Stora Enso’s historical figures according to new Business Area structure

STORA ENSO OYJ STOCK EXCHANGE RELEASE 22 March 2012 at 9.00 EET

As announced on 17 January 2012, Stora Enso has reorganised its Business Area and Reporting Segment structure based on the different markets and customers the Business Areas serve. The new reporting segments are Printing and Reading, Biomaterials, Building and Living, Renewable Packaging, and Other.

The Printing and Reading Business Area comprises the former Newsprint and Book Paper, Magazine Paper and Fine Paper reporting segments. The Biomaterials Business Area comprises mainly tree plantations, the Group’s joint-venture Veracel and Montes del Plata pulp mills, and Nordic stand-alone pulp mills. The Wood Products Business Area was renamed the Building and Living Business Area. The Renewable Packaging Business Area comprises the former Consumer Board and Industrial Packaging reporting segments, and includes the plantations in Guangxi in China. The segment Other includes the Nordic forest equity accounted investments, Stora Enso’s shareholding in Pohjolan Voima, the operations supplying wood to the Nordic mills and Group administration.

The historical figures according to the new Business Area structure are presented in the tables below.

Sales by Segment

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading 5 022.0 1 283.8 1 283.1 1 242.6 1 212.5 4 858.0 1 272.9 1 250.1 1 251.2 1 083.8
Biomaterials 1 092.0 255.4 276.4 268.6 291.6 1 071.7 262.7 295.7 297.4 215.9
Building and Living 1 671.1 382.0 414.0 465.4 409.7 1 588.7 410.3 424.1 422.7 331.6
Renewable Packaging 3 194.6 756.6 800.6 829.6 807.8 2 971.9 776.0 744.5 763.9 687.5
Other 2 700.5 643.9 637.4 700.1 719.1 2 501.7 620.9 620.2 641.8 618.8
Inter-segment sales -2 715.3 -640.1 -672.2 -689.2 -713.8 -2 695.1 -657.6 -711.0 -684.8 -641.7
Total 10 964.9 2 681.6 2 739.3 2 817.1 2 726.9 10 296.9 2 685.2 2 623.6 2 692.2 2 295.9

Operational EBITDA* by Segment

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading 547.6 123.3 138.4 138.1 147.8 411.0 110.5 109.6 107.0 83.9
Biomaterials 200.4 26.3 61.5 49.0 63.6 245.6 58.8 85.3 70.7 30.8
Building and Living 102.3 15.4 19.6 44.7 22.6 110.7 21.1 35.2 39.5 14.9
Renewable Packaging 495.8 82.7 122.0 142.6 148.5 464.1 107.7 121.7 120.0 114.7
Other -38.1 -4.8 -2.3 -16.8 -14.2 -14.9 -9.3            14.0 -7.4 -12.2
Operational EBITDA 1 308.0 242.9 339.2 357.6 368.3 1 216.5 288.8 365.8 329.8 232.1

*Excluding non-recurring items and fair valuations. Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges and CO2 emission rights.

Operational EBIT by Segments

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading 285.3 55.6 72.3 72.2 85.2 152.7 43.0 45.0 42.5 22.2
Biomaterials 169.2 27.2 57.3 31.2 53.5 218.1 47.9 81.9 60.6 27.7
Building and Living 62.8 6.0 9.8 35.2 11.8 70.9 10.2 25.2 30.1 5.4
Renewable Packaging 301.3 32.8 73.6 93.9 101.0 287.2 60.9 78.5 76.2 71.6
Other 48.1 23.3 11.4 6.6 6.8 68.4 15.1              32.5 15.1 5.7
Operational EBIT 866.7 144.9 224.4 239.1 258.3 797.3 177.1 263.1 224.5 132.6
Fair valuations and non-operational items* -27.5 45.6 -45.8 -26.9 -0.4 8.7 6.5                2.8 -6.1                5.5
Non-recurring Items -79.9 -21.0 - -31.7 -27.2 180.2 202.2                5.4 -8.5 -18.9
Operating Profit (IFRS) 759.3 169.5 178.6 180.5 230.7 986.2 385.8 271.3 209.9 119.2
Net financial items -338.4 -59.2 -193.4 -34.6 -51.2 -100.9 -21.7 -51.1 -22.6 -5.5
Profit/Loss before Tax 420.9 110.3 -14.8 145.9 179.5 885.3 364.1 220.2 187.3 113.7
Income tax expense -78.7 -10.1 -35.1 -9.9 -23.6 -116.0 -51.1 -25.9 -27.4 -11.6
Net Profit/Loss 342.2 100.2 -49.9 136.0 155.9 769.3 313.0 194.3 159.9 102.1

 *Fair valuations and non-operational items include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets related to forest assets in equity accounted investments (EAI) and Group's share of tax and net financial items of EAI.

NRI by Segment

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading -29.1 3.7 - -27.5 -5.3 2.0 58.2 -44.4 -6.1 -5.7
Biomaterials 12.6 7.5 - -1.9 7.0 104.0 93.2 - 10.8 -
Building and Living -33.5 -4.6 - - -28.9 4.0 1.9 - 0.5 1.6
Renewable Packaging -8.9 -6.6 - -2.3 - 102.7 69.4 49.8 -3.3 -13.2
Other -21.0 -21.0 - - - -32.5 -20.5 - -10.4 -1.6
NRI on Operating Profit -79.9 -21.0 - -31.7 -27.2 180.2 202.2 5.4 -8.5 -18.9
NRI on Financial items -138.3 -10.1 -128.2 - - - - - - -
NRI on tax 62.2 50.8 - 3.6 7.8 -37.9 -37.9 - - -
NRI on Net Profit -156.0 19.7 -128.2 -28.1 -19.4 142.3 164.3 5.4 -8.5 -18.9

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 or reversals of write-downs, provisions for planned restructuring and penalties. Non-recurring items are normally specified individually if they exceed one cent per share.

Fair Valuations and Non-operational Items* by Segment

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading -7.9 2.0 -0.3 -9.2 -0.4 1.3 2.0 -0.4 -0.1 -0.2
Biomaterials -18.5 2.7 -11.6 -5.4 -4.2 -1.0 5.1 -1.7 -0.4 -4.0
Building and Living -1.8 - - -1.8 - - - - - -
Renewable Packaging -6.6 - - -6.6 - - - - - -
Other 7.3 40.9 -33.9 -3.9 4.2 8.4 -0.6 4.9 -5.6 9.7
Fair Valuations and Non-operational Items on Operating Profit -27.5 45.6 -45.8 -26.9 -0.4 8.7 6.5 2.8 -6.1 5.5

*Fair valuations and non-operational items include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets related to forest assets in EAI and Group's share of tax and net financial items of EAI.

Operating Profit/Loss by Segment

EUR million 2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading 248.3 61.3 72.0 35.5 79.5 156.0 103.2 0.2 36.3 16.3
Biomaterials 163.3 37.4 45.7 23.9 56.3 321.1 146.2 80.2 71.0 23.7
Building and Living 27.5 1.4 9.8 33.4 -17.1 74.9 12.1 25.2 30.6 7.0
Renewable Packaging 285.8 26.2 73.6 85.0 101.0 389.9 130.3 128.3 72.9 58.4
Other 34.4 43.2 -22.5 2.7 11.0 44.3 -6.0 37.4 -0.9 13.8
Operating Profit (IFRS) 759.3 169.5 178.6 180.5 230.7 986.2 385.8 271.3 209.9 119.2
Net financial items -338.4 -59.2 -193.4 -34.6 -51.2 -100.9 -21.7            -51.1 -22.6 -5.5
Profit (Loss) before Tax 420.9 110.3 -14.8 145.9 179.5 885.3 364.1 220.2 187.3 113.7
Income tax expense -78.7 -10.1 -35.1 -9.9 -23.6 -116.0 -51.1            -25.9 -27.4 -11.6
Net Profit/Loss 342.2 100.2 -49.9 136.0 155.9 769.3 313.0 194.3 159.9 102.1

Operational ROOC* for Segments, %

  2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Printing and Reading 9.2 7.2 9.3 9.2 10.8 4.9 5.5 5.8 5.4 2.8
Biomaterials 12.0 7.7 17.1 9.5 16.1 17.9 14.9 26.2 20.0 10.0
Building and Living 10.9 4.2 6.7 23.9 8.0 12.3 6.8 16.8 20.5 3.8
Renewable Packaging 14.2 6.1 13.7 17.5 19.1 14.9 12.0 15.9 15.8 15.5
Other 2.6 5.0 2.3 1.3 1.4 3.9 3.3 7.9 3.7 1.4

Operational ROCE* for Group, %

  2011 Q4/11 Q3/11 Q2/11 Q1/11 2010 Q4/10 Q3/10 Q2/10 Q1/10
Group 10.0 6.7 10.3 10.9 11.9 9.7 8.4 12.8 11.0 6.7

*Calculations of Operational ROOC and Operational ROCE

Operational return on operating capital,                    100  x         Operational EBIT  

operational ROOC (%)                                                                Operating capital 1)

Operational return on capital employed,                                                     

operational ROCE (%)                                             100  x         Operational EBIT

                                                                                                     Capital employed 1) 2)

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



Operating Capital

EUR million 31 Dec 11 31 Dec 10
Printing and Reading 3 071.4 3 140.9
Biomaterials 1 454.7 1 358.3
Building and Living 562.1 593.0
Renewable Packaging 2 152.9 2 085.9
Other 1 810.9 1 916.5
Operating Capital Total 9 052.0 9 094.6

The first financial report according to the new reporting segment structure will be the first quarter 2012 Interim Review to be released on 24 April 2012.


For further information, please contact:
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242


www.storaenso.com

www.storaenso.com/investors

Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 30 000 people worldwide, and our sales in 2011 amounted to EUR 11.0 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.

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