Årsredovisning 2024

Cumulative translation adjustment - movement
EUR million 2024 2023
At 1 January
CTA  -376  -432 
Net investment hedges and loans  6  21 
Income tax related to hedges and loans  -4  -5 
Net CTA in equity  -375  -415 
CTA movement OCI
CTA movement  -88  0 
CTA release through income statement  -1  56 
Net investment hedges and loans  4  -15 
Income tax related to hedges and loans  3  0 
CTA movement OCI total  -82  41 
At 31 December
CTA  -465  -376 
Net investment hedges and loans  10  6 
Income tax related to hedges and loans  -2  -4 
Net CTA in equity  -457  -375 
In 2024 there were no significant releases of cumulative translation adjustments to the income statement.
In 2023 the release of cumulative translation adjustments to the income statement amounted to a loss of EUR 56 
million and was related to disposals of Hylte and Nymölla sites in Sweden.
Cumulative translation adjustment – financial position
Cumulative Translation 
Adjustment (CTA)
Net investment 
hedges and loans
Net CTA in the statement of 
financial position
EUR million 2024 2023 2024 2023 2024 2023
Brazil  -284  -242  0  0  -284  -242 
China  143  151  1  -4  144  147 
Czechia  35  39  -9  -9  26  30 
Poland  -14  -22  17  17  3  -5 
Sweden  -649  -494  33  33  -616  -461 
Uruguay (USD)  298  191  -33  -31  265  160 
Others  6  1  0  0  6  1 
CTA before Tax  -465  -376  10  6  -455  -370 
Taxes  0  0  -2  -4  -2  -4 
Net CTA in Equity  -465  -376  8  2  -457  -375 
Hedging instruments and unrealised hedge losses
Nominal amount (Currency) Nominal amount (EUR) Unrealised losses (EUR)
EUR million 2024 2023 2024 2023 2024 2023
Borrowings
USD area  300  300  289  271  -47  -33 
Total hedging 289  271  -47  -33 
The Group is currently only hedging its equity exposure to the US dollar arising from its joint operation located in 
Uruguay with USD as functional currency.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  186

===== SIDA 187 =====

5.7 Non-controlling interests 
 Accounting principles
Non-controlling interests are presented as a separate component within the equity of the Group in the consolidated statement 
of financial position. The proportionate shares of profit or loss attributable to non-controlling interests and to owners of the 
parent company are presented in the consolidated income statement after the net result for the period. Transactions between 
non-controlling interests and Group shareholders are transactions within equity and are thus shown in the statement of 
changes in equity. The measurement type of non-controlling interest is decided separately for each acquisition.
Non-controlling interests
EUR million 2024 2023
At 1 January  -97  -30 
Acquisitions  —  2 
Share of net result for the period  -48  -74 
Share of other comprehensive income  -5  5 
At 31 December  -150  -97 
Principal non-controlling interests
2024 2023  2024  2023 
Company Principal place of 
business
Ownership and voting rights 
held by non-controlling 
Interests, %
EUR million
Stora Enso Pulp and Paper Asia AB Group 
(subgroup)
1
Sweden and 
China 5.79%–19.92% 5.79%–19.92%  -148  -100 
Others -  -2  3 
Total  -150  -97 
1  Consists of non-controlling interests in Guangxi Integrated Project and Operations. Entity level ownership presented in note 6.2 Group companies.
Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group
Summarised financial information in respect of the subsidiaries that have material non-controlling interests is set 
out below.
Stora Enso Pulp and Paper Asia AB Group
EUR million 2024 2023
Assets  675  858 
Equity attributable to the owners of the parent  -515  -345 
Non-controlling interests
1
 -148  -100 
Total equity  -663  -445 
Liabilities  1,337  1,303 
Net result for the period  -196  -268 
Attributable to
Owners of the parent  -153  -194 
Non-controlling interests  -43  -74 
Net result for the period  -196  -268 
Net cash flow from operating activities  9  16 
Net cash flow from investing activities  -38  -37 
Net cash flow from financing activities  18  -23 
Net cash flow  -11  -43 
1 No dividends were paid to non-controlling interests in 2024 or 2023.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  187

===== SIDA 188 =====

6 Group structure
6.1 Acquisitions, disposals and assets held for sale 
 Accounting principles
Acquired companies are accounted in accordance with the acquisition method 
whereby these companies are included in the consolidated financial statements 
from the date the control is obtained. Accordingly, the consideration transferred 
(including contingent consideration) and the acquired company’s identifiable net 
assets are measured at fair value at the date of the acquisition. Transaction costs 
related to acquisition are expensed as incurred. The measurement type of non-
controlling interest is decided separately for each acquisition, and measured either 
at fair value or non-controlling interest’s proportionate share of the net assets. The 
excess of the consideration transferred, non-controlling interest and possible 
previously held equity interest over the fair value of net assets of the acquired 
company is recognised as goodwill.
The disposed companies are included in the consolidated financial statements up 
to the date when the control is lost. The gain or loss on disposal together with 
cumulative translation adjustments (CTA) related to disposed companies are 
recognised in the consolidated income statement at the date control is lost. Gains 
and losses on the disposal of a Group entity include any goodwill relating to the 
entity sold.
Assets are classified as held for sale, if their carrying amounts will be recovered 
mainly through a sale transaction rather than through continuing use. The assets 
must be available for immediate sale in their present condition subject only to 
terms that are usual and customary for sale of such assets. Also, the sale must be 
highly probable and expected to be completed within one year from the date of 
classification. These assets and related liabilities are presented separately in the 
consolidated statement of financial position and measured at the lower of the 
carrying amount and fair value less costs to sell. Comparative information is not 
restated when classification is made. Assets classified as held for sale are 
not depreciated.
Acquisition of Group companies
EUR million 2024 2023
Net assets acquired
Cash and cash equivalents  2  27 
Property, plant and equipment  0  200 
Forest assets  77  0 
Intangible assets  0  222 
Right-of-use assets  0  99 
Working capital  0  5 
Tax assets and liabilities  -2  -56 
Interest-bearing assets and liabilities  0  -233 
Fair value of net assets acquired  77  265 
Purchase consideration, cash part  77  612 
Purchase consideration, contingent  0  0 
Total purchase consideration  77  612 
Fair value of net assets acquired  -77  -265 
Non-controlling interest  0  2 
Goodwill  0  349 
Cash outflow on acquisitions  -77  -612 
Cash and cash equivalents of acquired subsidiaries  2  27 
Cash flow on acquisition, net of acquired cash  -75  -584 
2024
Montes del Plata forest assets
In March 2024 Stora Enso’s 50% owned joint operation in Uruguay, Montes 
del Plata (MdP), completed a transaction to acquire forest assets and 
related forestry business in Uruguay. Stora Enso’s share of the transaction 
includes approximately 16.3 thousand hectares of land, of which about 9.8 
thousand hectares are productive land. The acquired units are fully owned 
and reported under the Biomaterials division. The acquired forest land and 
operations are located in various regions of Uruguay. These operations 
primarily include forestry plantations to supply wood for pulp production.
Stora Enso’s share of the cash purchase consideration was EUR 77 million. 
The related transaction costs were not considered significant. The fair 
values of the identifiable assets and liabilities as of the acquisition date 
consisted mainly of forest assets and are presented in the table above. 
The post combination review was completed at the end of 2024 and 
therefore acquisition accounting is considered final. There were no 
significant measurement period adjustments in 2024. The acquisition is not 
considered to have had a significant impact on Stora Enso Group’s sales or 
net profit.
2023
De Jong Packaging Group
In September 2022, Stora Enso signed an agreement to acquire De Jong 
Packaging Group, and the transaction was completed at the beginning of 
January 2023. De Jong Packaging Group is based in the Netherlands and is 
one of the largest corrugated packaging producers in the Benelux 
countries. De Jong Packaging Group is also active in containerboard 
production through the acquisition of the De Hoop mill in the Netherlands 
in 2021. De Jong Packaging Group has 16 sites in the Netherlands, Belgium, 
Germany and the UK and employs approximately 1,300 people. The 
acquisition will advance Stora Enso’s strategic direction, increase its 
corrugated packaging capacity, accelerate revenue growth and build 
market share in renewable packaging in Europe. De Jong Packaging 
Group’s products enhance Stora Enso’s offering. The acquisition is 
expected to generate synergies over the cycle, mainly through sourcing, 
containerboard integration optimisation and commercial opportunities.
The shares of the acquired companies are mainly 100% owned, with certain 
units having minor non-controlling interests. The non-controlling interest is 
measured on the basis of the proportionate share of the identifiable net 
assets.
The cash purchase consideration was EUR 612 million, excluding a 
contingent earn-out component. The maximum amount of the earn-out 
component is EUR 45 million, which will be settled in cash in 2024 and is 
subject to De Jong Packaging Group achieving certain earnings 
thresholds. The contingent consideration is measured at its fair value and 
is estimated at EUR 0 million at the date of acquisition and at the end of the 
year 2023. The fair values of the identifiable assets and liabilities as of the 
acquisition date are presented in the table above.
The post combination review was completed at the end of 2023 and 
therefore acquisition accounting is considered to be final. The fair values of 
the acquired assets, liabilities and goodwill in the table above are 
representing final acquisition accounting. Measurement period 
adjustments in 2023 included property, plant and equipment decrease of 
EUR 23 million, right-of-use assets decrease of EUR 5 million, working capital 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  188

===== SIDA 189 =====

items decrease of EUR 10 million, tax items increase of EUR 14 million and 
goodwill increase of EUR 22 million.
The goodwill represent the expected synergies, mainly through sourcing, 
containerboard integration optimisation and commercial opportunities. 
The goodwill is allocated to divisions benefiting from the acquisition, 
Packaging Solutions and Packaging Materials. None of the goodwill 
recognised is expected to be deductible for tax purposes. Also, as part of 
the acquisition, customer related intangible assets have been recognised 
with a carrying amount of EUR 167 million and an amortisation period of 15 
years, and marketing related intangible assets of EUR 39 million with 
amortisation periods of between 5–20 years. See note 4.1 Intangible assets, 
property, plant and equipment and right-of-use assets for more details.
For 2023, De Jong Packaging Group contributed sales of EUR 598 million 
and a net result of EUR -88 million to the Group’s results, of which the De 
Hoop unit closure impairment and provision charges had approximately 
EUR -58 million net result impact. The acquired units are included in Stora 
Enso Group’s consolidated sales and net result from the beginning of 2023. 
The related transaction costs amounted to EUR 6 million and are 
presented in other operating expenses. The acquired units are reported in 
the Packaging Solutions and Packaging Materials divisions.
Disposal of Group companies
EUR million 2024 2023
Net assets sold
Cash and cash equivalents  5  29 
Property, plant and equipment  2  271 
Intangible assets  0  60 
Working capital  6  -5 
Tax assets and liabilities  1  -28 
Interest-bearing assets and liabilities  -2  -96 
Net assets in disposed companies  13  233 
Total disposal consideration  13  266 
CTA release  1  -56 
Asset writedowns
1
 -7  -17 
Loan impairments  0  0 
Transaction costs  -1  -6 
Total net gain/loss  -7  -45 
1 2023 mainly related to units classified as held for sale and restated since  Beihai unit held for sale classification 
was ceased in 2024.
2024
De Hoop site
In December 2024, Stora Enso completed the divestment of its 100% owned 
De Hoop site in the Netherlands to DS Smith. Production at the De Hoop 
containerboard site was closed in 2023. The sold unit was part of the 
segment Other at the time of disposal. The transaction did not have a 
significant impact on the Group.
Selfly Store business
In December 2024, Stora Enso completed the divestment of its 100% owned 
Selfly Store business to Husky Intelligent Fridges. Selfly Store provides 
complete smart vending machine solutions. The sold unit was part of the 
segment Other. The transaction did not have a significant impact on 
the Group.
Sunila site
In December 2024, Stora Enso completed the divestment of its 100% owned 
Sunila site in Finland to AALTO Development Oy. Production in the Sunila 
pulp mill was closed in 2023. Stora Enso’s Lignode pilot plant operations in 
Sunila continue unaffected by the disposal. The sold unit was part of the 
segment Other at the time of disposal. The transaction did not have a 
significant impact on the Group.
E-Corrugated site
In October 2024, Stora Enso completed the divestment of its 100% owned E-
Corrugated unit in the United Kingdom to Lavelle Corrugated. The sold unit 
was part of the Packaging Solutions division. The transaction did not have 
a significant impact on the Group. 
Paper for recycling trading unit
In July 2024, Stora Enso completed the divestment of its 51% share in a 
Danish-based Packaging Materials division unit to Hartmann. The unit 
specialises in paper for recycling trading. The transaction did not have a 
significant impact on the Group.
2023
Biocomposite business
In November 2023, Stora Enso divested its Biocomposite business to 
Sweden Timber, which also owns the paper production site at Hylte. The 
sold unit was part of the segment Other at the time of disposal. The 
transaction did not have a significant impact on the Group.
Wood Products DIY site
In August 2023, Stora Enso divested its 100% owned Wood Products DIY unit 
in the Netherlands to Megahout, a local importer, wholesaler and producer 
of a wide variety of wood products. The divestment reduced Stora Enso’s 
planing capacity by 80,000 m
3
. The sold unit was part of the Wood 
Products division. The transaction did not have a significant impact on 
the Group.
Hylte site
In April 2023, Stora Enso divested its 100% owned Hylte paper production site 
in Sweden and all related assets to Sweden Timber, a Swedish based 
sawmill and planing mill company. The Hylte site’s annual capacity is 
245,000 tonnes of newsprint paper. During 2022, the Group recognised 
asset write-downs of EUR 16 million related to the transaction. The selling 
price of the transaction was not significant. The loss on disposal was 
approximately EUR 45 million, consisting mainly of cumulative translation 
adjustments (CTA) being released from equity to the income statement. 
The sold unit was part of the segment Other at the time of disposal.
Maxau site
In February 2023, Stora Enso divested its 100% owned the Maxau paper 
production site in Germany and all related assets to Schwarz Group, one of 
the top retailers in the world. The transaction reduced Stora Enso’s annual 
supercalendered paper (SC paper) capacity by 530,000 tonnes. The selling 
price of the transaction was approximately EUR 211 million and the gain on 
disposal was approximately EUR 52 million. The sold unit was part of the 
segment Other at the time of disposal.
Nymölla site
In January 2023, Stora Enso divested its 100% owned Nymölla paper 
production site in Sweden and all related assets to Sylvamo, a US-based 
global producer of uncoated paper. The Nymölla site’s capacity is 485,000 
metric tonnes of woodfree uncoated office papers. During 2022, the Group 
recognised asset write-downs of EUR 6 million related to the transaction. 
The selling price of the transaction was approximately EUR 49 million. The 
loss on disposal was approximately EUR 30 million, consisting mainly of 
cumulative translation adjustments (CTA) being released from equity to 
income statement. The sold unit was part of the segment Other at the time 
of disposal.
Russian operations
As communicated in 2022, Stora Enso sold all of its operations in Russia. 
Related to one forest operations unit, the disposal was expected to be 
completed in 2023, upon finalisation of certain formalities. These 
formalities were finalised in 2023 and did not have a significant impact on 
the Group. For more information about the valuation of Russia-related 
receivables, see note 5.3 Interest-bearing assets and liabilities.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  189

===== SIDA 190 =====

Assets held for sale
At the end of 2024 and 2023 there were no assets held for sale. 2023 has 
been restated, more information below about the reversal of held for sale 
classification.
As announced in December 2022, Stora Enso initiated a sales process to 
divest its Beihai packaging board production site and forestry operations 
in Guangxi, China, which are part of the Packaging Materials division.
The Beihai operations were classified as held for sale at the end of 2023. 
Based on evaluations during 2024, the divestment was no longer 
considered highly probable. Stora Enso’s view is that the value in own use 
of the assets exceeds the achievable transaction value, and therefore, it 
chose to retain these operations within the Group. Consequently, the held-
for-sale classification was ceased during 2024. Comparative figures for 
2023 have been restated accordingly.
Property, plant and equipment
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  190

===== SIDA 191 =====

6.2 Group companies 
Group ownership, % Group ownership, %
Subsidiaries Country 2024 2023
Anjala Fiber & Energy Oy Finland 100.00 100.00
AS Stora Enso Latvija Latvia 100.00 100.00
Bangma Productie B.V. Netherlands 100.00 100.00
Bangma Verpakking B.V. Netherlands 100.00 100.00
Bergnät 1 AB Sweden 100.00 100.00
Beta Skog 1 AB Sweden 100.00 100.00
Cellutech AB Sweden 100.00 100.00
Centrum Dystrybucji i Obróbki Drewna Sp. z.o.o. Poland 100.00 100.00
Changzhou Stora Enso Packaging Technology Co. Ltd. China 100.00 100.00
DanFiber A/S Denmark 0.00 51.00
De Jong Box B.V. Netherlands 100.00 100.00
De Jong Kasser Ehf. Iceland 0.00 100.00
De Jong Packaging Ltd. UK 100.00 100.00
De Jong Verpackung GmbH Germany 100.00 100.00
De Jong Verpakking B.V. Netherlands 100.00 100.00
DJV Holding B.V. Netherlands 100.00 100.00
DJV Strategisch Advies B.V. Netherlands 100.00 100.00
Dongguan Stora Enso Inpac Packaging Co. Ltd. China 100.00 100.00
DuraSense AB Sweden 0.00 100.00
eCorrugated Ltd. UK 0.00 100.00
Enso Alueverkko Oy Finland 100.00 100.00
Euro - Timber, spol. s.r.o. Slovak Republic 100.00 100.00
Felco B.V. Netherlands 100.00 100.00
FuraCore AB (Formerly Lignode AB) Sweden 100.00 100.00
FuraCore BV Belgium 100.00 0.00
Gaster Wellpappe GmbH Germany 100.00 100.00
Green Packaging System B.V. Netherlands 100.00 100.00
Guangxi Stora Enso Forestry Co. Ltd. China 89.50 89.50
Herman Andersson Oy Finland 100.00 100.00
HESPOL Sp. z.o.o. Poland 100.00 100.00
Jiashan Stora Enso Inpac Packaging Co. Ltd. China 100.00 100.00
Karpack B.V. Netherlands 100.00 100.00
KPMB Agri BV Belgium 100.00 100.00
KPMB NV Belgium 100.00 100.00
Lignode Holding Oy Finland 100.00 100.00
Lignode Oy Finland 100.00 100.00
Lumipaper Ltd UK 100.00 100.00
Lumipaper NV Belgium 100.00 100.00
PTI Packmitteltechnik GmbH Germany 80.00 80.00
Pulse Anilox Cleaning B.V. Netherlands 100.00 100.00
Rudico B.V. Netherlands 100.00 100.00
Rudico Groep B.V. Netherlands 100.00 100.00
Rudico Holding B.V. Netherlands 100.00 100.00
Selfly Store Oy Finland 0.00 100.00
Skogsutveckling Syd AB Sweden 66.67 66.67
Södra Norrlands Hamnbolag nr 1 AB Sweden 100.00 100.00
Stora Enso (Guangxi) Forestry Company Ltd. China 80.08 80.08
Stora Enso (Guangxi) Packaging Company Ltd. China 80.08 80.08
Stora Enso (HK) Ltd Hong Kong 100.00 100.00
Stora Enso (Southern Africa) (Pty) Ltd South Africa 100.00 100.00
Stora Enso AB Sweden 100.00 100.00
Stora Enso Amsterdam B.V. Netherlands 100.00 100.00
Stora Enso Arapoti Holding Florestal S.A. Brazil 100.00 100.00
Stora Enso Australia Pty Ltd Australia 100.00 100.00
Stora Enso Belgium NV Belgium 100.00 100.00
Stora Enso Bergskog 2 AB Sweden 100.00 100.00
Stora Enso Bergskog 3 AB Sweden 100.00 100.00
Stora Enso Bois SAS France 100.00 100.00
Stora Enso Brasil Ltda Brazil 100.00 100.00
Stora Enso China Co., Ltd China 100.00 100.00
Stora Enso China Holdings AB Sweden 100.00 100.00
Stora Enso China Packaging (HK) Co., Limited Hong Kong 100.00 100.00
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  191

===== SIDA 192 =====

Stora Enso Corbehem SAS France 100.00 100.00
Stora Enso Danmark A/S Denmark 100.00 100.00
Stora Enso De Hoop B.V. Netherlands 0.00 100.00
Stora Enso Eesti AS Estonia 100.00 100.00
Stora Enso Espana S.A.U Spain 100.00 100.00
Stora Enso Fors AB Sweden 100.00 100.00
Stora Enso France SAS France 100.00 100.00
Stora Enso Germany GmbH Germany 0.00 100.00
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) Germany 100.00 100.00
Stora Enso Holding B.V. Netherlands 100.00 100.00
Stora Enso Holding France SAS France 100.00 100.00
Stora Enso Holdings UK Ltd UK 100.00 100.00
Stora Enso Ingerois Oy Finland 100.00 100.00
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited China 100.00 100.00
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. China 100.00 100.00
Stora Enso Inpac Packaging Co. Ltd China 100.00 100.00
Stora Enso International Oy Finland 100.00 100.00
Stora Enso Italia Srl Italy 100.00 100.00
Stora Enso Japan K.K. Japan 100.00 100.00
Stora Enso Kvarnsveden Industriutveckling AB Sweden 0.00 100.00
Stora Enso Langerbrugge NV Belgium 100.00 100.00
Stora Enso LLC Ukraine 100.00 100.00
Stora Enso Mexico S.A. Mexico 100.00 100.00
Stora Enso Middle East DMCC
United Arab 
Emirates 100.00 100.00
Stora Enso Narew Sp.z.o.o. Poland 100.00 100.00
Stora Enso North American Sales, LLC USA 100.00 100.00
Stora Enso Oulu Oy Finland 100.00 100.00
Stora Enso Packaging AB Sweden 100.00 100.00
Stora Enso Packaging AS Estonia 100.00 100.00
Stora Enso Packaging Oy Finland 100.00 100.00
Stora Enso Packaging SIA Latvia 100.00 100.00
Stora Enso Packaging UAB Lithuania 100.00 100.00
Stora Enso Paper AB Sweden 100.00 100.00
Stora Enso Paper France SAS France 0.00 100.00
Stora Enso Paper Oy Finland 0.00 100.00
Stora Enso Paper UK Ltd UK 100.00 100.00
Stora Enso Pension Trust Ltd. UK 100.00 100.00
Stora Enso Poland S.A. Poland 100.00 100.00
Stora Enso Polska Sp.z.o.o. Poland 100.00 100.00
Stora Enso Portugal Lda Portugal 100.00 100.00
Stora Enso Praha s.r.o. Czechia 100.00 100.00
Stora Enso Publication Papers Oy Ltd Finland 100.00 100.00
Stora Enso Pulp AB Sweden 100.00 100.00
Stora Enso Pulp and Paper Asia AB Sweden 94.21 94.21
Stora Enso Skog AB Sweden 100.00 100.00
Stora Enso Skog AS Norway 100.00 100.00
Stora Enso Skog och Mark AB Sweden 100.00 100.00
Stora Enso South East Asia Pte Ltd Singapore 100.00 100.00
Stora Enso Timber AB Sweden 100.00 100.00
Stora Enso Treasury Stockholm AB Sweden 0.00 100.00
Stora Enso Turkey Karton Ve Kağıt Ticaret Anonim Sirketi Turkey 100.00 100.00
Stora Enso UK Limited UK 100.00 100.00
Stora Enso US Inc. USA 100.00 100.00
Stora Enso Veitsiluoto Oy Finland 100.00 100.00
Stora Enso Wood Products d.o.o. Koper Slovenia 100.00 100.00
Stora Enso Wood Products GmbH Austria 100.00 100.00
Stora Enso Wood Products Japan K.K. Japan 100.00 100.00
Stora Enso Wood Products Planá s.r.o. Czechia 100.00 100.00
Stora Enso Wood Products Sp.z.o.o. Poland 100.00 100.00
Stora Enso Wood Products Zdirec s.r.o. Czechia 100.00 100.00
Stora Enso WP Bad St. Leonhard GmbH Austria 100.00 100.00
Stora Enso WP HV s.r.o. Czechia 100.00 100.00
Stora Kopparbergs Bergslags AB Sweden 100.00 100.00
Sumarbox B.V. Netherlands 100.00 100.00
Sydved AB Sweden 66.67 66.67
Twinpack B.V. Netherlands 100.00 100.00
UAB Stora Enso Lietuva Lithuania 100.00 100.00
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  192

===== SIDA 193 =====

Virdia B2X, LLC USA 100.00 100.00
Virdia LLC USA 100.00 100.00
Virdia Ltd Israel 100.00 100.00
Wellpappenfabrik Gesellschaft GmbH Germany 80.00 80.00
Group ownership, % Group ownership, %
Associated companies Country 2024 2023
A.C.D.F. Industrie France 35.00 35.00
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) Sweden 50.00 50.00
Honkalahden Teollisuuslaituri Oy Finland 50.00 50.00
Industriewater Eerbeek B.V. Netherlands 0.00 37.50
Industrikraft i Sverige AB Sweden 20.00 0.00
Kemira Cell Sp.z.o.o. Poland 45.00 45.00
Metsäteho Oy Finland 23.95 23.95
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) Finland 32.24 32.24
Österbergs Förpackningsmaskiner AB Sweden 50.00 50.00
Perkaus Oy Finland 33.33 33.33
SELF Logistika SIA Latvia 50.00 50.00
Steveco Oy Finland 34.39 34.39
Suomen Keräyspaperi Tuottajayhteisö Oy Finland 40.09 40.09
SweTree Technologies AB Sweden 23.83 23.83
T&B Containers Holdings Ltd. UK 30.00 30.00
Tornator Oyj Finland 41.00 41.00
Trätåg AB Sweden 50.00 50.00
TreeToTextile AB Sweden 28.94 28.94
ZMP GMBH Austria 30.00 30.00
Group ownership, % Group ownership, %
Other companies Country 2024 2023
AMEXCI AB Sweden 9.10 9.10
Arevo AB Sweden 12.73 12.73
CarbonScape Ltd New Zealand 15.00 15.00
Clic Innovation Oy Finland 9.87 9.87
Combient AB Sweden 5.40 5.40
East Office of Finnish Industries Oy Finland 4.00 4.00
Packages Limited Pakistan 6.40 6.40
Pohjolan Voima Oyj Finland 16.14 15.71
PulPac AB Sweden 10.30 10.30
Radioskog AB Sweden 10.00 10.00
RK Returkartong AB Sweden 8.40 8.40
SSG Standard Solutions Group AB Sweden 14.29 14.29
Suomen Puukauppa Oy Finland 10.74 10.74
T&B Containers Ltd. UK 30.00 30.00
Union Developement Récup. Pap. France 10.70 10.70
Group ownership, % Group ownership, %
Joint operations Country 2024 2023
Celulosa y Energia Punta Pereira S.A. Uruguay 50.00 50.00
El Esparragal Asociación Agraria de Responsabilidad Limitada Uruguay 50.00 50.00
Eufores S.A. Uruguay 50.00 50.00
Forestal Cono Sur S.A. Uruguay 50.00 50.00
Monte Fresnos A.A.R.L. Uruguay 50.00 0.00
Monte Fresnos S.A. Uruguay 50.00 0.00
Ongar S.A. Uruguay 50.00 50.00
Stora Enso Uruguay S/A Uruguay 50.00 50.00
Taurion A.A.R.L. Uruguay 50.00 0.00
Taurion S.A. Uruguay 50.00 0.00
Terminal Logística e Industrial M`Bopocuá S.A. Uruguay 50.00 50.00
Veracel Celulose SA Brazil 50.00 50.00
Zona Franca Punta Pereira S.A. Uruguay 50.00 50.00
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  193

===== SIDA 194 =====

6.3 Related party transactions
Balances and transactions between Stora Enso and its subsidiaries and 
joint operations have been eliminated on consolidation and are not 
disclosed in this note. For the other entities which are classified as the 
Group’s related parties and disclosed in this note, their subsidiary 
companies are also considered as related parties.
The Group has classified Solidium Oy as a related party. Solidium Oy is 
entirely owned by the State of Finland, and it owned 10.7% of Stora Enso 
shares and 27.4% of all votes on 31 December 2024. The Group has applied 
an exemption, as stated in IAS 24 paragraph 25, not to disclose 
transactions and outstanding balances with government-related entities.
The Group has classified FAM AB and Wallenberg Investments AB as 
related parties. FAM AB owned 10.2% of Stora Enso shares and 27.4% of all 
votes on 31 December 2024. FAM AB is wholly owned by Wallenberg 
Investments AB.
The key management personnel of the Group are the members of the 
Group Leadership Team and the Board of Directors. The compensation of 
key management personnel is presented in note 3.2 Board and executive 
remuneration.
In the ordinary course of business, the Group engages in transactions on 
commercial terms with associated companies, joint arrangements and 
other related parties that are not any more favourable than those that 
would be available to other third parties. Stora Enso intends to continue 
with transactions on a similar basis with its associated companies and 
joint arrangements. Further details of the transactions with associated 
companies are shown in note 4.3 Associates.
Group companies, including subsidiary companies and joint operations, 
are listed in note 6.2 Group companies.
Forest assets and wood procurement
The Group has a 41.0% interest in Tornator with the remaining 59.0% being 
held mainly by Finnish institutional investors. Stora Enso has long-term 
purchase contracts of wood at market prices with the Tornator Group, and 
in 2024 purchases of 3 (2) million cubic metres came to EUR 167 (150) 
million.
The Group procures wood at market prices from Kopparfors Fastigheter 
AB, a fully owned subsidiary of Kopparfors Skogar AB, which is wholly 
owned by FAM AB. In 2024 the purchases from the related party amounted 
to EUR 15 (21) million and the sales of services by Stora Enso to the said 
related party amounted to EUR 0 (1) million. At the end of 2024 the Group 
had EUR 0 (6) million of open payables to the related party. 
Stevedoring
The Group owns 34.4% of shares in Steveco Oy, a Finnish company 
engaged in loading and unloading vessels. The other shareholders in 
Steveco are UPM-Kymmene, Finnlines and Myllykoski. The stevedoring 
services are provided by Steveco at market prices and in 2024 amounted 
to EUR 25 (24) million.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  194

===== SIDA 195 =====

7 Other
7.1 Commitments and contingencies 
 Accounting principles
Guarantees
The guarantees entered into with financial institutions and other credit guarantors 
generally oblige the group to make payment in the event of default by the 
borrower. The guarantees have an off-balance sheet credit risk representing the 
accounting loss that would be recognised at the reporting date if the 
counterparties fail to perform completely as contracted. The credit risk amounts 
are equal to the contract sums, assuming the amounts are not paid in full and are 
irrecoverable from other parties.
Commitments
EUR million 2024 2023
On own behalf
Guarantees  17  18 
Other commitments  6  6 
On behalf of associated companies
Guarantees  4  5 
On behalf of others
Guarantees  16  16 
Other commitments  0  0 
Total  43  44 
Guarantees  37  38 
Other commitments  6  6 
Total  43  44 
In 2024, the Group’s commitments amounted to EUR 43 (44) million. In 
addition, the parent company Stora Enso Oyj has guaranteed the liabilities 
of many of its subsidiaries and joint operations up to EUR 792 (734) million 
as of 31 December 2024.
Capital commitments
EUR million 2024 2023
Total  304  683 
Capital expenditure commitments are not recognised in the balance 
sheet and these include the Group’s share of direct capital expenditure 
contracts in joint operations. The largest commitments in relation to 
capital expenditure relate to the mill conversion at Oulu site in Finland.
Contingent liabilities 
Stora Enso has undertaken significant restructuring actions in recent years 
which have included the divestment of companies, sale of assets and mill 
closures. These transactions include a risk of possible environmental or 
other obligations the existence of which would be confirmed only by the 
occurrence or non-occurrence of one or more uncertain future events not 
wholly within the control of the Group. A provision has been recognised for 
obligations for which the related amount can be estimated reliably and for 
which the related future cost is considered to be at least probable.
Stora Enso has been granted various investment subsidies and 
compensations, and has made certain investment commitments in 
several countries such as Finland, China, and Sweden. If commitments to 
planning conditions are not met, local officials may pursue administrative 
measures to reclaim some of the previously granted investment subsidies 
or impose penalties on Stora Enso. The outcome of such a process could 
result in adverse financial impact on Stora Enso.
Stora Enso has been granted investment subsidies and has given certain 
investment commitments in China. There is a risk that the majority owned 
local Chinese company may be subject to a claim based on alleged costs 
resulting from certain uncompleted investment commitments. Given the 
specific mitigating circumstances surrounding the investment case as a 
whole, Stora Enso does not consider it to be probable that this situation 
would result in an outflow of economic benefits that would be material to 
the Group. 
Stora Enso is party to legal proceedings that arise in the ordinary course of 
business and which primarily involve claims arising out of commercial law. 
The management does not consider that liabilities related to such 
proceedings before insurance recoveries, if any, are likely to be material to 
the Group’s financial condition or results of operations.
Veracel 
On 11 July 2008, Stora Enso announced that a federal judge in Brazil had 
issued a decision claiming that the permits issued by the State of Bahia for 
the operations of Stora Enso’s joint operations company Veracel were not 
valid. The judge also ordered Veracel to take certain actions, including 
reforestation with native trees on part of Veracel’s plantations and a 
possible fine of, at the time of the decision, BRL 20 (EUR 4) million. Veracel 
disputes the decision and has filed an appeal against it. Veracel operates 
in full compliance with all Brazilian laws and has obtained all the necessary 
environmental and operating licences for its industrial and forestry 
activities from the relevant authorities. In November 2008, a Federal Court 
suspended the effects of the decision. No provisions have been recorded 
in Veracel’s or Stora Enso’s accounts for the reforestation or the possible 
fine.
7.2 Events after the reporting period 
The were no significant adjusting or non-adjusting events after the 
reporting period end. 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  195

===== SIDA 196 =====

Parent company Stora Enso Oyj financial statements
Parent company income statement
Year ended 31 December
EUR million Note 2024 2023
Sales 2  2,631  2,809 
Changes in inventories of finished goods and work in progress + / -  25  -43 
Production for own use  2  3 
Other operating income 3  462  658 
Materials and services 4  -1,992  -1,985 
Personnel expenses 5  -298  -341 
Depreciation and impairment 6  -183  -274 
Other operating expenses 7  -895  -1,283 
 2,877  3,265 
Operating profit  /  loss  -246  -455 
Financial income and expenses 9  238  278 
Profit before appropriations and taxes  -8  -177 
Appropriations 10  68  222 
Income tax expense 11  -3  0 
Profit for the period  57  45 
Parent company statement of financial position
Assets
Non-current assets
Intangible assets 13  54  53 
Tangible assets 13  834  917 
Investments 14  9,250  8,596 
Non-current assets total  10,137  9,567 
As at 31 December
EUR million Note 2024 2023
Current assets
Inventories 15  543  473 
Short-term receivables 16  1,296  2,257 
Financial securities 17  1,007  1,550 
Cash in hand and at bank  764  661 
Total current assets  3,610  4,941 
Total assets  13,746  14,508 
Equity and liabilities
Equity 18
Share capital  1,342  1,342 
Share premium  3,639  3,639 
Fair value reserve  -2  14 
Invested non-restricted equity fund  633  633 
Retained earnings  751  864 
Profit for the period  57  45 
Total equity  6,421  6,537 
Accumulated appropriations 19  192  201 
Obligatory provisions 20  25  36 
Liabilities
Non-current liabilities 22  3,386  4,123 
Current liabilities 23  3,722  3,611 
Total liabilities  7,109  7,734 
Total equity and liabilities  13,746  14,508 
As at 31 December
EUR million Note 2024 2023
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  196

===== SIDA 197 =====

Parent company cash flow statement
Cash provided by operating activities
Profit for the period  57  45 
Adjustments and reversal of non-cash items:
Direct taxes  3  0 
Appropriations  -68  -222 
Depreciation according to plan and impairment  183  274 
Unrealised foreign exchange gains and losses  15  38 
Other non-cash items  -2  15 
Financial income and expenses  -238  -278 
Change in working capital:
Increase(-)/decrease(+) in current non-interest-bearing receivables  266  48 
Increase(-)/decrease(+) in inventories  -70  101 
Increase(+)/decrease(-) in current non-interest-bearing liabilities  118  -154 
Cash flow from operating activities before financial items and taxes  263  -133 
Interest received from operating activities  214  181 
Interest paid from operating activities  -250  -173 
Dividends received from operating activities  481  371 
Other financial items, net  -33  36 
Direct taxes paid  -11  -23 
Cash provided by operating activities  665  259 
Net cash provided by investing activities
Investments in tangible and intangible assets  -112  -166 
Capital gains from sale of tangible and intangible assets  1  0 
Investments in other financial assets  0  -16 
Investments in subsidiary shares and other capital contributions  -538  0 
Proceeds from disposal of subsidiary shares and other repayment of capital  3  0 
Proceeds from disposal of other investments  1  0 
Payments of non-current loan receivables  -961  -2,184 
Proceeds from non-current loan receivables  1,700  780 
Net cash provided by investing activities  96  -1,586 
Year ended 31 December
EUR million 2024 2023
Cash flow from financing activities
Proceeds from (issue of) long-term liabilities  0  3,468 
Proceeds from (payment of) long-term liabilities  -730  -1,623 
Proceeds from (issue of) short-term liabilities  91  164 
Proceeds from (payment of) short-term liabilities  -544  -249 
Dividends paid  -147  -472 
Group contributions received  133  0 
Cash flow from financing activities  -1,197  1,287 
Net change in cash and cash equivalents  -437  -39 
Translation differences  -3  3 
Cash and cash equivalents at start of year  2,211  2,247 
Cash and cash equivalents at year end  1,771  2,211 
Cash and cash equivalents at year end includes:
Financial securities  1,007  1,550 
Cash in hand and at bank  764  661 
Cash and cash equivalents total  1,771  2,211 
Year ended 31 December
EUR million 2024 2023
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  197

===== SIDA 198 =====

Notes to the parent company financial statements
 Note 1 Accounting principles
The financial statements of Stora Enso Oyj have been prepared in 
accordance with the Finnish Accounting Act and other current rules and 
regulations concerning financial statements in Finland. The financial 
statements are presented in millions of euros and rounded and therefore 
the sum of individual figures might deviate from the presented total figure.
Derivative contracts
Stora Enso is exposed to several financial market risks that the Group is 
responsible for managing under policies approved by the Board of 
Directors. The objective is to have cost-effective funding in Group 
companies and to manage financial risks using financial instruments in 
order to decrease earnings volatility. The main exposures for the Group are 
interest rate risk, currency risk, funding risk and commodity price risk, 
especially for fiber and energy. The parent company manages these risks 
centrally in the Group. The Group’s risk management principles are 
presented in more detail in note 5.1 Financial Risk Management to the 
consolidated financial statements.
Derivative contracts are measured at fair value on the balance sheet. 
Derivatives with external counterparties that are subject to hedge 
accounting are recognised as financial assets and liabilities at fair value 
through the income statement in the same manner as the parent 
company’s derivatives with other Group companies as counterparties. The 
parent company’s derivative contracts that are used to hedge the parent 
company’s own cash flow are measured at fair value, and the change in 
fair value (effective part) is recognised, in line with hedge accounting 
principles, in the fair value reserve in equity on the balance sheet, while the 
ineffective part is recognised in the parent company’s income statement. 
The change in fair value of derivatives not included in hedge accounting is 
entered immediately in the income statement.
Interest income and expenses related to derivatives that are used to 
manage the interest rate risk are allocated over the contract period and 
are used to adjust interest expenses related to hedged loans. Option 
premiums are recognised as advance payments until the options mature.
With regard to derivatives, more information about the measurement 
principles, fair values and changes in fair value is provided in note 25 
Financial instruments.
Foreign currency transactions
Transactions in foreign currencies are recorded at the rate of exchange 
prevailing at the transaction date, but at the end of the month foreign-
currency-denominated receivables and liabilities are translated using the 
month-end exchange rate.
Equity incentive schemes
The employees covered by the scope of Stora Enso Oyj’s share-based 
incentive schemes are awarded with shares in the company. The awarded 
shares and the costs of the schemes are recognised as an expense in the 
income statement when the shares are delivered. The settlement covers 
taxes and similar changes incurred. The principles of the Group’s share 
opportunity programmes are presented in more detail in note 3.4 
Employee variable compensation and equity incentive schemes to the 
consolidated financial statements.
Pensions
Statutory pension security is arranged through employment pension 
insurance companies outside the Group. Some employees have additional 
pension security through life insurance companies outside the Group. 
Pension contributions are allocated in accordance with performance-
based salaries and wages for the financial period.
Non-current assets 
The balance sheet value of intangible and tangible assets is their direct 
acquisition cost less depreciation according to plan and any impairment. 
Depreciation according to plan is recognised for intangible and tangible 
assets, based on their expected useful lives.
Depreciation is based on the following useful lives:
Buildings and structures 10–50 years
Production machinery and equipment 10–20 years
Light machinery and equipment 3–5 years
Intellectual property rights 3–20 years
No depreciation is recognised for land and water areas.
Interest in Group companies
Interest in the Group companies is measured at cost less any impairment 
losses. Interest in the Group companies is assessed for impairment 
annually.
The fair value of the subsidiary shares has been assessed mainly based on 
income approach, in which the fair value of investment is calculated 
based on the discounted cash flow model (DCF). Impairment need is 
assessed by comparing the fair value of the subsidiary shares to the book 
value in the parent company’s balance sheet and possible write down is 
booked through profit or loss, if considered permanent in nature.
Loan receivables
Loan receivables are debt instruments with fixed or determinable 
payments that are not quoted on an active market. They are recorded 
initially at fair value and subsequently measured at an amortised cost. 
Investments in subsidiaries and other companies are measured at cost, or 
fair value in case the fair value is less than cost. Loan receivables are 
presented in the balance sheet item Investments. The loan receivables are 
mainly from Group companies.
Inventories
Inventories are measured at acquisition cost or at net realisable value if 
lower. Acquisition cost is determined using the FIFO method or the 
weighted average cost method. The cost of finished goods and work in 
progress comprises raw materials, direct labour, depreciation and other 
direct costs, as well as the related production overhead. Net realisable 
value is the estimated selling price less the costs of completion and sale.
Leasing
Leasing payments are recognised in other operating expenses. The 
remaining leasing payments under leasing agreements are presented in 
note 24 Commitments and Contingencies.
Expenditure on research and development
Expenditure on research and development is recognised as an expense 
for the financial period.
Income taxes
The tax expense on the income statement includes income taxes based 
on the taxable profit for the financial period and tax adjustments for 
previous periods. The parent company does not recognise deferred tax 
assets and liabilities, excluding derivatives, in its financial statements. 
Deferred tax assets and liabilities that can be recognised on the balance 
sheet are presented in note 21 Deferred tax liabilities and receivables.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  198

===== SIDA 199 =====

Obligatory provisions
Future costs and losses that no longer generate corresponding income, to 
which the company is committed or by which the company is obligated, 
are recognised in the income statement according to their nature and in 
obligatory provisions on the balance sheet.
Emission rights
For 2024, 0.4 million tonnes of free emission allowances in accordance with 
the EU Emissions Trading Directive were allocated to the company. 
Emission allowances are recognised through a net cash cost basis, 
meaning that the difference between the actual emissions and the 
emission allowances received is recognised through profit or loss if the 
actual emissions are larger than the emission allowances received. During 
the financial period, the emissions emitted were estimated at 0.3 million 
tonnes. The emission rights purchased during the financial period are 
recognised in other operating expenses, and the emission rights sold 
during the financial period are recognised in other operating income.
At the end of the financial period, the market value of the emission rights 
was EUR 70.95 per tonne.
Comparability of the information for the financial period
Stora Enso Paper Oy merged with the parent company Stora Enso Oyj as of 
1 January 2024. The merger included the transfer of subsidiary shares a 
total of EUR 572.0 million to the parent company’s balance sheet. The 
merger loss of EUR 9.5 million is presented in note 7 Other operating 
expenses.
Note 2 Net sales by division and market area
EUR million 2024 2023
By division
Packaging Materials  1,559  1,564 
Biomaterials  160  351 
Forest  658  596 
Wood Products  161  158 
Other  93  140 
Total  2,631  2,809 
Distribution by region
Finland  1,043  1,256 
Other Europe  908  888 
North and South America  179  211 
Asia and Oceania  394  279 
Africa  108  99 
Others  0  76 
Total  2,631  2,809 
Note 3 Other operating income
EUR million 2024 2023
Rent and equivalents  2  3 
Gains on sale of fixed assets  1  0 
Insurance compensation  1  0 
Subsidies, grants and equivalents  17  11 
Administration services  47  64 
Proceeds from sales of emission rights  63  75 
Other operating income
1
 332  505 
Total  462  658 
1 Other operating income consists mainly of items relating to the division based operating model in the Group.
Note 4 Materials and services
EUR million 2024 2023
Materials and supplies
Purchases during the period  1,501  1,402 
Change in inventories +/-  -29  59 
External services  520  524 
Total Materials and Services  1,992  1,985 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  199

===== SIDA 200 =====

Note 5 Personnel expenses and average number of employees
EUR million 2024 2023
Salaries and fees  242  278 
Statutory employer costs
Pensions  48  52 
Other personnel costs  8  10 
Total  298  341 
Remuneration for the CEO and the members of the Board of Directors
Remuneration for the CEO and the members of the Board of Directors is presented in note 3.2 Board and executive 
remuneration to the consolidated financial statements.
Pension liabilities for the CEO
Pension liabilities for the CEO are presented in note 3.2 Board and executive remuneration to the consolidated 
financial statements.
Receivables from management
There were no loan receivables from the company’s management.
Average number of employees 2024 2023
Number of employees during the financial period  3,664  4,048 
Note 6 Depreciation and impairment
EUR million 2024 2023
Depreciation according to plan  115  126 
Impairment of fixed assets  68  148 
Total  183  274 
Depreciation and amortisation on each item in the statement of financial position is included under intangible and tangible assets.
Note 7 Other operating expenses
EUR million 2024 2023
Product freight  193  204 
Sales commissions  56  60 
Rental costs  22  22 
Administration and office services  313  330 
Insurance premiums  21  18 
Other personnel expenses  17  18 
Representation costs  0  0 
Public and other relations  4  4 
Emission rights expenses  51  60 
Other operating expenses
1
 208  563 
Merger loss  9  4 
Total  895  1,283 
 
1
 Other operating expenses consist mainly of items relating to the division based operating model in the Group.
Note 8 Auditors’ fees
EUR million 2024 2023
Audit fees  1  1 
Other audit-related fees  0  0 
Tax fees  0  0 
Other fees  0  0 
Total  2  2 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  200

===== SIDA 201 =====

Note 9 Financial income and expenses
EUR million 2024 2023
Dividend income
From Group companies  480  346 
From associated companies  29  25 
From others  3  1 
Total  511  371 
Interest income from non-current investments
From Group companies  93  96 
From associated companies  2  1 
From others  0  1 
Total  95  98 
Other interest and financial income
From Group companies  42  48 
From others  74  54 
Total  116  102 
Total financial income  722  571 
Interest and other financial expenses
To Group companies  -85  -69 
Other financial expenses  -200  -149 
Total  -285  -217 
Impairment on investments
Impairment on investments in non-current assets  -199  -75 
Total financial expenses  -484  -293 
Total financial income and expenses  238  278 
The item “Financial Income and Expenses” includes exchange rate gains/losses (net)  -9  15 
Note 10 Appropriations
EUR million 2024 2023
Difference between depreciation according to plan and depreciation recognised in taxation  9  89 
Group contributions received  59  133 
Total appropriations  68  222 
Note 11 Income tax expense
EUR million 2024 2023
Income taxes from primary operations for the period  -3  0 
Total income tax  -3  0 
Note 12 Environmental expenses
EUR million 2024 2023
Materials and services  30  40 
Personnel expenses  4  3 
Depreciation and impairment  11  29 
Total  44  72 
Air quality protection  5  19 
Wastewater treatment  22  34 
Waste management  10  12 
Soil and groundwater protection  1  1 
Noise and vibration prevention  0  0 
Other environmental protection measures  6  5 
Total  44  72 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  201

===== SIDA 202 =====

Note 13 Intangible and tangible assets
Intangible assets
EUR million
Intellectual 
property 
rights
Other non-
current 
expenditure
Advance 
payments 
and 
acquisitions in 
progress Total
Acquisition cost 1 Jan  180  26  25  231 
Increases  3  0  12  16 
Increases merger  1  0  0  1 
Decreases  -4  0  0  -4 
Reclassification  15  0  -15  0 
Acquisition cost 31 Dec  195  26  23  244 
Accumulated depreciation and impairment 1 Jan  -153  -25  0  -178 
Accumulated depreciation transferred in mergers  -1  0  0  -1 
Accumulated depreciation on decreases and reclassifications  4  0  0  4 
Depreciation for the period  -13  0  0  -13 
Impairments  -2  -1  0  -3 
Accumulated depreciation 31 Dec  -165  -25  0  -190 
Book value on 31 December 2024  30  1  23  54 
Book value on 31 December 2023  27  2  25  53 
Tangible assets
EUR million
Land and 
water areas
Buildings and 
structures
Plant and 
equipment
Other tangible 
assets
Advance 
payments 
and 
acquisitions in 
progress Total
Acquisition cost 1 Jan  18  626  3,006  184  59  3,893 
Increases  0  1  42  0  40  83 
Decreases  0  -1  -19  -2  0  -22 
Reclassification  0  1  36  0  -38  0 
Acquisition cost 31 Dec  18  628  3,065  182  62  3,954 
Accumulated depreciation and 
impairment 1 Jan  0  -466  -2,347  -165  0  -2,977 
Accumulated depreciation on 
decreases and reclassifications  0  1  19  2  0  22 
Depreciation for the period  0  -13  -87  -2  0  -102 
Impairment for the period  -4  -5  -56  0  0  -65 
Accumulated depreciation 31 Dec  -4  -483  -2,471  -165  0  -3,123 
Increase in value 1 Jan  2  0  0  0  0  2 
Decreases  0  0  0  0  0  0 
Increase in value 31 Dec  2  0  0  0  0  2 
Book value on 31 December 2024  16  145  594  18  62  834 
Book value on 31 December 2023  20  160  659  19  59  917 
Production plant and equipment
Book value on 31 December 2024  581 
Book value on 31 December 2023  626 
Advance payments and acquisitions in progress
EUR million
Intangible 
assets
Buildings and 
structures
Plant and 
equipment Total
Acquisition cost 1 Jan  25  1  58  84 
Increases  12  0  40  52 
Reclassification  -15  -1  -36  -52 
Acquisition cost 31 Dec 2024  23  0  62  84 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  202

===== SIDA 203 =====

Capitalised environmental expenditure
31 Dec 2024
EUR million
Land and 
water areas
Buildings and 
structures
Plant and 
equipment
Other tangible 
assets
Advance 
payments 
and 
acquisitions in 
progress Total
Acquisition cost 1 Jan  4  22  46  3  18  93 
Increases  0  1  12  0  6  18 
Depreciations for the period  0  -1  -9  -1  0  -11 
Book value on 31 December 2024  3  22  48  3  24  100 
Air quality protection  0  8  40  0  14  63 
Wastewater treatment  0  2  7  0  6  15 
Waste management  2  0  0  2  0  5 
Soil and groundwater protection  1  11  1  0  3  16 
Noise and vibration prevention  0  0  1  1  0  1 
 3  22  48  3  24  100 
31 Dec 2023
EUR million
Land and 
water areas
Buildings and 
structures
Plant and 
equipment
Other tangible 
assets
Advance 
payments 
and 
acquisitions in 
progress Total
Acquisition cost 1 Jan  4  21  53  4  19  101 
Increases  0  5  17  0  -1  21 
Depreciations for the period  0  -4  -24  -1  0  -29 
Book value on 31 December 2023  4  22  46  3  18  93 
 
Air quality protection  1  6  33  0  11  50 
Wastewater treatment  0  4  10  0  4  18 
Waste management  2  1  1  2  1  7 
Soil and groundwater protection  1  12  2  1  2  17 
Noise and vibration prevention  0  0  1  1  0  1 
 4  22  46  3  18  93 
In 2024 and 2023, no environmentally based fines, charges or compensation were paid. Subsidies were received for 
environmental protection of EUR 0.0 million (EUR 0.9 million in 2023)
Note 14 Non-current investments in shares and loan receivables
EUR million
Shares in 
Group 
companies
Loan 
receivables 
from Group 
companies
Shares in 
associated 
companies
Loan 
receivables 
from 
associated 
companies
Other 
shares
Other 
receivables
Total 
investments
Acquisition cost 1 Jan  6,830  1,916  37  25  209  68  9,085 
Increases  1,110  25  0  1  0  7  1,143 
Decreases  -123  -107  0  0  -1  -59  -289 
Acquisition cost 31 Dec  7,817  1,834  37  26  209  16  9,939 
 
Impairments 1 Jan  -483  0  0  0  -1  -5  -490 
Increases  -181  0  0  0  -18  0  -199 
Impairments 31 Dec  -664  0  0  0  -20  -5  -689 
 
Book value on 31 December 2024  7,153  1,834  37  26  189  11  9,250 
Book value on 31 December 2023  6,347  1,916  37  25  208  63  8,596 
Note 15 Inventories
2024 2023
Materials and supplies  258  229 
Work in progress  9  9 
Finished goods  232  206 
Other inventories  0  0 
Prepayments  44  28 
Total  543  473 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  203

===== SIDA 204 =====

Note 16 Short-term receivables
Short-term loan receivables
Receivables from Group companies
Loan receivables  798  1,455 
Commodity derivative receivables  2  0 
Interest receivables  50  38 
Total  850  1,493 
Receivables from associated companies
Loan receivables  10  0 
Total  10  0 
 
Receivables from others
Loan receivables  21  11 
Commodity derivative receivables  0  0 
Other receivables  6  36 
Interest receivables  9  12 
Total  35  59 
Total current interest-bearing receivables  896  1,553 
EUR million 2024 2023 Current non-interest-bearing receivables
Receivables from Group companies
Trade receivables  153  240 
Other receivables  58  274 
Total  211  515 
Receivables from equity accounted investments
Trade receivables  1  1 
Total  1  1 
Receivables from others
Trade receivables  109  137 
Deferred tax assets  2  0 
Other receivables  53  32 
Accrued income  24  21 
Total  187  189 
Stora Enso may enter into factoring agreements to sell trade receivables in order to accelerate cash conversion. Nominally, such agreements led to the nominal 
derecognition of EUR 59.7 million (EUR 42.8 million in 2023) by the end of the financial period. The continuing involvement of Stora Enso in the sold receivables was estimated 
as being insignificant due to the non-recourse nature of the factoring arrangements involved.
EUR million 2024 2023
EUR million 2024 2023
Total current non-interest-bearing receivables  399  705 
Total current receivables  1,296  2,257 
Significant accruals
Tax-equivalent receivables  0  0 
Advances paid  10  8 
Other accruals  14  13 
Total  24  21 
Note 17 Financial securities
EUR million 2024 2023
From Group companies  2  16 
From others  1,005  1,534 
Total  1,007  1,550 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  204

===== SIDA 205 =====

Note 18 Shareholders’ equity
EUR million 2024 2023
Restricted shareholders’ equity
Share capital 1 Jan  1,342  1,342 
Share capital 31 Dec  1,342  1,342 
Share premium fund 1 Jan  3,639  3,639 
Share premium fund 31 Dec  3,639  3,639 
Fair value reserve 1 Jan  14  25 
Increase (-) / Decrease (+)  -16  -11 
Fair value reserve 31 Dec  -2  14 
Total restricted equity  4,979  4,995 
Change in share capital and number of shares are presented in Note 5.5 to the consolidated financial statements. 
Non-restricted shareholders’ equity
Invested unrestricted equity reserve 1 Jan  633  633 
Invested unrestricted equity reserve 31 Dec  633  633 
 
Retained earnings 1 Jan  909  1,338 
Dividend distribution  -158  -473 
Retained earnings 31 Dec  751  864 
Profit for the period  57  45 
Total non-restricted equity  1,442  1,542 
Total shareholders’ equity  6,421  6,537 
Calculation of distributable equity 31 Dec
 
Fair value reserve 31 Dec  -2  0 
Invested unrestricted equity reserve 31 Dec  633  633 
Retained earnings 31 Dec  751  864 
Profit for the period  57  45 
Total  1,440  1,542 
Note 19 Accumulated appropriations
EUR million 2024 2023
Depreciation difference
Intellectual property rights  -6  -4 
Goodwill  0  0 
Other non-current expenditure  -2  -2 
Buildings and structures  13  13 
Plant and equipment  190  198 
Other tangible assets  -2  -3 
Total  192  201 
Note 20 Obligatory provisions
EUR million 2024 2023
Restructuring provisions  3  20 
Environmental provisions  20  14 
Pension provisions  0  1 
Other provisions  2  1 
Total  25  36 
Note 21 Deferred tax liabilities and receivables
EUR million 2024 2023
Deferred tax liability due to depreciation difference  -19  -23 
Deferred tax receivables and liabilities due to derivatives  1  -4 
Deferred tax receivable due to loss  94  48 
Deferred tax receivable due to provisions  5  7 
Deferred tax receivables and liabilities due to other temporary differences  6  -1 
Total deferred tax receivable  87  27 
Deferred tax liabilities and receivables excluding derivatives have not been recognised on the balance sheet.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  205

===== SIDA 206 =====

Note 22 Non-current liabilities
EUR million 2024 2023
Non-current liabilities
Bonds  3,029  3,472 
Loans from credit institutions  355  651 
Other non-current liabilities  1  0 
Other non-current liabilities to group companies  1  0 
Total  3,386  4,123 
Liabilities with maturities later than five years
Bonds  823  1,303 
Other non-current liabilities  22  4 
Total  845  1,308 
Specifications of Bond loans are presented in note 5.3 Interest-bearing liabilities in consolidated financial statements.
Note 23 Current liabilities
Current interest-bearing liabilities
Liabilities to Group companies
Other loans  1,798  2,396 
Interest due  0  0 
Total  1,798  2,396 
Liabilities to others
Other loans  242  224 
Commodity derivative liabilities  2  0 
Interest due  50  50 
Bonds  430  136 
Loans from credit institutions  400  100 
Total  1,124  511 
Total current interest-bearing liabilities  2,922  2,907 
EUR million 2024 2023
Current non-interest-bearing liabilities
Liabilities to Group companies
Trade payables  64  72 
Commodity derivative liabilities  1  1 
Accrued liabilities and deferred income  0  3 
Total  65  75 
Liabilities to associated companies
Trade payables  187  126 
Total  187  126 
Liabilities to others
Advances received  3  6 
Trade payables  427  393 
Other loans  34  22 
Accrued liabilities and deferred income  85  82 
Total  548  503 
Total current non-interest-bearing liabilities  800  704 
Total current liabilities  3,722  3,611 
Substantial accrued liabilities and deferred income
Payroll payments accrued  58  56 
Annual discounts  14  12 
Other accrued liabilities and deferred income  12  14 
Total  85  82 
EUR million 2024 2023
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  206

===== SIDA 207 =====

Note 24 Commitments and contingencies
EUR million 2024 2023
On own behalf, for own debt
Mortgages  0  0 
For Group debt
Guarantees  792  734 
On behalf of Associated companies
Guarantees  4  5 
On behalf of others
Guarantees  10  10 
Other commitments, own
Leasing commitments, in next 12 months  22  9 
Leasing commitments, after next 12 months  30  13 
Lease commitments  6  5 
Other commitments  15  15 
Total  879  792 
 
Mortgages  0  0 
Guarantees  806  748 
Leasing commitments  52  23 
Lease commitments  6  5 
Other commitments  15  15 
Total  879  792 
Contingent liabilities 
Stora Enso Oyj has implemented significant restructuring measures in recent years. These measures have included 
divestments of business operations and production units, as well as mill closures. These transactions include a risk 
of possible environmental or other obligations, the existence of which would be confirmed only by the occurrence 
or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A provision 
has been recognised for obligations for which the related amount can be estimated reliably and the occurrence of 
which is considered likely.
Stora Enso Oyj has been granted various investment subsidies and has given certain investment commitments in 
Finland. If committed planning conditions are not met, local officials may pursue administrative measures to 
reclaim some of the formerly granted investment subsidies or to impose penalties on Stora Enso Oyj and the 
outcome of such a process could result in a negative financial impact on Stora Enso Oyj.
Stora Enso Oyj is party to legal proceedings that arise in the ordinary course of business and primarily involve 
claims arising out of commercial law. The company management does not believe that such processes as a 
whole, before any insurance compensation, would have significant impacts on the company’s financial position or 
profit from operations. Some of the most significant legal proceedings are described in note 7.1 to the consolidated 
financial statements.
Note 25 Financial instruments 
Valuation of derivatives
The fair value is defined as the amount at which a derivative instrument could be exchanged in an orderly 
transaction between market participants at the measurement date. The fair values of such instruments are 
determined on the following basis:
• Foreign exchange forward contract fair values are calculated using forward exchange rates on the reporting 
date.
• Foreign exchange option contract fair values are calculated using reporting date market rates together with 
common option pricing models.
• Commodity contract fair values are computed with reference to quoted market prices on futures exchanges or 
other reliable market sources.
• Interest rate swaps fair values are calculated using a discounted cash flow method.
Fair value hierarchy
Stora Enso uses the following hierarchy for determining and disclosing the fair value of financial instruments by 
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are 
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based 
on observable market data.
The parent company’s derivatives are classified as Level 2 in the fair value hierarchy.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  207

===== SIDA 208 =====

Nominal and fair values of derivative instruments
As at 31 December 2024
EUR million
Nominal 
values
Positive fair 
values
Negative fair 
values
Fair values, 
Net
Cash flow hedges entered on behalf of the parent company and its 
subsidiaries, for which hedge accounting is applied in target 
companies
Foreign exchange forwards  2,491  34  -41  -7 
Foreign exchange options  1,280  7  -8  -1 
Commodity contracts  167  4  -4  0 
Interest rate swaps  346  6  0  6 
Non-hedge accounted derivatives
Foreign exchange forwards  774  2  -4  -2 
Total  5,058  52  -56  -4 
of which against subsidiaries  2,138  38  -9  28 
of which against external parties  2,920  15  -47  -32 
As at 31 December 2023
EUR million
Nominal 
values
Positive fair 
values
Negative fair 
values
Fair values, 
Net
Cash flow hedges entered on behalf of the 
parent company and its subsidiaries, for which
hedge accounting is applied in target companies
Currency forwards  2,284  34  -34  1 
Currency options  667  7  -5  2 
Commodity contracts  27  1  -1  0 
Interest rate swaps  443  16  0  16 
Non-hedge accounted derivatives
Currency forwards  588  5  -5  0 
Commodity contracts  0  0  0  0 
Total  4,009  63  -44  19 
of which against subsidiaries  1,586  6  -37  -31 
of which against external parties  2,423  56  -7  49 
Fair value reserve 
The net amount of the parent company’s unrealised cash flow hedge loss in the fair value reserve was EUR -2.2 
(14.3) million, which was related to currency and interest rate derivatives. Currency and interest rate derivatives 
also include a gain of EUR 0.2 (0.2) million related to the time value of options. These unrealised gains are 
recognised in the income statement upon the maturity of the hedging contracts. The longest hedging contract will 
mature in 2027. However, the majority of the contracts are expected to mature during 2025. The ineffective portions 
of hedges are recognised as adjustments to financial items, revenue or materials and services according to the 
hedged item. During 2024 and 2023, there were no material ineffectiveness related to hedges recognised in the 
income statement. Derivatives used in currency cash flow hedges are mainly forward contracts and options. 
Swaps are mainly used in commodity hedges and interest rate cash flow hedges.
Hedge gains and losses in operating profit
EUR million 2024 2023
Cash flow hedge accounted derivatives
Currency hedges  -2  2 
Total  -2  2 
As adjustments to sales  -2  2 
As adjustments to materials and services  0  0 
Items realised from the fair value reserve that are recognised in the income statement  -2  2 
Net losses from cash flow hedges  -2  2 
Non-hedge accounted derivatives
Currency derivatives  -2  0 
Net gains on non-hedge accounted derivatives  -2  0 
 
Net hedge gains/losses in operating profit  -4  2 
Hedge gains and losses in financial items
EUR million 2024 2023
Non-hedge accounted derivatives
Currency derivatives  3  -21 
Net gains/losses in financial items  3  -21 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  208

===== SIDA 209 =====

Sensitivity of currency derivatives to strengthening of EUR
31 December 2024
EUR million SEK USD GBP
Currency change against EUR  -5.0 %  -5.0 %  -5.0 %
Nominals of currency derivatives hedging next 12 months cash flow in EUR  0  -81  -6 
Estimated effect on fair value reserve in EUR (net of taxes)  0  6  0 
Sensitivity of commodity derivatives to price risk
There were no outstanding commodity derivatives related to parent company’s cash flows at the end of reporting 
period.
More detailed information about financial instruments are presented in note 5.1 Financial risk management, note 
5.2 Fair values and note 5.4 Derivatives to the consolidated financial statements.
Note 26 Related party transactions
EUR million 2024 2023
Related party transactions with associated companies and joint ventures:
Purchase of materials and supplies during the year  22  23 
Interest income on non-current loan receivables  0  1 
Non-current loan receivables at year end  3  26 
Trade payables at year end  44  126 
The Group’s principles for related party transactions are presented in note 6.3 to the consolidated financial statements.  In the parent company’s notes 14, 16, 22, and 23, the 
loans with group companies are specified. The terms have complied with company’s established principles and policies and adhered to arm’s length principle.
Note 27 Separated Electricity business statements
According to the Electricity Market Act (588/2013), a company operating in the electricity market, must separate its 
electricity business from its other business operations.
Basis of preparation of the separated electricity business statements: income, costs, assets and liabilities 
immediately attributable to the electricity business are allocated directly and indirect costs and non-attributable 
items are allocated according to allocation or allocation keys.
Electricity business income statement
31 December
EUR million 2024 2023
Sales  87  126 
 
Other operating income  0 1
Materials and services  -65 -113
Personnel expenses  0  0 
Depreciation and impairment  -6  -14 
Other operating expenses  -1  -1 
Operating profit  16  -2 
Profit before Appropriations and Taxes  16  -2 
Appropriations  0  5 
Profit before Taxes  17  3 
Income tax expense and windfall tax  -3  -1 
Profit / loss for the period  13  2 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  209

===== SIDA 210 =====

Electricity business statement of financial position
Assets
Non-current assets
Tangible assets  28  47 
Investments  171  190 
Non-current assets total  199  237 
Current assets
Short-term receivables  13  24 
Total current assets  13  24 
Total assets  212  261 
Equity and liabilities
Equity
Share capital  35  35 
Share premium  95  95 
Invested non-restricted equity fund  17  17 
Retained earnings  42  39 
Profit for the period  13  2 
Total equity  202  189 
Accumulated appropriations  6  10 
Liabilities
Non-current liabilities  —  52 
Current liabilities  4  10 
Total liabilities  4  62 
Total equity and liabilities  212  261 
As at 31 December
EUR million 2024 2023
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  210

===== SIDA 211 =====

Signatures for the financial statements
These financial statements are prepared in accordance with the applicable accounting standards and give a true 
and fair view of the assets, liabilities, financial position and profit or loss of the Group and of the companies 
included in its consolidated financial statements. The report of the Board of Directors includes a fair review of the 
development and performance of the Group and of the companies included in its consolidated accounts, together 
with a description of the principal risks and uncertainties and the financial position of the Company. The 
sustainability statements included in the Report of the Board of Directors have been prepared in accordance with 
the reporting standards referred to in Chapter 7 of the Finnish Accounting Act and Article 8 of the Taxonomy 
Regulation.
10 February 2025
Kari Jordan Håkan Buskhe
Chair Vice Chair
Elisabeth Fleuriot Helena Hedblom
Astrid Hermann Christiane Kuehne
Richard Nilsson Reima Rytsölä
Hans Sohlström
President and CEO
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  211

===== SIDA 212 =====

Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Stora Enso Oyj
Report on the Audit of the Financial Statements
Opinion 
In our opinion 
• the consolidated financial statements give a true and fair view of the group’s financial position, financial 
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance and financial 
position in accordance with the laws and regulations governing the preparation of financial statements in 
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report to the Audit Committee.
What we have audited
We have audited the financial statements of Stora Enso Oyj (business identity code 1039050-8) for the year ended 
31 December 2024. The financial statements comprise:
• the consolidated statement of financial position, consolidated income statement, consolidated statement of 
comprehensive income, statement of changes in equity, consolidated cash flow statement and notes to the 
consolidated financial statements, which include material accounting policy information and other explanatory 
information
• the parent company statement of financial position, parent company income statement, parent company cash 
flow statement and notes to the parent company financial statements.
Basis for Opinion 
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good 
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements 
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our  opinion.
Independence
We are independent of the parent company and of the group companies in accordance with the ethical 
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have provided to the parent company and 
group companies are in accordance with the applicable law and regulations in Finland and we have not provided 
non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that 
we have provided are disclosed in note 2.2 to the Consolidated Financial Statements.
Our Audit Approach
Overview
• We have applied an overall group materiality of EUR 60 million.
• We performed audit procedures at 23 reporting components in 10 countries that are 
considered significant based on our overall risk assessment and materiality.
• Valuation of forest assets
• Provisions and contingent liabilities
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the 
financial statements. In particular, we considered where management made subjective judgements; for example, 
in respect of significant accounting estimates that involved making assumptions and considering future events 
that are inherently uncertain.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable 
assurance whether the financial statements are free from material misstatement. Misstatements may arise due to 
fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the basis of the financial statements.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  212

===== SIDA 213 =====

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the 
overall group materiality for the consolidated financial statements as set out in the table below. These, together 
with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of 
our audit procedures and to evaluate the effect of misstatements on the financial statements as a whole.
Overall group materiality EUR 60 million
How we determined it Based on operating profit and total assets
Rationale for the materiality benchmark applied We chose operating profit and total assets as the benchmarks because, in our 
view, they are relevant benchmarks against which the performance of the group is 
commonly measured by users of the financial statements.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the group, the accounting processes and 
controls, and the industry in which the group operates.
The Group operates through a number of legal entities or other reporting components globally. We determined 
the nature, timing and extent of audit work that needed to be performed at reporting components by us, as the 
group engagement team, or component auditors operating under our instruction. Where the work was performed 
by component auditors, we issued audit instructions to those auditors including our risk analysis, materiality and 
global audit approach. We performed audit procedures at 23 reporting components in 10 countries that are 
considered significant based on our overall risk assessment and materiality. We have considered that the 
remaining reporting components do not present a reasonable risk of material misstatement for consolidated 
financial statements and thus our procedures related to these reporting components have been limited to 
analytical procedures performed at group level and to possible targeted audit procedures over individual 
significant balances.
By performing the procedures above at reporting components, combined with additional procedures at the group 
level, we have obtained sufficient and appropriate evidence regarding the financial information of the group as a 
whole to provide a basis for our opinion on the consolidated financial statements.
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of 
the financial statements of the current period. These matters were addressed in the context of our audit of the 
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on 
these matters.
As in all of our audits, we also addressed the risk of management override of internal controls, including among 
other matters consideration of whether there was evidence of bias that represented a risk of material 
misstatement due to fraud.
Key audit matter in the audit of the group How our audit addressed the key audit matter
Valuation of forest assets
Refer to Note 1.2 and Note 4.2 in the consolidated financial 
statements for the related disclosures.
Forest assets comprise of biological assets and forest land 
excluding leased forest land assets. As of December 31, 2024 
the fair value of the Group’s forest assets owned through 
subsidiaries, joint operations and associated companies was 
EUR 8 701 million. The fair value of EUR 6 579 million was related 
to biological assets and EUR 2 122 million was related to 
forest land.
Forest assets in Sweden and Finland are recognised at fair 
value and valued by using a market approach method on the 
basis of the forest market transactions in the areas where 
Stora Enso’s forests are located.
Market prices between areas vary significantly and judgment 
is applied to define relevant areas for market transactions 
used in the valuation. Market transaction data is adjusted to 
consider characteristics and nature of the Group’s forest 
assets and to exclude certain non-forest assets and 
transactions considered as outliers compared to other 
transactions. Biological assets valuation is calculated based 
on a discounted cash flow (DCF) method in accordance with 
IAS 41 Agriculture. For forest land the revaluation method is 
applied as defined in IAS 16 Property, plant and equipment. 
Forest land is revalued using a DCF method based on 
estimated future net cash flow streams related to trees to-
be-planted in the future as well as other income, such as 
hunting rights, wind power leases and soil material sales. 
Total value determined for biological assets and forest land 
agrees to the market transaction based fair value of forest 
assets as a discount rate implied by the market transactions 
is used in the DCF method to value these assets.
The value of biological assets outside Sweden and Finland is 
measured based on fair value less cost to sell. The fair value is 
determined using a DCF method based on sustainable forest 
management plans taking into account the growth potential 
of one cycle. The one cycle varies depending on the 
geographic location and species. Determining the 
discounted cash flows requires estimates of growth, harvest, 
sales price and costs.
We obtained an understanding of management’s forest 
assets valuation process, evaluated the design and tested 
the operating effectiveness of internal controls related to 
directly and indirectly owned forest assets.
Our audit procedures over valuation of directly owned forest 
asset included:
• Evaluation of the methodology adopted by management 
for the valuation;
• Testing the mathematical accuracy of the model used for 
valuation;
• Assessment of the discount rates applied in the valuation;
• Assessment of the other key valuation assumptions; and
• Validation of key inputs and data used in the valuation 
model including sales price assumptions, growth 
assumptions and cost assumptions.
In addition, specific to the market transaction based 
valuation our audit procedures included:
• Assessment of the definition of relevant areas for market 
transactions used in the valuation;
• Assessment of the adjustments made to the market 
transaction data; and
• Validation of key inputs and data used in the valuation 
model including market transaction data and volume of 
standing trees.
We involved valuation specialists in the audit work over 
valuation of directly owned forest assets.
Related to indirectly owned forest assets we have 
communicated with the auditors of the three largest 
associates and joint operations. As part of 
the communication, among other things, we have evaluated 
the audit procedures performed and conclusions reached 
related to valuation of forest assets.
In addition, we assessed the appropriateness of disclosures 
related to forest assets.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  213

===== SIDA 214 =====

The other European forest lands are revalued by using a DCF 
method based on its estimated future net cash flows related 
to trees to-be-planted in the future as well as other non-
forest related income. The forest land for the plantations is 
accounted at cost.
Due to the level of judgment involved in the valuation of forest 
assets as well as the significance of forest assets to the 
Group’s financial position, this is considered to be a key audit 
matter.
Provisions and contingent liabilities
Refer to Note 1.2, Note 4.9 and Note 7.1 in the consolidated 
financial statements for the related disclosures.
As of 31 December 2024, the Group had environmental, 
restructuring and other provisions totaling EUR 118 million. 
In addition, the Group has disclosed significant open legal 
cases and contingent liabilities in Note 7.1. 
The assessment of the existence of the present legal or 
constructive obligation, the analysis of the probability of the 
outflow of future economic benefits, and making a reliable 
estimate, require management’s judgment to ensure 
appropriate accounting and disclosures.
Due to the level of judgment relating to recognition, valuation 
and presentation of provisions and contingent liabilities, this 
is considered to be a key audit matter.
We obtained an understanding of management’s process to 
identify new obligations and changes in existing obligations.
We analysed significant changes in material provisions from 
prior periods and obtained a detailed understanding of these 
changes and assumptions applied.
Our audit procedures related to material provisions 
recognized included:
• Assessment of the recognition criteria for the liability;
• Evaluation of the methodology adopted by management 
for the measurement of the liability;
• Testing of the mathematical accuracy of the 
measurement calculation;
• Assessment of the discount rates applied in 
the measurement; and
• Assessment of the other key measurement assumptions 
and inputs.
We obtained legal letters on the main outstanding legal 
cases.
We reviewed minutes of the meetings of the board of 
directors and board committees.
We assessed the appropriateness of the presentation of the 
most significant contingent liabilities in the consolidated 
financial statements.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to 
the consolidated financial statements or the parent company financial statements.
Responsibilities of the Board of Directors and 
the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial 
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and 
of financial statements that give a true and fair view in accordance with the laws and regulations governing the 
preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and 
the Managing Director are also responsible for such internal control as they determine is necessary to enable the 
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for 
assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as applicable, 
matters relating to going concern and using the going concern basis of accounting. The financial statements are 
prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company 
or the group or to cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain 
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 
parent company’s or the group’s internal control. 
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and 
related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going 
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to 
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, 
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s 
report. However, future events or conditions may cause the parent company or the group to cease to continue 
as a going concern.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  214

===== SIDA 215 =====

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, 
and whether the financial statements represent the underlying transactions and events so that the financial 
statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial 
information of the entities or business units within the group as a basis for forming an opinion on the group 
financial statements. We are responsible for the direction, supervision and review of the audit work performed for 
purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters that 
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of 
most significance in the audit of the financial statements of the current period and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure 
about the matter or when, in extremely rare circumstances, we determine that a matter should not be 
communicated in our report because the adverse consequences of doing so would reasonably be expected to 
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 28 March 2018.
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other information 
comprises the report of the Board of Directors.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information 
identified above and, in doing so, consider whether the other information is materially inconsistent with the 
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
With respect to the report of the Board of Directors, our responsibility also includes considering whether the report 
of the Board of Directors has been prepared in compliance with the applicable provisions, excluding the 
sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in 
the sustainability reporting standards.
In our opinion the information in the report of the Board of Directors is consistent with the information in 
the financial statements and the report of the Board of Directors has been prepared in compliance with 
the applicable provisions. Our opinion does not cover the sustainability report information on which there are 
provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.
If, based on the work we have performed, we conclude that there is a material misstatement of the report of 
the Board of Directors, we are required to report that fact. We have nothing to report in this regard.
Other Statements
We support the proposal that the financial statements are adopted. The proposal by the Board of Directors 
regarding the distribution of profits is in compliance with the Limited Liability Companies Act. We support that 
the Board of Directors and the Managing Director of the parent company should be discharged from liability for 
the financial period audited by us.
Helsinki 12 February 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Samuli Perälä
Authorised Public Accountant (KHT)
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  215

===== SIDA 216 =====

Assurance Report on the Sustainability Statement (Translation of the Finnish Original)
To the Annual General Meeting of Stora Enso Oyj
We have performed a limited assurance engagement on the group sustainability statement of Stora Enso Oyj 
(business identity code 1039050-8) that is referred to in Chapter 7 of the Accounting Act and that is included in 
the report of the Board of Directors for the reporting period 1.1.–31.12.2024.     
Opinion 
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our 
attention that causes us to believe that the group sustainability statement does not comply, in all material 
respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards 
(ESRS); 
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of 
the Council on the establishment of a framework to facilitate sustainable investment, and amending 
Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Stora Enso Oyj has identified the information for reporting in 
accordance with the sustainability reporting standards (double materiality assessment).
Our opinion does not cover the tagging of the group sustainability statement in accordance with Chapter 7, 
Section 22, of the Accounting Act, because sustainability reporting companies have not had the possibility to 
comply with that requirement in the absence of the ESEF regulation or other European Union legislation.
Basis for Opinion 
We performed the assurance of the group sustainability statement as a limited assurance engagement in 
compliance with good assurance practice in Finland and with the International Standard on Assurance 
Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical 
Financial Information. 
Our responsibilities under this standard are further described in the Responsibilities of the Authorised Group 
Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Authorised Group Sustainability Auditor's Independence and Quality Management 
We are independent of the parent company and of the group companies in accordance with the ethical 
requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other 
ethical responsibilities in accordance with these requirements.
Our firm applies International Standard on Quality Management ISQM 1, which requires the firm to design, 
implement and operate a system of quality management including policies or procedures regarding compliance 
with ethical requirements, professional standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors and the Managing Director 
The Board of Directors and the Managing Director of Stora Enso Oyj are responsible for:
• the group sustainability statement and for its preparation and presentation in accordance with the provisions of 
Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting 
standards and in which the information for reporting in accordance with the sustainability reporting standards 
has been identified;
• the compliance of the group sustainability statement with the requirements laid down in Article 8 of the 
Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to 
facilitate sustainable investment, and amending Regulation (EU) 2019/2088;
• such internal control as the Board of Directors and the Managing Director determine is necessary to enable the 
preparation of a group sustainability statement that is free from material misstatement, whether due to fraud 
or error.
Inherent Limitations in the Preparation of a Sustainability Statement 
In reporting forward-looking information in accordance with ESRS, management of the Company is required to 
prepare the forward-looking information on the basis of assumptions that have been disclosed in the sustainability 
statement about events that may occur in the future and possible future actions by the Group. Actual outcomes 
are likely to be different since anticipated events frequently do not occur as expected.
Responsibilities of the Authorised Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group 
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited 
assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users 
taken on the basis of the group sustainability statement.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  216

===== SIDA 217 =====

Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) requires that we 
exercise professional judgment and maintain professional skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of the group sustainability statement, whether due to 
fraud or error, and obtain an understanding of internal control relevant to the engagement in order to design 
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the parent company’s or the group’s internal control. 
• Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in 
extent than for, a reasonable assurance engagement. The nature, timing and extent of assurance procedures 
selected depend on professional judgment, including the assessment of risks of material misstatement, whether 
due to fraud or error. Consequently, the level of assurance obtained in a limited assurance engagement is 
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement 
been performed.  
Our procedures included for example the following:
• We interviewed the company’s management and the individuals responsible for collecting and reporting the 
information contained in the group sustainability statement at the group level and business areas of the 
organization to gain an understanding of the sustainability reporting process and the related internal controls 
and information systems.
• We familiarised ourselves with the background documentation and records prepared by the company where 
applicable and assessed whether they support the information contained in the group sustainability statement.
• We assessed the company's double materiality assessment process in relation to the requirements of the ESRS 
standards, as well as whether the information provided about the assessment process complies with the ESRS 
standards.
• We assessed whether the sustainability information contained in the group sustainability statement complies 
with the ESRS standards.
• Regarding the EU taxonomy information, we gained an understanding of the process by which the company has 
identified the group's taxonomy-eligible and taxonomy-aligned economic activities, and we assessed the 
compliance of the information provided with the regulations.
Helsinki 12 February 2025
PricewaterhouseCoopers Oy
Authorised Sustainability Auditors
Samuli Perälä
Authorised Sustainability Auditor
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  217

===== SIDA 218 =====

Independent practitioner’s reasonable assurance report 
on selected sustainability information  (Translation of the Finnish original)
To the Management of Stora Enso Oyj
We have been engaged by the Management of Stora Enso Oyj (business identity code 1039050-8) (hereinafter also 
the “Company” or “Parent company”) to perform a reasonable assurance engagement on selected sustainability 
information for the reporting period 1.1.–31.12.2024, disclosed in sustainability statement that is referred to in Chapter 
7 of the Accounting Act and that is included in the report of the Board of Directors 2024 (hereinafter the “selected 
sustainability information”).
Selected sustainability information
The sustainability information subject to our reasonable assurance or the reporting period 1.1.–31.12.2024 covers:
Greenhouse Gas gross emissions for Scope 1 and Scope 2 (market-based), which are presented in group 
sustainability statement in the table “Fossil CO2 equivalent”. 
Our assurance engagement does not extend to selected sustainability information in respect in respect of earlier 
reporting periods.
Management’s responsibility
The Management of Stora Enso Oyj is responsible for preparing the selected sustainability information in 
accordance with the reporting criteria as set out in European Sustainability Reporting Standards (ESRS). The 
Management of Stora Enso Oyj is also responsible for such internal control as the management determines is 
necessary to enable the preparation of the selected sustainability information that is free from material 
misstatement, whether due to fraud or error.
Greenhouse gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used 
to determine emissions factors and the values needed to combine emissions of different gases.
Practitioner’s independence and quality management
We are independent of the parent company and of the group companies in accordance with the ethical 
requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other 
ethical responsibilities in accordance with these requirements.
PricewaterhouseCoopers Oy applies International Standard on Quality Management (ISQM) 1, which requires the 
firm to design, implement and operate a system of quality management including policies or procedures 
regarding compliance with ethical requirements, professional standards and applicable legal and regulatory 
requirements. 
Practitioner’s responsibility
Our responsibility is to express a reasonable assurance opinion on the selected sustainability information based on 
the procedures we have performed and the evidence we have obtained. We conducted our reasonable assurance 
engagement in accordance with International Standard on Assurance Engagements (ISAE) 3410 “Assurance 
Engagements on Greenhouse Gas Statements”. This standard requires that we plan and perform the engagement 
to obtain reasonable assurance about whether the selected sustainability information is free from material 
misstatement.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Reasonable assurance opinion
In our opinion, Stora Enso Oyj’s selected sustainability information for the reporting period 1.1.–31.12.2024 is prepared, 
in all material respects, in accordance with the reporting criteria.
Our assurance report has been prepared in accordance with the terms of our engagement. We do not accept, or 
assume responsibility to anyone else, except to Stora Enso Oyj for our work, for this report, or for the opinion that we 
have reached.
Helsinki 12 February 2025
PricewaterhouseCoopers Oy
Samuli Perälä
Authorised Auditor, KHT
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
A u d i t e d  218

===== SIDA 219 =====

Sustainability data by production unit
Certificates GHG emissions Pollution Water Biodiversity Waste
Number of 
employees
a)
ISO 45001 ISO14001
Scope 1 and 2 
CO2eq 
emissions
Biogenic CO2 
emissions COD
Total 
suspended 
solids AOX Phosphorus Nitrogen SO2
b)
NOx as NO2
Total water 
withdrawal
Process 
water 
discharges
Water stress 
WRI Water 
Aqueduct
c)
Biodiversity 
significance 
(IBAT)
d)
Total waste 
to landfill
Hazardous 
waste
e)
Production site t t t t t t t t t 1,000 m
3
1,000 m
3
t t
Austria
Bad St. Leonhard 236  x  x 983        0 11 11  Low 45
Brand 197  x  x 1,475       0 0 47 47  Low  Low 37
Ybbs 394  x  x 2,494        0 53 46  Low 103
Belgium
Langerbrugge 354  x  x 203,399 505,079 1,161 180 2 0 0 0 244 8,092 6,013  High  Low 39,290
Roeselare 12 54            Medium-High    
China
Beihai 430  x  x 342,326 105,560 218 113  0 0 0 184 7,508 6,625  High 215 52
Dongguan 454  x 3,723  0 0 0 0 0 0 0 9 9  Medium-High 61 37
Qian´an 459  x 2,121  0 0   0   1 0  High —
Wujin 434  x  x 8  0 0      32 32  High 97
Czechia
Planá 234  x  x 2,496 44,177 8 3    0 0 14 14  Low 320 206
Ždírec 438  x  x 4,221 125,729 0 0    0 0 80 5  Low-Medium 3,385 36
Estonia
Imavere 279  x  x 2,542 56,360 7 2  0 0  0 24 15  Low-Medium 108
Tallinn 28  x  x 70         1   Low-Medium    
Finland
Anjala/Ingerois 495  x  x 31,769 159,665  92  0 0 0 186 23,424 7,174  Low — 21,995
Enocell 267  x  x 38,861 1,280,367 10,011 178 66 0 0 0 780 66,591 22,006  Low 2,877 50
Heinola Fluting 221  x  x 85,536 222,146 773 122  0 0 335 245 10,934 1,528  Low 878 147
Honkalahti 133  x  x 1,741 35,554      0 0 238 231  Low 33 35
Imatra 1,079  x  x 142,149 2,030,068 14,746 2,438 50 14 183 0 1,561 85,636 53,687  Low 224 415
Kristiinankaupunki 57  x  x 33         1 1  Low-Medium  Low 3
Lahti 271  x  x 3,543  3 0  0 0   26 18  Low 356
Oulu 526  x  x 23,828 910,111 1,416 179  0 0 0 868 31,510 14,853  Low  Medium 148 118
Uimaharju 84  x  x 1,180         4 4  Low 45 17
Varkaus (sawmill) 150  x  x 2,676  9 1  0 0   164 148  Low 5 62
Varkaus 270  x  x 33,924 618,136 2,379 399  0 68 0 376 21,827 16,454  Low 2,006 18
Veitsiluoto 58  x  x 1,645         1  14
Germany
Augsburg 19 414         2 0  Low    
Heidelberg 153  x 1,126         1 0  Low-Medium  Low 1
Sausenheim 186  x 3,353         8 3  Low  High    
St. Ingbert 21  x  x 83            Low-Medium  Low    
Latvia
Laukalne 190  x  x 3,856 39,873 0 0  0 0 0 0 37 37  Low-Medium 168 29
Riga 166  x  x 2,325        0 17 17  Medium-High 38
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices ≡
 219

===== SIDA 220 =====

Certificates GHG emissions Pollution Water Biodiversity Waste
Number of 
employees
a)
ISO 45001 ISO14001
Scope 1 and 2 
CO2eq 
emissions
Biogenic CO2 
emissions COD
Total 
suspended 
solids AOX Phosphorus Nitrogen SO2
b)
NOx as NO2
Total water 
withdrawal
Process 
water 
discharges
Water stress 
WRI Water 
Aqueduct
c)
Biodiversity 
significance 
(IBAT)
d)
Total waste 
to landfill
Hazardous 
waste
e)
Production site t t t t t t t t t 1,000 m
3
1,000 m
3
t 1
Lithuania
Alytus 247  x  x 1,357 27,084  10    0 0 24 8  Medium-High 57
Kaunas 46  x  x 82         1 1  Medium-High  Medium 1
Netherlands
Aalsmeer 50 125            Low    
De Lier 446 18,338         85 66  Low  High 280
Dronten 53 207            Low  Low    
Eerbeek Felco 38 158         3 1  Low  Medium 196
Eerbeek Rudico 37 72            Low  Medium 17
Roosendaal 58 274            Low    
Venlo
f)
16 118            Low-Medium  Medium    
Poland
Łódz 235  x  x 3,261         20 12  High 4
Mosina 79  x  x 229         1 1  Medium-High  Medium 64
Murow 285  x  x 1,949 28,215      0 0 9 8  Low-Medium  High 183
Ostrołęka Containerboard
g)
675  x  x 169,468 495,415 944 147  0 68 0 465 14,271 10,067  Medium-High  High 77
Ostrołęka Corrugated
g)
266  x  x 2,718         98 95  Medium-High  High    
Tychy 169  x  x 2,537         16 10  Medium-High 4
Sweden
Ala 115  x  x 1,869 69,250      0 0 62 62  Low-Medium 
Falu Rödfärg
h)
 x 472       0  21 5  Low 13 3
Fors 472  x  x 1,086 212,826 1,458 92 0 0 0 0 0 5,905 4,579  Low 41
Gruvön 170  x  x 5,053       0 0 57 57  Low 11
Hylte Formed Fiber 47 1  2       107 45  Low    
Jönköping 160  x  x 799         12 12  Medium 52
Skene 57  x  x 5         5 5  Low 166
Skoghall 626  x  x 60,190 953,614 9,195 815 16 9 81 0 469 42,880 30,117  Low 2,767 283
Skoghall (Forshaga) 103  x  x 886         8 6  Low 5 8
Skutskär 435  x  x 10,941 1,218,150 4,418 490 20 15 117 0 666 51,734 18,496  Low 11,962 3,637
Vikingstad
f)
42  x  x 742         14 14  Low-Medium 0
Total production units
i)
1,226,893 9,137,378 46,748 5,262 154 37 517 335 6,044 371,624 192,646 25,112 68,391
a) Yearly average as full-time equivalents.
b) Total sulphur is reported as sulphur dioxide (SO2) equivalent, but includes all sulphurous compounds.
c) Production site located in region with high baseline water stress according to the WRI Water Aqueduct Tool.
d) Biodiversity significance assessed via IBAT associated with each site indicating the total sum of significance score for Key Biodiversity Areas. Empty cell indicate no significance.
e) Reported on the basis of country-specific definitions applied in national regulations.
f) Venlo and Vikingstad production sites were closed during the reporting year.
g) Water discharges reported together from both Ostrołeka units.
h) Does not have its own personnel but hires personnel from Stora Enso AB.
i) Excluding joint operations.
See Sustainability Statement for accounting principles applied.
The divestment of Ellesmere Port was completed in October 2024. Therefore the unit is not presented in the ‘Sustainability data by unit’ table.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices ≡
 220

===== SIDA 221 =====

Capacities by production site in 2025
Consumer board Location Grade Division Capacity 1,000 t
Beihai CHN LPB, CUK, FSB, FBB 575
Fors SWE FBB 455
Imatra FIN FSB, SBS, FBB, LPB 1,230
Ingerois FIN FBB 310
Oulu¹ FIN FBB, CUK —
Skoghall² SWE LPB, CUK 1,000
Total Packaging Materials 3,570
1 The converted consumer board line at the Oulu mill expected to start up during H1/2025., the full capacity of 750,000 tonnes is estimated to be reached during 2027.
2 Includes the expected capacity increase for the BM8, ramp-up ongoing
Containerboard Location Grade Division Capacity 1,000 t
Heinola FIN SC fluting 300
Ostrołęka POL
Testliner, PfR fluting, sack paper, 
wrapping paper 660
Oulu FIN Kraftliner, white-top kraftliner 450
Varkaus FIN Kraftliner, white-top kraftliner 410
Total  Packaging Materials 1,820
Paper Location Grade Division Capacity 1,000 t
Anjalankoski FIN Book paper 185
Langerbrugge BEL SC, news 555
Total Packaging Materials 740
Barrier coating Location Grade Division Capacity 1,000 t
Beihai CHN Barrier coating 80
Skoghall (Forshaga) SWE Barrier coating 120
Imatra FIN Barrier coating 455
Total Packaging Materials 655
Corrugated packaging Grade Division Capacity million m²
Baltic states (Riga) Corrugated packaging 120
Finland (Lahti) Corrugated packaging 140
Poland (Łódz, Mosina, Ostrołeka, Tychy) Corrugated packaging 390
Sweden (Jönköping, Skene) Corrugated packaging 120
Western Europe (De Lier, Heidelberg, Augsburg, Sausenheim)Corrugated packaging 860
Total Packaging Solutions 1,630
Additionally, conversion capacity available at the following sites: Tallinn and  Kaunas (EST), and Kristiinankaupunki (FIN)
China Packaging Location Grade Division  Capacity million pcs Capacity million m²
Gaobu, Dongguan CHN Consumer packaging 390 30
Qian’an, Hebei CHN Consumer packaging 100 10
Wu Jin, Jiangshu CHN Consumer packaging 300 35
Total Packaging Solutions 790 75
Chemical pulp Location Grade Division Capacity 1,000 t
Enocell FIN Long-fiber 630
Skutskär SWE Long-fiber, fluff 545
Montes del Plata (50% share) URU Short-fiber 750
Veracel (50% share) BRA Short-fiber 575
Total Biomaterials 2,500
Chemical pulp Location Grade Division Capacity 1,000 t
Heinola FIN NSSC 285
Kaukopää, Imatra FIN Short and long-fiber 825
Ostrołęka POL Long-fiber 130
Oulu FIN Long-fiber 550
Skoghall SWE Long-fiber 390
Tainionkoski, Imatra FIN Long-fiber 195
Varkaus FIN Long-fiber 335
Total Packaging Materials 2,710
Chemical pulp total (Packaging Materials and Biomaterials) 5,210
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices ≡
 221

===== SIDA 222 =====

Deinked pulp (DIP) Location Grade Division Capacity 1,000 t
Langerbrugge BEL DIP Packaging Materials 680
Ostrołęka POL Recycled fiber-based pulp Packaging Materials 700
Varkaus FIN Recycled fiber-based pulp Packaging Materials 150
Total   1,530
CTMP Location Grade Division Capacity 1,000 t
Beihai CHN BCTMP 210
Fors SWE CTMP 220
Kaukopää FIN CTMP 220
Oulu
1
FIN BCTMP —
Skoghall SWE CTMP 310
Total Packaging Materials 960
1 Start-up during H1/2025
Formed fiber Location Product Division Capacity million pcs
Hylte SWE Formed Fiber 90
Skene SWE Formed Fiber 17
Total Formed Fiber Segment Other 107
Wood Products Location
Sawing Capacity 
1,000 m³
Further Processing 
Capacity 1,000 m³
Pellet capacity 
1,000 t
CLT 
capacity  1,000 m³
LVL capacity 
1,000 m³
Ala SWE 400 50 100 — —
Alytus LIT 240 115 — — —
Bad St. Leonhard AUT 360 105 — 80 —
Brand AUT 440 295 — — —
Gruvön SWE 370 150 100 80 —
Honkalahti FIN 340 70 — — —
Imavere EST 350 160 100 — —
Launkalne LAT 270 70 50 — —
Murow POL 300 210 — — —
Planá CZE 390 220 — — —
Uimaharju¹ FIN 240 — — — —
Varkaus FIN 260 120 30 — 85
Veitsiluoto FIN 200 — — — —
Ybbs AUT 700 450 — 110 —
Zdírec² CZE 580 220 80 70 —
Total 5,440 2,235 460 340 85
1 Uimaharju sawmill belongs to the Biomaterials division.
2 Theoretical CLT capacity 120,000 m³, limited capacity due to ramp-up.
Abbreviations used in the tables:
BCTMP bleached chemi-thermomechanical pulp 
CKB coated kraft back board
CLT cross-laminated timber
CTMP  chemi-thermomechanical pulp
CUK coated unbleached kraftboard
DIP deinked pulp
FBB folding boxboard
FSB food service board
LPB liquid packaging board
LVL laminated veneer lumber
LWC light-weight coated paper
NSSC neutral sulphite semi-chemical pulp
PfR paper for recycling
SBS solid bleached sulphate board
SC supercalendered paper
SC fluting  semi-chemical fluting
The formula: (Sum of net saleable production of two best consecutive months / Available time of these two consecutive 
months) × Available time of the year 
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices ≡
 222

===== SIDA 223 =====

Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4 
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden 
Visiting address: World Trade Center 
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com 
Concept and design: Miltton Oy
Photography: Riku Aronen, Lasse Arvidson, Daniel Dahlgren, Magnus Glans, Krisse Hemminki, Gabriel Huber, Kalle Kouhia, 
Petteri Löppönen, Mikko Nikkinen, Mikko Ryhänen, Pasi Salminen, Jarmo Suorsa, Linda Svarfvar, Tuomas Uusheimo, Chen Xiaozhao, 
and Stora Enso’s archive.
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and 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. 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. All statements are based on management’s best assumptions and beliefs in light of the information currently 
available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to 
the extent legally required.