Stora Enso?s Annual Report on Form 20-F
STORA ENSO OYJ Stock Exchange Release 23 April 2004 at 18.30
Stora Ensos Annual Report on Form 20-F and restated pension
figures will be published
Stora Enso will file its Annual Report on Form 20-F with the US
Securities and Exchange Commission (SEC). The IFRS figures of the
Annual Report have been reconciled with US GAAP, resulting in net
profit of EUR 234.4 million and shareholders' equity of EUR 8 363.5
million according to US GAAP, compared with net profit of EUR 137.9
million and shareholders' equity of EUR 7 952.9 million according to
IFRS. The Annual Report on Form 20-F will be downloadable from
the Group's website and from SEC's website at www.sec.gov.
Restated pension figures under IFRS
Stora Enso's financial statements for previous years have been
restated under IFRS following the changed interpretation of the
accounting treatment of disability benefits under the Finnish
statutory employment pension scheme (TEL) as a defined benefit plan
by major accounting firms. The restated income statement and balance
sheet are as follows:
Restated Income Statement
Year Ended 31 December
EUR million
2001 2002 2003
Chan- Chan- Chan-
Original ge Restated Original ge Restated Original ge Restated
Sales
13 508.8 13 508.8 12 782.6 12 782.6 12 172.3 12 172.3
Other operating income
63.2 63.2 176.1 176.1 29.6 29.6
Changes in inventories
of finished goods and
work in progress
38.4 38.4 30.3 30.3 63.5 63.5
Change in net value
of biological assets
0.0 0.0 11.6 11.6
Materials and services
-6 547.8 -6 547.8 -6 373.2 -6 373.2 -6 192.8 -6 192.8
Freight and sales
commissions
-1 234.0 -1 234.0 -1 240.9 -1 240.9 -1 286.8 -1 286.8
Personnel expenses
-2 234.4 -11.9 -2 246.3 -2 282.0 -26.1 -2 308.1 -2 285.3 -12.3 -2 297.6
Other operating
expenses
-839.7 -839.7 -802.6 -802.6 -828.0 -828.0
Depreciation. amortisation and
impairment charges
-1 267.6 -1 267.6 -2 441.9 -2 441.9 -1 200.4 -1 200.4
Operating Profit / (Loss)
1 486.9 -11.9 1 475.0 -151.6 -26.1 -177.7 483.7 -12.3 471.4
Share of results in
associated companies
79.6 79.6 14.6 14.6 -23.0 -23.0
Net financial items
-343.5 -343.5 -206.2 -206.2 -237.7 -237.7
Profit / (Loss) before
Tax and Minority Interests
1 223.0 -11.9 1 211.1 -343.2 -26.1 -369.3 223.0 -12.3 210.7
Income tax expense
-299.6 3.5 -296.1 120.9 7.6 128.5 -70.6 3.6 -67.0
Profit / (Loss) after Tax
923.4 -8.4 915.0 -222.3 -18.5 -240.8 152.4 -8.7 143.7
Minority interests
2.9 2.9 0.1 0.1 -5.8 -5.8
Net Profit / (Loss)
for the Period
926.3 -8.4 917.9 -222.2 -18.5 -240.7 146.6 -8.7 137.9
Restated Liabilities
As at 31 December
EUR million 2001 2002 2003
Shareholders
Equity and Liabilities
Chan- Re- Ori- Chan- Re-
Original ge stated ginal ge stated Original Change Restated
Shareholders Equity
Share capital
1 541.5 1 541.5 1 529.6 1 529.6 1 469.3 1 469.3
Share premium fund
1 641.9 1 641.9 1 554.0 1 554.0 1 237.4 1 237.4
Treasury shares
-125.5 -125.5 -314.9 -314.9 -258.0 -258.0
Other comprehensive
income
58.6 58.6 233.4 233.4 114.6 114.6
Cumulative translation
adjustment
-52.5 -52.5 -144.4 -144.4 -197.1 -197.1
Retained earnings
4 998.7 -95.2 4 903.5 5 521.4 -103.6 5 417.8 5 570.9 -122.1 5 448.8
Net profit for the period
926.3 -8.4 917.9 -222.2 -18.5 -240.7 146.6 -8.7 137.9
8 989.0 -103.6 8 885.4 8 156.9 -122.1 8 034.8 8 083.7 -130.8 7 952.9
Minority Interests
50.2 50.2 30.4 30.4 60.3 60.3
Long-term Liabilities
Pension and post-employment
benefit provisions
774.0 145.9 919.9 747.0 172.0 919.0 727.6 184.3 911.9
Other provisions
153.6 153.6 194.5 194.5 97.1 97.1
Deferred tax liabilities
2 011.0 -42.3 1 968.7 1 787.3 -49.9 1 737.4 1 830.8 -53.5 1 777.3
Long-term debt
5 182.0 5 182.0 4 525.2 4 525.2 3 404.6 3 404.6
Other long-term
operative liabilities
51.4 51.4 36.9 36.9 77.7 77.7
8 172.0 103.6 8 275.6 7 290.9 122.1 7 413.0 6 137.8 130.8 6 268.6
Current Liabilities
Current portion of long-term debt
230.0 230.0 306.5 306.5 359.5 359.5
Interest-bearing liabilities
997.5 997.5 343.9 343.9 1 410.1 1 410.1
Short-term operative liabilities
1 631.0 1 631.0 1 547.9 1 547.9 1 538.3 1 538.3
Tax liabilities
488.7 488.7 537.7 537.7 352.4 352.4
Total Shareholders Equity
and Liabilities
3 347.2 0.0 3 347.2 2 736.0 0.0 2 736.0 3 660.3 0.0 3 660.3
Stora Enso's January-March results will be published on 28 April
2004.
For further information, please contact:
Esko Mäkeläinen, CFO, tel +44 20 7016 3115
Bo Eriksson, Controller, tel. +358 40 532 1494
www.storaenso.com
www.storaenso.com/investors
STORA ENSO OYJ
p.p. Jussi Siitonen Minna Taukojärvi
