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Note 1 Accounting principles
Principal activities
Stora Enso Oyj (\u201cthe Company\u201d) is a Finnish
public limited liability company organised
under the laws of the Republic of Finland
and with its registered address at
Salmisaarenaukio 2, 00180 Helsinki. Its
shares are currently listed on Nasdaq
Helsinki and Stockholm. The operations of
Stora Enso Oyj and its subsidiaries (together
\u201cStora Enso\u201d or \u201cthe Group\u201d) are organised
into the following reportable segments:
Packaging Materials, Packaging Solutions,
Biomaterials, Wood Products, Forest, Paper
and segment Other. The Group\u2019s main
market is Europe.
The Financial Statements were
authorised for issue by the Board of
Directors on 30 January 2023.
Basis of preparation
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC). The
consolidated financial statements of Stora
Enso Oyj have been prepared according to
the historical cost convention, except as
disclosed in the accounting policies. The
detailed accounting principles are explained
in the related notes with a few exceptions
where the accounting principles are
presented in this note. The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
All figures in this Annual Report have
been rounded to the nearest million, unless
otherwise stated. Therefore, figures in this
report may not add up precisely to the totals
presented and may vary from previously
published financial information.
New and amended standards and
interpretations adopted in 2022
The Group has applied the following new
and amended standards and interpretations
which are effective from 1 January 2022:
\u2022Amendments to IFRS 3 Business
Combinations,\u00a0 IAS 16 Property, Plant and
Equipment, IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and
Annual Improvements 2018-2020. The
amendments in IFRS 3 relate to
identifying the liabilities assumed in a
business combination and that an
acquirer does not recognise contingent
assets acquired in a business
combination. The amendment in IAS 16
prohibits deducting from the cost of a
fixed asset any proceeds from selling
items produced while bringing that asset
in use. Instead, proceeds from selling
such items and the cost of producing
those items are recognised in profit or
loss. The amendments in IAS 37 specify
that the cost of fulfilling a contract
includes the costs that relate directly to
the contract (examples include direct
labour, materials, and allocation of the
depreciation for an asset used in fulfilling
the contract). Annual Improvements to
IFRS Standards 2018\u20132020 include minor
amendments in IFRS 9 Financial
Instruments, IFRS 16 Leases and IAS 41
Agriculture. The effective date is 1
January 2022. The amendments did not
have a significant impact on the Group.
\u2022Amendments to IFRS 16 Leases:
COVID-19 Related Rent Concessions.
The amendments extend the availability
of the practical expedient and provide
lessees with an exemption from
assessing whether a COVID-19-related
rent concession is a lease modification.
The effective date is annual reporting
periods beginning on or after 1 April 2021.
The amendments did not have a
significant impact on the Group.
\u2022Other standards standard amendments
and interpretations did not have any
significant impact on the Group's
consolidated financial statements or
disclosures.
Changes in accounting principles
Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
Accounting considerations relating
to Russia
As announced in March 2022, all import and
export activities from and to Russia were
halted, and operations in Russia were
stopped. In May and July 2022, Stora Enso
sold all of its operations in Russia. Related to
one forest operations unit, the disposal will
be completed in 2023, upon finalisation of
certain formalities. More details about
disposed Packaging Solutions, Wood
Products and Forest operations are
presented in Note 4 Acquisitions disposals
and assets held for sale. More information
about valuation of remaining Russia related
receivables see Note 26 Interest-bearing
assets and liabilities.
Consolidation principles
The consolidated financial statements
include the parent company, Stora Enso Oyj,
and all companies controlled by the Group.
Control is defined as when the Group:
\u2022has power over the investee,
\u2022is exposed, or has rights, to variable
returns from its involvement with the
investee; and
\u2022has the ability to use its power to affect its
returns.
If facts and circumstances indicate that there
are changes to the three elements of control
listed above the Group reassess whether or
not it controls an investee. Acquired
companies are accounted for under the
acquisition method whereby they are
included in the consolidated financial
statements from the date the control over the
subsidiary is obtained, whereas, conversely,
disposed companies are included up to the
date when the control is lost. The
subsidiaries and joint operations are listed in
Note 30 Group companies.
All intercompany transactions,
receivables, liabilities and unrealised profits,
as well as intragroup profit distributions, are
eliminated. Accounting policies for
subsidiaries, joint arrangements and equity
accounted investments are adjusted where
necessary to ensure consistency with the
policies adopted by Stora Enso.
Associated companies over which Stora
Enso exercises significant influence are
accounted for by using the equity method.
These companies are investments in which
the Group has significant influence, but
which it does not control. Significant
influence means the power to participate in
the financial and operating policy decisions
of the company without control or joint
control over those policies. More detailed
information is presented in Note 13 Equity
accounted investments.
Joint control is the contractually agreed
sharing of control of the joint arrangement,
which exists only when decisions on relevant
activities require the unanimous consent of
the parties sharing control. Joint operations
are joint arrangements, whereby the partners
who have joint control of the arrangement
have rights to the assets, and obligations for
the liabilities, relating to the arrangement.
Joint ventures are joint arrangements,
whereby the partners who have joint control
of the arrangement have rights to the net
assets of the joint arrangement.
The Group has two joint operations,
Veracel and Montes del Plata. In both
companies, Stora Enso\u2019s ownership is 50%.
The arrangements are based on
shareholders\u2019 agreements, which give Stora
Enso rights to a share of returns and make
the Group indirectly liable for the liabilities,
as its ability to pay for the pulp is used to
finance debts. In relation to its interest in joint
operations, the Group recognises its share of
assets, liabilities, revenues, expenses and
cash flows of the joint operation. The share is
determined based on rights to the assets and
obligations for the liabilities of each joint
operator.
\u2022Veracel is a jointly owned company of
Stora Enso and Suzano located in Brazil.
The pulp mill produces 1.2 million tonnes
of bleached eucalyptus hard wood pulp
per year and both owners are entitled to
half of the mill\u2019s output. The eucalyptus is
sourced mostly from the company\u2019s own
forestry plantations. The mill commenced
production in May 2005.
\u2022Montes del Plata is a jointly owned
company of Stora Enso and Arauco
located in Uruguay. The Montes del Plata
Pulp Mill\u2019s annual capacity is 1.4 million
tonnes of bleached eucalyptus hard wood
pulp and Stora Enso\u2019s part, 0.7 million
tonnes, is sold entirely as market pulp.
The eucalyptus is sourced mostly from
the company\u2019s own forestry plantations.
The mill commenced production in June
2014.
Revenue recognition
Sales comprise products, raw materials and
services less indirect sales tax and
discounts, and are adjusted for cash flow
hedging result on sales in foreign currencies.
Sales are recognised after Stora Enso has
transferred the control of goods and services
to a customer and the Group retains neither
a continuing right to dispose of the goods,
nor effective control of those goods; usually,
this means that sales are recorded upon the
delivery of goods to customers in
accordance with the agreed terms of
delivery.
Stora Enso\u2019s terms of delivery are based
on Incoterms 2020, which are the official
rules for the interpretation of trade terms as
issued by the International Chamber of
Commerce (ICC). The main categories of the
terms covering Group sales are:
\u2022\u201cD\u201d terms, under which the group is
obliged to deliver the goods to the buyer
at the agreed place in the manner
specified in the chosen rule, in which case
the Point of Sale is the moment of
delivery to the buyer.
\u2022\u201cC\u201d terms, whereby the Group arranges
and pays for the external carriage and
certain other costs, though the Group
ceases to be responsible for the goods
once they have been handed over to the
carrier in accordance with the relevant
term. The Point of Sale is thus the
handing over of the goods to the carrier
contracted by the seller for the carriage to
the agreed destination.
\u2022\u201cF\u201d terms, being where the buyer
arranges and pays for the carriage, thus
the Point of Sale is the handing over of
the goods to the carrier contracted by the
buyer at the agreed point.
Where local rules may result in invoices
being raised in advance of the above, the
effect of this revenue advancement is
quantified, and an adjustment is made
accordingly.Stora Enso\u2019s sales mainly
comprise sales of products and the revenue
is typically recognised at a point in time when
Stora Enso transfers control of these
products to a customer. Revenues from
services are recognised over time once the
service has been performed. More detailed
information regarding Stora Enso's principal
activities from which the Group generates its
revenue and disaggregation of revenue is
presented in Note 3 Segment information.
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. Foreign
exchange differences for operating items are
presented in the appropriate income
statement line in the operating profit, and, for
financial assets and liabilities, they are
presented in the financial items in the
consolidated income statement, except when
deferred in equity as qualifying cash flow
hedges, net investment hedges or net
investment loans. Translation differences on
non-monetary financial assets, such as
equities classified at fair value through other
comprehensive income (FVTOCI), are
included in equity.
Foreign currency translations
The income statements of Group companies
with functional and presentational currencies
other than the euro are translated into the
Group reporting currency using the average
exchange rates of the year, whereas the
statements of the financial position of these
companies are translated using the
exchange rates at the reporting date. The
Group is exposed to currency risks arising
from exchange rate fluctuations on the value
of its net investment in non-euro area foreign
entities. Exchange differences arising from
the retranslation of net investments in foreign
entities that are non-euro foreign
subsidiaries, joint operations or equity
accounted investments, and of financial
instruments that are designated to hedge
such investments, are recorded directly in
equity as cumulative translation adjustment
(CTA). See Note 28 Cumulative translation
adjustments and equity hedging for more
details.
Future standard changes endorsed
by the EU but not yet effective in
2022
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Disclosure of
Accounting policies. The amendment
requires entities to disclose their material
accounting policy information rather than
their significant accounting policies. The
effective date is 1 January 2023. The
Group will consider the amendment in
disclosures and expects that the impact
will not be significant.
\u2022Amendments to IAS 8 Accounting
policies, Changes in Accounting
Estimates and Errors: Definition of
Accounting Estimates. The amendments
introduce the definition of accounting
estimates and includes other
amendments to IAS 8 to help entities
distinguish changes in accounting
estimates from changes in accounting
policies. The effective date is 1 January
2023. The Group expects that the
amendment does not have a significant
impact.
\u2022Amendments to IAS 12 Income Taxes:
Deferred Tax related to Assets and
Liabilities arising from a Single
Transaction. The amendments clarify how
entities account for deferred tax on
transactions such as leases and
decommissioning obligations. The main
change is related to the initial recognition
exemption and in accordance with the
amendment; the initial recognition
exemption does not apply to transactions
in which equal amounts of deductible and
taxable temporary differences arise on
initial recognition. The effective date is 1
January 2023. The Group expects that
the amendment does not have a
significant impact.
\u2022No other published standards, standard
amendments or interpretations which
would be expected to have any significant
impact on the Group\u2019s consolidated
financial statements or disclosures.
Future standard changes not yet
effective and not yet endorsed by the
EU in 2022
\u2022Amendments to IFRS 16 Leases: Lease
Liability in Sale and Leaseback.
Amendment requires a seller-lessee to
subsequently measure lease liabilities
arising from a leaseback in a way that it
does not recognise any amount of the
gain or loss that relates to the right of use
it retains. The new requirements do not
prevent a seller-lessee from recognising
in profit or loss any gain or loss relating to
the partial or full termination of a lease.
The effective date is 1 January 2024. The
Group is evaluating the impact of the
amendments.
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Information about
long-term debt with covenants. IAS 1
requires a company to classify debt as
non-current only if the company can avoid
settling the debt in the 12 months after the
reporting date. However, a company\u2019s
ability to do so is often subject to
complying with covenants. The
amendments specify that covenants to be
complied with after the reporting date do
not affect the classification of debt as
current or non-current at the reporting
date. Instead, the amendments require a
company to disclose information about
these covenants in the notes to the
financial statements. The effective date is
1 January 2024. The Group is evaluating
the impact of the amendments and
expects that the amendment does not
have significant impact.
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Classification of
liabilities as current or non-current. The
amendments clarify a criterion for
classifying a liability as non-current. The
amendments specify that an entity\u2019s right
to defer settlement must exist at the end
of the reporting period; clarify that
classification is unaffected by
management\u2019s intentions or expectations
about whether the entity will exercise its
right to defer settlement; clarify how
lending conditions affect classification;
and clarify requirements for classifying
liabilities an entity will or may settle by
issuing its own equity instruments. The
effective date is 1 January 2024. The
Group is evaluating the impact of the
amendments and expects that the
amendment does not have significant
impact.
\u2022Other published standards, standard
amendments or interpretations are not
expected to have any significant on the
Group\u2019s consolidated financial statements
or disclosures.
Note 2 Critical accounting
estimates and judgements
The preparation of consolidated financial
statements in accordance with IFRS requires
management to make estimates, judgements
and assumptions that affect the reported
assets and liabilities, as well as the
disclosure of contingent assets and liabilities
at the reporting date and the reported
revenues and expenses during the period.
These estimates, judgments and
assumptions might have a significant impact
on the amounts recognised in the
consolidated financial statements. The
estimates are based on historical experience
and various other assumptions that are
believed to be reasonable and reflect
management's best estimates, though actual
results and timings could differ from these.
The estimates, judgements and assumptions
are reviewed regularly and updated if there
are changes in circumstances or as a result
of new information. The accounting items
presented below represent those matters
which include the most estimation
uncertainty and exercise of judgement.
Property, plant and equipment,
intangible assets and right-of-use
assets
The carrying amounts of property, plant and
equipment and intangible assets and right-of-
use assets are assessed at each reporting
date to determine whether there is any
indication that an asset may be impaired. If
an indicator of impairment exists, the asset's
recoverable amount is determined and
compared with its carrying amount. The
recoverable amount of an asset is estimated
as the higher of fair value less the cost of
disposal and the value in use, and an
impairment charge is recognised whenever
the carrying amount exceeds the recoverable
amount. The value in use is calculated using
a discounted cash flow method which is most
sensitive to the discount rate as well as the
expected future cash flows. The key
assumptions used in the impairment testing,
are explained further in Note 10
Depreciation, amortisation and impairment
charges.
Management believes that the assigned
values and useful lives, as well as the
underlying assumptions, are reasonable,
though different assumptions and assigned
useful lives could have a significant impact
on the reported amounts. For material
intangible assets and property, plant and
equipment in an acquisition, an external
advisor makes a fair valuation of the
acquired intangible assets and property,
plant and equipment and assists in
determining their remaining useful life.
Goodwill
Goodwill is tested per Cash Generating Unit
(CGU) or by a group of CGUs at least on an
annual basis and recoverable amount is
calculated using the discounted cash flow
method (value in use). Impairment is
recognised if the carrying amount exceeds
the recoverable amount. The discounted
cash flow method uses future projections of
cash flows from each of the reporting units in
a CGU or a group of CGUs and includes,
among other estimates, projections of future
product pricing, production levels, product
costs, market supply and demand, projected
capital expenditures and an assumption of
the weighted average cost of capital. The
discount rates used reflect the best estimate
of the weighted average cost of capital.
The Group has evaluated the most
sensitive estimates and assumptions, which,
when changed, could have a material impact
on the valuation of the assets including
goodwill and, therefore, could lead to an
impairment. These estimates and
assumptions are expected sales prices,
expected operating costs and the discount
rate. The key assumptions used in the
impairment testing are presented in Note 10
Depreciation, amortisation and impairment
charges.
Leases
When assessing the lease term and if an
extension or renewal options are included or
not, the Group considers all relevant facts,
circumstances and incentives that might
have an impact on the assessment. Options
to extend or renew the lease are included in
the lease term only if it is reasonably certain
that Stora Enso will exercise the option. The
Group will do a reassessment, for example
upon changes in circumstances, receiving
new information or an occurrence of a
significant event that is within the control of
the lessee and might have an impact on the
assessment. See Note 11 Intangible assets,
property, plant and equipment and right-of-
use assets for more details about right-of-
use assets and Note 26 Interest-bearing
assets and liabilities for more details about
lease liabilities.
Biological assets
The Group has biological assets in
subsidiaries, joint operations and associated
company. Biological assets, in the form of
standing trees, are accounted in accordance
with the IAS 41 Agriculture standard, which
requires that the assets are measured at fair
value less the costs to sell. Fair value is
determined by using discounted cash flows
from continuous operations based on
sustainable forest management plans taking
into account the growth potential of one
cycle. These discounted cash flows require
estimates of growth, harvesting, sales price,
costs and discount rate. In determining the
value of biological assets, the management
needs to make estimates of future price
levels and trends for sales and costs, and to
undertake regular surveys of the forest to
establish the volumes of wood available for
harvesting and their current growth rates.
See next chapter for estimates and
judgement applied in valuation of Nordic
forest assets and Note 12 Forest assets for
more detailed information about Nordic and
plantation forest assets.
Nordic forest assets
The fair value of forest assets in the Nordics
is determined using a market approach
method, which is based on the forest market
transactions in the areas where Stora Enso\u2019s
forests are located. Market prices between
areas vary significantly and judgement is
applied to define relevant areas for market
transactions used in valuation. The valuation
of the forest assets is based on detailed
transaction data and price statistics as
provided by market data suppliers. Market
transaction data is adjusted to consider
characteristics and nature of Stora Enso's
forest assets and to exclude certain non-
forest assets and transactions considered as
outliers compared to other transactions. The
valuation takes into account where the forest
land is located, price levels and volume of
standing stock. The value of the forest
assets will be affected by changes in
transaction prices and by how the volume of
standing stock develops. Stora Enso is
applying weighted three-year average
market transaction prices and this is
considered to include a sufficient amount of
transactions and estimated to represent
market conditions at the reporting date.
The value of the forest assets is allocated
to biological assets and forest land.
Allocation of the combined fair value of forest
assets is based on the income approach
where separate present values of expected
net cash flows are calculated for both
biological assets and forest land. The
discount rate is determined as the rate at
which the valuation based on market
transaction prices matches the total forest
assets combined cash flows for biological
assets and forest land. The total net cash
flows for each of the components include
estimates in respect of future harvesting
volumes, sales price levels, and cost
development. See Note 12 Forest assets for
more information.
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Income taxes
Tax assets and liabilities are reviewed on a
regular basis and balances are adjusted
appropriately. The deferred tax assets,
whether arising from temporary differences
or from tax losses, are recognised only to the
extent that it is probable that future taxable
profits will be available against which the
assets can be utilised. Management
considers that adequate provision has been
made for future tax consequences based on
the current facts, circumstances and tax
laws. However, should any tax positions be
challenged and not prevail, different
outcomes could result and have a significant
impact on the amounts reported in the
consolidated financial statements. See Note
9 Income taxes for more detailed
information.
Post-retirement benefits
The determination of the Group pension
obligation and expense is subject to the
selection of certain assumptions used by
actuaries in calculating such amounts,
including, among others, the discount rate,
the annual rate of increase in future
compensation levels and estimated
lifespans. Amounts charged in the income
statement are determined by independent
actuaries; however, where actual results
differ from the initial estimates, together with
the effect of any change in assumptions or
other factors, these differences are
recognised directly in equity, as disclosed in
the statement of comprehensive income.
See Note 20 Post-employment benefit
obligations for detailed information on the
assumptions used in the pension obligation
calculations.
Provisions
The Group has recognised provisions for
known environmental, restructuring and
other obligations, where legal or constructive
obligation exist as a result of past events.
The amounts recognised as provisions are
based on the management\u2019s best estimate of
the costs required to settle the obligation.
Due to uncertainty regarding the timing and
amount of these costs, the actual costs might
differ significantly from the original estimate.
The carrying amounts of provisions are
reviewed regularly and adjusted when
needed to consider changes in cost
estimates, regulations, applied technologies
and conditions. See Note 22 Provisions for
more detailed information.
Note 3 Segment information
Accounting principles
Stora Enso\u2019s reportable segments are Packaging Materials, Packaging Solutions, Biomaterials,
Wood Products, Forest, and Paper and the segment Other. Operating segments reflect the
Group\u2019s management structure and the way financial information is regularly reviewed by Stora
Enso\u2019s President and CEO who is responsible for allocating resources and assessing the
performance of the operating segments. Costs, revenues, assets and liabilities are allocated to
business segments on a consistent basis. Transactions between operating segments are based
on arm\u2019s length terms, and they are eliminated on consolidation. The activities of the reportable
segments are:
Packaging Materials
The Packaging Materials division is a global leader and expert in circular packaging providing
premium packaging materials based on virgin and recycled fiber. Addressing the needs of
today\u2019s eco-conscious consumers, Stora Enso helps customers replace fossil-based materials
with low-carbon, renewable and recyclable alternatives for their food, beverage and transport
packaging. A wide selection of base boards and barrier coatings enables design optimisation for
various demanding packaging end-uses.
Packaging Solutions
The Packaging Solutions division develops and sells premium fiber-based packaging products
and services. Stora Enso\u2019s high-end eco-friendly packaging products are used by leading brands
across multiple market sectors, including the retail, e-commerce and industrial sectors. The
portfolio includes converting corrugated board and carton board, and other new materials such
as formed fiber and wood foams into standard and bespoke packaging solutions. The division
also provides design and sustainability services for our customers, as we support a shift towards
circular solutions.
Biomaterials
The Biomaterials division meets the growing demand for bio-based solutions which replace
fossil-based and non-renewable materials. Stora Enso achieves this by using all fractions of
biomass, like lignin, to develop new solutions including novel applications such as bio-based
anode material for batteries and bio-based binders. Our pulp offering encompasses a wide
variety of grades to meet the demands of packaging, paper, tissue, specialities, and hygiene
product producers. We also serve the biochemicals market with tall oil and turpentine from
biomass for further refining. Pulp continues to be our foundation while long-term growth is driven
by new products and innovations.
Wood Products
The Wood Products division is the largest sawn wood producer in Europe and a leading provider
of sustainable wood-based solutions for the global construction industry. The growing Building
Solutions business offers building concepts and a full range of products to support low-carbon
construction. Stora Enso develops services and digital tools to simplify the design and
construction of buildings with wood. Additionally, we offer applications for windows and doors,
and pellets for sustainable heating solutions.
Forest
The Forest division creates customer value through innovative solutions, competitive wood
supply and sustainable forest management. Forests are the foundation for Stora Enso\u2019s
renewable offerings. The division manages Stora Enso\u2019s forest assets in Sweden and a 41%
share of Tornator, whose forest assets are mainly located in Finland. It is also responsible for
wood sourcing for Stora Enso\u2019s Nordic and Baltic operations and B2B customers. Stora Enso is
one of the biggest private forest owners in the world.
Paper
At the end of 2022, Stora Enso had an established customer base and its product portfolio had
offerings for print and office use. Customers benefit from Stora Enso\u2019s selection of paper grades
made from recycled and virgin fiber, our technical and operational expertise and sustainability
know-how, and our sales and customer service centre network.
Segment Other
The segment Other includes Stora Enso\u2019s shareholding in the energy company Pohjolan Voima
(PVO), and the Group\u2019s shared services and administration.
Read more about the changes in segment reporting in 2023 in the Note 33 (Events after the
reporting period).
Sales by segment
External
Internal
Total
External
Internal
Total
EUR million
2022
2021
Packaging Materials
4,473
218
4,690
3,715
183
3,898
Packaging Solutions
714
23
737
704
19
723
Biomaterials
1,798
382
2,180
1,499
229
1,728
Wood Products
2,058
137
2,195
1,766
106
1,872
Forest
848
1,671
2,519
781
1,530
2,311
Paper
1,691
81
1,772
1,644
59
1,703
Other
97
1,000
1,097
55
1,037
1,092
Elimination of internal sales
-3,512
-3,512
-3,163
-3,163
Total
11,680
0
11,680
10,164
0
10,164
Segment share of operating profit/loss
Year Ended 31 December
Operating Profit/Loss
EUR million
2022
2021
Packaging Materials
595
552
Packaging Solutions
-101
23
Biomaterials
668
506
Wood Products
253
363
Forest
523
622
Paper
172
-423
Other
-59
-67
Eliminations
-41
-8
Total
2,009
1,568
Net financial items
-151
-149
Profit before Tax
1,858
1,419
Income tax expense
-322
-151
Net Profit
1,536
1,268
Operating capital, depreciation, impairments and impairment reversals, disposal gains
and losses, and capital expenditure by segment
Year Ended 31 December
Operating capital
Depreciation/
impairments/
impairment reversals/
disposal gains and losses
Capital expenditure1
EUR million
2022
2021
2022
2021
2022
2021
Packaging Materials
3,344
3,206
253
255
342
330
Packaging Solutions
235
245
66
32
46
34
Biomaterials
2,796
2,520
110
99
121
88
Wood Products
718
678
59
46
87
66
Forest
6,963
6,696
50
20
35
25
Paper
333
123
88
207
60
55
Other
1,477
860
9
37
10
11
Eliminations
-61
-21
0
0
0
0
Total
15,806
14,307
635
697
701
609
1 Excluding biological asset capex
Operating capital (\u201cO\u201d items) is designated thus in the balance sheet and represents the sum of intangible asset and property, plant and
equipment, right-of-use assets, forest assets, emission rights, unlisted shares, other non-current assets, inventories, current operative
receivables and liabilities, provisions and other non-current operative liabilities. Operating capital includes assets held for sale and
liabilities related to assets held for sale.
Goodwill by segment
Year Ended 31 December
Goodwill1
EUR million
2022
2021
Packaging Materials
24
25
Packaging Solutions
6
6
Biomaterials
45
45
Wood Products
117
116
Forest
0
0
Paper
51
90
Other
0
0
Total
244
282
1 Goodwill excluding assets held for sale
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, which is tested for impairment at least annually.
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
Stora Enso did not complete any company or business acquisitions in 2022 or 2021.
In September 2022, Stora Enso signed an agreement to acquire De Jong Packaging Group
and the transaction was completed on 6th January\u00a0 2023, presented as non-adjusting event after
the reporting period. Following the completion of the transaction, purchase accounting for the
acquisition has been initiated, including the preparation of a purchase price allocation. As of the
date of authorisation for issuance of these financial statements, given the size, complexity and
timing of the acquisition, the provisional purchase price allocation is incomplete. Accordingly,
assets acquired, liabilities assumed, and the resulting non-controlling interest and goodwill to be
recognised have not yet been estimated on a preliminary basis and therefore not presented.
The goodwill will represent the expected synergies, mainly through sourcing, containerboard
integration optimisation and commercial opportunities. The goodwill will be 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. The shares of the acquired
companies are mainly 100% owned, with certain units having minor non-controlling interests.
The non-controlling interest will be measured based on the proportionate share of the identifiable
net assets.
The preliminary cash purchase consideration was EUR 612 million, excluding contingent
earn-out component. The earn-out component 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 at the date of acquisition and the maximum amount of earn-out is
EUR 45 million. The final purchase price is subject to customary purchase price adjustments.
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 17 sites in the Netherlands, Belgium, Germany and the UK
and it employs approximately 1,300 people. With the acquisition, Stora Enso\u2019s Packaging
Solutions division will increase its corrugated packaging capacity by approximately 1,200 million
m2 to more than 2,000 million m2, including De Jong Packaging Group\u2019s ongoing expansion
projects.
The acquisition will advance Stora Enso\u2019s strategic direction, accelerate revenue growth and
build the market share in renewable packaging in Europe. De Jong Packaging Group's product
portfolio and geographic presence will complement and enhance Stora Enso\u2019s offering. The
acquisition is also expected to generate synergies over the cycle, mainly through sourcing,
containerboard integration optimisation and commercial opportunities. The acquired units will be
reported in Packaging Solutions and Packaging Materials divisions.
Disposal of Group companies
Year Ended 31 December
EUR million
2022
2021
Net assets sold
Cash and cash equivalents
90
12
Property, plant and equipment
8
32
Intangible assets
0
1
Working capital
-1
10
Tax assets and liabilities
6
9
Interest-bearing assets and liabilities
-19
-1
Net assets in disposed companies
85
62
Total disposal consideration
70
67
CTA release
-47
1
Asset writedowns1
-155
-20
Loan impairments
-23
0
Transaction costs
-4
-2
Total net gain/loss
-244
-16
1 2022 mainly related to writedowns in connection to Russia operations and including also writedowns related to assets held for sale.
annual capacity is 245,000 tonnes of newsprint paper. In 2022 and in connection to the
transaction, the Group recognised approximately EUR 19 million of asset writedowns in the unit.
Hylte mill is part of the Paper division.
Note 5 Other operating income and expense
Accounting principles
Research and development
Research costs are expensed as incurred in other operating expenses in the consolidated
income statement. Development costs are also expensed as incurred unless they meet the
criteria to be recognised as intangible assets in accordance with IAS 38, in which case they are
capitalised as intangible assets and depreciated over their expected useful lives.
Government grants
Government grants relating to the purchase of property, plant and equipment are deducted from
the carrying value of the asset, while the net cost is capitalised. Other government grants are
recognised as income on a systematic basis over the periods necessary to match them with the
related costs which they were intended to compensate.
Green certificates
Stora Enso is part of the local green energy production system which entitles selected mills in
Europe to receive green certificates based on megawatt hours of green energy produced. Green
certificates received are recognised at grant date market value only in the balance sheet. As
such, subsequent changes in market prices do not have an impact on the income statement and
the income is recognised only when certificates are sold.
Other operating income and expense
Year Ended 31 December
EUR million
2022
2021
Other operating income
Emission rights allocated and disposal gains
177
154
Sale of green certificates
10
20
Gains on disposal of fixed assets
4
31
Gains on disposal of Group companies and business operations
18
34
Dividend and gain on sale of unlisted shares
1
0
Insurance compensation
10
7
Other1
85
83
Government grants
16
14
CTA release
5
2
Total
326
345
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
Year Ended 31 December
EUR million
2022
2021
Audit fees
4
4
Audit-related
0
0
Tax fees
0
0
Other fees
0
0
Total
4
4
Pension expenses
Year Ended 31 December
EUR million
2022
2021
Defined benefit plans
5
12
Defined contribution plans
146
153
Total
152
165
Chair and other members of the Board, as well as the remuneration for the Chair, Vice Chair and
members of the Board and its committees.
Board share interests at 31 December 2022
Shares held
A
R
Board members at 31 December 2022
Antti M\u00e4kinen, Chair
16,576
H\u00e5kan Buskhe, Vice Chair
7,933
Elisabeth Fleuriot
30,029
Hock Goh
34,782
Helena Hedblom
3,517
Kari Jordan
1,686
Christiane Kuehne
14,590
Richard Nilsson1
127
27,132
Hans Sohlstr\u00f6m2
13,517
Total shares held
127
149,762
1 Spouse holds 127 of A shares and 236 of R shares
2 Spouse holds 179 of the shares
Group Leadership Team (GLT) remuneration and share interests
The table below includes the remuneration earned by GLT members during the year, including
those shares with performance conditions that have ended and are due to vest in the coming
year. The company recommends and expects the CEO and GLT members to hold Stora Enso
shares at a value corresponding to at least one annual base salary. Stora Enso shares received
as remuneration are therefore recommended not to be sold until this level has been reached.
The aggregate cost of earned remuneration for GLT in 2022 amounted to EUR\u00a015 (EUR 11)
million. The total number of GLT members was eleven (thirteen) at the year end in 2022.
In accordance with their respective pension arrangements, GLT members may retire at sixty-
five years of age with pensions consistent with local practices in their respective home countries.
Contracts of employment provide for six months\u2019 notice prior to termination with severance
compensation of twelve months basic salary if the termination is at the Company\u2019s request.
The outcome of the financial targets relating to the Short term incentive programmes for the
performance year 2022, and Long term incentive programmes for the performance years 2020
to 2022 were reviewed and confirmed by the People and Culture Committee, and approved by
the Board of Directors in January 2023.
Note 21 Employee variable compensation and equity incentive schemes includes details of
incentive schemes and share opportunity programmes for the management and staff of Stora
Enso.
Group Leadership Team remuneration
Year Ended 31 December
2022
2021
EUR thousand
CEO
Others2,5
GLT Total
CEO
Others
GLT Total
Remuneration1,4
Annual salary
953
4,802
5,755
981
4,695
5,676
Local housing (actual costs)
0
2
2
0
1
1
Other benefits
32
272
304
33
342
375
Termination benefits
0
0
0
0
0
0
Short Term Incentive programme3
845
2,167
3,012
672
2,053
2,725
Long Term Incentive programme3
987
2,848
3,835
0
137
137
2,817
10,091
12,908
1,686
7,228
8,914
Pension Costs
Mandatory plans
477
1,154
1,631
341
1,226
1,567
Stora Enso voluntary plans
0
933
933
0
735
735
477
2,087
2,564
341
1,961
2,302
Total Compensation
3,294
12,178
15,472
2,027
9,189
11,216
1 The Finnish Corporate Governance code requires companies to report remuneration that is paid or due, and due to this the figures
presented in the above table do not directly reconcile with the amounts recognised as personnel expenses in the Income statement as
presented in the below table Group Leadership Team remuneration in Income statement.
2 Include earnings related to Teemu Salmi until 20 May 2022 and Kati ter Horst until 30 June 2022 and Jari Suominen until 30 November
2022.
3 Relate to amounts due at year end, which will be paid in 2023. LTI value is calculated using the 30 December 2022 closing price of
EUR 13.15. The final value of the vested shares will depend on the share price on vesting date 1 March 2023.
4 Remuneration for executives is disclosed only for the period during which they were GLT members.
5 Remuneration of GLT members increased in 2022 compared to 2021 mainly due to the performance outcome of variable pay
programmes. The average number of GLT members during 2022 was 11.71.
Group Leadership Team remuneration in Income statement
Year ended 31 December
2022
2021
EUR thousand
CEO
Others
GLT Total
CEO
Others
GLT Total
Salaries and other short-term
employee benefits
1,830
7,243
9,073
1,686
7,091
8,777
Long Term Incentive programme1, 2
714
1,581
2,295
468
1,638
2,106
Post-employment benefits
477
2,087
2,564
341
1,961
2,302
Total recognised in Income
statement
3,021
10,911
13,932
2,495
10,690
13,185
1 The costs of long-term incentive (LTI) programmes are recognised as costs over the three year vesting period based on the share
price at grant date and the estimate of equity instruments that will eventually vest.
2 Year 2021 figures have been restated.
Executives other than CEO
Short term incentive (STI) programmes for management
In 2022, GLT members have STI programmes with up to a maximum of 70% or 80% of their
annual fixed salary, payable the year after the performance period. 70% of the STI for 2022 was
based on financial measures and 30% on individual key targets.
Long term incentive (LTI) programmes for management
The 2020 LTI programme has a three-year performance period. The 2021 programme has three
one-year performance periods which are accumulated after three years. The 2022 programme
features performance metrics with one-year performance periods, which are accumulated after
three years, as well as three-years performance periods. All three programmes will be settled in
only one portion after three years, and the absolute maximum vesting level is 100% of the
number of shares granted. The 2020 programme is related to performance period 2020\u20132022,
the 2021 programme is related to performance period 2021\u20132023 and the 2022 programme is
related to performance periods 2022\u20132024. The opportunity under the programmes is in
Performance Shares, where the shares are vested in accordance with performance criteria
proposed by the People and Culture Committee and approved by the Board of Directors.
During the year the 2022 programme was launched, in which the GLT members (in GLT at
year end) can potentially receive a value corresponding to 242,650 shares before taxes,
assuming the maximum vesting level during the three-year vesting period (2022\u20132024) is
achieved. The total number of shares actually transferred will be lower because a portion of
shares corresponding to the tax obligation will be withheld to cover income tax.
The fair value of employee services received in exchange for share-based compensation
payments is accounted for in a manner that is consistent with the method of settlement and is
either cash or equity settled as described in more detail in Note 21. For the equity settled part, it
is possible that the actual cash cost does not agree with the accounting charges because the
share price is not updated at the time of the vesting. The figures in the Group Leadership Team
Remuneration table refer to individuals who were executives at year end or during part of the
year.
At the end of the year, the performance period for the 2020 programme ended, and will be
settled in one portion after three years in March 2023, dependent on Economic Value Added
(EVA) for the Stora Enso Group and Earnings Per Share (EPS) for the Stora Enso Group. The
Performance Share programme resulted in a 100% performance outcome. The number of
shares due for executives (GLT members at year end) from programmes that ended during 2022
amounted to 265,340 shares. The total number of shares actually transferred will be lower
because a portion of shares corresponding to the tax obligation will be withheld to cover income
tax.
President & Chief Executive Officer \u2013 Annica Bresky
The CEO has been employed by Stora Enso since 1 May 2017 and assumed the position as
CEO on 1 December 2019. She has a notice period of six months with a severance payment of
twelve months salary on termination by the company but with no contractual payments on any
change of control. The CEO\u2019s benefits include pension provisions. The CEO\u2019s pension plan has
contributions equal to the collectively agreed pension plan in Sweden (ITP1), with a pensionable
salary consisting of annual base salary, vacation pay, and actual paid STI. The retirement age is
sixty-five years.
Short term incentive (STI) programme for CEO
In 2022, the CEO is entitled to an STI programme decided by the Board each year giving a
maximum of 100% of the annual fixed salary. The STI for 2022 was 70% based on financial
measures, and 30% based on ESG-, operational- and individual key measures.
Long term incentive (LTI) programmes for CEO
The CEO participates in 2020, 2021 and 2022 share based LTI programmes. The 2020
programme has a three-year performance period. The 2021 programme has three one-year
performance periods which are accumulated after three years. The 2022 programme features
performance metrics with one-year performance periods which are accumulated after three
years as well as performance metrics with three-years performance periods. All three
programmes will be settled in only one portion after three years. The 2020 programme is related
to performance period 2020\u20132022, the 2021 programme is related to performance period 2021\u2013
2023 and the 2022 programme is related to performance periods 2022\u20132024. The opportunity in
the programmes is in performance shares, where shares vest in accordance with performance
criteria proposed by the People and Culture Committee and approved by the Board of Directors.
During the year the 2022 LTI programme was launched in which the CEO has the potential to
receive a value corresponding to a maximum of 65,430 shares before taxes. The grant value of
EUR 1,154,251 is based on the share price at the grant date, assuming a maximum vesting level
during the three-year vesting period (2022\u20132024) is achieved. The total number of shares
actually transferred will be lower because a portion of shares corresponding to the tax obligation
will be withheld to cover income tax.
At the end of the year, the performance period for the 2020 programme ended and will be
settled in one portion after three years in March 2023, dependent on Economic Value Added
(EVA) and Earnings Per Share (EPS) for the Stora Enso Group. 75,080 shares are due for the
CEO from Performance Share programmes that ended during 2022 due to a 100% performance
outcome.
Group Leadership Team share interests
Executives in office at the
year end
R shares held1
Shares due 20232
Performance share
opportunity 2024\u201320255
Annica Bresky
19,763
75,080
122,817
Seppo Parvi
50,924
25,340
43,484
Tobias B\u00e4\u00e4rnman
1,960
5,200
22,629
David Ekberg
1,245
17,640
32,481
Johanna Hagelberg
28,146
17,440
32,803
Rene Hansen
\u2014
3,400
12,000
Hannu Kasurinen
38,421
29,640
47,406
Katariina Kravi
\u2014
21,500
27,938
Per Lyrvall3
73,383
22,100
34,459
Annette Stube
\u2014
20,000
26,271
Lars V\u00f6lkel
\u2014
28,000
41,623
Total, serving officers4
213,842
265,340
443,911
1 None of the GLT members holds A shares.
2 Shares due to GLT member are gross of taxes for the LTI programmes with performance periods that ended in 2022 and are due to
be paid 2023. The Performance Share programme resulted in a 100% performance outcome due to be paid in 2023. Some GLT
members hold restricted shares in the Restricted Shares programme that ended in 2022 and those shares are due to be paid 2023.
3 Spouse holds 1 257 of the shares.
4 The Company recommends and expects GLT members to hold Stora Enso shares at a value corresponding to at least one annual
base salary. Stora Enso shares received as remuneration are therefore recommended not to be sold until this level has been reached.
5 Potential shares to GLT members are gross of taxes for LTI programmes with performance periods that end in 2023-2024 and are
due to be paid 2024-2025.
The following
Executive Officers also
served in 2022
R shares held
when GLT
membership ended
Performance Share
Awards when GLT
Membership Ended
Restricted Share
Awards When GLT
Membership Ended
Effective date of
GLT membership
ending
Teemu Salmi1
10,150
32,380
2,335
20 May 2022
Kati ter Horst1
61,996
86,556
\u2014
30 June 2022
Jari Suominen1
53,168
65,331
\u2014
30 November 2022
1 Unvested shares are forfeited at end of employment
Note 8 Net financial items
Accounting principles
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
Exchange gains and losses for currency derivatives mainly relate to non-hedge accounted
instruments fair valued in the income statement. The amount reported as other financial income
mainly consists of fair valuation gains, while other financial expense in the table above relates to
net financial fees for unused committed credit facilities, guarantees and negative interest on
deposits. Impairments of interest-bearing assets relate to divestment of Russia operations and
are discussed in more detail in Note 4 Acquisitions and disposals.
Note 9 Income taxes
Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based on taxable
profit/loss for the period, together with tax adjustments for previous periods and the change in
deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, or
substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between
the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised
for the initial recognition of goodwill and the initial recognition of an asset or liability in a
transaction which is not a business combination, and at the time of the transaction this affects
neither accounting profit nor taxable profit. Deferred tax assets reduce income taxes payable on
taxable income in future years. The deferred tax assets, whether arising from temporary
differences or from tax losses, are recognised only to the extent that it is probable that future
taxable profits will be available against which the assets can be utilised.
Tax expense
Year Ended 31 December
EUR million
2022
2021
Current tax
-196
-118
Deferred tax
-126
-34
Total income tax
-322
-151
Change in deferred taxes in 2021
EUR million
Value at
1 Jan 2021
Income
statement
OCI
Acquisitions
/ disposals
Translation
difference
Value at
31 Dec 2021
Forest assets
-1,175
-70
-40
0
16
-1,268
Fixed assets
-173
75
0
-8
3
-103
Financial instruments
-11
3
8
0
1
1
Untaxed reserves
-39
-43
0
0
2
-80
Pensions and provisions
56
27
-23
0
-2
58
Tax losses and tax credits
carried forward
104
1
0
0
2
107
Other deferred taxes
23
-26
0
-1
2
-2
Total
-1,215
-33
-55
-9
24
-1,287
Equity hedges and net
investment loans (CTA)
-2
2
Change in deferred tax
-35
-53
-9
24
Assets1
117
143
Liabilities1
-1,332
-1,430
1 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
The recognition of deferred tax assets is based on the Group\u2019s estimations of future taxable
profits available against which the group can utilise the benefits.
Non-recognised deferred tax assets on deductible temporary differences amounted to EUR 50
(EUR 58) million. There is no expiry date for these differences. Taxable temporary differences in
respect of investments in subsidiaries, branches and associates and interests in joint operations,
for which deferred tax liabilities have not been recognised amounted to EUR 367 (EUR 339)
million.
Tax losses
As at 31 December
Tax losses carried forward
Recognised tax values
Unrecognised tax values
EUR million
2022
2021
2022
2021
2022
2021
Expiry within five years
359
417
5
7
72
79
Expiry after five years
100
343
9
60
14
11
No expiry
1,173
1,137
58
38
198
210
Total
1,633
1,897
73
106
283
300
At the end of 2022, there were no material tax losses related to Finland. At the end of 2021 tax
losses of EUR 274 million related to Finland and a deferred tax asset of EUR 55 million was
recognized relating to these tax losses.
Uncertain tax positions
At balance sheet date there were on-going tax audits in several jurisdictions. It is not expected
that any significant additional taxes in excess of those already recorded for will arise as a result
of these audits.
Note 10 Depreciation, amortisation and impairment charges
Accounting principles
Depreciation, amortisation and impairment charges
Depreciation or amortisation of an asset begins when it is available for use in the location and
condition necessary for it to be operated in the manner intended by management. Depreciation
or amortisation ceases when the asset is derecognised or classified as held for sale.
Depreciation or amortisation does not cease when the asset becomes idle. Tangible and
intangible assets are depreciated and amortised on a straight-line basis during their useful lives.
Useful lives are reviewed annually. If an asset is disposed of, proceeds exceeding the carrying
value of the asset up to its historical cost are netted against depreciation, amortisation and
impairment charges. Only disposal proceeds exceeding the historical cost of an asset are
presented as other operating income (Note 5). If the asset\u2019s book value is higher than the
disposal proceeds, the difference is recognised as an impairment in the period when reliable
estimate of disposal loss is available, at the latest when a binding sales contract is signed. Right-
of-use (ROU) assets are depreciated using the straight line method from the commencement
date of the contract to the earlier of the end of the lease term or the end of the useful life of the
ROU assets.
The carrying amounts of intangible assets, property, plant and equipment and ROU assets
are reviewed at each reporting date to determine whether there is any indication of impairment,
whereas goodwill is tested annually. If any such indication exists, the recoverable amount is
estimated as the higher of the fair value less costs of disposal and the value in use, with an
impairment loss being recognised whenever the carrying amount exceeds the recoverable
amount.
A previously recognised impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount, however, not to an extent higher than the
carrying amount that would have existed had no impairment loss been recognised in prior years.
For goodwill, however, a recognised impairment loss is not reversed.
Whilst intangible assets, property, plant and equipment and ROU assets are subject to
impairment testing at the cash generating unit (CGU) level, goodwill is subject to impairment
testing at the CGU level for groups of CGUs, which represents the lowest level within the Group
at which goodwill is monitored for internal management purposes.
Depreciation, amortisation and impairment charges
Year ended 31 December
EUR million
2022
2021
Depreciation and amortisation
Intangible assets
24
26
Buildings and structures
81
79
Plant and equipment
371
373
Right-of-use assets
50
62
Other tangible assets
8
9
Total
533
549
Impairment
Goodwill
11
4
Intangible assets
1
7
Buildings and structures
25
10
Plant and equipment
75
126
Right-of-use assets
0
1
Other tangible assets
2
2
Total
114
149
Reversal of impairment
Plant and equipment
-7
0
Total
-7
0
Disposal gains/losses
Gain on sale of assets
-10
-4
Loss on sale of assets
4
3
Total
-5
0
Depreciation, amortisation and impairment charges
635
697
The calculation of value in use is highly sensitive to discount rates, sales prices and costs.
Sensitivity analysis are conducted to calculate the amounts by which the value assigned to the
key assumption must change in order for the unit\u2019s recoverable amount to be equal to its
carrying amount for the CGUs for which a reasonably possible change in an assumption could
result in an impairment. In 2022 any reasonably possible change in key assumptions would not
cause carrying amount to exceed its recoverable amount.
Summary of impairments and impairment reversals per division
Year ended 31 December
EUR million
2022
2021
Packaging Materials
0
10
Packaging Solutions
36
2
Biomaterials
0
0
Wood Products
10
0
Forest
31
1
Paper
33
131
Other
-4
4
Total (impairment +) / (Impairment reversal -)
107
149
Ordinary maintenance and repair charges are written as expensed when incurred, but the costs
of significant renewals and improvements are capitalised and depreciated over the remaining
useful lives of the related assets. Retirements, sales and disposals of property, plant and
equipment are recorded by deducting the cost and accumulated depreciation from the
accounting records with any resulting terminal depreciation adjustments reflected in impairment
charges in the consolidated income statement. Capital gains are shown in other operating
income.
Spare parts are accounted for as property, plant and equipment if they are major and used
over more than one period, or if they are used only in connection with an item of property, plant
and equipment. In all other cases, spare parts are carried as part of the inventory and
recognised in profit or loss as consumed items.
Right-of-use (ROU) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. ROU assets are initially measured at
cost, which comprises the initial amount of the lease liability adjusted mainly for lease payments
made at or before the commencement date. The Group allocates the consideration in the
contract to each lease component and will separate non-lease components if these are
identifiable. Lease terms are negotiated on an individual basis and contain a wide range of
different terms and conditions.
The ROU assets are subsequently depreciated using the straight line method from the
commencement date to the earlier of the end of the lease term or the end of the useful life of the
ROU asset. In addition, the ROU asset is adjusted for certain remeasurements of the lease
liability. ROU assets are tested for impairment in accordance with IAS 36.
The Group has elected not to recognise ROU assets for short-term leases that have a lease
term of 12 months or less and leases of low value assets. Leases of low value assets mainly
include IT and office equipment, certain vehicles and machinery and other low value items. The
Group recognises the lease payments associated with these leases as an expense on a straight-
line basis over the lease term (Note 5).
Intangible assets
Year ended 31 December
EUR million
Computer\u00a0
software
Other
intangible
assets
Assets in
progress
Goodwill
Total
Acquisition cost
At 1 January 2021
233
98
17
695
1,044
Translation difference
2
6
0
8
16
Reclassifications
8
12
-16
0
4
Additions
6
5
6
0
17
Disposals
-23
-19
0
-171
-213
At 31 December 2021
226
103
7
532
867
Translation difference
0
-1
0
-2
-4
Reclassifications
5
2
-4
0
3
Additions
3
2
16
0
21
Disposals and classification as held for sale1
-11
-6
0
-28
-46
At 31 December 2022
222
100
18
502
842
Accumulated amortisation and
impairment
At 1 January 2021
176
38
0
414
629
Translation difference
1
4
0
3
8
Disposals
-22
-19
0
-171
-212
Amortisation
18
9
0
0
26
Impairment
5
2
0
4
11
At 31 December 2021
178
34
0
250
462
Translation difference
0
0
0
-3
-3
Disposals and classification as held for sale1
-11
-6
0
0
-17
Amortisation
17
8
0
0
24
Impairment
1
0
0
11
12
At 31 December 2022
185
35
0
258
478
Net Book Value at 31 December 2022
38
65
18
244
364
Net Book Value at 31 December 2021
48
69
7
282
405
1 Company disposals are included in Disposals line. Company disposals and classification of assets as held for sale are discussed in
more detail in Note 4 Acquisitions, disposals and assets held for sale.
Property, plant and equipment
Year ended 31 December
EUR million
Land and
water
Buildings
and
structures
Plant and
equipment
Other
tangible
assets
Assets in
progress
Total
Acquisition cost
At 1 January 2021
128
3,301
13,256
455
549
17,690
Translation difference
0
64
48
0
1
114
Reclassifications
2
58
405
11
-480
-4
Reclassifications to biological
assets
0
-1
-1
0
0
-2
Additions
0
15
214
1
328
558
Disposals
-13
-82
-503
-19
-4
-620
At 31 December 2021
117
3,355
13,421
448
394
17,735
Translation difference
-1
-12
-266
-11
-10
-300
Reclassifications
0
57
207
10
-277
-3
Reclassifications to biological
assets
0
-2
-1
0
0
-3
Additions
6
33
217
4
373
634
Disposals and classification
as held for sale1
-19
-390
-2,668
-58
-27
-3,162
At 31 December 2022
103
3,041
10,909
393
454
14,900
Accumulated depreciation and impairment
At 1 January 2021
3
2,096
10,186
386
11
12,683
Translation difference
0
9
-30
0
1
-20
Disposals
-1
-79
-487
-19
0
-586
Depreciation
0
77
373
11
0
461
Impairments and reversals
0
10
125
2
0
137
At 31 December 2021
3
2,113
10,164
380
14
12,674
Translation difference
0
-30
-262
-9
0
-302
Disposals and classification
as held for sale1
-1
-378
-2,458
-49
0
-2,886
Depreciation
0
78
371
10
1
460
Impairments and reversals
0
21
68
4
2
95
At 31 December 2022
2
1,804
7,882
336
16
10,040
Net Book Value at 31
December 2022
101
1,237
3,027
57
437
4,860
Net Book Value at 31
December 2021
114
1,242
3,256
68
380
5,060
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed
in more detail in Note 4 Acquisitions, disposals and assets held for sale.
Right-of-use assets
Year ended 31 December
EUR million
Land and
water
Forest land
Buildings
and
structures
Plant and
equipment
and other
Total
Acquisition cost
At 1 January 2021
99
233
97
148
577
Translation difference
9
26
1
1
37
Reclassifications to biological assets
0
-15
0
0
-15
Additions
0
9
9
15
33
Disposals
-1
0
-4
-37
-42
Other changes
0
0
1
0
1
At 31 December 2021
107
253
104
127
591
Translation difference
-2
-2
-3
-1
-7
Reclassifications to biological assets
0
-17
0
0
-17
Additions
1
6
20
18
45
Disposals\u00a0 and classification as held for
sale1
-2
0
-23
-36
-62
Other changes
1
2
0
4
6
At 31 December 2022
105
243
96
113
556
Accumulated depreciation and
impairment
At 1 January 2021
6
12
38
70
125
Translation difference
1
2
1
0
3
Disposals
-1
0
-4
-36
-41
Depreciation
3
5
20
34
62
Impairment
0
0
0
1
1
At 31 December 2021
8
18
55
69
150
Translation difference
0
-1
-2
-1
-4
Disposals and classification as held for
sale1
-1
0
-23
-34
-58
Depreciation
3
5
19
23
50
Impairment
0
0
1
0
0
At 31 December 2022
10
22
49
56
138
Net Book Value at 31 December 2022
95
221
47
57
418
Net Book Value at 31 December 2021
99
235
49
59
441
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed
in more detail in Note 4 Acquisitions, disposals and assets held for sale.
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
The value of forest assets disclosed in the consolidated statement of financial position from
subsidiary companies and joint operations amounts to EUR 6,846 (EUR 6,747) million as shown
below. The Group\u2019s indirect share of forest assets held by associated company amounts to EUR
1,271 (EUR 985) million. The total forest asset value, excluding leased forest land, amounts to
EUR 8,117 (EUR 7,732) million.
Forest assets
Biological assets
Forest land2
Forest assets total
Year Ended 31 December
Year Ended 31 December
Year Ended 31 December
EUR million
2022
2021
2022
2021
2022
2021
Subsidiaries and joint
operations
Value at 1 January
4,547
4,250
2,201
2,005
6,747
6,256
Translation differences
-305
-43
-145
-26
-449
-68
Unrealized change in fair
value1
336
471
259
225
596
696
Additions
77
58
2
1
78
59
Disposals
-2
-64
-2
-5
-4
-69
Change due to harvesting1
-141
-127
0
0
-141
-127
Other operative changes1
-1
-17
0
0
-1
-17
Reclassification from PPE
20
17
0
0
20
17
Value at 31 December
4,531
4,547
2,315
2,201
6,846
6,747
Associated company
Tornator Oyj (41%)
1,122
906
149
78
1,271
985
Value at 31 December
1,122
906
149
78
1,271
985
Total
5,653
5,453
2,464
2,279
8,117
7,732
1 For biological assets, changes are presented\u00a0 in the profit and loss. For forest land, changes in fair value are recognised directly in
equity.
2 Not including leased forest land.
1,345 (1,346) thousand hectares is productive forest area. The
Montes del Plata and Veracel amounts take into account the ownership share.
Swedish forests
At the end of 2022, the value of the biological assets in Swedish forests amounted to EUR 3,963
(EUR 4,005) million, related forest land amounted to EUR 2,113 (EUR 2,012) million and the
total forest assets amounted to EUR 6,076 (EUR 6,017) million. The value increase in the forest
assets value is mainly driven by higher market prices, whereas foreign exchange impact netted
the impact of price increases and decreased the value with approximately EUR 485 million.
Deferred tax liabilities related to forest assets amounted to EUR 1,250 (EUR 1,237) million. The
discount rate of 3.6% (3.5%) was applied in the valuation.
The productive area in Swedish forests amounted to 1,142 (1,141) thousand hectares with a
standing stock of 150.5 (150.5) million forest m3. The weighted three-year average market
transaction price applied in the valuation for Swedish forests assets in 2022 is EUR 40 (EUR 40)
per forest m3. The forest asset value corresponds to an average of EUR 5,320 (EUR 5,270) per
ha of productive forest area.
The valuation of the forest assets is based on detailed transaction data and price statistics as
provided by different market data suppliers. Market transaction data is adjusted to consider the
characteristics and nature of Stora Enso's forest assets and to exclude certain non-forest assets
and outliers. The valuation takes into account where the forest land is located, price levels and
volume of standing stock. Market prices between areas varies significantly. Future changes in
value of Swedish forest assets are impacted by changes in market transaction prices and
changes in volume of standing stock, considering growth and other changes. See also Note 2 for
information related estimates and judgment applied in the valuation.
Forest asset location and volume
2022
North
Middle
South
Total
Productive area
Thousand ha
190
951
0
1,142
Percentage of total
%
17%
83%
0%
100%
Standing stock
million m3 fo.
17.5
133.0
0.0
150.5
Percentage of total
%
12%
88%
0%
100%
Guangxi
At the end of 2022, the value of the biological assets in Guangxi, China, amounted to EUR 196
(EUR 200) million. All the forest land in China is leased. The value decrease is mainly driven by
foreign exchange impact and increased discount rate, whereas higher prices increased the
value. The biological assets included young standing timber with a value of EUR 27 (EUR 33)
million. The discount rate of 10.2% (8.6%) used in the discounted cash flows (DCF) increased in
2022. The productive forest area in Guangxi totals to 64 (68) thousand hectares with a standing
stock of 4.1 (4.9) million forest m3.
Veracel
Veracel is a 50% joint operation in Brazil. Stora Enso\u2019s share of the biological assets was EUR
103 (EUR 81) million. The increase is mainly driven by increased prices and foreign exchange
impact, whereas increased discount rate and higher costs decreased the value. The biological
assets included young standing timber with a value of EUR 31 (EUR 21) million. The discount
rate of 7.9% (6.9%) used in the DCF increased in 2022. The related forest land is measured at
cost. Stora Enso\u2019s share of the productive forest area totals to 47 (47) thousand hectares with a
standing stock of 5.2 (5.0) million forest m3.
Montes del Plata
Montes del Plata (MdP) is a 50% joint operation in Uruguay. Stora Enso\u2019s share of the biological
assets was EUR 269 (EUR 260) million. The movement is mainly driven by foreign exchange
impact and discount rate change. The biological assets included young standing timber with a
value of EUR 50 (EUR 46) million. The discount rate of 9.0% (6.5%) used in the DCF increased
in 2022. The related forest land is measured at cost. Stora Enso\u2019s share of the productive forest
area totals to 92 (90) thousand hectares with a standing stock of 15.5 (13.9) million forest m3.
Associated company
Tornator
Tornator Oyj is a 41% owned Finnish associate company. Stora Enso\u2019s share of the biological
assets was EUR 1,122 (EUR 906) million, related forest land amounted to EUR 149 (EUR 78)
million, and total forest assets equalled to EUR 1,271 (EUR 985) million. The increase in the
value of forest assets is mainly driven by moving to market transaction based valuation method
from discounted cash flow based method concerning forest assets in Finland. Acquisitions also
increased the forest asset value. See Note 1 for more details related to changes in the valuation
method.
Stora Enso\u2019s share of the productive forest area totals to 277 (271) thousand hectares with a
standing stock of 32.8 (32.7) million forest m3. The weighted three-year average market
transaction price applied in the valuation for forest assets located in Finland in 2022 is EUR 42
per forest m3. The forest asset value in Finland corresponds to an average of EUR 4,750 per ha
of productive forest area.
Valuation sensitivities of significant assumptions of a +/- 10% movement
EUR million
Wood market prices
Growth rate
Discount rate
Guangxi
+/-28
+/-1
+/-4
Veracel
+/-10
+/-10
+/-2
Montes del Plata
+/-30
+/-30
+11/-10
Swedish forest asset valuation is sensitive for changes in market transaction prices and volume
of standing stock. A change in the average market price of forest assets of EUR 1 per forest m3
would impact the value of forest assets by EUR 151 (EUR 150) million. A change in the volume
of standing stock of 1 million forest m3 would impact the value of forest assets by EUR 40 (EUR
40) million.
Note 13 Equity accounted investments
Accounting principles
Associated companies over which Stora Enso exercises significant influence are accounted for
using the equity method. Stora Enso does not control associate companies alone or jointly with
other parties, but has significant influence. The Group\u2019s share of the equity accounted
investment profit or loss is recognised in the consolidated income statement. The Group\u2019s
interest in an associated company is carried in the consolidated statement of financial position at
an amount that reflects its share of the net assets of the associate together with goodwill.
Goodwill arising from the acquisition of an equity accounted investment is included in the
carrying amount of the investment and is assessed for impairment as part of that investment.
There is no material goodwill in the carrying amount of equity accounted investments.
When the Group share of losses exceeds the carrying amount of an investment, the carrying
amount is reduced to zero and any recognition of further losses ceases unless the Group is
obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise
committed to.
The Group\u2019s share of results in equity accounted investments is reported in the operating
profit to reflect the operational nature of these investments. Similarly, dividends received from
equity accounted investments are presented in the net cash provided by operating activities in
the consolidated cash flow statement.
Principal equity accounted investments
As at 31 December
Ownership interest %
EUR million
Company
Reportable
segment
Domicile and
principal place
of operations
2022
2021
2022
2021
Tornator Oyj
Forest
Finland
41.00
41.00
800
545
Others
32
35
Carrying amount
832
580
transaction did not have a material impact on the Group. Also in 2021, Bergvik Skog AB was
liquidated, there were no operations remaining in the company after Bergvik Skog AB
restructuring in 2019.
Group share of equity accounted investments income statements
Year Ended 31 December
EUR million
2022
2021
Sales
147
142
Net operating expenses
-103
-97
Biological asset valuation
189
120
Operating profit
233
166
Net financial items
40
10
Net profit before tax
273
176
Income tax
-52
-34
Net profit for the year
221
143
800
545
The Group\u2019s current 41% ownership is valued at EUR 800 (EUR 545) million at the year-end of
2022. The Group\u2019s share of Tornator\u2019s net profit was EUR 222 (EUR 143) million, including a
biological asset valuation gain net of taxes of EUR 152 (EUR 96) million.
Aggregate information of equity accounted investments that are not individually material
As at 31 December
EUR million
2022
2021
Non-current assets
35
30
Current assets
12
22
Non-current liabilities
3
2
Current liabilities
12
15
Sales
74
78
Net profit for the year
-2
0
Dividends received during the financial year
1
0
Net assets of the associates
32
35
Equity accounting value
32
35
Equity accounting value for Tornator Oyj
800
545
Total equity accounting value
832
580
Equity accounted investment balances
As at 31 December
EUR million
2022
2021
Receivables from equity accounted investments
Non-current loan receivables
2
2
Trade receivables
1
1
Other receivables
0
10
Liabilities due to equity accounted investments
Trade payables
101
55
Equity accounted investment transactions
Year Ended 31 December
EUR million
2022
2021
Sales to equity accounted investments
19
19
Interest on loan receivables from equity accounted investments
0
1
Purchases from equity accounted investments
163
109
The Group engages in transactions with equity accounted investments such as sales and
purchases of wood. All agreements are negotiated at arm\u2019s length and are conducted on terms
that the Group considers customary in the industry and generally no less favourable than would
be available from independent third parties.
Note 14 Equity instruments
Accounting principles
The Group has elected to classify its equity investments in Pohjolan Voima shares and certain
listed shares held by the Group at fair value through other comprehensive income (FVTOCI)
under IFRS 9 by applying the irrevocable election for equity instruments under the standard due
to the long-term nature of the ownership. The gains and losses resulting from changes in the fair
value of equity investments under FVTOCI are not recycled to the Income Statement upon
impairment or disposal, only the dividend income is recognised in the income statement. In
addition, the Group also has certain equity investments in unlisted securities that are classified
as fair value through income statement.
Summary of values
Year Ended 31 December
EUR million
2022
2021
Acquisition cost at 1 January
Listed securities
3
3
Unlisted securities
135
135
Investments classified as equity instruments
139
138
OCI in opening balance
779
279
Equity Instruments at 1 January
918
417
Translation difference and other
-2
0
Additions
10
1
Change in fair values accounted for as OCI
519
501
Carrying amount at 31 December
1,445
918
Unrealised gains and losses on listed and unlisted securities
Year Ended 31 December
EUR million
2022
2021
Net unrealised holding gains (OCI)
1,299
780
Cost
147
139
Fair value
1,445
918
Net unrealised holding gains (OCI)
1,299
780
Deferred tax
-1
-2
Net unrealised holding gains shown in equity as OCI
1,297
778
Change in net unrealised holding gains shown in equity as OCI
519
501
PVO shares
The Group holds a 15.6% (15.6%) interest in Pohjolan Voima Oyj (PVO), a public limited
company in the energy sector that produces electricity and heat for its shareholders in Finland at
cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO
group has its own class of shares that, instead of dividends, entitle the shareholder to the energy
produced in proportion to its ownership of that class of share. Also, the shareholders then have
an obligation to cover the costs of production, which are generally lower than market prices.
Stora Enso did not receive actual dividend payments from PVO during 2022. The holding is fair
valued quarterly using the discounted cash flow method. During the last quarter of 2022 the
Group refined the valuation method to be based on discounted cash flow analysis only, while
previously, also market multiples were used. Trading multiples are considered to be less reliable
under current market conditions. The valuation is categorised at level 3 in the fair value
hierarchy according to IFRS 13; levels are explained in Note 25 Fair values.
The electricity prices used in the valuation are based on market future derivative prices for
the first three years and on long-term electricity price estimates for the years thereafter. The
historical financial statements provide the basis for the cost structure for each power asset and
for future periods, estimates from PVO shareholder information is used when available and
these are adjusted by inflation factor in future years.\u00a0 The discount rate of 7.99% used in the
valuation model is determined using the weighted average cost of capital method. A +/- 5%
change in the electricity price used in the DCF would change the valuation by EUR +127 million
and -127 million, respectively. A +/- percentage point change in the discount rate would change
the valuation by EUR -158 million and +200 million, respectively..
Stora Enso holds an indirect share of approximately 8.9% of the capacity of Olkiluoto 3
nuclear plant unit through its PVO B2 shares. The Olkiluoto 3 plant unit has been running test
production during 2022. During the test production, in October 2022, damages were identified in
the plant unit's feedwater pumps. After an investigation into the damages, Teollisuuden Voima
Oyj announced in December 2022 that the regular electricity production is expected to start in
March 2023.
PVO shareholding on 31 December 2022
EUR million
Share Series
% Holding
Asset Category
Fair Value 2022
Fair Value 2021
PVO-Vesivoima Oy
A
20.6
Hydro
307
302
Teollisuuden Voima Oyj
B
15.7
Nuclear
735
540
Teollisuuden Voima Oyj
B2
14.8
Nuclear
377
54
Other
C,C2,V,M
Various
Various
4
4
Total
1,423
900
The valuation in 2022 amounted to EUR 1,423 (EUR 900) million against a cost value of EUR
130 (EUR 130) million, with the revaluation of EUR 1,293 (EUR 770) million presented in equity
as part of the fair value reserve. The change in PVO\u2019s value is mainly caused by the increase in
electricity market prices during the year. No deferred tax is recognized, as under Finnish tax
regulations holdings above 10% are exempt from tax on disposal proceeds.
Principal equity instruments
31 December 2022
EUR million
Holding %
Number of
Shares
Acquisition
Cost
Fair Value
Packages Ltd, Pakistan - listed shares
6.0
5,396,650
3
8
Total listed securities
3
8
Pohjolan Voima Oy - unlisted shares
15.6
5,073,972
130
1,423
Others - unlisted securities
14
14
Total unlisted securities
144
1,437
Total Equity instruments at 31 December 2022
147
1,445
Total Equity instruments at 31 December 2021
139
918
The liability to deliver allowances is presented in the consolidated statement of financial position
in line other operative liabilities. As of 31 December 2022, the liability to deliver allowances
amounted to EUR 91 (EUR 99) million as presented in Note 23 Other liabilities. The excess
emission rights held at the year end were valued at EUR 32 (EUR 38) million.
Other non-current assets
As at 31 December
EUR million
2022
2021
Prepaid expenses and accrued income
22
15
Tax credit
4
3
Other non-current operative assets
12
15
Total
38
34
EUR 6,576 (EUR 5,740) million of inventories in total have been expensed during the year. EUR
78 (EUR 29) million of inventory write-downs have been recognised as an expense. EUR 9
(EUR 16) million have been recognised as a reversal of previous write-downs.
Note 17 Operative receivables
Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Current operative receivables
As at 31 December
EUR million
2022
2021
Trade receivables - gross carrying amount before amount held for sale
1,329
1,175
Trade receivables - gross carrying amount held for sale
-92
0
Trade receivables - gross carrying amount
1,236
1,175
Loss allowance
-32
-26
Prepaid expenses and accrued income
68
82
Other receivables
200
218
Total
1,473
1,449
As at 31 December 2022, a gross amount of EUR 116 (EUR 82) million of trade receivables
were overdue. These relate to a number of countries and unrelated customers that have no
recent history of default. At 31 December 2022, lifetime expected credit losses for trade
receivables amounted to EUR 32 (EUR 26) million. Loss allowances for trade receivables are
estimated on an individual basis based on a forward-looking model where estimated probabilities
of customer default are used in the calculation model. If the Group has concerns regarding the
financial status of a customer, an advance payment or an irrevocable letter of credit drawn from
a bank is required. At the year end, the letters of credit awaiting maturity totalled EUR 74 (EUR
90) million. Please refer to Note 24 Financial risk management for details of customer credit risk
management.
Age analysis of loss allowance
As at 31 December
EUR million
2022
2021
Not overdue and less than 90 days overdue
5
1
91 to 365 days overdue
7
0
Over 365 days overdue
21
25
Total
32
26
Stora Enso has entered into factoring agreements to sell trade receivables in order to
accelerate cash conversion. These agreements resulted in full derecognition of trade receivables
amounting to a nominal value of EUR 174 (EUR 184) million at the end of the year. 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.
Note 18 Shareholders' equity
Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable
shareholders\u2019 equity until approved by the shareholders at the Annual General Meeting.
At 31 December 2022, shareholders\u2019 equity amounted to EUR\u00a012,532 (EUR 10,683) million,
compared to the market capitalisation on Nasdaq Helsinki of EUR 10,503 (EUR 12,809) million.
The market values of the shares were EUR 13.90 (EUR 16.60) for A shares and EUR 13.15
(EUR 16.14) for R shares. In 2022, EUR 434 (237) million of dividend was paid, corresponding
to EUR 0.55 (0.30) 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 2022, the company\u2019s fully paid-up share capital, as entered in the
Finnish Trade Register, was EUR 1,342 million (EUR 1,342 million). The current accountable par
of each issued share is EUR 1.70 (EUR 1.70).
At 31 December 2022, Directors and Group Leadership Team members owned 127 (0) A
shares and 363,604 (475,519) R shares representing 0.02% of the total voting rights of the
company. Full details of Director and Executive interests are shown in Note 7 Board and
executive remuneration. A full description of company share award programmes is shown in
Note 21 Employee variable compensation and equity incentive schemes. However, none of
these have any impact on the issued share capital.
Change in share capital and number of shares
A shares
R shares
Total
At 1 January 2021
176,254,415
612,365,572
788,619,987
Conversion of A shares to R shares
-10,366
10,366
\u2014
At 31 December 2021
176,244,049
612,375,938
788,619,987
Conversion of A shares to R shares
-5,769
5,769
\u2014
At 31 December 2022
176,238,280
612,381,707
788,619,987
Number of votes as at 31 December 20221
176,238,280
61,238,171
237,476,451
Share capital at 31 December 2022, EUR million
300
1,042
1,342
Share capital at 31 December 2021, EUR million
300
1,042
1,342
1 R share votes are calculated by dividing the number of R shares by 10.
The issued shares by 6 March 2023 will represent the total shares eligible to vote at the forthcoming Annual General Meeting.
Principal non-controlling interests
As at 31 December
2022
2022
2021
Company
Principal
place of
business
Proportion of ownership
interests held by non-
controlling Interests, %
EUR million
Stora Enso Pulp and Paper Asia AB Group
Sweden
and China
See separate table below
-31
-18
Others
-
1
1
Total
-30
-16
Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group
31 December 2022
31 December 2021
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
\u2014
5.79
5.79
\u2014
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 Pulp and Paper Asia AB Group
EUR million
2022
2021
Assets
1,235
1,282
Equity attributable to the owners of the parent
-165
-115
Non-controlling interests1
-31
-18
Total equity
-196
-133
Liabilities
1,430
1,414
Net profit or loss for the period
-74
7
Attributable to
Owners of the parent
-61
4
Non-controlling interests
-13
3
Net profit or loss for the period
-74
7
Net cash flow from operating activities
64
90
Net cash flow from investing activities
-41
-37
Net cash flow from financing activities
4
-26
Net cash flow
27
27
1 No dividends were paid to non-controlling interests in 2022 or 2021.
Note 20 Post-employment benefit obligations
Accounting principles
Employee benefits
The Group operates a number of defined benefit and contribution plans throughout the world,
the assets of which are generally held in separate trustee administered funds. Such pension and
post-retirement plans are generally funded by payments from employees and by the relevant
Group companies, taking into account the recommendations of independent qualified actuaries.
Employer contributions to the defined contribution pension plans are charged to the consolidated
income statement in the year they relate to.
For defined benefit plans, accounting values are assessed using the projected unit credit
method. Under this method, the cost of providing pensions is charged to the consolidated
income statement to spread the regular cost over the service lives of employees in accordance
with the advice of qualified actuaries who carry out a full valuation of the plan every year in all
major pension countries. The pension obligation is measured as the present value of the
estimated future cash outflows using interest rates of highly rated corporate bonds or
government securities, as appropriate, that match the currency and expected duration of the
related liability.
The Group recognises all actuarial gains and losses arising from defined benefit plans directly
in equity, as disclosed in its consolidated statement of comprehensive income. Past service
costs are identified at the time of any amendments to the plans and are recognised immediately
in the consolidated income statement regardless of vesting requirements. In the Group\u2019s
consolidated statement of financial position, the full liability for all plan deficits is recorded.
The Group's pension expenses amounted to EUR 152 (EUR 165) million in 2022, as shown in
Note 6 Personnel expenses. Pensions are classified as defined contribution plans and defined
benefit plans. The majority of the Group's pensions plans are defined contribution plans for
which the charge amounted to EUR 146 (EUR 153) million. The priority of the Group is to
provide defined contribution plans as its post-employment benefits.
Net defined benefit obligation reconciliation
Defined
benefit obligation
Fair value
of plan assets
Net defined benefit
liability / (asset)
EUR million
2022
2021
2022
2021
2022
2021
At 1 January
1,108
1,210
-762
-737
347
473
Current service cost
12
14
12
14
Past service cost
-6
-2
0
0
-6
-2
Settlements
-7
-5
7
5
0
0
Interest expense (+) income (-)
13
9
-10
-6
3
3
Total included in income statement
11
17
-3
-1
9
15
Actuarial changes in demographic assumptions
-13
3
-13
3
Actuarial changes in financial assumptions
-306
-21
-306
-21
Actuarial changes from experience adjustments
63
-42
63
-42
Return on plan assets1
105
-65
105
-65
Asset ceiling impact1
5
0
5
0
Total remeasurement gains (-) / losses (+)
included in OCI
-256
-61
109
-65
-147
-126
Benefit payments
-54
-58
41
44
-13
-14
Employer contributions and refunds
4
1
4
1
Translation difference
-38
1
33
-3
-5
-3
Disposals and classification as held for sale
-35
0
0
0
-35
0
At 31 December
736
1,108
-577
-762
159
347
\u00a0 1 Excluding amounts included in interest expense (+) income (-)
In 2023, contributions of EUR 19 (EUR 17) million are expected to be paid to Group's defined
benefit plans.
Significant actuarial assumptions used in the valuation of defined benefit obligations
Year ended 31 December
Finland
Germany
Sweden
2022
2021
2022
2021
2022
2021
Discount rate %
3.6
0.7
3.6
0.8
4.0
1.7
Future salary increase %
3.0
3.2
2.5
2.5
2.9
2.9
Future pension increase %
2.2
2.3
2.0
1.8
2.0
2.0
Duration of pension plans
8.0
10.0
10.2
13.0
13.1
16.5
Sensitivity of the defined benefit obligation
Impact on defined benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
Decrease by 5.8%
Increase by 6.4%
Salary\u00a0 growth rate
0.50%
Increase by 1.2%
Decrease by 1.1%
Pension growth rate
0.50%
Increase by 4.8%
Decrease by 4.4%
Life expectancy
1 year
Increase by 4.2%
Decrease by 4.1%
Defined benefit plan summary by country as at 31 December 2021
31 December 2021
EUR million
Finland
Germany
Sweden
Other
Total
Present value of funded obligations
238
5
359
236
838
Present value of unfunded obligations
0
224
20
27
270
Defined benefit obligations (DBO)
238
229
379
263
1,108
Fair value of plan assets
-208
-4
-324
-226
-762
Net liability in the balance sheet
29
225
55
37
347
Represented by
Defined benefit pension plans
29
225
55
12
321
Other post-employment benefits
0
0
0
25
25
Net liability in the balance sheet
29
225
55
37
347
Finland
In Finland the employees are entitled to a statutory pensions benefit determined by Employee's
pension Act (TyEL). These benefits are defined as contribution benefits. They are insured with
an insurance company and provide coverage for old age, disability and death. Charge in the
income statement from contribution benefits is EUR 64 (EUR 71) million.
In addition, the Group has additional defined benefit plans which resulted in a charge of EUR
0 (EUR 1) million excluding finance costs. Defined benefit plans and plan assets are managed
by insurance companies. Details of the exact structure and investment strategy surrounding plan
assets are not available to participating employers, as the assets actually belong to the
insurance companies themselves. The assets are managed in accordance with EU regulations,
and also national requirements, under which there is an obligation to pay guaranteed benefits
irrespective of market conditions.
Germany
German pension costs amounted to EUR 6 (EUR 7) million, of which EUR 6 (EUR 6) million
related to defined contribution plans and EUR 1 (EUR 1) million to defined benefits excluding
finance costs. The net defined benefit liability amounted to EUR 134 (EUR 225) million. The
decrease in net liability arose mainly from changes in actuarial assumptions, especially from an
increase in discount rate.
Defined benefit pension plans are mainly accounted for in the statement of financial position
through book reserves with some minor plans using insurance companies or independent
trustees. Retirement benefits are based on years worked and salaries received during the
pensionable service and the commencement of pension payments are linked to the national
pension scheme\u2019s retirement age. Pensions are paid directly by the companies themselves to
their former employees. The security for the pensioners is provided by the legal requirement that
the book reserves held in the statement of financial position are insured up to certain limits.
Sweden
In Sweden, all blue-collar staff and part of white-collar staff are covered by defined contribution
plans, the charge in the Income statement being EUR 54 (EUR 56) million. Defined benefit plans
are covering the remaining white-collar staff and resulted in a charge of EUR 1 (EUR 8) million
excluding finance costs. The net defined benefit asset amounted to EUR 26 (liability EUR 55)
million. The decrease in net liability arose mainly from changes in actuarial assumptions,
especially from an increase in discount rate. Stora Enso has undertaken to pay all local legal
pension liabilities for the main ITP scheme to the foundation, thus the remaining liability relates
to other small plans. The long-term investment return target for the foundation is a 3% real return
after tax.
Other countries
The net defined benefit liability in the remaining countries amounted to EUR 36 (EUR 37) million.
The most material change in liability was recognised for United Kingdom. The decrease in net
liability arose mainly from changes in actuarial assumptions.
Plan assets
As at 31 December
2022
2021
EUR million
Quoted
Unquoted
Total
% of total
Quoted
Unquoted
Total
% of total
Equity
88
12
101
17%
122
37
159
21%
Debt
46
44
90
16%
58
55
112
15%
Property
0
55
55
9%
0
50
50
7%
Cash
10
0
10
2%
25
0
25
3%
Assets held by
insurance companies
0
226
226
39%
0
308
308
40%
Others
0
96
96
17%
7
101
108
14%
Total pension fund
assets
144
433
577
100%
211
551
762
100%
Plan assets do not include any real estate or other assets occupied by the Group or the Company's own financial instruments.
and inflation expectations. The aim of asset investment allocations is to neutralise these effects,
secure solvency for benefit payments and maximise returns.
Note 21 Employee variable compensation and equity incentive
schemes
Accounting principles
Share awards
The costs of all employee-related share-based payments are charged to the consolidated
income statement as personnel expenses over the vesting period.
All share-based payment transactions are classified as equity-settled share awards. The
equity-settled share awards (net of tax), are measured at the fair value of the equity instruments
on the grant date, and are adjusted for the present value of expected dividends. The fair value of
the equity-settled share-based payments determined on the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.
Short term incentive (STI) programmes
Salaries for senior management are negotiated individually. Stora Enso has incentive plans that
take into account the performance, development and results of both business units and
individual employees. This performance-based variable compensation system is based on
profitability as well as on attaining key business targets.
Group Executives, as well as division and business unit management have STI programmes
in which the payment is calculated as a percentage of the annual base salary with a maximum
level ranging from 8% to 100%. Non-management employees participate in an STI programme
with a maximum incentive level of 7%. All incentives are discretionary. These performance-
based programmes cover most employees globally, where allowed by local practice and
regulations. For the performance year 2022, the annual incentive programmes were based on
financial measures as well as targets related to operational efficiency, emission reduction, safety
and individual targets. The financial success metrics in the STI programme 2022 are Sales
growth and EBITDA.
Long term incentive (LTI) programmes
Since 2005, new share based programmes for executives have been launched every year. The
2020 programme, ending in 2022 and settled in 2023 has a three-year performance period. The
2021 programme, ending in 2023 and settled in 2024, has three one-year performance periods
which are accumulated after three years. The 2022 programme features performance metrics
with one-year performance periods which are accumulated after three years as well as three-
years performance periods.\u00a0 All outstanding programmes will be settled in one portion after three
years.
For the vast majority of awarded employees, three quarters (75%) of the opportunity under
the programmes are in performance shares, where shares will vest in accordance with
performance criteria proposed by the People and Culture Committee and approved by the Board
of Directors. The financial performance metrics are 3-year Economic Value Added (EVA) and
Earnings Per Share (EPS) for the Stora Enso Group for the 2020 and 2021 programme and EPS
and Relative Total Shareholder Return for the 2022 programme, which in addition features ESG
metrics (emissions reduction and diversity). One quarter (25%) of the opportunity under the
programmes are in Restricted Shares, for which vesting is only subject to continued
employment. Members of the GLT have been awarded\u00a0 performance shares only.
Outstanding restricted and performance share opportunities before taxes are shown in the
table below. The total number of shares actually transferred will be less than that shown below
because a portion of shares corresponding to employees' tax obligation will be withheld to cover
income tax.
Share awards at 31 December 2022
Outstanding restricted and performance share awards at year end
Number of shares
2023
2024
2025
Total
2020 programme
903,289
903,289
2021 programme
716,460
716,460
2022 programme
822,240
822,240
Total
903,289
716,460
822,240
2,441,989
Note 24 Financial risk management
Risk management principles and process
Stora Enso is exposed to several financial market risks that the Group is managing under the
policies approved by the Board of Directors. The objective is to ensure cost-effective funding of
Group companies and manage financial risks effectively. The Stora Enso Group Financial Risk
Policy governs all financial transactions in Stora Enso. This policy and any future amendments
take effect once they are approved by the Board of Directors and all policies covering the use of
financial instruments must comply with it. The Group\u2019s joint operations companies operate under
their own financial risk policies, which may not be fully similar to the Group\u2019s policies.
The major financial market risks are detailed below with the main exposures for the Group being
interest rate risk, currency risk, liquidity risk, refinancing risk, and commodity price risk,
especially for fiber, pulp, and energy.
Interest rate risk
The Group is exposed to an interest rate risk that is the risk of fluctuating interest rates affecting
the interest expense of the Group and value of its assets and liabilities. Stora Enso is exposed to
the interest rate risk through interest-bearing assets and liabilities, such as loans, financial
instruments and lease liabilities, but also through commercial agreements and operative assets
and liabilities such as biological assets. The Group\u2019s aim is to keep interest costs stable. The
Group\u2019s aggregate duration should not exceed the average loan maturity, but should aim
towards a long duration. A duration above the average loan maturity is approved by the Board of
Directors.
The Group may use interest-rate swaps and cross-currency swaps to manage the interest-
rate risk by synthetically converting floating-rate loans into fixed-rate loans through the use of
derivatives. The Group's floating and fixed rate interest-rate position as per the year-end is
presented in the following table:
Floating and fixed interest-rate position
As at
31 December 2022
As at
31 December 2021
EUR million
Floating rate
Fixed rate
Floating rate
Fixed rate
Non-current interest-bearing receivables1
11
80
5
40
Current interest-bearing receivables
1
\u2014
\u2014
49
Cash and cash equivalents
1,917
1,481
Interest-bearing liabilities2
-1,074
-2,818
-974
-2,863
Interest-bearing assets and liabilities
excluding derivatives
855
-2,738
512
-2,774
Interest-rate and cross-currency swaps
650
-650
682
-682
Interest-bearing assets and liabilities,
net of derivatives
1,506
-3,388
1,194
-3,456
1 Excluding interest receivable and listed securities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Non-current interest-bearing liabilities, current portion of non-current debt, short-term interest bearing liabilities and bank overdrafts
excluding derivative liabilities and interest payable
rate derivatives but excluding cash and cash equivalents, is 3.3 (4.6) years.
As of 31 December 2022, one percentage point increase in interest rates would increase
annual net interest expenses by approximately EUR 4 (EUR 2) million and a similar decrease in
interest rates would decrease net interest expenses by EUR 4 (EUR 1) million. This assumes
that the duration and the funding structure of the Group remain constant throughout the year.
This simulation calculates the interest effect of a 100 basis point parallel shift in interest rates on
all floating rate instruments excluding cash equivalents from their next reset date to the end of
the year. In addition, all short-term loans maturing during the year are assumed to be rolled over
on maturity to year end using the new higher or lower interest rate.
A one percentage point parallel change up or down in interest rates would also result in fair
valuation gains or losses of EUR 10 (EUR 16) million before taxes in the cash flow hedge
reserve in OCI regarding interest rate swaps under cash flow hedge accounting. A one
percentage point parallel change up or down in interest rate would result in fair valuation gains
or losses of EUR 1 (EUR 3) million in net financial items related to cross currency swaps fair
valued through profit and loss. Note 27 Derivatives summarises the nominal and fair values of
the outstanding interest rate derivative contracts.
Foreign exchange risk - transaction risk
The Group operates globally and is exposed to a foreign-currency transaction risk arising from
exchange rate fluctuations. Foreign exchange transaction risk exposure comprises both the
geographical location of Stora Enso production facilities around the world, sourcing of raw
materials and sales of end products in foreign currencies, mainly denominated in US dollars,
British pounds and Swedish crowns. Stora Enso Group companies with functional currency other
than euro are also exposed to a foreign-currency transaction risk arising from EUR denominated
net cash flows. These EUR exposures mainly arise from Stora Enso subsidiaries located in
Sweden, Czech Republic and Poland.
The currency transaction risk is the impact of exchange rate fluctuations on the Group's
Income statement, which is the effect of currency rates on expected future cash flows and
subsequent trade receivables or payables. The Group's standard policy to mitigate the risk is to
hedge 15\u201360% of the highly probable forecast cash flows in major currencies for the next 12
months by using derivative financial instruments, such as foreign exchange forwards and foreign
exchange options. The Group may also hedge periods between 12 months and 36 months, or
change the above mentioned hedging ratio for the next 12 months upon the discretion of the
Group's management.
For operative receivables and payables in foreign currencies, the objective is to hedge 50\u2013
100% of the outstanding net receivable balance in major currency pairs.
The table below presents the estimated net operative foreign currency transaction risk
exposures for the main currencies for the next 12 months and the related foreign-currency
hedges in place as at 31 December, retranslated using year end exchange rates. The net
operative receivables and payable exposures, representing the balances as at 31 December,
include foreign currency exposures generated by external and intercompany transactions in line
with the requirements of IFRS 7. A positive amount of exposure in the table below represents an
estimated future inflow or receivable of a foreign currency amount.
Operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Estimated annual net cash
flow exposure in hedged
foreign-currency flows1
960
-238
1,983
240
83
-48
995
-191
1,712
346
138
-41
Cash flow hedges for the
next 12 months
-525
119
-843
-59
-26
26
-553
89
-740
-78
-38
23
Estimated annual net
cash flow exposure, net
of hedges
435
-119
1,139
181
57
-22
442
-101
971
268
100
-18
Hedging percentage as
at 31 December for next
12 months
55%
50%
43%
24%
31%
54%
56%
47%
43%
22%
27%
57%
Weighted-average hedged
rate against EUR2
10.63
1.09
0.87
1.52
45.20
\u2014
10.21
1.20
0.85
1.60
52.63
Operative receivables and
payables net exposure
-22
8
284
30
49
-5
-42
5
233
32
58
-2
Net receivable currency
hedges
-18
-3
-186
-16
-51
\u2014
16
\u2014
-200
-26
-26
\u2014
Net operative receivables
exposure, net of hedges
-39
5
98
14
-2
-5
-26
5
34
5
31
-2
Estimated annual net
transaction risk
exposure after hedges
396
-113
1,238
195
55
-27
416
-97
1,005
274
131
-20
1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in
the EUR column relates to operative transaction risk exposure from EUR denominated cash flows in Group companies located in
Sweden, Czech Republic and Poland with functional currency other than EUR.
2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts'
forward rate and therefore represents the weighted-average hedged rate based on the least favourable hedged rate from the Group's
point-of-view.
The following table includes the estimated effect on the annual operating profit of a weakening of
an exposure currency against the functional currencies of exposed subsidiaries. The sensitivities
have been calculated based on a 5% movement in EUR, SEK, USD, GBP and\u00a0 AUD while 10%
movement in UYU. These changes are estimated as reasonably possible changes in exchange
rates, measured against year-end closing rates. A corresponding strengthening of the exposure
currency would have an approximately equal opposite impact. A negative amount in the table
reflects a potential net loss in the income statement or equity and, conversely, a positive amount
reflects a potential net gain. In practice, the actual foreign currency results may differ from the
sensitivity analysis presented below, since the income statements of subsidiaries with functional
currencies other than the euro are translated into the Group reporting currency using the
average exchange rates for the year, whereas the statements of the financial position of such
subsidiaries, including currency hedges, trade receivables and payable, are translated using the
exchange rates at the reporting date. The translation risk exposures are discussed more in detail
under the Translation risk chapter below.
The calculation includes currency hedges and assumes that there are no changes in other
underlying currencies. The currency effects are based on estimated operative foreign currency
flows for the next twelve months, hedging levels at the year end, and the assumption that the
currency cash flow hedging levels and all other variables will remain constant during the next
twelve months. Hedging instruments include foreign exchange forward contracts and foreign
exchange options. Indirect currency effects with an impact on prices and product flows, such as
a product becoming cheaper to produce in a different geographical location, have not been
considered in this calculation.
Sensitivity analysis of operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Exposure currency change by1
-5%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-5%
-10%
Effect on estimated annual net
cash flows in hedged flows
-48
12
-99
-12
-4
5
-50
10
-86
-17
-7
4
Effect on cash flow hedging
OCI reserve before taxes as at
year end2
26
-6
42
3
1
-3
28
-4
37
4
2
-2
Effect on net operative
receivables and payables after
hedges3
2
\u2014
-5
-1
\u2014
\u2014
1
\u2014
-2
\u2014
-2
\u2014
Estimated annual EBIT
impact4
-20
6
-62
-10
-3
3
-21
5
-50
-14
-7
2
1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR
denominated transaction risk arising from EUR denominated foreign-currency cash flows in Sweden, Czech Republic and Poland with
functional currency other than EUR.
2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts
qualifying as cash flow hedges of highly probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative
result when the transaction realises.
3 Currency effect related to net operative receivables or payables and related hedges.
4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position,
forecast cash flows and the related hedges.
The following table presents the financial foreign currency exposure and the related hedges in
place as at 31 December for the main currencies. Net debt includes foreign-currency external
loan payables and receivables, foreign-currency internal loan payables and loan receivables and
cash equivalents. Loans designated as net investment loans under IAS 21 are excluded from the
table as they reduce the foreign-currency exposures on a Group level. Internal transaction
exposure includes foreign-currency payables and receivables outstanding within the Group at
reporting date. The currency derivatives mainly hedge financial exposures in the statement of
financial position. A negative amount of exposure in the table represents a net payable of a
foreign currency amount.
Additionally, the table includes the estimated effect on the income statement of a currency
weakening of an exposure currency against EUR. The sensitivities have been calculated based
on a 5% movement in SEK, USD, CNY, and PLN. These changes are estimated as reasonably
possible changes in exchange rates, measured against year-end closing rates. A corresponding
strengthening of the exposure currency\u00a0 would have an approximately equal opposite impact. A
negative amount in the table reflects a potential net loss in the Income statement and,
conversely, a positive amount reflects a net potential gain. In practice, the actual foreign
currency results may differ from the sensitivity analysis below as the exposure amounts may
change during the year.
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Foreign exchange risk \u2013 translation risk
Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso\u2019s
consolidated net foreign currency denominated assets, liabilities, and income. Translation risk is
reduced by funding assets, whenever economically possible, in the same currency as the asset
itself. The Group may also enter into foreign exchange forwards, foreign exchange options or
foreign currency denominated loans to hedge its net investments in foreign entities with different
functional currencies than the Group.
The balance sheets of foreign subsidiaries, equity accounted investments and foreign
currency denominated equity instruments in the scope of IFRS 9 are translated into euros using
exchange rates prevailing on the reporting date, thus exposing consolidated Group equity to
fluctuations in currency rates. The resulting translation differences, along with other movements
such as the translation rate difference in the income statement, are recorded directly in
shareholders\u2019 equity. These cumulative differences materialise through the Income statement on
the disposal, in whole or in part, of the foreign entity.
The following table presents the translation risk exposure in the Group's Income statement
arising from the translation of subsidiaries' and joint operations' foreign-currency income
statements into the presentation currency of the Group in the consolidated financial statements.
Translation exposure in Income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
BRL
CZK
CNY
SEK
USD
BRL
CZK
CNY
Translation exposure in Income
Statement
-147
-192
-164
-38
77
-196
-129
-111
11
83
Exposure currency change by
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
Effect on EBIT from translation
risk exposure
7
10
16
2
-4
10
6
11
-1
-4
principal headings based on the remaining period to contractual maturity at the reporting date.
Forward interest rates as at the year-end were used for estimating contractual finance charges
for the upcoming years.
Contractual maturity repayments of financial liabilities, settlement net: 2022
EUR million
2023
2024
2025
2026
2027
2028+
Total
Bond loans
300
270
404
90
325
1,081
2,470
Loans from credit institutions
306
40
273
5
0
0
624
Lease liabilities
63
49
44
33
30
159
377
Other non-current financial liabilities
0
2
0
0
0
0
2
Non-current borrowings including
current portion
668
361
721
128
355
1,240
3,472
Estimated contractual finance charges
108
90
74
43
40
190
545
Estimated contractual lease charges
16
14
13
11
10
58
123
Contractual repayments on non-
current borrowings
792
465
807
182
405
1,489
4,140
Current borrowings, carrying amounts
429
0
0
0
0
0
429
Gross-settled derivative liabilities -
receipts
-2,405
0
0
0
0
0
-2,405
Gross-settled derivative liabilities -
payments
2,401
0
0
0
0
0
2,401
Net-settled derivative liabilities
-4
0
0
0
0
0
-5
Trade payables
1,831
0
0
0
0
0
1,831
Bank overdrafts
0
0
0
0
0
0
0
Estimated contractual finance charges
6
0
0
0
0
0
6
Total Contractual Repayments at 31
December 2022
3,050
464
807
182
405
1,489
6,398
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group\u2019s assets as a result
of counterparties being unable to meet their obligations arising from financial contracts. The
exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can
suffer directly in the event of a single counterparty\u2019s credit default. This risk is minimised by:
\u2022entering into transactions only with leading financial institutions and with industrial companies
that have a good credit rating;
\u2022only investing in liquid funds and deposits with financial institutions or companies that have a
minimum credit rating of BBB-.
\u2022at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be
held at counterparties with a minimum rating of A- or equivalent using credit ratings from main
rating agencies;
\u2022investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties
other than the counterparty at which most of Stora Enso's cash and cash equivalents are
held;
\u2022requiring parent company guarantees when dealing with any subsidiary of a rated company.\u00a0
The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the
tenor of financial contract and counterparty\u2019s credit rating.
At the year end 2022, there were no significant concentrations of risk with respect to
counterparties of derivative contracts, with the highest counterparty mark-to-market exposure
being at EUR 41 (EUR 22) million and credit rating of A+ (A+) using Standard and Poor\u2019s credit
rating symbols.
Customer credit risk
Customer credit risk is Stora Enso\u2019s exposure to contracts arising from deterioration in the
financial health of its customers. The Group uses various measures to reduce customer credit
risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The
Group has also obtained export guarantees, covering both political and commercial risks, which
are used in connection with individual customers outside the OECD area. Management
considers that no significant concentration of credit risk with any individual customer,
counterparty or geographical region exists for Stora Enso. The ageing information of trade
receivables and related loss allowances are given in Note 17 Operative receivables.
Commodity price risk
Outstanding commodity hedges
As at
31 December 2022
As at 31 December 2021
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR
million
Fair value
EUR
million
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR\u00a0
million
Fair value
EUR
million
Electricity
purchases
\u00a0 - Nordic
region
175,200
MWh
EUR 29.1
5
18
438,000
MWh
EUR 29.02
13
15
\u00a0 - Central
Europe
87,600
MWh
EUR 43.06
4
12
Oil
purchases
200,474
barrels
USD 73.5
14
\u2014
189,808
barrels
USD 58.06
10
2
management in the Group, whilst other commodity risks are measured and hedged if
economically possible. In addition to electricity hedge derivatives, the Group also manages
energy price risk by entering into long-term physical fixed price purchase agreements, and by
holding a 15.6% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of
companies in the energy sector in Finland. The fair value of the shares amounted to EUR 1,423
(EUR 900) million as per the year-end. The fair value of these shares is dependent on electricity
market prices and discussed in more detail in Note 14 Equity instruments.
\u00a0 A 10% movement in energy and raw material prices would result in a EUR 6 (EUR 6) million
change in the fair value of commodity financial hedges described in the above table. The
majority of these fair value changes, after taxes, are recorded directly in Equity under Hedging
Reserves, until the contracts mature and the result is entered in the Income statement. These
estimates only represent the sensitivity of commodity financial instruments to market risk and not
the Group's full exposure to raw material and energy price risks as a whole, since the actual
underlying purchases are not financial instruments within the scope of the IFRS 7 standard. At
the end of 2022, the maturities of the energy and commodity contracts, including both financial
hedges and fixed-price physical purchase agreements, ranged between 2023 and 2024. In
2021, the maturities ranged between 2022 and 2024.
In an effort to mitigate other commodity price risk exposures in relation to wood fiber price
risk, the Group is a significant owner of forest assets in the Nordic region. In Sweden the Group
owns 1.4 million hectares of forest land. In addition, Stora Enso holds 41% share in Tornator Oyj,
which is a significant forest owner in Finland. The Group's share in Tornator is reported as an
equity accounted investment and discussed in more detail in Note 13 Equity accounted
investments. The Group's forest assets are discussed in more detail in Note 12 Forest assets.
Equity price risk
The Group has certain investments in publicly traded securities. Currently these relate to
Packages Ltd shares in Pakistan. The market value of these equity investments was EUR 8
(EUR 13) million at the year end. Market value changes in these investments are recorded, after
taxes, directly under Shareholders\u2019 Equity in the Equity instruments through OCI reserve.
Detailed discussion regarding the publicly traded securities can be found from Note 14 Equity
instruments.
Capital risk management
Stora Enso\u2019s debt structure is focused on capital markets and commercial banks. Group
objectives when managing capital are to safeguard the ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders, as well as to
maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain
or adjust the capital structure, the Group may, subject to shareholder approval as appropriate,
vary the dividends paid to shareholders, buy its own shares on financial markets, return capital
to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable
dividends linked to the long-term performance with the aim of distributing 50% of Earnings per
share (EPS) excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less,
and aiming that the Net-debt-to-Operational EBITDA ratio remains below 2.0, indicating a solid
financial position, and financial flexibility.
Capital structure
As at 31 December
EUR million
2022
2021
Interest-bearing liabilities
3,972
3,938
Interest-bearing assets
2,122
1,629
Net debt
1,850
2,309
Equity attributable to owners of the parent
12,532
10,683
Operational EBITDA1
2,529
2,184
Net debt to equity ratio
0.15
0.22
Net debt to operational EBITDA
0.73
1.06
1 Operational EBITDA definition is included in the \"Non-IFRS measures\" chapter in
the Report of the Board of Directors.
Montes del Plata, a joint operation of Stora Enso, and the Group's subsidiary Stora Enso
(Guangxi) Packaging and Forestry Company Ltd have complied with financial covenants related
to debt-to-assets ratio during the reported periods. There are no other covenants in the Group's
financing contracts.
Note 25 Fair values
Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2022
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
8
\u2014
8
8
8
\u2014
\u2014
14
Unlisted securities
\u2014
1,423
14
1,437
1,437
\u2014
\u2014
1,437
14
Non-current interest-bearing receivables
92
28
\u2014
120
120
\u2014
28
\u2014
26
Derivative assets
\u2014
28
\u2014
28
28
\u2014
28
\u2014
Loan receivables
92
\u2014
\u2014
92
92
\u2014
\u2014
\u2014
Trade and other operative receivables
1,138
66
\u2014
1,204
1,204
\u2014
66
\u2014
17
Current interest-bearing receivables
10
50
16
77
77
\u2014
67
\u2014
26
Derivative assets
\u2014
50
16
67
67
\u2014
67
\u2014
Other short-term receivables
10
\u2014
\u2014
10
10
\u2014
\u2014
\u2014
Cash and cash equivalents
1,917
\u2014
\u2014
1,917
1,917
\u2014
\u2014
\u2014
Total
3,157
1,576
30
4,763
4,763
8
161
1,437
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
2,792
\u2014
\u2014
2,792
2,749
\u2014
\u2014
\u2014
26
Derivative liabilities
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Non-current debt
2,792
\u2014
\u2014
2,792
2,748
\u2014
\u2014
\u2014
Current portion of non-current debt
667
\u2014
\u2014
667
667
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
462
30
20
513
513
\u2014
50
\u2014
26
Derivative liabilities
\u2014
30
20
50
50
\u2014
50
\u2014
Current debt
462
\u2014
\u2014
462
462
\u2014
\u2014
\u2014
Trade and other operative payables
2,076
\u2014
\u2014
2,076
2,076
\u2014
\u2014
\u2014
23
Bank overdrafts
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Total
5,998
30
20
6,048
6,005
\u2014
51
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2021
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
13
\u2014
13
13
13
\u2014
\u2014
14
Unlisted securities
\u2014
900
5
905
905
\u2014
\u2014
905
14
Non-current interest-bearing receivables
45
6
\u2014
51
51
\u2014
6
\u2014
26
Derivative assets
\u2014
6
\u2014
6
6
\u2014
6
\u2014
Loan receivables
45
\u2014
\u2014
45
45
\u2014
\u2014
\u2014
Trade and other operative receivables
1,110
39
\u2014
1,149
1,149
\u2014
39
\u2014
17
Current interest-bearing receivables
52
31
1
84
84
\u2014
32
\u2014
26
Derivative assets
\u2014
31
1
32
32
\u2014
32
\u2014
Other short-term receivables
52
\u2014
\u2014
52
52
\u2014
\u2014
\u2014
Cash and cash equivalents
1,481
\u2014
\u2014
1,481
1,481
\u2014
\u2014
\u2014
Total
2,687
990
6
3,683
3,683
13
77
905
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
3,284
7
23
3,313
3,618
\u2014
30
\u2014
26
Derivative liabilities
\u2014
7
23
30
30
\u2014
30
\u2014
Non-current debt
3,284
\u2014
\u2014
3,284
3,589
\u2014
\u2014
\u2014
Current portion of non-current debt
180
\u2014
\u2014
180
180
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
403
35
7
444
444
\u2014
42
\u2014
26
Derivative liabilities
\u2014
35
7
42
42
\u2014
42
\u2014
Current debt
403
\u2014
\u2014
403
403
\u2014
\u2014
\u2014
Trade and other operative payables
1,960
\u2014
\u2014
1,960
1,960
\u2014
\u2014
\u2014
23
Bank overdrafts
1
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
Total
5,827
42
29
5,899
6,204
\u2014
71
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
In the previous tables, the fair value is estimated to be equal to the carrying amount for current
financial assets and financial liabilities, such as trade receivables and payables due to their short
time to maturity and limited credit risk. The fair value of non-current loan receivables, considered
as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair
value of non-derivative interest-bearing liabilities, considered as a level 2 fair value
measurement, is estimated based on a discounted cash flow analysis in which the yield curves
observable at commonly quoted intervals are used as a discount factor in the model.
Reconciliation of level 3 fair value measurement of financial assets and liabilities
EUR million
2022
2021
Financial assets
Opening balance at 1 January
905
401
Reclassifications
-1
0
Gains/losses recognised in other comprehensive income
523
504
Additions
10
1
Closing balance at 31 December
1,437
905
The Group did not have level 3 financial liabilities as at 31 December 2022.
Note 26 Interest-bearing assets and liabilities
Accounting principles
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Managing Interest Rate Benchmark Reform and associated risks
A global reform on interest reference rates is underway as existing IBOR reference rates are
being replaced by alternative risk-free rates. The impact of the transition is expected to be
limited for the Group's external contracts. The Group has exposure to IBORs on its financial
instruments that will be replaced or reformed as part of these market-wide initiatives. The
Group's main IBOR exposure at 31 December 2022 was indexed to US dollar LIBOR and
related amount of interest bearing liabilities outstanding at 31 December 2022 was EUR 211
(EUR 189) million. The publication of USD LIBORs will cease after June 2023.
The Group monitors the process of transition from IBORs to new benchmark rates by
reviewing the total amounts of contracts that have yet to transition to an alternative benchmark
rate. The expected impact is limited and relates mainly to external long-term debt. The Group's
financial instruments are mainly indexed to Euribor and Stibor reference rates and these are
expected to continue to exist for now.
Interest-bearing assets
As at 31 December
EUR million
2022
2021
Listed securities
8
13
Long-term derivative assets
28
6
Long-term deposits
48
42
Long-term loans to equity accounted investments
2
2
Other long-term loan receivables
41
1
Total non-current interest-bearing assets
128
64
Short-term derivative assets
66
32
Short-term deposits
0
49
Other short-term loan receivables
11
3
Cash and cash equivalents
1,917
1,481
Total current interest-bearing assets
1,994
1,565
Total interest-bearing assets
2,122
1,629
1 The table format has been updated to better present changes in liabilities arising from cash flow activities and non-cash activities. The
comparison figures have been restated accordingly.
Events during 2022 and 2021
During 2022, altogether EUR 550 million of bilateral bank loans were arranged. Maturities of
these loans vary from 18 months to 3 years with extension options. Proceeds from these loans
are used for general corporate purposes and EUR 200 million of these loans were undrawn at
reporting date. Stora Enso repaid credit institution loans, according to maturity schedule,
amounted to a nominal of EUR 289 million during 2022.
In May 2022, Stora Enso signed a new EUR 200 million committed credit facility with a
maturity of one year and one six month extension option which was exercised in October 2022.
In December 2021, Stora Enso signed a new EUR 700 million Revolving Credit Facility (RCF)
with 12 commercial banks. The maturity of the facility is five years with two one-year extensions.
The pricing is partly linked to meeting emission targets on Scope 1&2 and Scope 3. In October
2022, the first extension option of this facility was used together with all 12 banks and therefore
maturity is now in 2027. Simultaneously, the existing EUR 600 million RCF with original maturity
in 2023 was cancelled.
Stora Enso has a Green Bond Framework as part of its Sustainable Finance approach. The
ambition is to offer a loan-format to support sustainability-focused fixed income investors and to
report the direct environmental impacts of some investments and business activities.
During 2021, Stora Enso repaid multiple credit institution loans ahead of final maturity, the
total repayments of loans and bond notes amounted to a nominal of EUR 911 million. This
resulted in a EUR 7 million initial modification net loss being recognised in the Income
Statement.
Interest-bearing liabilities - maturities, interest rates and currency breakdown
Stora Enso's borrowings maturities range from 2023 to the longest borrowing maturing in 2036.
Borrowings have either fixed or floating interest rates ranging from 0.5% (0.5%) to 7.3% (7.3%).
The average interest rate on borrowings for the full year amounted to 3.2% (3.0%) with a run-
rate of 3.3% as per the year end. Part of Stora Enso's borrowings have been fixed through
floating-to-fixed interest rate swaps and cross-currency swaps. The majority of Group loans are
denominated in euros, US dollars, Swedish crowns or Chinese renminbis. Detailed maturity
analysis of the Group's borrowings are set out in Note 24 Financial risk management.
Net debt
In 2022 net interest-bearing liabilities, including held for sale related assets, decreased by EUR
456 (decreased by EUR 611) million to EUR 1,854 (EUR 2,309) million. Net interest-bearing
liabilities are equal to total interest-bearing liabilities less total interest-bearing assets such as
cash equivalents and deposits. Cash and cash equivalents net of overdrafts increased by EUR
437 (decreased by EUR 175) million to EUR 1,917 (EUR 1,480) million as at 31 December
2022. In 2022, the total cash outflow for leases was EUR 73 (EUR 88) million including interest
component of EUR 17 (EUR 17) million.
The ratio of net debt to the last 12 months' operational EBITDA was 0.7 (1.1). The net debt/
equity ratio was 0.15 (0.22) as per the year-end.
Bond loans
Issue/ Maturity Dates
Description of Bond
Interest Rate %
Currency of Bond
Nominal Value Issued
Outstanding As at 31 December
Carrying Value As at 31 December
2022
2021
2022
2021
All Liabilities are Held by the Parent Company
Currency million
EUR million
Fixed Rate
2006-2036
Global 7.250% Notes 2036
7.25
USD
300
300
300
278
262
2016-2023
Euro Medium Term Note
2.125
EUR
300
300
300
300
300
2017-2027
Euro Medium Term Note
2.5
EUR
300
300
300
299
299
2018-2028
Euro Medium Term Note
2.5
EUR
300
300
300
299
298
2019-2024
Euro Medium Term Note (Green Bond)
1.875
SEK
1,750
1,750
1,750
157
171
2020-2025
Euro Medium Term Note (Green Bond)
2.375
SEK
1,550
1,550
1,550
140
152
2020-2030
Euro Medium Term Note (Green Bond)
0.625
EUR
500
500
500
495
495
Total Fixed Rate Bond Loans
1,968
1,976
Floating Rate
2015-2025
Euro Medium Term Note
Euribor+2.25
EUR
125
125
125
125
125
2015-2027
Euro Medium Term Note
Euribor+2.35
EUR
25
25
25
25
25
2019-2024
Euro Medium Term Note (Green Bond)
Stibor+1.45
SEK
1,250
1,250
1,250
112
122
2019-2026
Euro Medium Term Note (Green Bond)
Stibor+1.60
SEK
1,000
1,000
1,000
90
97
2020-2025
Euro Medium Term Note (Green Bond)
Stibor+2.20
SEK
1,550
1,550
1,550
140
152
Total Floating Rate
Bond Loans
492
521
Total Bond Loans
2,460
2,497
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
Changes in fair values of hedged items and hedging instruments 2022
EUR million
Change in value of
hedged item to
determine hedge
effectiveness
Change in value of
outstanding
hedging
instruments
Ineffectiveness
Foreign exchange risk - Forward and option
contracts (excluding option time value)1
77
-79
-2
Foreign exchange risk - Net investment hedges
-16
16
0
Commodity price risk - Commodity swaps
-31
31
0
Interest rate risk - Interest rate swaps
-34
34
0
1 Ineffectiveness booked in Operating profit.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2022
EUR million
At 1 Jan
2022
Change in
fair value
recognised
in OCI/CTA
Reclassified
from OCI to
profit and
loss
Reclassified
to non-
financial
assets
Tax impact
At 31 Dec
2022
Foreign exchange risk -
Operational cash flow hedging
-21
-82
107
3
-5
2
Commodity price risk -
Commodity swaps
23
41
-52
0
3
15
Interest rate risk - Interest rate
swaps
-4
33
0
0
-7
23
Interest rate and foreign
exchange risk - Cross-currency
swaps
-1
0
2
0
0
1
Cost of hedging reserve
-1
0
0
0
0
-1
Total cash flow hedge
reserve in OCI
-4
-8
57
3
-9
39
Foreign exchange risk - Net
investment hedges
14
-16
0
0
3
1
Total net investment hedges
in CTA
14
-16
0
0
3
1
Total hedging reserves
10
-24
57
3
-6
40
Financial impact of netting for instruments subject to an enforceable master netting
agreement 2021
Not offset in the statement of financial position
EUR million
Gross amount of
recognised
financial
instruments
Related liabilities
(-) or assets (+)
subject to master
netting
agreements
Collateral received
(-) or given (+)
Net exposure
Derivative assets
38
-16
0
22
Derivative liabilities
-71
16
0
-56
The Group enters into derivative transactions under master netting agreements agreed with
each counterparty. In case of an unlikely credit event, such as default, all outstanding
transactions under the agreements are terminated, and only a single net amount per
counterparty is payable for settlement of all transactions. The agreements do not meet the
criteria for offsetting in the statement of financial position, because offsetting is enforceable only
in the occurrence of certain future events.
Note 28 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\u2019s net investment in the foreign operation.
Cumulative translation adjustment - movement
Year ended 31 December
EUR million
2022
2021
At 1 January
CTA on net investments
-235
-292
Net investment hedges and loans
48
34
Income tax related to hedges and loans
-8
-10
Net CTA in equity
-195
-267
CTA movement OCI
CTA movement
-244
42
CTA release through income statement
47
14
Net investment hedges and loans
-27
14
Income tax related to hedges and loans
3
2
CTA movement OCI total
-220
72
At 31 December
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
The main movements in CTA in 2022 were a gain of EUR 98 (gain of EUR 116) million related to
the US dollar, a loss of EUR 446 (loss of EUR 103) million related to the Swedish crown and a
gain of EUR 48 (gain of EUR 9) million related to Chinese renminbi. The net amount of hedging
loss included in the CTA during the period amounted to EUR 24 (gain EUR 16) million.
Hedging instruments and unrealised hedge losses
As at 31 December
Nominal amount
(Currency)
Nominal amount (EUR)
Unrealised losses (EUR)
EUR million
2022
2021
2022
2021
2022
2021
Borrowings
USD area
300
300
281
265
-41
-28
Total hedging
281
265
-41
-28
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.
Note 29 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
As at 31 December
EUR million
2022
2021
On own behalf
Guarantees
14
15
On behalf of equity accounted investments
Guarantees
5
0
On behalf of others
Guarantees
5
6
Other commitments
36
36
Total
60
57
Guarantees1
24
21
Other commitments1
36
36
Total
60
57
Group
ownership, %
Group
ownership, %
Subsidiaries
Country
2022
2021
Stora Enso Plantor AB
Sweden
0.00
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
100.00
100.00
Stora Enso Treasury Stockholm AB
Sweden
100.00
100.00
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi
Turkey
100.00
0.00
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 Verwaltungs GmbH
Germany
0.00
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 Plan\u00e1 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
Sydved AB
Sweden
66.67
66.67
S\u00f6dra Norrlands Hamnbolag nr 1 AB
Sweden
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
VLAR Papier NV
Belgium
0.00
100.00
Note 31 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 2022. The group has applied an exemption, as stated in IAS 24 paragraph 25, not to
disclose transactions and outstanding balances with government-related entities.
The Group has classified FAM AB and Wallenberg Investments AB as related parties. FAM
AB owned 10.2% of Stora Enso shares and 27.3% of all votes on 31 December 2022. FAM AB is
completely 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 7 Board and executive remuneration.
In the ordinary course of business, the Group engages in transactions on commercial terms
with equity accounted investments and other related parties that are not any more favourable
than those that would be available to other third parties \u2013 with the exception of Veracel. Stora
Enso intends to continue with transactions on a similar basis with its equity accounted
investments, further details of which are shown in Note 13 Equity accounted investments.
Group companies, including subsidiary companies and joint operations, are listed in Note 30
Group companies.
Paper for recycling
The Group owns non-controlling interests in several paper recyclers, from which paper for
recycling is purchased at market prices.
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 2022 purchases of 3 (2) million cubic metres came to
EUR 126 (82) million.
The Group procures wood at market prices from Kopparfors Fastigheter AB, a fully owned
subsidiary of Kopparfors Skogar AB, which is completely owned by FAM AB. In 2022 the
purchases from the related party amounted to EUR 23 (29) million. At the end of 2022 the Group
had EUR 6 (3) 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
Ahlstr\u00f6m Capital. The stevedoring services are provided by Steveco at market prices and in
2022 amounted to EUR 27 (26) million.
Note 32 Earnings per share
Accounting principles
Basic earnings per share, attributable to the owners of the parent company, are calculated by
dividing the net profit attributable to shareholders by the weighted average number of ordinary
shares in issue during the year, excluding ordinary shares purchased by the group and held as
treasury shares. Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares plus the diluted effect of all potential dilutive ordinary shares, such as
shares from share-based payments.
Earnings per share
Year Ended 31 December
2022
2021
Net profit for the period attributable to the owners of the parent, EUR million
1,550
1,266
Total comprehensive income attributable to the owners of the parent, EUR million
2,278
2,110
Weighted average number of A and R shares
788,619,987
788,619,987
Weighted average number of share awards
771,150
505,705
Weighted diluted number of shares
789,391,137
789,125,692
Basic Earnings per Share, EUR
1.97
1.61
Diluted Earnings per Share, EUR
1.96
1.60
Total Comprehensive Income Attributable to the Owners of the Parent per
Share, EUR
2.89
2.67
Note 33 Events after the reporting period
The Group has had the following non-adjusting events after the reporting period
At 6 January 2023 Stora Enso completed the transaction to acquire De Jong Packaging
Group.
In the beginning of January 2023, Stora Enso completed the divestment of its Nym\u00f6lla paper
production site in Sweden, and all related assets to Sylvamo, a US-based global producer of
uncoated paper.
In January 2023, Stora Enso signed an agreement to divest its Hylte paper production site in
Sweden to Sweden Timber.
More details about the above transactions are presented in Note 4 Acquisitions, disposals
and assets held for sale.
As of 1 January 2023 and due to the divestments and reorganisation of retained Paper
division operations, Stora Enso's segment reporting will be changed. According to the changes,
the Paper division will be discontinued and will not reported as a separate segment going
forward. The Maxau, Nym\u00f6lla and Hylte sites together with all previously sold and closed sites
will be reported as part of the segment Other going forward. The remaining sites Langerbrugge
and Anjala will be reported as part of the Packaging Materials division. Comparative figures will
be restated accordingly during the first quarter of 2023.
As of 1 January 2023 emerging business related units in Packaging Solutions division will be
moved to segment Other. These units are including Formed Fiber, Circular Solutions
(biocomposites) and Selfly Stores. Comparative figures will be restated accordingly.
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Note 1 Accounting principles
Principal activities
Stora Enso Oyj (\u201cthe Company\u201d) is a Finnish
public limited liability company organised
under the laws of the Republic of Finland
and with its registered address at
Salmisaarenaukio 2, 00180 Helsinki. Its
shares are currently listed on Nasdaq
Helsinki and Stockholm. The operations of
Stora Enso Oyj and its subsidiaries (together
\u201cStora Enso\u201d or \u201cthe Group\u201d) are organised
into the following reportable segments:
Packaging Materials, Packaging Solutions,
Biomaterials, Wood Products, Forest, Paper
and segment Other. The Group\u2019s main
market is Europe.
The Financial Statements were
authorised for issue by the Board of
Directors on 30 January 2023.
Basis of preparation
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC). The
consolidated financial statements of Stora
Enso Oyj have been prepared according to
the historical cost convention, except as
disclosed in the accounting policies. The
detailed accounting principles are explained
in the related notes with a few exceptions
where the accounting principles are
presented in this note. The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
All figures in this Annual Report have
been rounded to the nearest million, unless
otherwise stated. Therefore, figures in this
report may not add up precisely to the totals
presented and may vary from previously
published financial information.
New and amended standards and
interpretations adopted in 2022
The Group has applied the following new
and amended standards and interpretations
which are effective from 1 January 2022:
\u2022Amendments to IFRS 3 Business
Combinations,\u00a0 IAS 16 Property, Plant and
Equipment, IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and
Annual Improvements 2018-2020. The
amendments in IFRS 3 relate to
identifying the liabilities assumed in a
business combination and that an
acquirer does not recognise contingent
assets acquired in a business
combination. The amendment in IAS 16
prohibits deducting from the cost of a
fixed asset any proceeds from selling
items produced while bringing that asset
in use. Instead, proceeds from selling
such items and the cost of producing
those items are recognised in profit or
loss. The amendments in IAS 37 specify
that the cost of fulfilling a contract
includes the costs that relate directly to
the contract (examples include direct
labour, materials, and allocation of the
depreciation for an asset used in fulfilling
the contract). Annual Improvements to
IFRS Standards 2018\u20132020 include minor
amendments in IFRS 9 Financial
Instruments, IFRS 16 Leases and IAS 41
Agriculture. The effective date is 1
January 2022. The amendments did not
have a significant impact on the Group.
\u2022Amendments to IFRS 16 Leases:
COVID-19 Related Rent Concessions.
The amendments extend the availability
of the practical expedient and provide
lessees with an exemption from
assessing whether a COVID-19-related
rent concession is a lease modification.
The effective date is annual reporting
periods beginning on or after 1 April 2021.
The amendments did not have a
significant impact on the Group.
\u2022Other standards standard amendments
and interpretations did not have any
significant impact on the Group's
consolidated financial statements or
disclosures.
Changes in accounting principles
Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
Accounting considerations relating
to Russia
As announced in March 2022, all import and
export activities from and to Russia were
halted, and operations in Russia were
stopped. In May and July 2022, Stora Enso
sold all of its operations in Russia. Related to
one forest operations unit, the disposal will
be completed in 2023, upon finalisation of
certain formalities. More details about
disposed Packaging Solutions, Wood
Products and Forest operations are
presented in Note 4 Acquisitions disposals
and assets held for sale. More information
about valuation of remaining Russia related
receivables see Note 26 Interest-bearing
assets and liabilities.
Consolidation principles
The consolidated financial statements
include the parent company, Stora Enso Oyj,
and all companies controlled by the Group.
Control is defined as when the Group:
\u2022has power over the investee,
\u2022is exposed, or has rights, to variable
returns from its involvement with the
investee; and
\u2022has the ability to use its power to affect its
returns.
If facts and circumstances indicate that there
are changes to the three elements of control
listed above the Group reassess whether or
not it controls an investee. Acquired
companies are accounted for under the
acquisition method whereby they are
included in the consolidated financial
statements from the date the control over the
subsidiary is obtained, whereas, conversely,
disposed companies are included up to the
date when the control is lost. The
subsidiaries and joint operations are listed in
Note 30 Group companies.
All intercompany transactions,
receivables, liabilities and unrealised profits,
as well as intragroup profit distributions, are
eliminated. Accounting policies for
subsidiaries, joint arrangements and equity
accounted investments are adjusted where
necessary to ensure consistency with the
policies adopted by Stora Enso.
Associated companies over which Stora
Enso exercises significant influence are
accounted for by using the equity method.
These companies are investments in which
the Group has significant influence, but
which it does not control. Significant
influence means the power to participate in
the financial and operating policy decisions
of the company without control or joint
control over those policies. More detailed
information is presented in Note 13 Equity
accounted investments.
Joint control is the contractually agreed
sharing of control of the joint arrangement,
which exists only when decisions on relevant
activities require the unanimous consent of
the parties sharing control. Joint operations
are joint arrangements, whereby the partners
who have joint control of the arrangement
have rights to the assets, and obligations for
the liabilities, relating to the arrangement.
Joint ventures are joint arrangements,
whereby the partners who have joint control
of the arrangement have rights to the net
assets of the joint arrangement.
The Group has two joint operations,
Veracel and Montes del Plata. In both
companies, Stora Enso\u2019s ownership is 50%.
The arrangements are based on
shareholders\u2019 agreements, which give Stora
Enso rights to a share of returns and make
the Group indirectly liable for the liabilities,
as its ability to pay for the pulp is used to
finance debts. In relation to its interest in joint
operations, the Group recognises its share of
assets, liabilities, revenues, expenses and
cash flows of the joint operation. The share is
determined based on rights to the assets and
obligations for the liabilities of each joint
operator.
\u2022Veracel is a jointly owned company of
Stora Enso and Suzano located in Brazil.
The pulp mill produces 1.2 million tonnes
of bleached eucalyptus hard wood pulp
per year and both owners are entitled to
half of the mill\u2019s output. The eucalyptus is
sourced mostly from the company\u2019s own
forestry plantations. The mill commenced
production in May 2005.
\u2022Montes del Plata is a jointly owned
company of Stora Enso and Arauco
located in Uruguay. The Montes del Plata
Pulp Mill\u2019s annual capacity is 1.4 million
tonnes of bleached eucalyptus hard wood
pulp and Stora Enso\u2019s part, 0.7 million
tonnes, is sold entirely as market pulp.
The eucalyptus is sourced mostly from
the company\u2019s own forestry plantations.
The mill commenced production in June
2014.
Revenue recognition
Sales comprise products, raw materials and
services less indirect sales tax and
discounts, and are adjusted for cash flow
hedging result on sales in foreign currencies.
Sales are recognised after Stora Enso has
transferred the control of goods and services
to a customer and the Group retains neither
a continuing right to dispose of the goods,
nor effective control of those goods; usually,
this means that sales are recorded upon the
delivery of goods to customers in
accordance with the agreed terms of
delivery.
Stora Enso\u2019s terms of delivery are based
on Incoterms 2020, which are the official
rules for the interpretation of trade terms as
issued by the International Chamber of
Commerce (ICC). The main categories of the
terms covering Group sales are:
\u2022\u201cD\u201d terms, under which the group is
obliged to deliver the goods to the buyer
at the agreed place in the manner
specified in the chosen rule, in which case
the Point of Sale is the moment of
delivery to the buyer.
\u2022\u201cC\u201d terms, whereby the Group arranges
and pays for the external carriage and
certain other costs, though the Group
ceases to be responsible for the goods
once they have been handed over to the
carrier in accordance with the relevant
term. The Point of Sale is thus the
handing over of the goods to the carrier
contracted by the seller for the carriage to
the agreed destination.
\u2022\u201cF\u201d terms, being where the buyer
arranges and pays for the carriage, thus
the Point of Sale is the handing over of
the goods to the carrier contracted by the
buyer at the agreed point.
Where local rules may result in invoices
being raised in advance of the above, the
effect of this revenue advancement is
quantified, and an adjustment is made
accordingly.Stora Enso\u2019s sales mainly
comprise sales of products and the revenue
is typically recognised at a point in time when
Stora Enso transfers control of these
products to a customer. Revenues from
services are recognised over time once the
service has been performed. More detailed
information regarding Stora Enso's principal
activities from which the Group generates its
revenue and disaggregation of revenue is
presented in Note 3 Segment information.
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. Foreign
exchange differences for operating items are
presented in the appropriate income
statement line in the operating profit, and, for
financial assets and liabilities, they are
presented in the financial items in the
consolidated income statement, except when
deferred in equity as qualifying cash flow
hedges, net investment hedges or net
investment loans. Translation differences on
non-monetary financial assets, such as
equities classified at fair value through other
comprehensive income (FVTOCI), are
included in equity.
Foreign currency translations
The income statements of Group companies
with functional and presentational currencies
other than the euro are translated into the
Group reporting currency using the average
exchange rates of the year, whereas the
statements of the financial position of these
companies are translated using the
exchange rates at the reporting date. The
Group is exposed to currency risks arising
from exchange rate fluctuations on the value
of its net investment in non-euro area foreign
entities. Exchange differences arising from
the retranslation of net investments in foreign
entities that are non-euro foreign
subsidiaries, joint operations or equity
accounted investments, and of financial
instruments that are designated to hedge
such investments, are recorded directly in
equity as cumulative translation adjustment
(CTA). See Note 28 Cumulative translation
adjustments and equity hedging for more
details.
Future standard changes endorsed
by the EU but not yet effective in
2022
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Disclosure of
Accounting policies. The amendment
requires entities to disclose their material
accounting policy information rather than
their significant accounting policies. The
effective date is 1 January 2023. The
Group will consider the amendment in
disclosures and expects that the impact
will not be significant.
\u2022Amendments to IAS 8 Accounting
policies, Changes in Accounting
Estimates and Errors: Definition of
Accounting Estimates. The amendments
introduce the definition of accounting
estimates and includes other
amendments to IAS 8 to help entities
distinguish changes in accounting
estimates from changes in accounting
policies. The effective date is 1 January
2023. The Group expects that the
amendment does not have a significant
impact.
\u2022Amendments to IAS 12 Income Taxes:
Deferred Tax related to Assets and
Liabilities arising from a Single
Transaction. The amendments clarify how
entities account for deferred tax on
transactions such as leases and
decommissioning obligations. The main
change is related to the initial recognition
exemption and in accordance with the
amendment; the initial recognition
exemption does not apply to transactions
in which equal amounts of deductible and
taxable temporary differences arise on
initial recognition. The effective date is 1
January 2023. The Group expects that
the amendment does not have a
significant impact.
\u2022No other published standards, standard
amendments or interpretations which
would be expected to have any significant
impact on the Group\u2019s consolidated
financial statements or disclosures.
Future standard changes not yet
effective and not yet endorsed by the
EU in 2022
\u2022Amendments to IFRS 16 Leases: Lease
Liability in Sale and Leaseback.
Amendment requires a seller-lessee to
subsequently measure lease liabilities
arising from a leaseback in a way that it
does not recognise any amount of the
gain or loss that relates to the right of use
it retains. The new requirements do not
prevent a seller-lessee from recognising
in profit or loss any gain or loss relating to
the partial or full termination of a lease.
The effective date is 1 January 2024. The
Group is evaluating the impact of the
amendments.
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Information about
long-term debt with covenants. IAS 1
requires a company to classify debt as
non-current only if the company can avoid
settling the debt in the 12 months after the
reporting date. However, a company\u2019s
ability to do so is often subject to
complying with covenants. The
amendments specify that covenants to be
complied with after the reporting date do
not affect the classification of debt as
current or non-current at the reporting
date. Instead, the amendments require a
company to disclose information about
these covenants in the notes to the
financial statements. The effective date is
1 January 2024. The Group is evaluating
the impact of the amendments and
expects that the amendment does not
have significant impact.
\u2022Amendments to IAS 1 Presentation of
Financial Statements: Classification of
liabilities as current or non-current. The
amendments clarify a criterion for
classifying a liability as non-current. The
amendments specify that an entity\u2019s right
to defer settlement must exist at the end
of the reporting period; clarify that
classification is unaffected by
management\u2019s intentions or expectations
about whether the entity will exercise its
right to defer settlement; clarify how
lending conditions affect classification;
and clarify requirements for classifying
liabilities an entity will or may settle by
issuing its own equity instruments. The
effective date is 1 January 2024. The
Group is evaluating the impact of the
amendments and expects that the
amendment does not have significant
impact.
\u2022Other published standards, standard
amendments or interpretations are not
expected to have any significant on the
Group\u2019s consolidated financial statements
or disclosures.
Accounting principles
Stora Enso\u2019s reportable segments are Packaging Materials, Packaging Solutions, Biomaterials,
Wood Products, Forest, and Paper and the segment Other. Operating segments reflect the
Group\u2019s management structure and the way financial information is regularly reviewed by Stora
Enso\u2019s President and CEO who is responsible for allocating resources and assessing the
performance of the operating segments. Costs, revenues, assets and liabilities are allocated to
business segments on a consistent basis. Transactions between operating segments are based
on arm\u2019s length terms, and they are eliminated on consolidation.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, which is tested for impairment at least annually.
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.
Accounting principles
Research and development
Research costs are expensed as incurred in other operating expenses in the consolidated
income statement. Development costs are also expensed as incurred unless they meet the
criteria to be recognised as intangible assets in accordance with IAS 38, in which case they are
capitalised as intangible assets and depreciated over their expected useful lives.
Government grants
Government grants relating to the purchase of property, plant and equipment are deducted from
the carrying value of the asset, while the net cost is capitalised. Other government grants are
recognised as income on a systematic basis over the periods necessary to match them with the
related costs which they were intended to compensate.
Green certificates
Stora Enso is part of the local green energy production system which entitles selected mills in
Europe to receive green certificates based on megawatt hours of green energy produced. Green
certificates received are recognised at grant date market value only in the balance sheet. As
such, subsequent changes in market prices do not have an impact on the income statement and
the income is recognised only when certificates are sold.
Accounting principles
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based on taxable
profit/loss for the period, together with tax adjustments for previous periods and the change in
deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, or
substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between
the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised
for the initial recognition of goodwill and the initial recognition of an asset or liability in a
transaction which is not a business combination, and at the time of the transaction this affects
neither accounting profit nor taxable profit. Deferred tax assets reduce income taxes payable on
taxable income in future years. The deferred tax assets, whether arising from temporary
differences or from tax losses, are recognised only to the extent that it is probable that future
taxable profits will be available against which the assets can be utilised.
Accounting principles
Depreciation, amortisation and impairment charges
Depreciation or amortisation of an asset begins when it is available for use in the location and
condition necessary for it to be operated in the manner intended by management. Depreciation
or amortisation ceases when the asset is derecognised or classified as held for sale.
Depreciation or amortisation does not cease when the asset becomes idle. Tangible and
intangible assets are depreciated and amortised on a straight-line basis during their useful lives.
Useful lives are reviewed annually. If an asset is disposed of, proceeds exceeding the carrying
value of the asset up to its historical cost are netted against depreciation, amortisation and
impairment charges. Only disposal proceeds exceeding the historical cost of an asset are
presented as other operating income (Note 5). If the asset\u2019s book value is higher than the
disposal proceeds, the difference is recognised as an impairment in the period when reliable
estimate of disposal loss is available, at the latest when a binding sales contract is signed. Right-
of-use (ROU) assets are depreciated using the straight line method from the commencement
date of the contract to the earlier of the end of the lease term or the end of the useful life of the
ROU assets.
The carrying amounts of intangible assets, property, plant and equipment and ROU assets
are reviewed at each reporting date to determine whether there is any indication of impairment,
whereas goodwill is tested annually. If any such indication exists, the recoverable amount is
estimated as the higher of the fair value less costs of disposal and the value in use, with an
impairment loss being recognised whenever the carrying amount exceeds the recoverable
amount.
A previously recognised impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount, however, not to an extent higher than the
carrying amount that would have existed had no impairment loss been recognised in prior years.
For goodwill, however, a recognised impairment loss is not reversed.
Whilst intangible assets, property, plant and equipment and ROU assets are subject to
impairment testing at the cash generating unit (CGU) level, goodwill is subject to impairment
testing at the CGU level for groups of CGUs, which represents the lowest level within the Group
at which goodwill is monitored for internal management purposes.
Accounting principles
Goodwill
Goodwill represents future economic benefits arising from assets that are not capable of being
individually identified and separately recognised by the Group on an acquisition. Goodwill is
computed as the excess of the cost of an acquisition over the fair value of the Group\u2019s share of
the fair value of net assets of the acquired subsidiary at the acquisition date, and is allocated to
those groups of cash generating units expected to benefit from the acquisition. Goodwill arising
on the acquisition of non-euro foreign entities is treated as an asset of the foreign entity
denominated in the local currency and translated at the closing rate.
Goodwill is not amortised but tested for impairment on an annual basis, or more frequently if
there is an indication of impairment.
Other intangible assets
Intangible assets are stated at their historical cost and amortised on a straight-line basis over
their expected useful lives, which usually varies from 3 to 10 years and up to 20 years for
patents. An adjustment is made for any impairment. Intangible items acquired must be
recognised as assets separately from goodwill if they meet the definition of an asset, are either
separable or arise from contractual or other legal rights, and their fair value can be measured
reliably.
The cost of development or acquisition of new software clearly associated with an identifiable
and unique product that will be controlled by the Group and has a probable benefit exceeding its
cost beyond one year is recognised as an intangible asset and will be amortised over the
expected useful life of the software between 3 to 10 years.
Intangible assets recognised separately from goodwill in acquisitions consist of marketing and
customer-related or contract and technology-based intangible assets. Typical marketing and
customer-related assets include trademarks, trade names, service marks, collective marks,
certification marks, customer lists, order or production backlogs, customer contracts and the
related customer relationships. Contract and technology-based intangible assets are normally
licensing and royalty agreements or patented technology and trade secrets, such as confidential
formulas, processes or recipes. The fair value determination of customer contracts and related
relationships is derived from expected retention rates and cash flow over the customers\u2019
remaining estimated lifetime. The value of trademarks is derived from a discounted cash flow
analysis using the relief from royalty method.
Property, plant and equipment
Property, plant and equipment acquired by Group companies are stated at their historical cost,
which are augmented where appropriate by asset retirement costs. Assets arising on the
acquisition of a new subsidiary are stated at fair value at the date of acquisition. Depreciation is
computed on a straight-line basis, and adjusted for any impairment and disposal charges. The
carrying amount represents the cost deducted by received grants and subsidies and less the
accumulated depreciation and any impairment charges. Interest costs on borrowings to finance
the construction of assets are capitalised as part of the cost during the construction period when
the requirements are fulfilled.
Land and water areas are not depreciated, as these are deemed to have an indefinite life, but
otherwise depreciation is based on the following expected useful lives:
Asset class
Depreciation years
Buildings, industrial
10-50
Buildings, office & residential
20-50
Groundwood mills
15-20
Hydroelectric power
40
Paper, board and pulp mills, main machines
20-30
Heavy machinery
10-20
Converting factories
10-15
Sawmills
10-15
Computers
3-5
Vehicles
5
Office equipment
3-5
Railway, harbours
20-25
Forest roads
10-15
Roads, fields, bridges
15-20
Ordinary maintenance and repair charges are written as expensed when incurred, but the costs
of significant renewals and improvements are capitalised and depreciated over the remaining
useful lives of the related assets. Retirements, sales and disposals of property, plant and
equipment are recorded by deducting the cost and accumulated depreciation from the
accounting records with any resulting terminal depreciation adjustments reflected in impairment
charges in the consolidated income statement. Capital gains are shown in other operating
income.
Spare parts are accounted for as property, plant and equipment if they are major and used
over more than one period, or if they are used only in connection with an item of property, plant
and equipment. In all other cases, spare parts are carried as part of the inventory and
recognised in profit or loss as consumed items.
Right-of-use (ROU) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. ROU assets are initially measured at
cost, which comprises the initial amount of the lease liability adjusted mainly for lease payments
made at or before the commencement date. The Group allocates the consideration in the
contract to each lease component and will separate non-lease components if these are
identifiable. Lease terms are negotiated on an individual basis and contain a wide range of
different terms and conditions.
The ROU assets are subsequently depreciated using the straight line method from the
commencement date to the earlier of the end of the lease term or the end of the useful life of the
ROU asset. In addition, the ROU asset is adjusted for certain remeasurements of the lease
liability. ROU assets are tested for impairment in accordance with IAS 36.
The Group has elected not to recognise ROU assets for short-term leases that have a lease
term of 12 months or less and leases of low value assets. Leases of low value assets mainly
include IT and office equipment, certain vehicles and machinery and other low value items. The
Group recognises the lease payments associated with these leases as an expense on a straight-
line basis over the lease term (Note 5).
Accounting principles
The forest assets of Stora Enso are defined as standing growing trees, classified as biological
assets, and related forest land. The biological assets of Stora Enso consist of standing trees to
be used as raw material in pulp and mechanical wood production and as biofuels.
Forest asset valuation is based on continuous operations and sustainable forest
management, also taking into consideration environmental restrictions and other reservations.
Biological assets are recognised and valued in accordance with the IAS 41 Agriculture standard
at fair value and forest land assets are recognised in accordance with the IAS 16 Property, plant
and equipment standard. Leased forest land assets are presented as part of right-of-use assets
in Note 11 Intangible assets, property, plant and equipment, and right-of-use assets. The Group
changed its valuation method related to Finnish forest asset valuation at the end of 2022 to
correspond to the valuation method applied with Swedish forest assets, as explained in Note 1
Accounting principles.
Nordic and plantation forest assets are classified as different classes of assets due to
different nature, usage and characteristics of the assets. The main difference is the short-term
growing cycle of 6\u201312 years in plantations versus the long-term growing cycle of 60-100 years in
Nordic forests. There are also differences in regeneration methods, forest management, and the
use of the assets for other purposes.
Nordic forest assets include holdings in Sweden and Finland and plantation forest assets
include holdings in China, Brazil and Uruguay. Accounting policies for the different class of forest
assets are presented separately below. In addition the Group has minor forest asset holdings in
Estonia and Romania through associate company Tornator. The Group has forest assets in its
own subsidiaries in Sweden and China as well as in joint operations in Brazil and Uruguay, and
in equity accounted investment in Finland. Stora Enso also ensures that the Group\u2019s share of the
valuation of forest holdings in equity accounted investments and joint operations are consistent
with Group accounting policies. At harvesting, biological assets are transferred to the inventory.
Nordic forest assets
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\u2019s
forests are located. Stora Enso\u2019s forest assets create value by securing wood supply, increasing
long-term yield, optimising land use and securing financial flexibility. They play an important role
in mitigating climate change impacts, as growing trees absorb CO2. The forests also offer
opportunities for future value streams, such as wind power.
The total forest assets value is calculated with verified inventory data and regional standing
stock prices, considering among others:
\u2022regional market transaction data based on the forest assets' geographical locations,
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
Accounting principles
Associated companies over which Stora Enso exercises significant influence are accounted for
using the equity method. Stora Enso does not control associate companies alone or jointly with
other parties, but has significant influence. The Group\u2019s share of the equity accounted
investment profit or loss is recognised in the consolidated income statement. The Group\u2019s
interest in an associated company is carried in the consolidated statement of financial position at
an amount that reflects its share of the net assets of the associate together with goodwill.
Goodwill arising from the acquisition of an equity accounted investment is included in the
carrying amount of the investment and is assessed for impairment as part of that investment.
There is no material goodwill in the carrying amount of equity accounted investments.
When the Group share of losses exceeds the carrying amount of an investment, the carrying
amount is reduced to zero and any recognition of further losses ceases unless the Group is
obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise
committed to.
The Group\u2019s share of results in equity accounted investments is reported in the operating
profit to reflect the operational nature of these investments. Similarly, dividends received from
equity accounted investments are presented in the net cash provided by operating activities in
the consolidated cash flow statement.
Accounting principles
The Group has elected to classify its equity investments in Pohjolan Voima shares and certain
listed shares held by the Group at fair value through other comprehensive income (FVTOCI)
under IFRS 9 by applying the irrevocable election for equity instruments under the standard due
to the long-term nature of the ownership. The gains and losses resulting from changes in the fair
value of equity investments under FVTOCI are not recycled to the Income Statement upon
impairment or disposal, only the dividend income is recognised in the income statement. In
addition, the Group also has certain equity investments in unlisted securities that are classified
as fair value through income statement.
Accounting principles
The Group participates in the European Emissions Trading Scheme, with the aim of reducing
greenhouse gas emissions. The Group has been allocated allowances to emit a fixed tonnage of
carbon dioxide (CO2) over a fixed period of time, which are recognised as intangible assets,
government grants and as liabilities for the obligation to deliver allowances equal to those
emissions that have been made during the compliance period.
Intangible assets related to emission allowances are measured at level 1 fair value at the
date of initial recognition. The liabilities to deliver allowances are recognised based on actual
emissions and are settled using allowances on hand and measured at the carrying amount of
those allowances. At the reporting date, if the market value for the emission allowances is less
than the carrying amount, any surplus allowances that are not required to cover emissions made
are impaired to the market value.
The Group expenses emissions made at the grant date fair value, under materials and
services, together with purchased emission rights at their purchase price. Such costs will be
offset under other operating income by the income from the original rights used at their grant
date fair value. The consolidated income statement will, thus, be neutral in respect to all the
rights consumed that were within the original grant of rights. Sales of excess emission
allowances are recognised as income on the delivery date. Any net effect represents the costs of
purchasing additional rights to cover excess emissions, or the sale of unused rights in case that
the realised emissions are below the allowances received free of charge or the impairment of
allowances that are not required for own use.
Accounting principles
Inventories are reported at lower of cost and net realisable value with the cost determined by the
first-in first-out (FIFO) method or, alternatively, by the weighted average cost where it
approximates FIFO. The same cost formula is used for all inventories having a similar nature
and use to the Group. The cost of finished goods and work in progress comprises raw material,
direct labour, depreciation, other direct costs and related production overheads, but excludes
interest expenses. Net realisable value is the estimated selling price in the ordinary course of
business, less the costs of completion and sale.
Where market conditions result in the manufacturing costs of a product exceeding its net
realisable value, a valuation allowance is made. Valuation allowances are also made for old,
slow moving and obsolete finished goods and spare parts when needed. Such valuation
allowances are deducted from the carrying value of the inventories in the consolidated statement
of financial position.
Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable
shareholders\u2019 equity until approved by the shareholders at the Annual General Meeting.
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 profit 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.
Accounting principles
Employee benefits
The Group operates a number of defined benefit and contribution plans throughout the world,
the assets of which are generally held in separate trustee administered funds. Such pension and
post-retirement plans are generally funded by payments from employees and by the relevant
Group companies, taking into account the recommendations of independent qualified actuaries.
Employer contributions to the defined contribution pension plans are charged to the consolidated
income statement in the year they relate to.
For defined benefit plans, accounting values are assessed using the projected unit credit
method. Under this method, the cost of providing pensions is charged to the consolidated
income statement to spread the regular cost over the service lives of employees in accordance
with the advice of qualified actuaries who carry out a full valuation of the plan every year in all
major pension countries. The pension obligation is measured as the present value of the
estimated future cash outflows using interest rates of highly rated corporate bonds or
government securities, as appropriate, that match the currency and expected duration of the
related liability.
The Group recognises all actuarial gains and losses arising from defined benefit plans directly
in equity, as disclosed in its consolidated statement of comprehensive income. Past service
costs are identified at the time of any amendments to the plans and are recognised immediately
in the consolidated income statement regardless of vesting requirements. In the Group\u2019s
consolidated statement of financial position, the full liability for all plan deficits is recorded.
Accounting principles
Share awards
The costs of all employee-related share-based payments are charged to the consolidated
income statement as personnel expenses over the vesting period.
All share-based payment transactions are classified as equity-settled share awards. The
equity-settled share awards (net of tax), are measured at the fair value of the equity instruments
on the grant date, and are adjusted for the present value of expected dividends. The fair value of
the equity-settled share-based payments determined on the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.
Accounting principles
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, and it is probable that an outflow of resources will be required to settle the
obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are
measured at the management\u2019s best estimate and there is some uncertainty regarding the
timing and amount of the costs. Provisions for obligations to dismantle, remove or restore assets
after their use are added to the carrying amount of the assets at acquisition date and
depreciated over the useful life of the asset. Provisions are discounted to their current net
present value if the effect of the time value of money is material.
Environmental provisions
Environmental expenditures resulting from the remediation of an existing condition caused by
past operations, and which do not contribute to current or future revenues, are recognised as
provisions. Environmental liabilities are recorded when it is probable, based on current
interpretations of environmental laws and regulations, that a present obligation has arisen and
the amount of such liability can be reliably estimated.
Restructuring provisions
A restructuring provision is recognised in the period in which the Group becomes legally or
constructively committed to the plan. The relevant costs are those that are incremental to, or
incurred as a direct result of, the exit plan, or are the result of a continuing contractual obligation
with no ongoing economic benefit, or represent a penalty incurred to cancel the obligation.\u00a0
Other provisions
Other provisions are recognised regarding different legal or constructive obligations, such as
onerous contracts, guarantees to customers, ongoing lawsuits, claims, or similar.
Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Managing Interest Rate Benchmark Reform and associated risks
A global reform on interest reference rates is underway as existing IBOR reference rates are
being replaced by alternative risk-free rates. The impact of the transition is expected to be
limited for the Group's external contracts. The Group has exposure to IBORs on its financial
instruments that will be replaced or reformed as part of these market-wide initiatives. The
Group's main IBOR exposure at 31 December 2022 was indexed to US dollar LIBOR and
related amount of interest bearing liabilities outstanding at 31 December 2022 was EUR 211
(EUR 189) million. The publication of USD LIBORs will cease after June 2023.
The Group monitors the process of transition from IBORs to new benchmark rates by
reviewing the total amounts of contracts that have yet to transition to an alternative benchmark
rate. The expected impact is limited and relates mainly to external long-term debt. The Group's
financial instruments are mainly indexed to Euribor and Stibor reference rates and these are
expected to continue to exist for now.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
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\u2019s net investment in the foreign operation.
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.
Accounting principles
Basic earnings per share, attributable to the owners of the parent company, are calculated by
dividing the net profit attributable to shareholders by the weighted average number of ordinary
shares in issue during the year, excluding ordinary shares purchased by the group and held as
treasury shares. Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares plus the diluted effect of all potential dilutive ordinary shares, such as
shares from share-based payments.
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Principal activities
Stora Enso Oyj (\u201cthe Company\u201d) is a Finnish
public limited liability company organised
under the laws of the Republic of Finland
and with its registered address at
Salmisaarenaukio 2, 00180 Helsinki. Its
shares are currently listed on Nasdaq
Helsinki and Stockholm. The operations of
Stora Enso Oyj and its subsidiaries (together
\u201cStora Enso\u201d or \u201cthe Group\u201d) are organised
into the following reportable segments:
Packaging Materials, Packaging Solutions,
Biomaterials, Wood Products, Forest, Paper
and segment Other. The Group\u2019s main
market is Europe.
The Financial Statements were
authorised for issue by the Board of
Directors on 30 January 2023.
Basis of preparation
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC). The
consolidated financial statements of Stora
Enso Oyj have been prepared according to
the historical cost convention, except as
disclosed in the accounting policies. The
detailed accounting principles are explained
in the related notes with a few exceptions
where the accounting principles are
presented in this note. The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
All figures in this Annual Report have
been rounded to the nearest million, unless
otherwise stated. Therefore, figures in this
report may not add up precisely to the totals
presented and may vary from previously
published financial information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyMzg_356529e9-6eea-4df2-aced-f6446d1f6c26": { "value": "Stora Enso Oyj", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyMzg_cc630687-e83e-446c-95fb-bd4de790a50f": { "value": "Stora Enso Oyj", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyMzk_1a854ab7-e06e-4969-9dd4-4760039fe81d": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyNDY_80f88e61-fc41-4735-9610-093da7dd90f9": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyNDY_945ec19e-d305-45fa-a2b7-77eb7d02291a": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyNDI_897e14a2-19fb-4ab6-9bc2-7ce1004eb89d": { "value": "Salmisaarenaukio 2, 00180 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyNTE_06162e55-faa5-42eb-bc3a-971c4d6931aa": { "value": "Stora Enso", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTUyNTM_a4888faa-31ea-403f-b77a-3eab08255bf1": { "value": "The Group\u2019s main market is Europe.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzNjEyMQ_1d7e1dc1-c936-4785-9d90-fa8a7f099889": { "value": "
The Financial Statements were
authorised for issue by the Board of
Directors on 30 January 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzNjEyMg_c3ddc62d-cfab-4289-9395-fe7be31797bf": { "value": "
Basis of preparation
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC). The
consolidated financial statements of Stora
Enso Oyj have been prepared according to
the historical cost convention, except as
disclosed in the accounting policies. The
detailed accounting principles are explained
in the related notes with a few exceptions
where the accounting principles are
presented in this note. The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
All figures in this Annual Report have
been rounded to the nearest million, unless
otherwise stated. Therefore, figures in this
report may not add up precisely to the totals
presented and may vary from previously
published financial information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzNjEyMg_f8f2758b-55ed-44ff-86d3-558323820fd2": { "value": "
Basis of preparation
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC). The
consolidated financial statements of Stora
Enso Oyj have been prepared according to
the historical cost convention, except as
disclosed in the accounting policies. The
detailed accounting principles are explained
in the related notes with a few exceptions
where the accounting principles are
presented in this note. The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
All figures in this Annual Report have
been rounded to the nearest million, unless
otherwise stated. Therefore, figures in this
report may not add up precisely to the totals
presented and may vary from previously
published financial information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzNjEyMA_8322f711-631e-4b05-855c-c2c8d3bbc14e": { "value": "
The consolidated financial statements of
Stora Enso Oyj have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union, including International
Accounting Standards (IAS) and
interpretations issued by the IFRS
Interpretations Committee (IFRIC).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0Nw_442ecfe7-baee-4274-b6e4-ae662194cb28": { "value": "The consolidated
financial statements are presented in euros,
which is the parent company\u2019s functional
currency.
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. Foreign
exchange differences for operating items are
presented in the appropriate income
statement line in the operating profit, and, for
financial assets and liabilities, they are
presented in the financial items in the
consolidated income statement, except when
deferred in equity as qualifying cash flow
hedges, net investment hedges or net
investment loans. Translation differences on
non-monetary financial assets, such as
equities classified at fair value through other
comprehensive income (FVTOCI), are
included in equity.
Foreign currency translations
The income statements of Group companies
with functional and presentational currencies
other than the euro are translated into the
Group reporting currency using the average
exchange rates of the year, whereas the
statements of the financial position of these
companies are translated using the
exchange rates at the reporting date. The
Group is exposed to currency risks arising
from exchange rate fluctuations on the value
of its net investment in non-euro area foreign
entities. Exchange differences arising from
the retranslation of net investments in foreign
entities that are non-euro foreign
subsidiaries, joint operations or equity
accounted investments, and of financial
instruments that are designated to hedge
such investments, are recorded directly in
equity as cumulative translation adjustment
(CTA). See Note 28 Cumulative translation
adjustments and equity hedging for more
details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzMjYwMQ_7405bfdd-12f7-4ff8-b08c-3df2de0e56a3": { "value": "
Changes in accounting principles
Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMjc0ODc3OTEzMjYwMQ_f96a2d20-1437-42b4-9988-a09daa778b4b": { "value": "
Changes in accounting principles
Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ1Mw_2aa37326-53b5-42ca-beba-dda4d70dc39d": { "value": "
Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
Biological assets
The Group has biological assets in
subsidiaries, joint operations and associated
company. Biological assets, in the form of
standing trees, are accounted in accordance
with the IAS 41 Agriculture standard, which
requires that the assets are measured at fair
value less the costs to sell. Fair value is
determined by using discounted cash flows
from continuous operations based on
sustainable forest management plans taking
into account the growth potential of one
cycle. These discounted cash flows require
estimates of growth, harvesting, sales price,
costs and discount rate. In determining the
value of biological assets, the management
needs to make estimates of future price
levels and trends for sales and costs, and to
undertake regular surveys of the forest to
establish the volumes of wood available for
harvesting and their current growth rates.
See next chapter for estimates and
judgement applied in valuation of Nordic
forest assets and Note 12 Forest assets for
more detailed information about Nordic and
plantation forest assets.
Nordic forest assets
The fair value of forest assets in the Nordics
is determined using a market approach
method, which is based on the forest market
transactions in the areas where Stora Enso\u2019s
forests are located. Market prices between
areas vary significantly and judgement is
applied to define relevant areas for market
transactions used in valuation. The valuation
of the forest assets is based on detailed
transaction data and price statistics as
provided by market data suppliers. Market
transaction data is adjusted to consider
characteristics and nature of Stora Enso's
forest assets and to exclude certain non-
forest assets and transactions considered as
outliers compared to other transactions. The
valuation takes into account where the forest
land is located, price levels and volume of
standing stock. The value of the forest
assets will be affected by changes in
transaction prices and by how the volume of
standing stock develops. Stora Enso is
applying weighted three-year average
market transaction prices and this is
considered to include a sufficient amount of
transactions and estimated to represent
market conditions at the reporting date.
The value of the forest assets is allocated
to biological assets and forest land.
Allocation of the combined fair value of forest
assets is based on the income approach
where separate present values of expected
net cash flows are calculated for both
biological assets and forest land. The
discount rate is determined as the rate at
which the valuation based on market
transaction prices matches the total forest
assets combined cash flows for biological
assets and forest land. The total net cash
flows for each of the components include
estimates in respect of future harvesting
volumes, sales price levels, and cost
development. See Note 12 Forest assets for
more information.
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Nordic forest assets
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\u2019s
forests are located. Stora Enso\u2019s forest assets create value by securing wood supply, increasing
long-term yield, optimising land use and securing financial flexibility. They play an important role
in mitigating climate change impacts, as growing trees absorb CO2. The forests also offer
opportunities for future value streams, such as wind power.
The total forest assets value is calculated with verified inventory data and regional standing
stock prices, considering among others:
\u2022regional market transaction data based on the forest assets' geographical locations,
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
Accounting principles
The Group has elected to classify its equity investments in Pohjolan Voima shares and certain
listed shares held by the Group at fair value through other comprehensive income (FVTOCI)
under IFRS 9 by applying the irrevocable election for equity instruments under the standard due
to the long-term nature of the ownership. The gains and losses resulting from changes in the fair
value of equity investments under FVTOCI are not recycled to the Income Statement upon
impairment or disposal, only the dividend income is recognised in the income statement. In
addition, the Group also has certain equity investments in unlisted securities that are classified
as fair value through income statement.
Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
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Valuation of Finnish forest assets
Stora Enso changed the valuation method
for its forest assets in Finland at the end of
2022 to correspond to the valuation method
applied with Swedish forest assets. Forest
assets in Finland are owned through Group's
41% shareholding in equity accounted
investment Tornator. Forest assets are
defined as biological assets (standing
growing trees) and the related forest land. As
a result of the valuation method change, the
forest assets in Finland are valued using a
market approach.
Forest assets in Finland are valued by
using a market approach method based on
the forest market transactions in those areas
where Stora Enso\u2019s forests are located. In
Finland reliable market transaction data is
considered to be available and also
considered to provide a more transparent
and observable valuation basis. The total
forest assets net cash flows consist of cash
flows related to standing trees (biological
assets) and separate cash flows regarding
forest land. The standing trees valuation is
computed based on a discounted cash flow
(DCF) method and using a discount rate
implied by the market transactions in
accordance with the IAS 41 Agriculture
standard. The discount rate is determined as
the rate at which the market transaction
prices match the total forest assets cash
flows. The discount rate is the same for
biological assets and forest land.
Previously, the discounted cash flow
method was used for valuation of biological
assets and forest land, where the discount
rate applied was determined using the
weighted average cost of capital method.
There are no changes in applied accounting
principles and the change in the valuation
method concerns only forest assets in
Finland, while there are no changes in the
valuation method with Tornator's minor forest
holdings in Estonia and Romania.
Changes in the valuation method with
Finnish forest assets increased Stora Enso's
share of the carrying amount of forest assets
by approximately EUR 240 million, divided
between an increase in biological assets of
EUR 170 million and an increase in forest
land of EUR 70 million. Net of taxes, the
change resulted in about EUR 190 million
increase in investments in equity accounted
investments.
The increase in forest land assets is
recognised in the OCI net of deferred taxes
and does not have an impact on the income
statement. The fair value changes in
biological assets is recognised in the income
statement. The comparative periods have
not been restated. See Note 12 Forest
assets for more details.
Biological assets
The Group has biological assets in
subsidiaries, joint operations and associated
company. Biological assets, in the form of
standing trees, are accounted in accordance
with the IAS 41 Agriculture standard, which
requires that the assets are measured at fair
value less the costs to sell. Fair value is
determined by using discounted cash flows
from continuous operations based on
sustainable forest management plans taking
into account the growth potential of one
cycle. These discounted cash flows require
estimates of growth, harvesting, sales price,
costs and discount rate. In determining the
value of biological assets, the management
needs to make estimates of future price
levels and trends for sales and costs, and to
undertake regular surveys of the forest to
establish the volumes of wood available for
harvesting and their current growth rates.
See next chapter for estimates and
judgement applied in valuation of Nordic
forest assets and Note 12 Forest assets for
more detailed information about Nordic and
plantation forest assets.
Nordic forest assets
The fair value of forest assets in the Nordics
is determined using a market approach
method, which is based on the forest market
transactions in the areas where Stora Enso\u2019s
forests are located. Market prices between
areas vary significantly and judgement is
applied to define relevant areas for market
transactions used in valuation. The valuation
of the forest assets is based on detailed
transaction data and price statistics as
provided by market data suppliers. Market
transaction data is adjusted to consider
characteristics and nature of Stora Enso's
forest assets and to exclude certain non-
forest assets and transactions considered as
outliers compared to other transactions. The
valuation takes into account where the forest
land is located, price levels and volume of
standing stock. The value of the forest
assets will be affected by changes in
transaction prices and by how the volume of
standing stock develops. Stora Enso is
applying weighted three-year average
market transaction prices and this is
considered to include a sufficient amount of
transactions and estimated to represent
market conditions at the reporting date.
The value of the forest assets is allocated
to biological assets and forest land.
Allocation of the combined fair value of forest
assets is based on the income approach
where separate present values of expected
net cash flows are calculated for both
biological assets and forest land. The
discount rate is determined as the rate at
which the valuation based on market
transaction prices matches the total forest
assets combined cash flows for biological
assets and forest land. The total net cash
flows for each of the components include
estimates in respect of future harvesting
volumes, sales price levels, and cost
development. See Note 12 Forest assets for
more information.
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Nordic forest assets
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\u2019s
forests are located. Stora Enso\u2019s forest assets create value by securing wood supply, increasing
long-term yield, optimising land use and securing financial flexibility. They play an important role
in mitigating climate change impacts, as growing trees absorb CO2. The forests also offer
opportunities for future value streams, such as wind power.
The total forest assets value is calculated with verified inventory data and regional standing
stock prices, considering among others:
\u2022regional market transaction data based on the forest assets' geographical locations,
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
The value of forest assets disclosed in the consolidated statement of financial position from
subsidiary companies and joint operations amounts to EUR 6,846 (EUR 6,747) million as shown
below. The Group\u2019s indirect share of forest assets held by associated company amounts to EUR
1,271 (EUR 985) million. The total forest asset value, excluding leased forest land, amounts to
EUR 8,117 (EUR 7,732) million.
Forest assets
Biological assets
Forest land2
Forest assets total
Year Ended 31 December
Year Ended 31 December
Year Ended 31 December
EUR million
2022
2021
2022
2021
2022
2021
Subsidiaries and joint
operations
Value at 1 January
4,547
4,250
2,201
2,005
6,747
6,256
Translation differences
-305
-43
-145
-26
-449
-68
Unrealized change in fair
value1
336
471
259
225
596
696
Additions
77
58
2
1
78
59
Disposals
-2
-64
-2
-5
-4
-69
Change due to harvesting1
-141
-127
0
0
-141
-127
Other operative changes1
-1
-17
0
0
-1
-17
Reclassification from PPE
20
17
0
0
20
17
Value at 31 December
4,531
4,547
2,315
2,201
6,846
6,747
Associated company
Tornator Oyj (41%)
1,122
906
149
78
1,271
985
Value at 31 December
1,122
906
149
78
1,271
985
Total
5,653
5,453
2,464
2,279
8,117
7,732
1 For biological assets, changes are presented\u00a0 in the profit and loss. For forest land, changes in fair value are recognised directly in
equity.
2 Not including leased forest land.
Unrealised gains and losses on listed and unlisted securities
Year Ended 31 December
EUR million
2022
2021
Net unrealised holding gains (OCI)
1,299
780
Cost
147
139
Fair value
1,445
918
Net unrealised holding gains (OCI)
1,299
780
Deferred tax
-1
-2
Net unrealised holding gains shown in equity as OCI
1,297
778
Change in net unrealised holding gains shown in equity as OCI
519
501
PVO shares
The Group holds a 15.6% (15.6%) interest in Pohjolan Voima Oyj (PVO), a public limited
company in the energy sector that produces electricity and heat for its shareholders in Finland at
cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO
group has its own class of shares that, instead of dividends, entitle the shareholder to the energy
produced in proportion to its ownership of that class of share. Also, the shareholders then have
an obligation to cover the costs of production, which are generally lower than market prices.
Stora Enso did not receive actual dividend payments from PVO during 2022. The holding is fair
valued quarterly using the discounted cash flow method. During the last quarter of 2022 the
Group refined the valuation method to be based on discounted cash flow analysis only, while
previously, also market multiples were used. Trading multiples are considered to be less reliable
under current market conditions. The valuation is categorised at level 3 in the fair value
hierarchy according to IFRS 13; levels are explained in Note 25 Fair values.
The electricity prices used in the valuation are based on market future derivative prices for
the first three years and on long-term electricity price estimates for the years thereafter. The
historical financial statements provide the basis for the cost structure for each power asset and
for future periods, estimates from PVO shareholder information is used when available and
these are adjusted by inflation factor in future years.\u00a0 The discount rate of 7.99% used in the
valuation model is determined using the weighted average cost of capital method. A +/- 5%
change in the electricity price used in the DCF would change the valuation by EUR +127 million
and -127 million, respectively. A +/- percentage point change in the discount rate would change
the valuation by EUR -158 million and +200 million, respectively..
Stora Enso holds an indirect share of approximately 8.9% of the capacity of Olkiluoto 3
nuclear plant unit through its PVO B2 shares. The Olkiluoto 3 plant unit has been running test
production during 2022. During the test production, in October 2022, damages were identified in
the plant unit's feedwater pumps. After an investigation into the damages, Teollisuuden Voima
Oyj announced in December 2022 that the regular electricity production is expected to start in
March 2023.
PVO shareholding on 31 December 2022
EUR million
Share Series
% Holding
Asset Category
Fair Value 2022
Fair Value 2021
PVO-Vesivoima Oy
A
20.6
Hydro
307
302
Teollisuuden Voima Oyj
B
15.7
Nuclear
735
540
Teollisuuden Voima Oyj
B2
14.8
Nuclear
377
54
Other
C,C2,V,M
Various
Various
4
4
Total
1,423
900
The valuation in 2022 amounted to EUR 1,423 (EUR 900) million against a cost value of EUR
130 (EUR 130) million, with the revaluation of EUR 1,293 (EUR 770) million presented in equity
as part of the fair value reserve. The change in PVO\u2019s value is mainly caused by the increase in
electricity market prices during the year. No deferred tax is recognized, as under Finnish tax
regulations holdings above 10% are exempt from tax on disposal proceeds.
Principal equity instruments
31 December 2022
EUR million
Holding %
Number of
Shares
Acquisition
Cost
Fair Value
Packages Ltd, Pakistan - listed shares
6.0
5,396,650
3
8
Total listed securities
3
8
Pohjolan Voima Oy - unlisted shares
15.6
5,073,972
130
1,423
Others - unlisted securities
14
14
Total unlisted securities
144
1,437
Total Equity instruments at 31 December 2022
147
1,445
Total Equity instruments at 31 December 2021
139
918
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2022
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
8
\u2014
8
8
8
\u2014
\u2014
14
Unlisted securities
\u2014
1,423
14
1,437
1,437
\u2014
\u2014
1,437
14
Non-current interest-bearing receivables
92
28
\u2014
120
120
\u2014
28
\u2014
26
Derivative assets
\u2014
28
\u2014
28
28
\u2014
28
\u2014
Loan receivables
92
\u2014
\u2014
92
92
\u2014
\u2014
\u2014
Trade and other operative receivables
1,138
66
\u2014
1,204
1,204
\u2014
66
\u2014
17
Current interest-bearing receivables
10
50
16
77
77
\u2014
67
\u2014
26
Derivative assets
\u2014
50
16
67
67
\u2014
67
\u2014
Other short-term receivables
10
\u2014
\u2014
10
10
\u2014
\u2014
\u2014
Cash and cash equivalents
1,917
\u2014
\u2014
1,917
1,917
\u2014
\u2014
\u2014
Total
3,157
1,576
30
4,763
4,763
8
161
1,437
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
2,792
\u2014
\u2014
2,792
2,749
\u2014
\u2014
\u2014
26
Derivative liabilities
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Non-current debt
2,792
\u2014
\u2014
2,792
2,748
\u2014
\u2014
\u2014
Current portion of non-current debt
667
\u2014
\u2014
667
667
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
462
30
20
513
513
\u2014
50
\u2014
26
Derivative liabilities
\u2014
30
20
50
50
\u2014
50
\u2014
Current debt
462
\u2014
\u2014
462
462
\u2014
\u2014
\u2014
Trade and other operative payables
2,076
\u2014
\u2014
2,076
2,076
\u2014
\u2014
\u2014
23
Bank overdrafts
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Total
5,998
30
20
6,048
6,005
\u2014
51
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2021
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
13
\u2014
13
13
13
\u2014
\u2014
14
Unlisted securities
\u2014
900
5
905
905
\u2014
\u2014
905
14
Non-current interest-bearing receivables
45
6
\u2014
51
51
\u2014
6
\u2014
26
Derivative assets
\u2014
6
\u2014
6
6
\u2014
6
\u2014
Loan receivables
45
\u2014
\u2014
45
45
\u2014
\u2014
\u2014
Trade and other operative receivables
1,110
39
\u2014
1,149
1,149
\u2014
39
\u2014
17
Current interest-bearing receivables
52
31
1
84
84
\u2014
32
\u2014
26
Derivative assets
\u2014
31
1
32
32
\u2014
32
\u2014
Other short-term receivables
52
\u2014
\u2014
52
52
\u2014
\u2014
\u2014
Cash and cash equivalents
1,481
\u2014
\u2014
1,481
1,481
\u2014
\u2014
\u2014
Total
2,687
990
6
3,683
3,683
13
77
905
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
3,284
7
23
3,313
3,618
\u2014
30
\u2014
26
Derivative liabilities
\u2014
7
23
30
30
\u2014
30
\u2014
Non-current debt
3,284
\u2014
\u2014
3,284
3,589
\u2014
\u2014
\u2014
Current portion of non-current debt
180
\u2014
\u2014
180
180
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
403
35
7
444
444
\u2014
42
\u2014
26
Derivative liabilities
\u2014
35
7
42
42
\u2014
42
\u2014
Current debt
403
\u2014
\u2014
403
403
\u2014
\u2014
\u2014
Trade and other operative payables
1,960
\u2014
\u2014
1,960
1,960
\u2014
\u2014
\u2014
23
Bank overdrafts
1
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
Total
5,827
42
29
5,899
6,204
\u2014
71
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
In the previous tables, the fair value is estimated to be equal to the carrying amount for current
financial assets and financial liabilities, such as trade receivables and payables due to their short
time to maturity and limited credit risk. The fair value of non-current loan receivables, considered
as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair
value of non-derivative interest-bearing liabilities, considered as a level 2 fair value
measurement, is estimated based on a discounted cash flow analysis in which the yield curves
observable at commonly quoted intervals are used as a discount factor in the model.
Reconciliation of level 3 fair value measurement of financial assets and liabilities
EUR million
2022
2021
Financial assets
Opening balance at 1 January
905
401
Reclassifications
-1
0
Gains/losses recognised in other comprehensive income
523
504
Additions
10
1
Closing balance at 31 December
1,437
905
The Group did not have level 3 financial liabilities as at 31 December 2022.
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
Total foreign exchange gains and losses in the income statement excluding hedges
Year ended 31 December
EUR million
2022
2021
Other operating income
42
31
Other operating expense
-21
-14
Borrowings, cash equivalents. lease liabilities and other
-10
37
Total
11
54
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
Changes in fair values of hedged items and hedging instruments 2022
EUR million
Change in value of
hedged item to
determine hedge
effectiveness
Change in value of
outstanding
hedging
instruments
Ineffectiveness
Foreign exchange risk - Forward and option
contracts (excluding option time value)1
77
-79
-2
Foreign exchange risk - Net investment hedges
-16
16
0
Commodity price risk - Commodity swaps
-31
31
0
Interest rate risk - Interest rate swaps
-34
34
0
1 Ineffectiveness booked in Operating profit.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2022
EUR million
At 1 Jan
2022
Change in
fair value
recognised
in OCI/CTA
Reclassified
from OCI to
profit and
loss
Reclassified
to non-
financial
assets
Tax impact
At 31 Dec
2022
Foreign exchange risk -
Operational cash flow hedging
-21
-82
107
3
-5
2
Commodity price risk -
Commodity swaps
23
41
-52
0
3
15
Interest rate risk - Interest rate
swaps
-4
33
0
0
-7
23
Interest rate and foreign
exchange risk - Cross-currency
swaps
-1
0
2
0
0
1
Cost of hedging reserve
-1
0
0
0
0
-1
Total cash flow hedge
reserve in OCI
-4
-8
57
3
-9
39
Foreign exchange risk - Net
investment hedges
14
-16
0
0
3
1
Total net investment hedges
in CTA
14
-16
0
0
3
1
Total hedging reserves
10
-24
57
3
-6
40
transaction did not have a material impact on the Group. Also in 2021, Bergvik Skog AB was
liquidated, there were no operations remaining in the company after Bergvik Skog AB
restructuring in 2019.
Group share of equity accounted investments income statements
Year Ended 31 December
EUR million
2022
2021
Sales
147
142
Net operating expenses
-103
-97
Biological asset valuation
189
120
Operating profit
233
166
Net financial items
40
10
Net profit before tax
273
176
Income tax
-52
-34
Net profit for the year
221
143
800
545
The Group\u2019s current 41% ownership is valued at EUR 800 (EUR 545) million at the year-end of
2022. The Group\u2019s share of Tornator\u2019s net profit was EUR 222 (EUR 143) million, including a
biological asset valuation gain net of taxes of EUR 152 (EUR 96) million.
Aggregate information of equity accounted investments that are not individually material
As at 31 December
EUR million
2022
2021
Non-current assets
35
30
Current assets
12
22
Non-current liabilities
3
2
Current liabilities
12
15
Sales
74
78
Net profit for the year
-2
0
Dividends received during the financial year
1
0
Net assets of the associates
32
35
Equity accounting value
32
35
Equity accounting value for Tornator Oyj
800
545
Total equity accounting value
832
580
Equity accounted investment balances
As at 31 December
EUR million
2022
2021
Receivables from equity accounted investments
Non-current loan receivables
2
2
Trade receivables
1
1
Other receivables
0
10
Liabilities due to equity accounted investments
Trade payables
101
55
Equity accounted investment transactions
Year Ended 31 December
EUR million
2022
2021
Sales to equity accounted investments
19
19
Interest on loan receivables from equity accounted investments
0
1
Purchases from equity accounted investments
163
109
The Group engages in transactions with equity accounted investments such as sales and
purchases of wood. All agreements are negotiated at arm\u2019s length and are conducted on terms
that the Group considers customary in the industry and generally no less favourable than would
be available from independent third parties.
Note 30 Group companies
Group
ownership, %
Group
ownership, %
Subsidiaries
Country
2022
2021
A/O Ladenso
Russia
100.00
100.00
Anjala Fiber & Energy Oy
Finland
100.00
100.00
AO Stora Enso
Russia
0.00
100.00
AS Stora Enso Latvija
Latvia
100.00
100.00
Bergn\u00e4t 1 AB
Sweden
100.00
100.00
Beta Skog 1 AB
Sweden
100.00
0.00
Cellutech AB
Sweden
100.00
100.00
Centrum Dystrybucji i Obr\u00f3bki 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
Dongguan Stora Enso Inpac Packaging Co. Ltd.
China
100.00
100.00
DuraSense AB (formerly Box Inc.)
Sweden
100.00
100.00
Efora Oy
Finland
100.00
100.00
Enso Alueverkko Oy
Finland
100.00
100.00
Euro - Timber, spol. s.r.o.
Slovak Republic
100.00
100.00
FPB Holding GmbH & Co. KG
Germany
0.00
99.98
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
Lignode AB
Sweden
100.00
0.00
Lignode Holding Oy
Finland
100.00
0.00
Lignode Oy
Finland
100.00
0.00
Lumipaper Ltd
UK
100.00
100.00
Lumipaper NV
Belgium
100.00
100.00
Mena Wood Oy Ltd
Finland
100.00
100.00
OAO Olonetsles
Russia
0.00
99.48
OOO Setles
Russia
0.00
100.00
OOO Setnovo
Russia
0.00
100.00
OOO Stora Enso Forest West
Russia
0.00
100.00
OOO Stora Enso Packaging BB
Russia
0.00
100.00
OOO Stora Transport
Russia
0.00
100.00
OOO Terminal
Russia
0.00
100.00
Primaskog 9 AB
Sweden
0.00
100.00
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 Austria GmbH
Austria
0.00
100.00
Stora Enso Belgium NV
Belgium
100.00
100.00
Group
ownership, %
Group
ownership, %
Subsidiaries
Country
2022
2021
Stora Enso Plantor AB
Sweden
0.00
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
100.00
100.00
Stora Enso Treasury Stockholm AB
Sweden
100.00
100.00
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi
Turkey
100.00
0.00
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 Verwaltungs GmbH
Germany
0.00
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 Plan\u00e1 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
Sydved AB
Sweden
66.67
66.67
S\u00f6dra Norrlands Hamnbolag nr 1 AB
Sweden
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
VLAR Papier NV
Belgium
0.00
100.00
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0NA_00bf8dbd-486f-4172-aa5e-64c0ce12b24a": { "value": "
Associated companies over which Stora
Enso exercises significant influence are
accounted for by using the equity method.
These companies are investments in which
the Group has significant influence, but
which it does not control. Significant
influence means the power to participate in
the financial and operating policy decisions
of the company without control or joint
control over those policies. More detailed
information is presented in Note 13 Equity
accounted investments
Accounting principles
Associated companies over which Stora Enso exercises significant influence are accounted for
using the equity method. Stora Enso does not control associate companies alone or jointly with
other parties, but has significant influence. The Group\u2019s share of the equity accounted
investment profit or loss is recognised in the consolidated income statement. The Group\u2019s
interest in an associated company is carried in the consolidated statement of financial position at
an amount that reflects its share of the net assets of the associate together with goodwill.
Goodwill arising from the acquisition of an equity accounted investment is included in the
carrying amount of the investment and is assessed for impairment as part of that investment.
There is no material goodwill in the carrying amount of equity accounted investments.
When the Group share of losses exceeds the carrying amount of an investment, the carrying
amount is reduced to zero and any recognition of further losses ceases unless the Group is
obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise
committed to.
The Group\u2019s share of results in equity accounted investments is reported in the operating
profit to reflect the operational nature of these investments. Similarly, dividends received from
equity accounted investments are presented in the net cash provided by operating activities in
the consolidated cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0NA_4d0af078-1311-4666-8edb-721a87e0cdaa": { "value": "
Associated companies over which Stora
Enso exercises significant influence are
accounted for by using the equity method.
These companies are investments in which
the Group has significant influence, but
which it does not control. Significant
influence means the power to participate in
the financial and operating policy decisions
of the company without control or joint
control over those policies. More detailed
information is presented in Note 13 Equity
accounted investments
Note 13 Equity accounted investments
Accounting principles
Associated companies over which Stora Enso exercises significant influence are accounted for
using the equity method. Stora Enso does not control associate companies alone or jointly with
other parties, but has significant influence. The Group\u2019s share of the equity accounted
investment profit or loss is recognised in the consolidated income statement. The Group\u2019s
interest in an associated company is carried in the consolidated statement of financial position at
an amount that reflects its share of the net assets of the associate together with goodwill.
Goodwill arising from the acquisition of an equity accounted investment is included in the
carrying amount of the investment and is assessed for impairment as part of that investment.
There is no material goodwill in the carrying amount of equity accounted investments.
When the Group share of losses exceeds the carrying amount of an investment, the carrying
amount is reduced to zero and any recognition of further losses ceases unless the Group is
obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise
committed to.
The Group\u2019s share of results in equity accounted investments is reported in the operating
profit to reflect the operational nature of these investments. Similarly, dividends received from
equity accounted investments are presented in the net cash provided by operating activities in
the consolidated cash flow statement.
Principal equity accounted investments
As at 31 December
Ownership interest %
EUR million
Company
Reportable
segment
Domicile and
principal place
of operations
2022
2021
2022
2021
Tornator Oyj
Forest
Finland
41.00
41.00
800
545
Others
32
35
Carrying amount
832
580
transaction did not have a material impact on the Group. Also in 2021, Bergvik Skog AB was
liquidated, there were no operations remaining in the company after Bergvik Skog AB
restructuring in 2019.
Group share of equity accounted investments income statements
Year Ended 31 December
EUR million
2022
2021
Sales
147
142
Net operating expenses
-103
-97
Biological asset valuation
189
120
Operating profit
233
166
Net financial items
40
10
Net profit before tax
273
176
Income tax
-52
-34
Net profit for the year
221
143
800
545
The Group\u2019s current 41% ownership is valued at EUR 800 (EUR 545) million at the year-end of
2022. The Group\u2019s share of Tornator\u2019s net profit was EUR 222 (EUR 143) million, including a
biological asset valuation gain net of taxes of EUR 152 (EUR 96) million.
Aggregate information of equity accounted investments that are not individually material
As at 31 December
EUR million
2022
2021
Non-current assets
35
30
Current assets
12
22
Non-current liabilities
3
2
Current liabilities
12
15
Sales
74
78
Net profit for the year
-2
0
Dividends received during the financial year
1
0
Net assets of the associates
32
35
Equity accounting value
32
35
Equity accounting value for Tornator Oyj
800
545
Total equity accounting value
832
580
Equity accounted investment balances
As at 31 December
EUR million
2022
2021
Receivables from equity accounted investments
Non-current loan receivables
2
2
Trade receivables
1
1
Other receivables
0
10
Liabilities due to equity accounted investments
Trade payables
101
55
Equity accounted investment transactions
Year Ended 31 December
EUR million
2022
2021
Sales to equity accounted investments
19
19
Interest on loan receivables from equity accounted investments
0
1
Purchases from equity accounted investments
163
109
The Group engages in transactions with equity accounted investments such as sales and
purchases of wood. All agreements are negotiated at arm\u2019s length and are conducted on terms
that the Group considers customary in the industry and generally no less favourable than would
be available from independent third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0NA_ea0a51c0-0619-4250-8664-2502641eadc5": { "value": "
Associated companies over which Stora
Enso exercises significant influence are
accounted for by using the equity method.
These companies are investments in which
the Group has significant influence, but
which it does not control. Significant
influence means the power to participate in
the financial and operating policy decisions
of the company without control or joint
control over those policies. More detailed
information is presented in Note 13 Equity
accounted investments
Note 13 Equity accounted investments
Accounting principles
Associated companies over which Stora Enso exercises significant influence are accounted for
using the equity method. Stora Enso does not control associate companies alone or jointly with
other parties, but has significant influence. The Group\u2019s share of the equity accounted
investment profit or loss is recognised in the consolidated income statement. The Group\u2019s
interest in an associated company is carried in the consolidated statement of financial position at
an amount that reflects its share of the net assets of the associate together with goodwill.
Goodwill arising from the acquisition of an equity accounted investment is included in the
carrying amount of the investment and is assessed for impairment as part of that investment.
There is no material goodwill in the carrying amount of equity accounted investments.
When the Group share of losses exceeds the carrying amount of an investment, the carrying
amount is reduced to zero and any recognition of further losses ceases unless the Group is
obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise
committed to.
The Group\u2019s share of results in equity accounted investments is reported in the operating
profit to reflect the operational nature of these investments. Similarly, dividends received from
equity accounted investments are presented in the net cash provided by operating activities in
the consolidated cash flow statement.
Principal equity accounted investments
As at 31 December
Ownership interest %
EUR million
Company
Reportable
segment
Domicile and
principal place
of operations
2022
2021
2022
2021
Tornator Oyj
Forest
Finland
41.00
41.00
800
545
Others
32
35
Carrying amount
832
580
transaction did not have a material impact on the Group. Also in 2021, Bergvik Skog AB was
liquidated, there were no operations remaining in the company after Bergvik Skog AB
restructuring in 2019.
Group share of equity accounted investments income statements
Year Ended 31 December
EUR million
2022
2021
Sales
147
142
Net operating expenses
-103
-97
Biological asset valuation
189
120
Operating profit
233
166
Net financial items
40
10
Net profit before tax
273
176
Income tax
-52
-34
Net profit for the year
221
143
800
545
The Group\u2019s current 41% ownership is valued at EUR 800 (EUR 545) million at the year-end of
2022. The Group\u2019s share of Tornator\u2019s net profit was EUR 222 (EUR 143) million, including a
biological asset valuation gain net of taxes of EUR 152 (EUR 96) million.
Aggregate information of equity accounted investments that are not individually material
As at 31 December
EUR million
2022
2021
Non-current assets
35
30
Current assets
12
22
Non-current liabilities
3
2
Current liabilities
12
15
Sales
74
78
Net profit for the year
-2
0
Dividends received during the financial year
1
0
Net assets of the associates
32
35
Equity accounting value
32
35
Equity accounting value for Tornator Oyj
800
545
Total equity accounting value
832
580
Equity accounted investment balances
As at 31 December
EUR million
2022
2021
Receivables from equity accounted investments
Non-current loan receivables
2
2
Trade receivables
1
1
Other receivables
0
10
Liabilities due to equity accounted investments
Trade payables
101
55
Equity accounted investment transactions
Year Ended 31 December
EUR million
2022
2021
Sales to equity accounted investments
19
19
Interest on loan receivables from equity accounted investments
0
1
Purchases from equity accounted investments
163
109
The Group engages in transactions with equity accounted investments such as sales and
purchases of wood. All agreements are negotiated at arm\u2019s length and are conducted on terms
that the Group considers customary in the industry and generally no less favourable than would
be available from independent third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0Ng_d2970b64-e234-4732-9d03-049b0750a980": { "value": "
Joint control is the contractually agreed
sharing of control of the joint arrangement,
which exists only when decisions on relevant
activities require the unanimous consent of
the parties sharing control. Joint operations
are joint arrangements, whereby the partners
who have joint control of the arrangement
have rights to the assets, and obligations for
the liabilities, relating to the arrangement.
Joint ventures are joint arrangements,
whereby the partners who have joint control
of the arrangement have rights to the net
assets of the joint arrangement.
The Group has two joint operations,
Veracel and Montes del Plata. In both
companies, Stora Enso\u2019s ownership is 50%.
The arrangements are based on
shareholders\u2019 agreements, which give Stora
Enso rights to a share of returns and make
the Group indirectly liable for the liabilities,
as its ability to pay for the pulp is used to
finance debts. In relation to its interest in joint
operations, the Group recognises its share of
assets, liabilities, revenues, expenses and
cash flows of the joint operation. The share is
determined based on rights to the assets and
obligations for the liabilities of each joint
operator.
\u2022Veracel is a jointly owned company of
Stora Enso and Suzano located in Brazil.
The pulp mill produces 1.2 million tonnes
of bleached eucalyptus hard wood pulp
per year and both owners are entitled to
half of the mill\u2019s output. The eucalyptus is
sourced mostly from the company\u2019s own
forestry plantations. The mill commenced
production in May 2005.
\u2022Montes del Plata is a jointly owned
company of Stora Enso and Arauco
located in Uruguay. The Montes del Plata
Pulp Mill\u2019s annual capacity is 1.4 million
tonnes of bleached eucalyptus hard wood
pulp and Stora Enso\u2019s part, 0.7 million
tonnes, is sold entirely as market pulp.
The eucalyptus is sourced mostly from
the company\u2019s own forestry plantations.
The mill commenced production in June
2014.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0Ng_dca4e133-dd92-4949-bd88-90882af8c1ab": { "value": "
Joint control is the contractually agreed
sharing of control of the joint arrangement,
which exists only when decisions on relevant
activities require the unanimous consent of
the parties sharing control. Joint operations
are joint arrangements, whereby the partners
who have joint control of the arrangement
have rights to the assets, and obligations for
the liabilities, relating to the arrangement.
Joint ventures are joint arrangements,
whereby the partners who have joint control
of the arrangement have rights to the net
assets of the joint arrangement.
The Group has two joint operations,
Veracel and Montes del Plata. In both
companies, Stora Enso\u2019s ownership is 50%.
The arrangements are based on
shareholders\u2019 agreements, which give Stora
Enso rights to a share of returns and make
the Group indirectly liable for the liabilities,
as its ability to pay for the pulp is used to
finance debts. In relation to its interest in joint
operations, the Group recognises its share of
assets, liabilities, revenues, expenses and
cash flows of the joint operation. The share is
determined based on rights to the assets and
obligations for the liabilities of each joint
operator.
\u2022Veracel is a jointly owned company of
Stora Enso and Suzano located in Brazil.
The pulp mill produces 1.2 million tonnes
of bleached eucalyptus hard wood pulp
per year and both owners are entitled to
half of the mill\u2019s output. The eucalyptus is
sourced mostly from the company\u2019s own
forestry plantations. The mill commenced
production in May 2005.
\u2022Montes del Plata is a jointly owned
company of Stora Enso and Arauco
located in Uruguay. The Montes del Plata
Pulp Mill\u2019s annual capacity is 1.4 million
tonnes of bleached eucalyptus hard wood
pulp and Stora Enso\u2019s part, 0.7 million
tonnes, is sold entirely as market pulp.
The eucalyptus is sourced mostly from
the company\u2019s own forestry plantations.
The mill commenced production in June
2014.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0OQ_00fcbcb7-ea14-4a7d-9beb-c295a6901a15": { "value": "
Revenue recognition
Sales comprise products, raw materials and
services less indirect sales tax and
discounts, and are adjusted for cash flow
hedging result on sales in foreign currencies.
Sales are recognised after Stora Enso has
transferred the control of goods and services
to a customer and the Group retains neither
a continuing right to dispose of the goods,
nor effective control of those goods; usually,
this means that sales are recorded upon the
delivery of goods to customers in
accordance with the agreed terms of
delivery.
Stora Enso\u2019s terms of delivery are based
on Incoterms 2020, which are the official
rules for the interpretation of trade terms as
issued by the International Chamber of
Commerce (ICC). The main categories of the
terms covering Group sales are:
\u2022\u201cD\u201d terms, under which the group is
obliged to deliver the goods to the buyer
at the agreed place in the manner
specified in the chosen rule, in which case
the Point of Sale is the moment of
delivery to the buyer.
\u2022\u201cC\u201d terms, whereby the Group arranges
and pays for the external carriage and
certain other costs, though the Group
ceases to be responsible for the goods
once they have been handed over to the
carrier in accordance with the relevant
term. The Point of Sale is thus the
handing over of the goods to the carrier
contracted by the seller for the carriage to
the agreed destination.
\u2022\u201cF\u201d terms, being where the buyer
arranges and pays for the carriage, thus
the Point of Sale is the handing over of
the goods to the carrier contracted by the
buyer at the agreed point.
Where local rules may result in invoices
being raised in advance of the above, the
effect of this revenue advancement is
quantified, and an adjustment is made
accordingly.Stora Enso\u2019s sales mainly
comprise sales of products and the revenue
is typically recognised at a point in time when
Stora Enso transfers control of these
products to a customer. Revenues from
services are recognised over time once the
service has been performed. More detailed
information regarding Stora Enso's principal
activities from which the Group generates its
revenue and disaggregation of revenue is
presented in Note 3 Segment information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ1MA_c415b391-825a-4625-8cdb-4f4e255967fa": { "value": "
Revenue recognition
Sales comprise products, raw materials and
services less indirect sales tax and
discounts, and are adjusted for cash flow
hedging result on sales in foreign currencies.
Sales are recognised after Stora Enso has
transferred the control of goods and services
to a customer and the Group retains neither
a continuing right to dispose of the goods,
nor effective control of those goods; usually,
this means that sales are recorded upon the
delivery of goods to customers in
accordance with the agreed terms of
delivery.
Stora Enso\u2019s terms of delivery are based
on Incoterms 2020, which are the official
rules for the interpretation of trade terms as
issued by the International Chamber of
Commerce (ICC). The main categories of the
terms covering Group sales are:
\u2022\u201cD\u201d terms, under which the group is
obliged to deliver the goods to the buyer
at the agreed place in the manner
specified in the chosen rule, in which case
the Point of Sale is the moment of
delivery to the buyer.
\u2022\u201cC\u201d terms, whereby the Group arranges
and pays for the external carriage and
certain other costs, though the Group
ceases to be responsible for the goods
once they have been handed over to the
carrier in accordance with the relevant
term. The Point of Sale is thus the
handing over of the goods to the carrier
contracted by the seller for the carriage to
the agreed destination.
\u2022\u201cF\u201d terms, being where the buyer
arranges and pays for the carriage, thus
the Point of Sale is the handing over of
the goods to the carrier contracted by the
buyer at the agreed point.
Where local rules may result in invoices
being raised in advance of the above, the
effect of this revenue advancement is
quantified, and an adjustment is made
accordingly.Stora Enso\u2019s sales mainly
comprise sales of products and the revenue
is typically recognised at a point in time when
Stora Enso transfers control of these
products to a customer. Revenues from
services are recognised over time once the
service has been performed. More detailed
information regarding Stora Enso's principal
activities from which the Group generates its
revenue and disaggregation of revenue is
presented in Note 3 Segment information
Sales by segment
External
Internal
Total
External
Internal
Total
EUR million
2022
2021
Packaging Materials
4,473
218
4,690
3,715
183
3,898
Packaging Solutions
714
23
737
704
19
723
Biomaterials
1,798
382
2,180
1,499
229
1,728
Wood Products
2,058
137
2,195
1,766
106
1,872
Forest
848
1,671
2,519
781
1,530
2,311
Paper
1,691
81
1,772
1,644
59
1,703
Other
97
1,000
1,097
55
1,037
1,092
Elimination of internal sales
-3,512
-3,512
-3,163
-3,163
Total
11,680
0
11,680
10,164
0
10,164
External sales by destination
Sales by Destination
EUR million
2022
2021
Austria
450
403
Baltic States
377
315
Belgium
117
102
Czech Republic
231
188
Denmark
128
108
Finland
759
610
France
449
357
Germany
1,208
1,049
Italy
650
450
Netherlands
317
207
Poland
733
548
Russia
112
307
Spain
311
246
Sweden
1,071
975
UK
444
395
Other Europe
577
837
Total Europe
7,934
7,096
Australia / New Zealand
202
146
Brazil
50
41
China (incl. Hong Kong)
1,125
1,183
Japan
417
316
Middle East
275
252
Uruguay
31
28
USA
397
320
Other countries
1,250
782
Total
11,680
10,164
Exchange gains and losses for currency derivatives mainly relate to non-hedge accounted
instruments fair valued in the income statement. The amount reported as other financial income
mainly consists of fair valuation gains, while other financial expense in the table above relates to
net financial fees for unused committed credit facilities, guarantees and negative interest on
deposits. Impairments of interest-bearing assets relate to divestment of Russia operations and
are discussed in more detail in Note 4 Acquisitions and disposals.
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Total foreign exchange gains and losses in the income statement excluding hedges
Year ended 31 December
EUR million
2022
2021
Other operating income
42
31
Other operating expense
-21
-14
Borrowings, cash equivalents. lease liabilities and other
-10
37
Total
11
54
The main movements in CTA in 2022 were a gain of EUR 98 (gain of EUR 116) million related to
the US dollar, a loss of EUR 446 (loss of EUR 103) million related to the Swedish crown and a
gain of EUR 48 (gain of EUR 9) million related to Chinese renminbi. The net amount of hedging
loss included in the CTA during the period amounted to EUR 24 (gain EUR 16) million.
Hedging instruments and unrealised hedge losses
As at 31 December
Nominal amount
(Currency)
Nominal amount (EUR)
Unrealised losses (EUR)
EUR million
2022
2021
2022
2021
2022
2021
Borrowings
USD area
300
300
281
265
-41
-28
Total hedging
281
265
-41
-28
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185NC9mcmFnOjAyOGQwZDRmODEzZjQ5ZTBhZjQxMWY0ZTI0NTIyNmQwL3RleHRyZWdpb246MDI4ZDBkNGY4MTNmNDllMGFmNDExZjRlMjQ1MjI2ZDBfMTA5OTUxMTY5NDQ0OA_d9828dfe-459b-42a5-90e1-411437811bcc": { "value": "
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. Foreign
exchange differences for operating items are
presented in the appropriate income
statement line in the operating profit, and, for
financial assets and liabilities, they are
presented in the financial items in the
consolidated income statement, except when
deferred in equity as qualifying cash flow
hedges, net investment hedges or net
investment loans. Translation differences on
non-monetary financial assets, such as
equities classified at fair value through other
comprehensive income (FVTOCI), are
included in equity.
Foreign currency translations
The income statements of Group companies
with functional and presentational currencies
other than the euro are translated into the
Group reporting currency using the average
exchange rates of the year, whereas the
statements of the financial position of these
companies are translated using the
exchange rates at the reporting date. The
Group is exposed to currency risks arising
from exchange rate fluctuations on the value
of its net investment in non-euro area foreign
entities. Exchange differences arising from
the retranslation of net investments in foreign
entities that are non-euro foreign
subsidiaries, joint operations or equity
accounted investments, and of financial
instruments that are designated to hedge
such investments, are recorded directly in
equity as cumulative translation adjustment
(CTA). See Note 28 Cumulative translation
adjustments and equity hedging for more
details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc1OA_29da9cd3-9825-45b1-82cc-7096ba445b2f": { "value": "
Note 2 Critical accounting
estimates and judgements
The preparation of consolidated financial
statements in accordance with IFRS requires
management to make estimates, judgements
and assumptions that affect the reported
assets and liabilities, as well as the
disclosure of contingent assets and liabilities
at the reporting date and the reported
revenues and expenses during the period.
These estimates, judgments and
assumptions might have a significant impact
on the amounts recognised in the
consolidated financial statements. The
estimates are based on historical experience
and various other assumptions that are
believed to be reasonable and reflect
management's best estimates, though actual
results and timings could differ from these.
The estimates, judgements and assumptions
are reviewed regularly and updated if there
are changes in circumstances or as a result
of new information. The accounting items
presented below represent those matters
which include the most estimation
uncertainty and exercise of judgement.
Property, plant and equipment,
intangible assets and right-of-use
assets
The carrying amounts of property, plant and
equipment and intangible assets and right-of-
use assets are assessed at each reporting
date to determine whether there is any
indication that an asset may be impaired. If
an indicator of impairment exists, the asset's
recoverable amount is determined and
compared with its carrying amount. The
recoverable amount of an asset is estimated
as the higher of fair value less the cost of
disposal and the value in use, and an
impairment charge is recognised whenever
the carrying amount exceeds the recoverable
amount. The value in use is calculated using
a discounted cash flow method which is most
sensitive to the discount rate as well as the
expected future cash flows. The key
assumptions used in the impairment testing,
are explained further in Note 10
Depreciation, amortisation and impairment
charges.
Management believes that the assigned
values and useful lives, as well as the
underlying assumptions, are reasonable,
though different assumptions and assigned
useful lives could have a significant impact
on the reported amounts. For material
intangible assets and property, plant and
equipment in an acquisition, an external
advisor makes a fair valuation of the
acquired intangible assets and property,
plant and equipment and assists in
determining their remaining useful life.
Goodwill
Goodwill is tested per Cash Generating Unit
(CGU) or by a group of CGUs at least on an
annual basis and recoverable amount is
calculated using the discounted cash flow
method (value in use). Impairment is
recognised if the carrying amount exceeds
the recoverable amount. The discounted
cash flow method uses future projections of
cash flows from each of the reporting units in
a CGU or a group of CGUs and includes,
among other estimates, projections of future
product pricing, production levels, product
costs, market supply and demand, projected
capital expenditures and an assumption of
the weighted average cost of capital. The
discount rates used reflect the best estimate
of the weighted average cost of capital.
The Group has evaluated the most
sensitive estimates and assumptions, which,
when changed, could have a material impact
on the valuation of the assets including
goodwill and, therefore, could lead to an
impairment. These estimates and
assumptions are expected sales prices,
expected operating costs and the discount
rate. The key assumptions used in the
impairment testing are presented in Note 10
Depreciation, amortisation and impairment
charges.
Leases
When assessing the lease term and if an
extension or renewal options are included or
not, the Group considers all relevant facts,
circumstances and incentives that might
have an impact on the assessment. Options
to extend or renew the lease are included in
the lease term only if it is reasonably certain
that Stora Enso will exercise the option. The
Group will do a reassessment, for example
upon changes in circumstances, receiving
new information or an occurrence of a
significant event that is within the control of
the lessee and might have an impact on the
assessment. See Note 11 Intangible assets,
property, plant and equipment and right-of-
use assets for more details about right-of-
use assets and Note 26 Interest-bearing
assets and liabilities for more details about
lease liabilities.
Biological assets
The Group has biological assets in
subsidiaries, joint operations and associated
company. Biological assets, in the form of
standing trees, are accounted in accordance
with the IAS 41 Agriculture standard, which
requires that the assets are measured at fair
value less the costs to sell. Fair value is
determined by using discounted cash flows
from continuous operations based on
sustainable forest management plans taking
into account the growth potential of one
cycle. These discounted cash flows require
estimates of growth, harvesting, sales price,
costs and discount rate. In determining the
value of biological assets, the management
needs to make estimates of future price
levels and trends for sales and costs, and to
undertake regular surveys of the forest to
establish the volumes of wood available for
harvesting and their current growth rates.
See next chapter for estimates and
judgement applied in valuation of Nordic
forest assets and Note 12 Forest assets for
more detailed information about Nordic and
plantation forest assets.
Nordic forest assets
The fair value of forest assets in the Nordics
is determined using a market approach
method, which is based on the forest market
transactions in the areas where Stora Enso\u2019s
forests are located. Market prices between
areas vary significantly and judgement is
applied to define relevant areas for market
transactions used in valuation. The valuation
of the forest assets is based on detailed
transaction data and price statistics as
provided by market data suppliers. Market
transaction data is adjusted to consider
characteristics and nature of Stora Enso's
forest assets and to exclude certain non-
forest assets and transactions considered as
outliers compared to other transactions. The
valuation takes into account where the forest
land is located, price levels and volume of
standing stock. The value of the forest
assets will be affected by changes in
transaction prices and by how the volume of
standing stock develops. Stora Enso is
applying weighted three-year average
market transaction prices and this is
considered to include a sufficient amount of
transactions and estimated to represent
market conditions at the reporting date.
The value of the forest assets is allocated
to biological assets and forest land.
Allocation of the combined fair value of forest
assets is based on the income approach
where separate present values of expected
net cash flows are calculated for both
biological assets and forest land. The
discount rate is determined as the rate at
which the valuation based on market
transaction prices matches the total forest
assets combined cash flows for biological
assets and forest land. The total net cash
flows for each of the components include
estimates in respect of future harvesting
volumes, sales price levels, and cost
development. See Note 12 Forest assets for
more information.
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Income taxes
Tax assets and liabilities are reviewed on a
regular basis and balances are adjusted
appropriately. The deferred tax assets,
whether arising from temporary differences
or from tax losses, are recognised only to the
extent that it is probable that future taxable
profits will be available against which the
assets can be utilised. Management
considers that adequate provision has been
made for future tax consequences based on
the current facts, circumstances and tax
laws. However, should any tax positions be
challenged and not prevail, different
outcomes could result and have a significant
impact on the amounts reported in the
consolidated financial statements. See Note
9 Income taxes for more detailed
information.
Post-retirement benefits
The determination of the Group pension
obligation and expense is subject to the
selection of certain assumptions used by
actuaries in calculating such amounts,
including, among others, the discount rate,
the annual rate of increase in future
compensation levels and estimated
lifespans. Amounts charged in the income
statement are determined by independent
actuaries; however, where actual results
differ from the initial estimates, together with
the effect of any change in assumptions or
other factors, these differences are
recognised directly in equity, as disclosed in
the statement of comprehensive income.
See Note 20 Post-employment benefit
obligations for detailed information on the
assumptions used in the pension obligation
calculations.
Provisions
The Group has recognised provisions for
known environmental, restructuring and
other obligations, where legal or constructive
obligation exist as a result of past events.
The amounts recognised as provisions are
based on the management\u2019s best estimate of
the costs required to settle the obligation.
Due to uncertainty regarding the timing and
amount of these costs, the actual costs might
differ significantly from the original estimate.
The carrying amounts of provisions are
reviewed regularly and adjusted when
needed to consider changes in cost
estimates, regulations, applied technologies
and conditions. See Note 22 Provisions for
more detailed information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc1OA_72edeace-7364-4c3a-9bc1-302294890c07": { "value": "
Note 2 Critical accounting
estimates and judgements
The preparation of consolidated financial
statements in accordance with IFRS requires
management to make estimates, judgements
and assumptions that affect the reported
assets and liabilities, as well as the
disclosure of contingent assets and liabilities
at the reporting date and the reported
revenues and expenses during the period.
These estimates, judgments and
assumptions might have a significant impact
on the amounts recognised in the
consolidated financial statements. The
estimates are based on historical experience
and various other assumptions that are
believed to be reasonable and reflect
management's best estimates, though actual
results and timings could differ from these.
The estimates, judgements and assumptions
are reviewed regularly and updated if there
are changes in circumstances or as a result
of new information. The accounting items
presented below represent those matters
which include the most estimation
uncertainty and exercise of judgement.
Property, plant and equipment,
intangible assets and right-of-use
assets
The carrying amounts of property, plant and
equipment and intangible assets and right-of-
use assets are assessed at each reporting
date to determine whether there is any
indication that an asset may be impaired. If
an indicator of impairment exists, the asset's
recoverable amount is determined and
compared with its carrying amount. The
recoverable amount of an asset is estimated
as the higher of fair value less the cost of
disposal and the value in use, and an
impairment charge is recognised whenever
the carrying amount exceeds the recoverable
amount. The value in use is calculated using
a discounted cash flow method which is most
sensitive to the discount rate as well as the
expected future cash flows. The key
assumptions used in the impairment testing,
are explained further in Note 10
Depreciation, amortisation and impairment
charges.
Management believes that the assigned
values and useful lives, as well as the
underlying assumptions, are reasonable,
though different assumptions and assigned
useful lives could have a significant impact
on the reported amounts. For material
intangible assets and property, plant and
equipment in an acquisition, an external
advisor makes a fair valuation of the
acquired intangible assets and property,
plant and equipment and assists in
determining their remaining useful life.
Goodwill
Goodwill is tested per Cash Generating Unit
(CGU) or by a group of CGUs at least on an
annual basis and recoverable amount is
calculated using the discounted cash flow
method (value in use). Impairment is
recognised if the carrying amount exceeds
the recoverable amount. The discounted
cash flow method uses future projections of
cash flows from each of the reporting units in
a CGU or a group of CGUs and includes,
among other estimates, projections of future
product pricing, production levels, product
costs, market supply and demand, projected
capital expenditures and an assumption of
the weighted average cost of capital. The
discount rates used reflect the best estimate
of the weighted average cost of capital.
The Group has evaluated the most
sensitive estimates and assumptions, which,
when changed, could have a material impact
on the valuation of the assets including
goodwill and, therefore, could lead to an
impairment. These estimates and
assumptions are expected sales prices,
expected operating costs and the discount
rate. The key assumptions used in the
impairment testing are presented in Note 10
Depreciation, amortisation and impairment
charges.
Leases
When assessing the lease term and if an
extension or renewal options are included or
not, the Group considers all relevant facts,
circumstances and incentives that might
have an impact on the assessment. Options
to extend or renew the lease are included in
the lease term only if it is reasonably certain
that Stora Enso will exercise the option. The
Group will do a reassessment, for example
upon changes in circumstances, receiving
new information or an occurrence of a
significant event that is within the control of
the lessee and might have an impact on the
assessment. See Note 11 Intangible assets,
property, plant and equipment and right-of-
use assets for more details about right-of-
use assets and Note 26 Interest-bearing
assets and liabilities for more details about
lease liabilities.
Biological assets
The Group has biological assets in
subsidiaries, joint operations and associated
company. Biological assets, in the form of
standing trees, are accounted in accordance
with the IAS 41 Agriculture standard, which
requires that the assets are measured at fair
value less the costs to sell. Fair value is
determined by using discounted cash flows
from continuous operations based on
sustainable forest management plans taking
into account the growth potential of one
cycle. These discounted cash flows require
estimates of growth, harvesting, sales price,
costs and discount rate. In determining the
value of biological assets, the management
needs to make estimates of future price
levels and trends for sales and costs, and to
undertake regular surveys of the forest to
establish the volumes of wood available for
harvesting and their current growth rates.
See next chapter for estimates and
judgement applied in valuation of Nordic
forest assets and Note 12 Forest assets for
more detailed information about Nordic and
plantation forest assets.
Nordic forest assets
The fair value of forest assets in the Nordics
is determined using a market approach
method, which is based on the forest market
transactions in the areas where Stora Enso\u2019s
forests are located. Market prices between
areas vary significantly and judgement is
applied to define relevant areas for market
transactions used in valuation. The valuation
of the forest assets is based on detailed
transaction data and price statistics as
provided by market data suppliers. Market
transaction data is adjusted to consider
characteristics and nature of Stora Enso's
forest assets and to exclude certain non-
forest assets and transactions considered as
outliers compared to other transactions. The
valuation takes into account where the forest
land is located, price levels and volume of
standing stock. The value of the forest
assets will be affected by changes in
transaction prices and by how the volume of
standing stock develops. Stora Enso is
applying weighted three-year average
market transaction prices and this is
considered to include a sufficient amount of
transactions and estimated to represent
market conditions at the reporting date.
The value of the forest assets is allocated
to biological assets and forest land.
Allocation of the combined fair value of forest
assets is based on the income approach
where separate present values of expected
net cash flows are calculated for both
biological assets and forest land. The
discount rate is determined as the rate at
which the valuation based on market
transaction prices matches the total forest
assets combined cash flows for biological
assets and forest land. The total net cash
flows for each of the components include
estimates in respect of future harvesting
volumes, sales price levels, and cost
development. See Note 12 Forest assets for
more information.
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Income taxes
Tax assets and liabilities are reviewed on a
regular basis and balances are adjusted
appropriately. The deferred tax assets,
whether arising from temporary differences
or from tax losses, are recognised only to the
extent that it is probable that future taxable
profits will be available against which the
assets can be utilised. Management
considers that adequate provision has been
made for future tax consequences based on
the current facts, circumstances and tax
laws. However, should any tax positions be
challenged and not prevail, different
outcomes could result and have a significant
impact on the amounts reported in the
consolidated financial statements. See Note
9 Income taxes for more detailed
information.
Post-retirement benefits
The determination of the Group pension
obligation and expense is subject to the
selection of certain assumptions used by
actuaries in calculating such amounts,
including, among others, the discount rate,
the annual rate of increase in future
compensation levels and estimated
lifespans. Amounts charged in the income
statement are determined by independent
actuaries; however, where actual results
differ from the initial estimates, together with
the effect of any change in assumptions or
other factors, these differences are
recognised directly in equity, as disclosed in
the statement of comprehensive income.
See Note 20 Post-employment benefit
obligations for detailed information on the
assumptions used in the pension obligation
calculations.
Provisions
The Group has recognised provisions for
known environmental, restructuring and
other obligations, where legal or constructive
obligation exist as a result of past events.
The amounts recognised as provisions are
based on the management\u2019s best estimate of
the costs required to settle the obligation.
Due to uncertainty regarding the timing and
amount of these costs, the actual costs might
differ significantly from the original estimate.
The carrying amounts of provisions are
reviewed regularly and adjusted when
needed to consider changes in cost
estimates, regulations, applied technologies
and conditions. See Note 22 Provisions for
more detailed information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc1Nw_32877a6b-2855-493c-8d14-4ebba201bfc2": { "value": "Note 2 Critical accounting estimates and judgements The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect the reported assets and liabilities, as well as the disclosure of contingent assets and liabilities at the reporting date and the reported revenues and expenses during the period. These estimates, judgments and assumptions might have a significant impact on the amounts recognised in the consolidated financial statements. The estimates are based on historical experience and various other assumptions that are believed to be reasonable and reflect management's best estimates, though actual results and timings could differ from these. The estimates, judgements and assumptions are reviewed regularly and updated if there are changes in circumstances or as a result of new information. The accounting items presented below represent those matters which include the most estimation uncertainty and exercise of judgement.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc1OQ_8c254c8d-fec3-45f5-984f-ec053e84575f": { "value": "
Goodwill
Goodwill is tested per Cash Generating Unit
(CGU) or by a group of CGUs at least on an
annual basis and recoverable amount is
calculated using the discounted cash flow
method (value in use). Impairment is
recognised if the carrying amount exceeds
the recoverable amount. The discounted
cash flow method uses future projections of
cash flows from each of the reporting units in
a CGU or a group of CGUs and includes,
among other estimates, projections of future
product pricing, production levels, product
costs, market supply and demand, projected
capital expenditures and an assumption of
the weighted average cost of capital. The
discount rates used reflect the best estimate
of the weighted average cost of capital.
The Group has evaluated the most
sensitive estimates and assumptions, which,
when changed, could have a material impact
on the valuation of the assets including
goodwill and, therefore, could lead to an
impairment. These estimates and
assumptions are expected sales prices,
expected operating costs and the discount
rate. The key assumptions used in the
impairment testing are presented in Note 10
Depreciation, amortisation and impairment
charges.
Accounting principles
Goodwill
Goodwill represents future economic benefits arising from assets that are not capable of being
individually identified and separately recognised by the Group on an acquisition. Goodwill is
computed as the excess of the cost of an acquisition over the fair value of the Group\u2019s share of
the fair value of net assets of the acquired subsidiary at the acquisition date, and is allocated to
those groups of cash generating units expected to benefit from the acquisition. Goodwill arising
on the acquisition of non-euro foreign entities is treated as an asset of the foreign entity
denominated in the local currency and translated at the closing rate.
Goodwill is not amortised but tested for impairment on an annual basis, or more frequently if
there is an indication of impairment.
Other intangible assets
Intangible assets are stated at their historical cost and amortised on a straight-line basis over
their expected useful lives, which usually varies from 3 to 10 years and up to 20 years for
patents. An adjustment is made for any impairment. Intangible items acquired must be
recognised as assets separately from goodwill if they meet the definition of an asset, are either
separable or arise from contractual or other legal rights, and their fair value can be measured
reliably.
The cost of development or acquisition of new software clearly associated with an identifiable
and unique product that will be controlled by the Group and has a probable benefit exceeding its
cost beyond one year is recognised as an intangible asset and will be amortised over the
expected useful life of the software between 3 to 10 years.
Intangible assets recognised separately from goodwill in acquisitions consist of marketing and
customer-related or contract and technology-based intangible assets. Typical marketing and
customer-related assets include trademarks, trade names, service marks, collective marks,
certification marks, customer lists, order or production backlogs, customer contracts and the
related customer relationships. Contract and technology-based intangible assets are normally
licensing and royalty agreements or patented technology and trade secrets, such as confidential
formulas, processes or recipes. The fair value determination of customer contracts and related
relationships is derived from expected retention rates and cash flow over the customers\u2019
remaining estimated lifetime. The value of trademarks is derived from a discounted cash flow
analysis using the relief from royalty method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc1OQ_97d3f09c-2d0b-46ec-aaf6-a3219615215a": { "value": "
Goodwill
Goodwill is tested per Cash Generating Unit
(CGU) or by a group of CGUs at least on an
annual basis and recoverable amount is
calculated using the discounted cash flow
method (value in use). Impairment is
recognised if the carrying amount exceeds
the recoverable amount. The discounted
cash flow method uses future projections of
cash flows from each of the reporting units in
a CGU or a group of CGUs and includes,
among other estimates, projections of future
product pricing, production levels, product
costs, market supply and demand, projected
capital expenditures and an assumption of
the weighted average cost of capital. The
discount rates used reflect the best estimate
of the weighted average cost of capital.
The Group has evaluated the most
sensitive estimates and assumptions, which,
when changed, could have a material impact
on the valuation of the assets including
goodwill and, therefore, could lead to an
impairment. These estimates and
assumptions are expected sales prices,
expected operating costs and the discount
rate. The key assumptions used in the
impairment testing are presented in Note 10
Depreciation, amortisation and impairment
charges.
Accounting principles
Goodwill
Goodwill represents future economic benefits arising from assets that are not capable of being
individually identified and separately recognised by the Group on an acquisition. Goodwill is
computed as the excess of the cost of an acquisition over the fair value of the Group\u2019s share of
the fair value of net assets of the acquired subsidiary at the acquisition date, and is allocated to
those groups of cash generating units expected to benefit from the acquisition. Goodwill arising
on the acquisition of non-euro foreign entities is treated as an asset of the foreign entity
denominated in the local currency and translated at the closing rate.
Goodwill is not amortised but tested for impairment on an annual basis, or more frequently if
there is an indication of impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc2MQ_f32f5814-e897-4ade-ac6e-7ccea7d23d09": { "value": "
Leases
When assessing the lease term and if an
extension or renewal options are included or
not, the Group considers all relevant facts,
circumstances and incentives that might
have an impact on the assessment. Options
to extend or renew the lease are included in
the lease term only if it is reasonably certain
that Stora Enso will exercise the option. The
Group will do a reassessment, for example
upon changes in circumstances, receiving
new information or an occurrence of a
significant event that is within the control of
the lessee and might have an impact on the
assessment. See Note 11 Intangible assets,
property, plant and equipment and right-of-
use assets for more details about right-of-
use assets and Note 26 Interest-bearing
assets and liabilities for more details about
lease liabilities.
Right-of-use (ROU) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. ROU assets are initially measured at
cost, which comprises the initial amount of the lease liability adjusted mainly for lease payments
made at or before the commencement date. The Group allocates the consideration in the
contract to each lease component and will separate non-lease components if these are
identifiable. Lease terms are negotiated on an individual basis and contain a wide range of
different terms and conditions.
The ROU assets are subsequently depreciated using the straight line method from the
commencement date to the earlier of the end of the lease term or the end of the useful life of the
ROU asset. In addition, the ROU asset is adjusted for certain remeasurements of the lease
liability. ROU assets are tested for impairment in accordance with IAS 36.
The Group has elected not to recognise ROU assets for short-term leases that have a lease
term of 12 months or less and leases of low value assets. Leases of low value assets mainly
include IT and office equipment, certain vehicles and machinery and other low value items. The
Group recognises the lease payments associated with these leases as an expense on a straight-
line basis over the lease term (Note 5).
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMTA5OTUxMTY0MzA4MQ_2c042751-49c3-4ba1-abcf-9d4ed3755ebd": { "value": "
Fair value of financial instruments
Where the fair value of financial assets and
liabilities cannot be derived directly from
publicly quoted market prices, other
valuation techniques, such as discounted
cash flow models, transaction multiples, the
Black and Scholes model and the Gordon
model, are applied. The key judgements
include future cash flows, credit risk, volatility
and changes in assumptions about these
factors which could affect the reported fair
value of the financial instruments.
Investments in debt and equity instruments
of unlisted entities, such as Pohjolan Voima
Oy (PVO), represent a significant portion of
the Group\u2019s assets and require management
judgement, as explained in more detail in
Notes 14 Equity instruments and 24
Financial risk management.
Note 17 Operative receivables
Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Current operative receivables
As at 31 December
EUR million
2022
2021
Trade receivables - gross carrying amount before amount held for sale
1,329
1,175
Trade receivables - gross carrying amount held for sale
-92
0
Trade receivables - gross carrying amount
1,236
1,175
Loss allowance
-32
-26
Prepaid expenses and accrued income
68
82
Other receivables
200
218
Total
1,473
1,449
As at 31 December 2022, a gross amount of EUR 116 (EUR 82) million of trade receivables
were overdue. These relate to a number of countries and unrelated customers that have no
recent history of default. At 31 December 2022, lifetime expected credit losses for trade
receivables amounted to EUR 32 (EUR 26) million. Loss allowances for trade receivables are
estimated on an individual basis based on a forward-looking model where estimated probabilities
of customer default are used in the calculation model. If the Group has concerns regarding the
financial status of a customer, an advance payment or an irrevocable letter of credit drawn from
a bank is required. At the year end, the letters of credit awaiting maturity totalled EUR 74 (EUR
90) million. Please refer to Note 24 Financial risk management for details of customer credit risk
management.
Age analysis of loss allowance
As at 31 December
EUR million
2022
2021
Not overdue and less than 90 days overdue
5
1
91 to 365 days overdue
7
0
Over 365 days overdue
21
25
Total
32
26
Stora Enso has entered into factoring agreements to sell trade receivables in order to
accelerate cash conversion. These agreements resulted in full derecognition of trade receivables
amounting to a nominal value of EUR 174 (EUR 184) million at the end of the year. 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.
Note 24 Financial risk management
Risk management principles and process
Stora Enso is exposed to several financial market risks that the Group is managing under the
policies approved by the Board of Directors. The objective is to ensure cost-effective funding of
Group companies and manage financial risks effectively. The Stora Enso Group Financial Risk
Policy governs all financial transactions in Stora Enso. This policy and any future amendments
take effect once they are approved by the Board of Directors and all policies covering the use of
financial instruments must comply with it. The Group\u2019s joint operations companies operate under
their own financial risk policies, which may not be fully similar to the Group\u2019s policies.
The major financial market risks are detailed below with the main exposures for the Group being
interest rate risk, currency risk, liquidity risk, refinancing risk, and commodity price risk,
especially for fiber, pulp, and energy.
Interest rate risk
The Group is exposed to an interest rate risk that is the risk of fluctuating interest rates affecting
the interest expense of the Group and value of its assets and liabilities. Stora Enso is exposed to
the interest rate risk through interest-bearing assets and liabilities, such as loans, financial
instruments and lease liabilities, but also through commercial agreements and operative assets
and liabilities such as biological assets. The Group\u2019s aim is to keep interest costs stable. The
Group\u2019s aggregate duration should not exceed the average loan maturity, but should aim
towards a long duration. A duration above the average loan maturity is approved by the Board of
Directors.
The Group may use interest-rate swaps and cross-currency swaps to manage the interest-
rate risk by synthetically converting floating-rate loans into fixed-rate loans through the use of
derivatives. The Group's floating and fixed rate interest-rate position as per the year-end is
presented in the following table:
Floating and fixed interest-rate position
As at
31 December 2022
As at
31 December 2021
EUR million
Floating rate
Fixed rate
Floating rate
Fixed rate
Non-current interest-bearing receivables1
11
80
5
40
Current interest-bearing receivables
1
\u2014
\u2014
49
Cash and cash equivalents
1,917
1,481
Interest-bearing liabilities2
-1,074
-2,818
-974
-2,863
Interest-bearing assets and liabilities
excluding derivatives
855
-2,738
512
-2,774
Interest-rate and cross-currency swaps
650
-650
682
-682
Interest-bearing assets and liabilities,
net of derivatives
1,506
-3,388
1,194
-3,456
1 Excluding interest receivable and listed securities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Non-current interest-bearing liabilities, current portion of non-current debt, short-term interest bearing liabilities and bank overdrafts
excluding derivative liabilities and interest payable
rate derivatives but excluding cash and cash equivalents, is 3.3 (4.6) years.
As of 31 December 2022, one percentage point increase in interest rates would increase
annual net interest expenses by approximately EUR 4 (EUR 2) million and a similar decrease in
interest rates would decrease net interest expenses by EUR 4 (EUR 1) million. This assumes
that the duration and the funding structure of the Group remain constant throughout the year.
This simulation calculates the interest effect of a 100 basis point parallel shift in interest rates on
all floating rate instruments excluding cash equivalents from their next reset date to the end of
the year. In addition, all short-term loans maturing during the year are assumed to be rolled over
on maturity to year end using the new higher or lower interest rate.
A one percentage point parallel change up or down in interest rates would also result in fair
valuation gains or losses of EUR 10 (EUR 16) million before taxes in the cash flow hedge
reserve in OCI regarding interest rate swaps under cash flow hedge accounting. A one
percentage point parallel change up or down in interest rate would result in fair valuation gains
or losses of EUR 1 (EUR 3) million in net financial items related to cross currency swaps fair
valued through profit and loss. Note 27 Derivatives summarises the nominal and fair values of
the outstanding interest rate derivative contracts.
Foreign exchange risk - transaction risk
The Group operates globally and is exposed to a foreign-currency transaction risk arising from
exchange rate fluctuations. Foreign exchange transaction risk exposure comprises both the
geographical location of Stora Enso production facilities around the world, sourcing of raw
materials and sales of end products in foreign currencies, mainly denominated in US dollars,
British pounds and Swedish crowns. Stora Enso Group companies with functional currency other
than euro are also exposed to a foreign-currency transaction risk arising from EUR denominated
net cash flows. These EUR exposures mainly arise from Stora Enso subsidiaries located in
Sweden, Czech Republic and Poland.
The currency transaction risk is the impact of exchange rate fluctuations on the Group's
Income statement, which is the effect of currency rates on expected future cash flows and
subsequent trade receivables or payables. The Group's standard policy to mitigate the risk is to
hedge 15\u201360% of the highly probable forecast cash flows in major currencies for the next 12
months by using derivative financial instruments, such as foreign exchange forwards and foreign
exchange options. The Group may also hedge periods between 12 months and 36 months, or
change the above mentioned hedging ratio for the next 12 months upon the discretion of the
Group's management.
For operative receivables and payables in foreign currencies, the objective is to hedge 50\u2013
100% of the outstanding net receivable balance in major currency pairs.
The table below presents the estimated net operative foreign currency transaction risk
exposures for the main currencies for the next 12 months and the related foreign-currency
hedges in place as at 31 December, retranslated using year end exchange rates. The net
operative receivables and payable exposures, representing the balances as at 31 December,
include foreign currency exposures generated by external and intercompany transactions in line
with the requirements of IFRS 7. A positive amount of exposure in the table below represents an
estimated future inflow or receivable of a foreign currency amount.
Operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Estimated annual net cash
flow exposure in hedged
foreign-currency flows1
960
-238
1,983
240
83
-48
995
-191
1,712
346
138
-41
Cash flow hedges for the
next 12 months
-525
119
-843
-59
-26
26
-553
89
-740
-78
-38
23
Estimated annual net
cash flow exposure, net
of hedges
435
-119
1,139
181
57
-22
442
-101
971
268
100
-18
Hedging percentage as
at 31 December for next
12 months
55%
50%
43%
24%
31%
54%
56%
47%
43%
22%
27%
57%
Weighted-average hedged
rate against EUR2
10.63
1.09
0.87
1.52
45.20
\u2014
10.21
1.20
0.85
1.60
52.63
Operative receivables and
payables net exposure
-22
8
284
30
49
-5
-42
5
233
32
58
-2
Net receivable currency
hedges
-18
-3
-186
-16
-51
\u2014
16
\u2014
-200
-26
-26
\u2014
Net operative receivables
exposure, net of hedges
-39
5
98
14
-2
-5
-26
5
34
5
31
-2
Estimated annual net
transaction risk
exposure after hedges
396
-113
1,238
195
55
-27
416
-97
1,005
274
131
-20
1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in
the EUR column relates to operative transaction risk exposure from EUR denominated cash flows in Group companies located in
Sweden, Czech Republic and Poland with functional currency other than EUR.
2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts'
forward rate and therefore represents the weighted-average hedged rate based on the least favourable hedged rate from the Group's
point-of-view.
The following table includes the estimated effect on the annual operating profit of a weakening of
an exposure currency against the functional currencies of exposed subsidiaries. The sensitivities
have been calculated based on a 5% movement in EUR, SEK, USD, GBP and\u00a0 AUD while 10%
movement in UYU. These changes are estimated as reasonably possible changes in exchange
rates, measured against year-end closing rates. A corresponding strengthening of the exposure
currency would have an approximately equal opposite impact. A negative amount in the table
reflects a potential net loss in the income statement or equity and, conversely, a positive amount
reflects a potential net gain. In practice, the actual foreign currency results may differ from the
sensitivity analysis presented below, since the income statements of subsidiaries with functional
currencies other than the euro are translated into the Group reporting currency using the
average exchange rates for the year, whereas the statements of the financial position of such
subsidiaries, including currency hedges, trade receivables and payable, are translated using the
exchange rates at the reporting date. The translation risk exposures are discussed more in detail
under the Translation risk chapter below.
The calculation includes currency hedges and assumes that there are no changes in other
underlying currencies. The currency effects are based on estimated operative foreign currency
flows for the next twelve months, hedging levels at the year end, and the assumption that the
currency cash flow hedging levels and all other variables will remain constant during the next
twelve months. Hedging instruments include foreign exchange forward contracts and foreign
exchange options. Indirect currency effects with an impact on prices and product flows, such as
a product becoming cheaper to produce in a different geographical location, have not been
considered in this calculation.
Sensitivity analysis of operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Exposure currency change by1
-5%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-5%
-10%
Effect on estimated annual net
cash flows in hedged flows
-48
12
-99
-12
-4
5
-50
10
-86
-17
-7
4
Effect on cash flow hedging
OCI reserve before taxes as at
year end2
26
-6
42
3
1
-3
28
-4
37
4
2
-2
Effect on net operative
receivables and payables after
hedges3
2
\u2014
-5
-1
\u2014
\u2014
1
\u2014
-2
\u2014
-2
\u2014
Estimated annual EBIT
impact4
-20
6
-62
-10
-3
3
-21
5
-50
-14
-7
2
1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR
denominated transaction risk arising from EUR denominated foreign-currency cash flows in Sweden, Czech Republic and Poland with
functional currency other than EUR.
2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts
qualifying as cash flow hedges of highly probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative
result when the transaction realises.
3 Currency effect related to net operative receivables or payables and related hedges.
4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position,
forecast cash flows and the related hedges.
The following table presents the financial foreign currency exposure and the related hedges in
place as at 31 December for the main currencies. Net debt includes foreign-currency external
loan payables and receivables, foreign-currency internal loan payables and loan receivables and
cash equivalents. Loans designated as net investment loans under IAS 21 are excluded from the
table as they reduce the foreign-currency exposures on a Group level. Internal transaction
exposure includes foreign-currency payables and receivables outstanding within the Group at
reporting date. The currency derivatives mainly hedge financial exposures in the statement of
financial position. A negative amount of exposure in the table represents a net payable of a
foreign currency amount.
Additionally, the table includes the estimated effect on the income statement of a currency
weakening of an exposure currency against EUR. The sensitivities have been calculated based
on a 5% movement in SEK, USD, CNY, and PLN. These changes are estimated as reasonably
possible changes in exchange rates, measured against year-end closing rates. A corresponding
strengthening of the exposure currency\u00a0 would have an approximately equal opposite impact. A
negative amount in the table reflects a potential net loss in the Income statement and,
conversely, a positive amount reflects a net potential gain. In practice, the actual foreign
currency results may differ from the sensitivity analysis below as the exposure amounts may
change during the year.
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Foreign exchange risk \u2013 translation risk
Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso\u2019s
consolidated net foreign currency denominated assets, liabilities, and income. Translation risk is
reduced by funding assets, whenever economically possible, in the same currency as the asset
itself. The Group may also enter into foreign exchange forwards, foreign exchange options or
foreign currency denominated loans to hedge its net investments in foreign entities with different
functional currencies than the Group.
The balance sheets of foreign subsidiaries, equity accounted investments and foreign
currency denominated equity instruments in the scope of IFRS 9 are translated into euros using
exchange rates prevailing on the reporting date, thus exposing consolidated Group equity to
fluctuations in currency rates. The resulting translation differences, along with other movements
such as the translation rate difference in the income statement, are recorded directly in
shareholders\u2019 equity. These cumulative differences materialise through the Income statement on
the disposal, in whole or in part, of the foreign entity.
The following table presents the translation risk exposure in the Group's Income statement
arising from the translation of subsidiaries' and joint operations' foreign-currency income
statements into the presentation currency of the Group in the consolidated financial statements.
Translation exposure in Income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
BRL
CZK
CNY
SEK
USD
BRL
CZK
CNY
Translation exposure in Income
Statement
-147
-192
-164
-38
77
-196
-129
-111
11
83
Exposure currency change by
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
Effect on EBIT from translation
risk exposure
7
10
16
2
-4
10
6
11
-1
-4
principal headings based on the remaining period to contractual maturity at the reporting date.
Forward interest rates as at the year-end were used for estimating contractual finance charges
for the upcoming years.
Contractual maturity repayments of financial liabilities, settlement net: 2022
EUR million
2023
2024
2025
2026
2027
2028+
Total
Bond loans
300
270
404
90
325
1,081
2,470
Loans from credit institutions
306
40
273
5
0
0
624
Lease liabilities
63
49
44
33
30
159
377
Other non-current financial liabilities
0
2
0
0
0
0
2
Non-current borrowings including
current portion
668
361
721
128
355
1,240
3,472
Estimated contractual finance charges
108
90
74
43
40
190
545
Estimated contractual lease charges
16
14
13
11
10
58
123
Contractual repayments on non-
current borrowings
792
465
807
182
405
1,489
4,140
Current borrowings, carrying amounts
429
0
0
0
0
0
429
Gross-settled derivative liabilities -
receipts
-2,405
0
0
0
0
0
-2,405
Gross-settled derivative liabilities -
payments
2,401
0
0
0
0
0
2,401
Net-settled derivative liabilities
-4
0
0
0
0
0
-5
Trade payables
1,831
0
0
0
0
0
1,831
Bank overdrafts
0
0
0
0
0
0
0
Estimated contractual finance charges
6
0
0
0
0
0
6
Total Contractual Repayments at 31
December 2022
3,050
464
807
182
405
1,489
6,398
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group\u2019s assets as a result
of counterparties being unable to meet their obligations arising from financial contracts. The
exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can
suffer directly in the event of a single counterparty\u2019s credit default. This risk is minimised by:
\u2022entering into transactions only with leading financial institutions and with industrial companies
that have a good credit rating;
\u2022only investing in liquid funds and deposits with financial institutions or companies that have a
minimum credit rating of BBB-.
\u2022at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be
held at counterparties with a minimum rating of A- or equivalent using credit ratings from main
rating agencies;
\u2022investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties
other than the counterparty at which most of Stora Enso's cash and cash equivalents are
held;
\u2022requiring parent company guarantees when dealing with any subsidiary of a rated company.\u00a0
The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the
tenor of financial contract and counterparty\u2019s credit rating.
At the year end 2022, there were no significant concentrations of risk with respect to
counterparties of derivative contracts, with the highest counterparty mark-to-market exposure
being at EUR 41 (EUR 22) million and credit rating of A+ (A+) using Standard and Poor\u2019s credit
rating symbols.
Customer credit risk
Customer credit risk is Stora Enso\u2019s exposure to contracts arising from deterioration in the
financial health of its customers. The Group uses various measures to reduce customer credit
risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The
Group has also obtained export guarantees, covering both political and commercial risks, which
are used in connection with individual customers outside the OECD area. Management
considers that no significant concentration of credit risk with any individual customer,
counterparty or geographical region exists for Stora Enso. The ageing information of trade
receivables and related loss allowances are given in Note 17 Operative receivables.
Commodity price risk
Outstanding commodity hedges
As at
31 December 2022
As at 31 December 2021
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR
million
Fair value
EUR
million
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR\u00a0
million
Fair value
EUR
million
Electricity
purchases
\u00a0 - Nordic
region
175,200
MWh
EUR 29.1
5
18
438,000
MWh
EUR 29.02
13
15
\u00a0 - Central
Europe
87,600
MWh
EUR 43.06
4
12
Oil
purchases
200,474
barrels
USD 73.5
14
\u2014
189,808
barrels
USD 58.06
10
2
management in the Group, whilst other commodity risks are measured and hedged if
economically possible. In addition to electricity hedge derivatives, the Group also manages
energy price risk by entering into long-term physical fixed price purchase agreements, and by
holding a 15.6% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of
companies in the energy sector in Finland. The fair value of the shares amounted to EUR 1,423
(EUR 900) million as per the year-end. The fair value of these shares is dependent on electricity
market prices and discussed in more detail in Note 14 Equity instruments.
\u00a0 A 10% movement in energy and raw material prices would result in a EUR 6 (EUR 6) million
change in the fair value of commodity financial hedges described in the above table. The
majority of these fair value changes, after taxes, are recorded directly in Equity under Hedging
Reserves, until the contracts mature and the result is entered in the Income statement. These
estimates only represent the sensitivity of commodity financial instruments to market risk and not
the Group's full exposure to raw material and energy price risks as a whole, since the actual
underlying purchases are not financial instruments within the scope of the IFRS 7 standard. At
the end of 2022, the maturities of the energy and commodity contracts, including both financial
hedges and fixed-price physical purchase agreements, ranged between 2023 and 2024. In
2021, the maturities ranged between 2022 and 2024.
In an effort to mitigate other commodity price risk exposures in relation to wood fiber price
risk, the Group is a significant owner of forest assets in the Nordic region. In Sweden the Group
owns 1.4 million hectares of forest land. In addition, Stora Enso holds 41% share in Tornator Oyj,
which is a significant forest owner in Finland. The Group's share in Tornator is reported as an
equity accounted investment and discussed in more detail in Note 13 Equity accounted
investments. The Group's forest assets are discussed in more detail in Note 12 Forest assets.
Equity price risk
The Group has certain investments in publicly traded securities. Currently these relate to
Packages Ltd shares in Pakistan. The market value of these equity investments was EUR 8
(EUR 13) million at the year end. Market value changes in these investments are recorded, after
taxes, directly under Shareholders\u2019 Equity in the Equity instruments through OCI reserve.
Detailed discussion regarding the publicly traded securities can be found from Note 14 Equity
instruments.
Capital risk management
Stora Enso\u2019s debt structure is focused on capital markets and commercial banks. Group
objectives when managing capital are to safeguard the ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders, as well as to
maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain
or adjust the capital structure, the Group may, subject to shareholder approval as appropriate,
vary the dividends paid to shareholders, buy its own shares on financial markets, return capital
to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable
dividends linked to the long-term performance with the aim of distributing 50% of Earnings per
share (EPS) excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less,
and aiming that the Net-debt-to-Operational EBITDA ratio remains below 2.0, indicating a solid
financial position, and financial flexibility.
Capital structure
As at 31 December
EUR million
2022
2021
Interest-bearing liabilities
3,972
3,938
Interest-bearing assets
2,122
1,629
Net debt
1,850
2,309
Equity attributable to owners of the parent
12,532
10,683
Operational EBITDA1
2,529
2,184
Net debt to equity ratio
0.15
0.22
Net debt to operational EBITDA
0.73
1.06
1 Operational EBITDA definition is included in the \"Non-IFRS measures\" chapter in
the Report of the Board of Directors.
Montes del Plata, a joint operation of Stora Enso, and the Group's subsidiary Stora Enso
(Guangxi) Packaging and Forestry Company Ltd have complied with financial covenants related
to debt-to-assets ratio during the reported periods. There are no other covenants in the Group's
financing contracts.
Note 25 Fair values
Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2022
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
8
\u2014
8
8
8
\u2014
\u2014
14
Unlisted securities
\u2014
1,423
14
1,437
1,437
\u2014
\u2014
1,437
14
Non-current interest-bearing receivables
92
28
\u2014
120
120
\u2014
28
\u2014
26
Derivative assets
\u2014
28
\u2014
28
28
\u2014
28
\u2014
Loan receivables
92
\u2014
\u2014
92
92
\u2014
\u2014
\u2014
Trade and other operative receivables
1,138
66
\u2014
1,204
1,204
\u2014
66
\u2014
17
Current interest-bearing receivables
10
50
16
77
77
\u2014
67
\u2014
26
Derivative assets
\u2014
50
16
67
67
\u2014
67
\u2014
Other short-term receivables
10
\u2014
\u2014
10
10
\u2014
\u2014
\u2014
Cash and cash equivalents
1,917
\u2014
\u2014
1,917
1,917
\u2014
\u2014
\u2014
Total
3,157
1,576
30
4,763
4,763
8
161
1,437
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
2,792
\u2014
\u2014
2,792
2,749
\u2014
\u2014
\u2014
26
Derivative liabilities
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Non-current debt
2,792
\u2014
\u2014
2,792
2,748
\u2014
\u2014
\u2014
Current portion of non-current debt
667
\u2014
\u2014
667
667
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
462
30
20
513
513
\u2014
50
\u2014
26
Derivative liabilities
\u2014
30
20
50
50
\u2014
50
\u2014
Current debt
462
\u2014
\u2014
462
462
\u2014
\u2014
\u2014
Trade and other operative payables
2,076
\u2014
\u2014
2,076
2,076
\u2014
\u2014
\u2014
23
Bank overdrafts
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Total
5,998
30
20
6,048
6,005
\u2014
51
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2021
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
13
\u2014
13
13
13
\u2014
\u2014
14
Unlisted securities
\u2014
900
5
905
905
\u2014
\u2014
905
14
Non-current interest-bearing receivables
45
6
\u2014
51
51
\u2014
6
\u2014
26
Derivative assets
\u2014
6
\u2014
6
6
\u2014
6
\u2014
Loan receivables
45
\u2014
\u2014
45
45
\u2014
\u2014
\u2014
Trade and other operative receivables
1,110
39
\u2014
1,149
1,149
\u2014
39
\u2014
17
Current interest-bearing receivables
52
31
1
84
84
\u2014
32
\u2014
26
Derivative assets
\u2014
31
1
32
32
\u2014
32
\u2014
Other short-term receivables
52
\u2014
\u2014
52
52
\u2014
\u2014
\u2014
Cash and cash equivalents
1,481
\u2014
\u2014
1,481
1,481
\u2014
\u2014
\u2014
Total
2,687
990
6
3,683
3,683
13
77
905
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
3,284
7
23
3,313
3,618
\u2014
30
\u2014
26
Derivative liabilities
\u2014
7
23
30
30
\u2014
30
\u2014
Non-current debt
3,284
\u2014
\u2014
3,284
3,589
\u2014
\u2014
\u2014
Current portion of non-current debt
180
\u2014
\u2014
180
180
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
403
35
7
444
444
\u2014
42
\u2014
26
Derivative liabilities
\u2014
35
7
42
42
\u2014
42
\u2014
Current debt
403
\u2014
\u2014
403
403
\u2014
\u2014
\u2014
Trade and other operative payables
1,960
\u2014
\u2014
1,960
1,960
\u2014
\u2014
\u2014
23
Bank overdrafts
1
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
Total
5,827
42
29
5,899
6,204
\u2014
71
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
In the previous tables, the fair value is estimated to be equal to the carrying amount for current
financial assets and financial liabilities, such as trade receivables and payables due to their short
time to maturity and limited credit risk. The fair value of non-current loan receivables, considered
as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair
value of non-derivative interest-bearing liabilities, considered as a level 2 fair value
measurement, is estimated based on a discounted cash flow analysis in which the yield curves
observable at commonly quoted intervals are used as a discount factor in the model.
Reconciliation of level 3 fair value measurement of financial assets and liabilities
EUR million
2022
2021
Financial assets
Opening balance at 1 January
905
401
Reclassifications
-1
0
Gains/losses recognised in other comprehensive income
523
504
Additions
10
1
Closing balance at 31 December
1,437
905
The Group did not have level 3 financial liabilities as at 31 December 2022.
Note 26 Interest-bearing assets and liabilities
Accounting principles
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Managing Interest Rate Benchmark Reform and associated risks
A global reform on interest reference rates is underway as existing IBOR reference rates are
being replaced by alternative risk-free rates. The impact of the transition is expected to be
limited for the Group's external contracts. The Group has exposure to IBORs on its financial
instruments that will be replaced or reformed as part of these market-wide initiatives. The
Group's main IBOR exposure at 31 December 2022 was indexed to US dollar LIBOR and
related amount of interest bearing liabilities outstanding at 31 December 2022 was EUR 211
(EUR 189) million. The publication of USD LIBORs will cease after June 2023.
The Group monitors the process of transition from IBORs to new benchmark rates by
reviewing the total amounts of contracts that have yet to transition to an alternative benchmark
rate. The expected impact is limited and relates mainly to external long-term debt. The Group's
financial instruments are mainly indexed to Euribor and Stibor reference rates and these are
expected to continue to exist for now.
Interest-bearing assets
As at 31 December
EUR million
2022
2021
Listed securities
8
13
Long-term derivative assets
28
6
Long-term deposits
48
42
Long-term loans to equity accounted investments
2
2
Other long-term loan receivables
41
1
Total non-current interest-bearing assets
128
64
Short-term derivative assets
66
32
Short-term deposits
0
49
Other short-term loan receivables
11
3
Cash and cash equivalents
1,917
1,481
Total current interest-bearing assets
1,994
1,565
Total interest-bearing assets
2,122
1,629
1 The table format has been updated to better present changes in liabilities arising from cash flow activities and non-cash activities. The
comparison figures have been restated accordingly.
Events during 2022 and 2021
During 2022, altogether EUR 550 million of bilateral bank loans were arranged. Maturities of
these loans vary from 18 months to 3 years with extension options. Proceeds from these loans
are used for general corporate purposes and EUR 200 million of these loans were undrawn at
reporting date. Stora Enso repaid credit institution loans, according to maturity schedule,
amounted to a nominal of EUR 289 million during 2022.
In May 2022, Stora Enso signed a new EUR 200 million committed credit facility with a
maturity of one year and one six month extension option which was exercised in October 2022.
In December 2021, Stora Enso signed a new EUR 700 million Revolving Credit Facility (RCF)
with 12 commercial banks. The maturity of the facility is five years with two one-year extensions.
The pricing is partly linked to meeting emission targets on Scope 1&2 and Scope 3. In October
2022, the first extension option of this facility was used together with all 12 banks and therefore
maturity is now in 2027. Simultaneously, the existing EUR 600 million RCF with original maturity
in 2023 was cancelled.
Stora Enso has a Green Bond Framework as part of its Sustainable Finance approach. The
ambition is to offer a loan-format to support sustainability-focused fixed income investors and to
report the direct environmental impacts of some investments and business activities.
During 2021, Stora Enso repaid multiple credit institution loans ahead of final maturity, the
total repayments of loans and bond notes amounted to a nominal of EUR 911 million. This
resulted in a EUR 7 million initial modification net loss being recognised in the Income
Statement.
Interest-bearing liabilities - maturities, interest rates and currency breakdown
Stora Enso's borrowings maturities range from 2023 to the longest borrowing maturing in 2036.
Borrowings have either fixed or floating interest rates ranging from 0.5% (0.5%) to 7.3% (7.3%).
The average interest rate on borrowings for the full year amounted to 3.2% (3.0%) with a run-
rate of 3.3% as per the year end. Part of Stora Enso's borrowings have been fixed through
floating-to-fixed interest rate swaps and cross-currency swaps. The majority of Group loans are
denominated in euros, US dollars, Swedish crowns or Chinese renminbis. Detailed maturity
analysis of the Group's borrowings are set out in Note 24 Financial risk management.
Net debt
In 2022 net interest-bearing liabilities, including held for sale related assets, decreased by EUR
456 (decreased by EUR 611) million to EUR 1,854 (EUR 2,309) million. Net interest-bearing
liabilities are equal to total interest-bearing liabilities less total interest-bearing assets such as
cash equivalents and deposits. Cash and cash equivalents net of overdrafts increased by EUR
437 (decreased by EUR 175) million to EUR 1,917 (EUR 1,480) million as at 31 December
2022. In 2022, the total cash outflow for leases was EUR 73 (EUR 88) million including interest
component of EUR 17 (EUR 17) million.
The ratio of net debt to the last 12 months' operational EBITDA was 0.7 (1.1). The net debt/
equity ratio was 0.15 (0.22) as per the year-end.
Bond loans
Issue/ Maturity Dates
Description of Bond
Interest Rate %
Currency of Bond
Nominal Value Issued
Outstanding As at 31 December
Carrying Value As at 31 December
2022
2021
2022
2021
All Liabilities are Held by the Parent Company
Currency million
EUR million
Fixed Rate
2006-2036
Global 7.250% Notes 2036
7.25
USD
300
300
300
278
262
2016-2023
Euro Medium Term Note
2.125
EUR
300
300
300
300
300
2017-2027
Euro Medium Term Note
2.5
EUR
300
300
300
299
299
2018-2028
Euro Medium Term Note
2.5
EUR
300
300
300
299
298
2019-2024
Euro Medium Term Note (Green Bond)
1.875
SEK
1,750
1,750
1,750
157
171
2020-2025
Euro Medium Term Note (Green Bond)
2.375
SEK
1,550
1,550
1,550
140
152
2020-2030
Euro Medium Term Note (Green Bond)
0.625
EUR
500
500
500
495
495
Total Fixed Rate Bond Loans
1,968
1,976
Floating Rate
2015-2025
Euro Medium Term Note
Euribor+2.25
EUR
125
125
125
125
125
2015-2027
Euro Medium Term Note
Euribor+2.35
EUR
25
25
25
25
25
2019-2024
Euro Medium Term Note (Green Bond)
Stibor+1.45
SEK
1,250
1,250
1,250
112
122
2019-2026
Euro Medium Term Note (Green Bond)
Stibor+1.60
SEK
1,000
1,000
1,000
90
97
2020-2025
Euro Medium Term Note (Green Bond)
Stibor+2.20
SEK
1,550
1,550
1,550
140
152
Total Floating Rate
Bond Loans
492
521
Total Bond Loans
2,460
2,497
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
Changes in fair values of hedged items and hedging instruments 2022
EUR million
Change in value of
hedged item to
determine hedge
effectiveness
Change in value of
outstanding
hedging
instruments
Ineffectiveness
Foreign exchange risk - Forward and option
contracts (excluding option time value)1
77
-79
-2
Foreign exchange risk - Net investment hedges
-16
16
0
Commodity price risk - Commodity swaps
-31
31
0
Interest rate risk - Interest rate swaps
-34
34
0
1 Ineffectiveness booked in Operating profit.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2022
EUR million
At 1 Jan
2022
Change in
fair value
recognised
in OCI/CTA
Reclassified
from OCI to
profit and
loss
Reclassified
to non-
financial
assets
Tax impact
At 31 Dec
2022
Foreign exchange risk -
Operational cash flow hedging
-21
-82
107
3
-5
2
Commodity price risk -
Commodity swaps
23
41
-52
0
3
15
Interest rate risk - Interest rate
swaps
-4
33
0
0
-7
23
Interest rate and foreign
exchange risk - Cross-currency
swaps
-1
0
2
0
0
1
Cost of hedging reserve
-1
0
0
0
0
-1
Total cash flow hedge
reserve in OCI
-4
-8
57
3
-9
39
Foreign exchange risk - Net
investment hedges
14
-16
0
0
3
1
Total net investment hedges
in CTA
14
-16
0
0
3
1
Total hedging reserves
10
-24
57
3
-6
40
Financial impact of netting for instruments subject to an enforceable master netting
agreement 2021
Not offset in the statement of financial position
EUR million
Gross amount of
recognised
financial
instruments
Related liabilities
(-) or assets (+)
subject to master
netting
agreements
Collateral received
(-) or given (+)
Net exposure
Derivative assets
38
-16
0
22
Derivative liabilities
-71
16
0
-56
The Group enters into derivative transactions under master netting agreements agreed with
each counterparty. In case of an unlikely credit event, such as default, all outstanding
transactions under the agreements are terminated, and only a single net amount per
counterparty is payable for settlement of all transactions. The agreements do not meet the
criteria for offsetting in the statement of financial position, because offsetting is enforceable only
in the occurrence of certain future events.
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
As at 31 December
EUR million
2022
2021
On own behalf
Guarantees
14
15
On behalf of equity accounted investments
Guarantees
5
0
On behalf of others
Guarantees
5
6
Other commitments
36
36
Total
60
57
Guarantees1
24
21
Other commitments1
36
36
Total
60
57
Unrealised gains and losses on listed and unlisted securities
Year Ended 31 December
EUR million
2022
2021
Net unrealised holding gains (OCI)
1,299
780
Cost
147
139
Fair value
1,445
918
Net unrealised holding gains (OCI)
1,299
780
Deferred tax
-1
-2
Net unrealised holding gains shown in equity as OCI
1,297
778
Change in net unrealised holding gains shown in equity as OCI
519
501
PVO shares
The Group holds a 15.6% (15.6%) interest in Pohjolan Voima Oyj (PVO), a public limited
company in the energy sector that produces electricity and heat for its shareholders in Finland at
cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO
group has its own class of shares that, instead of dividends, entitle the shareholder to the energy
produced in proportion to its ownership of that class of share. Also, the shareholders then have
an obligation to cover the costs of production, which are generally lower than market prices.
Stora Enso did not receive actual dividend payments from PVO during 2022. The holding is fair
valued quarterly using the discounted cash flow method. During the last quarter of 2022 the
Group refined the valuation method to be based on discounted cash flow analysis only, while
previously, also market multiples were used. Trading multiples are considered to be less reliable
under current market conditions. The valuation is categorised at level 3 in the fair value
hierarchy according to IFRS 13; levels are explained in Note 25 Fair values.
The electricity prices used in the valuation are based on market future derivative prices for
the first three years and on long-term electricity price estimates for the years thereafter. The
historical financial statements provide the basis for the cost structure for each power asset and
for future periods, estimates from PVO shareholder information is used when available and
these are adjusted by inflation factor in future years.\u00a0 The discount rate of 7.99% used in the
valuation model is determined using the weighted average cost of capital method. A +/- 5%
change in the electricity price used in the DCF would change the valuation by EUR +127 million
and -127 million, respectively. A +/- percentage point change in the discount rate would change
the valuation by EUR -158 million and +200 million, respectively..
Stora Enso holds an indirect share of approximately 8.9% of the capacity of Olkiluoto 3
nuclear plant unit through its PVO B2 shares. The Olkiluoto 3 plant unit has been running test
production during 2022. During the test production, in October 2022, damages were identified in
the plant unit's feedwater pumps. After an investigation into the damages, Teollisuuden Voima
Oyj announced in December 2022 that the regular electricity production is expected to start in
March 2023.
PVO shareholding on 31 December 2022
EUR million
Share Series
% Holding
Asset Category
Fair Value 2022
Fair Value 2021
PVO-Vesivoima Oy
A
20.6
Hydro
307
302
Teollisuuden Voima Oyj
B
15.7
Nuclear
735
540
Teollisuuden Voima Oyj
B2
14.8
Nuclear
377
54
Other
C,C2,V,M
Various
Various
4
4
Total
1,423
900
The valuation in 2022 amounted to EUR 1,423 (EUR 900) million against a cost value of EUR
130 (EUR 130) million, with the revaluation of EUR 1,293 (EUR 770) million presented in equity
as part of the fair value reserve. The change in PVO\u2019s value is mainly caused by the increase in
electricity market prices during the year. No deferred tax is recognized, as under Finnish tax
regulations holdings above 10% are exempt from tax on disposal proceeds.
Principal equity instruments
31 December 2022
EUR million
Holding %
Number of
Shares
Acquisition
Cost
Fair Value
Packages Ltd, Pakistan - listed shares
6.0
5,396,650
3
8
Total listed securities
3
8
Pohjolan Voima Oy - unlisted shares
15.6
5,073,972
130
1,423
Others - unlisted securities
14
14
Total unlisted securities
144
1,437
Total Equity instruments at 31 December 2022
147
1,445
Total Equity instruments at 31 December 2021
139
918
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2022
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
8
\u2014
8
8
8
\u2014
\u2014
14
Unlisted securities
\u2014
1,423
14
1,437
1,437
\u2014
\u2014
1,437
14
Non-current interest-bearing receivables
92
28
\u2014
120
120
\u2014
28
\u2014
26
Derivative assets
\u2014
28
\u2014
28
28
\u2014
28
\u2014
Loan receivables
92
\u2014
\u2014
92
92
\u2014
\u2014
\u2014
Trade and other operative receivables
1,138
66
\u2014
1,204
1,204
\u2014
66
\u2014
17
Current interest-bearing receivables
10
50
16
77
77
\u2014
67
\u2014
26
Derivative assets
\u2014
50
16
67
67
\u2014
67
\u2014
Other short-term receivables
10
\u2014
\u2014
10
10
\u2014
\u2014
\u2014
Cash and cash equivalents
1,917
\u2014
\u2014
1,917
1,917
\u2014
\u2014
\u2014
Total
3,157
1,576
30
4,763
4,763
8
161
1,437
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
2,792
\u2014
\u2014
2,792
2,749
\u2014
\u2014
\u2014
26
Derivative liabilities
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Non-current debt
2,792
\u2014
\u2014
2,792
2,748
\u2014
\u2014
\u2014
Current portion of non-current debt
667
\u2014
\u2014
667
667
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
462
30
20
513
513
\u2014
50
\u2014
26
Derivative liabilities
\u2014
30
20
50
50
\u2014
50
\u2014
Current debt
462
\u2014
\u2014
462
462
\u2014
\u2014
\u2014
Trade and other operative payables
2,076
\u2014
\u2014
2,076
2,076
\u2014
\u2014
\u2014
23
Bank overdrafts
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Total
5,998
30
20
6,048
6,005
\u2014
51
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2021
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
13
\u2014
13
13
13
\u2014
\u2014
14
Unlisted securities
\u2014
900
5
905
905
\u2014
\u2014
905
14
Non-current interest-bearing receivables
45
6
\u2014
51
51
\u2014
6
\u2014
26
Derivative assets
\u2014
6
\u2014
6
6
\u2014
6
\u2014
Loan receivables
45
\u2014
\u2014
45
45
\u2014
\u2014
\u2014
Trade and other operative receivables
1,110
39
\u2014
1,149
1,149
\u2014
39
\u2014
17
Current interest-bearing receivables
52
31
1
84
84
\u2014
32
\u2014
26
Derivative assets
\u2014
31
1
32
32
\u2014
32
\u2014
Other short-term receivables
52
\u2014
\u2014
52
52
\u2014
\u2014
\u2014
Cash and cash equivalents
1,481
\u2014
\u2014
1,481
1,481
\u2014
\u2014
\u2014
Total
2,687
990
6
3,683
3,683
13
77
905
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
3,284
7
23
3,313
3,618
\u2014
30
\u2014
26
Derivative liabilities
\u2014
7
23
30
30
\u2014
30
\u2014
Non-current debt
3,284
\u2014
\u2014
3,284
3,589
\u2014
\u2014
\u2014
Current portion of non-current debt
180
\u2014
\u2014
180
180
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
403
35
7
444
444
\u2014
42
\u2014
26
Derivative liabilities
\u2014
35
7
42
42
\u2014
42
\u2014
Current debt
403
\u2014
\u2014
403
403
\u2014
\u2014
\u2014
Trade and other operative payables
1,960
\u2014
\u2014
1,960
1,960
\u2014
\u2014
\u2014
23
Bank overdrafts
1
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
Total
5,827
42
29
5,899
6,204
\u2014
71
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
In the previous tables, the fair value is estimated to be equal to the carrying amount for current
financial assets and financial liabilities, such as trade receivables and payables due to their short
time to maturity and limited credit risk. The fair value of non-current loan receivables, considered
as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair
value of non-derivative interest-bearing liabilities, considered as a level 2 fair value
measurement, is estimated based on a discounted cash flow analysis in which the yield curves
observable at commonly quoted intervals are used as a discount factor in the model.
Reconciliation of level 3 fair value measurement of financial assets and liabilities
EUR million
2022
2021
Financial assets
Opening balance at 1 January
905
401
Reclassifications
-1
0
Gains/losses recognised in other comprehensive income
523
504
Additions
10
1
Closing balance at 31 December
1,437
905
The Group did not have level 3 financial liabilities as at 31 December 2022.
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
Total foreign exchange gains and losses in the income statement excluding hedges
Year ended 31 December
EUR million
2022
2021
Other operating income
42
31
Other operating expense
-21
-14
Borrowings, cash equivalents. lease liabilities and other
-10
37
Total
11
54
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
Changes in fair values of hedged items and hedging instruments 2022
EUR million
Change in value of
hedged item to
determine hedge
effectiveness
Change in value of
outstanding
hedging
instruments
Ineffectiveness
Foreign exchange risk - Forward and option
contracts (excluding option time value)1
77
-79
-2
Foreign exchange risk - Net investment hedges
-16
16
0
Commodity price risk - Commodity swaps
-31
31
0
Interest rate risk - Interest rate swaps
-34
34
0
1 Ineffectiveness booked in Operating profit.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2022
EUR million
At 1 Jan
2022
Change in
fair value
recognised
in OCI/CTA
Reclassified
from OCI to
profit and
loss
Reclassified
to non-
financial
assets
Tax impact
At 31 Dec
2022
Foreign exchange risk -
Operational cash flow hedging
-21
-82
107
3
-5
2
Commodity price risk -
Commodity swaps
23
41
-52
0
3
15
Interest rate risk - Interest rate
swaps
-4
33
0
0
-7
23
Interest rate and foreign
exchange risk - Cross-currency
swaps
-1
0
2
0
0
1
Cost of hedging reserve
-1
0
0
0
0
-1
Total cash flow hedge
reserve in OCI
-4
-8
57
3
-9
39
Foreign exchange risk - Net
investment hedges
14
-16
0
0
3
1
Total net investment hedges
in CTA
14
-16
0
0
3
1
Total hedging reserves
10
-24
57
3
-6
40
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMjc0ODc3OTA4NDc2MA_fc13ed2d-0a24-4d3a-bbe3-d74375b26f6c": { "value": "
Income taxes
Tax assets and liabilities are reviewed on a
regular basis and balances are adjusted
appropriately. The deferred tax assets,
whether arising from temporary differences
or from tax losses, are recognised only to the
extent that it is probable that future taxable
profits will be available against which the
assets can be utilised. Management
considers that adequate provision has been
made for future tax consequences based on
the current facts, circumstances and tax
laws. However, should any tax positions be
challenged and not prevail, different
outcomes could result and have a significant
impact on the amounts reported in the
consolidated financial statements. See Note
9 Income taxes for more detailed
information.
Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based on taxable
profit/loss for the period, together with tax adjustments for previous periods and the change in
deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, or
substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between
the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised
for the initial recognition of goodwill and the initial recognition of an asset or liability in a
transaction which is not a business combination, and at the time of the transaction this affects
neither accounting profit nor taxable profit. Deferred tax assets reduce income taxes payable on
taxable income in future years. The deferred tax assets, whether arising from temporary
differences or from tax losses, are recognised only to the extent that it is probable that future
taxable profits will be available against which the assets can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M185Ny9mcmFnOjVlMGY2MDUwODU4ODQ3YjA5ODUyMGMxNTFlMTVkY2U3L3RleHRyZWdpb246NWUwZjYwNTA4NTg4NDdiMDk4NTIwYzE1MWUxNWRjZTdfMTA5OTUxMTY0MzA4MA_221f3f7d-eac1-43e0-8672-92abeee0b70a": { "value": "
Provisions
The Group has recognised provisions for
known environmental, restructuring and
other obligations, where legal or constructive
obligation exist as a result of past events.
The amounts recognised as provisions are
based on the management\u2019s best estimate of
the costs required to settle the obligation.
Due to uncertainty regarding the timing and
amount of these costs, the actual costs might
differ significantly from the original estimate.
The carrying amounts of provisions are
reviewed regularly and adjusted when
needed to consider changes in cost
estimates, regulations, applied technologies
and conditions. See Note 22 Provisions for
more detailed information.
Note 22 Provisions
Accounting principles
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, and it is probable that an outflow of resources will be required to settle the
obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are
measured at the management\u2019s best estimate and there is some uncertainty regarding the
timing and amount of the costs. Provisions for obligations to dismantle, remove or restore assets
after their use are added to the carrying amount of the assets at acquisition date and
depreciated over the useful life of the asset. Provisions are discounted to their current net
present value if the effect of the time value of money is material.
Environmental provisions
Environmental expenditures resulting from the remediation of an existing condition caused by
past operations, and which do not contribute to current or future revenues, are recognised as
provisions. Environmental liabilities are recorded when it is probable, based on current
interpretations of environmental laws and regulations, that a present obligation has arisen and
the amount of such liability can be reliably estimated.
Restructuring provisions
A restructuring provision is recognised in the period in which the Group becomes legally or
constructively committed to the plan. The relevant costs are those that are incremental to, or
incurred as a direct result of, the exit plan, or are the result of a continuing contractual obligation
with no ongoing economic benefit, or represent a penalty incurred to cancel the obligation.\u00a0
Other provisions
Other provisions are recognised regarding different legal or constructive obligations, such as
onerous contracts, guarantees to customers, ongoing lawsuits, claims, or similar.
Provisions
EUR million
Environmental
provisions
Restructuring
provisions
Other
provisions
Total
provisions
Carrying Value at 1 January 2021
91
28
30
149
Translation difference
0
-1
0
-1
Charge in Income Statement
New provisions
6
107
72
185
Increase in existing provisions
13
1
0
14
Reversal of existing provisions
-6
-4
-5
-15
Payments
-29
-44
-29
-101
Carrying Value at 31 December 2021
75
88
67
231
Translation difference
-4
-3
-2
-9
Disposals and classification as held for sale
-3
-1
0
-4
Charge in Income Statement
New provisions
14
8
19
40
Increase in existing provisions
1
12
2
15
Reversal of existing provisions
-1
-16
-8
-25
Payments
-9
-66
-50
-124
At 31 December 2022
73
21
30
124
Allocation between current and non-
current provisions
Current provisions: Payable within 12
months
10
20
14
43
Non-current provisions: Payable after 12
months
64
2
16
81
Total at 31 December 2022
73
21
30
124
Operating capital, depreciation, impairments and impairment reversals, disposal gains
and losses, and capital expenditure by segment
Year Ended 31 December
Operating capital
Depreciation/
impairments/
impairment reversals/
disposal gains and losses
Capital expenditure1
EUR million
2022
2021
2022
2021
2022
2021
Packaging Materials
3,344
3,206
253
255
342
330
Packaging Solutions
235
245
66
32
46
34
Biomaterials
2,796
2,520
110
99
121
88
Wood Products
718
678
59
46
87
66
Forest
6,963
6,696
50
20
35
25
Paper
333
123
88
207
60
55
Other
1,477
860
9
37
10
11
Eliminations
-61
-21
0
0
0
0
Total
15,806
14,307
635
697
701
609
1 Excluding biological asset capex
Operating capital (\u201cO\u201d items) is designated thus in the balance sheet and represents the sum of intangible asset and property, plant and
equipment, right-of-use assets, forest assets, emission rights, unlisted shares, other non-current assets, inventories, current operative
receivables and liabilities, provisions and other non-current operative liabilities. Operating capital includes assets held for sale and
liabilities related to assets held for sale.
Goodwill by segment
Year Ended 31 December
Goodwill1
EUR million
2022
2021
Packaging Materials
24
25
Packaging Solutions
6
6
Biomaterials
45
45
Wood Products
117
116
Forest
0
0
Paper
51
90
Other
0
0
Total
244
282
1 Goodwill excluding assets held for sale
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, which is tested for impairment at least annually.
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
Stora Enso did not complete any company or business acquisitions in 2022 or 2021.
In September 2022, Stora Enso signed an agreement to acquire De Jong Packaging Group
and the transaction was completed on 6th January\u00a0 2023, presented as non-adjusting event after
the reporting period. Following the completion of the transaction, purchase accounting for the
acquisition has been initiated, including the preparation of a purchase price allocation. As of the
date of authorisation for issuance of these financial statements, given the size, complexity and
timing of the acquisition, the provisional purchase price allocation is incomplete. Accordingly,
assets acquired, liabilities assumed, and the resulting non-controlling interest and goodwill to be
recognised have not yet been estimated on a preliminary basis and therefore not presented.
The goodwill will represent the expected synergies, mainly through sourcing, containerboard
integration optimisation and commercial opportunities. The goodwill will be 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. The shares of the acquired
companies are mainly 100% owned, with certain units having minor non-controlling interests.
The non-controlling interest will be measured based on the proportionate share of the identifiable
net assets.
The preliminary cash purchase consideration was EUR 612 million, excluding contingent
earn-out component. The earn-out component 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 at the date of acquisition and the maximum amount of earn-out is
EUR 45 million. The final purchase price is subject to customary purchase price adjustments.
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 17 sites in the Netherlands, Belgium, Germany and the UK
and it employs approximately 1,300 people. With the acquisition, Stora Enso\u2019s Packaging
Solutions division will increase its corrugated packaging capacity by approximately 1,200 million
m2 to more than 2,000 million m2, including De Jong Packaging Group\u2019s ongoing expansion
projects.
The acquisition will advance Stora Enso\u2019s strategic direction, accelerate revenue growth and
build the market share in renewable packaging in Europe. De Jong Packaging Group's product
portfolio and geographic presence will complement and enhance Stora Enso\u2019s offering. The
acquisition is also expected to generate synergies over the cycle, mainly through sourcing,
containerboard integration optimisation and commercial opportunities. The acquired units will be
reported in Packaging Solutions and Packaging Materials divisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODQ_283a3567-d2bc-4d0c-a2d1-6ac6fd550f8c": { "value": "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, which is tested for impairment at least annually.
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.
Accounting principles
Goodwill
Goodwill represents future economic benefits arising from assets that are not capable of being
individually identified and separately recognised by the Group on an acquisition. Goodwill is
computed as the excess of the cost of an acquisition over the fair value of the Group\u2019s share of
the fair value of net assets of the acquired subsidiary at the acquisition date, and is allocated to
those groups of cash generating units expected to benefit from the acquisition. Goodwill arising
on the acquisition of non-euro foreign entities is treated as an asset of the foreign entity
denominated in the local currency and translated at the closing rate.
Goodwill is not amortised but tested for impairment on an annual basis, or more frequently if
there is an indication of impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODU_4cda6c95-5057-4e0a-9854-2651af5f91a1": { "value": "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, which is tested for impairment at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODM_0d363f94-7ac7-49bf-9fed-855b7846637f": { "value": "
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.
Assets held for sale
Year Ended 31 December
EUR million
2022
2021
Property, plant and equipment
264
0
Intangible assets
55
0
Inventories
91
0
Current operative receivables
104
0
Tax assets
0
0
Assets held for sale
514
0
Non-current operative liabilities
42
0
Current operative liabilities
163
0
Tax liabilities
28
0
Interest-bearing liabilities
4
0
Liabilities related to assets held for sale
237
0
annual capacity is 245,000 tonnes of newsprint paper. In 2022 and in connection to the
transaction, the Group recognised approximately EUR 19 million of asset writedowns in the unit.
Hylte mill is part of the Paper division.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODM_718c9e91-a496-4a46-b6e1-de7bef9590c9": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODM_925bbaa8-3ea0-4ce9-92bd-687f7956b70d": { "value": "
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.
Assets held for sale
Year Ended 31 December
EUR million
2022
2021
Property, plant and equipment
264
0
Intangible assets
55
0
Inventories
91
0
Current operative receivables
104
0
Tax assets
0
0
Assets held for sale
514
0
Non-current operative liabilities
42
0
Current operative liabilities
163
0
Tax liabilities
28
0
Interest-bearing liabilities
4
0
Liabilities related to assets held for sale
237
0
annual capacity is 245,000 tonnes of newsprint paper. In 2022 and in connection to the
transaction, the Group recognised approximately EUR 19 million of asset writedowns in the unit.
Hylte mill is part of the Paper division.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDMvZnJhZzo0Mzg1NTExNDkxMDk0ZmFhOGNlZGM5MjExY2ZmZDYyMi90ZXh0cmVnaW9uOjQzODU1MTE0OTEwOTRmYWE4Y2VkYzkyMTFjZmZkNjIyXzI3NDg3NzkxNDg5ODM_edc5b482-927b-4a45-ab6d-ad4d0bc26419": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMDYvZnJhZzo3MWQ3Nzc3ZDI3YTE0Njk3YmNiNjQwYWM2YzZlY2I1Ny90ZXh0cmVnaW9uOjcxZDc3NzdkMjdhMTQ2OTdiY2I2NDBhYzZjNmVjYjU3XzI5MTM3MDU4MTM5ODcz_19988b82-c999-44df-8b43-e508aac1665f": { "value": "
Note 5 Other operating income and expense
Accounting principles
Research and development
Research costs are expensed as incurred in other operating expenses in the consolidated
income statement. Development costs are also expensed as incurred unless they meet the
criteria to be recognised as intangible assets in accordance with IAS 38, in which case they are
capitalised as intangible assets and depreciated over their expected useful lives.
Government grants
Government grants relating to the purchase of property, plant and equipment are deducted from
the carrying value of the asset, while the net cost is capitalised. Other government grants are
recognised as income on a systematic basis over the periods necessary to match them with the
related costs which they were intended to compensate.
Green certificates
Stora Enso is part of the local green energy production system which entitles selected mills in
Europe to receive green certificates based on megawatt hours of green energy produced. Green
certificates received are recognised at grant date market value only in the balance sheet. As
such, subsequent changes in market prices do not have an impact on the income statement and
the income is recognised only when certificates are sold.
Other operating income and expense
Year Ended 31 December
EUR million
2022
2021
Other operating income
Emission rights allocated and disposal gains
177
154
Sale of green certificates
10
20
Gains on disposal of fixed assets
4
31
Gains on disposal of Group companies and business operations
18
34
Dividend and gain on sale of unlisted shares
1
0
Insurance compensation
10
7
Other1
85
83
Government grants
16
14
CTA release
5
2
Total
326
345
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
Year Ended 31 December
EUR million
2022
2021
Audit fees
4
4
Audit-related
0
0
Tax fees
0
0
Other fees
0
0
Total
4
4
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
Year Ended 31 December
EUR million
2022
2021
Audit fees
4
4
Audit-related
0
0
Tax fees
0
0
Other fees
0
0
Total
4
4
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail
in Note 27 Derivatives.
Year Ended 31 December
EUR million
2022
2021
Other operating expenses
Lease expenses
40
38
Research and development
89
82
Credit losses, net of reversals
13
3
Losses on disposal of Group companies and business operations
26
3
CTA release
52
16
Provision changes in income statement
31
184
Other1
342
284
Total
594
610
1 Including expenses related to, among others, consultancy and other services, IT and telecommunications, properties and
administration, audit, training, travelling, insurance, penalties, currency translation differences on operative payables.
Year Ended 31 December
Materials and services include
2022
2021
Emissions rights to be delivered
112
99
Year Ended 31 December
EUR million
2022
2021
Audit fees
4
4
Audit-related
0
0
Tax fees
0
0
Other fees
0
0
Total
4
4
In 2022, the expense of the share-based remuneration was EUR 8 (EUR 7) million.
Note 21 Employee variable compensation and equity incentive
schemes
Accounting principles
Share awards
The costs of all employee-related share-based payments are charged to the consolidated
income statement as personnel expenses over the vesting period.
All share-based payment transactions are classified as equity-settled share awards. The
equity-settled share awards (net of tax), are measured at the fair value of the equity instruments
on the grant date, and are adjusted for the present value of expected dividends. The fair value of
the equity-settled share-based payments determined on the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.
Short term incentive (STI) programmes
Salaries for senior management are negotiated individually. Stora Enso has incentive plans that
take into account the performance, development and results of both business units and
individual employees. This performance-based variable compensation system is based on
profitability as well as on attaining key business targets.
Group Executives, as well as division and business unit management have STI programmes
in which the payment is calculated as a percentage of the annual base salary with a maximum
level ranging from 8% to 100%. Non-management employees participate in an STI programme
with a maximum incentive level of 7%. All incentives are discretionary. These performance-
based programmes cover most employees globally, where allowed by local practice and
regulations. For the performance year 2022, the annual incentive programmes were based on
financial measures as well as targets related to operational efficiency, emission reduction, safety
and individual targets. The financial success metrics in the STI programme 2022 are Sales
growth and EBITDA.
Long term incentive (LTI) programmes
Since 2005, new share based programmes for executives have been launched every year. The
2020 programme, ending in 2022 and settled in 2023 has a three-year performance period. The
2021 programme, ending in 2023 and settled in 2024, has three one-year performance periods
which are accumulated after three years. The 2022 programme features performance metrics
with one-year performance periods which are accumulated after three years as well as three-
years performance periods.\u00a0 All outstanding programmes will be settled in one portion after three
years.
For the vast majority of awarded employees, three quarters (75%) of the opportunity under
the programmes are in performance shares, where shares will vest in accordance with
performance criteria proposed by the People and Culture Committee and approved by the Board
of Directors. The financial performance metrics are 3-year Economic Value Added (EVA) and
Earnings Per Share (EPS) for the Stora Enso Group for the 2020 and 2021 programme and EPS
and Relative Total Shareholder Return for the 2022 programme, which in addition features ESG
metrics (emissions reduction and diversity). One quarter (25%) of the opportunity under the
programmes are in Restricted Shares, for which vesting is only subject to continued
employment. Members of the GLT have been awarded\u00a0 performance shares only.
Outstanding restricted and performance share opportunities before taxes are shown in the
table below. The total number of shares actually transferred will be less than that shown below
because a portion of shares corresponding to employees' tax obligation will be withheld to cover
income tax.
Share awards at 31 December 2022
Outstanding restricted and performance share awards at year end
Number of shares
2023
2024
2025
Total
2020 programme
903,289
903,289
2021 programme
716,460
716,460
2022 programme
822,240
822,240
Total
903,289
716,460
822,240
2,441,989
152 (EUR 165) million in 2022, as shown in
Note 6 Personnel expenses. Pensions are classified as defined contribution plans and defined
benefit plans. The majority of the Group's pensions plans are defined contribution plans for
which the charge amounted to EUR 146 (EUR 153) million. The priority of the Group is to
provide defined contribution plans as its post-employment benefits.
Net defined benefit obligation reconciliation
Defined
benefit obligation
Fair value
of plan assets
Net defined benefit
liability / (asset)
EUR million
2022
2021
2022
2021
2022
2021
At 1 January
1,108
1,210
-762
-737
347
473
Current service cost
12
14
12
14
Past service cost
-6
-2
0
0
-6
-2
Settlements
-7
-5
7
5
0
0
Interest expense (+) income (-)
13
9
-10
-6
3
3
Total included in income statement
11
17
-3
-1
9
15
Actuarial changes in demographic assumptions
-13
3
-13
3
Actuarial changes in financial assumptions
-306
-21
-306
-21
Actuarial changes from experience adjustments
63
-42
63
-42
Return on plan assets1
105
-65
105
-65
Asset ceiling impact1
5
0
5
0
Total remeasurement gains (-) / losses (+)
included in OCI
-256
-61
109
-65
-147
-126
Benefit payments
-54
-58
41
44
-13
-14
Employer contributions and refunds
4
1
4
1
Translation difference
-38
1
33
-3
-5
-3
Disposals and classification as held for sale
-35
0
0
0
-35
0
At 31 December
736
1,108
-577
-762
159
347
\u00a0 1 Excluding amounts included in interest expense (+) income (-)
In 2023, contributions of EUR 19 (EUR 17) million are expected to be paid to Group's defined
benefit plans.
Significant actuarial assumptions used in the valuation of defined benefit obligations
Year ended 31 December
Finland
Germany
Sweden
2022
2021
2022
2021
2022
2021
Discount rate %
3.6
0.7
3.6
0.8
4.0
1.7
Future salary increase %
3.0
3.2
2.5
2.5
2.9
2.9
Future pension increase %
2.2
2.3
2.0
1.8
2.0
2.0
Duration of pension plans
8.0
10.0
10.2
13.0
13.1
16.5
Sensitivity of the defined benefit obligation
Impact on defined benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
Decrease by 5.8%
Increase by 6.4%
Salary\u00a0 growth rate
0.50%
Increase by 1.2%
Decrease by 1.1%
Pension growth rate
0.50%
Increase by 4.8%
Decrease by 4.4%
Life expectancy
1 year
Increase by 4.2%
Decrease by 4.1%
Defined benefit plan summary by country as at 31 December 2021
31 December 2021
EUR million
Finland
Germany
Sweden
Other
Total
Present value of funded obligations
238
5
359
236
838
Present value of unfunded obligations
0
224
20
27
270
Defined benefit obligations (DBO)
238
229
379
263
1,108
Fair value of plan assets
-208
-4
-324
-226
-762
Net liability in the balance sheet
29
225
55
37
347
Represented by
Defined benefit pension plans
29
225
55
12
321
Other post-employment benefits
0
0
0
25
25
Net liability in the balance sheet
29
225
55
37
347
Finland
In Finland the employees are entitled to a statutory pensions benefit determined by Employee's
pension Act (TyEL). These benefits are defined as contribution benefits. They are insured with
an insurance company and provide coverage for old age, disability and death. Charge in the
income statement from contribution benefits is EUR 64 (EUR 71) million.
In addition, the Group has additional defined benefit plans which resulted in a charge of EUR
0 (EUR 1) million excluding finance costs. Defined benefit plans and plan assets are managed
by insurance companies. Details of the exact structure and investment strategy surrounding plan
assets are not available to participating employers, as the assets actually belong to the
insurance companies themselves. The assets are managed in accordance with EU regulations,
and also national requirements, under which there is an obligation to pay guaranteed benefits
irrespective of market conditions.
Germany
German pension costs amounted to EUR 6 (EUR 7) million, of which EUR 6 (EUR 6) million
related to defined contribution plans and EUR 1 (EUR 1) million to defined benefits excluding
finance costs. The net defined benefit liability amounted to EUR 134 (EUR 225) million. The
decrease in net liability arose mainly from changes in actuarial assumptions, especially from an
increase in discount rate.
Defined benefit pension plans are mainly accounted for in the statement of financial position
through book reserves with some minor plans using insurance companies or independent
trustees. Retirement benefits are based on years worked and salaries received during the
pensionable service and the commencement of pension payments are linked to the national
pension scheme\u2019s retirement age. Pensions are paid directly by the companies themselves to
their former employees. The security for the pensioners is provided by the legal requirement that
the book reserves held in the statement of financial position are insured up to certain limits.
Sweden
In Sweden, all blue-collar staff and part of white-collar staff are covered by defined contribution
plans, the charge in the Income statement being EUR 54 (EUR 56) million. Defined benefit plans
are covering the remaining white-collar staff and resulted in a charge of EUR 1 (EUR 8) million
excluding finance costs. The net defined benefit asset amounted to EUR 26 (liability EUR 55)
million. The decrease in net liability arose mainly from changes in actuarial assumptions,
especially from an increase in discount rate. Stora Enso has undertaken to pay all local legal
pension liabilities for the main ITP scheme to the foundation, thus the remaining liability relates
to other small plans. The long-term investment return target for the foundation is a 3% real return
after tax.
Other countries
The net defined benefit liability in the remaining countries amounted to EUR 36 (EUR 37) million.
The most material change in liability was recognised for United Kingdom. The decrease in net
liability arose mainly from changes in actuarial assumptions.
Plan assets
As at 31 December
2022
2021
EUR million
Quoted
Unquoted
Total
% of total
Quoted
Unquoted
Total
% of total
Equity
88
12
101
17%
122
37
159
21%
Debt
46
44
90
16%
58
55
112
15%
Property
0
55
55
9%
0
50
50
7%
Cash
10
0
10
2%
25
0
25
3%
Assets held by
insurance companies
0
226
226
39%
0
308
308
40%
Others
0
96
96
17%
7
101
108
14%
Total pension fund
assets
144
433
577
100%
211
551
762
100%
Plan assets do not include any real estate or other assets occupied by the Group or the Company's own financial instruments.
and inflation expectations. The aim of asset investment allocations is to neutralise these effects,
secure solvency for benefit payments and maximise returns.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTIvZnJhZzpmYjQxZmNmYjJkZjE0ZmVhOTc3YTFhYzI1YWVhNTA3Yy90ZXh0cmVnaW9uOmZiNDFmY2ZiMmRmMTRmZWE5NzdhMWFjMjVhZWE1MDdjXzI3NDg3NzkwNzg0MzI_8a277f16-28e0-461d-b2eb-f54e9203b91f": { "value": "
Note 7 Board and executive remuneration
Board and committee remuneration
Year Ended 31 December
2022
2021
EUR thousand (before taxes)
Cash
Value of
shares1
Total4
Total
Committee memberships
Board members at 31 December 2022
Antti M\u00e4kinen, Chair
133
81
214
208
People and Culture,\u00a0
Nomination2,3
H\u00e5kan Buskhe, Vice Chair
76
46
122
118
People and Culture,
Nomination2,3
Elisabeth Fleuriot
63
32
94
91
Financial and Audit
Hock Goh
63
32
94
91
Financial and Audit
Helena Hedblom
54
32
86
82
Sustainability and Ethics
Kari Jordan
54
32
86
People and Culture
Christiane Kuehne
58
32
90
87
Sustainability and Ethics
Richard Nilsson
69
32
101
97
Financial and Audit
Hans Sohlstr\u00f6m
54
32
86
82
Sustainability and Ethics
Former Board members
Mikko Helander (until 15 March 2022)
0
0
0
82
Total remuneration as Directors1
624
348
972
939
140% of the Board remuneration, excluding Committee remuneration, in 2022 was paid in Stora Enso R shares purchased from the
market and distributed as follows: to Chair 4 332 R shares, Vice Chair 2 454 R shares, and members 1 686 R shares each. The
Company has no formal policy requirements for the Board members to retain shares received as remuneration.
2 Stora Enso\u2019s Shareholders\u2019 Nomination Board has been appointed by the AGM in 2016 to exist until otherwise decided. The
Shareholders\u2019 Nomination Board according to its Charter as approved by the AGM comprises of four members: the Chair and Vice Chair
of the Board of Directors, as well as two members appointed by the two largest shareholders (one each) as of 31 August each year. No
separate remuneration is paid to members of the Nomination Board.
3 Marcus Wallenberg, appointed by FAM AB, is Chair of the Nomination Board. Reima Ryts\u00f6l\u00e4 is the member of the Shareholders\u2019
Nomination Board appointed by Solidium Oy. Antti M\u00e4kinen and H\u00e5kan Buskhe were appointed as members of the Shareholders\u2019
Nomination Board in their roles as Chair and Vice Chair of the Board of Directors.
4 The Company additionally pays the transfer tax for share purchases for each member, in line with AGM decision, which amount is
considered also taxable income for each member.
Chair and other members of the Board, as well as the remuneration for the Chair, Vice Chair and
members of the Board and its committees.
Board share interests at 31 December 2022
Shares held
A
R
Board members at 31 December 2022
Antti M\u00e4kinen, Chair
16,576
H\u00e5kan Buskhe, Vice Chair
7,933
Elisabeth Fleuriot
30,029
Hock Goh
34,782
Helena Hedblom
3,517
Kari Jordan
1,686
Christiane Kuehne
14,590
Richard Nilsson1
127
27,132
Hans Sohlstr\u00f6m2
13,517
Total shares held
127
149,762
1 Spouse holds 127 of A shares and 236 of R shares
2 Spouse holds 179 of the shares
Group Leadership Team (GLT) remuneration and share interests
The table below includes the remuneration earned by GLT members during the year, including
those shares with performance conditions that have ended and are due to vest in the coming
year. The company recommends and expects the CEO and GLT members to hold Stora Enso
shares at a value corresponding to at least one annual base salary. Stora Enso shares received
as remuneration are therefore recommended not to be sold until this level has been reached.
The aggregate cost of earned remuneration for GLT in 2022 amounted to EUR\u00a015 (EUR 11)
million. The total number of GLT members was eleven (thirteen) at the year end in 2022.
In accordance with their respective pension arrangements, GLT members may retire at sixty-
five years of age with pensions consistent with local practices in their respective home countries.
Contracts of employment provide for six months\u2019 notice prior to termination with severance
compensation of twelve months basic salary if the termination is at the Company\u2019s request.
The outcome of the financial targets relating to the Short term incentive programmes for the
performance year 2022, and Long term incentive programmes for the performance years 2020
to 2022 were reviewed and confirmed by the People and Culture Committee, and approved by
the Board of Directors in January 2023.
Note 21 Employee variable compensation and equity incentive schemes includes details of
incentive schemes and share opportunity programmes for the management and staff of Stora
Enso.
Group Leadership Team remuneration
Year Ended 31 December
2022
2021
EUR thousand
CEO
Others2,5
GLT Total
CEO
Others
GLT Total
Remuneration1,4
Annual salary
953
4,802
5,755
981
4,695
5,676
Local housing (actual costs)
0
2
2
0
1
1
Other benefits
32
272
304
33
342
375
Termination benefits
0
0
0
0
0
0
Short Term Incentive programme3
845
2,167
3,012
672
2,053
2,725
Long Term Incentive programme3
987
2,848
3,835
0
137
137
2,817
10,091
12,908
1,686
7,228
8,914
Pension Costs
Mandatory plans
477
1,154
1,631
341
1,226
1,567
Stora Enso voluntary plans
0
933
933
0
735
735
477
2,087
2,564
341
1,961
2,302
Total Compensation
3,294
12,178
15,472
2,027
9,189
11,216
1 The Finnish Corporate Governance code requires companies to report remuneration that is paid or due, and due to this the figures
presented in the above table do not directly reconcile with the amounts recognised as personnel expenses in the Income statement as
presented in the below table Group Leadership Team remuneration in Income statement.
2 Include earnings related to Teemu Salmi until 20 May 2022 and Kati ter Horst until 30 June 2022 and Jari Suominen until 30 November
2022.
3 Relate to amounts due at year end, which will be paid in 2023. LTI value is calculated using the 30 December 2022 closing price of
EUR 13.15. The final value of the vested shares will depend on the share price on vesting date 1 March 2023.
4 Remuneration for executives is disclosed only for the period during which they were GLT members.
5 Remuneration of GLT members increased in 2022 compared to 2021 mainly due to the performance outcome of variable pay
programmes. The average number of GLT members during 2022 was 11.71.
Group Leadership Team remuneration in Income statement
Year ended 31 December
2022
2021
EUR thousand
CEO
Others
GLT Total
CEO
Others
GLT Total
Salaries and other short-term
employee benefits
1,830
7,243
9,073
1,686
7,091
8,777
Long Term Incentive programme1, 2
714
1,581
2,295
468
1,638
2,106
Post-employment benefits
477
2,087
2,564
341
1,961
2,302
Total recognised in Income
statement
3,021
10,911
13,932
2,495
10,690
13,185
1 The costs of long-term incentive (LTI) programmes are recognised as costs over the three year vesting period based on the share
price at grant date and the estimate of equity instruments that will eventually vest.
2 Year 2021 figures have been restated.
Executives other than CEO
Short term incentive (STI) programmes for management
In 2022, GLT members have STI programmes with up to a maximum of 70% or 80% of their
annual fixed salary, payable the year after the performance period. 70% of the STI for 2022 was
based on financial measures and 30% on individual key targets.
Long term incentive (LTI) programmes for management
The 2020 LTI programme has a three-year performance period. The 2021 programme has three
one-year performance periods which are accumulated after three years. The 2022 programme
features performance metrics with one-year performance periods, which are accumulated after
three years, as well as three-years performance periods. All three programmes will be settled in
only one portion after three years, and the absolute maximum vesting level is 100% of the
number of shares granted. The 2020 programme is related to performance period 2020\u20132022,
the 2021 programme is related to performance period 2021\u20132023 and the 2022 programme is
related to performance periods 2022\u20132024. The opportunity under the programmes is in
Performance Shares, where the shares are vested in accordance with performance criteria
proposed by the People and Culture Committee and approved by the Board of Directors.
During the year the 2022 programme was launched, in which the GLT members (in GLT at
year end) can potentially receive a value corresponding to 242,650 shares before taxes,
assuming the maximum vesting level during the three-year vesting period (2022\u20132024) is
achieved. The total number of shares actually transferred will be lower because a portion of
shares corresponding to the tax obligation will be withheld to cover income tax.
The fair value of employee services received in exchange for share-based compensation
payments is accounted for in a manner that is consistent with the method of settlement and is
either cash or equity settled as described in more detail in Note 21. For the equity settled part, it
is possible that the actual cash cost does not agree with the accounting charges because the
share price is not updated at the time of the vesting. The figures in the Group Leadership Team
Remuneration table refer to individuals who were executives at year end or during part of the
year.
At the end of the year, the performance period for the 2020 programme ended, and will be
settled in one portion after three years in March 2023, dependent on Economic Value Added
(EVA) for the Stora Enso Group and Earnings Per Share (EPS) for the Stora Enso Group. The
Performance Share programme resulted in a 100% performance outcome. The number of
shares due for executives (GLT members at year end) from programmes that ended during 2022
amounted to 265,340 shares. The total number of shares actually transferred will be lower
because a portion of shares corresponding to the tax obligation will be withheld to cover income
tax.
President & Chief Executive Officer \u2013 Annica Bresky
The CEO has been employed by Stora Enso since 1 May 2017 and assumed the position as
CEO on 1 December 2019. She has a notice period of six months with a severance payment of
twelve months salary on termination by the company but with no contractual payments on any
change of control. The CEO\u2019s benefits include pension provisions. The CEO\u2019s pension plan has
contributions equal to the collectively agreed pension plan in Sweden (ITP1), with a pensionable
salary consisting of annual base salary, vacation pay, and actual paid STI. The retirement age is
sixty-five years.
Short term incentive (STI) programme for CEO
In 2022, the CEO is entitled to an STI programme decided by the Board each year giving a
maximum of 100% of the annual fixed salary. The STI for 2022 was 70% based on financial
measures, and 30% based on ESG-, operational- and individual key measures.
Long term incentive (LTI) programmes for CEO
The CEO participates in 2020, 2021 and 2022 share based LTI programmes. The 2020
programme has a three-year performance period. The 2021 programme has three one-year
performance periods which are accumulated after three years. The 2022 programme features
performance metrics with one-year performance periods which are accumulated after three
years as well as performance metrics with three-years performance periods. All three
programmes will be settled in only one portion after three years. The 2020 programme is related
to performance period 2020\u20132022, the 2021 programme is related to performance period 2021\u2013
2023 and the 2022 programme is related to performance periods 2022\u20132024. The opportunity in
the programmes is in performance shares, where shares vest in accordance with performance
criteria proposed by the People and Culture Committee and approved by the Board of Directors.
During the year the 2022 LTI programme was launched in which the CEO has the potential to
receive a value corresponding to a maximum of 65,430 shares before taxes. The grant value of
EUR 1,154,251 is based on the share price at the grant date, assuming a maximum vesting level
during the three-year vesting period (2022\u20132024) is achieved. The total number of shares
actually transferred will be lower because a portion of shares corresponding to the tax obligation
will be withheld to cover income tax.
At the end of the year, the performance period for the 2020 programme ended and will be
settled in one portion after three years in March 2023, dependent on Economic Value Added
(EVA) and Earnings Per Share (EPS) for the Stora Enso Group. 75,080 shares are due for the
CEO from Performance Share programmes that ended during 2022 due to a 100% performance
outcome.
Group Leadership Team share interests
Executives in office at the
year end
R shares held1
Shares due 20232
Performance share
opportunity 2024\u201320255
Annica Bresky
19,763
75,080
122,817
Seppo Parvi
50,924
25,340
43,484
Tobias B\u00e4\u00e4rnman
1,960
5,200
22,629
David Ekberg
1,245
17,640
32,481
Johanna Hagelberg
28,146
17,440
32,803
Rene Hansen
\u2014
3,400
12,000
Hannu Kasurinen
38,421
29,640
47,406
Katariina Kravi
\u2014
21,500
27,938
Per Lyrvall3
73,383
22,100
34,459
Annette Stube
\u2014
20,000
26,271
Lars V\u00f6lkel
\u2014
28,000
41,623
Total, serving officers4
213,842
265,340
443,911
1 None of the GLT members holds A shares.
2 Shares due to GLT member are gross of taxes for the LTI programmes with performance periods that ended in 2022 and are due to
be paid 2023. The Performance Share programme resulted in a 100% performance outcome due to be paid in 2023. Some GLT
members hold restricted shares in the Restricted Shares programme that ended in 2022 and those shares are due to be paid 2023.
3 Spouse holds 1 257 of the shares.
4 The Company recommends and expects GLT members to hold Stora Enso shares at a value corresponding to at least one annual
base salary. Stora Enso shares received as remuneration are therefore recommended not to be sold until this level has been reached.
5 Potential shares to GLT members are gross of taxes for LTI programmes with performance periods that end in 2023-2024 and are
due to be paid 2024-2025.
The following
Executive Officers also
served in 2022
R shares held
when GLT
membership ended
Performance Share
Awards when GLT
Membership Ended
Restricted Share
Awards When GLT
Membership Ended
Effective date of
GLT membership
ending
Teemu Salmi1
10,150
32,380
2,335
20 May 2022
Kati ter Horst1
61,996
86,556
\u2014
30 June 2022
Jari Suominen1
53,168
65,331
\u2014
30 November 2022
1 Unvested shares are forfeited at end of employment
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjY_1f500ecd-061c-42cc-bed9-04579adb0723": { "value": "
Note 8 Net financial items
Accounting principles
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
Exchange gains and losses for currency derivatives mainly relate to non-hedge accounted
instruments fair valued in the income statement. The amount reported as other financial income
mainly consists of fair valuation gains, while other financial expense in the table above relates to
net financial fees for unused committed credit facilities, guarantees and negative interest on
deposits. Impairments of interest-bearing assets relate to divestment of Russia operations and
are discussed in more detail in Note 4 Acquisitions and disposals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjY_3b2caef5-4349-4e7f-84f2-fe7608532c71": { "value": "
Note 8 Net financial items
Accounting principles
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
Exchange gains and losses for currency derivatives mainly relate to non-hedge accounted
instruments fair valued in the income statement. The amount reported as other financial income
mainly consists of fair valuation gains, while other financial expense in the table above relates to
net financial fees for unused committed credit facilities, guarantees and negative interest on
deposits. Impairments of interest-bearing assets relate to divestment of Russia operations and
are discussed in more detail in Note 4 Acquisitions and disposals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjY_a6150100-c35c-4c3b-a622-5ac1f516f6f8": { "value": "
Note 8 Net financial items
Accounting principles
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
Exchange gains and losses for currency derivatives mainly relate to non-hedge accounted
instruments fair valued in the income statement. The amount reported as other financial income
mainly consists of fair valuation gains, while other financial expense in the table above relates to
net financial fees for unused committed credit facilities, guarantees and negative interest on
deposits. Impairments of interest-bearing assets relate to divestment of Russia operations and
are discussed in more detail in Note 4 Acquisitions and disposals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjM_460fadb9-8fd8-4b50-bc8f-d45d7e88959a": { "value": "
Net financial items comprise net interest expenses, foreign exchange gains and losses and other
financial income and expenses mainly arising from interest-bearing assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjQ_5bc7fa36-4f35-4e6b-b000-f196efdcfe05": { "value": "Net financial items comprise net interest expenses, foreign exchange gains and losses and other financial income and expenses mainly arising from interest-bearing assets and liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjU_092d7bdb-a87b-4bd5-9b6f-3cc0d4480ee6": { "value": "
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjU_34c0e3e4-e3d6-4c95-a6d3-535d96cfcc6a": { "value": "
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzEwOTk1MTE2Mjk4MjU_63c7fcca-3238-4921-baaa-1e0482364844": { "value": "
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTUvZnJhZzoyYzM3MTZlZTUxMWU0ZTMzYmZjM2U3Y2Q4ZmJlYzlhMy90ZXh0cmVnaW9uOjJjMzcxNmVlNTExZTRlMzNiZmMzZTdjZDhmYmVjOWEzXzIyNTM5OTg4MzcxNDY3_65dd9a31-c2e5-45a1-be2e-49389db2ee15": { "value": "
Financial income and expense
Year Ended 31 December
EUR million
2022
2021
Net financial expense in the income statement
Financial income
40
42
Financial expense
-191
-190
Total
-151
-149
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost
-96
-95
Interest component of the effective hedges under cash flow hedge
-12
-15
Interest expense on leases
-17
-17
Interest capitalised
0
1
Interest income on loans and receivables measured at amortised cost
20
2
Net interest expense
-105
-124
Foreign exchange gains and losses
Currency derivatives
8
-39
Borrowings, cash equivalents. lease liabilities and other
-10
37
Net foreign exchange gains and losses
-1
-2
Other financial income
2
1
Other financial expense
Financial fees
-8
-17
Fair valuation losses
-4
-3
Impairments of interest-bearing assets
-30
0
Net interest on net defined benefit liabilities
-3
-3
Net other financial expense
-45
-22
Total
-151
-149
Gains and losses on derivative financial instruments are shown in Note 27 Derivatives.
In 2022, the net interest expense decreased mainly as a result of higher interest income rate on
loans and receivables. Costs on long-term debt issues capitalised as part of non-current debt
amounted to EUR 6 (EUR 7) million in the statement of financial position. During the year, EUR
2 (EUR 4) million was amortised through interest expense by using the effective interest rate
method.
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTgvZnJhZzo0NzExODNjMjI3ODE0YmQ1OTBhNmRjZDMxZjJiN2NlNy90ZXh0cmVnaW9uOjQ3MTE4M2MyMjc4MTRiZDU5MGE2ZGNkMzFmMmI3Y2U3XzI3NDg3NzkwODExODg_5deaee71-6502-4c1d-a5c5-02d1eaeac78b": { "value": "
Note 9 Income taxes
Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based on taxable
profit/loss for the period, together with tax adjustments for previous periods and the change in
deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, or
substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between
the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised
for the initial recognition of goodwill and the initial recognition of an asset or liability in a
transaction which is not a business combination, and at the time of the transaction this affects
neither accounting profit nor taxable profit. Deferred tax assets reduce income taxes payable on
taxable income in future years. The deferred tax assets, whether arising from temporary
differences or from tax losses, are recognised only to the extent that it is probable that future
taxable profits will be available against which the assets can be utilised.
Tax expense
Year Ended 31 December
EUR million
2022
2021
Current tax
-196
-118
Deferred tax
-126
-34
Total income tax
-322
-151
Change in deferred taxes in 2021
EUR million
Value at
1 Jan 2021
Income
statement
OCI
Acquisitions
/ disposals
Translation
difference
Value at
31 Dec 2021
Forest assets
-1,175
-70
-40
0
16
-1,268
Fixed assets
-173
75
0
-8
3
-103
Financial instruments
-11
3
8
0
1
1
Untaxed reserves
-39
-43
0
0
2
-80
Pensions and provisions
56
27
-23
0
-2
58
Tax losses and tax credits
carried forward
104
1
0
0
2
107
Other deferred taxes
23
-26
0
-1
2
-2
Total
-1,215
-33
-55
-9
24
-1,287
Equity hedges and net
investment loans (CTA)
-2
2
Change in deferred tax
-35
-53
-9
24
Assets1
117
143
Liabilities1
-1,332
-1,430
1 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
The recognition of deferred tax assets is based on the Group\u2019s estimations of future taxable
profits available against which the group can utilise the benefits.
Non-recognised deferred tax assets on deductible temporary differences amounted to EUR 50
(EUR 58) million. There is no expiry date for these differences. Taxable temporary differences in
respect of investments in subsidiaries, branches and associates and interests in joint operations,
for which deferred tax liabilities have not been recognised amounted to EUR 367 (EUR 339)
million.
Tax losses
As at 31 December
Tax losses carried forward
Recognised tax values
Unrecognised tax values
EUR million
2022
2021
2022
2021
2022
2021
Expiry within five years
359
417
5
7
72
79
Expiry after five years
100
343
9
60
14
11
No expiry
1,173
1,137
58
38
198
210
Total
1,633
1,897
73
106
283
300
At the end of 2022, there were no material tax losses related to Finland. At the end of 2021 tax
losses of EUR 274 million related to Finland and a deferred tax asset of EUR 55 million was
recognized relating to these tax losses.
Uncertain tax positions
At balance sheet date there were on-going tax audits in several jurisdictions. It is not expected
that any significant additional taxes in excess of those already recorded for will arise as a result
of these audits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTgvZnJhZzo0NzExODNjMjI3ODE0YmQ1OTBhNmRjZDMxZjJiN2NlNy90ZXh0cmVnaW9uOjQ3MTE4M2MyMjc4MTRiZDU5MGE2ZGNkMzFmMmI3Y2U3XzI3NDg3NzkwODExOTA_bd75106e-e8cf-40f1-bb2c-c93038703bd0": { "value": "
Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based on taxable
profit/loss for the period, together with tax adjustments for previous periods and the change in
deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, or
substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between
the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised
for the initial recognition of goodwill and the initial recognition of an asset or liability in a
transaction which is not a business combination, and at the time of the transaction this affects
neither accounting profit nor taxable profit. Deferred tax assets reduce income taxes payable on
taxable income in future years. The deferred tax assets, whether arising from temporary
differences or from tax losses, are recognised only to the extent that it is probable that future
taxable profits will be available against which the assets can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMTgvZnJhZzo0NzExODNjMjI3ODE0YmQ1OTBhNmRjZDMxZjJiN2NlNy90ZXh0cmVnaW9uOjQ3MTE4M2MyMjc4MTRiZDU5MGE2ZGNkMzFmMmI3Y2U3XzI3NDg3NzkwODExODc_c188c690-35c1-499a-b8ca-477b98c81499": { "value": "
Change in deferred taxes in 2022
EUR million
Value at
1 Jan 2022
Income
statement
OCI
Acquisitions
/ disposals1
Translation
difference
Value at
31 Dec 2022
Forest assets
-1,268
-43
-53
0
97
-1,267
Fixed assets
-103
-44
0
17
7
-123
Financial instruments
1
-3
-8
0
0
-10
Untaxed reserves
-80
-16
0
4
7
-85
Pensions and provisions
58
-1
-25
-4
-2
26
Tax losses and tax credits
carried forward
107
-34
0
0
1
74
Other deferred taxes
-2
19
0
-2
0
15
Total
-1,287
-122
-86
15
110
-1,370
Equity hedges and net
investment loans (CTA)
-3
3
Cash flow hedging
0
0
Change in deferred tax
-125
-83
15
110
Assets2
143
74
Liabilities2
-1,430
-1,443
1 Includes assets held for sale.
2 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
Change in deferred taxes in 2021
EUR million
Value at
1 Jan 2021
Income
statement
OCI
Acquisitions
/ disposals
Translation
difference
Value at
31 Dec 2021
Forest assets
-1,175
-70
-40
0
16
-1,268
Fixed assets
-173
75
0
-8
3
-103
Financial instruments
-11
3
8
0
1
1
Untaxed reserves
-39
-43
0
0
2
-80
Pensions and provisions
56
27
-23
0
-2
58
Tax losses and tax credits
carried forward
104
1
0
0
2
107
Other deferred taxes
23
-26
0
-1
2
-2
Total
-1,215
-33
-55
-9
24
-1,287
Equity hedges and net
investment loans (CTA)
-2
2
Change in deferred tax
-35
-53
-9
24
Assets1
117
143
Liabilities1
-1,332
-1,430
1 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
The recognition of deferred tax assets is based on the Group\u2019s estimations of future taxable
profits available against which the group can utilise the benefits.
Non-recognised deferred tax assets on deductible temporary differences amounted to EUR 50
(EUR 58) million. There is no expiry date for these differences. Taxable temporary differences in
respect of investments in subsidiaries, branches and associates and interests in joint operations,
for which deferred tax liabilities have not been recognised amounted to EUR 367 (EUR 339)
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjEvZnJhZzpmZWQ1NjI5YzU1MjA0NDBhYjFjOGIwZDZmZjA1YmVhNy90ZXh0cmVnaW9uOmZlZDU2MjljNTUyMDQ0MGFiMWM4YjBkNmZmMDViZWE3XzEwOTk1MTE2MzU0MjE_f2a52db0-9adf-46aa-a63c-d4d08b5722a2": { "value": "
Note 10 Depreciation, amortisation and impairment charges
Accounting principles
Depreciation, amortisation and impairment charges
Depreciation or amortisation of an asset begins when it is available for use in the location and
condition necessary for it to be operated in the manner intended by management. Depreciation
or amortisation ceases when the asset is derecognised or classified as held for sale.
Depreciation or amortisation does not cease when the asset becomes idle. Tangible and
intangible assets are depreciated and amortised on a straight-line basis during their useful lives.
Useful lives are reviewed annually. If an asset is disposed of, proceeds exceeding the carrying
value of the asset up to its historical cost are netted against depreciation, amortisation and
impairment charges. Only disposal proceeds exceeding the historical cost of an asset are
presented as other operating income (Note 5). If the asset\u2019s book value is higher than the
disposal proceeds, the difference is recognised as an impairment in the period when reliable
estimate of disposal loss is available, at the latest when a binding sales contract is signed. Right-
of-use (ROU) assets are depreciated using the straight line method from the commencement
date of the contract to the earlier of the end of the lease term or the end of the useful life of the
ROU assets.
The carrying amounts of intangible assets, property, plant and equipment and ROU assets
are reviewed at each reporting date to determine whether there is any indication of impairment,
whereas goodwill is tested annually. If any such indication exists, the recoverable amount is
estimated as the higher of the fair value less costs of disposal and the value in use, with an
impairment loss being recognised whenever the carrying amount exceeds the recoverable
amount.
A previously recognised impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount, however, not to an extent higher than the
carrying amount that would have existed had no impairment loss been recognised in prior years.
For goodwill, however, a recognised impairment loss is not reversed.
Whilst intangible assets, property, plant and equipment and ROU assets are subject to
impairment testing at the cash generating unit (CGU) level, goodwill is subject to impairment
testing at the CGU level for groups of CGUs, which represents the lowest level within the Group
at which goodwill is monitored for internal management purposes.
Depreciation, amortisation and impairment charges
Year ended 31 December
EUR million
2022
2021
Depreciation and amortisation
Intangible assets
24
26
Buildings and structures
81
79
Plant and equipment
371
373
Right-of-use assets
50
62
Other tangible assets
8
9
Total
533
549
Impairment
Goodwill
11
4
Intangible assets
1
7
Buildings and structures
25
10
Plant and equipment
75
126
Right-of-use assets
0
1
Other tangible assets
2
2
Total
114
149
Reversal of impairment
Plant and equipment
-7
0
Total
-7
0
Disposal gains/losses
Gain on sale of assets
-10
-4
Loss on sale of assets
4
3
Total
-5
0
Depreciation, amortisation and impairment charges
635
697
The calculation of value in use is highly sensitive to discount rates, sales prices and costs.
Sensitivity analysis are conducted to calculate the amounts by which the value assigned to the
key assumption must change in order for the unit\u2019s recoverable amount to be equal to its
carrying amount for the CGUs for which a reasonably possible change in an assumption could
result in an impairment. In 2022 any reasonably possible change in key assumptions would not
cause carrying amount to exceed its recoverable amount.
Summary of impairments and impairment reversals per division
Year ended 31 December
EUR million
2022
2021
Packaging Materials
0
10
Packaging Solutions
36
2
Biomaterials
0
0
Wood Products
10
0
Forest
31
1
Paper
33
131
Other
-4
4
Total (impairment +) / (Impairment reversal -)
107
149
Right-of-use (ROU) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. ROU assets are initially measured at
cost, which comprises the initial amount of the lease liability adjusted mainly for lease payments
made at or before the commencement date. The Group allocates the consideration in the
contract to each lease component and will separate non-lease components if these are
identifiable. Lease terms are negotiated on an individual basis and contain a wide range of
different terms and conditions.
The ROU assets are subsequently depreciated using the straight line method from the
commencement date to the earlier of the end of the lease term or the end of the useful life of the
ROU asset. In addition, the ROU asset is adjusted for certain remeasurements of the lease
liability. ROU assets are tested for impairment in accordance with IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjEvZnJhZzpmZWQ1NjI5YzU1MjA0NDBhYjFjOGIwZDZmZjA1YmVhNy90ZXh0cmVnaW9uOmZlZDU2MjljNTUyMDQ0MGFiMWM4YjBkNmZmMDViZWE3XzI3NDg3NzkwNzcwODg_29571cce-fc20-4df1-9e08-9035111a98e7": { "value": "
Depreciation, amortisation and impairment charges
Year ended 31 December
EUR million
2022
2021
Depreciation and amortisation
Intangible assets
24
26
Buildings and structures
81
79
Plant and equipment
371
373
Right-of-use assets
50
62
Other tangible assets
8
9
Total
533
549
Impairment
Goodwill
11
4
Intangible assets
1
7
Buildings and structures
25
10
Plant and equipment
75
126
Right-of-use assets
0
1
Other tangible assets
2
2
Total
114
149
Reversal of impairment
Plant and equipment
-7
0
Total
-7
0
Disposal gains/losses
Gain on sale of assets
-10
-4
Loss on sale of assets
4
3
Total
-5
0
Depreciation, amortisation and impairment charges
635
697
The calculation of value in use is highly sensitive to discount rates, sales prices and costs.
Sensitivity analysis are conducted to calculate the amounts by which the value assigned to the
key assumption must change in order for the unit\u2019s recoverable amount to be equal to its
carrying amount for the CGUs for which a reasonably possible change in an assumption could
result in an impairment. In 2022 any reasonably possible change in key assumptions would not
cause carrying amount to exceed its recoverable amount.
Summary of impairments and impairment reversals per division
Year ended 31 December
EUR million
2022
2021
Packaging Materials
0
10
Packaging Solutions
36
2
Biomaterials
0
0
Wood Products
10
0
Forest
31
1
Paper
33
131
Other
-4
4
Total (impairment +) / (Impairment reversal -)
107
149
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjEvZnJhZzpmZWQ1NjI5YzU1MjA0NDBhYjFjOGIwZDZmZjA1YmVhNy90ZXh0cmVnaW9uOmZlZDU2MjljNTUyMDQ0MGFiMWM4YjBkNmZmMDViZWE3XzI3NDg3NzkwNzcwODk_c5bf527a-0bae-41ca-bbf6-4f745f752f94": { "value": "
Goodwill impairments
In 2022 or 2021, the goodwill impairment testing did not result in any impairment. In 2022 and
due to upcoming disposals in the Paper division, goodwill impairment of EUR 11 million was
recognised in News and Office CGUs. In 2021 and due to Sachsen Mill disposal, goodwill
impairment of EUR 4 million was recognised in Paper - News CGU.
The most material groups of CGUs containing goodwill
Year ended 31 December
2022
2021
EUR million
Goodwill at
year end2
Pre-tax
discount rate
Goodwill at
year end
Pre-tax
discount rate
Wood Products - Central Europe
111
9.9%
109
8.7%
Paper - Book Paper
28
8.4%
28
7.2%
Paper - Uncoated Mechanical
12
8.4%
40
7.2%
Biomaterials - Nordic and Innovation
45
8.2%
45
7.2%
Other CGUs1
47
60
Total
244
282
1 Other CGUs is including Packaging Solutions - Europe, Packaging Materials operations in Sweden, Packaging Materials -
Containerboards, Wood Products - Northern Europe, Paper - News and Paper - Office cash generating units.
2 Goodwill excluding assets held for sale
The calculation of value in use is highly sensitive to discount rates, sales prices and costs.
Sensitivity analysis are conducted to calculate the amounts by which the value assigned to the
key assumption must change in order for the unit\u2019s recoverable amount to be equal to its
carrying amount for the CGUs for which a reasonably possible change in an assumption could
result in an impairment. In 2022 any reasonably possible change in key assumptions would not
cause carrying amount to exceed its recoverable amount.
Summary of impairments and impairment reversals per division
Year ended 31 December
EUR million
2022
2021
Packaging Materials
0
10
Packaging Solutions
36
2
Biomaterials
0
0
Wood Products
10
0
Forest
31
1
Paper
33
131
Other
-4
4
Total (impairment +) / (Impairment reversal -)
107
149
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MjI_f10d47c9-a439-4c19-a837-504e77592265": { "value": "
Other intangible assets
Intangible assets are stated at their historical cost and amortised on a straight-line basis over
their expected useful lives, which usually varies from 3 to 10 years and up to 20 years for
patents. An adjustment is made for any impairment. Intangible items acquired must be
recognised as assets separately from goodwill if they meet the definition of an asset, are either
separable or arise from contractual or other legal rights, and their fair value can be measured
reliably.
The cost of development or acquisition of new software clearly associated with an identifiable
and unique product that will be controlled by the Group and has a probable benefit exceeding its
cost beyond one year is recognised as an intangible asset and will be amortised over the
expected useful life of the software between 3 to 10 years.
Intangible assets recognised separately from goodwill in acquisitions consist of marketing and
customer-related or contract and technology-based intangible assets. Typical marketing and
customer-related assets include trademarks, trade names, service marks, collective marks,
certification marks, customer lists, order or production backlogs, customer contracts and the
related customer relationships. Contract and technology-based intangible assets are normally
licensing and royalty agreements or patented technology and trade secrets, such as confidential
formulas, processes or recipes. The fair value determination of customer contracts and related
relationships is derived from expected retention rates and cash flow over the customers\u2019
remaining estimated lifetime. The value of trademarks is derived from a discounted cash flow
analysis using the relief from royalty method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MjQ_be3a20a7-76e9-4f7b-825d-f2d32700be86": { "value": "
Property, plant and equipment
Property, plant and equipment acquired by Group companies are stated at their historical cost,
which are augmented where appropriate by asset retirement costs. Assets arising on the
acquisition of a new subsidiary are stated at fair value at the date of acquisition. Depreciation is
computed on a straight-line basis, and adjusted for any impairment and disposal charges. The
carrying amount represents the cost deducted by received grants and subsidies and less the
accumulated depreciation and any impairment charges. Interest costs on borrowings to finance
the construction of assets are capitalised as part of the cost during the construction period when
the requirements are fulfilled.
Land and water areas are not depreciated, as these are deemed to have an indefinite life, but
otherwise depreciation is based on the following expected useful lives:
Asset class
Depreciation years
Buildings, industrial
10-50
Buildings, office & residential
20-50
Groundwood mills
15-20
Hydroelectric power
40
Paper, board and pulp mills, main machines
20-30
Heavy machinery
10-20
Converting factories
10-15
Sawmills
10-15
Computers
3-5
Vehicles
5
Office equipment
3-5
Railway, harbours
20-25
Forest roads
10-15
Roads, fields, bridges
15-20
Ordinary maintenance and repair charges are written as expensed when incurred, but the costs
of significant renewals and improvements are capitalised and depreciated over the remaining
useful lives of the related assets. Retirements, sales and disposals of property, plant and
equipment are recorded by deducting the cost and accumulated depreciation from the
accounting records with any resulting terminal depreciation adjustments reflected in impairment
charges in the consolidated income statement. Capital gains are shown in other operating
income.
Spare parts are accounted for as property, plant and equipment if they are major and used
over more than one period, or if they are used only in connection with an item of property, plant
and equipment. In all other cases, spare parts are carried as part of the inventory and
recognised in profit or loss as consumed items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MjU_c0a617a2-089a-449a-91e0-f787a753bc7d": { "value": "
Ordinary maintenance and repair charges are written as expensed when incurred, but the costs
of significant renewals and improvements are capitalised and depreciated over the remaining
useful lives of the related assets. Retirements, sales and disposals of property, plant and
equipment are recorded by deducting the cost and accumulated depreciation from the
accounting records with any resulting terminal depreciation adjustments reflected in impairment
charges in the consolidated income statement. Capital gains are shown in other operating
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MTY_fe99979d-f601-45d6-a8e8-dc043765b9ae": { "value": "
Intangible assets
Year ended 31 December
EUR million
Computer\u00a0
software
Other
intangible
assets
Assets in
progress
Goodwill
Total
Acquisition cost
At 1 January 2021
233
98
17
695
1,044
Translation difference
2
6
0
8
16
Reclassifications
8
12
-16
0
4
Additions
6
5
6
0
17
Disposals
-23
-19
0
-171
-213
At 31 December 2021
226
103
7
532
867
Translation difference
0
-1
0
-2
-4
Reclassifications
5
2
-4
0
3
Additions
3
2
16
0
21
Disposals and classification as held for sale1
-11
-6
0
-28
-46
At 31 December 2022
222
100
18
502
842
Accumulated amortisation and
impairment
At 1 January 2021
176
38
0
414
629
Translation difference
1
4
0
3
8
Disposals
-22
-19
0
-171
-212
Amortisation
18
9
0
0
26
Impairment
5
2
0
4
11
At 31 December 2021
178
34
0
250
462
Translation difference
0
0
0
-3
-3
Disposals and classification as held for sale1
-11
-6
0
0
-17
Amortisation
17
8
0
0
24
Impairment
1
0
0
11
12
At 31 December 2022
185
35
0
258
478
Net Book Value at 31 December 2022
38
65
18
244
364
Net Book Value at 31 December 2021
48
69
7
282
405
1 Company disposals are included in Disposals line. Company disposals and classification of assets as held for sale are discussed in
more detail in Note 4 Acquisitions, disposals and assets held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MTg_0d2c6c64-69ce-4986-8016-45edb532a2d8": { "value": "
Property, plant and equipment
Year ended 31 December
EUR million
Land and
water
Buildings
and
structures
Plant and
equipment
Other
tangible
assets
Assets in
progress
Total
Acquisition cost
At 1 January 2021
128
3,301
13,256
455
549
17,690
Translation difference
0
64
48
0
1
114
Reclassifications
2
58
405
11
-480
-4
Reclassifications to biological
assets
0
-1
-1
0
0
-2
Additions
0
15
214
1
328
558
Disposals
-13
-82
-503
-19
-4
-620
At 31 December 2021
117
3,355
13,421
448
394
17,735
Translation difference
-1
-12
-266
-11
-10
-300
Reclassifications
0
57
207
10
-277
-3
Reclassifications to biological
assets
0
-2
-1
0
0
-3
Additions
6
33
217
4
373
634
Disposals and classification
as held for sale1
-19
-390
-2,668
-58
-27
-3,162
At 31 December 2022
103
3,041
10,909
393
454
14,900
Accumulated depreciation and impairment
At 1 January 2021
3
2,096
10,186
386
11
12,683
Translation difference
0
9
-30
0
1
-20
Disposals
-1
-79
-487
-19
0
-586
Depreciation
0
77
373
11
0
461
Impairments and reversals
0
10
125
2
0
137
At 31 December 2021
3
2,113
10,164
380
14
12,674
Translation difference
0
-30
-262
-9
0
-302
Disposals and classification
as held for sale1
-1
-378
-2,458
-49
0
-2,886
Depreciation
0
78
371
10
1
460
Impairments and reversals
0
21
68
4
2
95
At 31 December 2022
2
1,804
7,882
336
16
10,040
Net Book Value at 31
December 2022
101
1,237
3,027
57
437
4,860
Net Book Value at 31
December 2021
114
1,242
3,256
68
380
5,060
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed
in more detail in Note 4 Acquisitions, disposals and assets held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjQvZnJhZzpjMDlhZjg4MGI3MjY0YTY3YWI1MDY4YjQ1YzQyZDM5Ni90ZXh0cmVnaW9uOmMwOWFmODgwYjcyNjRhNjdhYjUwNjhiNDVjNDJkMzk2XzI3NDg3NzkwODA2MTc_8f60e7d7-e54d-487e-9019-7eda68f44ff5": { "value": "
Right-of-use assets
Year ended 31 December
EUR million
Land and
water
Forest land
Buildings
and
structures
Plant and
equipment
and other
Total
Acquisition cost
At 1 January 2021
99
233
97
148
577
Translation difference
9
26
1
1
37
Reclassifications to biological assets
0
-15
0
0
-15
Additions
0
9
9
15
33
Disposals
-1
0
-4
-37
-42
Other changes
0
0
1
0
1
At 31 December 2021
107
253
104
127
591
Translation difference
-2
-2
-3
-1
-7
Reclassifications to biological assets
0
-17
0
0
-17
Additions
1
6
20
18
45
Disposals\u00a0 and classification as held for
sale1
-2
0
-23
-36
-62
Other changes
1
2
0
4
6
At 31 December 2022
105
243
96
113
556
Accumulated depreciation and
impairment
At 1 January 2021
6
12
38
70
125
Translation difference
1
2
1
0
3
Disposals
-1
0
-4
-36
-41
Depreciation
3
5
20
34
62
Impairment
0
0
0
1
1
At 31 December 2021
8
18
55
69
150
Translation difference
0
-1
-2
-1
-4
Disposals and classification as held for
sale1
-1
0
-23
-34
-58
Depreciation
3
5
19
23
50
Impairment
0
0
1
0
0
At 31 December 2022
10
22
49
56
138
Net Book Value at 31 December 2022
95
221
47
57
418
Net Book Value at 31 December 2021
99
235
49
59
441
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed
in more detail in Note 4 Acquisitions, disposals and assets held for sale.
1 The table format has been updated to better present changes in liabilities arising from cash flow activities and non-cash activities. The
comparison figures have been restated accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjcvZnJhZzo3MWI5NDBiNzFhZmU0YjlhYmUyZjE4NTkxODQ3MWE4Mi90ZXh0cmVnaW9uOjcxYjk0MGI3MWFmZTRiOWFiZTJmMTg1OTE4NDcxYTgyXzI3NDg3NzkwODU4OTI_f0a708ee-cafd-4e04-8892-b441ff2d2f2e": { "value": "
Note 12 Forest assets
Accounting principles
The forest assets of Stora Enso are defined as standing growing trees, classified as biological
assets, and related forest land. The biological assets of Stora Enso consist of standing trees to
be used as raw material in pulp and mechanical wood production and as biofuels.
Forest asset valuation is based on continuous operations and sustainable forest
management, also taking into consideration environmental restrictions and other reservations.
Biological assets are recognised and valued in accordance with the IAS 41 Agriculture standard
at fair value and forest land assets are recognised in accordance with the IAS 16 Property, plant
and equipment standard. Leased forest land assets are presented as part of right-of-use assets
in Note 11 Intangible assets, property, plant and equipment, and right-of-use assets. The Group
changed its valuation method related to Finnish forest asset valuation at the end of 2022 to
correspond to the valuation method applied with Swedish forest assets, as explained in Note 1
Accounting principles.
Nordic and plantation forest assets are classified as different classes of assets due to
different nature, usage and characteristics of the assets. The main difference is the short-term
growing cycle of 6\u201312 years in plantations versus the long-term growing cycle of 60-100 years in
Nordic forests. There are also differences in regeneration methods, forest management, and the
use of the assets for other purposes.
Nordic forest assets include holdings in Sweden and Finland and plantation forest assets
include holdings in China, Brazil and Uruguay. Accounting policies for the different class of forest
assets are presented separately below. In addition the Group has minor forest asset holdings in
Estonia and Romania through associate company Tornator. The Group has forest assets in its
own subsidiaries in Sweden and China as well as in joint operations in Brazil and Uruguay, and
in equity accounted investment in Finland. Stora Enso also ensures that the Group\u2019s share of the
valuation of forest holdings in equity accounted investments and joint operations are consistent
with Group accounting policies. At harvesting, biological assets are transferred to the inventory.
Nordic forest assets
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\u2019s
forests are located. Stora Enso\u2019s forest assets create value by securing wood supply, increasing
long-term yield, optimising land use and securing financial flexibility. They play an important role
in mitigating climate change impacts, as growing trees absorb CO2. The forests also offer
opportunities for future value streams, such as wind power.
The total forest assets value is calculated with verified inventory data and regional standing
stock prices, considering among others:
\u2022regional market transaction data based on the forest assets' geographical locations,
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
The value of forest assets disclosed in the consolidated statement of financial position from
subsidiary companies and joint operations amounts to EUR 6,846 (EUR 6,747) million as shown
below. The Group\u2019s indirect share of forest assets held by associated company amounts to EUR
1,271 (EUR 985) million. The total forest asset value, excluding leased forest land, amounts to
EUR 8,117 (EUR 7,732) million.
Forest assets
Biological assets
Forest land2
Forest assets total
Year Ended 31 December
Year Ended 31 December
Year Ended 31 December
EUR million
2022
2021
2022
2021
2022
2021
Subsidiaries and joint
operations
Value at 1 January
4,547
4,250
2,201
2,005
6,747
6,256
Translation differences
-305
-43
-145
-26
-449
-68
Unrealized change in fair
value1
336
471
259
225
596
696
Additions
77
58
2
1
78
59
Disposals
-2
-64
-2
-5
-4
-69
Change due to harvesting1
-141
-127
0
0
-141
-127
Other operative changes1
-1
-17
0
0
-1
-17
Reclassification from PPE
20
17
0
0
20
17
Value at 31 December
4,531
4,547
2,315
2,201
6,846
6,747
Associated company
Tornator Oyj (41%)
1,122
906
149
78
1,271
985
Value at 31 December
1,122
906
149
78
1,271
985
Total
5,653
5,453
2,464
2,279
8,117
7,732
1 For biological assets, changes are presented\u00a0 in the profit and loss. For forest land, changes in fair value are recognised directly in
equity.
2 Not including leased forest land.
1,345 (1,346) thousand hectares is productive forest area. The
Montes del Plata and Veracel amounts take into account the ownership share.
Swedish forests
At the end of 2022, the value of the biological assets in Swedish forests amounted to EUR 3,963
(EUR 4,005) million, related forest land amounted to EUR 2,113 (EUR 2,012) million and the
total forest assets amounted to EUR 6,076 (EUR 6,017) million. The value increase in the forest
assets value is mainly driven by higher market prices, whereas foreign exchange impact netted
the impact of price increases and decreased the value with approximately EUR 485 million.
Deferred tax liabilities related to forest assets amounted to EUR 1,250 (EUR 1,237) million. The
discount rate of 3.6% (3.5%) was applied in the valuation.
The productive area in Swedish forests amounted to 1,142 (1,141) thousand hectares with a
standing stock of 150.5 (150.5) million forest m3. The weighted three-year average market
transaction price applied in the valuation for Swedish forests assets in 2022 is EUR 40 (EUR 40)
per forest m3. The forest asset value corresponds to an average of EUR 5,320 (EUR 5,270) per
ha of productive forest area.
The valuation of the forest assets is based on detailed transaction data and price statistics as
provided by different market data suppliers. Market transaction data is adjusted to consider the
characteristics and nature of Stora Enso's forest assets and to exclude certain non-forest assets
and outliers. The valuation takes into account where the forest land is located, price levels and
volume of standing stock. Market prices between areas varies significantly. Future changes in
value of Swedish forest assets are impacted by changes in market transaction prices and
changes in volume of standing stock, considering growth and other changes. See also Note 2 for
information related estimates and judgment applied in the valuation.
Forest asset location and volume
2022
North
Middle
South
Total
Productive area
Thousand ha
190
951
0
1,142
Percentage of total
%
17%
83%
0%
100%
Standing stock
million m3 fo.
17.5
133.0
0.0
150.5
Percentage of total
%
12%
88%
0%
100%
Guangxi
At the end of 2022, the value of the biological assets in Guangxi, China, amounted to EUR 196
(EUR 200) million. All the forest land in China is leased. The value decrease is mainly driven by
foreign exchange impact and increased discount rate, whereas higher prices increased the
value. The biological assets included young standing timber with a value of EUR 27 (EUR 33)
million. The discount rate of 10.2% (8.6%) used in the discounted cash flows (DCF) increased in
2022. The productive forest area in Guangxi totals to 64 (68) thousand hectares with a standing
stock of 4.1 (4.9) million forest m3.
Veracel
Veracel is a 50% joint operation in Brazil. Stora Enso\u2019s share of the biological assets was EUR
103 (EUR 81) million. The increase is mainly driven by increased prices and foreign exchange
impact, whereas increased discount rate and higher costs decreased the value. The biological
assets included young standing timber with a value of EUR 31 (EUR 21) million. The discount
rate of 7.9% (6.9%) used in the DCF increased in 2022. The related forest land is measured at
cost. Stora Enso\u2019s share of the productive forest area totals to 47 (47) thousand hectares with a
standing stock of 5.2 (5.0) million forest m3.
Montes del Plata
Montes del Plata (MdP) is a 50% joint operation in Uruguay. Stora Enso\u2019s share of the biological
assets was EUR 269 (EUR 260) million. The movement is mainly driven by foreign exchange
impact and discount rate change. The biological assets included young standing timber with a
value of EUR 50 (EUR 46) million. The discount rate of 9.0% (6.5%) used in the DCF increased
in 2022. The related forest land is measured at cost. Stora Enso\u2019s share of the productive forest
area totals to 92 (90) thousand hectares with a standing stock of 15.5 (13.9) million forest m3.
Associated company
Tornator
Tornator Oyj is a 41% owned Finnish associate company. Stora Enso\u2019s share of the biological
assets was EUR 1,122 (EUR 906) million, related forest land amounted to EUR 149 (EUR 78)
million, and total forest assets equalled to EUR 1,271 (EUR 985) million. The increase in the
value of forest assets is mainly driven by moving to market transaction based valuation method
from discounted cash flow based method concerning forest assets in Finland. Acquisitions also
increased the forest asset value. See Note 1 for more details related to changes in the valuation
method.
Stora Enso\u2019s share of the productive forest area totals to 277 (271) thousand hectares with a
standing stock of 32.8 (32.7) million forest m3. The weighted three-year average market
transaction price applied in the valuation for forest assets located in Finland in 2022 is EUR 42
per forest m3. The forest asset value in Finland corresponds to an average of EUR 4,750 per ha
of productive forest area.
Valuation sensitivities of significant assumptions of a +/- 10% movement
EUR million
Wood market prices
Growth rate
Discount rate
Guangxi
+/-28
+/-1
+/-4
Veracel
+/-10
+/-10
+/-2
Montes del Plata
+/-30
+/-30
+11/-10
Swedish forest asset valuation is sensitive for changes in market transaction prices and volume
of standing stock. A change in the average market price of forest assets of EUR 1 per forest m3
would impact the value of forest assets by EUR 151 (EUR 150) million. A change in the volume
of standing stock of 1 million forest m3 would impact the value of forest assets by EUR 40 (EUR
40) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMjcvZnJhZzo3MWI5NDBiNzFhZmU0YjlhYmUyZjE4NTkxODQ3MWE4Mi90ZXh0cmVnaW9uOjcxYjk0MGI3MWFmZTRiOWFiZTJmMTg1OTE4NDcxYTgyXzI3NDg3NzkwODU4OTM_4eb629ea-8952-4cb2-8920-1db7a7c91d88": { "value": "Accounting principles
The forest assets of Stora Enso are defined as standing growing trees, classified as biological
assets, and related forest land. The biological assets of Stora Enso consist of standing trees to
be used as raw material in pulp and mechanical wood production and as biofuels.
Forest asset valuation is based on continuous operations and sustainable forest
management, also taking into consideration environmental restrictions and other reservations.
Biological assets are recognised and valued in accordance with the IAS 41 Agriculture standard
at fair value and forest land assets are recognised in accordance with the IAS 16 Property, plant
and equipment standard. Leased forest land assets are presented as part of right-of-use assets
in Note 11 Intangible assets, property, plant and equipment, and right-of-use assets. The Group
changed its valuation method related to Finnish forest asset valuation at the end of 2022 to
correspond to the valuation method applied with Swedish forest assets, as explained in Note 1
Accounting principles.
Nordic and plantation forest assets are classified as different classes of assets due to
different nature, usage and characteristics of the assets. The main difference is the short-term
growing cycle of 6\u201312 years in plantations versus the long-term growing cycle of 60-100 years in
Nordic forests. There are also differences in regeneration methods, forest management, and the
use of the assets for other purposes.
Nordic forest assets include holdings in Sweden and Finland and plantation forest assets
include holdings in China, Brazil and Uruguay. Accounting policies for the different class of forest
assets are presented separately below. In addition the Group has minor forest asset holdings in
Estonia and Romania through associate company Tornator. The Group has forest assets in its
own subsidiaries in Sweden and China as well as in joint operations in Brazil and Uruguay, and
in equity accounted investment in Finland. Stora Enso also ensures that the Group\u2019s share of the
valuation of forest holdings in equity accounted investments and joint operations are consistent
with Group accounting policies. At harvesting, biological assets are transferred to the inventory.
Nordic forest assets
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\u2019s
forests are located. Stora Enso\u2019s forest assets create value by securing wood supply, increasing
long-term yield, optimising land use and securing financial flexibility. They play an important role
in mitigating climate change impacts, as growing trees absorb CO2. The forests also offer
opportunities for future value streams, such as wind power.
The total forest assets value is calculated with verified inventory data and regional standing
stock prices, considering among others:
\u2022regional market transaction data based on the forest assets' geographical locations,
\u2022standing stock prices by forest cubic meter (m3 fo) combined from traded forest estates and
\u2022regional standing stock inventory.
Information relating to forest asset transactions are available from market data suppliers. The
market transaction information can be viewed as market-corroborated inputs. Certain
adjustments are made to refine the market-corroborated inputs using unobservable inputs,
therefore inputs are categorised to fair value hierarchy measurement level 3. The judgements
are further explained in Note 2 Critical accounting estimates and judgements.
The total value of the forest assets in Nordics is allocated across biological assets and forest
land. Allocation of the combined fair value of forest assets is based on the income approach
where separate present values of expected net cash flows are calculated for both biological
assets and forest land. The discount rate is determined as the rate at which the valuation based
on market transaction prices matches the total forest assets combined cash flows for biological
assets and forest land. The discount rate is estimated to be the same for biological assets and
forest land as the nature and timing of the cash flows are similar.
Biological assets are measured at fair value in accordance IAS 41. The fair value is based on
the income approach and the discounted cash flow method whereby the fair value of the
biological assets is calculated using cash flows from continuous operations, taking into account
the growth potential of one cycle. Forest land is measured at fair value using the revaluation
method as defined in the IAS 16 standard. Fair value of forest land is measured based on
income approach, including net cash flows related to trees to-be-planted in the future as well as
other land related income, such as hunting rights, wind power leases and soil material sales.
Changes in the fair value of biological assets are recognised in the income statement.
Changes in the fair value of forest land, net of deferred taxes, are recognised in other
comprehensive income (OCI) and accumulated in a revaluation reserve in equity. Revaluation
reserve is not recycled to the income statement upon disposal. If the fair value of forest land
were to be less than cost, the difference would be recognised in the income statement as an
impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in accordance with the
IAS 41 standard and based on the income approach in those areas where the Group has forest
land. Fair value measurement is based on fair value hierarchy measurement level 3. Forest land
is measured initially and subsequently at cost, using the cost model as defined in IAS 16
standard.
The valuation of biological assets is based on the discounted cash flow method calculated
using cash flows from continuous operations and based on sustainable forest management,
taking into account growth potential of one cycle. The fair value of the biological assets is based
on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by
wood prices and the cost of silviculture and harvesting is deducted. The fair value of the
biological assets is measured as the present value of the harvest from one growth cycle, taking
into consideration environmental restrictions and other reservations. The discount rate applied is
determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del Plata) is
considered to be an immature asset and accounted at cost. Fair value is deemed to approximate
the cost when little biological transformation has taken place or the impact of the transformation
on the price is not expected to be significant, which varies according to the location and species
of the assets.
Changes in the fair value of biological assets are recognised in the income statement. The
forest land is measured at cost and not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMzMvZnJhZzo0MTMzMWYwYjExNTI0NzZhOGM2NTMyODgzZWU5MTg5My90ZXh0cmVnaW9uOjQxMzMxZjBiMTE1MjQ3NmE4YzY1MzI4ODNlZTkxODkzXzI3NDg3NzkwNzgwNzg_54c59675-4274-4545-835d-13826953606c": { "value": "
Note 14 Equity instruments
Accounting principles
The Group has elected to classify its equity investments in Pohjolan Voima shares and certain
listed shares held by the Group at fair value through other comprehensive income (FVTOCI)
under IFRS 9 by applying the irrevocable election for equity instruments under the standard due
to the long-term nature of the ownership. The gains and losses resulting from changes in the fair
value of equity investments under FVTOCI are not recycled to the Income Statement upon
impairment or disposal, only the dividend income is recognised in the income statement. In
addition, the Group also has certain equity investments in unlisted securities that are classified
as fair value through income statement.
Summary of values
Year Ended 31 December
EUR million
2022
2021
Acquisition cost at 1 January
Listed securities
3
3
Unlisted securities
135
135
Investments classified as equity instruments
139
138
OCI in opening balance
779
279
Equity Instruments at 1 January
918
417
Translation difference and other
-2
0
Additions
10
1
Change in fair values accounted for as OCI
519
501
Carrying amount at 31 December
1,445
918
Unrealised gains and losses on listed and unlisted securities
Year Ended 31 December
EUR million
2022
2021
Net unrealised holding gains (OCI)
1,299
780
Cost
147
139
Fair value
1,445
918
Net unrealised holding gains (OCI)
1,299
780
Deferred tax
-1
-2
Net unrealised holding gains shown in equity as OCI
1,297
778
Change in net unrealised holding gains shown in equity as OCI
519
501
PVO shares
The Group holds a 15.6% (15.6%) interest in Pohjolan Voima Oyj (PVO), a public limited
company in the energy sector that produces electricity and heat for its shareholders in Finland at
cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO
group has its own class of shares that, instead of dividends, entitle the shareholder to the energy
produced in proportion to its ownership of that class of share. Also, the shareholders then have
an obligation to cover the costs of production, which are generally lower than market prices.
Stora Enso did not receive actual dividend payments from PVO during 2022. The holding is fair
valued quarterly using the discounted cash flow method. During the last quarter of 2022 the
Group refined the valuation method to be based on discounted cash flow analysis only, while
previously, also market multiples were used. Trading multiples are considered to be less reliable
under current market conditions. The valuation is categorised at level 3 in the fair value
hierarchy according to IFRS 13; levels are explained in Note 25 Fair values.
The electricity prices used in the valuation are based on market future derivative prices for
the first three years and on long-term electricity price estimates for the years thereafter. The
historical financial statements provide the basis for the cost structure for each power asset and
for future periods, estimates from PVO shareholder information is used when available and
these are adjusted by inflation factor in future years.\u00a0 The discount rate of 7.99% used in the
valuation model is determined using the weighted average cost of capital method. A +/- 5%
change in the electricity price used in the DCF would change the valuation by EUR +127 million
and -127 million, respectively. A +/- percentage point change in the discount rate would change
the valuation by EUR -158 million and +200 million, respectively..
Stora Enso holds an indirect share of approximately 8.9% of the capacity of Olkiluoto 3
nuclear plant unit through its PVO B2 shares. The Olkiluoto 3 plant unit has been running test
production during 2022. During the test production, in October 2022, damages were identified in
the plant unit's feedwater pumps. After an investigation into the damages, Teollisuuden Voima
Oyj announced in December 2022 that the regular electricity production is expected to start in
March 2023.
PVO shareholding on 31 December 2022
EUR million
Share Series
% Holding
Asset Category
Fair Value 2022
Fair Value 2021
PVO-Vesivoima Oy
A
20.6
Hydro
307
302
Teollisuuden Voima Oyj
B
15.7
Nuclear
735
540
Teollisuuden Voima Oyj
B2
14.8
Nuclear
377
54
Other
C,C2,V,M
Various
Various
4
4
Total
1,423
900
The valuation in 2022 amounted to EUR 1,423 (EUR 900) million against a cost value of EUR
130 (EUR 130) million, with the revaluation of EUR 1,293 (EUR 770) million presented in equity
as part of the fair value reserve. The change in PVO\u2019s value is mainly caused by the increase in
electricity market prices during the year. No deferred tax is recognized, as under Finnish tax
regulations holdings above 10% are exempt from tax on disposal proceeds.
Principal equity instruments
31 December 2022
EUR million
Holding %
Number of
Shares
Acquisition
Cost
Fair Value
Packages Ltd, Pakistan - listed shares
6.0
5,396,650
3
8
Total listed securities
3
8
Pohjolan Voima Oy - unlisted shares
15.6
5,073,972
130
1,423
Others - unlisted securities
14
14
Total unlisted securities
144
1,437
Total Equity instruments at 31 December 2022
147
1,445
Total Equity instruments at 31 December 2021
139
918
The liability to deliver allowances is presented in the consolidated statement of financial position
in line other operative liabilities. As of 31 December 2022, the liability to deliver allowances
amounted to EUR 91 (EUR 99) million as presented in Note 23 Other liabilities. The excess
emission rights held at the year end were valued at EUR 32 (EUR 38) million.
Other non-current assets
As at 31 December
EUR million
2022
2021
Prepaid expenses and accrued income
22
15
Tax credit
4
3
Other non-current operative assets
12
15
Total
38
34
EUR 6,576 (EUR 5,740) million of inventories in total have been expensed during the year. EUR
78 (EUR 29) million of inventory write-downs have been recognised as an expense. EUR 9
(EUR 16) million have been recognised as a reversal of previous write-downs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xMzkvZnJhZzoxM2QwZjAzNDVkMTM0OTk4ODE3NDJkMTNiMjIwMzA3MS90ZXh0cmVnaW9uOjEzZDBmMDM0NWQxMzQ5OTg4MTc0MmQxM2IyMjAzMDcxXzI3NDg3NzkwNzA5MTc_a0d726ef-8c0a-42ee-b26d-48cf6cd388c5": { "value": "Accounting principles
Inventories are reported at lower of cost and net realisable value with the cost determined by the
first-in first-out (FIFO) method or, alternatively, by the weighted average cost where it
approximates FIFO. The same cost formula is used for all inventories having a similar nature
and use to the Group. The cost of finished goods and work in progress comprises raw material,
direct labour, depreciation, other direct costs and related production overheads, but excludes
interest expenses. Net realisable value is the estimated selling price in the ordinary course of
business, less the costs of completion and sale.
Where market conditions result in the manufacturing costs of a product exceeding its net
realisable value, a valuation allowance is made. Valuation allowances are also made for old,
slow moving and obsolete finished goods and spare parts when needed. Such valuation
allowances are deducted from the carrying value of the inventories in the consolidated statement
of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDIvZnJhZzo3OWU1ZTYyZGVjYWM0NWYxOTA2NzQ1ZjI0MTNkOWIxZi90ZXh0cmVnaW9uOjc5ZTVlNjJkZWNhYzQ1ZjE5MDY3NDVmMjQxM2Q5YjFmXzEwOTk1MTE2MzE5MzE_9911204c-5488-4eec-9cbc-3e94c28a1acb": { "value": "
Note 17 Operative receivables
Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Current operative receivables
As at 31 December
EUR million
2022
2021
Trade receivables - gross carrying amount before amount held for sale
1,329
1,175
Trade receivables - gross carrying amount held for sale
-92
0
Trade receivables - gross carrying amount
1,236
1,175
Loss allowance
-32
-26
Prepaid expenses and accrued income
68
82
Other receivables
200
218
Total
1,473
1,449
As at 31 December 2022, a gross amount of EUR 116 (EUR 82) million of trade receivables
were overdue. These relate to a number of countries and unrelated customers that have no
recent history of default. At 31 December 2022, lifetime expected credit losses for trade
receivables amounted to EUR 32 (EUR 26) million. Loss allowances for trade receivables are
estimated on an individual basis based on a forward-looking model where estimated probabilities
of customer default are used in the calculation model. If the Group has concerns regarding the
financial status of a customer, an advance payment or an irrevocable letter of credit drawn from
a bank is required. At the year end, the letters of credit awaiting maturity totalled EUR 74 (EUR
90) million. Please refer to Note 24 Financial risk management for details of customer credit risk
management.
Age analysis of loss allowance
As at 31 December
EUR million
2022
2021
Not overdue and less than 90 days overdue
5
1
91 to 365 days overdue
7
0
Over 365 days overdue
21
25
Total
32
26
Stora Enso has entered into factoring agreements to sell trade receivables in order to
accelerate cash conversion. These agreements resulted in full derecognition of trade receivables
amounting to a nominal value of EUR 174 (EUR 184) million at the end of the year. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDIvZnJhZzo3OWU1ZTYyZGVjYWM0NWYxOTA2NzQ1ZjI0MTNkOWIxZi90ZXh0cmVnaW9uOjc5ZTVlNjJkZWNhYzQ1ZjE5MDY3NDVmMjQxM2Q5YjFmXzI3NDg3NzkwNzM1ODU_f89fd0cc-69bb-425b-974b-68cc99f6cf9b": { "value": "
Note 17 Operative receivables
Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Current operative receivables
As at 31 December
EUR million
2022
2021
Trade receivables - gross carrying amount before amount held for sale
1,329
1,175
Trade receivables - gross carrying amount held for sale
-92
0
Trade receivables - gross carrying amount
1,236
1,175
Loss allowance
-32
-26
Prepaid expenses and accrued income
68
82
Other receivables
200
218
Total
1,473
1,449
As at 31 December 2022, a gross amount of EUR 116 (EUR 82) million of trade receivables
were overdue. These relate to a number of countries and unrelated customers that have no
recent history of default. At 31 December 2022, lifetime expected credit losses for trade
receivables amounted to EUR 32 (EUR 26) million. Loss allowances for trade receivables are
estimated on an individual basis based on a forward-looking model where estimated probabilities
of customer default are used in the calculation model. If the Group has concerns regarding the
financial status of a customer, an advance payment or an irrevocable letter of credit drawn from
a bank is required. At the year end, the letters of credit awaiting maturity totalled EUR 74 (EUR
90) million. Please refer to Note 24 Financial risk management for details of customer credit risk
management.
Age analysis of loss allowance
As at 31 December
EUR million
2022
2021
Not overdue and less than 90 days overdue
5
1
91 to 365 days overdue
7
0
Over 365 days overdue
21
25
Total
32
26
Stora Enso has entered into factoring agreements to sell trade receivables in order to
accelerate cash conversion. These agreements resulted in full derecognition of trade receivables
amounting to a nominal value of EUR 174 (EUR 184) million at the end of the year. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDIvZnJhZzo3OWU1ZTYyZGVjYWM0NWYxOTA2NzQ1ZjI0MTNkOWIxZi90ZXh0cmVnaW9uOjc5ZTVlNjJkZWNhYzQ1ZjE5MDY3NDVmMjQxM2Q5YjFmXzEwOTk1MTE2MzE5MTY_8ac5c118-780b-4a34-9248-5106fda6b76d": { "value": "Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDIvZnJhZzo3OWU1ZTYyZGVjYWM0NWYxOTA2NzQ1ZjI0MTNkOWIxZi90ZXh0cmVnaW9uOjc5ZTVlNjJkZWNhYzQ1ZjE5MDY3NDVmMjQxM2Q5YjFmXzEwOTk1MTE2MzE5MTg_3449f941-3b5f-4a4d-8283-751d8e5c1458": { "value": "Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their anticipated
realisable value with an estimate made for loss allowance on expected credit losses based on a
forward-looking and objective review of all outstanding amounts at period end. A simplified
approach under IFRS 9 has been implemented for trade receivables and loss allowances are
recognised based on expected lifetime credit losses in the consolidated income statement within
other operating expenses. For non-defaulted receivables, expected credit losses are estimated
based on externally generated customer level probability of default data that is used in the
forward-looking loss allowance calculation model. The loss allowance model for non-defaulted
receivables also takes into account a macroeconomic indicator that considers the
macroeconomic developments and further incorporates forward-looking data to the calculation
model. The rebuttable presumption that default does not occur later than when a financial asset
is 90 days past due has been applied in the calculation model and a default is normally
estimated to occur when trade receivables are at least 90 days overdue or there is otherwise
objective evidence supporting the conclusion that a default has occurred. Trade receivables will
be written off and booked as a credit loss only with the court's decision of bankruptcy or in some
other cases when there is objective evidence supporting the write-off. Trade receivables are
presented in current assets under operative receivables in the consolidated statement of
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital management tools. Sold
trade receivables are derecognised once significant related risks and rewards of ownership have
been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold
at period end but qualify to be sold under factoring programmes in the next period, are classified
as trade receivables fair valued through other comprehensive income in accordance with the
business model and contractual cash flow characteristics tests under IFRS 9. Please refer to
Note 25 Fair values for further details.
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDIvZnJhZzo3OWU1ZTYyZGVjYWM0NWYxOTA2NzQ1ZjI0MTNkOWIxZi90ZXh0cmVnaW9uOjc5ZTVlNjJkZWNhYzQ1ZjE5MDY3NDVmMjQxM2Q5YjFmXzI3NDg3NzkwNzM1ODM_4f6326ad-3039-4d10-a356-fcce1e1a3ab3": { "value": "
Current operative receivables
As at 31 December
EUR million
2022
2021
Trade receivables - gross carrying amount before amount held for sale
1,329
1,175
Trade receivables - gross carrying amount held for sale
-92
0
Trade receivables - gross carrying amount
1,236
1,175
Loss allowance
-32
-26
Prepaid expenses and accrued income
68
82
Other receivables
200
218
Total
1,473
1,449
Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable
shareholders\u2019 equity until approved by the shareholders at the Annual General Meeting.
At 31 December 2022, shareholders\u2019 equity amounted to EUR\u00a012,532 (EUR 10,683) million,
compared to the market capitalisation on Nasdaq Helsinki of EUR 10,503 (EUR 12,809) million.
The market values of the shares were EUR 13.90 (EUR 16.60) for A shares and EUR 13.15
(EUR 16.14) for R shares. In 2022, EUR 434 (237) million of dividend was paid, corresponding
to EUR 0.55 (0.30) 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 2022, the company\u2019s fully paid-up share capital, as entered in the
Finnish Trade Register, was EUR 1,342 million (EUR 1,342 million). The current accountable par
of each issued share is EUR 1.70 (EUR 1.70).
At 31 December 2022, Directors and Group Leadership Team members owned 127 (0) A
shares and 363,604 (475,519) R shares representing 0.02% of the total voting rights of the
company. Full details of Director and Executive interests are shown in Note 7 Board and
executive remuneration. A full description of company share award programmes is shown in
Note 21 Employee variable compensation and equity incentive schemes. However, none of
these have any impact on the issued share capital.
Change in share capital and number of shares
A shares
R shares
Total
At 1 January 2021
176,254,415
612,365,572
788,619,987
Conversion of A shares to R shares
-10,366
10,366
\u2014
At 31 December 2021
176,244,049
612,375,938
788,619,987
Conversion of A shares to R shares
-5,769
5,769
\u2014
At 31 December 2022
176,238,280
612,381,707
788,619,987
Number of votes as at 31 December 20221
176,238,280
61,238,171
237,476,451
Share capital at 31 December 2022, EUR million
300
1,042
1,342
Share capital at 31 December 2021, EUR million
300
1,042
1,342
1 R share votes are calculated by dividing the number of R shares by 10.
The issued shares by 6 March 2023 will represent the total shares eligible to vote at the forthcoming Annual General Meeting.
Principal non-controlling interests
As at 31 December
2022
2022
2021
Company
Principal
place of
business
Proportion of ownership
interests held by non-
controlling Interests, %
EUR million
Stora Enso Pulp and Paper Asia AB Group
Sweden
and China
See separate table below
-31
-18
Others
-
1
1
Total
-30
-16
Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group
31 December 2022
31 December 2021
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
\u2014
5.79
5.79
\u2014
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 Pulp and Paper Asia AB Group
EUR million
2022
2021
Assets
1,235
1,282
Equity attributable to the owners of the parent
-165
-115
Non-controlling interests1
-31
-18
Total equity
-196
-133
Liabilities
1,430
1,414
Net profit or loss for the period
-74
7
Attributable to
Owners of the parent
-61
4
Non-controlling interests
-13
3
Net profit or loss for the period
-74
7
Net cash flow from operating activities
64
90
Net cash flow from investing activities
-41
-37
Net cash flow from financing activities
4
-26
Net cash flow
27
27
1 No dividends were paid to non-controlling interests in 2022 or 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNDgvZnJhZzo0MDdiNGM2MGY0OWQ0NjZlYmM2NTA2OGZiNTNhZGIyNy90ZXh0cmVnaW9uOjQwN2I0YzYwZjQ5ZDQ2NmViYzY1MDY4ZmI1M2FkYjI3XzEwOTk1MTE2Mjg3MzE_44048303-20c3-4ed3-8cf9-44782be7cd7a": { "value": "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 profit 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNTEvZnJhZzoyYzgwZGYyNTA0Mjk0ODczOWYxY2Y2OWIwZGIwMWIyYS90ZXh0cmVnaW9uOjJjODBkZjI1MDQyOTQ4NzM5ZjFjZjY5YjBkYjAxYjJhXzI3NDg3NzkwOTUyOTE_24481fd3-cc0e-4e0b-b938-9e7dcb702626": { "value": "Accounting principles
Employee benefits
The Group operates a number of defined benefit and contribution plans throughout the world,
the assets of which are generally held in separate trustee administered funds. Such pension and
post-retirement plans are generally funded by payments from employees and by the relevant
Group companies, taking into account the recommendations of independent qualified actuaries.
Employer contributions to the defined contribution pension plans are charged to the consolidated
income statement in the year they relate to.
For defined benefit plans, accounting values are assessed using the projected unit credit
method. Under this method, the cost of providing pensions is charged to the consolidated
income statement to spread the regular cost over the service lives of employees in accordance
with the advice of qualified actuaries who carry out a full valuation of the plan every year in all
major pension countries. The pension obligation is measured as the present value of the
estimated future cash outflows using interest rates of highly rated corporate bonds or
government securities, as appropriate, that match the currency and expected duration of the
related liability.
The Group recognises all actuarial gains and losses arising from defined benefit plans directly
in equity, as disclosed in its consolidated statement of comprehensive income. Past service
costs are identified at the time of any amendments to the plans and are recognised immediately
in the consolidated income statement regardless of vesting requirements. In the Group\u2019s
consolidated statement of financial position, the full liability for all plan deficits is recorded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNTQvZnJhZzo5OGRkNjc1ZmY2MWQ0YjliYTAzMjAwYmQ3YTkzMGQxYi90ZXh0cmVnaW9uOjk4ZGQ2NzVmZjYxZDRiOWJhMDMyMDBiZDdhOTMwZDFiXzI3NDg3NzkwNzM5MDI_9ccfc818-d019-465c-bbad-206f2c1c2328": { "value": "Accounting principles
Share awards
The costs of all employee-related share-based payments are charged to the consolidated
income statement as personnel expenses over the vesting period.
All share-based payment transactions are classified as equity-settled share awards. The
equity-settled share awards (net of tax), are measured at the fair value of the equity instruments
on the grant date, and are adjusted for the present value of expected dividends. The fair value of
the equity-settled share-based payments determined on the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNTcvZnJhZzpkODdjMjhjZDVlODk0ZTM2YmU5YjVkYmE5MWU4MjcwNC90ZXh0cmVnaW9uOmQ4N2MyOGNkNWU4OTRlMzZiZTliNWRiYTkxZTgyNzA0XzEwOTk1MTE2MzI2Mjk_92f4acce-401b-4feb-9383-aacfac24ede4": { "value": "Accounting principles
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, and it is probable that an outflow of resources will be required to settle the
obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are
measured at the management\u2019s best estimate and there is some uncertainty regarding the
timing and amount of the costs. Provisions for obligations to dismantle, remove or restore assets
after their use are added to the carrying amount of the assets at acquisition date and
depreciated over the useful life of the asset. Provisions are discounted to their current net
present value if the effect of the time value of money is material.
Environmental provisions
Environmental expenditures resulting from the remediation of an existing condition caused by
past operations, and which do not contribute to current or future revenues, are recognised as
provisions. Environmental liabilities are recorded when it is probable, based on current
interpretations of environmental laws and regulations, that a present obligation has arisen and
the amount of such liability can be reliably estimated.
Restructuring provisions
A restructuring provision is recognised in the period in which the Group becomes legally or
constructively committed to the plan. The relevant costs are those that are incremental to, or
incurred as a direct result of, the exit plan, or are the result of a continuing contractual obligation
with no ongoing economic benefit, or represent a penalty incurred to cancel the obligation.\u00a0
Other provisions
Other provisions are recognised regarding different legal or constructive obligations, such as
onerous contracts, guarantees to customers, ongoing lawsuits, claims, or similar.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNTcvZnJhZzpkODdjMjhjZDVlODk0ZTM2YmU5YjVkYmE5MWU4MjcwNC90ZXh0cmVnaW9uOmQ4N2MyOGNkNWU4OTRlMzZiZTliNWRiYTkxZTgyNzA0XzIyNTM5OTg4Mzc0MjY1_8de1c199-85a7-4eb8-9e98-44746cf6b51b": { "value": "
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, and it is probable that an outflow of resources will be required to settle the
obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are
measured at the management\u2019s best estimate and there is some uncertainty regarding the
timing and amount of the costs. Provisions for obligations to dismantle, remove or restore assets
after their use are added to the carrying amount of the assets at acquisition date and
depreciated over the useful life of the asset. Provisions are discounted to their current net
present value if the effect of the time value of money is material.
Environmental provisions
Environmental expenditures resulting from the remediation of an existing condition caused by
past operations, and which do not contribute to current or future revenues, are recognised as
provisions. Environmental liabilities are recorded when it is probable, based on current
interpretations of environmental laws and regulations, that a present obligation has arisen and
the amount of such liability can be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjAvZnJhZzo3NGJjYTBiNWQ0ZGE0ZDJjYjNlMzBhNWJlNzFkZjhhMS90ZXh0cmVnaW9uOjc0YmNhMGI1ZDRkYTRkMmNiM2UzMGE1YmU3MWRmOGExXzI3NDg3NzkwNjk1MjQ_71d657d3-18b2-4f8f-9393-c3196a564151": { "value": "
Note 23 Operative liabilities
Non-current operative liabilities
As at 31 December
EUR million
2022
2021
Share-based payments
2
1
Other payables
9
12
Total
11
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjAvZnJhZzo3NGJjYTBiNWQ0ZGE0ZDJjYjNlMzBhNWJlNzFkZjhhMS90ZXh0cmVnaW9uOjc0YmNhMGI1ZDRkYTRkMmNiM2UzMGE1YmU3MWRmOGExXzI3NDg3NzkwNjk1MjQ_9f88315f-e24c-4b5f-8465-6168311095b9": { "value": "
Note 23 Operative liabilities
Non-current operative liabilities
As at 31 December
EUR million
2022
2021
Share-based payments
2
1
Other payables
9
12
Total
11
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjAvZnJhZzo3NGJjYTBiNWQ0ZGE0ZDJjYjNlMzBhNWJlNzFkZjhhMS90ZXh0cmVnaW9uOjc0YmNhMGI1ZDRkYTRkMmNiM2UzMGE1YmU3MWRmOGExXzI3NDg3NzkwNjk1MjQ_a91dd3e4-cb7a-4572-9286-6475c2cca82d": { "value": "
Note 23 Operative liabilities
Non-current operative liabilities
As at 31 December
EUR million
2022
2021
Share-based payments
2
1
Other payables
9
12
Total
11
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjAvZnJhZzo3NGJjYTBiNWQ0ZGE0ZDJjYjNlMzBhNWJlNzFkZjhhMS90ZXh0cmVnaW9uOjc0YmNhMGI1ZDRkYTRkMmNiM2UzMGE1YmU3MWRmOGExXzI3NDg3NzkwNjk1MjY_e537915f-4eed-4df7-b786-366aebf526eb": { "value": "
Non-current operative liabilities
As at 31 December
EUR million
2022
2021
Share-based payments
2
1
Other payables
9
12
Total
11
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjAvZnJhZzo3NGJjYTBiNWQ0ZGE0ZDJjYjNlMzBhNWJlNzFkZjhhMS90ZXh0cmVnaW9uOjc0YmNhMGI1ZDRkYTRkMmNiM2UzMGE1YmU3MWRmOGExXzI3NDg3NzkwNjk1Mjc_48440c78-ee0f-473b-9007-3409aacc141b": { "value": "
Current operative liabilities
As at 31 December
EUR million
2022
2021
Trade payables
1,831
1,704
Payroll and staff-related accruals
245
256
Accrued liabilities and deferred income
130
155
Emission liabilities
91
99
Advances received
18
18
Other payables1
94
107
Total
2,410
2,339
1 Other payables consist especially of taxes payable to government, such as VAT and payroll taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTk_5367a5ba-0ae2-474d-8881-37e30ba2e496": { "value": "
Note 24 Financial risk management
Risk management principles and process
Stora Enso is exposed to several financial market risks that the Group is managing under the
policies approved by the Board of Directors. The objective is to ensure cost-effective funding of
Group companies and manage financial risks effectively. The Stora Enso Group Financial Risk
Policy governs all financial transactions in Stora Enso. This policy and any future amendments
take effect once they are approved by the Board of Directors and all policies covering the use of
financial instruments must comply with it. The Group\u2019s joint operations companies operate under
their own financial risk policies, which may not be fully similar to the Group\u2019s policies.
The major financial market risks are detailed below with the main exposures for the Group being
interest rate risk, currency risk, liquidity risk, refinancing risk, and commodity price risk,
especially for fiber, pulp, and energy.
Interest rate risk
The Group is exposed to an interest rate risk that is the risk of fluctuating interest rates affecting
the interest expense of the Group and value of its assets and liabilities. Stora Enso is exposed to
the interest rate risk through interest-bearing assets and liabilities, such as loans, financial
instruments and lease liabilities, but also through commercial agreements and operative assets
and liabilities such as biological assets. The Group\u2019s aim is to keep interest costs stable. The
Group\u2019s aggregate duration should not exceed the average loan maturity, but should aim
towards a long duration. A duration above the average loan maturity is approved by the Board of
Directors.
The Group may use interest-rate swaps and cross-currency swaps to manage the interest-
rate risk by synthetically converting floating-rate loans into fixed-rate loans through the use of
derivatives. The Group's floating and fixed rate interest-rate position as per the year-end is
presented in the following table:
Floating and fixed interest-rate position
As at
31 December 2022
As at
31 December 2021
EUR million
Floating rate
Fixed rate
Floating rate
Fixed rate
Non-current interest-bearing receivables1
11
80
5
40
Current interest-bearing receivables
1
\u2014
\u2014
49
Cash and cash equivalents
1,917
1,481
Interest-bearing liabilities2
-1,074
-2,818
-974
-2,863
Interest-bearing assets and liabilities
excluding derivatives
855
-2,738
512
-2,774
Interest-rate and cross-currency swaps
650
-650
682
-682
Interest-bearing assets and liabilities,
net of derivatives
1,506
-3,388
1,194
-3,456
1 Excluding interest receivable and listed securities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Non-current interest-bearing liabilities, current portion of non-current debt, short-term interest bearing liabilities and bank overdrafts
excluding derivative liabilities and interest payable
rate derivatives but excluding cash and cash equivalents, is 3.3 (4.6) years.
As of 31 December 2022, one percentage point increase in interest rates would increase
annual net interest expenses by approximately EUR 4 (EUR 2) million and a similar decrease in
interest rates would decrease net interest expenses by EUR 4 (EUR 1) million. This assumes
that the duration and the funding structure of the Group remain constant throughout the year.
This simulation calculates the interest effect of a 100 basis point parallel shift in interest rates on
all floating rate instruments excluding cash equivalents from their next reset date to the end of
the year. In addition, all short-term loans maturing during the year are assumed to be rolled over
on maturity to year end using the new higher or lower interest rate.
A one percentage point parallel change up or down in interest rates would also result in fair
valuation gains or losses of EUR 10 (EUR 16) million before taxes in the cash flow hedge
reserve in OCI regarding interest rate swaps under cash flow hedge accounting. A one
percentage point parallel change up or down in interest rate would result in fair valuation gains
or losses of EUR 1 (EUR 3) million in net financial items related to cross currency swaps fair
valued through profit and loss. Note 27 Derivatives summarises the nominal and fair values of
the outstanding interest rate derivative contracts.
Foreign exchange risk - transaction risk
The Group operates globally and is exposed to a foreign-currency transaction risk arising from
exchange rate fluctuations. Foreign exchange transaction risk exposure comprises both the
geographical location of Stora Enso production facilities around the world, sourcing of raw
materials and sales of end products in foreign currencies, mainly denominated in US dollars,
British pounds and Swedish crowns. Stora Enso Group companies with functional currency other
than euro are also exposed to a foreign-currency transaction risk arising from EUR denominated
net cash flows. These EUR exposures mainly arise from Stora Enso subsidiaries located in
Sweden, Czech Republic and Poland.
The currency transaction risk is the impact of exchange rate fluctuations on the Group's
Income statement, which is the effect of currency rates on expected future cash flows and
subsequent trade receivables or payables. The Group's standard policy to mitigate the risk is to
hedge 15\u201360% of the highly probable forecast cash flows in major currencies for the next 12
months by using derivative financial instruments, such as foreign exchange forwards and foreign
exchange options. The Group may also hedge periods between 12 months and 36 months, or
change the above mentioned hedging ratio for the next 12 months upon the discretion of the
Group's management.
For operative receivables and payables in foreign currencies, the objective is to hedge 50\u2013
100% of the outstanding net receivable balance in major currency pairs.
The table below presents the estimated net operative foreign currency transaction risk
exposures for the main currencies for the next 12 months and the related foreign-currency
hedges in place as at 31 December, retranslated using year end exchange rates. The net
operative receivables and payable exposures, representing the balances as at 31 December,
include foreign currency exposures generated by external and intercompany transactions in line
with the requirements of IFRS 7. A positive amount of exposure in the table below represents an
estimated future inflow or receivable of a foreign currency amount.
Operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Estimated annual net cash
flow exposure in hedged
foreign-currency flows1
960
-238
1,983
240
83
-48
995
-191
1,712
346
138
-41
Cash flow hedges for the
next 12 months
-525
119
-843
-59
-26
26
-553
89
-740
-78
-38
23
Estimated annual net
cash flow exposure, net
of hedges
435
-119
1,139
181
57
-22
442
-101
971
268
100
-18
Hedging percentage as
at 31 December for next
12 months
55%
50%
43%
24%
31%
54%
56%
47%
43%
22%
27%
57%
Weighted-average hedged
rate against EUR2
10.63
1.09
0.87
1.52
45.20
\u2014
10.21
1.20
0.85
1.60
52.63
Operative receivables and
payables net exposure
-22
8
284
30
49
-5
-42
5
233
32
58
-2
Net receivable currency
hedges
-18
-3
-186
-16
-51
\u2014
16
\u2014
-200
-26
-26
\u2014
Net operative receivables
exposure, net of hedges
-39
5
98
14
-2
-5
-26
5
34
5
31
-2
Estimated annual net
transaction risk
exposure after hedges
396
-113
1,238
195
55
-27
416
-97
1,005
274
131
-20
1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in
the EUR column relates to operative transaction risk exposure from EUR denominated cash flows in Group companies located in
Sweden, Czech Republic and Poland with functional currency other than EUR.
2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts'
forward rate and therefore represents the weighted-average hedged rate based on the least favourable hedged rate from the Group's
point-of-view.
The following table includes the estimated effect on the annual operating profit of a weakening of
an exposure currency against the functional currencies of exposed subsidiaries. The sensitivities
have been calculated based on a 5% movement in EUR, SEK, USD, GBP and\u00a0 AUD while 10%
movement in UYU. These changes are estimated as reasonably possible changes in exchange
rates, measured against year-end closing rates. A corresponding strengthening of the exposure
currency would have an approximately equal opposite impact. A negative amount in the table
reflects a potential net loss in the income statement or equity and, conversely, a positive amount
reflects a potential net gain. In practice, the actual foreign currency results may differ from the
sensitivity analysis presented below, since the income statements of subsidiaries with functional
currencies other than the euro are translated into the Group reporting currency using the
average exchange rates for the year, whereas the statements of the financial position of such
subsidiaries, including currency hedges, trade receivables and payable, are translated using the
exchange rates at the reporting date. The translation risk exposures are discussed more in detail
under the Translation risk chapter below.
The calculation includes currency hedges and assumes that there are no changes in other
underlying currencies. The currency effects are based on estimated operative foreign currency
flows for the next twelve months, hedging levels at the year end, and the assumption that the
currency cash flow hedging levels and all other variables will remain constant during the next
twelve months. Hedging instruments include foreign exchange forward contracts and foreign
exchange options. Indirect currency effects with an impact on prices and product flows, such as
a product becoming cheaper to produce in a different geographical location, have not been
considered in this calculation.
Sensitivity analysis of operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Exposure currency change by1
-5%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-5%
-10%
Effect on estimated annual net
cash flows in hedged flows
-48
12
-99
-12
-4
5
-50
10
-86
-17
-7
4
Effect on cash flow hedging
OCI reserve before taxes as at
year end2
26
-6
42
3
1
-3
28
-4
37
4
2
-2
Effect on net operative
receivables and payables after
hedges3
2
\u2014
-5
-1
\u2014
\u2014
1
\u2014
-2
\u2014
-2
\u2014
Estimated annual EBIT
impact4
-20
6
-62
-10
-3
3
-21
5
-50
-14
-7
2
1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR
denominated transaction risk arising from EUR denominated foreign-currency cash flows in Sweden, Czech Republic and Poland with
functional currency other than EUR.
2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts
qualifying as cash flow hedges of highly probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative
result when the transaction realises.
3 Currency effect related to net operative receivables or payables and related hedges.
4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position,
forecast cash flows and the related hedges.
The following table presents the financial foreign currency exposure and the related hedges in
place as at 31 December for the main currencies. Net debt includes foreign-currency external
loan payables and receivables, foreign-currency internal loan payables and loan receivables and
cash equivalents. Loans designated as net investment loans under IAS 21 are excluded from the
table as they reduce the foreign-currency exposures on a Group level. Internal transaction
exposure includes foreign-currency payables and receivables outstanding within the Group at
reporting date. The currency derivatives mainly hedge financial exposures in the statement of
financial position. A negative amount of exposure in the table represents a net payable of a
foreign currency amount.
Additionally, the table includes the estimated effect on the income statement of a currency
weakening of an exposure currency against EUR. The sensitivities have been calculated based
on a 5% movement in SEK, USD, CNY, and PLN. These changes are estimated as reasonably
possible changes in exchange rates, measured against year-end closing rates. A corresponding
strengthening of the exposure currency\u00a0 would have an approximately equal opposite impact. A
negative amount in the table reflects a potential net loss in the Income statement and,
conversely, a positive amount reflects a net potential gain. In practice, the actual foreign
currency results may differ from the sensitivity analysis below as the exposure amounts may
change during the year.
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Foreign exchange risk \u2013 translation risk
Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso\u2019s
consolidated net foreign currency denominated assets, liabilities, and income. Translation risk is
reduced by funding assets, whenever economically possible, in the same currency as the asset
itself. The Group may also enter into foreign exchange forwards, foreign exchange options or
foreign currency denominated loans to hedge its net investments in foreign entities with different
functional currencies than the Group.
The balance sheets of foreign subsidiaries, equity accounted investments and foreign
currency denominated equity instruments in the scope of IFRS 9 are translated into euros using
exchange rates prevailing on the reporting date, thus exposing consolidated Group equity to
fluctuations in currency rates. The resulting translation differences, along with other movements
such as the translation rate difference in the income statement, are recorded directly in
shareholders\u2019 equity. These cumulative differences materialise through the Income statement on
the disposal, in whole or in part, of the foreign entity.
The following table presents the translation risk exposure in the Group's Income statement
arising from the translation of subsidiaries' and joint operations' foreign-currency income
statements into the presentation currency of the Group in the consolidated financial statements.
Translation exposure in Income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
BRL
CZK
CNY
SEK
USD
BRL
CZK
CNY
Translation exposure in Income
Statement
-147
-192
-164
-38
77
-196
-129
-111
11
83
Exposure currency change by
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
Effect on EBIT from translation
risk exposure
7
10
16
2
-4
10
6
11
-1
-4
principal headings based on the remaining period to contractual maturity at the reporting date.
Forward interest rates as at the year-end were used for estimating contractual finance charges
for the upcoming years.
Contractual maturity repayments of financial liabilities, settlement net: 2022
EUR million
2023
2024
2025
2026
2027
2028+
Total
Bond loans
300
270
404
90
325
1,081
2,470
Loans from credit institutions
306
40
273
5
0
0
624
Lease liabilities
63
49
44
33
30
159
377
Other non-current financial liabilities
0
2
0
0
0
0
2
Non-current borrowings including
current portion
668
361
721
128
355
1,240
3,472
Estimated contractual finance charges
108
90
74
43
40
190
545
Estimated contractual lease charges
16
14
13
11
10
58
123
Contractual repayments on non-
current borrowings
792
465
807
182
405
1,489
4,140
Current borrowings, carrying amounts
429
0
0
0
0
0
429
Gross-settled derivative liabilities -
receipts
-2,405
0
0
0
0
0
-2,405
Gross-settled derivative liabilities -
payments
2,401
0
0
0
0
0
2,401
Net-settled derivative liabilities
-4
0
0
0
0
0
-5
Trade payables
1,831
0
0
0
0
0
1,831
Bank overdrafts
0
0
0
0
0
0
0
Estimated contractual finance charges
6
0
0
0
0
0
6
Total Contractual Repayments at 31
December 2022
3,050
464
807
182
405
1,489
6,398
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group\u2019s assets as a result
of counterparties being unable to meet their obligations arising from financial contracts. The
exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can
suffer directly in the event of a single counterparty\u2019s credit default. This risk is minimised by:
\u2022entering into transactions only with leading financial institutions and with industrial companies
that have a good credit rating;
\u2022only investing in liquid funds and deposits with financial institutions or companies that have a
minimum credit rating of BBB-.
\u2022at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be
held at counterparties with a minimum rating of A- or equivalent using credit ratings from main
rating agencies;
\u2022investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties
other than the counterparty at which most of Stora Enso's cash and cash equivalents are
held;
\u2022requiring parent company guarantees when dealing with any subsidiary of a rated company.\u00a0
The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the
tenor of financial contract and counterparty\u2019s credit rating.
At the year end 2022, there were no significant concentrations of risk with respect to
counterparties of derivative contracts, with the highest counterparty mark-to-market exposure
being at EUR 41 (EUR 22) million and credit rating of A+ (A+) using Standard and Poor\u2019s credit
rating symbols.
Customer credit risk
Customer credit risk is Stora Enso\u2019s exposure to contracts arising from deterioration in the
financial health of its customers. The Group uses various measures to reduce customer credit
risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The
Group has also obtained export guarantees, covering both political and commercial risks, which
are used in connection with individual customers outside the OECD area. Management
considers that no significant concentration of credit risk with any individual customer,
counterparty or geographical region exists for Stora Enso. The ageing information of trade
receivables and related loss allowances are given in Note 17 Operative receivables.
Commodity price risk
Outstanding commodity hedges
As at
31 December 2022
As at 31 December 2021
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR
million
Fair value
EUR
million
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR\u00a0
million
Fair value
EUR
million
Electricity
purchases
\u00a0 - Nordic
region
175,200
MWh
EUR 29.1
5
18
438,000
MWh
EUR 29.02
13
15
\u00a0 - Central
Europe
87,600
MWh
EUR 43.06
4
12
Oil
purchases
200,474
barrels
USD 73.5
14
\u2014
189,808
barrels
USD 58.06
10
2
management in the Group, whilst other commodity risks are measured and hedged if
economically possible. In addition to electricity hedge derivatives, the Group also manages
energy price risk by entering into long-term physical fixed price purchase agreements, and by
holding a 15.6% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of
companies in the energy sector in Finland. The fair value of the shares amounted to EUR 1,423
(EUR 900) million as per the year-end. The fair value of these shares is dependent on electricity
market prices and discussed in more detail in Note 14 Equity instruments.
\u00a0 A 10% movement in energy and raw material prices would result in a EUR 6 (EUR 6) million
change in the fair value of commodity financial hedges described in the above table. The
majority of these fair value changes, after taxes, are recorded directly in Equity under Hedging
Reserves, until the contracts mature and the result is entered in the Income statement. These
estimates only represent the sensitivity of commodity financial instruments to market risk and not
the Group's full exposure to raw material and energy price risks as a whole, since the actual
underlying purchases are not financial instruments within the scope of the IFRS 7 standard. At
the end of 2022, the maturities of the energy and commodity contracts, including both financial
hedges and fixed-price physical purchase agreements, ranged between 2023 and 2024. In
2021, the maturities ranged between 2022 and 2024.
In an effort to mitigate other commodity price risk exposures in relation to wood fiber price
risk, the Group is a significant owner of forest assets in the Nordic region. In Sweden the Group
owns 1.4 million hectares of forest land. In addition, Stora Enso holds 41% share in Tornator Oyj,
which is a significant forest owner in Finland. The Group's share in Tornator is reported as an
equity accounted investment and discussed in more detail in Note 13 Equity accounted
investments. The Group's forest assets are discussed in more detail in Note 12 Forest assets.
Equity price risk
The Group has certain investments in publicly traded securities. Currently these relate to
Packages Ltd shares in Pakistan. The market value of these equity investments was EUR 8
(EUR 13) million at the year end. Market value changes in these investments are recorded, after
taxes, directly under Shareholders\u2019 Equity in the Equity instruments through OCI reserve.
Detailed discussion regarding the publicly traded securities can be found from Note 14 Equity
instruments.
Capital risk management
Stora Enso\u2019s debt structure is focused on capital markets and commercial banks. Group
objectives when managing capital are to safeguard the ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders, as well as to
maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain
or adjust the capital structure, the Group may, subject to shareholder approval as appropriate,
vary the dividends paid to shareholders, buy its own shares on financial markets, return capital
to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable
dividends linked to the long-term performance with the aim of distributing 50% of Earnings per
share (EPS) excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less,
and aiming that the Net-debt-to-Operational EBITDA ratio remains below 2.0, indicating a solid
financial position, and financial flexibility.
Capital structure
As at 31 December
EUR million
2022
2021
Interest-bearing liabilities
3,972
3,938
Interest-bearing assets
2,122
1,629
Net debt
1,850
2,309
Equity attributable to owners of the parent
12,532
10,683
Operational EBITDA1
2,529
2,184
Net debt to equity ratio
0.15
0.22
Net debt to operational EBITDA
0.73
1.06
1 Operational EBITDA definition is included in the \"Non-IFRS measures\" chapter in
the Report of the Board of Directors.
Montes del Plata, a joint operation of Stora Enso, and the Group's subsidiary Stora Enso
(Guangxi) Packaging and Forestry Company Ltd have complied with financial covenants related
to debt-to-assets ratio during the reported periods. There are no other covenants in the Group's
financing contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTk_a094360e-2947-44be-acd2-436b11d5dc40": { "value": "
Note 24 Financial risk management
Risk management principles and process
Stora Enso is exposed to several financial market risks that the Group is managing under the
policies approved by the Board of Directors. The objective is to ensure cost-effective funding of
Group companies and manage financial risks effectively. The Stora Enso Group Financial Risk
Policy governs all financial transactions in Stora Enso. This policy and any future amendments
take effect once they are approved by the Board of Directors and all policies covering the use of
financial instruments must comply with it. The Group\u2019s joint operations companies operate under
their own financial risk policies, which may not be fully similar to the Group\u2019s policies.
The major financial market risks are detailed below with the main exposures for the Group being
interest rate risk, currency risk, liquidity risk, refinancing risk, and commodity price risk,
especially for fiber, pulp, and energy.
Interest rate risk
The Group is exposed to an interest rate risk that is the risk of fluctuating interest rates affecting
the interest expense of the Group and value of its assets and liabilities. Stora Enso is exposed to
the interest rate risk through interest-bearing assets and liabilities, such as loans, financial
instruments and lease liabilities, but also through commercial agreements and operative assets
and liabilities such as biological assets. The Group\u2019s aim is to keep interest costs stable. The
Group\u2019s aggregate duration should not exceed the average loan maturity, but should aim
towards a long duration. A duration above the average loan maturity is approved by the Board of
Directors.
The Group may use interest-rate swaps and cross-currency swaps to manage the interest-
rate risk by synthetically converting floating-rate loans into fixed-rate loans through the use of
derivatives. The Group's floating and fixed rate interest-rate position as per the year-end is
presented in the following table:
Floating and fixed interest-rate position
As at
31 December 2022
As at
31 December 2021
EUR million
Floating rate
Fixed rate
Floating rate
Fixed rate
Non-current interest-bearing receivables1
11
80
5
40
Current interest-bearing receivables
1
\u2014
\u2014
49
Cash and cash equivalents
1,917
1,481
Interest-bearing liabilities2
-1,074
-2,818
-974
-2,863
Interest-bearing assets and liabilities
excluding derivatives
855
-2,738
512
-2,774
Interest-rate and cross-currency swaps
650
-650
682
-682
Interest-bearing assets and liabilities,
net of derivatives
1,506
-3,388
1,194
-3,456
1 Excluding interest receivable and listed securities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Non-current interest-bearing liabilities, current portion of non-current debt, short-term interest bearing liabilities and bank overdrafts
excluding derivative liabilities and interest payable
rate derivatives but excluding cash and cash equivalents, is 3.3 (4.6) years.
As of 31 December 2022, one percentage point increase in interest rates would increase
annual net interest expenses by approximately EUR 4 (EUR 2) million and a similar decrease in
interest rates would decrease net interest expenses by EUR 4 (EUR 1) million. This assumes
that the duration and the funding structure of the Group remain constant throughout the year.
This simulation calculates the interest effect of a 100 basis point parallel shift in interest rates on
all floating rate instruments excluding cash equivalents from their next reset date to the end of
the year. In addition, all short-term loans maturing during the year are assumed to be rolled over
on maturity to year end using the new higher or lower interest rate.
A one percentage point parallel change up or down in interest rates would also result in fair
valuation gains or losses of EUR 10 (EUR 16) million before taxes in the cash flow hedge
reserve in OCI regarding interest rate swaps under cash flow hedge accounting. A one
percentage point parallel change up or down in interest rate would result in fair valuation gains
or losses of EUR 1 (EUR 3) million in net financial items related to cross currency swaps fair
valued through profit and loss. Note 27 Derivatives summarises the nominal and fair values of
the outstanding interest rate derivative contracts.
Foreign exchange risk - transaction risk
The Group operates globally and is exposed to a foreign-currency transaction risk arising from
exchange rate fluctuations. Foreign exchange transaction risk exposure comprises both the
geographical location of Stora Enso production facilities around the world, sourcing of raw
materials and sales of end products in foreign currencies, mainly denominated in US dollars,
British pounds and Swedish crowns. Stora Enso Group companies with functional currency other
than euro are also exposed to a foreign-currency transaction risk arising from EUR denominated
net cash flows. These EUR exposures mainly arise from Stora Enso subsidiaries located in
Sweden, Czech Republic and Poland.
The currency transaction risk is the impact of exchange rate fluctuations on the Group's
Income statement, which is the effect of currency rates on expected future cash flows and
subsequent trade receivables or payables. The Group's standard policy to mitigate the risk is to
hedge 15\u201360% of the highly probable forecast cash flows in major currencies for the next 12
months by using derivative financial instruments, such as foreign exchange forwards and foreign
exchange options. The Group may also hedge periods between 12 months and 36 months, or
change the above mentioned hedging ratio for the next 12 months upon the discretion of the
Group's management.
For operative receivables and payables in foreign currencies, the objective is to hedge 50\u2013
100% of the outstanding net receivable balance in major currency pairs.
The table below presents the estimated net operative foreign currency transaction risk
exposures for the main currencies for the next 12 months and the related foreign-currency
hedges in place as at 31 December, retranslated using year end exchange rates. The net
operative receivables and payable exposures, representing the balances as at 31 December,
include foreign currency exposures generated by external and intercompany transactions in line
with the requirements of IFRS 7. A positive amount of exposure in the table below represents an
estimated future inflow or receivable of a foreign currency amount.
Operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Estimated annual net cash
flow exposure in hedged
foreign-currency flows1
960
-238
1,983
240
83
-48
995
-191
1,712
346
138
-41
Cash flow hedges for the
next 12 months
-525
119
-843
-59
-26
26
-553
89
-740
-78
-38
23
Estimated annual net
cash flow exposure, net
of hedges
435
-119
1,139
181
57
-22
442
-101
971
268
100
-18
Hedging percentage as
at 31 December for next
12 months
55%
50%
43%
24%
31%
54%
56%
47%
43%
22%
27%
57%
Weighted-average hedged
rate against EUR2
10.63
1.09
0.87
1.52
45.20
\u2014
10.21
1.20
0.85
1.60
52.63
Operative receivables and
payables net exposure
-22
8
284
30
49
-5
-42
5
233
32
58
-2
Net receivable currency
hedges
-18
-3
-186
-16
-51
\u2014
16
\u2014
-200
-26
-26
\u2014
Net operative receivables
exposure, net of hedges
-39
5
98
14
-2
-5
-26
5
34
5
31
-2
Estimated annual net
transaction risk
exposure after hedges
396
-113
1,238
195
55
-27
416
-97
1,005
274
131
-20
1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in
the EUR column relates to operative transaction risk exposure from EUR denominated cash flows in Group companies located in
Sweden, Czech Republic and Poland with functional currency other than EUR.
2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts'
forward rate and therefore represents the weighted-average hedged rate based on the least favourable hedged rate from the Group's
point-of-view.
The following table includes the estimated effect on the annual operating profit of a weakening of
an exposure currency against the functional currencies of exposed subsidiaries. The sensitivities
have been calculated based on a 5% movement in EUR, SEK, USD, GBP and\u00a0 AUD while 10%
movement in UYU. These changes are estimated as reasonably possible changes in exchange
rates, measured against year-end closing rates. A corresponding strengthening of the exposure
currency would have an approximately equal opposite impact. A negative amount in the table
reflects a potential net loss in the income statement or equity and, conversely, a positive amount
reflects a potential net gain. In practice, the actual foreign currency results may differ from the
sensitivity analysis presented below, since the income statements of subsidiaries with functional
currencies other than the euro are translated into the Group reporting currency using the
average exchange rates for the year, whereas the statements of the financial position of such
subsidiaries, including currency hedges, trade receivables and payable, are translated using the
exchange rates at the reporting date. The translation risk exposures are discussed more in detail
under the Translation risk chapter below.
The calculation includes currency hedges and assumes that there are no changes in other
underlying currencies. The currency effects are based on estimated operative foreign currency
flows for the next twelve months, hedging levels at the year end, and the assumption that the
currency cash flow hedging levels and all other variables will remain constant during the next
twelve months. Hedging instruments include foreign exchange forward contracts and foreign
exchange options. Indirect currency effects with an impact on prices and product flows, such as
a product becoming cheaper to produce in a different geographical location, have not been
considered in this calculation.
Sensitivity analysis of operative foreign currency transaction risk exposure
As at
31 December 2022
As at
31 December 2021
EUR million
EUR
SEK
USD
GBP
AUD
UYU
EUR
SEK
USD
GBP
AUD
UYU
Exposure currency change by1
-5%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-5%
-10%
Effect on estimated annual net
cash flows in hedged flows
-48
12
-99
-12
-4
5
-50
10
-86
-17
-7
4
Effect on cash flow hedging
OCI reserve before taxes as at
year end2
26
-6
42
3
1
-3
28
-4
37
4
2
-2
Effect on net operative
receivables and payables after
hedges3
2
\u2014
-5
-1
\u2014
\u2014
1
\u2014
-2
\u2014
-2
\u2014
Estimated annual EBIT
impact4
-20
6
-62
-10
-3
3
-21
5
-50
-14
-7
2
1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR
denominated transaction risk arising from EUR denominated foreign-currency cash flows in Sweden, Czech Republic and Poland with
functional currency other than EUR.
2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts
qualifying as cash flow hedges of highly probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative
result when the transaction realises.
3 Currency effect related to net operative receivables or payables and related hedges.
4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position,
forecast cash flows and the related hedges.
The following table presents the financial foreign currency exposure and the related hedges in
place as at 31 December for the main currencies. Net debt includes foreign-currency external
loan payables and receivables, foreign-currency internal loan payables and loan receivables and
cash equivalents. Loans designated as net investment loans under IAS 21 are excluded from the
table as they reduce the foreign-currency exposures on a Group level. Internal transaction
exposure includes foreign-currency payables and receivables outstanding within the Group at
reporting date. The currency derivatives mainly hedge financial exposures in the statement of
financial position. A negative amount of exposure in the table represents a net payable of a
foreign currency amount.
Additionally, the table includes the estimated effect on the income statement of a currency
weakening of an exposure currency against EUR. The sensitivities have been calculated based
on a 5% movement in SEK, USD, CNY, and PLN. These changes are estimated as reasonably
possible changes in exchange rates, measured against year-end closing rates. A corresponding
strengthening of the exposure currency\u00a0 would have an approximately equal opposite impact. A
negative amount in the table reflects a potential net loss in the Income statement and,
conversely, a positive amount reflects a net potential gain. In practice, the actual foreign
currency results may differ from the sensitivity analysis below as the exposure amounts may
change during the year.
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Foreign exchange risk \u2013 translation risk
Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso\u2019s
consolidated net foreign currency denominated assets, liabilities, and income. Translation risk is
reduced by funding assets, whenever economically possible, in the same currency as the asset
itself. The Group may also enter into foreign exchange forwards, foreign exchange options or
foreign currency denominated loans to hedge its net investments in foreign entities with different
functional currencies than the Group.
The balance sheets of foreign subsidiaries, equity accounted investments and foreign
currency denominated equity instruments in the scope of IFRS 9 are translated into euros using
exchange rates prevailing on the reporting date, thus exposing consolidated Group equity to
fluctuations in currency rates. The resulting translation differences, along with other movements
such as the translation rate difference in the income statement, are recorded directly in
shareholders\u2019 equity. These cumulative differences materialise through the Income statement on
the disposal, in whole or in part, of the foreign entity.
The following table presents the translation risk exposure in the Group's Income statement
arising from the translation of subsidiaries' and joint operations' foreign-currency income
statements into the presentation currency of the Group in the consolidated financial statements.
Translation exposure in Income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
BRL
CZK
CNY
SEK
USD
BRL
CZK
CNY
Translation exposure in Income
Statement
-147
-192
-164
-38
77
-196
-129
-111
11
83
Exposure currency change by
-5%
-5%
-10%
-5%
-5%
-5%
-5%
-10%
-5%
-5%
Effect on EBIT from translation
risk exposure
7
10
16
2
-4
10
6
11
-1
-4
principal headings based on the remaining period to contractual maturity at the reporting date.
Forward interest rates as at the year-end were used for estimating contractual finance charges
for the upcoming years.
Contractual maturity repayments of financial liabilities, settlement net: 2022
EUR million
2023
2024
2025
2026
2027
2028+
Total
Bond loans
300
270
404
90
325
1,081
2,470
Loans from credit institutions
306
40
273
5
0
0
624
Lease liabilities
63
49
44
33
30
159
377
Other non-current financial liabilities
0
2
0
0
0
0
2
Non-current borrowings including
current portion
668
361
721
128
355
1,240
3,472
Estimated contractual finance charges
108
90
74
43
40
190
545
Estimated contractual lease charges
16
14
13
11
10
58
123
Contractual repayments on non-
current borrowings
792
465
807
182
405
1,489
4,140
Current borrowings, carrying amounts
429
0
0
0
0
0
429
Gross-settled derivative liabilities -
receipts
-2,405
0
0
0
0
0
-2,405
Gross-settled derivative liabilities -
payments
2,401
0
0
0
0
0
2,401
Net-settled derivative liabilities
-4
0
0
0
0
0
-5
Trade payables
1,831
0
0
0
0
0
1,831
Bank overdrafts
0
0
0
0
0
0
0
Estimated contractual finance charges
6
0
0
0
0
0
6
Total Contractual Repayments at 31
December 2022
3,050
464
807
182
405
1,489
6,398
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group\u2019s assets as a result
of counterparties being unable to meet their obligations arising from financial contracts. The
exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can
suffer directly in the event of a single counterparty\u2019s credit default. This risk is minimised by:
\u2022entering into transactions only with leading financial institutions and with industrial companies
that have a good credit rating;
\u2022only investing in liquid funds and deposits with financial institutions or companies that have a
minimum credit rating of BBB-.
\u2022at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be
held at counterparties with a minimum rating of A- or equivalent using credit ratings from main
rating agencies;
\u2022investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties
other than the counterparty at which most of Stora Enso's cash and cash equivalents are
held;
\u2022requiring parent company guarantees when dealing with any subsidiary of a rated company.\u00a0
The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the
tenor of financial contract and counterparty\u2019s credit rating.
At the year end 2022, there were no significant concentrations of risk with respect to
counterparties of derivative contracts, with the highest counterparty mark-to-market exposure
being at EUR 41 (EUR 22) million and credit rating of A+ (A+) using Standard and Poor\u2019s credit
rating symbols.
Customer credit risk
Customer credit risk is Stora Enso\u2019s exposure to contracts arising from deterioration in the
financial health of its customers. The Group uses various measures to reduce customer credit
risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The
Group has also obtained export guarantees, covering both political and commercial risks, which
are used in connection with individual customers outside the OECD area. Management
considers that no significant concentration of credit risk with any individual customer,
counterparty or geographical region exists for Stora Enso. The ageing information of trade
receivables and related loss allowances are given in Note 17 Operative receivables.
Commodity price risk
Outstanding commodity hedges
As at
31 December 2022
As at 31 December 2021
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR
million
Fair value
EUR
million
Underlying
amount of
commodity
hedged
Average
hedged
commodity
price
Nominal
amount
hedged in
EUR\u00a0
million
Fair value
EUR
million
Electricity
purchases
\u00a0 - Nordic
region
175,200
MWh
EUR 29.1
5
18
438,000
MWh
EUR 29.02
13
15
\u00a0 - Central
Europe
87,600
MWh
EUR 43.06
4
12
Oil
purchases
200,474
barrels
USD 73.5
14
\u2014
189,808
barrels
USD 58.06
10
2
management in the Group, whilst other commodity risks are measured and hedged if
economically possible. In addition to electricity hedge derivatives, the Group also manages
energy price risk by entering into long-term physical fixed price purchase agreements, and by
holding a 15.6% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of
companies in the energy sector in Finland. The fair value of the shares amounted to EUR 1,423
(EUR 900) million as per the year-end. The fair value of these shares is dependent on electricity
market prices and discussed in more detail in Note 14 Equity instruments.
\u00a0 A 10% movement in energy and raw material prices would result in a EUR 6 (EUR 6) million
change in the fair value of commodity financial hedges described in the above table. The
majority of these fair value changes, after taxes, are recorded directly in Equity under Hedging
Reserves, until the contracts mature and the result is entered in the Income statement. These
estimates only represent the sensitivity of commodity financial instruments to market risk and not
the Group's full exposure to raw material and energy price risks as a whole, since the actual
underlying purchases are not financial instruments within the scope of the IFRS 7 standard. At
the end of 2022, the maturities of the energy and commodity contracts, including both financial
hedges and fixed-price physical purchase agreements, ranged between 2023 and 2024. In
2021, the maturities ranged between 2022 and 2024.
In an effort to mitigate other commodity price risk exposures in relation to wood fiber price
risk, the Group is a significant owner of forest assets in the Nordic region. In Sweden the Group
owns 1.4 million hectares of forest land. In addition, Stora Enso holds 41% share in Tornator Oyj,
which is a significant forest owner in Finland. The Group's share in Tornator is reported as an
equity accounted investment and discussed in more detail in Note 13 Equity accounted
investments. The Group's forest assets are discussed in more detail in Note 12 Forest assets.
Equity price risk
The Group has certain investments in publicly traded securities. Currently these relate to
Packages Ltd shares in Pakistan. The market value of these equity investments was EUR 8
(EUR 13) million at the year end. Market value changes in these investments are recorded, after
taxes, directly under Shareholders\u2019 Equity in the Equity instruments through OCI reserve.
Detailed discussion regarding the publicly traded securities can be found from Note 14 Equity
instruments.
Capital risk management
Stora Enso\u2019s debt structure is focused on capital markets and commercial banks. Group
objectives when managing capital are to safeguard the ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders, as well as to
maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain
or adjust the capital structure, the Group may, subject to shareholder approval as appropriate,
vary the dividends paid to shareholders, buy its own shares on financial markets, return capital
to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable
dividends linked to the long-term performance with the aim of distributing 50% of Earnings per
share (EPS) excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less,
and aiming that the Net-debt-to-Operational EBITDA ratio remains below 2.0, indicating a solid
financial position, and financial flexibility.
Capital structure
As at 31 December
EUR million
2022
2021
Interest-bearing liabilities
3,972
3,938
Interest-bearing assets
2,122
1,629
Net debt
1,850
2,309
Equity attributable to owners of the parent
12,532
10,683
Operational EBITDA1
2,529
2,184
Net debt to equity ratio
0.15
0.22
Net debt to operational EBITDA
0.73
1.06
1 Operational EBITDA definition is included in the \"Non-IFRS measures\" chapter in
the Report of the Board of Directors.
Montes del Plata, a joint operation of Stora Enso, and the Group's subsidiary Stora Enso
(Guangxi) Packaging and Forestry Company Ltd have complied with financial covenants related
to debt-to-assets ratio during the reported periods. There are no other covenants in the Group's
financing contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTY_10ebabf0-43d1-4e47-aec3-dc3952f6629b": { "value": "
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Hedge gains and losses in operating profit
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Currency hedges
-105
9
Commodity hedges
43
34
Total
-62
43
As adjustments to sales
-103
6
As adjustments to materials and services
41
37
Realised from OCI through income statement
-62
43
Currency hedges ineffectiveness
-2
-1
Net losses from cash flow hedges
-65
42
Non-hedge accounted derivatives
Net receivable hedges
-12
-17
Commodity contract hedges
9
0
Net gains/losses on non-hedge accounted derivatives
-3
-17
Net hedge losses in operating profit
-67
26
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTY_592aca9a-7f15-48a1-ac56-8fdd65119b87": { "value": "
Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2022
As at
31 December 2021
EUR million
SEK
USD
CNY
PLN
CZK
SEK
USD
CNY
PLN
Foreign-currency net debt1
-418
-101
355
-6
-62
-30
-95
462
-1
Currency hedges
-3
-46
-211
-7
62
7
-31
-272
-16
Net exposure after hedges
-422
-146
144
-12
\u2014
-23
-125
190
-18
Internal transaction exposure
138
45
Currency hedges
-124
-41
Net non-operative exposure
\u2014
\u2014
\u2014
14
3
Exposure currency change by
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
Effect in the Income
Statement2
21
7
-7
\u2014
6
1
6
-10
1
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are
denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal
amount of net investment loans amounted to EUR 398 (EUR 348) million as per the year end and reduces the currency exposure for
relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Hedge gains and losses in operating profit
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Currency hedges
-105
9
Commodity hedges
43
34
Total
-62
43
As adjustments to sales
-103
6
As adjustments to materials and services
41
37
Realised from OCI through income statement
-62
43
Currency hedges ineffectiveness
-2
-1
Net losses from cash flow hedges
-65
42
Non-hedge accounted derivatives
Net receivable hedges
-12
-17
Commodity contract hedges
9
0
Net gains/losses on non-hedge accounted derivatives
-3
-17
Net hedge losses in operating profit
-67
26
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTc_9892d80a-37d2-430f-8801-491e7fe8633a": { "value": "
Liquidity and refinancing risk\u00a0
Liquidity risk arises from the difficulty of obtaining finance for operations at a given point in time.
Stora Enso\u2019s funding policy states that the average maturity of outstanding loans and committed
credit facilities covering short-term borrowings should be at least four years. The policy further
states that the Group must have cash equivalents and undrawn committed credit facilities to
cover all debt maturing within the next 12 months, including supply chain financing and factoring.
At 31 December 2022, undrawn committed credit facilities and undrawn loans were at EUR
1,100 (EUR 700) million. During 2022, altogether EUR 550 million of bilateral bank loans were
arranged. EUR 200 million of these loans were undrawn at reporting date. The EUR 700 million
committed credit facility agreement with a syndicate of 12 banks had originally a maturity of five
years with two one-year extensions. In October 2022, the first extension option of this facility
was used together with all 12 banks and the new maturity is in 2027. In May 2022, the Group
signed a new EUR 200 million committed credit facility with a maturity of one year and one six
month extension option. The extension option was exercised in October 2022 and therefore the
new maturity is during the last quarter of 2023. The credit facilities are used as a backup for
general corporate purposes and are both fully undrawn. Additionally, Stora Enso has access to
various additional long-term sources of funding up to EUR 1,050 (EUR 1,000) million. These
mainly relate to available funding sources from Finnish pension funds.
Refinancing risk, or the risk that maturing debt is not refinanced in the markets, is mitigated
by Stora Enso\u2019s target of maintaining an even maturity profile of outstanding debt. The table
below shows maturity analysis for the Group's contractual financial liabilities classified under
principal headings based on the remaining period to contractual maturity at the reporting date.
Forward interest rates as at the year-end were used for estimating contractual finance charges
for the upcoming years.
Contractual maturity repayments of financial liabilities, settlement net: 2022
EUR million
2023
2024
2025
2026
2027
2028+
Total
Bond loans
300
270
404
90
325
1,081
2,470
Loans from credit institutions
306
40
273
5
0
0
624
Lease liabilities
63
49
44
33
30
159
377
Other non-current financial liabilities
0
2
0
0
0
0
2
Non-current borrowings including
current portion
668
361
721
128
355
1,240
3,472
Estimated contractual finance charges
108
90
74
43
40
190
545
Estimated contractual lease charges
16
14
13
11
10
58
123
Contractual repayments on non-
current borrowings
792
465
807
182
405
1,489
4,140
Current borrowings, carrying amounts
429
0
0
0
0
0
429
Gross-settled derivative liabilities -
receipts
-2,405
0
0
0
0
0
-2,405
Gross-settled derivative liabilities -
payments
2,401
0
0
0
0
0
2,401
Net-settled derivative liabilities
-4
0
0
0
0
0
-5
Trade payables
1,831
0
0
0
0
0
1,831
Bank overdrafts
0
0
0
0
0
0
0
Estimated contractual finance charges
6
0
0
0
0
0
6
Total Contractual Repayments at 31
December 2022
3,050
464
807
182
405
1,489
6,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA4OTg_b8b8fe8b-9d02-41d4-803c-36320d644266": { "value": "
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group\u2019s assets as a result
of counterparties being unable to meet their obligations arising from financial contracts. The
exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can
suffer directly in the event of a single counterparty\u2019s credit default. This risk is minimised by:
\u2022entering into transactions only with leading financial institutions and with industrial companies
that have a good credit rating;
\u2022only investing in liquid funds and deposits with financial institutions or companies that have a
minimum credit rating of BBB-.
\u2022at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be
held at counterparties with a minimum rating of A- or equivalent using credit ratings from main
rating agencies;
\u2022investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties
other than the counterparty at which most of Stora Enso's cash and cash equivalents are
held;
\u2022requiring parent company guarantees when dealing with any subsidiary of a rated company.\u00a0
The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the
tenor of financial contract and counterparty\u2019s credit rating.
At the year end 2022, there were no significant concentrations of risk with respect to
counterparties of derivative contracts, with the highest counterparty mark-to-market exposure
being at EUR 41 (EUR 22) million and credit rating of A+ (A+) using Standard and Poor\u2019s credit
rating symbols.
Customer credit risk
Customer credit risk is Stora Enso\u2019s exposure to contracts arising from deterioration in the
financial health of its customers. The Group uses various measures to reduce customer credit
risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The
Group has also obtained export guarantees, covering both political and commercial risks, which
are used in connection with individual customers outside the OECD area. Management
considers that no significant concentration of credit risk with any individual customer,
counterparty or geographical region exists for Stora Enso. The ageing information of trade
receivables and related loss allowances are given in Note 17 Operative receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjMvZnJhZzpkMTk4N2Q5M2M0M2M0YWVlYjM2YzhlYjRkYTg3ZDZiNC90ZXh0cmVnaW9uOmQxOTg3ZDkzYzQzYzRhZWViMzZjOGViNGRhODdkNmI0XzEwOTk1MTE2NTA5NzI_bad2ba42-2ad3-4749-b4b5-1ce94e3c7d25": { "value": "
Capital risk management
Stora Enso\u2019s debt structure is focused on capital markets and commercial banks. Group
objectives when managing capital are to safeguard the ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders, as well as to
maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain
or adjust the capital structure, the Group may, subject to shareholder approval as appropriate,
vary the dividends paid to shareholders, buy its own shares on financial markets, return capital
to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable
dividends linked to the long-term performance with the aim of distributing 50% of Earnings per
share (EPS) excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less,
and aiming that the Net-debt-to-Operational EBITDA ratio remains below 2.0, indicating a solid
financial position, and financial flexibility.
Capital structure
As at 31 December
EUR million
2022
2021
Interest-bearing liabilities
3,972
3,938
Interest-bearing assets
2,122
1,629
Net debt
1,850
2,309
Equity attributable to owners of the parent
12,532
10,683
Operational EBITDA1
2,529
2,184
Net debt to equity ratio
0.15
0.22
Net debt to operational EBITDA
0.73
1.06
1 Operational EBITDA definition is included in the \"Non-IFRS measures\" chapter in
the Report of the Board of Directors.
Montes del Plata, a joint operation of Stora Enso, and the Group's subsidiary Stora Enso
(Guangxi) Packaging and Forestry Company Ltd have complied with financial covenants related
to debt-to-assets ratio during the reported periods. There are no other covenants in the Group's
financing contracts.
Events during 2022 and 2021
During 2022, altogether EUR 550 million of bilateral bank loans were arranged. Maturities of
these loans vary from 18 months to 3 years with extension options. Proceeds from these loans
are used for general corporate purposes and EUR 200 million of these loans were undrawn at
reporting date. Stora Enso repaid credit institution loans, according to maturity schedule,
amounted to a nominal of EUR 289 million during 2022.
In May 2022, Stora Enso signed a new EUR 200 million committed credit facility with a
maturity of one year and one six month extension option which was exercised in October 2022.
In December 2021, Stora Enso signed a new EUR 700 million Revolving Credit Facility (RCF)
with 12 commercial banks. The maturity of the facility is five years with two one-year extensions.
The pricing is partly linked to meeting emission targets on Scope 1&2 and Scope 3. In October
2022, the first extension option of this facility was used together with all 12 banks and therefore
maturity is now in 2027. Simultaneously, the existing EUR 600 million RCF with original maturity
in 2023 was cancelled.
Stora Enso has a Green Bond Framework as part of its Sustainable Finance approach. The
ambition is to offer a loan-format to support sustainability-focused fixed income investors and to
report the direct environmental impacts of some investments and business activities.
During 2021, Stora Enso repaid multiple credit institution loans ahead of final maturity, the
total repayments of loans and bond notes amounted to a nominal of EUR 911 million. This
resulted in a EUR 7 million initial modification net loss being recognised in the Income
Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDM_69bda889-0c37-46ac-9843-3a23d7425b57": { "value": "Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised cost, fair
value through other comprehensive income and fair value through profit and loss. The
classification is made according to the IFRS 9 standard and management determines the
classification of investments at the time of initial recognition.
With investments in debt instruments, the classification is made based on the business model
and contractual cash flow characteristics of debt instruments. Investments in debt instruments,
for which the business model objective is to hold the financial instruments to collect contractual
cash flows and those cash flows are solely payments of principal and interest, are classified as
amortised cost and presented under current or non-current assets in the consolidated statement
of financial position. Investments in debt instruments, for which the business model objective is
to hold the financial instruments for both to collect contractual cash flows and sell financial
instruments and the cash flows are solely payments of principal and interest, are classified as
fair value through other comprehensive income and presented under current or non-current
assets in the consolidated statement of financial position.
The Group's investments into equity instruments, such as listed and unlisted securities, are
classified as fair value through profit and loss unless the Group has at inception decided to apply
the irrevocable election under IFRS 9 to classify the investments as fair value through other
comprehensive income with only dividend income from the investments being recognised in the
income statement.
Investments that are not measured at amortised cost or at fair value through other
comprehensive income are classified as fair value through profit and loss and are therefore fair
valued through the consolidated income statement and presented under current or non-current
assets in the consolidated statement of financial position.
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDQ_ea624cf7-73ac-443d-89ed-e451c42d5659": { "value": "
Financial liabilities
The Group's financial liabilities are classified into amortised cost or fair value through profit and
loss categories. Financial liabilities are measured at amortised cost unless the Group has
decided to apply a fair value option to designate a financial liability to be measured at fair value
through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDE_98534100-9ae7-479c-9c61-10fdd141c39d": { "value": "
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDE_d72f4633-5a57-48d1-b398-b8b5fc324dd5": { "value": "
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022Level 2: other techniques, for which all inputs which have a significant effect on the recorded
fair value are observable, either directly or indirectly;
\u2022Level 3: techniques which use inputs which have a significant effect on the recorded fair
values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the fair value
hierarchy on a regular basis at the end of the reporting period. There were no transfers
recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of
Level 3 fair value measurements during 2022 and 2021. See Note 14 Equity instruments for
more information on Level 3 fair value measurement of listed and unlisted securities.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDg_53751973-23fb-45a4-9761-e77f8ec56ee6": { "value": "
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDg_9b1d43c6-eb6c-4223-9030-efb6c88e33bf": { "value": "
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified as fair value
through profit and loss or, if the Group has applied hedge accounting, at fair value through other
comprehensive income according to the IFRS 9 standard. Derivative financial instruments and
hedge accounting are discussed in more detail in Note 27 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on quoted market
prices at the reporting date; the fair values of interest rate swaps are calculated as the present
value of the estimated future cash flows, and the fair values of foreign exchange forward
contracts are determined using forward exchange rates at the reporting date. The valuation
principles for derivative financial instruments have been described in more detail in Note 27
Derivatives.\u00a0
In assessing the fair values of non-traded derivatives and other financial instruments, the
Group uses a variety of methods and makes assumptions based on the market conditions at
each reporting date. Quoted market prices or dealer quotes for identical or similar instruments
are used for non-current debt. Other techniques, such as option pricing models and estimated
discounted value of future cash flows, are used to determine fair values for the remaining
financial instruments. The face values, less any estimated credit adjustments, for financial
assets and liabilities with a maturity of less than one year are assumed to approximate their fair
values. The fair values of financial liabilities for disclosure purposes are estimated by discounting
the future contractual cash flows at the current market interest rates available to the Group for
similar financial instruments.
Purchases and sales of financial instruments are recognised based on trade date accounting,
which is the date on which the Group commits to purchasing or selling the financial instrument.
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2022
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
8
\u2014
8
8
8
\u2014
\u2014
14
Unlisted securities
\u2014
1,423
14
1,437
1,437
\u2014
\u2014
1,437
14
Non-current interest-bearing receivables
92
28
\u2014
120
120
\u2014
28
\u2014
26
Derivative assets
\u2014
28
\u2014
28
28
\u2014
28
\u2014
Loan receivables
92
\u2014
\u2014
92
92
\u2014
\u2014
\u2014
Trade and other operative receivables
1,138
66
\u2014
1,204
1,204
\u2014
66
\u2014
17
Current interest-bearing receivables
10
50
16
77
77
\u2014
67
\u2014
26
Derivative assets
\u2014
50
16
67
67
\u2014
67
\u2014
Other short-term receivables
10
\u2014
\u2014
10
10
\u2014
\u2014
\u2014
Cash and cash equivalents
1,917
\u2014
\u2014
1,917
1,917
\u2014
\u2014
\u2014
Total
3,157
1,576
30
4,763
4,763
8
161
1,437
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
2,792
\u2014
\u2014
2,792
2,749
\u2014
\u2014
\u2014
26
Derivative liabilities
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Non-current debt
2,792
\u2014
\u2014
2,792
2,748
\u2014
\u2014
\u2014
Current portion of non-current debt
667
\u2014
\u2014
667
667
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
462
30
20
513
513
\u2014
50
\u2014
26
Derivative liabilities
\u2014
30
20
50
50
\u2014
50
\u2014
Current debt
462
\u2014
\u2014
462
462
\u2014
\u2014
\u2014
Trade and other operative payables
2,076
\u2014
\u2014
2,076
2,076
\u2014
\u2014
\u2014
23
Bank overdrafts
\u2014
\u2014
\u2014
0
0
\u2014
\u2014
\u2014
Total
5,998
30
20
6,048
6,005
\u2014
51
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2021
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial assets
Listed securities
\u2014
13
\u2014
13
13
13
\u2014
\u2014
14
Unlisted securities
\u2014
900
5
905
905
\u2014
\u2014
905
14
Non-current interest-bearing receivables
45
6
\u2014
51
51
\u2014
6
\u2014
26
Derivative assets
\u2014
6
\u2014
6
6
\u2014
6
\u2014
Loan receivables
45
\u2014
\u2014
45
45
\u2014
\u2014
\u2014
Trade and other operative receivables
1,110
39
\u2014
1,149
1,149
\u2014
39
\u2014
17
Current interest-bearing receivables
52
31
1
84
84
\u2014
32
\u2014
26
Derivative assets
\u2014
31
1
32
32
\u2014
32
\u2014
Other short-term receivables
52
\u2014
\u2014
52
52
\u2014
\u2014
\u2014
Cash and cash equivalents
1,481
\u2014
\u2014
1,481
1,481
\u2014
\u2014
\u2014
Total
2,687
990
6
3,683
3,683
13
77
905
Fair value hierarchy
EUR million
Amortised cost
Fair value
through OCI
Fair value through
income statement
Total carrying
amount
Fair value
Level 1
Level 2
Level 3
Note
Financial liabilities
Non-current interest-bearing liabilities
3,284
7
23
3,313
3,618
\u2014
30
\u2014
26
Derivative liabilities
\u2014
7
23
30
30
\u2014
30
\u2014
Non-current debt
3,284
\u2014
\u2014
3,284
3,589
\u2014
\u2014
\u2014
Current portion of non-current debt
180
\u2014
\u2014
180
180
\u2014
\u2014
\u2014
26
Current interest-bearing liabilities
403
35
7
444
444
\u2014
42
\u2014
26
Derivative liabilities
\u2014
35
7
42
42
\u2014
42
\u2014
Current debt
403
\u2014
\u2014
403
403
\u2014
\u2014
\u2014
Trade and other operative payables
1,960
\u2014
\u2014
1,960
1,960
\u2014
\u2014
\u2014
23
Bank overdrafts
1
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
Total
5,827
42
29
5,899
6,204
\u2014
71
\u2014
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
In the previous tables, the fair value is estimated to be equal to the carrying amount for current
financial assets and financial liabilities, such as trade receivables and payables due to their short
time to maturity and limited credit risk. The fair value of non-current loan receivables, considered
as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair
value of non-derivative interest-bearing liabilities, considered as a level 2 fair value
measurement, is estimated based on a discounted cash flow analysis in which the yield curves
observable at commonly quoted intervals are used as a discount factor in the model.
Note 27 Derivatives
Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated statement of financial
position at fair value and subsequently measured at their fair value at each reporting date
according to valuation methods described in this note. Derivative contracts with maturity greater
than 12 months are classified as non-current interest-bearing receivables and liabilities, and
contracts maturing within 12 months are presented under current interest-bearing receivables
and liabilities.
When derivative contracts are entered into, the Group designates them as either hedges of
highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the
exposure to changes in the fair value of recognised assets or liabilities (fair value hedges),
hedges of net investments in foreign entities, or derivative financial instruments not meeting the
hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting
gains or losses on derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking various hedging transactions. This process includes linking all financial instruments
designated under hedge accounting to specific assets and liabilities or to specific firm
commitments or highly probable forecast transactions in order to verify and document the hedge
relationship between the hedged item and the hedging instrument as required by IFRS 9. The
Group also documents its qualitative prospective assessment at the hedge inception of whether
the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value
or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9
requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity
hedging purposes, the Group uses a hedge designation where the critical terms of the hedging
instrument and the hedged item will coincide in terms of the notional amount and timing. In
respect of interest rate hedging, the interest rate basis between swap contracts and underlying
debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging
instruments are considered to offset any changes related to the anticipated transactions.
Potential sources of ineffectiveness that may be expected to occur in relation to currency and
commodity hedges are mainly related to the forecasted transaction not occurring in the amount
or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value
of the hedging instrument at the date of hedge designation may result in ineffectiveness being
recognised in the income statement. Potential sources of ineffectiveness for all the
aforementioned hedges also include possible effects of credit risk dominating fair value changes
arising from the hedging instrument and the hedged item designated under the hedging
relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and options, with
swaps mainly used for commodity and interest rate hedging purposes. During 2022 and 2021,
the Group did not enter into new interest rate swap contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and
which are effective, are recognised in a separate equity category of OCI cash flow hedges
reserve, the movements of which are disclosed in the consolidated statement of comprehensive
income. For foreign exchange forwards, both the spot element and forward points have been
included to the hedge designation. In case of foreign exchange options, the time value of an
option is excluded from the hedge designation and only the intrinsic value component of an
option is designated as the hedging instrument. The changes in option time value are
recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative
deferred in equity is transferred to the consolidated income statement and classified as an
income or expense in the same period in which the hedged item affects the consolidated income
statement. The unrealised gains and losses related to cash flow hedges are expected to be
recycled through the income statement within one to five years with the longest hedging contract
maturing in 2027 (2027). However, the majority of the contracts are expected to mature in 2023.
Realised results of hedge accounted derivative instruments hedging foreign currency sales
transactions or purchases are booked as adjustments to sales or materials and services,
depending on the nature of the underlying hedged item. In respect of hedges of exposures to
foreign currency risk of future transactions resulting in the recognition of non-financial assets, the
gains and losses deferred to the cash flow hedges reserve within OCI are transferred from
equity to be included in the initial acquisition cost of the non-financial asset at the time of
recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency
purchases where the underlying amount purchased in a foreign-currency impacts the value of
inventory in a local currency. In such cases the gains and losses are initially booked as an
adjustment to raw material inventory and recycled further to finished goods inventory with being
ultimately recognised in the consolidated income statement at the time when the hedged items
are sold to an external customer. In case of non-current assets, the deferred amounts are
ultimately recognised in the income statement through depreciation over the lifetime of the non-
financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer meets the
hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that
time remains in equity and is accounted for as an adjustment to income or expense when the
committed or forecast transaction is ultimately recognised in the consolidated income statement.
However, if the underlying forecasted transaction is no longer expected to occur, the cumulative
gain or loss reported in equity from the period when the hedge was effective is immediately
recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging
instrument to manage the risk associated with the fair value of a hedged item. The gains and
losses on hedging instruments designated and qualifying as fair value hedges, and which are
highly effective, are recorded in the consolidated income statement, along with any changes in
the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of
2022, the Group did not have fair value hedges.
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-
currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss
thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed
in the consolidated statement of comprehensive income; the gain or loss relating to the
ineffective portion is immediately recognised in the consolidated income statement. In addition,
exchange gains and losses arising on the translation of a foreign-currency borrowing that
hedges net investment in a foreign operation are also recognised in CTA, with any ineffective
portion being immediately recognised in the consolidated income statement.\u00a0The gains and
losses recognised in CTA are recycled from equity to the consolidated income statement at the
time when the underlying hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under Group risk
management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and
therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value
in the consolidated income statement. For non-hedge accounted derivatives economically
hedging foreign-currency risk of net of operative receivables and payables, the fair value
changes are recognised in operating profit under other operating income and expense. For other
non-hedge accounted derivatives, the fair value changes are recognised in the consolidated
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position at their fair
values defined as the amount at which the instrument could be exchanged in an orderly
transaction between market participants at the measurement date. The fair values of such
financial items have been estimated on the following basis:
\u2022Foreign exchange forward contract fair values are calculated using forward exchange rates at
the reporting date.\u00a0
\u2022Foreign exchange option contract fair values are calculated using reporting date market rates
together with common option pricing models.
\u2022Commodity contract fair values are computed with reference to quoted market prices on
futures exchanges or other reliable market sources.
\u2022Interest rate swaps fair values are calculated using a discounted cash flow method.
\u2022Cross-currency swaps fair values are calculated by using a discounted cash flow method with
the exchange of notional also\u00a0 included in the valuation model.
Total foreign exchange gains and losses in the income statement excluding hedges
Year ended 31 December
EUR million
2022
2021
Other operating income
42
31
Other operating expense
-21
-14
Borrowings, cash equivalents. lease liabilities and other
-10
37
Total
11
54
In 2022, certain forecasted future transactions were no longer expected to occur, and due to this
hedge accounting was ceased for those transactions. This resulted in a loss of EUR 2 (EUR 1)
million being booked in the Group's operating profit and the loss being presented in the table
above as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
Year ended 31 December
EUR million
2022
2021
Cash flow hedge accounted derivatives
Interest rate hedges ineffectiveness
0
-2
Net gains/losses from cash flow hedges
0
-2
Non-hedge accounted derivatives
Currency derivatives
8
-40
Interest rate derivatives
-4
0
Net gains on non-hedge accounted derivatives
4
-40
Net gains/losses in financial items
4
-42
Nominal and fair values of derivative instruments
As at 31 December
EUR million
Nominal values
Positive
fair values
Negative
fair values
Net fair values
Nominal values
Positive
fair values
Negative
fair values
Net fair values
2022
2021
Currency derivatives
Forwards: Operational cash flow hedging
902
19
-13
6
1,104
4
-19
-16
Options: Operational cash flow hedging
1,700
12
-16
-4
980
2
-13
-10
Total cash flow hedge accounted
2,603
32
-30
2
2,084
6
-32
-26
Forwards: Trade and loan receivables hedging
1,151
7
-5
2
469
1
-6
-5
Total non-hedge accounted
1,151
7
-5
2
469
1
-6
-5
Total currency derivatives
3,754
39
-35
4
2,553
7
-38
-32
Commodity derivatives
Electricity swaps: Costs hedging
5
18
0
18
16
27
0
27
Oil swaps: Costs hedging
14
1
-1
0
10
3
0
2
Total cash flow hedge accounted
19
18
-1
18
27
29
0
29
Electricity swaps: Closed contracts
11
9
0
9
0
0
0
0
Total non-hedge accounted
11
9
0
9
0
0
0
0
Total commodity derivatives
30
27
-1
27
27
29
0
29
Interest rate derivatives
Interest rate swaps: Financial expenses hedging
450
28
0
28
482
1
-8
-7
Total cash flow hedge accounted
450
28
0
28
482
1
-8
-7
Cross-currency swaps: Financial expenses hedging
200
0
-15
-15
200
0
-25
-25
Total non-hedge accounted
200
0
-15
-15
200
0
-25
-25
Total interest rate derivatives
650
28
-15
13
682
1
-32
-31
Total cash flow hedge accounted
3,072
78
-30
48
2,593
36
-40
-4
Total non-hedge accounted
1,363
16
-20
-4
669
1
-31
-30
Total derivatives
4,435
95
-51
44
3,261
37
-71
-34
Positive and negative fair values of financial derivative instruments are shown under interest-
bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities.
The presented fair values in the table include accrued interest and option premiums.
Changes in fair values of hedged items and hedging instruments 2022
EUR million
Change in value of
hedged item to
determine hedge
effectiveness
Change in value of
outstanding
hedging
instruments
Ineffectiveness
Foreign exchange risk - Forward and option
contracts (excluding option time value)1
77
-79
-2
Foreign exchange risk - Net investment hedges
-16
16
0
Commodity price risk - Commodity swaps
-31
31
0
Interest rate risk - Interest rate swaps
-34
34
0
1 Ineffectiveness booked in Operating profit.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2022
EUR million
At 1 Jan
2022
Change in
fair value
recognised
in OCI/CTA
Reclassified
from OCI to
profit and
loss
Reclassified
to non-
financial
assets
Tax impact
At 31 Dec
2022
Foreign exchange risk -
Operational cash flow hedging
-21
-82
107
3
-5
2
Commodity price risk -
Commodity swaps
23
41
-52
0
3
15
Interest rate risk - Interest rate
swaps
-4
33
0
0
-7
23
Interest rate and foreign
exchange risk - Cross-currency
swaps
-1
0
2
0
0
1
Cost of hedging reserve
-1
0
0
0
0
-1
Total cash flow hedge
reserve in OCI
-4
-8
57
3
-9
39
Foreign exchange risk - Net
investment hedges
14
-16
0
0
3
1
Total net investment hedges
in CTA
14
-16
0
0
3
1
Total hedging reserves
10
-24
57
3
-6
40
Financial impact of netting for instruments subject to an enforceable master netting
agreement 2021
Not offset in the statement of financial position
EUR million
Gross amount of
recognised
financial
instruments
Related liabilities
(-) or assets (+)
subject to master
netting
agreements
Collateral received
(-) or given (+)
Net exposure
Derivative assets
38
-16
0
22
Derivative liabilities
-71
16
0
-56
The Group enters into derivative transactions under master netting agreements agreed with
each counterparty. In case of an unlikely credit event, such as default, all outstanding
transactions under the agreements are terminated, and only a single net amount per
counterparty is payable for settlement of all transactions. The agreements do not meet the
criteria for offsetting in the statement of financial position, because offsetting is enforceable only
in the occurrence of certain future events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjYvZnJhZzo3NDhiNmE0OWNiZWM0ZDRhOWVmNzQ3NWU3NjQ0OGU4MC90ZXh0cmVnaW9uOjc0OGI2YTQ5Y2JlYzRkNGE5ZWY3NDc1ZTc2NDQ4ZTgwXzEwOTk1MTE2MzQyNDA_87a0d6c4-92ea-4cef-bf05-dfa4c2ca54e1": { "value": "
Financial instruments are derecognised when the rights to receive or the cash flows from the
financial instruments have expired or have been transferred and the Group has substantially
transferred all risks, rewards and obligations of the ownership of the financial asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNjkvZnJhZzoyYjA0Yjg2OTljNzI0NTEwOGFkODVlZjYxODZkNTM5OC90ZXh0cmVnaW9uOjJiMDRiODY5OWM3MjQ1MTA4YWQ4NWVmNjE4NmQ1Mzk4XzEwOTk1MTE2MzkwNTQ_9944ef8b-0615-4bd6-beb1-d8e73f6fb706": { "value": "
Note 26 Interest-bearing assets and liabilities
Accounting principles
Interest-bearing assets - 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. Loss allowance for expected credit losses is calculated based on the general
approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit
losses if there has not been a significant increase in credit risk since the initial recognition. A
significant increase in the credit risk will be evaluated based on a comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of default
occurring on the financial instrument as at the date of initial recognition. The Group may use, for
example, rates of credit default swaps (CDS) observable on financial markets to produce the risk
assessment.
Interest income on loan receivables is included in financial income and expense. Loan
receivables with a maturity less than 12 months are included in current assets under interest-
bearing receivables, and those with maturities greater than 12 months, in non-current interest-
bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred.
In subsequent periods, interest-bearing liabilities are measured at amortised cost using the
effective interest method. Any difference between the proceeds net of transaction costs and
redemption value is recognised in the consolidated income statement over the maturity period of
the borrowings. Interest expenses are accrued for and recorded in the consolidated Income
statement for each period.
Interest-bearing liabilities with an original maturity greater than 12 months are classified as
non-current interest-bearing liabilities in the consolidated statement of financial position, though
repayments falling due within 12 months are presented in current liabilities under the current
portion of non-current debt. Short-term commercial paper, bank and other interest-bearing
liabilities, for which the original maturity is less than 12 months, are presented in current
liabilities under interest-bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised
at the commencement of the lease and measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Group\u2019s incremental
borrowing rate. The lease term applied corresponds to the non-cancellable period except in
cases where the Group is reasonably certain to exercise renewal option or prolong the contract.
The Group allocates the consideration in the contract to each lease component and separates
non-lease components if these are identifiable.\u00a0 Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the effective interest
method. Lease payment is allocated between the capital liability and finance charges to achieve
a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured
mainly when there is a change in future lease payments arising from a change in an index or
rate, or if there is a change in the Group\u2019s assessment whether it will exercise an extension
option. When lease liability is remeasured, a corresponding adjustment is generally made to the
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low value assets. Leases of low value assets
mainly include IT and office equipment, certain vehicles and machinery and other low value
items. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Managing Interest Rate Benchmark Reform and associated risks
A global reform on interest reference rates is underway as existing IBOR reference rates are
being replaced by alternative risk-free rates. The impact of the transition is expected to be
limited for the Group's external contracts. The Group has exposure to IBORs on its financial
instruments that will be replaced or reformed as part of these market-wide initiatives. The
Group's main IBOR exposure at 31 December 2022 was indexed to US dollar LIBOR and
related amount of interest bearing liabilities outstanding at 31 December 2022 was EUR 211
(EUR 189) million. The publication of USD LIBORs will cease after June 2023.
The Group monitors the process of transition from IBORs to new benchmark rates by
reviewing the total amounts of contracts that have yet to transition to an alternative benchmark
rate. The expected impact is limited and relates mainly to external long-term debt. The Group's
financial instruments are mainly indexed to Euribor and Stibor reference rates and these are
expected to continue to exist for now.
Interest-bearing assets
As at 31 December
EUR million
2022
2021
Listed securities
8
13
Long-term derivative assets
28
6
Long-term deposits
48
42
Long-term loans to equity accounted investments
2
2
Other long-term loan receivables
41
1
Total non-current interest-bearing assets
128
64
Short-term derivative assets
66
32
Short-term deposits
0
49
Other short-term loan receivables
11
3
Cash and cash equivalents
1,917
1,481
Total current interest-bearing assets
1,994
1,565
Total interest-bearing assets
2,122
1,629
1 The table format has been updated to better present changes in liabilities arising from cash flow activities and non-cash activities. The
comparison figures have been restated accordingly.
Events during 2022 and 2021
During 2022, altogether EUR 550 million of bilateral bank loans were arranged. Maturities of
these loans vary from 18 months to 3 years with extension options. Proceeds from these loans
are used for general corporate purposes and EUR 200 million of these loans were undrawn at
reporting date. Stora Enso repaid credit institution loans, according to maturity schedule,
amounted to a nominal of EUR 289 million during 2022.
In May 2022, Stora Enso signed a new EUR 200 million committed credit facility with a
maturity of one year and one six month extension option which was exercised in October 2022.
In December 2021, Stora Enso signed a new EUR 700 million Revolving Credit Facility (RCF)
with 12 commercial banks. The maturity of the facility is five years with two one-year extensions.
The pricing is partly linked to meeting emission targets on Scope 1&2 and Scope 3. In October
2022, the first extension option of this facility was used together with all 12 banks and therefore
maturity is now in 2027. Simultaneously, the existing EUR 600 million RCF with original maturity
in 2023 was cancelled.
Stora Enso has a Green Bond Framework as part of its Sustainable Finance approach. The
ambition is to offer a loan-format to support sustainability-focused fixed income investors and to
report the direct environmental impacts of some investments and business activities.
During 2021, Stora Enso repaid multiple credit institution loans ahead of final maturity, the
total repayments of loans and bond notes amounted to a nominal of EUR 911 million. This
resulted in a EUR 7 million initial modification net loss being recognised in the Income
Statement.
Interest-bearing liabilities - maturities, interest rates and currency breakdown
Stora Enso's borrowings maturities range from 2023 to the longest borrowing maturing in 2036.
Borrowings have either fixed or floating interest rates ranging from 0.5% (0.5%) to 7.3% (7.3%).
The average interest rate on borrowings for the full year amounted to 3.2% (3.0%) with a run-
rate of 3.3% as per the year end. Part of Stora Enso's borrowings have been fixed through
floating-to-fixed interest rate swaps and cross-currency swaps. The majority of Group loans are
denominated in euros, US dollars, Swedish crowns or Chinese renminbis. Detailed maturity
analysis of the Group's borrowings are set out in Note 24 Financial risk management.
Net debt
In 2022 net interest-bearing liabilities, including held for sale related assets, decreased by EUR
456 (decreased by EUR 611) million to EUR 1,854 (EUR 2,309) million. Net interest-bearing
liabilities are equal to total interest-bearing liabilities less total interest-bearing assets such as
cash equivalents and deposits. Cash and cash equivalents net of overdrafts increased by EUR
437 (decreased by EUR 175) million to EUR 1,917 (EUR 1,480) million as at 31 December
2022. In 2022, the total cash outflow for leases was EUR 73 (EUR 88) million including interest
component of EUR 17 (EUR 17) million.
The ratio of net debt to the last 12 months' operational EBITDA was 0.7 (1.1). The net debt/
equity ratio was 0.15 (0.22) as per the year-end.
Bond loans
Issue/ Maturity Dates
Description of Bond
Interest Rate %
Currency of Bond
Nominal Value Issued
Outstanding As at 31 December
Carrying Value As at 31 December
2022
2021
2022
2021
All Liabilities are Held by the Parent Company
Currency million
EUR million
Fixed Rate
2006-2036
Global 7.250% Notes 2036
7.25
USD
300
300
300
278
262
2016-2023
Euro Medium Term Note
2.125
EUR
300
300
300
300
300
2017-2027
Euro Medium Term Note
2.5
EUR
300
300
300
299
299
2018-2028
Euro Medium Term Note
2.5
EUR
300
300
300
299
298
2019-2024
Euro Medium Term Note (Green Bond)
1.875
SEK
1,750
1,750
1,750
157
171
2020-2025
Euro Medium Term Note (Green Bond)
2.375
SEK
1,550
1,550
1,550
140
152
2020-2030
Euro Medium Term Note (Green Bond)
0.625
EUR
500
500
500
495
495
Total Fixed Rate Bond Loans
1,968
1,976
Floating Rate
2015-2025
Euro Medium Term Note
Euribor+2.25
EUR
125
125
125
125
125
2015-2027
Euro Medium Term Note
Euribor+2.35
EUR
25
25
25
25
25
2019-2024
Euro Medium Term Note (Green Bond)
Stibor+1.45
SEK
1,250
1,250
1,250
112
122
2019-2026
Euro Medium Term Note (Green Bond)
Stibor+1.60
SEK
1,000
1,000
1,000
90
97
2020-2025
Euro Medium Term Note (Green Bond)
Stibor+2.20
SEK
1,550
1,550
1,550
140
152
Total Floating Rate
Bond Loans
492
521
Total Bond Loans
2,460
2,497
instruments that will be replaced or reformed as part of these market-wide initiatives. The
Group's main IBOR exposure at 31 December 2022 was indexed to US dollar LIBOR and
related amount of interest bearing liabilities outstanding at 31 December 2022 was EUR 211
(EUR 189) million. The publication of USD LIBORs will cease after June 2023.
The Group monitors the process of transition from IBORs to new benchmark rates by
reviewing the total amounts of contracts that have yet to transition to an alternative benchmark
rate. The expected impact is limited and relates mainly to external long-term debt. The Group's
financial instruments are mainly indexed to Euribor and Stibor reference rates and these are
expected to continue to exist for now.
Interest-bearing assets
As at 31 December
EUR million
2022
2021
Listed securities
8
13
Long-term derivative assets
28
6
Long-term deposits
48
42
Long-term loans to equity accounted investments
2
2
Other long-term loan receivables
41
1
Total non-current interest-bearing assets
128
64
Short-term derivative assets
66
32
Short-term deposits
0
49
Other short-term loan receivables
11
3
Cash and cash equivalents
1,917
1,481
Total current interest-bearing assets
1,994
1,565
Total interest-bearing assets
2,122
1,629
1 The table format has been updated to better present changes in liabilities arising from cash flow activities and non-cash activities. The
comparison figures have been restated accordingly.
Events during 2022 and 2021
During 2022, altogether EUR 550 million of bilateral bank loans were arranged. Maturities of
these loans vary from 18 months to 3 years with extension options. Proceeds from these loans
are used for general corporate purposes and EUR 200 million of these loans were undrawn at
reporting date. Stora Enso repaid credit institution loans, according to maturity schedule,
amounted to a nominal of EUR 289 million during 2022.
In May 2022, Stora Enso signed a new EUR 200 million committed credit facility with a
maturity of one year and one six month extension option which was exercised in October 2022.
In December 2021, Stora Enso signed a new EUR 700 million Revolving Credit Facility (RCF)
with 12 commercial banks. The maturity of the facility is five years with two one-year extensions.
The pricing is partly linked to meeting emission targets on Scope 1&2 and Scope 3. In October
2022, the first extension option of this facility was used together with all 12 banks and therefore
maturity is now in 2027. Simultaneously, the existing EUR 600 million RCF with original maturity
in 2023 was cancelled.
Stora Enso has a Green Bond Framework as part of its Sustainable Finance approach. The
ambition is to offer a loan-format to support sustainability-focused fixed income investors and to
report the direct environmental impacts of some investments and business activities.
During 2021, Stora Enso repaid multiple credit institution loans ahead of final maturity, the
total repayments of loans and bond notes amounted to a nominal of EUR 911 million. This
resulted in a EUR 7 million initial modification net loss being recognised in the Income
Statement.
Interest-bearing liabilities - maturities, interest rates and currency breakdown
Stora Enso's borrowings maturities range from 2023 to the longest borrowing maturing in 2036.
Borrowings have either fixed or floating interest rates ranging from 0.5% (0.5%) to 7.3% (7.3%).
The average interest rate on borrowings for the full year amounted to 3.2% (3.0%) with a run-
rate of 3.3% as per the year end. Part of Stora Enso's borrowings have been fixed through
floating-to-fixed interest rate swaps and cross-currency swaps. The majority of Group loans are
denominated in euros, US dollars, Swedish crowns or Chinese renminbis. Detailed maturity
analysis of the Group's borrowings are set out in Note 24 Financial risk management.
Net debt
In 2022 net interest-bearing liabilities, including held for sale related assets, decreased by EUR
456 (decreased by EUR 611) million to EUR 1,854 (EUR 2,309) million. Net interest-bearing
liabilities are equal to total interest-bearing liabilities less total interest-bearing assets such as
cash equivalents and deposits. Cash and cash equivalents net of overdrafts increased by EUR
437 (decreased by EUR 175) million to EUR 1,917 (EUR 1,480) million as at 31 December
2022. In 2022, the total cash outflow for leases was EUR 73 (EUR 88) million including interest
component of EUR 17 (EUR 17) million.
The ratio of net debt to the last 12 months' operational EBITDA was 0.7 (1.1). The net debt/
equity ratio was 0.15 (0.22) as per the year-end.
Bond loans
Issue/ Maturity Dates
Description of Bond
Interest Rate %
Currency of Bond
Nominal Value Issued
Outstanding As at 31 December
Carrying Value As at 31 December
2022
2021
2022
2021
All Liabilities are Held by the Parent Company
Currency million
EUR million
Fixed Rate
2006-2036
Global 7.250% Notes 2036
7.25
USD
300
300
300
278
262
2016-2023
Euro Medium Term Note
2.125
EUR
300
300
300
300
300
2017-2027
Euro Medium Term Note
2.5
EUR
300
300
300
299
299
2018-2028
Euro Medium Term Note
2.5
EUR
300
300
300
299
298
2019-2024
Euro Medium Term Note (Green Bond)
1.875
SEK
1,750
1,750
1,750
157
171
2020-2025
Euro Medium Term Note (Green Bond)
2.375
SEK
1,550
1,550
1,550
140
152
2020-2030
Euro Medium Term Note (Green Bond)
0.625
EUR
500
500
500
495
495
Total Fixed Rate Bond Loans
1,968
1,976
Floating Rate
2015-2025
Euro Medium Term Note
Euribor+2.25
EUR
125
125
125
125
125
2015-2027
Euro Medium Term Note
Euribor+2.35
EUR
25
25
25
25
25
2019-2024
Euro Medium Term Note (Green Bond)
Stibor+1.45
SEK
1,250
1,250
1,250
112
122
2019-2026
Euro Medium Term Note (Green Bond)
Stibor+1.60
SEK
1,000
1,000
1,000
90
97
2020-2025
Euro Medium Term Note (Green Bond)
Stibor+2.20
SEK
1,550
1,550
1,550
140
152
Total Floating Rate
Bond Loans
492
521
Total Bond Loans
2,460
2,497
Financial impact of netting for instruments subject to an enforceable master netting
agreement 2021
Not offset in the statement of financial position
EUR million
Gross amount of
recognised
financial
instruments
Related liabilities
(-) or assets (+)
subject to master
netting
agreements
Collateral received
(-) or given (+)
Net exposure
Derivative assets
38
-16
0
22
Derivative liabilities
-71
16
0
-56
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNzIvZnJhZzo5YzRlODEwZjUxODE0ZmYyODZmOWM1NjQwOTQ1YTZlNy90ZXh0cmVnaW9uOjljNGU4MTBmNTE4MTRmZjI4NmY5YzU2NDA5NDVhNmU3XzEwOTk1MTE2NDQwNDk_9834d594-7ba9-48d7-ac90-2a7743962c70": { "value": "
The Group enters into derivative transactions under master netting agreements agreed with
each counterparty. In case of an unlikely credit event, such as default, all outstanding
transactions under the agreements are terminated, and only a single net amount per
counterparty is payable for settlement of all transactions. The agreements do not meet the
criteria for offsetting in the statement of financial position, because offsetting is enforceable only
in the occurrence of certain future events", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xNzgvZnJhZzo0ZWIzYTlmMDE0MGI0NjNmYmY1OGVhNGZmNDkyOTEwOC90ZXh0cmVnaW9uOjRlYjNhOWYwMTQwYjQ2M2ZiZjU4ZWE0ZmY0OTI5MTA4XzEwOTk1MTE2MzAxMzU_cb943377-7a47-4cb6-8cd3-0b0a91a144c9": { "value": "
Note 29 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
As at 31 December
EUR million
2022
2021
On own behalf
Guarantees
14
15
On behalf of equity accounted investments
Guarantees
5
0
On behalf of others
Guarantees
5
6
Other commitments
36
36
Total
60
57
Guarantees1
24
21
Other commitments1
36
36
Total
60
57
Group
ownership, %
Group
ownership, %
Subsidiaries
Country
2022
2021
Stora Enso Plantor AB
Sweden
0.00
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
100.00
100.00
Stora Enso Treasury Stockholm AB
Sweden
100.00
100.00
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi
Turkey
100.00
0.00
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 Verwaltungs GmbH
Germany
0.00
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 Plan\u00e1 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
Sydved AB
Sweden
66.67
66.67
S\u00f6dra Norrlands Hamnbolag nr 1 AB
Sweden
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
VLAR Papier NV
Belgium
0.00
100.00
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xODQvZnJhZzozYmFmNTQxZTc1Nzg0ZTNiYjBiMzIxOGM3NjBkYzFlYi90ZXh0cmVnaW9uOjNiYWY1NDFlNzU3ODRlM2JiMGIzMjE4Yzc2MGRjMWViXzI3NDg3NzkwNzM0MDM_e374e4d1-7c11-42ae-9c55-d6f4c2f26c7c": { "value": "
Note 31 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 2022. The group has applied an exemption, as stated in IAS 24 paragraph 25, not to
disclose transactions and outstanding balances with government-related entities.
The Group has classified FAM AB and Wallenberg Investments AB as related parties. FAM
AB owned 10.2% of Stora Enso shares and 27.3% of all votes on 31 December 2022. FAM AB is
completely 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 7 Board and executive remuneration.
In the ordinary course of business, the Group engages in transactions on commercial terms
with equity accounted investments and other related parties that are not any more favourable
than those that would be available to other third parties \u2013 with the exception of Veracel. Stora
Enso intends to continue with transactions on a similar basis with its equity accounted
investments, further details of which are shown in Note 13 Equity accounted investments.
Group companies, including subsidiary companies and joint operations, are listed in Note 30
Group companies.
Paper for recycling
The Group owns non-controlling interests in several paper recyclers, from which paper for
recycling is purchased at market prices.
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 2022 purchases of 3 (2) million cubic metres came to
EUR 126 (82) million.
The Group procures wood at market prices from Kopparfors Fastigheter AB, a fully owned
subsidiary of Kopparfors Skogar AB, which is completely owned by FAM AB. In 2022 the
purchases from the related party amounted to EUR 23 (29) million. At the end of 2022 the Group
had EUR 6 (3) 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
Ahlstr\u00f6m Capital. The stevedoring services are provided by Steveco at market prices and in
2022 amounted to EUR 27 (26) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xODQvZnJhZzozYmFmNTQxZTc1Nzg0ZTNiYjBiMzIxOGM3NjBkYzFlYi90ZXh0cmVnaW9uOjNiYWY1NDFlNzU3ODRlM2JiMGIzMjE4Yzc2MGRjMWViXzI3NDg3NzkwNzM5NDE_c29bcccb-94a4-455e-86f5-5d6ad8a3372c": { "value": "
Note 31 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 2022. The group has applied an exemption, as stated in IAS 24 paragraph 25, not to
disclose transactions and outstanding balances with government-related entities.
The Group has classified FAM AB and Wallenberg Investments AB as related parties. FAM
AB owned 10.2% of Stora Enso shares and 27.3% of all votes on 31 December 2022. FAM AB is
completely 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 7 Board and executive remuneration.
In the ordinary course of business, the Group engages in transactions on commercial terms
with equity accounted investments and other related parties that are not any more favourable
than those that would be available to other third parties \u2013 with the exception of Veracel. Stora
Enso intends to continue with transactions on a similar basis with its equity accounted
investments, further details of which are shown in Note 13 Equity accounted investments.
Group companies, including subsidiary companies and joint operations, are listed in Note 30
Group companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xODcvZnJhZzpjZjNjNDUxMmRlNWQ0ODA1YjNiZmJmZDkwNjU4N2RhZS90ZXh0cmVnaW9uOmNmM2M0NTEyZGU1ZDQ4MDViM2JmYmZkOTA2NTg3ZGFlXzEwOTk1MTE2MjgzNDc_746e6afa-a718-4d45-96e9-f92cbac091b0": { "value": "
Note 32 Earnings per share
Accounting principles
Basic earnings per share, attributable to the owners of the parent company, are calculated by
dividing the net profit attributable to shareholders by the weighted average number of ordinary
shares in issue during the year, excluding ordinary shares purchased by the group and held as
treasury shares. Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares plus the diluted effect of all potential dilutive ordinary shares, such as
shares from share-based payments.
Earnings per share
Year Ended 31 December
2022
2021
Net profit for the period attributable to the owners of the parent, EUR million
1,550
1,266
Total comprehensive income attributable to the owners of the parent, EUR million
2,278
2,110
Weighted average number of A and R shares
788,619,987
788,619,987
Weighted average number of share awards
771,150
505,705
Weighted diluted number of shares
789,391,137
789,125,692
Basic Earnings per Share, EUR
1.97
1.61
Diluted Earnings per Share, EUR
1.96
1.60
Total Comprehensive Income Attributable to the Owners of the Parent per
Share, EUR
2.89
2.67
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18xODcvZnJhZzpjZjNjNDUxMmRlNWQ0ODA1YjNiZmJmZDkwNjU4N2RhZS90ZXh0cmVnaW9uOmNmM2M0NTEyZGU1ZDQ4MDViM2JmYmZkOTA2NTg3ZGFlXzEwOTk1MTE2MjgzNDg_2e0fa2ee-db7f-4035-8862-085fb5609f7e": { "value": "Accounting principles
Basic earnings per share, attributable to the owners of the parent company, are calculated by
dividing the net profit attributable to shareholders by the weighted average number of ordinary
shares in issue during the year, excluding ordinary shares purchased by the group and held as
treasury shares. Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares plus the diluted effect of all potential dilutive ordinary shares, such as
shares from share-based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmRmOTgxNmFmZjc4OTRiODE5ZWU4NTAzMjliMGZmZDgzL3NlYzpkZjk4MTZhZmY3ODk0YjgxOWVlODUwMzI5YjBmZmQ4M18yMDIxL2ZyYWc6MzczYTdiZThiMzViNDAzNTliZDZmOTI1YjM2NDIxMmQvdGV4dHJlZ2lvbjozNzNhN2JlOGIzNWI0MDM1OWJkNmY5MjViMzY0MjEyZF8yNzQ4Nzc5MDgwMDgw_b7d858ae-f1e0-4d32-9c55-20780788557a": { "value": "
Note 33 Events after the reporting period
The Group has had the following non-adjusting events after the reporting period
At 6 January 2023 Stora Enso completed the transaction to acquire De Jong Packaging
Group.
In the beginning of January 2023, Stora Enso completed the divestment of its Nym\u00f6lla paper
production site in Sweden, and all related assets to Sylvamo, a US-based global producer of
uncoated paper.
In January 2023, Stora Enso signed an agreement to divest its Hylte paper production site in
Sweden to Sweden Timber.
More details about the above transactions are presented in Note 4 Acquisitions, disposals
and assets held for sale.
As of 1 January 2023 and due to the divestments and reorganisation of retained Paper
division operations, Stora Enso's segment reporting will be changed. According to the changes,
the Paper division will be discontinued and will not reported as a separate segment going
forward. The Maxau, Nym\u00f6lla and Hylte sites together with all previously sold and closed sites
will be reported as part of the segment Other going forward. The remaining sites Langerbrugge
and Anjala will be reported as part of the Packaging Materials division. Comparative figures will
be restated accordingly during the first quarter of 2023.
As of 1 January 2023 emerging business related units in Packaging Solutions division will be
moved to segment Other. These units are including Formed Fiber, Circular Solutions
(biocomposites) and Selfly Stores. Comparative figures will be restated accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7437000ZP669LKUTZ738", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }