) 2)                                               

	                                                                               
Return on equity,	100  x	Profit before tax and minority items - taxes           
ROE (%) 		Total Equity 2)                                                       
 		                                                                             

Equity ratio (%) 	100  x	Total Equity                                           
		Total assets                                                                  
		                                                                              

		                                                                              
Interest-bearing net liabilities 		Interest-bearing liabilities -               
interest-bearing assets                                                         

Debt/Equity ratio		Interest-bearing net liabilities                             
		Equity                                                                        

	                                                                               

1) Capital employed = Operating capital - Net tax liabilities                   
2) Average for the financial period                                             


For further information, please contact:                                        
Jouko Karvinen, CEO, tel. +358 2046 21410                                       
Markus Rauramo, CFO, tel. +358 2046 21121                                       
Keith B Russell, SVP, Investor Relations, tel. +44 7775 788 659                 
Ulla Paajanen-Sainio, VP, Investor Relations and Financial Communications,      
tel.                                                                            
+358 40 763 8767                                                                

Stora Enso's first quarter results 2009 will be published on 23 April 2009.     

Press conference in Helsinki                                                    
Time:    	11.00 local time                                                      
Location: 	Katajanokan Kasino, Kenraalisali                                     
Address: 	Laivastokatu 1                                                        
Hosts:   	Jouko Karvinen, CEO                                                   
            	Markus Rauramo, CFO                                                
                                                                                
The conference will be held in Finnish. Questions can be addressed to Jouko     
Karvinen and Markus Rauramo after the presentation.                             

ANALYST CONFERENCE CALL                                                         
CEO Jouko Karvinen and CFO Markus Rauramo will be hosting a combined conference 
call and webcast today at 16.00 Finnish time (15.00 CET, 14.00 UK time, 9.00 US 
Eastern time).                                                                  

If you wish to participate, please dial (quoting ‘Stora Enso'):                 
+44 (0)20 8609 1270  	Continental Europe and the UK                             
09 8171                                                                         
0318  	Finland                                                                  
08 5661 9353  	Sweden                                                           
1 703 621 9128 	USA                                                             

The live webcast may be accessed at www.storaenso.com/investors                 

Stora Enso's first quarter results 2009 will be published on 23 April 2009.     

Annual General Meeting			1 April 2009                                           



Stora Enso is a global paper, packaging and forest products company producing   
newsprint and book paper, magazine paper, fine paper, consumer board, industrial
packaging and wood products. The Group has 32 000 employees and 85 production   
facilities in more than 35 countries worldwide, and is a publicly traded company
listed in Helsinki and Stockholm. Our annual production capacity is 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, including 3.2 million cubic     
metres of value-added products. Our sales in 2008 were EUR 11.0 billion.        
	                                                                               

It should be noted that certain statements herein which are not historical      
facts, including, without limitation those regarding expectations for market    
growth and developments; expectations for growth and profitability; and         
statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or     
similar expressions, are forward-looking statements within the meaning of the   
United States Private Securities Litigation Reform Act of 1995. Since these     
statements are based on current plans, estimates and projections, they involve  
risks and uncertainties, which may cause actual results to materially differ    
from those expressed in such forward-looking statements. Such factors include,  
but are not limited to: (1) operating factors such as continued success of      
manufacturing activities and the achievement of efficiencies therein, continued 
success of product development, acceptance of new products or services by the   
Group's targeted customers, success of the existing and future collaboration    
arrangements, changes in business strategy or development plans or targets,     
changes in the degree of protection created by the Group's patents and other    
intellectual property rights, the availability of capital on acceptable terms;  
(2) industry conditions, such as strength of product demand, intensity of       
competition, prevailing and future global market prices for the Group's products
and the pricing pressures thereto, price fluctuations in raw materials,         
financial condition of the customers and the competitors of the Group, the      
potential introduction of competing products and technologies by competitors;   
and (3) general economic conditions, such as rates of economic growth in the    
Group's principal geographic markets or fluctuations in exchange and interest   
rates.                                                                          



www.storaenso.com                                                               
www.storaenso.com/investors                                                     

STORA ENSO OYJ                                                                  



Jari Suvanto		Ulla Paajanen-Sainio

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