Kvartalsrapport Q4 2023

5.5 Shareholders' equity 
 Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable shareholders’ 
equity until approved by the shareholders at the Annual General Meeting.
At 31 December 2023, shareholders’ equity amounted to EUR 10,985 (12,532) million, 
compared to the market capitalisation on Nasdaq Helsinki of EUR 9,864 (10,503) million. The 
market values of the shares were EUR 12.45 (13.90) for A shares and EUR 12.53 (13.15) for R 
shares. In 2023, EUR 473 (434) million of dividends was recognised as distributed to owners, 
corresponding to EUR 0.60 (0.55) per share.
The A shares entitle the holder to one vote per share, whereas R shares entitle the holder to 
one vote per ten shares with a minimum of one vote, though the accountable par of both shares 
is the same. A shares may be converted into R shares at any time at the request of a 
shareholder. At 31 December 2023, the Company’s fully paid-up share capital, as entered in the 
Finnish Trade Register, was EUR 1,342 (1,342) million. The current accountable par of each 
issued share is EUR 1.70 (1.70).
At 31 December 2023, Directors and Group Leadership Team members owned 127 (127) A 
shares and 506,790 (363,604) R shares representing 0.02% of the total voting rights of the 
Company. Full details of Director and Executive interests are shown in note 3.2 Board and 
executive remuneration. A full description of Company share award programmes is shown in 
note 3.4 Employee variable compensation and equity incentive schemes. However, none of 
these have any impact on the issued share capital.
Change in number of shares
A shares R shares Total
At 1 January 2022  176,244,049  612,375,938  788,619,987 
Conversion of A shares to R shares  -5,769  5,769  — 
At 31 December 2022  176,238,280  612,381,707  788,619,987 
Conversion of A shares to R shares  -7,364  7,364  — 
At 31 December 2023  176,230,916  612,389,071  788,619,987 
Number of votes as at 31 December 20231  176,230,916  61,238,907  237,469,823 
Share capital at 31 December 2023, EUR million2  300  1,042  1,342 
1 R share votes are calculated by dividing the number of R shares by 10.
2 No changes in share capital in 2023 or 2022.
5.6 Cumulative translation adjustment and equity hedging 
 Accounting principles
The Group operates internationally and is thus exposed to currency risks arising from exchange rate 
fluctuations on the value of its net investment in non-euro entities. Exchange rate differences arising from 
the retranslation of net investments in foreign non-euro entities, and financial instruments that are designated 
as hedges of such investments, are recognised directly in equity in the cumulative translation adjustment 
(CTA). Movements in CTA (including related hedges) are shown in the consolidated statement of 
comprehensive income. 
The cumulative translation adjustments related to disposed and liquidated entities are combined with 
their gain or loss on disposal. The CTA is recycled in the consolidated income statement upon disposal 
and liquidation.
The Group policy for translation risk exposure is to minimise this by funding assets in the same currency 
whenever economically viable, but if matching the assets and liabilities in the same currency is not possible, 
hedging of the remaining translation risk may take place. The Group has also applied net investment loan 
accounting for certain intragroup loans for which settlement is neither planned nor likely to occur in the 
foreseeable future. These are in substance, a part of the entity’s net investment in the foreign operation.
Cumulative translation adjustment - movement
EUR million 2023 2022
At 1 January
CTA on net investments  -432  -235 
Net investment hedges and loans  21  48 
Income tax related to hedges and loans  -5  -8 
Net CTA in equity  -415  -195 
CTA movement OCI
CTA movement  0  -244 
CTA release through income statement  56  47 
Net investment hedges and loans  -15  -27 
Income tax related to hedges and loans  0  3 
CTA movement OCI total  41  -220 
At 31 December
CTA on net investments  -376  -432 
Net investment hedges and loans  6  21 
Income tax related to hedges and loans  -4  -5 
Net CTA in equity  -375  -415 
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 Nymolla sites in Sweden.
In 2022 the release to the income statement amounted to a loss of EUR 47 million and was 
related to disposal of Russian Packaging Solutions, Wood Products and Forest operations. After 
the release, there is no CTA remaining related to Russian ruble. 
78 184Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

===== SIDA 185 =====

Cumulative translation adjustment – financial position
Cumulative Translation 
Adjustment (CTA)
Net investment 
hedges and loans
Net CTA in the statement 
of financial position
EUR million 2023 2022 2023 2022 2023 2022
Brazil  -242  -255  0  0  -242  -255 
China  151  131  -4  10  147  141 
Czech Republic  39  43  -9  -9  30  34 
Poland  -22  -59  17  17  -5  -42 
Sweden  -494  -543  33  47  -461  -497 
Uruguay (USD)  191  248  -31  -44  160  204 
Others  1  4  0  0  1  4 
CTA before Tax  -376  -432  6  21  -370  -411 
Taxes  0  0  -4  -5  -4  -5 
Net CTA in Equity  -376  -432  2  17  -375  -415 
Hedging instruments and unrealised hedge losses
Nominal amount 
(Currency) Nominal amount (EUR) Unrealised losses (EUR)
EUR million 2023 2022 2023 2022 2023 2022
Borrowings
USD area  300  300  271  281  -33  -41 
Total hedging  271  281  -33  -41 
The Group is currently only hedging its equity exposure to the US dollar arising from its joint 
operation located in Uruguay with USD functional currency.
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 2023 2022
At 1 January  -30  -16 
Acquisitions  2  0 
Share of net result for the period  -74  -13 
Share of other comprehensive income  5  0 
At 31 December  -97  -30 
Principal non-controlling interests
2023  2023  2022 
Company
Principal 
place of 
business
Ownership held by 
non-controlling 
Interests, % EUR million
Stora Enso Pulp and Paper Asia AB Group
Sweden 
and China See table below  -100  -31 
Others -  3  1 
Total  -97  -30 
Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group
2023 2022
Company
Principal 
place of 
business
Direct-% 
of NCI
Indirect-
% of NCI
Total-% 
of NCI
Direct-% 
of NCI
Indirect-
% of NCI
Total-% 
of NCI
Stora Enso Pulp and 
Paper Asia AB
Sweden and 
China 5.79 — 5.79 5.79 — 5.79
Guangxi Stora Enso 
Forestry Co Ltd China 5.00 5.50 10.50 5.00 5.50 10.50
Stora Enso (Guangxi) 
Packaging Company Ltd China 15.00 4.92 19.92 15.00 4.92 19.92
Stora Enso (Guangxi) 
Forestry Company Ltd China 15.00 4.92 19.92 15.00 4.92 19.92
Summarised financial information in respect of the subsidiaries that have material non-
controlling interests is set out below. Stora Enso's approximately 80% owned consumer board 
and forestry operations in Beihai, China have been classified as held for sale at the end of 2023. 
See note 6.1 Acquisitions, disposals and assets held for sale for more details.
Stora Enso Pulp and Paper Asia AB Group
EUR million 2023 2022
Assets  858  1,235 
Equity attributable to the owners of the parent  -345  -165 
Non-controlling interests1  -100  -31 
Total equity  -445  -196 
Liabilities  1,303  1,430 
Net result for the period  -268  -74 
Attributable to
Owners of the parent  -194  -61 
Non-controlling interests  -74  -13 
Net result for the period  -268  -74 
Net cash flow from operating activities  16  64 
Net cash flow from investing activities  -37  -41 
Net cash flow from financing activities  -23  4 
Net cash flow  -43  27 
1 No dividends were paid to non-controlling interests in 2023 or 2022.
79 185Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

===== SIDA 186 =====

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
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 of the year 2023.
The fair values of the identifiable assets and liabilities as of the acquisition date are presented 
in the table below.
EUR million 2023
Net assets acquired
Cash and cash equivalents  27 
Property, plant and equipment  200 
Intangible assets  222 
Right-of-use assets  99 
Working capital  5 
Tax assets and liabilities  -56 
Interest-bearing assets and liabilities  -233 
Fair value of net assets acquired  265 
Purchase consideration, cash part  612 
Purchase consideration, contingent  0 
Total purchase consideration  612 
Fair value of net assets acquired  -265 
Non-controlling interest  2 
Goodwill  349 
Cash outflow on acquisitions  -612 
Cash and cash equivalents of acquired subsidiaries  27 
Cash flow on acquisition, net of acquired cash  -584 
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 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, which mainly relate to the De Hoop unit closure 
impairment and provision charges with 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.
Stora Enso did not complete any company or business acquisitions in 2022.
80 186Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

Disposal of Group companies
EUR million 2023 2022
Net assets sold
Cash and cash equivalents  29  90 
Property, plant and equipment  271  8 
Intangible assets  60  0 
Working capital  -5  -1 
Tax assets and liabilities  -28  6 
Interest-bearing assets and liabilities  -96  -19 
Net assets in disposed companies  233  85 
Total disposal consideration  266  70 
CTA release  -56  -47 
Asset writedowns1  -219  -155 
Loan impairments  0  -23 
Transaction costs  -6  -4 
Total net gain/loss  -247  -244 
1 2023 mainly related to units classified as held for sale. 2022 mainly related to writedowns in connection to Russia operation disposals 
and including also writedowns related to paper units which were classified as assets held for sale.
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 m3. 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 remaining Russia-related receivables, see 
note 5.3 Interest-bearing assets and liabilities.
2022
Kvarnsveden site
In December 2022, Stora Enso divested its 100% owned Kvarnsveden site in Sweden to 
Northvolt, a European supplier of sustainable battery cells. Due to structural decline in demand 
for graphical paper, in April 2021 Stora Enso announced a plan to close its Kvarnsveden paper 
site and the production was ended in September 2021. The site will be developed into a battery 
manufacturing plant, reusing and refurbishing the existing facilities and site infrastructure. The 
sold unit was part of segment Other at the time of disposal. The transaction did not have 
a significant impact on the Group.
Russian operations – Wood Products and Forest
In July 2022, Stora Enso divested its two Nebolchi and Impilahti sawmills in Russia to local 
management. In addition, the divestment included Russian forest operations which supplies 
wood to the sawmills. The disposed sawmill sites are located in Novgorod and Karelia and have 
a total annual capacity of 350,000 m3 of sawn timber, including 55,000 m3 of processed timber 
and 65,000 tonnes of pellets. Russian forest operations managed long-term harvesting rights for 
around 370,000 hectares. The divested seven legal entities were mainly 100% owned, with 
exception of one unit that was 99.48% owned. Related to one forest operations unit, the disposal 
will be completed in 2023, upon finalisation of certain formalities. During 2022, the Group 
recognised asset write-downs of EUR 74 million (mainly fixed assets, inventories and trade 
receivables) related to the transaction. About two thirds of the sale consideration is to be 
received in instalments at future dates. The loss on disposal was EUR 24 million, including 
cumulative translation adjustments (CTA) being released from equity to income statement. In 
addition, there were impairments of loan receivables of EUR 23 million related to the transaction. 
The sold units were part of the Wood Products and Forest divisions.
81 187Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

Russian operations – Packaging Solutions
In May 2022, Stora Enso divested its three 100% owned corrugated packaging plants in Russia 
to local management. The divested three packaging plants are located in Lukhovitsy, Arzamas 
and Balabanovo and have a total annual capacity of 395 million m² of corrugated packaging. 
The sites primarily produce corrugated packaging in the domestic Russian market. During 2022, 
the Group recognised asset write-downs of EUR 42 million (mainly fixed assets, inventories and 
trade receivables) related to the transaction. The sale consideration is to be received in 
instalments at future dates. The loss on disposal was approximately EUR 49 million, consisting 
mainly of cumulative translation adjustments (CTA) being released from equity to income 
statement. The sold units were part of the Packaging Solutions division.
Vlar Papier 
In February 2022, Stora Enso divested its 100% shareholdings in Vlar Papier NV in Belgium. 
The sold company was part of the Paper division at the time of disposal (presented as part of the 
segment Other due to the segment changes in 2023). The transaction did not have a significant 
impact on the Group.
Assets held for sale
EUR million 2023 2022
Property, plant and equipment 310 261
Intangible assets 20 55
Right-of-use assets 198 2
Forest assets 184 0
Inventories 79 91
Current operative receivables 48 104
Assets held for sale 839 514
Non-current operative liabilities 0 42
Current operative liabilities 99 163
Tax liabilities 0 28
Interest-bearing liabilities 571 4
Liabilities related to assets held for sale 671 237
As announced in December 2022, Stora Enso has initiated a sales process for a divestment of 
its consumer board production site and forestry operations in Beihai, China, which are part of 
the Packaging Materials division. Stora Enso’s Beihai production site started operations in 2016. 
It has a mechanical pulp mill and a consumer board line serving the Chinese market. The annual 
production capacity is 250,000 tonnes of mechanical pulp and 550,000 tonnes of consumer 
board. Stora Enso also operates about 70 thousand hectares of land in the Guangxi region for 
eucalyptus plantations. Stora Enso owns approximately 80% of the production site and forest 
operations. In accordance with the progress in the ongoing divestment process, the operations 
were classified as held for sale at the end of 2023 and the transaction is expected to be 
completed in 2024. In 2023 and in connection to the potential disposal transaction, the Group 
recognised EUR 202 million of asset writedowns.
Assets held for sale at the end of 2022 included the Maxau, Nymölla and Hylte sites.
82 188Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

6.2 Group companies 
Group 
ownership, %
Group 
ownership, %
Subsidiaries Country 2023 2022
A/O Ladenso Russia 0.00 100.00
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 0.00
Bangma Verpakking B.V. Netherlands 100.00 0.00
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 51.00 51.00
De Jong Box B.V. Netherlands 100.00 0.00
De Jong Kasser Ehf. Iceland 100.00 0.00
De Jong Packaging Ltd. UK 100.00 0.00
De Jong Verpackung GmbH Germany 100.00 0.00
De Jong Verpakking B.V. Netherlands 100.00 0.00
DJV Holding B.V. Netherlands 100.00 0.00
DJV Strategisch Advies B.V. Netherlands 100.00 0.00
Dongguan Stora Enso Inpac Packaging Co. Ltd. China 100.00 100.00
DuraSense AB (formerly Box Inc.) Sweden 100.00 100.00
eCorrugated Ltd. UK 100.00 0.00
Efora Oy Finland 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 0.00
Gaster Wellpappe GmbH Germany 100.00 0.00
Green Packaging System B.V. Netherlands 100.00 0.00
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 0.00
KPMB Agri BV Belgium 100.00 0.00
KPMB NV Belgium 100.00 0.00
Lignode AB Sweden 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
Mena Wood Oy Ltd Finland 0.00 100.00
PTI Packmitteltechnik GmbH Germany 100.00 0.00
Pulse Anilox Cleaning B.V. Netherlands 100.00 0.00
Rudico B.V. Netherlands 100.00 0.00
Rudico Groep B.V. Netherlands 100.00 0.00
Rudico Holding B.V. Netherlands 100.00 0.00
Selfly Store Oy Finland 100.00 100.00
Skogsutveckling Syd AB Sweden 66.67 66.67
Stora Enso China Packaging (HK) Co., Limited Hong Kong 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 Corbehem SAS France 100.00 100.00
Stora Enso Danmark A/S Denmark 100.00 100.00
Stora Enso De Hoop B.V. Netherlands 100.00 0.00
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 100.00 100.00
Stora Enso Holding B.V. Netherlands 100.00 0.00
Stora Enso Holding France SAS France 100.00 100.00
Stora Enso Holdings UK Ltd UK 100.00 100.00
Stora Enso Hylte Bruk AB Sweden 0.00 100.00
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 100.00 100.00
Stora Enso Langerbrugge NV Belgium 100.00 100.00
Stora Enso LLC Ukraine 100.00 100.00
Stora Enso Maxau GmbH Germany 0.00 100.00
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 Nymölla Paper AB Sweden 0.00 100.00
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
83 189Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

Stora Enso Packaging UAB Lithuania 100.00 100.00
Stora Enso Paper AB Sweden 100.00 100.00
Stora Enso Paper France SAS France 100.00 100.00
Stora Enso Paper GmbH Germany 100.00 100.00
Stora Enso Paper Oy Finland 100.00 100.00
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. Czech Republic 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 Timber DIY Products B.V. Netherlands 0.00 100.00
Stora Enso Treasury Stockholm AB Sweden 100.00 100.00
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. Czech Republic 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. Czech Republic 100.00 100.00
Stora Enso WP Bad St. Leonhard GmbH Austria 100.00 100.00
Stora Enso WP HV s.r.o. Czech Republic 100.00 100.00
Stora Kopparbergs Bergslags AB Sweden 100.00 100.00
Sumarbox B.V. Netherlands 100.00 0.00
Sydved AB Sweden 66.67 66.67
Södra Norrlands Hamnbolag nr 1 AB Sweden 100.00 100.00
Twinpack B.V. Netherlands 100.00 0.00
UAB Stora Enso Lietuva Lithuania 100.00 100.00
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 0.00
Group 
ownership, %
Group 
ownership, %
Associated companies Country 2023 2022
A.C.D.F. Industrie France 35.00 35.00
Honkalahden Teollisuuslaituri Oy Finland 50.00 50.00
Industriewater Eerbeek B.V. Netherlands 37.50 0.00
Kemira Cell Sp.z.o.o. Poland 45.00 45.00
Metsäteho Oy Finland 23.95 23.95
Oy Keskuslaboratorio - Centrallaboratorium Ab Finland 32.24 32.24
Perkaus Oy Finland 33.33 33.33
SELF Logistika SIA Latvia 50.00 50.00
Steveco Oy Finland 34.39 34.39
Stora Enso Vind 1 AB Sweden 50.00 0.00
Suomen Keräyspaperi Tuottajayhteisö Oy Finland 40.09 40.09
SweTree Technologies AB Sweden 23.83 23.83
Tornator Oyj Finland 41.00 41.00
Trätåg AB Sweden 50.00 50.00
TreeToTextile AB Sweden 28.94 28.94
T&B Containers Holdings Ltd. UK 30.00 0.00
ZMP GMBH Austria 30.00 30.00
Österbergs Förpackningsmaskiner AB Sweden 50.00 50.00
Group 
ownership, %
Group 
ownership, %
Other companies Country 2023 2022
AMEXCI AB Sweden 9.10 9.10
Arevo AB Sweden 12.73 7.89
CarbonScape Ltd New Zealand 15.00 0.00
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 Oy Finland 15.71 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
Sölvesborgs Stuveri & Hamn AB Sweden 0.00 7.36
T&B Containers Ltd. UK 30.00 0.00
Union Developement Récup. Pap. France 10.70 10.70
84 190Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

Group 
ownership, %
Group 
ownership, %
Joint operations Country 2023 2022
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
Ongar S.A. Uruguay 50.00 50.00
Stora Enso Uruguay S/A Uruguay 50.00 50.00
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
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 27.3% of all votes on 31 
December 2023. The Group has applied an exemption, outlined in the paragraph 25 of IAS 24, 
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 27.3% of all votes on 31 December 2023. 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 – with the exception of 
Veracel. 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 2023 purchases of 2 (3) million cubic metres came to 
EUR 150 (126) 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 2023 the purchases 
from the related party amounted to EUR 21 (23) million and the sales of services by Stora Enso 
to the said related party amounted to EUR 1 (0) million. At the end of 2023 the Group had EUR 6 
(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 2023 
amounted to EUR 24 (27) million.
85 191Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
Financials

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

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 2023 2022
On own behalf
Guarantees  18  14 
Other commitments  6  0 
On behalf of associated companies
Guarantees  5  5 
On behalf of others
Guarantees  16  5 
Other commitments  0  36 
Total  44  60 
Guarantees  38  24 
Other commitments  6  36 
Total  44  60 
In 2023, the Group’s commitments amounted to EUR 44 (60) million. In addition, the parent 
company Stora Enso Oyj has guaranteed the liabilities of many of its subsidiaries and joint 
operations up to EUR 734 (826) million as of 31 December 2023.
Capital commitments
EUR million 2023 2022
Total  683  593 
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 has given certain investment 
commitments in several countries e.g., Finland, China and Sweden. If commitments to 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, the outcome of 
such a process could result in adverse financial impact on Stora Enso.
The Group announced its intention in December 2022 to divest its consumer board 
production and forest operations sites in Beihai, China. As previously disclosed, 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. The Company continues to monitor the situation as the 
divestment process proceeds.
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.
86 192Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
1 Basis for reporting 140
2 Financial performance  144
3 Employee remuneration 152
4 Operating capital 158
5 Capital structure and financing 169
6 Group structure 186
7 Other 192
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Parent company Stora Enso Oyj financial statements
Parent company income statement
Year ended 31 December
EUR million Note 2023 2022
Sales 2  2,809  3,325 
Changes in inventories of finished goods and work in progress + / -  -43  86 
Production for own use  3  2 
Other operating income 3  658  703 
Materials and services 4  -1,985  -2,288 
Personnel expenses 5  -341  -320 
Depreciation and impairment 6  -274  -133 
Other operating expenses 7  -1,283  -889 
 3,265  2,839 
Operating profit  -455  485 
Financial income and expenses 9  278  290 
Profit before Appropriations 
and Taxes  -177  775 
Appropriations 10  222  -331 
Income tax expense 11  0  -28 
Profit for the period  45  416 
Parent company statement of financial position
As at 31 December
EUR million Note 2023 2022
Assets
Non-current assets
Intangible assets 13  53  49 
Tangible assets 13  917  1,032 
Investments 14  8,596  8,187 
Non-current assets total  9,567  9,269 
Current assets
Inventories 15  473  574 
Short-term receivables 16  2,257  1,278 
Financial securities 17  1,550  1,130 
Cash in hand and at bank  661  1,117 
Total current assets  4,941  4,099 
Total assets  14,508  13,368 
Equity and liabilities
Equity 18
Share capital  1,342  1,342 
Share premium  3,639  3,639 
Fair value reserve  14  25 
Invested non-restricted equity fund  633  633 
Retained earnings  864  922 
Profit for the period  45  416 
Total equity  6,537  6,977 
Accumulated appropriations 19  201  290 
Obligatory provisions 20  36  25 
Liabilities
Non-current liabilities 22  4,123  2,265 
Current liabilities 23  3,611  3,811 
Total liabilities  7,734  6,076 
Total equity and liabilities  14,508  13,368 
87 193Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Parent company cash flow statement
Cash provided by operating activities
Profit for the period  45  416 
Adjustments and reversal of non-cash items:
Direct taxes  0  28 
Appropriations  -222  331 
Depreciation according to plan and impairment  274  133 
Unrealised foreign exchange gains and losses  38  18 
Other non-cash items  15  13 
Financial income and expenses  -278  -290 
Change in working capital:
Increase(-)/decrease(+)
in current non-interest-bearing receivables  48  -198 
Increase(-)/decrease(+) in inventories  101  -187 
Increase(+)/decrease(-)
in current non-interest-bearing liabilities  -154  199 
Cash flow from operating activities before financial items and taxes  -133  463 
Interest received from operating activities  181  58 
Interest paid from operating activities  -173  -79 
Dividends received from operating activities  371  626 
Other financial items, net  36  -57 
Direct taxes paid  -23  -2 
Cash provided by operating activities  259  1,009 
Net cash provided by investing activities
Investments in tangible and intangible assets  -166  -186 
Capital gains from sale of tangible and intangible assets  0  0 
Investments in other financial assets  -16  0 
Investments in subsidiary shares and other capital contributions  0  -374 
Proceeds from disposal of shares in associated companies and repayment of 
capital  0  10 
Proceeds from disposal of other investments  0  0 
Payments of non-current loan receivables  -2,184  -626 
Proceeds from non-current loan receivables  780  944 
Net cash provided by investing activities  -1,586  -233 
Year ended 31 December
EUR million 2023 2022
Cash flow from financing activities
Proceeds from (issue of) long-term liabilities  3,468  350 
Proceeds from (payment of) long-term liabilities  -1,623  -560 
Proceeds from (issue of) short-term liabilities  164  1,587 
Proceeds from (payment of) short-term liabilities  -249  -546 
Dividends paid  -472  -434 
Group contributions received  0  -275 
Cash flow from financing activities  1,287  121 
Net change in cash and cash equivalents  -39  897 
Translation differences  3  -1 
Cash and cash equivalents at start of year  2,247  1,350 
Cash and cash equivalents at year end  2,211  2,247 
Cash and cash equivalents at year end includes:
Financial securities  1,550  1,130 
Cash in hand and at bank  661  1,117 
Cash and cash equivalents total  2,211  2,247 
Year ended 31 December
EUR million 2023 2022
88 194Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

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.
89 195Stora Enso 2023: Financials
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Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

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.
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
During 2023, 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 77.25 
per tonne.
Comparability of the information for the financial period
Net sales of Stora Enso Oyj include the group's internal production and sales service charges. 
The parent company and certain group companies have agreed on allocation of profit based on 
the operating model of the group. The allocation of profit is presented as other operating income 
or expenses. The operating model of the Group came into effect in 2022.
  The derivative accounts intended to hedge trade receivables and the accounts for the 
exchange rate differences of sales related to these hedges were transferred from net sales and 
other operating income to financial income and expenses during the 2023 financial period. 
Note 2 Net sales by division and market area
EUR million 2023 2022
By division
Packaging Materials  1,564  1,882 
Biomaterials  351  296 
Forest  596  700 
Wood Products  158  228 
Other  140  219 
Total  2,809  3,325 
Distribution by region
Finland  1,256  1,361 
Other Europe  888  1,076 
North and South America  211  298 
Asia and Oceania  279  381 
Africa  99  118 
Others  76  91 
Total  2,809  3,325 
Note 3 Other operating income
EUR million 2023 2022
Rent and equivalents  3  3 
Gains on sale of fixed assets  0  0 
Insurance compensation  0  0 
Production and maintenance services  0  1 
Subsidies, grants and equivalents  11  2 
Administration services  64  60 
Proceeds from sales of emission rights  75  52 
Other operating income1  505  586 
Total  658  703 
 1 Other operating income in 2022 and 2023 consists mainly of items relating to the division based operating model in the Group.
Note 4 Materials and services
EUR million 2023 2022
Materials and supplies
Purchases during the period  1,402  1,822 
Change in inventories +/-  59  -105 
External services  524  571 
Total Materials and Services  1,985  2,288 
Note 5 Personnel expenses and average number of employees
EUR million 2023 2022
Salaries and fees  278  263 
Statutory employer costs
Pensions  52  47 
Other personnel costs  10  9 
Total  341  320 
90 196Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

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 2023 2022
Number of employees during the financial period  4,048  4,066 
Note 6 Depreciation and impairment
EUR million 2023 2022
Depreciation according to plan  126  133 
Impairment of fixed assets  148  1 
Total  274  133 
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 2023 2022
Product freight  204  267 
Sales commissions  60  55 
Rental costs  22  20 
Administration and office services  330  319 
Insurance premiums  18  12 
Other personnel expenses  18  17 
Public and other relations  4  4 
Emission rights expenses  60  40 
Other operating expenses1  563  154 
Merger loss  4  0 
Total  1,283  889 
 1 Other operating expenses in 2022 and 2023 consist mainly of items relating to the division based operating model in the Group.
Note 8 Auditors’ fees
EUR million 2023 2022
Audit fees  1  1 
Other audit-related fees  0  0 
Tax fees  0  0 
Other fees  0  0 
Total  2  2 
Note 9 Financial income and expenses
EUR million 2023 2022
Dividend income
From Group companies  346  601 
From associated companies  25  25 
From others  1  0 
Total  371  626 
Interest income from non-current investments
From Group companies  96  52 
From associated companies  1  0 
From others  1  2 
Total  98  55 
Other interest and financial income
From Group companies  48  20 
From associated companies  0  9 
From others  54  14 
Total  102  44 
Total financial income  571  725 
Interest and other financial expenses
To Group companies  -69  -38 
Other financial expenses  -149  -93 
Total  -217  -131 
Impairment on investments
Impairment on investments in non-current assets  -75  -305 
Total financial expenses  -293  -435 
Total financial income and expenses  278  290 
The item “Financial Income and Expenses” includes exchange rate 
gains/losses (net)  15  -17 
Note 10 Appropriations
EUR million 2023 2022
Difference between depreciation according to plan and depreciation 
recognised in taxation  89  -56 
Group contributions received  133  0 
Group contributions paid  0  -275 
Total appropriations  222  -331 
Note 11 Income tax expense
EUR million 2023 2022
Income taxes from primary operations for the period  0  -28 
Total income tax  0  -28 
91 197Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Note 12 Environmental expenses
EUR million 2023 2022
Materials and services  40  43 
Personnel expenses  3  3 
Depreciation and impairment  29  12 
Total  72  58 
Air quality protection  19  9 
Wastewater treatment  34  25 
Waste management  12  15 
Soil and groundwater protection  1  1 
Other environmental protection measures  5  7 
Total  72  58 
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  171  23  14  208 
Increases  3  2  17  23 
Decreases  0  0  0  0 
Reclassification  7  2  -7  1 
Acquisition cost 31 Dec  180  26  25  231 
Accumulated depreciation and impairment 
1 Jan  -138  -21  0  -158 
Accumulated depreciation on decreases 
and reclassifications  0  0  0  0 
Depreciation for the period  -14  -1  0  -15 
Impairments  -2  -3  0  -6 
Accumulated depreciation 31 Dec  -153  -25  0  -178 
Book value on 31 December 2023  27  2  25  53 
Book value on 31 December 2022  33  2  14  49 
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  605  2,853  181  107  3,764 
Increases  0  13  78  1  49  141 
Decreases  0  -3  -8  0  0  -10 
Reclassification  0  10  83  1  -96  -1 
Acquisition cost 31 Dec  18  626  3,006  184  59  3,893 
Accumulated depreciation 
and impairment 1 Jan  0  -433  -2,140  -160  0  -2,734 
Accumulated depreciation 
on decreases and 
reclassifications  0  3  8  0  0  10 
Depreciation for the period  0  -14  -95  -2  0  -112 
Impairment for the period  0  -22  -119  -2  0  -142 
Accumulated depreciation 
31 Dec  0  -466  -2,347  -165  0  -2,977 
Increase in value 1 Jan  2  0  0  0  0  2 
Increase in value 31 Dec  2  0  0  0  0  2 
Book value on 31 
December 2023  20  160  659  19  59  917 
Book value on 31 
December 2022  20  173  712  21  107  1,032 
Production plant and 
equipment
Book value on 31 
December 2023  626 
Book value on 31 
December 2022  693 
Advance payments and acquisitions in progress
EUR million
Intangible 
assets
Buildings 
and 
structures
Plant and 
equipment Total
Acquisition cost 1 Jan  14  5  101  121 
Increases  17  1  47  66 
Reclassification  -7  -5  -91  -104 
Acquisition cost 31 Dec 2023  25  1  58  84 
92 198Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Capitalised environmental expenditure
Tangible assets 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 2022  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 
31 Dec 2022
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  24  51  4  11  95 
Increases  1  0  9  1  8  18 
Depreciations for the period  0  -2  -8  -1  0  -12 
Book value on 31 
December 2021  4  22  52  5  19  101 
Air quality protection  1  7  35  0  12  55 
Wastewater treatment  0  2  13  0  4  20 
Waste management  2  0  1  3  0  7 
Soil and groundwater 
protection  1  12  2  0  2  18 
Noise and vibration 
prevention  0  0  1  1  0  1 
 4  22  52  5  19  101 
In 2023 and 2022, no environmentally based fines, charges or compensation were paid. Subsidies were received for environmental 
protection of EUR 0.9 million (EUR 1.2 million in 2022)
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  6,845  1,428  37  2  193  102  8,606 
Increases  0  488  0  23  16  1  529 
Decreases  -15  0  0  0  -34  -49 
Acquisition cost 
31 Dec  6,830  1,916  37  25  209  68  9,086 
Impairments 1 Jan  -412  0  0  0  -1  -5  -419 
Increases  -71  0  0  0  0  0  -71 
Impairments 
31 Dec  -483  0  0  0  -1  -5  -490 
Book value on 31 
December 2023  6,347  1,916  37  25  208  63  8,596 
Book value on 31 
December 2022  6,432  1,428  37  2  191  97  8,187 
Note 15 Inventories
2023 2022
Materials and supplies  229  288 
Work in progress  9  11 
Finished goods  206  247 
Other inventories  0  0 
Prepayments  28  27 
Total  473  574 
93 199Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Note 16 Short-term receivables
EUR million 2023 2022
Short-term loan receivables
Receivables from Group companies
Loan receivables  1,455  536 
Interest receivables  38  50 
Total  1,493  585 
Receivables from others
Loan receivables  11  0 
Commodity derivative receivables  0  18 
Other receivables  36  29 
Interest receivables  12  23 
Total  59  69 
Total current interest-bearing receivables  1,553  654 
Current non-interest-bearing receivables
Receivables from Group companies
Trade receivables  240  150 
Other receivables  274  183 
Commodity derivative receivables  0  0 
Accrued income  0  0 
Total  515  333 
Receivables from equity accounted investments
Trade receivables  1  0 
Total  1  0 
Receivables from others
Trade receivables  137  219 
Other receivables  32  41 
Accrued income  21  30 
Total  189  290 
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 42,8 million (EUR 30 million in 2022) 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 2023 2022
Total current non-interest-bearing receivables  705  624 
Total current receivables  2,257  1,278 
Significant accruals
Tax-equivalent receivables  0  3 
Advances paid  8  8 
Other accruals  13  19 
Total  21  30 
Note 17 Financial securities
EUR million 2023 2022
From Group companies  16  620 
From others  1,534  510 
Total  1,550  1,130 
Note 18 Shareholders' equity
EUR million 2023 2022
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  25  -6 
Increase (-) / Decrease (+)  -11  32 
Fair value reserve 31 Dec  14  25 
Total restricted equity  4,995  5,006 
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  1,338  1,356 
Dividend distribution  -473  -434 
Retained earnings 31 Dec  864  922 
Profit for the period  45  416 
Total non-restricted equity  1,542  1,971 
Total shareholders' equity  6,537  6,977 
Calculation of distributable equity 31 Dec
Invested unrestricted equity reserve 31 Dec  633  633 
Retained earnings 31 Dec  864  922 
Profit for the period  45  416 
Total  1,542  1,971 
94 200Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Note 19 Accumulated appropriations
EUR million 2023 2022
Depreciation difference
Intellectual property rights  -4  -1 
Goodwill  0  0 
Other non-current expenditure  -2  1 
Buildings and structures  13  34 
Plant and equipment  198  257 
Other tangible assets  -3  -1 
Total  201  290 
Note 20 Obligatory provisions
EUR million 2023 2022
Restructuring provisions  20  3 
Environmental provisions  14  20 
Pension provisions  1  1 
Other provisions  1  0 
Total  36  24 
Note 21 Deferred tax liabilities and receivables
EUR million 2023 2022
Deferred tax liability due to depreciation difference  -23  -41 
Deferred tax receivables and liabilities due to derivatives  -4  -6 
Deferred tax receivable due to loss  48  0 
Deferred tax receivable due to provisions  7  5 
Deferred tax receivables and liabilities due to other temporary 
differences  -1  -1 
Total deferred tax receivable  27  -43 
Deferred tax liabilities and receivables excluding derivatives have not been recognised on the balance sheet.
Note 22 Non-current liabilities
EUR million 2023 2022
Non-current liabilities
Bonds  3,472  2,165 
Loans from credit institutions  651  100 
Other non-current liabilities  0  0 
Other non-current liabilities to group companies  0  0 
Total  4,123  2,265 
Liabilities with maturities later than five years
Bonds  1,303  1,075 
Other non-current liabilities  4  5 
Total  1,308  1,080 
Specifications of Bond loans are presented in Note 5.3 Interest-bearing liabilities in consolidated financial statements.
Note 23 Current liabilities
EUR million 2023 2022
Current interest-bearing liabilities
Liabilities to Group companies
Other loans  2,396  1,966 
Commodity derivative liabilities  0  18 
Interest due  0  0 
Total  2,396  1,984 
Liabilities to others
Other loans  224  141 
Interest due  50  32 
Bonds  136  300 
Loans from credit institutions  100  250 
Total  511  722 
Total current interest-bearing liabilities  2,907  2,706 
Current non-interest-bearing liabilities
Liabilities to Group companies
Trade payables  72  90 
Other loans  0  275 
Commodity derivative liabilities  1  6 
Accrued liabilities and deferred income  3  0 
Total  75  371 
Liabilities to associated companies
Trade payables  126  98 
Total  126  98 
Liabilities to others
Advances received  6  5 
Trade payables  393  468 
Other loans  22  27 
Accrued liabilities and deferred income  82  134 
Total  503  635 
Total current non-interest-bearing liabilities  704  1,105 
Total current liabilities  3,611  3,811 
Substantial accrued liabilities and deferred income
Payroll payments accrued  56  66 
Income tax accrued  0  28 
Annual discounts  12  21 
Other accrued liabilities and deferred income  14  18 
Total  82  134 
95 201Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Note 24 Commitments and contingencies
EUR million 2023 2022
For Group debt
Guarantees  734  794 
On behalf of Associated companies
Guarantees  5  37 
On behalf of others
Guarantees  10  0 
Loan commitments  0  36 
Other commitments, own
Leasing commitments, in next 12 months  9  8 
Leasing commitments, after next 12 months  13  14 
Mortgages  0  0 
Lease commitments  5  5 
Other commitments  15  12 
Total  792  906 
Guarantees  748  831 
Leasing commitments  23  22 
Lease commitments  5  5 
Other commitments  15  47 
Total  792  906 
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. 
Nominal and fair values of derivative instruments
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
Foreign exchange forwards  2,284  34  -34  1 
Foreign exchange options  667  7  -5  2 
Commodity contracts  27  1  -1  0 
Interest rate swaps  443  16  0  16 
Non-hedge accounted derivatives
Foreign exchange forwards  588  5  -5  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 
96 202Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

As at 31 December 2022
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  1,523  29  -26  3 
Currency options  3,222  28  -28  0 
Commodity contracts  10  18  -18  0 
Interest rate swaps  442  28  0  28 
Non-hedge accounted derivatives
Currency forwards  1,493  8  -8  0 
Commodity contracts  11  9  0  9 
Total  6,702  120  -79  41 
of which against subsidiaries  2,571  29  -45  -15 
of which against external parties  4,131  91  -34  57 
Fair value reserve 
The net amount of the parent company's unrealised cash flow hedge gains in the fair value 
reserve was EUR 14.3 (25.3) million, which was related to currency and interest rate derivatives. 
Currency and interest rate derivatives also include a gain of EUR 0.2 (0.1) 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 2024. The ineffective portions of 
hedges are recognised as adjustments to financial items, revenue or materials and services 
according to the hedged item. During 2023 and 2022, 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 2023 2022
Cash flow hedge accounted derivatives
Currency hedges  2  -20 
Total  2  -20 
As adjustments to sales  2  -20 
As adjustments to materials and services  0  0 
Items realised from the fair value reserve 
that are recognised in the income statement  2  -20 
Net losses from cash flow hedges  2  -20 
Non-hedge accounted derivatives
Currency derivatives  0  -5 
Net gains on non-hedge accounted derivatives  0  -5 
Net hedge gains/losses in operating profit  2  -25 
Hedge gains and losses in financial items
EUR million 2023 2022
Non-hedge accounted derivatives
Currency derivatives  -21  -1 
Net gains/losses in financial items  -21  -1 
Sensitivity of currency derivatives to strengthening of EUR
31 December 2023
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  -136  -11 
Estimated effect on fair value 
reserve in EUR (net of taxes)  0  5  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 2023 2022
Related party transactions with associated 
companies and joint ventures:
Purchase of materials and supplies during the year  23  63 
Interest income on non-current loan receivables  1  0 
Non-current loan receivables at year end  26  2 
Trade payables at year end  126  92 
The Group's principles for related party transactions are presented in Note 6.3 to the consolidated financial statements.
97 203Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Note 27 Separated Electricity business statements
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
EUR million 2023 2022
Sales 126 170
Other operating income  1 2
Materials and services  -113 -161
Personnel expenses  0  0 
Depreciation and impairment  -14 -7
Other operating expenses  -1  -1 
Operating profit  -2  4 
Financial income and expenses  0  0 
Profit before Appropriations and Taxes  -2  4 
Appropriations  5  -17 
Profit before Taxes  3  -13 
Income tax expense and windfall tax  -1  0 
Profit / loss for the period  2  -13 
Electricity business statement of financial position
EUR million 2023 2022
Assets
Non-current assets
Tangible assets  47  53 
Investments  190  190 
Non-current assets total  237  243 
Current assets
Short-term receivables  24  21 
Total current assets  24  21 
Total assets  261  264 
Equity and liabilities
Equity
Share capital  35  35 
Share premium  95  95 
Invested non-restricted equity fund  17  17 
Retained earnings  39  52 
Profit for the period  2  -13 
Total equity  189  186 
Accumulated appropriations  10  15 
Liabilities
Non-current liabilities  52  56 
Current liabilities  10  7 
Total liabilities  62  63 
Total equity and liabilities  261  264 
98 204Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Signatures for the financial statements
There have been no material changes in the Parent Company’s financial position since 
31 December 2023. The liquidity of the Parent Company remains good and the proposed 
dividend does not risk the solvency of the Company.
31 January 2024
Kari Jordan Håkan Buskhe
Chair Vice Chair
Elisabeth Fleuriot Helena Hedblom
Astrid Hermann Christiane Kuehne
Antti Mäkinen Richard Nilsson
Hans Sohlström
President and CEO
99 205Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

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
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 2023. 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 24 reporting components in 
11 countries that are considered significant based on our overall 
risk assessment and materiality.
• Valuation of forest assets
• Provisions and contingent liabilities
• Accounting for business combinations
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.
Based on our professional judgment, 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.
100 206Stora Enso 2023: Financials
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Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

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 24 reporting components in 11 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, 2023 the fair value of the Group’s forest 
assets owned through subsidiaries, joint operations and 
associated companies was EUR 8 522 million. The fair 
value of EUR 6 123 million was related to biological 
assets and EUR 2 399 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 require 
estimates of growth, harvest, sales price and costs.
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.
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 
biological assets.
In addition, we assessed the appropriateness of 
disclosures related to forest assets.
101 207Stora Enso 2023: Financials
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Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Key audit matter in the audit of the group How our audit addressed the 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 2023, the Group had environmental, 
restructuring and other provisions totaling 
EUR 168 million. 
In addition, the Group has disclosed significant open 
legal cases and other 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 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.
Accounting for business combinations
Refer to Note 6.1 in the consolidated financial 
statements for the related disclosures.
The Group acquired control in De Jong Packaging 
Group in January, 2023. The acquisition was accounted 
for as a business combination.
The cash purchase consideration was EUR 612 
million, excluding a contingent earn-out component with 
a maximum amount of 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.
The fair value of net assets acquired was 
estimated to be EUR 265 million. The business 
combination resulted in recognition of goodwill of 
EUR 349 million, customer related intangible assets of 
EUR 167 million and marketing related intangible assets 
of EUR 39 million. 
Due to the level of judgment included in accounting 
for business combinations and the valuation of the net 
assets acquired, as well as the significance of the 
business combination to the Group’s financial position 
this is considered to be a key audit matter.
We obtained an understanding of management’s 
process related to accounting for business combinations 
and estimating the value of the net assets acquired.
Our audit procedures over accounting for 
business combinations and valuation of net asset 
acquired included:
• Testing the cash purchase consideration;
• Evaluation of the methodology adopted by 
management for the valuation;
• Testing the mathematical accuracy of the model 
used for the valuation;
• Assessment of the key valuation assumptions; and
• Validation of key inputs and data used in 
the valuation model.
We involved valuation specialists in the audit work over 
valuation of the net assets acquired.
In addition, we assessed the appropriateness of 
disclosures related to the business combination.
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.
102 208Stora Enso 2023: Financials
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Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

• 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.
• 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities 
or business activities within the group to express an opinion on the consolidated financial 
statements. We are responsible for the direction, supervision and performance 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 accordance with the applicable laws and regulations.
In our opinion
• the information in the report of the Board of Directors is consistent with the information in 
the financial statements
• the report of the Board of Directors has been prepared in accordance with the applicable laws 
and regulations.
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 2024
PricewaterhouseCoopers Oy 
Authorised Public Accountants
Samuli Perälä 
Authorised Public Accountant (KHT)
103 209Stora Enso 2023: Financials
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Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

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

Capacities by production site in 2024
Packaging Materials
Consumer board Location Grade Capacity 1,000 t
Beihai1 CHN LPB, CUK, FSB, FBB 575
Fors SWE FBB 455
Imatra FIN FSB, SBS, FBB, LPB 1,230
Ingerois FIN FBB 310
Skoghall SWE LPB, CUK 950
Total 3,520
1 Divesting process ongoing
Containerboards Location Grade Capacity 1,000 t
Heinola FIN SC fluting 300
Ostrołeka POL
Testliner, PfR fluting, sack paper, wrapping 
paper, RCF-based liner and fluting 660
Oulu FIN Kraftliner, white-top kraftliner 450
Varkaus FIN Kraftliner, white-top kraftliner 410
Total   1,820
Paper Location Grade Division Capacity 1,000 t
Anjalankoski FIN Book paper Packaging Materials 185
Langerbrugge BEL SC, news Packaging Materials 555
Total   740
Barrier coating Location Grade Capacity 1,000 t
Beihai CHN Barrier coating 80
Skoghall (Forshaga) SWE Barrier coating 120
Imatra FIN Barrier coating 455
Total 655
Packaging Solutions
Corrugated packaging Grade Capacity million m2
Baltic states Corrugated packaging 155
Kaunas
Riga 
Tallinn
Finland Corrugated packaging 165
Lahti
Kristiinankaupunki
Poland Corrugated packaging 410
Łódz
Mosina
Ostrołeka
Tychy 
Sweden Corrugated packaging 205
Jönköping
Skene
Vikingstad
Western Europe Corrugated packaging 920
Total Corrugated packaging 1,855
China Packaging Location Grade  Capacity million pcs Capacity million m2
Gaobu, Dongguan CHN Consumer packaging 390 30
Qian'an, Hebei CHN Consumer packaging 200 20
Wu Jin, Jiangshu CHN Consumer packaging 150 20
Total 740 70
Formed Fibre
Mill Location Product Division Capacity million pcs
Hylte SWE Formed Fiber Packaging Solutions 90
Skene SWE Formed Fiber Packaging Solutions 17
Total Formed Fibre 107
210Stora Enso 2023: Appendix: Capacities by production site in 2024
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Appendix: Capacities by  
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===== SIDA 211 =====

Abbreviations used in the tables:
BCTMP bleached chemi-thermo- 
 mechanical pulp 
CKB coated kraft back board  
CLT cross-laminated timber  
CTMP  chemi-thermo-mechanical 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
The formula: (Sum of net saleable production of two best consecutive months / Available 
time of these two consecutive months) × Available time of the year 
Biomaterials
Chemical Pulp
Mill Location Grade Division Capacity 1,000 t
Enocell FIN Long-fiber Biomaterials 630
Skutskär SWE Short, long-fiber and fluff pulp Biomaterials 545
Montes del Plata 
(50% share) URU Short-fiber pulp Biomaterials 750
Veracel (50% share) BRA Short-fiber pulp Biomaterials 575
Total 2,500
Chemical Pulp
Mill Location Grade Division Capacity 1,000 t
Heinola FIN NSSC Packaging Materials 285
Kaukopää, Imatra FIN Short and long-fiber Packaging Materials 825
Ostrołeka POL Long-fiber Packaging Materials 130
Oulu FIN Long-fiber Packaging Materials 550
Skoghall SWE Long-fiber Packaging Materials 390
Tainionkoski, Imatra FIN Long-fiber Packaging Materials 195
Varkaus FIN Long-fiber Packaging Materials 335
Chemical Pulp Total (incl. Biomaterials) 5,210
Deinked Pulp (DIP)
Mill Location Grade Division Capacity 1,000 t
Langerbrugge BEL DIP Packaging Materials 680
Varkaus FIN Recycled fiber based pulp Packaging Solutions 150
Total   830
CTMP
Mill Location Grade Division Capacity 1,000 t
Beihai1 CHN BCTMP Packaging Materials 210
Fors SWE CTMP Packaging Materials 220
Kaukopää FIN CTMP Packaging Materials 220
Skoghall SWE CTMP Packaging Materials 310
Total   960
1 Divesting process ongoing
Wood Products
Mill 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 210 115 - - -
Bad St. Leonhard AUT 360 105 - 80 -
Brand AUT 440 295 - - -
Gruvön SWE 370 150 100 80 -
Honkalahti FIN 310 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 40 -
Total 5,380 2,235 460 310 85
1 Uimaharju sawmill belongs to the Biomaterials division.
2 Theoretical CLT capacity 120,000 m3, limited capacity due to ramp-up.
211Stora Enso 2023: Appendix: Capacities by production site in 2024
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Appendix: Capacities by  
production site in 2024 210

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

Stora Enso Oyj
P .O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Salmisaarenaukio 2
Tel. +358 2046 111 
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
group.communications@storaenso.com
Concept and design: Miltton Oy
Photography: Lasse Arvidson, Einar Aslaksen, Christoffer Björklund, Magnus Glans, Tomas Gunnarsson, Elina Himanen, 
Mamad Hormatipur, Christopher Hunt, Mattias Huss, Rene Knabl, Mikko Nikkinen, Toni Pallari, Tomi Parkkonen, Sami Piskonen, 
Pasi Salminen, Niklas Sandström, Patrik Svedberg, 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.