Stora Enso’s strategic financial targets and historical figures according to the new divisional structure
STORA ENSO OYJ INVESTOR NEWS 19 March 2020 at 14:00 EET
On 4 December 2019 Stora Enso announced the creation of a new divisional structure. As of 1 January 2020, the divisions are Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Paper.
Stora Enso merged its containerboard business with the Consumer Board division, creating a new Packaging Materials division. The remaining business in Packaging Solutions, together with the recently created Formed Fiber unit, constitute a more focused Packaging Solutions division.
As announced on 18 September 2019, Stora Enso established a Forest division and started reporting it separately as of 1 January 2020. The new Forest division includes Stora Enso’s Swedish forest assets (including the recently acquired Bergvik Skog Väst AB) and a 41% share of Tornator with the majority of its forest assets located in Finland. The Forest division also includes wood supply operations in Finland, Sweden, Russia and the Baltic countries. Tree plantations in Latin America and China, linked to local pulp mills, continue to be reported as before under the Biomaterials and Packaging Materials divisions. After establishing the new Forest division, remaining segment Other reporting includes Group functions, logistics and other operations.
Strategic financial targets
Stora Enso has updated the strategic financial targets according to the new divisional structure. The targets according to the new divisional structure as of 1 January 2020 as well as according to the divisional structure as of 31 December 2019 are presented in the tables below.
| Division | KPI | TargetAs of 1 January 2020 | Target as of 31 December 2019 |
| Packaging Materials | ROOC | >20% | - |
| Consumer Board | ROOC | - | >20% |
| Packaging Solutions | ROOC | >30% | >20% |
| Biomaterials | ROOC | >15% | >15% |
| Wood Products | ROOC | >20% | >20% |
| Forest | ROOC | >5% | - |
| Paper | Cash flow after investing activities to sales | >7% | >7% |
| GROUP | ROCE | >13% | >13% |
ROOC: Operational return on operating capital
ROCE: Operational return on capital employed
Forest division segment reporting
Growth in the value of forest represents an important component of the annual operative return for long-term rotation forest assets, where typical annual wood sales and related costs do not reflect the total profitability of the forest assets. The long-term value development of standing forests is an important driver for profitability of the forestry business.
Under previous presentation principles, all changes in fair valuation of biological assets were excluded from Operational EBIT, with the exception of depletion of capitalised silviculture costs for tree plantations in Latin America and China. From 1 January 2020 onwards, the changes in the fair valuation of biological assets will be categorised in two components:
- non-operational fair value changes, and
- operational fair value changes.
Non-operational fair value changes of biological assets reflect the changes made to valuation assumptions and parameters. Operational fair value changes of biological assets contain all other fair value changes, mainly due to inflation and differences in actual harvesting levels compared to the harvesting plan. Operational fair value changes will be reported in Operational EBITDA, whereas non-operational fair value changes will be excluded from Operational EBITDA.
In conjunction with the new segment reporting, Stora Enso will reclassify the silviculture costs of the new Forest division from Operational EBITDA to Operational EBIT. Silviculture costs mainly relate to replanting and the tending and fertilisation of trees. As per previous presentation principles, the depletion of capitalised silviculture costs in tree plantations in Latin America and China are already included in Operational EBIT, so this change aligns the presentation of Nordic forests with plantations in Latin America and China.
All of the above-mentioned changes are related to the non-IFRS alternative performance measures. Operating profit (IFRS) remains unchanged, with both operational and non-operational fair valuation changes to be included on the line change in the net value of biological assets.
The cash outflows regarding the silviculture costs of the Group’s Swedish forests will be presented in the cash flow statement as part of the investing activities instead of as operating cash flows under the previous presentation principles.
Restated figures
The restated figures for the Group, Packaging Materials, Packaging Solutions and Forest division are presented below.
As published: Sales
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 2 563 | 614 | 640 | 675 | 634 | 2 622 |
| Packaging Solutions | 1 247 | 293 | 299 | 316 | 338 | 1 344 |
| Biomaterials | 1 464 | 341 | 331 | 394 | 398 | 1 635 |
| Wood Products | 1 569 | 374 | 380 | 412 | 403 | 1 622 |
| Paper | 2 856 | 694 | 690 | 712 | 760 | 3 066 |
| Other | 3 396 | 819 | 786 | 868 | 922 | 3 425 |
| Inter-segment sales | -3 040 | -724 | -725 | -770 | -821 | -3 229 |
| Total | 10 055 | 2 411 | 2 402 | 2 608 | 2 635 | 10 486 |
Restated: Sales
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 3 193 | 755 | 791 | 833 | 814 | 3 350 |
| Packaging Solutions | 703 | 171 | 168 | 182 | 182 | 707 |
| Biomaterials | 1 464 | 341 | 331 | 394 | 398 | 1 635 |
| Wood Products | 1 569 | 374 | 380 | 412 | 403 | 1 622 |
| Forest | 2 321 | 558 | 518 | 603 | 642 | 2 285 |
| Paper | 2 856 | 694 | 690 | 712 | 760 | 3 066 |
| Other | 1 076 | 262 | 268 | 265 | 280 | 1,141 |
| Inter-segment sales | -3 127 | -743 | -746 | -793 | -845 | -3 321 |
| Total | 10 055 | 2 411 | 2 402 | 2 608 | 2 635 | 10 486 |
Packaging Materials: Sales
| 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 | |
| Consumer Board | 2 564 | 614 | 640 | 676 | 634 | 2 624 |
| Containerboard | 630 | 141 | 151 | 157 | 180 | 727 |
As published: Operational EBITDA
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 433 | 95 | 119 | 118 | 101 | 423 |
| Packaging Solutions | 212 | 36 | 48 | 58 | 70 | 313 |
| Biomaterials | 356 | 21 | 67 | 133 | 135 | 550 |
| Wood Products | 153 | 26 | 39 | 47 | 40 | 199 |
| Paper | 318 | 71 | 76 | 76 | 95 | 345 |
| Other | 70 | 11 | 26 | 3 | 30 | 48 |
| Total | 1 542 | 259 | 376 | 435 | 471 | 1 878 |
Restated: Operational EBITDA
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 574 | 115 | 146 | 156 | 157 | 684 |
| Packaging Solutions | 71 | 16 | 21 | 20 | 14 | 52 |
| Biomaterials | 356 | 21 | 67 | 133 | 135 | 550 |
| Wood Products | 153 | 26 | 39 | 47 | 40 | 199 |
| Forest | 145 | 43 | 37 | 25 | 39 | 122 |
| Paper | 318 | 71 | 76 | 76 | 95 | 345 |
| Other | -4 | -14 | 10 | -3 | 3 | -26 |
| Total | 1 614 | 277 | 397 | 455 | 484 | 1 925 |
| Total change | 71 | 18 | 21 | 20 | 13 | 48 |
Packaging Materials: Operational EBITDA
| 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 | |
| Consumer Board | 434 | 96 | 120 | 118 | 101 | 424 |
| Containerboard | 139 | 19 | 27 | 38 | 56 | 260 |
As published: Operational EBITDA margin %
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 16.9% | 15.6% | 18.6% | 17.5% | 15.9% | 16.1% |
| Packaging Solutions | 17.0% | 12.2% | 16.0% | 18.4% | 20.7% | 23.3% |
| Biomaterials | 24.3% | 6.1% | 20.3% | 33.7% | 33.9% | 33.6% |
| Wood Products | 9.8% | 7.0% | 10.3% | 11.5% | 10.0% | 12.3% |
| Paper | 11.1% | 10.2% | 11.0% | 10.7% | 12.5% | 11.3% |
| Other | 2.1% | 1.3% | 3.3% | 0.3% | 3.3% | 1.4% |
| Total | 15.3% | 10.8% | 15.7% | 16.7% | 17.9% | 17.9% |
Restated: Operational EBITDA margin %
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 18.0% | 15.2% | 18.5% | 18.7% | 19.3% | 20.4% |
| Packaging Solutions | 10.2% | 9.6% | 12.6% | 11.0% | 7.6% | 7.4% |
| Biomaterials | 24.3% | 6.1% | 20.3% | 33.7% | 33.9% | 33.6% |
| Wood Products | 9.8% | 7.0% | 10.3% | 11.5% | 10.0% | 12.3% |
| Forest | 6.2% | 7.7% | 7.2% | 4.2% | 6.1% | 5.3% |
| Paper | 11.1% | 10.2% | 11.0% | 10.7% | 12.5% | 11.3% |
| Other | -0.3% | -5.5% | 3.9% | -1.1% | 1.2% | -2.3% |
| Total | 16.0% | 11.5% | 16.5% | 17.5% | 18.4% | 18.4% |
| Total change | 0.7% | 0.7% | 0.9% | 0.8% | 0.5% | 0.5% |
Packaging Materials: Operational EBITDA margin %
| 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 | |
| Consumer Board | 16.9% | 15.6% | 18.7% | 17.5% | 15.9% | 16.1% |
| Containerboard | 22.1% | 13.5% | 17.6% | 24.0% | 31.0% | 35.7% |
As published: Operational EBIT
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 250 | 51 | 73 | 72 | 54 | 231 |
| Packaging Solutions | 135 | 16 | 29 | 39 | 51 | 245 |
| Biomaterials | 233 | -12 | 39 | 103 | 103 | 427 |
| Wood Products | 105 | 14 | 27 | 35 | 29 | 165 |
| Paper | 213 | 44 | 50 | 50 | 69 | 234 |
| Other | 17 | 0 | 13 | -12 | 17 | 23 |
| Total | 953 | 112 | 231 | 287 | 324 | 1 325 |
Restated: Operational EBIT
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 339 | 57 | 86 | 98 | 98 | 444 |
| Packaging Solutions | 46 | 10 | 15 | 14 | 8 | 32 |
| Biomaterials | 233 | -12 | 39 | 103 | 103 | 427 |
| Wood Products | 105 | 14 | 27 | 35 | 29 | 165 |
| Forest | 99 | 31 | 25 | 11 | 33 | 88 |
| Paper | 213 | 44 | 50 | 50 | 69 | 234 |
| Other | -32 | -19 | 2 | -11 | -4 | -38 |
| Total | 1 003 | 124 | 245 | 299 | 335 | 1 352 |
| Total change | 50 | 12 | 14 | 12 | 11 | 27 |
As published: Operational EBIT margin %
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 9.7% | 8.3% | 11.3% | 10.7% | 8.6% | 8.8% |
| Packaging Solutions | 10.8% | 5.5% | 9.6% | 12.3% | 15.1% | 18.2% |
| Biomaterials | 15.9% | -3.5% | 11.7% | 26.1% | 25.8% | 26.1% |
| Wood Products | 6.7% | 3.6% | 7.2% | 8.6% | 7.2% | 10.2% |
| Paper | 7.4% | 6.3% | 7.3% | 7.0% | 9.1% | 7.6% |
| Other | 0.5% | -0.1% | 1.7% | -1.4% | 1.9% | 0.7% |
| Total | 9.5% | 4.6% | 9.6% | 11.0% | 12.3% | 12.6% |
Restated: Operational EBIT margin %
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 10.6% | 7.5% | 10.9% | 11.7% | 12.0% | 13.3% |
| Packaging Solutions | 6.6% | 5.9% | 8.9% | 7.5% | 4.1% | 4.5% |
| Biomaterials | 15.9% | -3.5% | 11.7% | 26.1% | 25.8% | 26.1% |
| Wood Products | 6.7% | 3.6% | 7.2% | 8.6% | 7.2% | 10.2% |
| Forest | 4.3% | 5.6% | 4.8% | 1.7% | 5.1% | 3.9% |
| Paper | 7.4% | 6.3% | 7.3% | 7.0% | 9.1% | 7.6% |
| Other | -3.0% | -7.4% | 0.9% | -4.1% | -1.5% | -3.3% |
| Total | 10.0% | 5.1% | 10.2% | 11.5% | 12.7% | 12.9% |
| Total change | 0.5% | 0.5% | 0.6% | 0.5% | 0.4% | 0.3% |
As published: Operating capital
| EUR million | 31 Dec 2019 | 30 Sep 2019 | 30 Jun 2019 | 31 Mar 2019 | 31 Dec 2018 |
| Consumer Board | 2 100 | 2 166 | 2 244 | 2 287 | 1 951 |
| Packaging Solutions | 962 | 945 | 961 | 954 | 923 |
| Biomaterials | 2 496 | 2 631 | 2 638 | 2 633 | 2 462 |
| Wood Products | 647 | 679 | 701 | 699 | 621 |
| Paper | 657 | 764 | 835 | 839 | 796 |
| Other | 4 601 | 4 119 | 4 027 | 2 340 | 2 204 |
| Total | 11 462 | 11 303 | 11 406 | 9 752 | 8 955 |
Restated: Operating capital
| EUR million | 31 Dec 2019 | 30 Sep 2019 | 30 Jun 2019 | 31 Mar 2019 | 31 Dec 2018 |
| Packaging Materials | 2 824 | 2 861 | 2 938 | 2 976 | 2 627 |
| Packaging Solutions | 241 | 251 | 267 | 265 | 246 |
| Biomaterials | 2 496 | 2 631 | 2 638 | 2 633 | 2 462 |
| Wood Products | 647 | 679 | 701 | 699 | 621 |
| Forest | 4 138 | 3 641 | 3 722 | 2 009 | 1 940 |
| Paper | 657 | 764 | 835 | 839 | 796 |
| Other | 460 | 477 | 305 | 330 | 264 |
| Total | 11 462 | 11 303 | 11 406 | 9 752 | 8 955 |
As published: Return on operating capital (ROOC)
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 12.3% | 9.5% | 13.2% | 12.8% | 10.3% | 11.9% |
| Packaging Solutions | 14.4% | 6.8% | 12.1% | 16.3% | 21.8% | 27.2% |
| Biomaterials | 9.4% | -1.9% | 5.9% | 15.6% | 16.2% | 17.9% |
| Wood Products | 16.6% | 8.2% | 15.8% | 20.3% | 17.7% | 28.1% |
| Paper | 29.3% | 24.7% | 25.1% | 23.8% | 33.7% | 30.2% |
Restated: ROOC
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 12.4% | 8.0% | 11.9% | 13.2% | 14.0% | 16.9% |
| Packaging Solutions | 18.9% | 16.4% | 23.1% | 20.5% | 11.8% | 14.6% |
| Biomaterials | 9.4% | -1.9% | 5.9% | 15.6% | 16.2% | 17.9% |
| Wood Products | 16.6% | 8.2% | 15.8% | 20.3% | 17.7% | 28.1% |
| Forest | 3.3% | 3.2% | 2.7% | 1.5% | 6.6% | 4.7% |
| Paper | 29.3% | 24.7% | 25.1% | 23.8% | 33.7% | 30.2% |
Group Return on capital employed (ROCE)
| 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 | |
| ROCE as published | 9.8% | 4.2% | 8.7% | 11.3% | 14.0% | 15.5% |
| ROCE restated | 10.3% | 4.7% | 9.2% | 11.8% | 14.5% | 15.8% |
| Total change | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.3% |
| ROCE excluding Forest division restated | 12.8% | 5.0% | 11.7% | 15.2% | 16.7% | 18.9% |
Net debt / operational EBITDA
| 31 Dec 2019 | 30 Sep 2019 | 30 Jun 2019 | 31 Mar 2019 | 31 Dec 2018 | |
| Net debt / operational EBITDA as published | 2.1 | 2.2 | 2.2 | 1.7 | 1.1 |
| Net debt / operational EBITDA restated | 2.0 | 2.1 | 2.1 | 1.6 | 1.1 |
| Total change | -0.1 | -0.1 | -0.1 | 0.0 | 0.0 |
As published: Reconciliation of operational profitability
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Operational EBITDA | 1 542 | 259 | 376 | 435 | 471 | 1 878 |
| Depreciation and depletion of equity accounted investments (EAI) | -6 | -1 | -1 | -2 | -2 | -7 |
| Operational decrease in the value of biological assets | -51 | -11 | -14 | -13 | -13 | -66 |
| Depreciation and impairment excl. IAC | -533 | -136 | -130 | -134 | -133 | -479 |
| Operational EBIT | 953 | 112 | 231 | 287 | 324 | 1 325 |
| Fair valuations and non-operational items1 | 544 | 600 | -25 | -25 | -7 | 45 |
| Items affecting comparability (IAC) | -192 | -32 | -36 | -120 | -4 | 20 |
| Operating profit (IFRS) | 1 305 | 680 | 170 | 142 | 313 | 1 390 |
1 Fair valuations and non-operational items include CO₂ emission rights, valuations of biological assets and the Group’s share of income tax and net financial items of EAI.
Restated: Reconciliation of operational profitability
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Operational EBITDA1 | 1 614 | 277 | 397 | 455 | 484 | 1 925 |
| Depreciation and depletion of equity accounted investments (EAI) | -16 | -2 | -3 | -7 | -3 | -28 |
| Silviculture costs2 | -62 | -15 | -19 | -15 | -13 | -66 |
| Depreciation and impairment excl. IAC | -533 | -136 | -130 | -134 | -133 | -479 |
| Operational EBIT | 1 003 | 124 | 245 | 299 | 335 | 1 352 |
| Fair valuations and non-operational items3 | 494 | 588 | -39 | -37 | -18 | 18 |
| Items affecting comparability (IAC) | -192 | -32 | -36 | -120 | -4 | 20 |
| Operating profit (IFRS) | 1 305 | 680 | 170 | 142 | 313 | 1 390 |
1 Restated Operational EBITDA includes operational fair value changes of biological assets of EUR 50 million for 2019 and EUR 27 million for 2018. In addition, the Nordic forests silviculture costs of EUR 21 million for 2019 and EUR 20 million for 2018 have been presented under Operational EBITDA.
2 Including damage to forests
3 Fair valuations and non-operational items include CO₂ emission rights, non-operational fair value changes of biological assets and the Group’s share of income tax and net financial items of EAI. Non-operational fair value changes of biological assets reflect changes made to valuation assumptions and parameters, usually during the annual valuation process. Operational fair value changes of biological assets are included in Operational EBITDA and contain all other fair value changes, mainly due to inflation and differences in actual harvesting levels compared to the harvesting plan.
Reconciliation of operational profitability: Change
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Operational EBITDA | 71 | 18 | 21 | 20 | 13 | 48 |
| Depreciation and depletion of equity accounted investments (EAI) | -10 | -1 | -2 | -5 | -1 | -20 |
| Silviculture costs | -11 | -4 | -5 | -2 | 0 | 0 |
| Depreciation and impairment excl. IAC | 0 | 0 | 0 | 0 | 0 | 0 |
| Operational EBIT | 50 | 12 | 14 | 12 | 11 | 27 |
| Fair valuations and non-operational items | -50 | -12 | -14 | -12 | -11 | -27 |
| Items affecting comparability (IAC) | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit (IFRS) | 0 | 0 | 0 | 0 | 0 | 0 |
As published: Cash Flow from Operations
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 476 | 145 | 163 | 113 | 56 | 339 |
| Packaging Solutions | 248 | 55 | 69 | 65 | 60 | 272 |
| Biomaterials | 423 | 66 | 114 | 138 | 105 | 438 |
| Wood Products | 183 | 57 | 57 | 51 | 19 | 147 |
| Paper | 344 | 97 | 118 | 70 | 59 | 222 |
| Other | 305 | 302 | -34 | 112 | -76 | -52 |
| Total | 1 980 | 721 | 488 | 548 | 223 | 1 365 |
Restated: Cash Flow from Operations
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 632 | 175 | 189 | 167 | 101 | 580 |
| Packaging Solutions | 93 | 26 | 43 | 10 | 14 | 30 |
| Biomaterials | 423 | 66 | 114 | 138 | 105 | 438 |
| Wood Products | 183 | 57 | 57 | 51 | 19 | 147 |
| Forest | 370 | 273 | 47 | 112 | -61 | -34 |
| Paper | 344 | 97 | 118 | 70 | 59 | 222 |
| Other | -55 | 32 | -76 | 3 | -14 | -18 |
| Total | 1 991 | 725 | 493 | 550 | 223 | 1 365 |
| Total change | 11 | 4 | 5 | 2 | 0 | 0 |
As published: Cash Flow after Investing Activities
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Consumer Board | 328 | 98 | 135 | 84 | 11 | 177 |
| Packaging Solutions | 135 | 8 | 26 | 53 | 48 | 172 |
| Biomaterials | 266 | 11 | 82 | 104 | 69 | 327 |
| Wood Products | 135 | 42 | 47 | 38 | 8 | 80 |
| Paper | 264 | 72 | 99 | 47 | 46 | 175 |
| Other | 258 | 287 | -41 | 102 | -89 | -119 |
| Total | 1 386 | 518 | 347 | 428 | 94 | 811 |
Restated: Cash Flow after Investing Activities
| EUR million | 2019 | Q4/19 | Q3/19 | Q2/19 | Q1/19 | 2018 |
| Packaging Materials | 401 | 87 | 133 | 132 | 50 | 351 |
| Packaging Solutions | 58 | 16 | 27 | 5 | 10 | -1 |
| Biomaterials | 266 | 11 | 82 | 104 | 69 | 327 |
| Wood Products | 135 | 42 | 47 | 38 | 8 | 80 |
| Forest | 333 | 258 | 37 | 104 | -66 | -55 |
| Paper | 264 | 72 | 99 | 47 | 46 | 175 |
| Other | -71 | 32 | -78 | -2 | -23 | -64 |
| Total | 1 386 | 518 | 347 | 428 | 93 | 811 |
For further information, please contact:
Ulrika Lilja
EVP, Communications
tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358 40 763 8767
Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 26 000 employees in over 30 countries. Our sales in 2019 were EUR 10.1 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com
STORA ENSO OYJ
For further information, please contact:
Ulrika Lilja
EVP, Communications
tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358 40 763 8767