Stora Enso 2013

Facts & Figures2 Key figures3 Stora Enso in brief4 Divisions6 Map8 Board of Directors and Group Leadership Team10 Extract of the Consolidated Financial Statements14 Auditor’s Report15 Information for shareholders

Stora Enso Facts & Figures 2013 32 Stora Enso Facts & Figures 2013

Key figures

*Data for the comparative period have been restated following adoption of the revised IAS 19 Employee Benefits standard.

**Operational EBIT comprises the operating profit excluding NRI and fair valuations of the segments and Stora Enso’s share of the operating profit excluding NRI and fair valuations of its equity accounted investments (EAI). Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets.

***NRI = Non-recurring items. These are exceptional transactions that are not related to normal business operations. The most common non-recurring items are capital gains, additional write-downs or reversals of write-downs, provisions for planned restructuring and penalties. Non-recurring items are normally disclosed individually if they exceed one cent per share.

****Board's proposal for dividend distribution.

Stora Enso in briefStora Enso is the global rethinker of the paper, biomaterials, packaging and wood products industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide, and our sales in 2013 amounted to EUR 10.5 billion.

Stora Enso’s annual production capacity is 5.4 million tonnes of chemical pulp, 11.7 million tonnes of paper and board, 1.3 billion square metres of corrugated packaging and 5.6 million cubic metres of sawn wood products, including 2.9 million cubic metres of value-added products. The Group is listed in Helsinki and Stockholm.

Employees by country 2013 Paper and board capacity by country 2014

Finland 40% Sweden 26% Germany 13% China 3% Brazil 2% Other countries 16%

*Including Stora Enso's share of equity accounted investments

Chemical Pulp capacity by country 2014*

Finland 56% Sweden 22% Brazil 11% Uruguay 9% Poland 2%

Sales and operational EBIT margin

2013 2012 Sales EUR 10 544 million Operational EBIT margin 5.5%

Sales EUR 10 815 million Operational EBIT margin 5.8%

Earnings and distribution per share

Excluding non-recurring itemsEUR

1.5

1.2

0.9

0.6

0.3

0.0

10 11 12 13

Earnings per share Dividend per share

Board's proposal for dividend Cash earnings per share

CO2 performance*

*Covering direct and indirect (purchased electricity and heat) fossil CO2 emissions from pulp, paper and board production facilities. Normalised figures are reported per unit sales production. Some of the figures have been recalculated from previous years due to changes in baseline and reporting errors.

Million tonnes kg/tonne

09 10 11 12 13

Million tonnes kg/tonne

8

7

6

5

4

3

500

460

420

380

340

300

Finland 25% Sweden 19% Germany 8% Poland 7% Russia 4% Other Europe 16% China 17% Other countries 4%

2013 2012*

Earnings per share (EPS) excl. NRI***, EUR 0.40 0.33

Earnings per share (EPS), EUR -0.07 0.61

Cash earnings per share (CEPS) excl. NRI***, EUR 1.12 1.07

Cash earnings per share (CEPS), EUR 1.16 1.28

Dividend per share****, EUR 0.30 0.30

Equity/share, EUR 6.61 7.32

Payout ratio, excluding NRI***, % 75.0 90.9

Total market capitalisation at 31 December, EUR million 5 756 4 222

EUR million 2013 2012*

Sales 10 544 10 815

Operational EBIT** 578 630

Operating profit (IFRS) 34 701

Profit before tax excl. NRI*** 350 317

Loss/Profit before tax -189 481

Net profit for the period excl. NRI*** 323 263

Net loss/profit for the period -71 490

Capital expenditure 425 556

Operational ROCE, % 7.1 7.3

Return on equity (ROE), % -1.3 8.3

Debt/equity ratio 0.47 0.48

Paper and board deliveries, 1 000 tonnes 9 898 10 268

Corrugated packaging deliveries, million m2 1 086 1 097

Wood products deliveries, 1 000 m3 4 930 4 750

Average number of employees 28 231 28 777

Share information

Key figures

Stora Enso Facts & Figures 2013 54 Stora Enso Facts & Figures 2013

Divisions in brief

Printing and Living DivisionStora Enso Biomaterials offers a variety of pulp grades to meet the demands of paper, board and tissue producers. Pulp made from renewable resources in a sustainable manner is an excellent raw material with many different end uses. When the new Montes del Plata Pulp Mill in Uruguay starts operations in 2014, Biomaterials will have an even wider product offering, including northern bleached softwood kraft and bleached hardwood kraft pulp (birch and eucalyptus), which are used for a variety of paper grades, packaging paperboards and tissue, as well as fluff pulp for hygiene applications and dissolving pulp for the textile industry.

The mission of Biomaterials is to find new, innovative ways to utilise the valuable raw material wood, while simultaneously running existing pulp and by-product businesses as efficiently as possible, based on the needs of its customers.

Biomaterials operates the Nordic stand-alone pulp mills Enocell and Sunila in Finland, and Skutskär in Sweden, as well as the joint ventures Veracel in Brazil and Montes del Plata in Uruguay with corresponding plantations. Biomaterials also runs the plantations in Rio Grande do Sul in Brazil, the trial plantations in Laos, and the Pulp Competence Centre and the Biorefinery in Europe.

Biomaterials Division

Printing and Reading Business Area

Stora Enso Printing and Reading is a world-class responsible supplier of renewable paper solutions for print media and office use. Its customers – publishers, retailers, printing houses, merchants, converters and office suppliers among others – are served with products that best fit their purpose. The offering includes newsprint, book paper, super-calendered magazine paper, coated paper and office paper that are used for example in newspapers and supplements, books, magazines, brochures, notebooks, art books and an office environment.

The Business Area’s mission is to inspire the world with sustainable paper, as it believes in the power of paper in communication, learning and creative expression. Printing and Reading is continuously developing its products and service offering with innovative solutions such as lightweight papers that achieve greater material efficiency and lower environmental impact without compromising on printing quality.

Stora Enso Building and Living provides wood-based innovations and solutions for everyday living and housing needs. Its product range covers all areas of urban construction, from supporting structures to interior design and environmental construction. The further-processed products include massive wood elements and housing modules, wood components and pellets. A variety of sawn timber goods complete the selection. Building and Living serves public and private sector customers, such as construction companies, merchandisers and retailers.

Building and Living has more than twenty production units in Europe and operates globally, with its main markets in Europe, the Middle East and North Africa, and Asia Pacific. The products are made of renewable, high-quality European pine or spruce with 100% traceability. With carbon captured in the wood products, they offer a truly sustainable means of reducing climate change.

*See operational EBIT explanation on page 2**The segment Other includes the Nordic forest equity accounted investments, Stora Enso’s shareholding in Pohjolan Voima, operations supplying wood tothe Nordic mills and Group shared services and administration.

Stora Enso Renewable Packaging offers fibre-based packaging materials and innovative packaging solutions for consumer goods and industrial applications. Renewable Packaging operates throughout the value chain, from pulp production to production of materials and packaging, to recycling.

Consumer Board product range covers all major board categories and end-uses such as liquid packaging boards, cigarette boards, graphical boards and general packaging boards for packaging cosmetics and luxury products, chocolate and confectionery, pharmaceuticals and food.

Packaging Solutions products include corrugated packaging for consumer and transport packages, containerboard, cores and coreboard, paper sacks, and sack and kraft paper.

Renewable Packaging is expanding in growth markets such as China, India and Pakistan to meet the rising demand in these markets. Renewable Packaging will build an integrated board and pulp mill in Guangxi in southern China.

Renewable Packaging production sites in Europe are located in Finland, Sweden, Spain and Eastern and Central Europe.

Renewable Packaging Division

Building and Living Business Area

Geographical distribution of external sales and market shareExternal sales and operational EBIT* by segments

Printing and Reading 40% Biomaterials 5% Building and Living 17% Renewable Packaging 30% Other 8%**

Printing and Reading 6% Biomaterials 13% Building and Living 13% Renewable Packaging 55% Other 13%**

Sales EUR 10 544 million Operational EBIT EUR 578 million

Biomaterials

Printing and Reading

EuropeAsia

PacificRest of the

world

Geographical distribution (% of sales) 66 25 9

General market share not applicable due to nature of the business.

Building and LivingEurope

Asia Pacific

North Africa

Middle East

Geographical distribution (% of sales) 56 21 8 15

Market share: Europe 4%, worldwide 2%.

EuropeLatin

AmericaAsia

PacificRest of the

world

Geographical distribution (% of sales) 78 7 10 5

Market share % 16 6 2

Renewable PackagingEurope Asia Pacific Rest of the world

Geographical distribution (% of sales) 78 14 8

General market share not applicable due to nature of product portfolio.

Stora Enso Facts & Figures 2013 76 Stora Enso Facts & Figures 2013

Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. The Group has employees in more than 35 countries worldwide. Stora Enso focuses on growth markets in Asia and Latin America through fibre-based packaging, plantation-based pulp, innovations in biomaterials, competitive paper grades and sustainable building solutions.

Employees and production facilities

AsiaThe rapidly expanding Asian paper and paperboard market offers huge demand for Stora Enso’s products. The Group is building a consumer board machine at Beihai city in Guangxi, southern China scheduled to be operational in the beginning of 2016. After the board mill is completed, the Group will construct a pulp mill at the same site. When ready, the mill site will include a 450 000 tonnes per year state-of-the-art paperboard machine and pulp capacity of 700 000 tonnes per year, including necessary energy plant and auxiliary facilities. The board and pulp mills will be self-sufficiently integrated with wood supply from 90 000 hectares of self-managed plantations.

The Group’s other operations in China include a 245 000 tonnes per year coated fine paper mill in Suzhou, a 170 000 tonnes per year uncoated magazine paper mill at Dawang, two core factories and majority shareholding in Inpac International, a packaging company with production operations in China and India, and service operations in Korea. The Group also has trial plantations in Laos.

In May 2013, Stora Enso and Packages Ltd. of Pakistan completed the process of establishing a joint venture called Bulleh Shah Packaging (Private) Limited. Stora Enso’s initial shareholding is 35%. The joint venture includes the packaging operations of the Kasur mill and Karachi plant.

EuropeMost of Stora Enso’s sales, production capacity and personnel are in Europe, where the Group is a leading producer of pulp, paper and board. Eastern and Central Europe are important areas for the manufacturing of corrugated packaging and wood products. Stora Enso has faced structural issues in Europe due to overcapacity in paper production. As a result, the Group is investing selectively in its mills with long-term potential in order to secure a competitive cost structure and renewable materials.

Hungary

117 employees

Renewable PackagingKomárom

Russia

1 129 employees

Building and LivingImpilahtiNebolchi

Renewable PackagingArzamasBalabanovoLukhovitsy

Czech Republic

728 employees

Building and LivingPlanáZdírec

Poland

1 926 employees

Building and LivingMurow

Renewable PackagingŁódzMosinaOstrołękaTychy

Estonia

632 employees

Building and LivingImavereNäpi

Renewable PackagingTallinn

Latvia

263 employees

Building and LivingLaunkalne

Renewable PackagingRiga

Lithuania

235 employees

Building and LivingAlytus

Renewable PackagingKaunas

China

4 811 employees

Printing and ReadingDawangSuzhou

Renewable PackagingDongguanFoshanGuangxiHangzhouQian’an

Laos

90 employees

BiomaterialsTrial plantation

India

397 employees

Renewable PackagingChennai

Pakistan

Renewable PackagingKasurKarachi

UruguayStora Enso and Arauco’s joint venture company Montes del Plata’s pulp mill in Punta Pereira is expected to begin the mill start up process in early 2014. Once completed, the new mill will produce 1.3 million tonnes of pulp per year. Employees in Uruguay are working for the joint venture. The eucalyptus pulpwood will be sourced essentially from plantations on Montes del Plata’s own approximately 190 000 hectares of land.

BiomaterialsMontes del Plata

Netherlands

101 employees

Building and LivingAmsterdam

Renewable PackagingEdam

Austria

945 employees

Building and LivingBad St. LeonhardBrandSollenauYbbs

France

468 employees

Printing and ReadingCorbehem

Renewable PackagingSaint Seurin sur l’Isle

Spain

289 employees

Renewable PackagingBarcelonaTolosa

Belgium

572 employees

Printing and ReadingLangerbrugge

Germany

2 239 employees

Printing and ReadingKabelMaxauSachsenUetersen

Building and LivingPfarrkirchen

Renewable PackagingKrefeld

Great Britain

149 employees

Renewable PackagingBolton

USA

186 employees

Renewable PackagingWisconsin Rapids

BrazilLatin America has become a cornerstone of Stora Enso’s strategy of low-cost pulp from tree plantations. In Brazil, Stora Enso owns Veracel Celulose through a joint venture with the Brazilian company Fibria. Veracel Celulose produces 1.1 million tonnes of eucalyptus pulp annually. The company has 211 000 hectares of land, of which 90 000 hectares is planted with eucalyptus. In addition, Stora Enso owns Arapoti magazine paper mill jointly with the Chilean company Arauco. In the state of Rio Grande do Sul, Stora Enso owns 43 000 hectares of land, around half of which is planted with eucalyptus.

326 employees

Printing and ReadingArapoti

BiomaterialsRio Grande do SulVeracel

Sweden

5 283 employees

Printing and ReadingHylteKvarnsvedenNymölla

BiomaterialsSkutskär

Building and LivingAlaGruvön

Renewable PackagingBäckeforsForsForshagaJönköpingMohedSkeneSkoghallVikingstad

Finland

6 951 employees

Printing and ReadingAnjalaOuluVarkausVeitsiluoto

BiomaterialsEnocellSunila

Building and LivingHartolaHonkalahti Kitee Pälkäne Uimaharju Varkaus

Renewable PackagingHeinola Imatra Ingerois Kristiinan-kaupunki Lahti LoviisaPori

Stora Enso Facts & Figures 2013 98 Stora Enso Facts & Figures 2013

Gunnar Brock Chairman of Stora Enso’s Board of Directors since March 2010. Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders. Born 1950. M.Sc. (Econ.). Swedish citizen. Owns 52 008 R shares in Stora Enso.

Juha Rantanen Vice Chairman of Stora Enso’s Board of Directors since March 2010. Member of Stora Enso’s Board of Directors since March 2008. Independent of the Company and the significant shareholders. Born 1952. M.Sc. (Econ.). Finnish citizen. Owns 23 777 R shares in Stora Enso.

Anne Brunila Member of Stora Enso’s Board of Directors since April 2013. Independent of the Company and the significant shareholders. Born 1957. D.Sc. (Econ.). Finnish citizen. Owns 5 207 R shares in Stora Enso.

Elisabeth Fleuriot Member of Stora Enso’s Board of Directors since April 2013. Independent of the Company and the significant shareholders. Born 1956. M.Sc. (Econ). French citizen. Owns 5 207 R shares in Stora Enso.

Jouko Karvinen Chief Executive Officer (CEO) of Stora Enso. Born 1957. M.Sc. (Eng.). Finnish citizen. Owns 237 009 R shares in Stora Enso.

Karl-Henrik Sundström Executive Vice President, Printing and Living, Deputy to the CEO. Born 1960. B.Sc. (Business Studies). Swedish citizen. Owns 23 700 R shares in Stora Enso through Alma Patria AB.*

Jyrki Tammivuori Chief Financial Officer (acting until 31 January 2014). Born 1971. M.Sc. (Econ.). Finnish citizen. Owns 15 749 R shares and has 2 500 (2007) options/synthetic options in Stora Enso.

Juan Carlos Bueno Executive Vice President, Biomaterials. Born 1968. M.Sc. (Industrial Eng.). Colombian citizen. Does not own any Stora Enso shares nor options.

Lars Häggström Executive Vice President, Global People and Organisation. Born 1968. B.Sc. (HR Development and Labour Relations). Swedish citizen. Owns 1 045 R shares in Stora Enso.

Hock Goh Member of Stora Enso’s Board of Directors since April 2012. Independent of the Company and the significant shareholders. Born 1955. Bachelor’s degree (honours) in Mechanical Engineering. Singaporean citizen. Owns 10 990 R shares in Stora Enso.

Birgitta Kantola Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders. Born 1948. LL.M., Econ.Dr.H.C. Finnish citizen. Owns 27 195 R shares in Stora Enso.

Mikael Mäkinen Member of Stora Enso’s Board of Directors since March 2010. Independent of the Company and the significant shareholders. Born 1956. M.Sc. (Eng.). Finnish citizen. Owns 17 883 R shares in Stora Enso.

Hans Stråberg Member of Stora Enso’s Board of Directors since April 2009. Independent of the Company and the significant shareholders. Born 1957. M.Sc. (Eng.). Swedish citizen. Owns 20 768 R shares in Stora Enso.

Per Lyrvall Executive Vice President, Global Ethics and Compliance, General Counsel, Country Senior Executive, Sweden. Born 1959. LL.M. Swedish citizen. Owns 19 205 R shares and 2 500 (2007) options/synthetic options in Stora Enso.

Mats Nordlander Executive Vice President, Renewable Packaging. Born 1961. Dipl.Eng. Swedish citizen. Owns 67 002 R shares in Stora Enso.

Lauri Peltola Executive Vice President, Global Identity, Country Senior Executive, Finland. Born 1963. CCJ. Finnish citizen. Owns 32 955 R shares in Stora Enso.

Juha Vanhainen Executive Vice President, Programme Director.** Born 1961. M.Sc. (Eng.). Finnish citizen. Owns 58 314 R shares and has 7 500 (2007) options/synthetic options in Stora Enso.

Group Leadership TeamBoard of Directors

Matti Vuoria Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders. Born 1951. LL.M., B.Sc. (Arts). Finnish citizen. Owns 32 695 R shares in Stora Enso.

Marcus Wallenberg Member of Stora Enso’s Board of Directors since December 1998. Independent of the Company.* Born 1956. B.Sc. (Foreign Service). Swedish citizen. Owns 2 541 A and 28 410 R shares in Stora Enso.

* Marcus Wallenberg (member of the investment committee of Foundation Asset Management) is not independent of significant shareholders of the Company. The Board has evaluated that Marcus Wallenberg is independent of the Company despite his 15-year membership of the Board of Directors.

The independence is evaluated in accordance with recommendation 15 of the Finnish Corporate Governance Code. The full recommendation can be found at www.cgfinland.fi. A significant shareholder according to the recommendation is a shareholder that holds more than 10% of all company shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase 10% of already issued shares.

Hannu Kasurinen, Executive Vice President, Building and Living, was a member of the Group Executive Team until the reorganisation of the company on 1 July 2013.

Seppo Parvi has been appointed Stora Enso´s new Chief Financial Officer as of 1 February 2014.

Options/synthetic options were issued annually between 1999 and 2007.

Jouko KarvinenKarl-Henrik Sundström

Lars HäggströmMats Nordlander

Lauri PeltolaJuha Vanhainen Juan Carlos Bueno

Jyrki TammivuoriPer Lyrvall

First Lastneme

Gunnar Brock

Juha Rantanen

Matti Vuoria

Hans Stråberg

Elisabeth Fleuriot

Anne BrunilaMarcus Wallenberg

Hock Goh

Mikael Mäkinen

Birgitta Kantola

*related party**for the EUR 200 million streamlining and structure simplification programme. Also responsible for Wood Supply operations in Finland and Sweden, Energy, Logistics and Business Information Services.

Stora Enso Facts & Figures 2013 1110 Stora Enso Facts & Figures 2013

This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.

Extract of the Consolidated Financial Statements

This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.

Consolidated Income StatementYear Ended 31 December

EUR million 2013 2012

Sales 10 544 10 815

Other operating income 122 219

Changes in inventories of finished goods and work in progress -30 -7

Change in net value of biological assets 172 -5

Materials and services -6 777 -6 962

Freight and sales commissions -977 -1 008

Personnel expenses -1 368 -1 349

Other operating expenses -602 -578

Share of results of equity accounted investments 100 108

Depreciation, amortisation and impairment charges -1 150 -532

Operating Profit 34 701

Financial income 64 128

Financial expense -287 -348

Loss/Profit before Tax -189 481

Income tax 118 9

Net Loss/Profit for the Year -71 490

Attributable to:

Owners of the Parent -53 480

Non-controlling Interests -18 10

Net Loss/Profit for the Year -71 490

Earnings per Share

Basic and diluted earnings per share, EUR -0.07 0.61

Consolidated Statement of Comprehensive IncomeYear Ended 31 December

EUR million 2013 2012

Net loss/profit for the period -71 490

Other Comprehensive Income (OCI)

Items that will Not be Reclassified to Profit and Loss

Actuarial gains/losses on defined benefit plans 74 -184

Share of OCI of equity accounted investments that will not be reclassified -1 -5

Income tax relating to items that will not be reclassified -27 35

46 -154

Items that may be Reclassified Subsequently to Profit and Loss

Share of OCI of equity accounted investments that may be reclassified 15 1

Currency translation movements on equity net investments (CTA) -227 -29

Currency translation movements on non-controlling interests -6 -3

Net investment hedges 23 -17

Currency and commodity hedges -28 34

Available-for-sale financial assets -101 -178

Income tax relating to items that may be reclassified 2 -3

-322 -195

Total Comprehensive Income -347 141

Total Comprehensive Income Attributable to:

Owners of the Parent -323 134

Non-controlling interests -24 7

-347 141

Stora Enso Facts & Figures 2013 1312 Stora Enso Facts & Figures 2013

Items designated "O" comprise Operative Capital, items designated "I" comprise Interest-bearing Net Liabilities, items designated "T" comprise Net Tax Liabilities. This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013. This financial information has been extracted from the audited financial statements included in a separate document, Financial Report 2013.

Consolidated Statement of Financial PositionAs at 31 December

EUR million 2013 2012

ASSETS

Non-current Assets

Goodwill O 220 226

Other intangible assets O 51 44

Property, plant and equipment O 4 182 5 049

4 453 5 319

Biological assets O 399 222

Emission rights O 21 30

Equity accounted investments O 1 961 1 965

Available-for-sale: interest-bearing I 10 96

Available-for-sale: operative O 361 451

Non-current loan receivables I 80 134

Deferred tax assets T 229 143

Other non-current assets O 16 23

7 530 8 383

Current Assets

Inventories O 1 376 1 458

Tax receivables T 13 19

Current operative receivables O 1 521 1 687

Interest-bearing receivables I 249 297

Cash and cash equivalents I 2 065 1 850

5 224 5 311

Total Assets 12 754 13 694

EQUITY AND LIABILITIES

Equity Attributable to Owners of the Parent

Share capital 1 342 1 342

Share premium 77 77

Treasury shares - -10

Fair value reserve 235 344

Cumulative translation adjustment -218 -10

Invested non-restricted equity fund 633 633

Retained earnings 3 197 2 914

Net loss/profit for the period -53 480

5 213 5 770

Non-controlling Interests 60 92

Total Equity 5 273 5 862

Non-current Liabilities

Post-employment benefit provisions O 378 480

Other provisions O 121 142

Deferred tax liabilities T 300 340

Non-current debt I 3 702 4 341

Other non-current operative liabilities O 16 12

4 517 5 315

Current Liabilities

Current portion of non-current debt I 505 181

Interest-bearing liabilities I 619 607

Bank overdrafts I 12 5

Current operative liabilities O 1 812 1 685

Tax liabilities T 16 39

2 964 2 517

Total Equity and Liabilities 12 754 13 694

Consolidated Cash Flow StatementYear Ended 31 December

EUR million 2013 2012

Cash Flow from Operating Activities

Net loss/profit for the year -71 490

Result from the Statement of Other Comprehensive Income -23 34

Adjustments and reversal of non-cash items:

Taxes -118 -9

Depreciation and impairment charges 1 150 532

Change in value of biological assets -172 5

Change in fair value of options and TRS 1 -26

Share of results of equity accounted investments -100 -108

Profits and losses on sale of fixed assets and investments -6 5

Net financial items 223 220

Other adjustments - -31

Dividends received from equity accounted investments 38 102

Interest received 20 17

Interest paid -210 -168

Other financial items, net 14 -79

Income taxes paid -43 -104

Change in net working capital, net of businesses acquired or sold 285 56

Net Cash Provided by Operating Activities 988 936

Cash Flow from Investing Activities

Acquisition of subsidiary shares and business operations, net of acquired cash 25 -11

Acquisition of shares in equity accounted investments -66 -115

Acquisition of available-for-sale investments -9 -

Capital expenditure -405 -541

Investment in biological assets -19 -20

Proceeds from disposal of shares in equity accounted investments and equity repayment - 2

Proceeds from disposal of available-for-sale investments 42 -

Proceeds from sale of fixed assets 23 6

Proceeds from/payment of non-current receivables, net 96 -5

Net Cash Used in Investing Activities -313 -684

Cash Flow from Financing Activities

Proceeds from new long-term debt 151 1 472

Repayment of long-term liabilities -371 -571

Change in current borrowings 20 -179

Dividends paid -237 -237

Equity injections less dividends to non-controlling interest -7 -3

Net Cash Used in/Provided by Financing Activities -444 482

Net Increase in Cash and Cash Equivalents 231 734

Translation adjustment -23 -23

Cash and cash equivalents at beginning of year 1 845 1 134

Net Cash and Cash Equivalents at Year End 2 053 1 845

Cash and Cash Equivalents at Year End 2 065 1 850

Bank Overdrafts at Year End -12 -5

2 053 1 845

Stora Enso Facts & Figures 2013 1514 Stora Enso Facts & Figures 2013

Auditor’s Report Information for shareholdersAnnual General Meeting (AGM)Stora Enso Oyj’s AGM will be held at 16.00 (Finnish time) on Wednesday 23 April 2014 at the Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland.

Nominee-registered shareholders wishing to attend and vote at the AGM must be temporarily registered in the Company’s register of shareholders on the record date, 9 April 2014. Instructions for submitting notice of attendance will be given in the invitation to the AGM, which can be consulted on the Company’s website at www.storaenso.com/agm.

AGM and dividend in 20149 April Record date for AGM23 April Annual General Meeting (AGM)24 April Ex-dividend date28 April Record date for dividend15 May Dividend payment effective

DividendThe Board of Directors proposes to the AGM that a dividend of EUR 0.30 per share be paid to the shareholders for the fiscal year ending 31 December 2013. The dividend payable on shares registered with Euroclear Sweden will be forwarded by Euroclear Sweden AB and paid in Swedish krona. The dividend payable to ADR holders will be forwarded by Deutsche Bank Trust Company Americas (DBTCA) and paid in US dollars.

Publication dates for 20145 February Financial results for 201317 February Annual Report 201323 April Interim Review for January–March21 July Interim Review for January–June22 October Interim Review for January–September

Distribution of financial informationStora Enso’s Annual Report is comprised of four separate reports: Stora Enso Rethink 2013, Financial Report 2013, Corporate Governance Report 2013 and Global Responsibility Report 2013.

Stora Enso Rethink 2013 is published in English, Finnish and Swedish, and distributed to shareholders registered with Euroclear Finland and Euroclear Sweden who have requested a copy. Stora Enso Rethink 2013 is downloadable as a PDF file from the Company’s website.

Financial Report is published in English and downloadable as a PDF file from the Company’s website. The Official Financial Statements (in Finnish), an English translation of the Parent Company Financial Statements and the list of principal subsidiaries can be found on the Company’s website.

We have audited the accounting records, the financial statements, the report of the Board of Directors, and the administration of Stora Enso Oyj for the year ended 31 December, 2013. The financial statements comprise the consolidated income statement, statement of comprehensive income, statement of financial position, cash flow statement, statement of changes in equity and notes to the consolidated financial statements, as well as the parent company’s income statement, balance sheet, cash flow statement and notes to the financial statements.

Responsibility of the Board of Directors and the Chief Executive OfficerThe Board of Directors and the Chief Executive Officer are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as for the preparation of financial statements and the report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts and finances, and the Chief Executive Officer shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.

Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the report of the Board of Directors are free from material misstatement, and whether the members of the Board of Directors of the parent company or the Chief Executive Officer are guilty of an act or negligence which may result in liability in damages towards the company or have violated the Limited Liability Companies Act or the articles of association of the company.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments,

Corporate Governance Report 2013 is published in English and downloadable as a PDF file from the Company's website. A Finnish translation of the report can be found on the Company’s website.

Global Responsibility Report is published in English and downloadable as a PDF file from the Company’s website.

Interim Reviews are published in English, Finnish and Swedish on the Company’s website, from where they can be downloaded as PDF files.

Mailing lists for financial information• Finnish and Swedish shareholders: Changes of address

are updated automatically based on the population registers in Finland and Sweden. Please request addition to or removal from mailing lists by e-mail group.communications@storaenso.com, by mail Stora Enso Oyj, Global Communications, P.O. Box 309, FI-00101 Helsinki or by tel. +358 2046 131.

• Registered ADR holders should contact DBTCA. Beneficial owners of Stora Enso ADRs should contact their broker.

• Other stakeholders: see details for Finnish and Swedish shareholders.

Information for holders of American Depositary Receipts (ADRs)The Stora Enso dividend reinvestment and direct purchase plan is administered by Deutsche Bank Trust Company Americas. The plan makes it easier for existing ADR holders and first-time purchasers of Stora Enso ADRs to increase their investment by reinvesting cash distributions or by making additional cash investments. The plan is intended for US residents only. Further information on the Stora Enso ADR programme is available at www.adr.db.com.

Contact information for Stora Enso ADR holdersDeutsche Bank Shareholder Servicesc/o American Stock Transfer & Trust CompanyPeck Slip StationP.O. Box 2050, New York, NY 10272-2050, USAToll-Free number (within the USA only): +1 866 706 0509DB@amstock.com

ContactsUlla Paajanen-SainioSVP, Investor RelationsStora Enso Oyj, P.O. Box 309, FI-00101 Helsinki, FinlandTel. +358 2046 21242, ulla.paajanen-sainio@storaenso.com

the auditor considers internal control relevant to the entity’s preparation of financial statements and report of the Board of Directors that give a true and fair view 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 company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion on the consolidated financial statementsIn our opinion, the consolidated financial statements give a true and fair view of the financial position, financial performance, and cash flows of the group in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

Opinion on the company’s financial statements and the report of the Board of DirectorsIn our opinion, the financial statements and the report of the Board of Directors give a true and fair view of both the consolidated and the parent company´s financial performance and financial position in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The information in the report of the Board of Directors is consistent with the information in the financial statements.

Other opinionsWe support that the financial statements should be adopted. The proposal by the Board of Directors regarding the treatment of distributable funds is in compliance with the Limited Liability Companies Act. We support that the Board of Directors of the parent company and the Chief Executive Officer should be discharged from liability for the financial period audited by us.

Helsinki, 5 February 2014

Deloitte & Touche OyAuthorized Public Audit Firm

Jukka VattulainenAPA

To the Annual General Meeting of Stora Enso Oyj

This Auditor’s Report is a copy of the Auditor’s Report included in a separate document, Financial Report 2013.

Stora Enso OyjP.O. Box 309FI-00101 Helsinki, FinlandVisiting address: Kanavaranta 1Tel. +358 2046 131

Stora Enso ABP.O. Box 70395SE-107 24 Stockholm, SwedenVisiting address: World Trade CenterKlarabergsviadukten 70Tel. +46 1046 46 000

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group.communications@storaenso.com

Stora Enso

Global Responsibility Report 2013

Find out more about Stora Enso’s

performance on issues related to

sustainability in this in-depth report,

which follows guidelines defined by the

Global Reporting Initiative (GRI).

Stora Enso

Financial Report 2013

Contains detailed information on

Stora Enso’s financial performance

and corporate governance, as well as

the capital markets. This includes

consolidated financial statements and

notes, and the report of the Board of

Directors.

Financial ReportStora Enso 2013

GlobalResponsibility ReportStora Enso 2013