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 |
Ownership interest % | EUR million | |||||
Company | Reportable segment | Domicile and principal place of operations | 2024 | 2023 | 2024 | 2023 |
Tornator Oyj | Forest | Finland | 41.00 | 41.00 | 922 | 892 |
Others | 32 | 35 | ||||
Carrying amount | 954 | 926 |
EUR million | 2024 | 2023 |
Sales | 139 | 126 |
Net operating expenses | -80 | -69 |
Biological asset valuation | 14 | 121 |
Operating result | 74 | 178 |
Net financial items | -14 | -12 |
Net result before tax | 60 | 166 |
Income tax | -10 | -30 |
Net result for the year | 52 | 136 |
EUR million | 2024 | 2023 |
Forest assets | 3,595 | 3,456 |
Other non-current assets | 71 | 73 |
Current assets | 134 | 102 |
Non-current liabilities | 948 | 851 |
Current liabilities | 141 | 146 |
Tax liabilities | 460 | 459 |
Sales | 221 | 194 |
Net result for the year | 133 | 341 |
Other comprehensive income | 12 | -57 |
Total comprehensive income | 145 | 284 |
Dividends received during the financial year | 70 | 60 |
Net assets of the associate | 2,250 | 2,175 |
Ownership interest | 41.00% | 41.00% |
Carrying amount of the Group\u2019s interest in Tornator\u00a0Oyj | 922 | 892 |
EUR million | 2024 | 2023 |
Non-current assets | 44 | 33 |
Current assets | 16 | 13 |
Non-current liabilities | 8 | 0 |
Current liabilities | 20 | 11 |
Sales | 49 | 47 |
Net result for the year | -2 | -4 |
Dividends received during the financial year | 0 | 0 |
Net assets of the associates | 32 | 35 |
Associate company value | 32 | 35 |
Associate company value for Tornator Oyj | 922 | 892 |
Total associate company value | 954 | 926 |
EUR million | 2024 | 2023 |
Receivables from associated companies | ||
Non-current loan receivables | 2 | 2 |
Trade receivables | 5 | 2 |
Current loan receivables | 10 | 0 |
Liabilities to associated companies | ||
Trade payables | 46 | 128 |
EUR million | 2024 | 2023 |
Sales to associated companies | 30 | 16 |
Purchases from associated companies | 199 | 181 |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
Ownership interest % | EUR million | |||||
Company | Reportable segment | Domicile and principal place of operations | 2024 | 2023 | 2024 | 2023 |
Tornator Oyj | Forest | Finland | 41.00 | 41.00 | 922 | 892 |
Others | 32 | 35 | ||||
Carrying amount | 954 | 926 |
EUR million | 2024 | 2023 |
Sales | 139 | 126 |
Net operating expenses | -80 | -69 |
Biological asset valuation | 14 | 121 |
Operating result | 74 | 178 |
Net financial items | -14 | -12 |
Net result before tax | 60 | 166 |
Income tax | -10 | -30 |
Net result for the year | 52 | 136 |
EUR million | 2024 | 2023 |
Forest assets | 3,595 | 3,456 |
Other non-current assets | 71 | 73 |
Current assets | 134 | 102 |
Non-current liabilities | 948 | 851 |
Current liabilities | 141 | 146 |
Tax liabilities | 460 | 459 |
Sales | 221 | 194 |
Net result for the year | 133 | 341 |
Other comprehensive income | 12 | -57 |
Total comprehensive income | 145 | 284 |
Dividends received during the financial year | 70 | 60 |
Net assets of the associate | 2,250 | 2,175 |
Ownership interest | 41.00% | 41.00% |
Carrying amount of the Group\u2019s interest in Tornator\u00a0Oyj | 922 | 892 |
EUR million | 2024 | 2023 |
Non-current assets | 44 | 33 |
Current assets | 16 | 13 |
Non-current liabilities | 8 | 0 |
Current liabilities | 20 | 11 |
Sales | 49 | 47 |
Net result for the year | -2 | -4 |
Dividends received during the financial year | 0 | 0 |
Net assets of the associates | 32 | 35 |
Associate company value | 32 | 35 |
Associate company value for Tornator Oyj | 922 | 892 |
Total associate company value | 954 | 926 |
EUR million | 2024 | 2023 |
Receivables from associated companies | ||
Non-current loan receivables | 2 | 2 |
Trade receivables | 5 | 2 |
Current loan receivables | 10 | 0 |
Liabilities to associated companies | ||
Trade payables | 46 | 128 |
EUR million | 2024 | 2023 |
Sales to associated companies | 30 | 16 |
Purchases from associated companies | 199 | 181 |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
Ownership interest % | EUR million | |||||
Company | Reportable segment | Domicile and principal place of operations | 2024 | 2023 | 2024 | 2023 |
Tornator Oyj | Forest | Finland | 41.00 | 41.00 | 922 | 892 |
Others | 32 | 35 | ||||
Carrying amount | 954 | 926 |
EUR million | 2024 | 2023 |
Sales | 139 | 126 |
Net operating expenses | -80 | -69 |
Biological asset valuation | 14 | 121 |
Operating result | 74 | 178 |
Net financial items | -14 | -12 |
Net result before tax | 60 | 166 |
Income tax | -10 | -30 |
Net result for the year | 52 | 136 |
EUR million | 2024 | 2023 |
Forest assets | 3,595 | 3,456 |
Other non-current assets | 71 | 73 |
Current assets | 134 | 102 |
Non-current liabilities | 948 | 851 |
Current liabilities | 141 | 146 |
Tax liabilities | 460 | 459 |
Sales | 221 | 194 |
Net result for the year | 133 | 341 |
Other comprehensive income | 12 | -57 |
Total comprehensive income | 145 | 284 |
Dividends received during the financial year | 70 | 60 |
Net assets of the associate | 2,250 | 2,175 |
Ownership interest | 41.00% | 41.00% |
Carrying amount of the Group\u2019s interest in Tornator\u00a0Oyj | 922 | 892 |
EUR million | 2024 | 2023 |
Non-current assets | 44 | 33 |
Current assets | 16 | 13 |
Non-current liabilities | 8 | 0 |
Current liabilities | 20 | 11 |
Sales | 49 | 47 |
Net result for the year | -2 | -4 |
Dividends received during the financial year | 0 | 0 |
Net assets of the associates | 32 | 35 |
Associate company value | 32 | 35 |
Associate company value for Tornator Oyj | 922 | 892 |
Total associate company value | 954 | 926 |
EUR million | 2024 | 2023 |
Receivables from associated companies | ||
Non-current loan receivables | 2 | 2 |
Trade receivables | 5 | 2 |
Current loan receivables | 10 | 0 |
Liabilities to associated companies | ||
Trade payables | 46 | 128 |
EUR million | 2024 | 2023 |
Sales to associated companies | 30 | 16 |
Purchases from associated companies | 199 | 181 |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,207 | 977 | 1,303 | 1,357 | 1,157 | 49 | 0 | 9,049 |
Internal sales | 295 | 10 | 284 | 165 | 1,670 | 128 | -2,552 | 0 |
Sales total | 4,502 | 987 | 1,587 | 1,522 | 2,827 | 176 | -2,552 | 9,049 |
Product sales | 8,986 | |||||||
Service sales | 63 | |||||||
Sales total | 9,049 | |||||||
Operating result | -169 | -394 | 256 | -73 | 646 | -162 | -11 | 93 |
Net financial expense | -211 | |||||||
Income taxes | -65 | |||||||
Result for the period | -183 | |||||||
Operative assets | 4,594 | 807 | 2,835 | 803 | 8,036 | 743 | -325 | 17,494 |
Tax receivables | 236 | |||||||
Interest-bearing receivables | 2,072 | |||||||
Total assets | 19,802 | |||||||
Operative liabilities | 1,138 | 202 | 318 | 250 | 703 | 298 | -301 | 2,606 |
Tax liabilities | 1,429 | |||||||
Interest-bearing liabilities | 5,779 | |||||||
Total liabilities | 9,813 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -560 | -452 | -99 | -100 | -21 | -13 | 0 | -1,246 |
Capital expenditures (excluding investments in biological assets) | 709 | 50 | 136 | 50 | 21 | 43 | 0 | 1,009 |
Operating capital | 3,457 | 606 | 2,518 | 553 | 7,334 | 445 | -24 | 14,888 |
Average personnel | 7,074 | 4,229 | 1,989 | 3,736 | 1,480 | 725 | 0 | 19,233 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,362 | 1,066 | 1,363 | 1,453 | 989 | 162 | 0 | 9,396 |
Internal sales | 195 | 11 | 223 | 127 | 1,501 | 801 | -2,859 | 0 |
Sales total | 4,557 | 1,077 | 1,587 | 1,580 | 2,490 | 964 | -2,859 | 9,396 |
Product sales | 9,317 | |||||||
Service sales | 79 | |||||||
Sales total | 9,396 | |||||||
Operating result | -642 | 17 | -81 | -86 | 461 | -41 | 49 | -322 |
Net financial expense | -173 | |||||||
Income taxes | 64 | |||||||
Result for the period | -431 | |||||||
Operative assets1 | 4,402 | 1,223 | 2,772 | 855 | 7,906 | 1,189 | -371 | 17,975 |
Tax receivables | 166 | |||||||
Interest-bearing receivables | 2,613 | |||||||
Total assets | 20,754 | |||||||
Operative liabilities1 | 1,158 | 195 | 321 | 238 | 549 | 505 | -358 | 2,607 |
Tax liabilities | 1,478 | |||||||
Interest-bearing liabilities1 | 5,780 | |||||||
Total liabilities | 9,865 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -805 | -74 | -297 | -67 | -21 | -38 | 0 | -1,303 |
Capital expenditures (excluding investments in biological assets) | 636 | 161 | 162 | 51 | 29 | 15 | 0 | 1,054 |
Operating capital | 3,243 | 1,028 | 2,451 | 617 | 7,358 | 684 | -13 | 15,368 |
Average personnel | 7,269 | 4,389 | 2,196 | 4,079 | 1,434 | 1,455 | 0 | 20,822 |
1 2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale. |
External sales by destination | Non-current assets by country 13 | Capital expenditure by country 2 | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Austria | 294 | 347 | 132 | 134 | 6 | 15 |
Baltic States | 267 | 271 | 56 | 66 | 9 | 9 |
Czechia | 168 | 189 | 185 | 193 | 5 | 8 |
Finland | 623 | 664 | 3,291 | 2,872 | 718 | 587 |
France | 260 | 299 | 2 | 2 | 0 | 0 |
Germany | 811 | 862 | 1 | 34 | 8 | 9 |
Italy | 387 | 453 | 0 | 0 | 0 | 1 |
Netherlands | 503 | 597 | 435 | 797 | 16 | 131 |
Poland | 506 | 511 | 366 | 407 | 23 | 30 |
Sweden | 1,255 | 1,111 | 7,077 | 7,127 | 131 | 174 |
UK | 293 | 344 | 0 | 8 | 0 | 0 |
Other Europe | 845 | 901 | 92 | 126 | 10 | 12 |
Total Europe | 6,213 | 6,548 | 11,636 | 11,767 | 926 | 975 |
China (incl. Hong Kong)3 | 931 | 991 | 593 | 755 | 9 | 15 |
Japan | 248 | 242 | 0 | 0 | 0 | 0 |
Uruguay | 37 | 33 | 1,725 | 1,543 | 38 | 35 |
USA | 259 | 302 | 0 | 0 | 0 | 0 |
Other countries | 1,360 | 1,279 | 297 | 316 | 36 | 29 |
Total | 9,049 | 9,396 | 14,251 | 14,382 | 1,009 | 1,054 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
EUR million | 2024 | 2023 |
Other operating income | 27 | -11 |
Other operating expense | -18 | -4 |
Borrowings, cash equivalents. lease liabilities and other | -22 | -10 |
Total | -13 | -25 |
EUR million | 2024 | 2023 |
At 1 January | ||
CTA | -376 | -432 |
Net investment hedges and loans | 6 | 21 |
Income tax related to hedges and loans | -4 | -5 |
Net CTA in equity | -375 | -415 |
CTA movement OCI | ||
CTA movement | -88 | 0 |
CTA release through income statement | -1 | 56 |
Net investment hedges and loans | 4 | -15 |
Income tax related to hedges and loans | 3 | 0 |
CTA movement OCI total | -82 | 41 |
At 31 December | ||
CTA | -465 | -376 |
Net investment hedges and loans | 10 | 6 |
Income tax related to hedges and loans | -2 | -4 |
Net CTA in equity | -457 | -375 |
Cumulative Translation Adjustment (CTA) | Net investment hedges and loans | Net CTA in the statement of financial position | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Brazil | -284 | -242 | 0 | 0 | -284 | -242 |
China | 143 | 151 | 1 | -4 | 144 | 147 |
Czechia | 35 | 39 | -9 | -9 | 26 | 30 |
Poland | -14 | -22 | 17 | 17 | 3 | -5 |
Sweden | -649 | -494 | 33 | 33 | -616 | -461 |
Uruguay (USD) | 298 | 191 | -33 | -31 | 265 | 160 |
Others | 6 | 1 | 0 | 0 | 6 | 1 |
CTA before Tax | -465 | -376 | 10 | 6 | -455 | -370 |
Taxes | 0 | 0 | -2 | -4 | -2 | -4 |
Net CTA in Equity | -465 | -376 | 8 | 2 | -457 | -375 |
Nominal amount (Currency) | Nominal amount (EUR) | Unrealised losses (EUR) | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Borrowings | ||||||
USD area | 300 | 300 | 289 | 271 | -47 | -33 |
Total hedging | 289 | 271 | -47 | -33 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,207 | 977 | 1,303 | 1,357 | 1,157 | 49 | 0 | 9,049 |
Internal sales | 295 | 10 | 284 | 165 | 1,670 | 128 | -2,552 | 0 |
Sales total | 4,502 | 987 | 1,587 | 1,522 | 2,827 | 176 | -2,552 | 9,049 |
Product sales | 8,986 | |||||||
Service sales | 63 | |||||||
Sales total | 9,049 | |||||||
Operating result | -169 | -394 | 256 | -73 | 646 | -162 | -11 | 93 |
Net financial expense | -211 | |||||||
Income taxes | -65 | |||||||
Result for the period | -183 | |||||||
Operative assets | 4,594 | 807 | 2,835 | 803 | 8,036 | 743 | -325 | 17,494 |
Tax receivables | 236 | |||||||
Interest-bearing receivables | 2,072 | |||||||
Total assets | 19,802 | |||||||
Operative liabilities | 1,138 | 202 | 318 | 250 | 703 | 298 | -301 | 2,606 |
Tax liabilities | 1,429 | |||||||
Interest-bearing liabilities | 5,779 | |||||||
Total liabilities | 9,813 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -560 | -452 | -99 | -100 | -21 | -13 | 0 | -1,246 |
Capital expenditures (excluding investments in biological assets) | 709 | 50 | 136 | 50 | 21 | 43 | 0 | 1,009 |
Operating capital | 3,457 | 606 | 2,518 | 553 | 7,334 | 445 | -24 | 14,888 |
Average personnel | 7,074 | 4,229 | 1,989 | 3,736 | 1,480 | 725 | 0 | 19,233 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,362 | 1,066 | 1,363 | 1,453 | 989 | 162 | 0 | 9,396 |
Internal sales | 195 | 11 | 223 | 127 | 1,501 | 801 | -2,859 | 0 |
Sales total | 4,557 | 1,077 | 1,587 | 1,580 | 2,490 | 964 | -2,859 | 9,396 |
Product sales | 9,317 | |||||||
Service sales | 79 | |||||||
Sales total | 9,396 | |||||||
Operating result | -642 | 17 | -81 | -86 | 461 | -41 | 49 | -322 |
Net financial expense | -173 | |||||||
Income taxes | 64 | |||||||
Result for the period | -431 | |||||||
Operative assets1 | 4,402 | 1,223 | 2,772 | 855 | 7,906 | 1,189 | -371 | 17,975 |
Tax receivables | 166 | |||||||
Interest-bearing receivables | 2,613 | |||||||
Total assets | 20,754 | |||||||
Operative liabilities1 | 1,158 | 195 | 321 | 238 | 549 | 505 | -358 | 2,607 |
Tax liabilities | 1,478 | |||||||
Interest-bearing liabilities1 | 5,780 | |||||||
Total liabilities | 9,865 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -805 | -74 | -297 | -67 | -21 | -38 | 0 | -1,303 |
Capital expenditures (excluding investments in biological assets) | 636 | 161 | 162 | 51 | 29 | 15 | 0 | 1,054 |
Operating capital | 3,243 | 1,028 | 2,451 | 617 | 7,358 | 684 | -13 | 15,368 |
Average personnel | 7,269 | 4,389 | 2,196 | 4,079 | 1,434 | 1,455 | 0 | 20,822 |
1 2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale. |
External sales by destination | Non-current assets by country 13 | Capital expenditure by country 2 | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Austria | 294 | 347 | 132 | 134 | 6 | 15 |
Baltic States | 267 | 271 | 56 | 66 | 9 | 9 |
Czechia | 168 | 189 | 185 | 193 | 5 | 8 |
Finland | 623 | 664 | 3,291 | 2,872 | 718 | 587 |
France | 260 | 299 | 2 | 2 | 0 | 0 |
Germany | 811 | 862 | 1 | 34 | 8 | 9 |
Italy | 387 | 453 | 0 | 0 | 0 | 1 |
Netherlands | 503 | 597 | 435 | 797 | 16 | 131 |
Poland | 506 | 511 | 366 | 407 | 23 | 30 |
Sweden | 1,255 | 1,111 | 7,077 | 7,127 | 131 | 174 |
UK | 293 | 344 | 0 | 8 | 0 | 0 |
Other Europe | 845 | 901 | 92 | 126 | 10 | 12 |
Total Europe | 6,213 | 6,548 | 11,636 | 11,767 | 926 | 975 |
China (incl. Hong Kong)3 | 931 | 991 | 593 | 755 | 9 | 15 |
Japan | 248 | 242 | 0 | 0 | 0 | 0 |
Uruguay | 37 | 33 | 1,725 | 1,543 | 38 | 35 |
USA | 259 | 302 | 0 | 0 | 0 | 0 |
Other countries | 1,360 | 1,279 | 297 | 316 | 36 | 29 |
Total | 9,049 | 9,396 | 14,251 | 14,382 | 1,009 | 1,054 |
EUR million | 2024 | 2023 |
Packaging Materials | 307 | 530 |
Packaging Solutions | 375 | 5 |
Biomaterials | 1 | 190 |
Wood Products | 56 | 20 |
Forest | 0 | 1 |
Other | 6 | 23 |
Total (impairment +) / (Impairment reversal -) | 745 | 770 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,207 | 977 | 1,303 | 1,357 | 1,157 | 49 | 0 | 9,049 |
Internal sales | 295 | 10 | 284 | 165 | 1,670 | 128 | -2,552 | 0 |
Sales total | 4,502 | 987 | 1,587 | 1,522 | 2,827 | 176 | -2,552 | 9,049 |
Product sales | 8,986 | |||||||
Service sales | 63 | |||||||
Sales total | 9,049 | |||||||
Operating result | -169 | -394 | 256 | -73 | 646 | -162 | -11 | 93 |
Net financial expense | -211 | |||||||
Income taxes | -65 | |||||||
Result for the period | -183 | |||||||
Operative assets | 4,594 | 807 | 2,835 | 803 | 8,036 | 743 | -325 | 17,494 |
Tax receivables | 236 | |||||||
Interest-bearing receivables | 2,072 | |||||||
Total assets | 19,802 | |||||||
Operative liabilities | 1,138 | 202 | 318 | 250 | 703 | 298 | -301 | 2,606 |
Tax liabilities | 1,429 | |||||||
Interest-bearing liabilities | 5,779 | |||||||
Total liabilities | 9,813 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -560 | -452 | -99 | -100 | -21 | -13 | 0 | -1,246 |
Capital expenditures (excluding investments in biological assets) | 709 | 50 | 136 | 50 | 21 | 43 | 0 | 1,009 |
Operating capital | 3,457 | 606 | 2,518 | 553 | 7,334 | 445 | -24 | 14,888 |
Average personnel | 7,074 | 4,229 | 1,989 | 3,736 | 1,480 | 725 | 0 | 19,233 |
EUR million | Packaging Materials | Packaging Solutions | Biomaterials | Wood Products | Forest | Other | Eliminations | Group |
External sales | 4,362 | 1,066 | 1,363 | 1,453 | 989 | 162 | 0 | 9,396 |
Internal sales | 195 | 11 | 223 | 127 | 1,501 | 801 | -2,859 | 0 |
Sales total | 4,557 | 1,077 | 1,587 | 1,580 | 2,490 | 964 | -2,859 | 9,396 |
Product sales | 9,317 | |||||||
Service sales | 79 | |||||||
Sales total | 9,396 | |||||||
Operating result | -642 | 17 | -81 | -86 | 461 | -41 | 49 | -322 |
Net financial expense | -173 | |||||||
Income taxes | 64 | |||||||
Result for the period | -431 | |||||||
Operative assets1 | 4,402 | 1,223 | 2,772 | 855 | 7,906 | 1,189 | -371 | 17,975 |
Tax receivables | 166 | |||||||
Interest-bearing receivables | 2,613 | |||||||
Total assets | 20,754 | |||||||
Operative liabilities1 | 1,158 | 195 | 321 | 238 | 549 | 505 | -358 | 2,607 |
Tax liabilities | 1,478 | |||||||
Interest-bearing liabilities1 | 5,780 | |||||||
Total liabilities | 9,865 | |||||||
Other items | ||||||||
Depreciations/impairments/impairment reversals | -805 | -74 | -297 | -67 | -21 | -38 | 0 | -1,303 |
Capital expenditures (excluding investments in biological assets) | 636 | 161 | 162 | 51 | 29 | 15 | 0 | 1,054 |
Operating capital | 3,243 | 1,028 | 2,451 | 617 | 7,358 | 684 | -13 | 15,368 |
Average personnel | 7,269 | 4,389 | 2,196 | 4,079 | 1,434 | 1,455 | 0 | 20,822 |
1 2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale. |
EUR million | 2024 | 2023 |
Other operating income | ||
Emission rights allocated and disposal gains | 107 | 145 |
Sale of green certificates | 4 | 12 |
Gains on disposal of fixed assets | 8 | 44 |
Gains on disposal of Group companies and business operations | 8 | 52 |
Dividend and gain on sale of unlisted shares | 3 | 1 |
Insurance compensation | 16 | 8 |
CTA release | 1 | 0 |
Government grants | 97 | 40 |
Other1 | 82 | 76 |
Total | 325 | 378 |
EUR million | 2024 | 2023 |
Other operating expenses | ||
Lease expenses | 44 | 43 |
Credit losses, net of reversals | 3 | 9 |
Losses on disposal of fixed assets | 7 | 4 |
Losses on disposal of Group companies and business operations | 8 | 19 |
CTA release | 0 | 56 |
Provision changes in income statement | 54 | 94 |
Other1 | 427 | 414 |
Total | 543 | 638 |
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables. | ||
Materials and services include | 2024 | 2023 |
Emissions rights to be delivered | 55 | 82 |
EUR million | 2024 | 2023 |
Audit fees | 4 | 4 |
Audit-related fees | 0 | 0 |
Tax fees | 0 | 0 |
Other fees | 0 | 0 |
Total | 5 | 5 |
EUR million | 2024 | 2023 |
Other operating income | ||
Emission rights allocated and disposal gains | 107 | 145 |
Sale of green certificates | 4 | 12 |
Gains on disposal of fixed assets | 8 | 44 |
Gains on disposal of Group companies and business operations | 8 | 52 |
Dividend and gain on sale of unlisted shares | 3 | 1 |
Insurance compensation | 16 | 8 |
CTA release | 1 | 0 |
Government grants | 97 | 40 |
Other1 | 82 | 76 |
Total | 325 | 378 |
EUR million | 2024 | 2023 |
Other operating expenses | ||
Lease expenses | 44 | 43 |
Credit losses, net of reversals | 3 | 9 |
Losses on disposal of fixed assets | 7 | 4 |
Losses on disposal of Group companies and business operations | 8 | 19 |
CTA release | 0 | 56 |
Provision changes in income statement | 54 | 94 |
Other1 | 427 | 414 |
Total | 543 | 638 |
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables. | ||
Materials and services include | 2024 | 2023 |
Emissions rights to be delivered | 55 | 82 |
EUR million | 2024 | 2023 |
Audit fees | 4 | 4 |
Audit-related fees | 0 | 0 |
Tax fees | 0 | 0 |
Other fees | 0 | 0 |
Total | 5 | 5 |
EUR million | 2024 | 2023 |
Other operating income | ||
Emission rights allocated and disposal gains | 107 | 145 |
Sale of green certificates | 4 | 12 |
Gains on disposal of fixed assets | 8 | 44 |
Gains on disposal of Group companies and business operations | 8 | 52 |
Dividend and gain on sale of unlisted shares | 3 | 1 |
Insurance compensation | 16 | 8 |
CTA release | 1 | 0 |
Government grants | 97 | 40 |
Other1 | 82 | 76 |
Total | 325 | 378 |
EUR million | 2024 | 2023 |
Other operating expenses | ||
Lease expenses | 44 | 43 |
Credit losses, net of reversals | 3 | 9 |
Losses on disposal of fixed assets | 7 | 4 |
Losses on disposal of Group companies and business operations | 8 | 19 |
CTA release | 0 | 56 |
Provision changes in income statement | 54 | 94 |
Other1 | 427 | 414 |
Total | 543 | 638 |
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables. | ||
Materials and services include | 2024 | 2023 |
Emissions rights to be delivered | 55 | 82 |
EUR million | 2024 | 2023 |
Other operating income | ||
Emission rights allocated and disposal gains | 107 | 145 |
Sale of green certificates | 4 | 12 |
Gains on disposal of fixed assets | 8 | 44 |
Gains on disposal of Group companies and business operations | 8 | 52 |
Dividend and gain on sale of unlisted shares | 3 | 1 |
Insurance compensation | 16 | 8 |
CTA release | 1 | 0 |
Government grants | 97 | 40 |
Other1 | 82 | 76 |
Total | 325 | 378 |
EUR million | 2024 | 2023 |
Other operating expenses | ||
Lease expenses | 44 | 43 |
Credit losses, net of reversals | 3 | 9 |
Losses on disposal of fixed assets | 7 | 4 |
Losses on disposal of Group companies and business operations | 8 | 19 |
CTA release | 0 | 56 |
Provision changes in income statement | 54 | 94 |
Other1 | 427 | 414 |
Total | 543 | 638 |
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables. | ||
Materials and services include | 2024 | 2023 |
Emissions rights to be delivered | 55 | 82 |
EUR million | 2024 | 2023 |
Other operating income | ||
Emission rights allocated and disposal gains | 107 | 145 |
Sale of green certificates | 4 | 12 |
Gains on disposal of fixed assets | 8 | 44 |
Gains on disposal of Group companies and business operations | 8 | 52 |
Dividend and gain on sale of unlisted shares | 3 | 1 |
Insurance compensation | 16 | 8 |
CTA release | 1 | 0 |
Government grants | 97 | 40 |
Other1 | 82 | 76 |
Total | 325 | 378 |
EUR million | 2024 | 2023 |
Other operating expenses | ||
Lease expenses | 44 | 43 |
Credit losses, net of reversals | 3 | 9 |
Losses on disposal of fixed assets | 7 | 4 |
Losses on disposal of Group companies and business operations | 8 | 19 |
CTA release | 0 | 56 |
Provision changes in income statement | 54 | 94 |
Other1 | 427 | 414 |
Total | 543 | 638 |
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables. | ||
Materials and services include | 2024 | 2023 |
Emissions rights to be delivered | 55 | 82 |
EUR million | Land and water | Forest land | Buildings and structures | Plant and equipment and other | Total |
Acquisition cost | |||||
At 1 January 2023 | 105 | 243 | 96 | 113 | 556 |
Translation difference | -5 | -14 | -1 | 0 | -19 |
Reclassifications to biological assets | 0 | -16 | 0 | 0 | -16 |
Additions | 0 | 5 | 188 | 14 | 207 |
Disposals1 | 0 | 0 | -22 | -19 | -41 |
Other changes | 1 | 15 | 7 | 3 | 26 |
At 31 December 2023 | 101 | 233 | 268 | 111 | 712 |
Translation difference | 3 | 9 | -1 | -2 | 9 |
Reclassifications to biological assets | 0 | -18 | 0 | 0 | -18 |
Additions | 5 | 5 | 53 | 13 | 76 |
Disposals1 | -1 | 0 | -10 | -14 | -25 |
Other changes | -4 | -7 | 7 | -1 | -4 |
At 31 December 2024 | 104 | 222 | 317 | 107 | 750 |
Accumulated depreciation and impairment | |||||
At 1 January 2023 | 10 | 22 | 49 | 56 | 138 |
Translation difference | -1 | -1 | 0 | 0 | -3 |
Disposals1 | 0 | 0 | -18 | -18 | -36 |
Depreciation | 3 | 3 | 32 | 21 | 59 |
Impairment | 28 | 0 | 3 | 2 | 33 |
At 31 December 2023 | 40 | 24 | 66 | 61 | 192 |
Translation difference | 2 | 1 | -1 | -1 | 1 |
Disposals1 | -1 | 0 | -9 | -15 | -24 |
Depreciation | 2 | 3 | 31 | 19 | 56 |
Impairment | 10 | 0 | 16 | 0 | 26 |
At 31 December 2024 | 53 | 28 | 104 | 65 | 250 |
Net Book Value at 31 December 2024 | 51 | 194 | 212 | 43 | 499 |
Net Book Value at 31 December 2023 | 61 | 209 | 201 | 49 | 521 |
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 6.1 Acquisitions, disposals and assets held for sale. 2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale. |
EUR million | 2024 | 2023 |
Bond loans | 3,454 | 3,601 |
Loans from credit institutions | 978 | 997 |
Lease liabilities | 545 | 520 |
Long-term derivative financial liabilities | 5 | 1 |
Other non-current liabilities | 2 | 2 |
Non-current interest-bearing liabilities including current portion | 4,985 | 5,123 |
Short-term borrowings | 689 | 595 |
Interest payable | 55 | 56 |
Short-term derivative financial liabilities | 44 | 6 |
Bank overdrafts | 7 | 0 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
EUR million | 2024 | 2023 |
Carrying value at 1 January | 5,780 | 3,972 |
Additions in long-term debt, companies acquired | 0 | 131 |
Proceeds of new long-term debt | 19 | 2,006 |
Repayment of long-term debt | -176 | -619 |
Additions in lease liabilities, companies acquired | 0 | 99 |
Additions in lease liabilities | 82 | 109 |
Repayment of lease liabilities and interest | -85 | -87 |
Change in short-term borrowings | 69 | 177 |
Change in interest payable | 23 | 45 |
Change in derivative financial liabilities | 42 | -41 |
Disposals and classification as held for sale | -2 | -8 |
Other | 15 | 26 |
Translation differences | 11 | -29 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
EUR million | 2024 | 2023 |
Audit fees | 4 | 4 |
Audit-related fees | 0 | 0 |
Tax fees | 0 | 0 |
Other fees | 0 | 0 |
Total | 5 | 5 |
EUR million | 2024 | 2023 |
Depreciation and amortisation | ||
Intangible assets | 37 | 41 |
Buildings and structures | 66 | 76 |
Plant and equipment | 334 | 349 |
Right-of-use assets | 56 | 59 |
Other tangible assets | 8 | 8 |
Total | 500 | 533 |
Impairment | ||
Goodwill | 342 | 85 |
Intangible assets | 30 | 24 |
Buildings and structures | 90 | 134 |
Plant and equipment | 254 | 494 |
Right-of-use assets | 26 | 33 |
Other tangible assets | 5 | 6 |
Total | 746 | 776 |
Reversal of impairment | ||
Plant and equipment | -1 | -6 |
Total | -1 | -6 |
Depreciation, amortisation and impairment charges | 1,246 | 1,303 |
2024 | 2023 | |||
EUR million | Goodwill at year end | Pre-tax discount rate | Goodwill at year end | Pre-tax discount rate |
Packaging Solutions - Western Europe | 0 | 9.7% | 277 | 9.3% |
Wood Products - Southern Europe | 109 | 11.6% | 110 | 11.8% |
Other CGUs | 54 | 119 | ||
Total | 162 | 505 |
Packaging Materials Oulu CGU | |
Increase in the discount rate (percentage points) | 0.5% |
Annual decrease in the sales prices | -0.6% |
Annual increase in the costs | 0.7% |
EUR million | 2024 | 2023 |
Packaging Materials | 307 | 530 |
Packaging Solutions | 375 | 5 |
Biomaterials | 1 | 190 |
Wood Products | 56 | 20 |
Forest | 0 | 1 |
Other | 6 | 23 |
Total (impairment +) / (Impairment reversal -) | 745 | 770 |
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 |
EUR million | 2024 | 2023 |
Depreciation and amortisation | ||
Intangible assets | 37 | 41 |
Buildings and structures | 66 | 76 |
Plant and equipment | 334 | 349 |
Right-of-use assets | 56 | 59 |
Other tangible assets | 8 | 8 |
Total | 500 | 533 |
Impairment | ||
Goodwill | 342 | 85 |
Intangible assets | 30 | 24 |
Buildings and structures | 90 | 134 |
Plant and equipment | 254 | 494 |
Right-of-use assets | 26 | 33 |
Other tangible assets | 5 | 6 |
Total | 746 | 776 |
Reversal of impairment | ||
Plant and equipment | -1 | -6 |
Total | -1 | -6 |
Depreciation, amortisation and impairment charges | 1,246 | 1,303 |
2024 | 2023 | |||
EUR million | Goodwill at year end | Pre-tax discount rate | Goodwill at year end | Pre-tax discount rate |
Packaging Solutions - Western Europe | 0 | 9.7% | 277 | 9.3% |
Wood Products - Southern Europe | 109 | 11.6% | 110 | 11.8% |
Other CGUs | 54 | 119 | ||
Total | 162 | 505 |
Packaging Materials Oulu CGU | |
Increase in the discount rate (percentage points) | 0.5% |
Annual decrease in the sales prices | -0.6% |
Annual increase in the costs | 0.7% |
EUR million | 2024 | 2023 |
Packaging Materials | 307 | 530 |
Packaging Solutions | 375 | 5 |
Biomaterials | 1 | 190 |
Wood Products | 56 | 20 |
Forest | 0 | 1 |
Other | 6 | 23 |
Total (impairment +) / (Impairment reversal -) | 745 | 770 |
EUR million | Computer\u00a0 software | Customer relationships and trademarks | Other intangible assets | Assets in progress | Goodwill | Total | |
Acquisition cost | |||||||
At 1 January 2023 | 222 | 0 | 100 | 18 | 502 | 842 | |
Translation difference | -1 | 0 | -3 | 0 | -3 | -7 | |
Reclassifications | 5 | 0 | 0 | 0 | 0 | 5 | |
Additions | 15 | 206 | 6 | 18 | 349 | 594 | |
Disposals1 | -1 | 0 | 106 | 0 | 0 | 105 | |
At 31 December 2023 | 241 | 206 | 209 | 36 | 848 | 1,539 | |
Translation difference | 0 | 0 | 2 | 0 | -1 | 1 | |
Reclassifications | 5 | 0 | 2 | -13 | 0 | -6 | |
Additions | 9 | 0 | 15 | 19 | 0 | 43 | |
Disposals1 | -4 | 0 | -7 | 0 | 0 | -10 | |
At 31 December 2024 | 251 | 206 | 222 | 42 | 847 | 1,567 | |
Accumulated amortisation and impairment | |||||||
At 1 January 2023 | 185 | 0 | 35 | 0 | 258 | 478 | |
Translation difference | -1 | 0 | -2 | 0 | -1 | -3 | |
Disposals1 | -1 | 0 | 107 | 0 | 0 | 106 | |
Amortisation | 17 | 16 | 8 | 0 | 0 | 41 | |
Impairment | 6 | 0 | 14 | 3 | 85 | 109 | |
At 31 December 2023 | 206 | 16 | 162 | 3 | 343 | 730 | |
Translation difference | 0 | 0 | 2 | 0 | 1 | 3 | |
Reclassifications | -6 | 0 | 0 | 0 | 0 | -6 | |
Disposals1 | -3 | 0 | -6 | 0 | 0 | -9 | |
Amortisation | 14 | 16 | 7 | 0 | 0 | 37 | |
Impairment | 1 | 14 | 16 | 0 | 342 | 372 | |
At 31 December 2024 | 212 | 45 | 181 | 3 | 685 | 1,127 | |
Net Book Value at 31 December 2024 | 39 | 160 | 40 | 38 | 162 | 440 | |
Net Book Value at 31 December 2023 | 35 | 190 | 47 | 32 | 505 | 809 |
2024 | 2023 | |||
EUR million | Goodwill at year end | Pre-tax discount rate | Goodwill at year end | Pre-tax discount rate |
Packaging Solutions - Western Europe | 0 | 9.7% | 277 | 9.3% |
Wood Products - Southern Europe | 109 | 11.6% | 110 | 11.8% |
Other CGUs | 54 | 119 | ||
Total | 162 | 505 |
Packaging Materials Oulu CGU | |
Increase in the discount rate (percentage points) | 0.5% |
Annual decrease in the sales prices | -0.6% |
Annual increase in the costs | 0.7% |
EUR million | 2024 | 2023 |
Packaging Materials | 307 | 530 |
Packaging Solutions | 375 | 5 |
Biomaterials | 1 | 190 |
Wood Products | 56 | 20 |
Forest | 0 | 1 |
Other | 6 | 23 |
Total (impairment +) / (Impairment reversal -) | 745 | 770 |
EUR million | Computer\u00a0 software | Customer relationships and trademarks | Other intangible assets | Assets in progress | Goodwill | Total | |
Acquisition cost | |||||||
At 1 January 2023 | 222 | 0 | 100 | 18 | 502 | 842 | |
Translation difference | -1 | 0 | -3 | 0 | -3 | -7 | |
Reclassifications | 5 | 0 | 0 | 0 | 0 | 5 | |
Additions | 15 | 206 | 6 | 18 | 349 | 594 | |
Disposals1 | -1 | 0 | 106 | 0 | 0 | 105 | |
At 31 December 2023 | 241 | 206 | 209 | 36 | 848 | 1,539 | |
Translation difference | 0 | 0 | 2 | 0 | -1 | 1 | |
Reclassifications | 5 | 0 | 2 | -13 | 0 | -6 | |
Additions | 9 | 0 | 15 | 19 | 0 | 43 | |
Disposals1 | -4 | 0 | -7 | 0 | 0 | -10 | |
At 31 December 2024 | 251 | 206 | 222 | 42 | 847 | 1,567 | |
Accumulated amortisation and impairment | |||||||
At 1 January 2023 | 185 | 0 | 35 | 0 | 258 | 478 | |
Translation difference | -1 | 0 | -2 | 0 | -1 | -3 | |
Disposals1 | -1 | 0 | 107 | 0 | 0 | 106 | |
Amortisation | 17 | 16 | 8 | 0 | 0 | 41 | |
Impairment | 6 | 0 | 14 | 3 | 85 | 109 | |
At 31 December 2023 | 206 | 16 | 162 | 3 | 343 | 730 | |
Translation difference | 0 | 0 | 2 | 0 | 1 | 3 | |
Reclassifications | -6 | 0 | 0 | 0 | 0 | -6 | |
Disposals1 | -3 | 0 | -6 | 0 | 0 | -9 | |
Amortisation | 14 | 16 | 7 | 0 | 0 | 37 | |
Impairment | 1 | 14 | 16 | 0 | 342 | 372 | |
At 31 December 2024 | 212 | 45 | 181 | 3 | 685 | 1,127 | |
Net Book Value at 31 December 2024 | 39 | 160 | 40 | 38 | 162 | 440 | |
Net Book Value at 31 December 2023 | 35 | 190 | 47 | 32 | 505 | 809 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Net financial expense in the income statement | ||
Financial income | 118 | 91 |
Financial expense | -329 | -264 |
Total | -211 | -173 |
Represented by | ||
Interest expense | ||
Interest expense from borrowings measured at amortised cost | -218 | -167 |
Interest component of the effective hedges under cash flow hedge | 11 | 9 |
Interest expense on leases | -25 | -23 |
Interest capitalised | 29 | 7 |
Interest income on loans and receivables measured at amortised cost | 75 | 61 |
Net interest expense | -127 | -113 |
Foreign exchange gains and losses | ||
Currency derivatives | 2 | -12 |
Borrowings, cash equivalents, lease liabilities and other | -22 | -10 |
Net foreign exchange gains and losses | -20 | -22 |
Other financial income | 1 | 6 |
Other financial expense | ||
Financial fees | -43 | -28 |
Fair valuation losses | 0 | 0 |
Impairments of interest-bearing assets | -15 | -11 |
Net interest on net defined benefit liabilities | -6 | -5 |
Net other financial expense | -64 | -38 |
Total | -211 | -173 |
EUR million | 2024 | 2023 |
Current tax | -41 | -54 |
Deferred tax | -24 | 119 |
Total income tax | -65 | 64 |
EUR million | 2024 | 2023 |
Profit before tax | -118 | -495 |
Tax at statutory rates applicable to profits in the country concerned 1 | 76 | 121 |
Non-deductible expenses and tax exempt income2 | -14 | -10 |
Valuation of deferred tax assets | -44 | -60 |
Taxes from prior years | -2 | -3 |
Changes in tax rates and tax laws | 0 | -1 |
Impairment of goodwill3 | -84 | -19 |
Results from associated companies | 10 | 27 |
Other | -8 | 9 |
Total income taxes | -65 | 64 |
Effective tax rate | -55.4% | 13.0% |
Statutory tax rate (blended) | 64.1% | 24.5% |
EUR million | Value at 1 Jan 2024 | Income statement | OCI | Acquisitions/ disposals | Translation difference | Value at 31 Dec 2024 |
Forest assets | -1,315 | -117 | 69 | -2 | 30 | -1,335 |
Fixed assets | -83 | 61 | 0 | 0 | 5 | -17 |
Financial instruments | -12 | 2 | 16 | 0 | 0 | 5 |
Untaxed reserves | -6 | -1 | 0 | 0 | 0 | -7 |
Pensions and provisions | 3 | -33 | -5 | 0 | -3 | -38 |
Tax losses and tax credits carried forward | 112 | 50 | 0 | -1 | 2 | 164 |
Other deferred taxes | 3 | 17 | 0 | 0 | -2 | 18 |
Total | -1,299 | -22 | 81 | -3 | 31 | -1,211 |
Equity hedges and net investment loans (CTA) | -3 | 3 | ||||
Cash flow hedging | 0 | 0 | ||||
Change in deferred tax | -24 | 83 | -3 | 31 | ||
Assets1 | 134 | 205 | ||||
Liabilities1 | -1,433 | -1,416 |
EUR million | Value at 1 Jan 2023 | Income statement | OCI | Acquisitions/ disposals | Translation difference | Value at 31 Dec 2023 |
Forest assets | -1,267 | -54 | 9 | 0 | -4 | -1,315 |
Fixed assets | -123 | 105 | 0 | -62 | -3 | -83 |
Financial instruments | -10 | -2 | -1 | 0 | 0 | -12 |
Untaxed reserves | -85 | 77 | 0 | 0 | 2 | -6 |
Pensions and provisions | 26 | -34 | 9 | 0 | 1 | 3 |
Tax losses and tax credits carried forward | 74 | 40 | 0 | 0 | -2 | 112 |
Other deferred taxes | 15 | -14 | 0 | 0 | 1 | 3 |
Total | -1,370 | 119 | 18 | -62 | -4 | -1,299 |
Equity hedges and net investment loans (CTA) | 0 | 0 | ||||
Change in deferred tax | 119 | 18 | -62 | -4 | ||
Assets1 | 74 | 134 | ||||
Liabilities1 | -1,443 | -1,433 |
Tax losses carried forward | Recognised tax values | Unrecognised tax values1 | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Expiry within five years | 193 | 304 | 7 | 9 | 41 | 66 |
Expiry after five years | 565 | 326 | 108 | 60 | 6 | 6 |
No expiry | 1,199 | 1,213 | 48 | 42 | 208 | 219 |
Total | 1,957 | 1,842 | 163 | 111 | 256 | 290 |
EUR million | Value at 1 Jan 2024 | Income statement | OCI | Acquisitions/ disposals | Translation difference | Value at 31 Dec 2024 |
Forest assets | -1,315 | -117 | 69 | -2 | 30 | -1,335 |
Fixed assets | -83 | 61 | 0 | 0 | 5 | -17 |
Financial instruments | -12 | 2 | 16 | 0 | 0 | 5 |
Untaxed reserves | -6 | -1 | 0 | 0 | 0 | -7 |
Pensions and provisions | 3 | -33 | -5 | 0 | -3 | -38 |
Tax losses and tax credits carried forward | 112 | 50 | 0 | -1 | 2 | 164 |
Other deferred taxes | 3 | 17 | 0 | 0 | -2 | 18 |
Total | -1,299 | -22 | 81 | -3 | 31 | -1,211 |
Equity hedges and net investment loans (CTA) | -3 | 3 | ||||
Cash flow hedging | 0 | 0 | ||||
Change in deferred tax | -24 | 83 | -3 | 31 | ||
Assets1 | 134 | 205 | ||||
Liabilities1 | -1,433 | -1,416 |
EUR million | Value at 1 Jan 2023 | Income statement | OCI | Acquisitions/ disposals | Translation difference | Value at 31 Dec 2023 |
Forest assets | -1,267 | -54 | 9 | 0 | -4 | -1,315 |
Fixed assets | -123 | 105 | 0 | -62 | -3 | -83 |
Financial instruments | -10 | -2 | -1 | 0 | 0 | -12 |
Untaxed reserves | -85 | 77 | 0 | 0 | 2 | -6 |
Pensions and provisions | 26 | -34 | 9 | 0 | 1 | 3 |
Tax losses and tax credits carried forward | 74 | 40 | 0 | 0 | -2 | 112 |
Other deferred taxes | 15 | -14 | 0 | 0 | 1 | 3 |
Total | -1,370 | 119 | 18 | -62 | -4 | -1,299 |
Equity hedges and net investment loans (CTA) | 0 | 0 | ||||
Change in deferred tax | 119 | 18 | -62 | -4 | ||
Assets1 | 74 | 134 | ||||
Liabilities1 | -1,443 | -1,433 |
2024 | 2023 | |
Net result for the period attributable to the owners of the parent, EUR million | -136 | -357 |
Weighted average number of A and R shares | 788,619,987 | 788,619,987 |
Weighted average number of share awards | 1,151,874 | 1,094,121 |
Weighted diluted number of shares | 789,771,861 | 789,714,108 |
Basic earnings per share, EUR | -0.17 | -0.45 |
Diluted earnings per share, EUR | -0.17 | -0.45 |
EUR million | 2024 | 2023 |
Wages and salaries | 926 | 962 |
Pension expenses | 143 | 147 |
Share-based remuneration | 2 | 4 |
Other statutory employer costs | 135 | 139 |
Other voluntary costs | 22 | 23 |
Total | 1,228 | 1,275 |
Outstanding restricted and performance share awards at year end | ||||
Number of shares | 2025 | 2026 | 2027 | Total |
2022 programme | 608,011 | 608,011 | ||
2023 programme | 937,080 | 937,080 | ||
2024 programme | 1,125,160 | 1,125,160 | ||
Total | 608,011 | 937,080 | 1,125,160 | 2,670,251 |
EUR million | 2024 | 2023 |
Defined benefit plans | 7 | 7 |
Defined contribution plans | 137 | 140 |
Total | 143 | 147 |
Defined benefit obligation (+) | Fair value of plan assets (-) | Net defined benefit obligation / (asset) | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
At 1 January | 775 | 736 | -578 | -577 | 197 | 159 |
Current service cost | 7 | 7 | 0 | 0 | 7 | 7 |
Settlements | -1 | 0 | 1 | 0 | 0 | 0 |
Interest expense (+) income (-) | 29 | 27 | -23 | -22 | 6 | 5 |
Total included in income statement | 35 | 34 | -22 | -22 | 12 | 12 |
Actuarial changes in demographic assumptions | -1 | 1 | 0 | 0 | -1 | 1 |
Actuarial changes in financial assumptions | -3 | 31 | 0 | 0 | -3 | 31 |
Actuarial changes from experience adjustments | -7 | 19 | 0 | 0 | -7 | 19 |
Return on plan assets1 | 0 | 0 | -16 | -1 | -16 | -1 |
Asset ceiling impact1 | 0 | 0 | 4 | 2 | 4 | 2 |
Total remeasurement gains (-) / losses (+) included in OCI | -11 | 52 | -12 | 0 | -23 | 52 |
Benefit payments | -58 | -56 | 47 | 45 | -11 | -12 |
Employer contributions and refunds | 0 | 0 | -13 | -20 | -13 | -20 |
Translation difference | -6 | 3 | 4 | -3 | -2 | 0 |
Disposals and classification as held for sale | 0 | 6 | 0 | -1 | 0 | 5 |
At 31 December | 735 | 775 | -574 | -578 | 161 | 197 |
Finland | Germany | Sweden | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Discount rate % | 3.2 | 3.1 | 3.4 | 3.3 | 3.3 | 3.1 |
Future salary increase % | 3.0 | 3.0 | 2.5 | 2.5 | 2.9 | 2.9 |
Future pension increase % | 2.2 | 2.2 | 2.0 | 2.0 | 2.0 | 2.0 |
Duration of pension plans | 8.0 | 8.0 | 9.8 | 8.8 | 13.8 | 12.7 |
Impact on defined benefit obligation | |||
Change in assumption | Increase in assumption | Decrease in assumption | |
Discount rate | 0.50% | Decrease by 5.8% | Increase by 6.5% |
Salary\u00a0 growth rate | 0.50% | Increase by 1.3% | Decrease by 1.3% |
Pension growth rate | 0.50% | Increase by 5.0% | Decrease by 4.6% |
Life expectancy | 1 year | Increase by 3.5% | Decrease by 3.5% |
EUR million | Finland | Germany | Sweden | Other | Total |
Present value of funded obligations | 150 | 6 | 261 | 156 | 574 |
Present value of unfunded obligations | 0 | 122 | 17 | 22 | 160 |
Defined benefit obligations (DBO) | 150 | 128 | 278 | 178 | 735 |
Fair value of plan assets | -149 | -5 | -270 | -149 | -574 |
Net obligation in the balance sheet | 1 | 123 | 7 | 29 | 161 |
Represented by | |||||
Defined benefit pension plans | 1 | 123 | 7 | 8 | 140 |
Other post-employment benefits | 0 | 0 | 0 | 21 | 21 |
Net obligation in the balance sheet | 1 | 123 | 7 | 29 | 161 |
EUR million | Finland | Germany | Sweden | Other | Total |
Present value of funded obligations | 167 | 5 | 277 | 151 | 600 |
Present value of unfunded obligations | 0 | 131 | 20 | 23 | 174 |
Defined benefit obligations (DBO) | 167 | 136 | 297 | 174 | 775 |
Fair value of plan assets | -160 | -5 | -271 | -142 | -578 |
Net obligation in the balance sheet | 7 | 131 | 26 | 32 | 197 |
Represented by | |||||
Defined benefit pension plans | 7 | 131 | 26 | 9 | 174 |
Other post-employment benefits | 0 | 0 | 0 | 23 | 23 |
Net obligation in the balance sheet | 7 | 131 | 26 | 32 | 197 |
2024 | 2023 | |||||||
EUR million | Quoted | Unquoted | Total | % of total | Quoted | Unquoted | Total | % of total |
Equity instruments | 90 | 6 | 96 | 17% | 89 | 7 | 96 | 17% |
Debt instruments | 67 | 29 | 96 | 17% | 41 | 51 | 92 | 16% |
Property | 0 | 61 | 61 | 11% | 0 | 62 | 62 | 11% |
Cash | 15 | 0 | 15 | 3% | 5 | 0 | 5 | 1% |
Assets held by insurance companies | 0 | 221 | 221 | 39% | 0 | 228 | 228 | 39% |
Others | 0 | 85 | 85 | 15% | 7 | 89 | 96 | 17% |
Total pension fund assets | 172 | 402 | 574 | 100% | 142 | 436 | 578 | 100% |
Plan assets do not include any real estate or other assets occupied by the Group or the Company's own financial instruments. |
2024 | 2023 | ||||
EUR thousand (before taxes) | Cash | Value of shares1 | Total4 | Total | Committee memberships |
Board members at 31 December 2024 | |||||
Kari Jordan, Chair | 140 | 87 | 227 | 220 | People and Culture,\u00a0 Nomination2, 3 |
H\u00e5kan Buskhe, Vice Chair | 79 | 49 | 129 | 125 | People and Culture, Nomination2, 3 |
Elisabeth Fleuriot | 66 | 34 | 100 | 97 | Financial and Audit |
Helena Hedblom | 57 | 34 | 90 | 88 | Sustainability and Ethics |
Astrid Hermann | 66 | 34 | 100 | 97 | Financial and Audit |
Christiane Kuehne | 61 | 34 | 95 | 93 | Sustainability and Ethics |
Richard Nilsson | 80 | 34 | 114 | 104 | Financial and Audit, Sustainability and Ethics |
Reima Ryts\u00f6l\u00e4 | 57 | 34 | 90 | \u2014 | People and Culture |
Former Board members | |||||
Antti M\u00e4kinen (until 20 March, 2024) | \u2014 | \u2014 | \u2014 | 88 | People and Culture |
Hans Sohlstr\u00f6m (until 18 September, 2023) | \u2014 | \u2014 | \u2014 | 88 | Sustainability and Ethics |
Total remuneration as Directors1 | 605 | 340 | 945 | 1,000 |
Shares held (direct and indirect ownership) | ||
A | R | |
Board members at 31 December 2024 | ||
Kari Jordan, Chair | 15,818 | |
H\u00e5kan Buskhe, Vice Chair | 15,912 | |
Elisabeth Fleuriot | 35,506 | |
Helena Hedblom | 8,994 | |
Astrid Hermann | 5,477 | |
Christiane Kuehne | 20,067 | |
Richard Nilsson1 | 127 | 32,845 |
Reima Ryts\u00f6l\u00e4 | 2,638 | |
Total shares held | 127 | 137,257 |
Shares held when Board membership ended (direct and indirect) | Effective date of Board membership ending | |
Antti M\u00e4kinen | 19,415 | 20 March 2024 |
2024 | 2023 | ||||||
EUR thousand | CEO | Others2,5 | GLT Total | CEO | Former CEO | Others | GLT Total |
Remuneration1, 4 | |||||||
Annual salary | 1,000 | 3,476 | 4,476 | 290 | 669 | 3,656 | 4,615 |
Local housing (actual costs) | \u2014 | 2 | 2 | \u2014 | \u2014 | 3 | 3 |
Other benefits | \u2014 | 940 | 940 | \u2014 | 26 | 263 | 289 |
Termination benefits | \u2014 | \u2014 | \u2014 | \u2014 | 933 | 300 | 1,233 |
Short Term Incentive programme3 | 640 | 1,187 | 1,827 | \u2014 | 157 | 1,024 | 1,181 |
Long Term Incentive programme3 | \u2014 | 394 | 394 | \u2014 | 912 | 1,652 | 2,564 |
1,640 | 5,999 | 7,639 | 290 | 2,697 | 6,898 | 9,885 | |
Pension costs | |||||||
Mandatory plans | 139 | 809 | 948 | 48 | 428 | 920 | 1,396 |
Stora Enso voluntary plans | \u2014 | 636 | 636 | \u2014 | \u2014 | 730 | 730 |
139 | 1,445 | 1,584 | 48 | 428 | 1,650 | 2,126 | |
Total compensation | 1,779 | 7,444 | 9,223 | 338 | 3,125 | 8,548 | 12,011 |
2024 | 2023 | ||||||
EUR thousand | CEO | Others | GLT Total | CEO | Former CEO | Others | GLT Total |
Salaries and other short-term employee benefits | 1,640 | 5,605 | 7,245 | 290 | 852 | 4,946 | 6,088 |
Long Term Incentive programme1 | 146 | 632 | 778 | 137 | 432 | 1,245 | 1,814 |
Post-employment benefits 2 | 139 | 1,445 | 1,584 | 48 | 428 | 1,650 | 2,126 |
Total recognised in Income statement | 1,925 | 7,682 | 9,607 | 475 | 1,712 | 7,841 | 10,028 |
R shares held1 | Shares due 20252 | Performance share opportunity 2026\u20132027 3 | Restricted share opportunity 2026\u20132027 3 | |
Total, Serving Officers | 345,902 | 280,480 | 383,500 | \u2014 |
1 Direct and indirect ownership. 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 2024 and are due to be paid 2025. The Performance Share programme value is based on maximum earning opportunity and final value will be available after February 2025. Some GLT members hold restricted shares in the Restricted Shares programme that ended in 2024 and those shares are due to be paid 2025. 3 Potential shares to GLT members are gross of taxes for LTI programmes with performance periods that end in 2025-2026 and are due to be paid 2026-2027. |
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 |
EUR million | Computer\u00a0 software | Customer relationships and trademarks | Other intangible assets | Assets in progress | Goodwill | Total | |
Acquisition cost | |||||||
At 1 January 2023 | 222 | 0 | 100 | 18 | 502 | 842 | |
Translation difference | -1 | 0 | -3 | 0 | -3 | -7 | |
Reclassifications | 5 | 0 | 0 | 0 | 0 | 5 | |
Additions | 15 | 206 | 6 | 18 | 349 | 594 | |
Disposals1 | -1 | 0 | 106 | 0 | 0 | 105 | |
At 31 December 2023 | 241 | 206 | 209 | 36 | 848 | 1,539 | |
Translation difference | 0 | 0 | 2 | 0 | -1 | 1 | |
Reclassifications | 5 | 0 | 2 | -13 | 0 | -6 | |
Additions | 9 | 0 | 15 | 19 | 0 | 43 | |
Disposals1 | -4 | 0 | -7 | 0 | 0 | -10 | |
At 31 December 2024 | 251 | 206 | 222 | 42 | 847 | 1,567 | |
Accumulated amortisation and impairment | |||||||
At 1 January 2023 | 185 | 0 | 35 | 0 | 258 | 478 | |
Translation difference | -1 | 0 | -2 | 0 | -1 | -3 | |
Disposals1 | -1 | 0 | 107 | 0 | 0 | 106 | |
Amortisation | 17 | 16 | 8 | 0 | 0 | 41 | |
Impairment | 6 | 0 | 14 | 3 | 85 | 109 | |
At 31 December 2023 | 206 | 16 | 162 | 3 | 343 | 730 | |
Translation difference | 0 | 0 | 2 | 0 | 1 | 3 | |
Reclassifications | -6 | 0 | 0 | 0 | 0 | -6 | |
Disposals1 | -3 | 0 | -6 | 0 | 0 | -9 | |
Amortisation | 14 | 16 | 7 | 0 | 0 | 37 | |
Impairment | 1 | 14 | 16 | 0 | 342 | 372 | |
At 31 December 2024 | 212 | 45 | 181 | 3 | 685 | 1,127 | |
Net Book Value at 31 December 2024 | 39 | 160 | 40 | 38 | 162 | 440 | |
Net Book Value at 31 December 2023 | 35 | 190 | 47 | 32 | 505 | 809 |
EUR million | Land and water | Buildings and structures | Plant and equipment | Other tangible assets | Assets in progress | Total |
Acquisition cost | ||||||
At 1 January 2023 | 103 | 3,041 | 10,909 | 393 | 454 | 14,900 |
Translation difference | 1 | -22 | -17 | -2 | 7 | -32 |
Reclassifications | 0 | 25 | 260 | 8 | -298 | -5 |
Reclassifications to biological assets | 0 | -2 | -1 | 0 | 0 | -3 |
Additions | 5 | 77 | 434 | 14 | 583 | 1,113 |
Disposals1 | -1 | -32 | -495 | -4 | -1 | -533 |
At 31 December 2023 | 109 | 3,087 | 11,089 | 410 | 745 | 15,440 |
Translation difference | 0 | 18 | -29 | -4 | 1 | -14 |
Reclassifications | 195 | -10 | -56 | 1 | -129 | 1 |
Reclassifications to biological assets | 0 | -3 | -1 | 0 | 0 | -4 |
Additions | 1 | 25 | 291 | 2 | 555 | 874 |
Disposals1 | -199 | -7 | -79 | -8 | 0 | -292 |
At 31 December 2024 | 107 | 3,111 | 11,215 | 400 | 1,172 | 16,004 |
Accumulated depreciation and impairment | ||||||
At 1 January 2023 | 2 | 1,804 | 7,882 | 336 | 16 | 10,040 |
Translation difference | 0 | -4 | 7 | -1 | 0 | 1 |
Disposals1 | 0 | -31 | -480 | -4 | 0 | -516 |
Depreciation | 0 | 74 | 349 | 10 | 0 | 433 |
Impairments and reversals | 0 | 133 | 488 | 5 | 1 | 628 |
At 31 December 2023 | 2 | 1,976 | 8,246 | 345 | 17 | 10,586 |
Translation difference | 0 | -5 | -41 | -3 | 0 | -48 |
Reclassifications | 195 | -23 | -164 | -4 | -1 | 2 |
Additions | 0 | 1 | 0 | 0 | 0 | 1 |
Disposals1 | -198 | -20 | -72 | -8 | 0 | -298 |
Depreciation | 0 | 64 | 334 | 9 | 0 | 408 |
Impairments and reversals | 12 | 77 | 253 | 3 | 2 | 347 |
At 31 December 2024 | 11 | 2,071 | 8,557 | 342 | 18 | 10,998 |
Net Book Value at 31 December 2024 | 96 | 1,039 | 2,659 | 58 | 1,154 | 5,006 |
Net Book Value at 31 December 2023 | 107 | 1,111 | 2,843 | 65 | 728 | 4,854 |
Biological assets | Forest land2 | Forest assets total | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Subsidiaries and joint operations | ||||||
Value at 1 January | 4,836 | 4,531 | 2,269 | 2,315 | 7,105 | 6,846 |
Translation differences | -132 | 2 | -60 | 0 | -192 | 2 |
Unrealised change in fair value1 | 638 | 385 | -281 | -49 | 358 | 335 |
Additions | 102 | 71 | 57 | 1 | 159 | 72 |
Disposals and classification as held for sale3 | -6 | 4 | -2 | 2 | -9 | 6 |
Change due to harvesting1 | -208 | -168 | \u2014 | \u2014 | -208 | -168 |
Other operative changes1 | -9 | -7 | \u2014 | \u2014 | -9 | -7 |
Reclassification from PPE | 22 | 20 | \u2014 | \u2014 | 22 | 20 |
Value at 31 December | 5,243 | 4,836 | 1,983 | 2,269 | 7,227 | 7,105 |
Associated company | ||||||
Tornator Oyj (41%) | 1,335 | 1,287 | 139 | 130 | 1,474 | 1,417 |
Value at 31 December | 1,335 | 1,287 | 139 | 130 | 1,474 | 1,417 |
Total | 6,579 | 6,123 | 2,122 | 2,399 | 8,701 | 8,522 |
As at 31 December 2024 | ||||||||
Swedish forests | Guangxi | Veracel (50%) | MdP (50%) | Tornator (41%) | Total | |||
Total area | Thousand ha | 1,410 | 62 | 117 | 154 | 319 | 2,063 | |
- of which owned | Thousand ha | 1,410 | \u2014 | 103 | 111 | 319 | 1,944 | |
- of which leased | Thousand ha | \u2014 | 62 | 14 | 43 | 0 | 119 | |
Productive area | Thousand ha | 1,150 | 54 | 49 | 102 | 286 | 1,641 | |
Total area | Standing stock | million m3 fo.1 | 155.9 | 4.2 | 6.8 | 16.0 | 34.1 | 217.0 |
Productive area | Standing stock | million m3 fo.1 | 153.7 | 4.2 | 6.8 | 16.0 | 33.8 | 214.6 |
Estimated growth | million m3 fo.1 | 5.9 | 1.2 | 2.3 | 2.9 | 1.5 | 13.9 | |
Harvesting | million m3 fo.1 | -4.1 | -1.1 | -1.6 | -2.4 | -1.4 | -10.5 | |
Other changes | million m3 fo.1 | 2.1 | -0.2 | 0.0 | 0.6 | 0.3 | 2.8 | |
Harvesting | million m3 u.b.2 | -3.4 | -0.9 | -1.3 | -2.0 | -1.1 | -8.7 | |
Biological assets | EUR million | 4,577 | 189 | 118 | 358 | 1,335 | 6,579 | |
Biological assets | Productive area | EUR/ha | 3,980 | 3,517 | 2,392 | 3,516 | 4,675 | 4,009 |
Forest land | EUR million | 1,725 | \u2014 | 25 | 233 | 139 | 2,122 | |
Total forest assets | EUR million | 6,302 | 189 | 143 | 592 | 1,474 | 8,701 | |
Leased forest land | EUR million | \u2014 | 140 | 6 | 48 | \u2014 | 194 | |
Total forest assets incl. leased land | 6,302 | 329 | 150 | 639 | 1,474 | 8,894 |
As at 31 December 2023 | ||||||||
Swedish forests | Guangxi | Veracel (50%) | MdP (50%) | Tornator (41%) | Total | |||
Total area | Thousand ha | 1,383 | 70 | 116 | 138 | 310 | 2,016 | |
- of which owned | Thousand ha | 1,383 | \u2014 | 104 | 95 | 310 | 1,892 | |
- of which leased | Thousand ha | \u2014 | 70 | 12 | 43 | \u2014 | 125 | |
Productive area | Thousand ha | 1,139 | 61 | 49 | 92 | 285 | 1,627 | |
Total area | Standing stock | million m3 fo.1 | 151.9 | 4.3 | 6.1 | 15.0 | 33.7 | 210.8 |
Productive area | Standing stock | million m3 fo.1 | 149.7 | 4.3 | 6.1 | 15.0 | 33.4 | 208.4 |
Estimated growth | million m3 fo.1 | 5.8 | 1.3 | 2.2 | 2.0 | 1.5 | 12.8 | |
Harvesting | million m3 fo.1 | -4.2 | -1.2 | -1.3 | -2.3 | -1.4 | -10.5 | |
Other changes | million m3 fo.1 | -2.5 | 0.0 | 0.0 | -0.3 | 0.6 | -2.1 | |
Harvesting | million m3 u.b.2 | -3.5 | -1.0 | -1.1 | -1.9 | -1.1 | -8.6 | |
Biological assets | EUR million | 4,239 | 184 | 124 | 288 | 1,287 | 6,123 | |
Biological assets | Productive area | EUR/ha | 3,723 | 3,010 | 2,531 | 3,121 | 4,509 | 3,764 |
Forest land | EUR million | 2,072 | \u2014 | 30 | 167 | 130 | 2,399 | |
Total forest assets | EUR million | 6,312 | 184 | 154 | 455 | 1,417 | 8,522 | |
Leased forest land | EUR million | \u2014 | 157 | 4 | 48 | \u2014 | 209 | |
Total forest assets incl. leased land | 6,312 | 341 | 158 | 504 | 1,417 | 8,731 |
2024 | North | Middle | South | Total | |
Productive area | Thousand ha | 191 | 959 | 0 | 1,150 |
Percentage of total | % | 17% | 83% | 0% | 100% |
Standing stock | million m3 fo.1 | 17.6 | 136.1 | 0.0 | 153.7 |
Percentage of total | % | 11% | 89% | 0% | 100% |
2023 | North | Middle | South | Total | |
Productive area | Thousand ha | 186 | 953 | 0 | 1,139 |
Percentage of total | % | 16% | 84% | 0% | 100% |
Standing stock | million m3 fo.1 | 16.9 | 132.8 | 0.0 | 149.7 |
Percentage of total | % | 11% | 89% | 0% | 100% |
EUR million | Wood market prices | Growth rate | Discount rate |
Guangxi | +/-32 | +/-20 | +/-3 |
Veracel | +/-11 | +/-11 | +/-3 |
Montes del Plata | +/-39 | +/-39 | +14/-13 |
Biological assets | Forest land2 | Forest assets total | ||||
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Subsidiaries and joint operations | ||||||
Value at 1 January | 4,836 | 4,531 | 2,269 | 2,315 | 7,105 | 6,846 |
Translation differences | -132 | 2 | -60 | 0 | -192 | 2 |
Unrealised change in fair value1 | 638 | 385 | -281 | -49 | 358 | 335 |
Additions | 102 | 71 | 57 | 1 | 159 | 72 |
Disposals and classification as held for sale3 | -6 | 4 | -2 | 2 | -9 | 6 |
Change due to harvesting1 | -208 | -168 | \u2014 | \u2014 | -208 | -168 |
Other operative changes1 | -9 | -7 | \u2014 | \u2014 | -9 | -7 |
Reclassification from PPE | 22 | 20 | \u2014 | \u2014 | 22 | 20 |
Value at 31 December | 5,243 | 4,836 | 1,983 | 2,269 | 7,227 | 7,105 |
Associated company | ||||||
Tornator Oyj (41%) | 1,335 | 1,287 | 139 | 130 | 1,474 | 1,417 |
Value at 31 December | 1,335 | 1,287 | 139 | 130 | 1,474 | 1,417 |
Total | 6,579 | 6,123 | 2,122 | 2,399 | 8,701 | 8,522 |
As at 31 December 2024 | ||||||||
Swedish forests | Guangxi | Veracel (50%) | MdP (50%) | Tornator (41%) | Total | |||
Total area | Thousand ha | 1,410 | 62 | 117 | 154 | 319 | 2,063 | |
- of which owned | Thousand ha | 1,410 | \u2014 | 103 | 111 | 319 | 1,944 | |
- of which leased | Thousand ha | \u2014 | 62 | 14 | 43 | 0 | 119 | |
Productive area | Thousand ha | 1,150 | 54 | 49 | 102 | 286 | 1,641 | |
Total area | Standing stock | million m3 fo.1 | 155.9 | 4.2 | 6.8 | 16.0 | 34.1 | 217.0 |
Productive area | Standing stock | million m3 fo.1 | 153.7 | 4.2 | 6.8 | 16.0 | 33.8 | 214.6 |
Estimated growth | million m3 fo.1 | 5.9 | 1.2 | 2.3 | 2.9 | 1.5 | 13.9 | |
Harvesting | million m3 fo.1 | -4.1 | -1.1 | -1.6 | -2.4 | -1.4 | -10.5 | |
Other changes | million m3 fo.1 | 2.1 | -0.2 | 0.0 | 0.6 | 0.3 | 2.8 | |
Harvesting | million m3 u.b.2 | -3.4 | -0.9 | -1.3 | -2.0 | -1.1 | -8.7 | |
Biological assets | EUR million | 4,577 | 189 | 118 | 358 | 1,335 | 6,579 | |
Biological assets | Productive area | EUR/ha | 3,980 | 3,517 | 2,392 | 3,516 | 4,675 | 4,009 |
Forest land | EUR million | 1,725 | \u2014 | 25 | 233 | 139 | 2,122 | |
Total forest assets | EUR million | 6,302 | 189 | 143 | 592 | 1,474 | 8,701 | |
Leased forest land | EUR million | \u2014 | 140 | 6 | 48 | \u2014 | 194 | |
Total forest assets incl. leased land | 6,302 | 329 | 150 | 639 | 1,474 | 8,894 |
As at 31 December 2023 | ||||||||
Swedish forests | Guangxi | Veracel (50%) | MdP (50%) | Tornator (41%) | Total | |||
Total area | Thousand ha | 1,383 | 70 | 116 | 138 | 310 | 2,016 | |
- of which owned | Thousand ha | 1,383 | \u2014 | 104 | 95 | 310 | 1,892 | |
- of which leased | Thousand ha | \u2014 | 70 | 12 | 43 | \u2014 | 125 | |
Productive area | Thousand ha | 1,139 | 61 | 49 | 92 | 285 | 1,627 | |
Total area | Standing stock | million m3 fo.1 | 151.9 | 4.3 | 6.1 | 15.0 | 33.7 | 210.8 |
Productive area | Standing stock | million m3 fo.1 | 149.7 | 4.3 | 6.1 | 15.0 | 33.4 | 208.4 |
Estimated growth | million m3 fo.1 | 5.8 | 1.3 | 2.2 | 2.0 | 1.5 | 12.8 | |
Harvesting | million m3 fo.1 | -4.2 | -1.2 | -1.3 | -2.3 | -1.4 | -10.5 | |
Other changes | million m3 fo.1 | -2.5 | 0.0 | 0.0 | -0.3 | 0.6 | -2.1 | |
Harvesting | million m3 u.b.2 | -3.5 | -1.0 | -1.1 | -1.9 | -1.1 | -8.6 | |
Biological assets | EUR million | 4,239 | 184 | 124 | 288 | 1,287 | 6,123 | |
Biological assets | Productive area | EUR/ha | 3,723 | 3,010 | 2,531 | 3,121 | 4,509 | 3,764 |
Forest land | EUR million | 2,072 | \u2014 | 30 | 167 | 130 | 2,399 | |
Total forest assets | EUR million | 6,312 | 184 | 154 | 455 | 1,417 | 8,522 | |
Leased forest land | EUR million | \u2014 | 157 | 4 | 48 | \u2014 | 209 | |
Total forest assets incl. leased land | 6,312 | 341 | 158 | 504 | 1,417 | 8,731 |
2024 | North | Middle | South | Total | |
Productive area | Thousand ha | 191 | 959 | 0 | 1,150 |
Percentage of total | % | 17% | 83% | 0% | 100% |
Standing stock | million m3 fo.1 | 17.6 | 136.1 | 0.0 | 153.7 |
Percentage of total | % | 11% | 89% | 0% | 100% |
2023 | North | Middle | South | Total | |
Productive area | Thousand ha | 186 | 953 | 0 | 1,139 |
Percentage of total | % | 16% | 84% | 0% | 100% |
Standing stock | million m3 fo.1 | 16.9 | 132.8 | 0.0 | 149.7 |
Percentage of total | % | 11% | 89% | 0% | 100% |
EUR million | Wood market prices | Growth rate | Discount rate |
Guangxi | +/-32 | +/-20 | +/-3 |
Veracel | +/-11 | +/-11 | +/-3 |
Montes del Plata | +/-39 | +/-39 | +14/-13 |
EUR million | 2024 | 2023 |
1 January | 819 | 1445 |
Change in fair value - OCI | -203 | -645 |
Change in fair value - Income statement | 0 | 0 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Translation difference and other changes | -1 | 0 |
31 December | 613 | 819 |
EUR million | Share Series 1 | % Holding | Asset Category | Fair value 2024 | Fair value 2023 |
PVO | A | 20.6 | Hydro | 191 | 226 |
PVO | B, B2 | 15.7, 14.8 | Nuclear | 378 | 546 |
PVO | C | 10.9 | Thermal | 1 | 7 |
Total PVO | 570 | 778 | |||
Other unlisted securities | 31 | 32 | |||
Total unlisted securities | 602 | 810 | |||
Listed securities (Packages Ltd) | 6.4 | 11 | 9 | ||
Total Equity instruments | 613 | 819 |
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 | 11 | \u2014 | 11 | 11 | 11 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 587 | 15 | 602 | 602 | \u2014 | \u2014 | 602 | 4.4 |
Non-current interest-bearing receivables | 9 | 5 | \u2014 | 14 | 14 | \u2014 | 5 | \u2014 | 5.3 |
Derivative assets | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Loan receivables | 9 | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 626 | 42 | \u2014 | 668 | 668 | \u2014 | 42 | \u2014 | 4.7 |
Current interest-bearing receivables | 38 | 9 | 1 | 47 | 47 | \u2014 | 10 | \u2014 | 5.3 |
Derivative assets | \u2014 | 9 | 1 | 10 | 10 | \u2014 | 10 | \u2014 | |
Other short-term receivables | 38 | \u2014 | \u2014 | 38 | 38 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 1,999 | \u2014 | \u2014 | 1,999 | 1,999 | \u2014 | \u2014 | \u2014 | |
Total | 2,672 | 654 | 16 | 3,342 | 3,342 | 11 | 57 | 602 |
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 | 3,889 | 5 | \u2014 | 3,894 | 4,129 | \u2014 | 5 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Non-current debt | 3,889 | \u2014 | \u2014 | 3,889 | 4,124 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 1,090 | \u2014 | \u2014 | 1,090 | 1,090 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 744 | 42 | 2 | 788 | 788 | \u2014 | 44 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 42 | 2 | 44 | 44 | \u2014 | 44 | \u2014 | |
Current debt | 744 | \u2014 | \u2014 | 744 | 744 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 2,005 | \u2014 | \u2014 | 2,005 | 2,005 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | 7 | \u2014 | \u2014 | 7 | 7 | \u2014 | \u2014 | \u2014 | |
Total | 7,735 | 47 | 2 | 7,784 | 8,019 | \u2014 | 50 | \u2014 |
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 | 9 | \u2014 | 9 | 9 | 9 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 794 | 15 | 810 | 810 | \u2014 | \u2014 | 810 | 4.4 |
Non-current interest-bearing receivables | 62 | 14 | \u2014 | 76 | 76 | \u2014 | 15 | \u2014 | 5.3 |
Derivative assets | \u2014 | 14 | \u2014 | 15 | 15 | \u2014 | 15 | \u2014 | |
Loan receivables | 62 | \u2014 | \u2014 | 62 | 62 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 882 | 30 | \u2014 | 912 | 912 | \u2014 | 30 | \u2014 | 4.7 |
Current interest-bearing receivables | 21 | 39 | 4 | 64 | 64 | \u2014 | 43 | \u2014 | 5.3 |
Derivative assets | \u2014 | 39 | 4 | 43 | 43 | \u2014 | 43 | \u2014 | |
Other short-term receivables | 21 | \u2014 | \u2014 | 21 | 21 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 2,464 | \u2014 | \u2014 | 2,464 | 2,464 | \u2014 | \u2014 | \u2014 | |
Total | 3,428 | 887 | 19 | 4,334 | 4,334 | 9 | 87 | 810 |
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 | 4,774 | 1 | \u2014 | 4,775 | 4,926 | \u2014 | 1 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 1 | \u2014 | 1 | 1 | \u2014 | 1 | \u2014 | |
Non-current debt | 4,774 | \u2014 | \u2014 | 4,774 | 4,925 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 347 | \u2014 | \u2014 | 347 | 347 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 651 | 4 | 2 | 657 | 657 | \u2014 | 6 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 4 | 2 | 6 | 6 | \u2014 | 6 | \u2014 | |
Current debt | 651 | \u2014 | \u2014 | 651 | 651 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 1,892 | \u2014 | \u2014 | 1,892 | 1,892 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | \u2014 | \u2014 | \u2014 | 0 | 0 | \u2014 | \u2014 | \u2014 | |
Total | 7,664 | 6 | 2 | 7,672 | 7,823 | \u2014 | 8 | \u2014 |
EUR million | 2024 | 2023 |
Financial assets | ||
Opening balance at 1 January | 810 | 1,437 |
Reclassifications | 0 | 0 |
Gains/losses recognised in other comprehensive income | -205 | -646 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Closing balance at 31 December | 602 | 810 |
EUR million | 2024 | 2023 |
Other operating income | 27 | -11 |
Other operating expense | -18 | -4 |
Borrowings, cash equivalents. lease liabilities and other | -22 | -10 |
Total | -13 | -25 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
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 | 69 | -68 | 1 |
Foreign exchange risk - Net investment hedges | 17 | -17 | 0 |
Commodity price risk - Commodity swaps | 5 | -5 | 0 |
Interest rate risk - Interest rate swaps | 10 | -10 | 0 |
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 | -23 | 24 | 1 |
Foreign exchange risk - Net investment hedges2 | -10 | 10 | 0 |
Commodity price risk - Commodity swaps | 21 | -21 | 0 |
Interest rate risk - Interest rate swaps | 13 | -13 | 0 |
EUR million | At 1 Jan 2024 | 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 2024 |
Foreign exchange risk - Operational cash flow hedging | 25 | -70 | 2 | 0 | 14 | -30 |
Commodity price risk - Commodity swaps | -1 | -5 | 5 | 0 | 0 | 0 |
Interest rate risk - Interest rate swaps | 13 | -10 | 0 | 0 | 2 | 5 |
Interest rate and foreign exchange risk - Cross-currency swaps | 0 | 0 | 0 | 0 | 0 | 0 |
Cost of hedging reserve | 1 | -3 | 0 | 0 | 1 | -2 |
Total cash flow hedge reserve in OCI | 38 | -88 | 7 | 0 | 16 | -27 |
Foreign exchange risk - Net investment hedges | 7 | -17 | 0 | 0 | 3 | -7 |
Total net investment hedges in CTA | 7 | -17 | 0 | 0 | 3 | -7 |
Total hedging reserves | 45 | -105 | 7 | 0 | 20 | -34 |
EUR million | At 1 Jan 2023 | 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 2023 |
Foreign exchange risk - Operational cash flow hedging | 2 | 20 | 8 | 2 | -6 | 25 |
Commodity price risk - Commodity swaps | 15 | -21 | 2 | 0 | 4 | -1 |
Interest rate risk - Interest rate swaps | 23 | -13 | 0 | 0 | 3 | 13 |
Interest rate and foreign exchange risk - Cross-currency swaps | 1 | 0 | -1 | 0 | 0 | 0 |
Cost of hedging reserve | -1 | 2 | 0 | 0 | 0 | 1 |
Total cash flow hedge reserve in OCI | 39 | -12 | 9 | 2 | 0 | 38 |
Foreign exchange risk - Net investment hedges | 1 | 10 | -2 | 0 | -2 | 7 |
Total net investment hedges in CTA | 1 | 10 | -2 | 0 | -2 | 7 |
Total hedging reserves | 40 | -3 | 7 | 2 | -2 | 45 |
EUR million | 2024 | 2023 |
1 January | 819 | 1445 |
Change in fair value - OCI | -203 | -645 |
Change in fair value - Income statement | 0 | 0 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Translation difference and other changes | -1 | 0 |
31 December | 613 | 819 |
EUR million | Share Series 1 | % Holding | Asset Category | Fair value 2024 | Fair value 2023 |
PVO | A | 20.6 | Hydro | 191 | 226 |
PVO | B, B2 | 15.7, 14.8 | Nuclear | 378 | 546 |
PVO | C | 10.9 | Thermal | 1 | 7 |
Total PVO | 570 | 778 | |||
Other unlisted securities | 31 | 32 | |||
Total unlisted securities | 602 | 810 | |||
Listed securities (Packages Ltd) | 6.4 | 11 | 9 | ||
Total Equity instruments | 613 | 819 |
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 | 11 | \u2014 | 11 | 11 | 11 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 587 | 15 | 602 | 602 | \u2014 | \u2014 | 602 | 4.4 |
Non-current interest-bearing receivables | 9 | 5 | \u2014 | 14 | 14 | \u2014 | 5 | \u2014 | 5.3 |
Derivative assets | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Loan receivables | 9 | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 626 | 42 | \u2014 | 668 | 668 | \u2014 | 42 | \u2014 | 4.7 |
Current interest-bearing receivables | 38 | 9 | 1 | 47 | 47 | \u2014 | 10 | \u2014 | 5.3 |
Derivative assets | \u2014 | 9 | 1 | 10 | 10 | \u2014 | 10 | \u2014 | |
Other short-term receivables | 38 | \u2014 | \u2014 | 38 | 38 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 1,999 | \u2014 | \u2014 | 1,999 | 1,999 | \u2014 | \u2014 | \u2014 | |
Total | 2,672 | 654 | 16 | 3,342 | 3,342 | 11 | 57 | 602 |
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 | 3,889 | 5 | \u2014 | 3,894 | 4,129 | \u2014 | 5 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Non-current debt | 3,889 | \u2014 | \u2014 | 3,889 | 4,124 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 1,090 | \u2014 | \u2014 | 1,090 | 1,090 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 744 | 42 | 2 | 788 | 788 | \u2014 | 44 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 42 | 2 | 44 | 44 | \u2014 | 44 | \u2014 | |
Current debt | 744 | \u2014 | \u2014 | 744 | 744 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 2,005 | \u2014 | \u2014 | 2,005 | 2,005 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | 7 | \u2014 | \u2014 | 7 | 7 | \u2014 | \u2014 | \u2014 | |
Total | 7,735 | 47 | 2 | 7,784 | 8,019 | \u2014 | 50 | \u2014 |
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 | 9 | \u2014 | 9 | 9 | 9 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 794 | 15 | 810 | 810 | \u2014 | \u2014 | 810 | 4.4 |
Non-current interest-bearing receivables | 62 | 14 | \u2014 | 76 | 76 | \u2014 | 15 | \u2014 | 5.3 |
Derivative assets | \u2014 | 14 | \u2014 | 15 | 15 | \u2014 | 15 | \u2014 | |
Loan receivables | 62 | \u2014 | \u2014 | 62 | 62 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 882 | 30 | \u2014 | 912 | 912 | \u2014 | 30 | \u2014 | 4.7 |
Current interest-bearing receivables | 21 | 39 | 4 | 64 | 64 | \u2014 | 43 | \u2014 | 5.3 |
Derivative assets | \u2014 | 39 | 4 | 43 | 43 | \u2014 | 43 | \u2014 | |
Other short-term receivables | 21 | \u2014 | \u2014 | 21 | 21 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 2,464 | \u2014 | \u2014 | 2,464 | 2,464 | \u2014 | \u2014 | \u2014 | |
Total | 3,428 | 887 | 19 | 4,334 | 4,334 | 9 | 87 | 810 |
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 | 4,774 | 1 | \u2014 | 4,775 | 4,926 | \u2014 | 1 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 1 | \u2014 | 1 | 1 | \u2014 | 1 | \u2014 | |
Non-current debt | 4,774 | \u2014 | \u2014 | 4,774 | 4,925 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 347 | \u2014 | \u2014 | 347 | 347 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 651 | 4 | 2 | 657 | 657 | \u2014 | 6 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 4 | 2 | 6 | 6 | \u2014 | 6 | \u2014 | |
Current debt | 651 | \u2014 | \u2014 | 651 | 651 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 1,892 | \u2014 | \u2014 | 1,892 | 1,892 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | \u2014 | \u2014 | \u2014 | 0 | 0 | \u2014 | \u2014 | \u2014 | |
Total | 7,664 | 6 | 2 | 7,672 | 7,823 | \u2014 | 8 | \u2014 |
EUR million | 2024 | 2023 |
Financial assets | ||
Opening balance at 1 January | 810 | 1,437 |
Reclassifications | 0 | 0 |
Gains/losses recognised in other comprehensive income | -205 | -646 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Closing balance at 31 December | 602 | 810 |
EUR million | 2024 | 2023 |
Other operating income | 27 | -11 |
Other operating expense | -18 | -4 |
Borrowings, cash equivalents. lease liabilities and other | -22 | -10 |
Total | -13 | -25 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
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 | 69 | -68 | 1 |
Foreign exchange risk - Net investment hedges | 17 | -17 | 0 |
Commodity price risk - Commodity swaps | 5 | -5 | 0 |
Interest rate risk - Interest rate swaps | 10 | -10 | 0 |
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 | -23 | 24 | 1 |
Foreign exchange risk - Net investment hedges2 | -10 | 10 | 0 |
Commodity price risk - Commodity swaps | 21 | -21 | 0 |
Interest rate risk - Interest rate swaps | 13 | -13 | 0 |
EUR million | At 1 Jan 2024 | 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 2024 |
Foreign exchange risk - Operational cash flow hedging | 25 | -70 | 2 | 0 | 14 | -30 |
Commodity price risk - Commodity swaps | -1 | -5 | 5 | 0 | 0 | 0 |
Interest rate risk - Interest rate swaps | 13 | -10 | 0 | 0 | 2 | 5 |
Interest rate and foreign exchange risk - Cross-currency swaps | 0 | 0 | 0 | 0 | 0 | 0 |
Cost of hedging reserve | 1 | -3 | 0 | 0 | 1 | -2 |
Total cash flow hedge reserve in OCI | 38 | -88 | 7 | 0 | 16 | -27 |
Foreign exchange risk - Net investment hedges | 7 | -17 | 0 | 0 | 3 | -7 |
Total net investment hedges in CTA | 7 | -17 | 0 | 0 | 3 | -7 |
Total hedging reserves | 45 | -105 | 7 | 0 | 20 | -34 |
EUR million | At 1 Jan 2023 | 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 2023 |
Foreign exchange risk - Operational cash flow hedging | 2 | 20 | 8 | 2 | -6 | 25 |
Commodity price risk - Commodity swaps | 15 | -21 | 2 | 0 | 4 | -1 |
Interest rate risk - Interest rate swaps | 23 | -13 | 0 | 0 | 3 | 13 |
Interest rate and foreign exchange risk - Cross-currency swaps | 1 | 0 | -1 | 0 | 0 | 0 |
Cost of hedging reserve | -1 | 2 | 0 | 0 | 0 | 1 |
Total cash flow hedge reserve in OCI | 39 | -12 | 9 | 2 | 0 | 38 |
Foreign exchange risk - Net investment hedges | 1 | 10 | -2 | 0 | -2 | 7 |
Total net investment hedges in CTA | 1 | 10 | -2 | 0 | -2 | 7 |
Total hedging reserves | 40 | -3 | 7 | 2 | -2 | 45 |
EUR million | 2024 | 2023 |
1 January | 819 | 1445 |
Change in fair value - OCI | -203 | -645 |
Change in fair value - Income statement | 0 | 0 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Translation difference and other changes | -1 | 0 |
31 December | 613 | 819 |
EUR million | Share Series 1 | % Holding | Asset Category | Fair value 2024 | Fair value 2023 |
PVO | A | 20.6 | Hydro | 191 | 226 |
PVO | B, B2 | 15.7, 14.8 | Nuclear | 378 | 546 |
PVO | C | 10.9 | Thermal | 1 | 7 |
Total PVO | 570 | 778 | |||
Other unlisted securities | 31 | 32 | |||
Total unlisted securities | 602 | 810 | |||
Listed securities (Packages Ltd) | 6.4 | 11 | 9 | ||
Total Equity instruments | 613 | 819 |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
EUR million | 2024 | 2023 |
Value at 1 January | 108 | 123 |
Emission allowances allocated | 110 | 146 |
Sales | -65 | -64 |
Settlement with the government | -80 | -98 |
Disposals and classification as held for sale | \u2014 | 0 |
Value at 31 December | 73 | 108 |
EUR million | 2024 | 2023 |
Prepaid expenses and accrued income | 21 | 25 |
Tax credit | 3 | 4 |
Other non-current operative assets | 28 | 29 |
Total | 53 | 58 |
EUR million | 2024 | 2023 |
Prepaid expenses and accrued income | 21 | 25 |
Tax credit | 3 | 4 |
Other non-current operative assets | 28 | 29 |
Total | 53 | 58 |
EUR million | 2024 | 2023 |
Prepaid expenses and accrued income | 21 | 25 |
Tax credit | 3 | 4 |
Other non-current operative assets | 28 | 29 |
Total | 53 | 58 |
EUR million | 2024 | 2023 |
Materials and supplies | 468 | 403 |
Work in progress | 73 | 62 |
Finished goods | 829 | 808 |
Spare parts and consumables | 325 | 322 |
Other inventories | 26 | 30 |
Advance payments and cutting rights | 85 | 66 |
Obsolescence allowance - spare parts and consumables | -104 | -102 |
Obsolescence allowance - finished goods | -12 | -18 |
Net realisable value allowance | -20 | -25 |
Total | 1,672 | 1,545 |
EUR million | 2024 | 2023 |
Trade receivables - gross carrying amount | 688 | 939 |
Loss allowance | -20 | -27 |
Prepaid expenses and accrued income | 87 | 80 |
Other receivables | 214 | 247 |
Total | 969 | 1,239 |
EUR million | 2024 | 2023 |
Not overdue | 619 | 841 |
Less than 30 days overdue | 39 | 57 |
31 to 60 days overdue | 1 | 1 |
61 to 90 days overdue | 0 | 3 |
91 to 180 days overdue | 1 | 1 |
Over 180 days overdue | 27 | 36 |
Total | 688 | 939 |
EUR million | 2024 | 2023 |
Not overdue and less than 90 days overdue | 1 | 2 |
91 to 365 days overdue | 1 | 2 |
Over 365 days overdue | 17 | 23 |
Total | 20 | 27 |
EUR million | 2024 | 2023 |
Opening balance at 1 January | 27 | 32 |
Change in loss allowance booked through income statement | 3 | 9 |
Write-offs | -10 | -15 |
Other | 0 | 1 |
Closing balance at 31 December | 20 | 27 |
EUR million | 2024 | 2023 |
Trade receivables - gross carrying amount | 688 | 939 |
Loss allowance | -20 | -27 |
Prepaid expenses and accrued income | 87 | 80 |
Other receivables | 214 | 247 |
Total | 969 | 1,239 |
EUR million | 2024 | 2023 |
Not overdue | 619 | 841 |
Less than 30 days overdue | 39 | 57 |
31 to 60 days overdue | 1 | 1 |
61 to 90 days overdue | 0 | 3 |
91 to 180 days overdue | 1 | 1 |
Over 180 days overdue | 27 | 36 |
Total | 688 | 939 |
EUR million | 2024 | 2023 |
Not overdue and less than 90 days overdue | 1 | 2 |
91 to 365 days overdue | 1 | 2 |
Over 365 days overdue | 17 | 23 |
Total | 20 | 27 |
EUR million | 2024 | 2023 |
Opening balance at 1 January | 27 | 32 |
Change in loss allowance booked through income statement | 3 | 9 |
Write-offs | -10 | -15 |
Other | 0 | 1 |
Closing balance at 31 December | 20 | 27 |
EUR million | 2024 | 2023 |
Share-based payments | 1 | 2 |
Other payables | 9 | 9 |
Total | 10 | 11 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | 2024 |
SCF presented within trade payables | 254 |
Of which suppliers have received payment | 236 |
Days after invoice date | 2024 |
Trade payables that are part of an arrangement | 60-180 |
Comparable trade payables that are not part of an arrangement | 60-120 |
As at 31 December 2024 | As at 31 December 2023 | |||
EUR million | Floating rate | Fixed rate | Floating rate | Fixed rate |
Non-current interest-bearing receivables 1 | 1 | 8 | 11 | 51 |
Current interest-bearing receivables1 | 4 | 28 | 1 | 14 |
Cash and cash equivalents | 1,999 | \u2014 | 2,464 | \u2014 |
Interest-bearing liabilities2 | -1,747 | -3,928 | -1,718 | -3,998 |
Interest-bearing assets and liabilities excluding interest rate derivatives | 258 | -3,892 | 758 | -3,934 |
Interest-rate and cross-currency swaps | 346 | -346 | 488 | -488 |
Interest-bearing assets and liabilities, net of interest rate derivatives | 604 | -4,238 | 1,246 | -4,422 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | 792 | -321 | 1,580 | 158 | 73 | -46 | 674 | -278 | 1,446 | 126 | 63 | -48 |
Cash flow hedges for the next 12 months | -436 | 206 | -737 | -38 | -20 | 32 | -394 | 188 | -632 | -34 | -15 | 27 |
Estimated annual net cash flow exposure, net of hedges | 356 | -115 | 843 | 120 | 54 | -14 | 280 | -90 | 814 | 93 | 47 | -21 |
Hedging percentage as at 31 December for next 12 months | 55% | 64% | 47% | 24% | 27% | 69% | 58% | 68% | 44% | 27% | 25% | 57% |
Weighted-average hedged rate against EUR2 | 11.42 | 1.11 | 0.84 | 1.64 | 43.74 | 11.57 | 1.10 | 0.87 | 1.66 | 45.07 | ||
Operative receivables and payables net exposure | -87 | -40 | 49 | 17 | 42 | -4 | -38 | -23 | 181 | 18 | 18 | -5 |
Net receivable currency hedges | 34 | 6 | 6 | -10 | -22 | \u2014 | -7 | 7 | -119 | -15 | -20 | \u2014 |
Net operative receivables exposure, net of hedges | -54 | -34 | 55 | 7 | 19 | -4 | -45 | -15 | 62 | 3 | -2 | -5 |
Estimated annual net transaction risk exposure after hedges | 302 | -149 | 898 | 127 | 73 | -18 | 235 | -105 | 876 | 96 | 46 | -26 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | -40 | 16 | -79 | -8 | -4 | 5 | -34 | 14 | -72 | -6 | -3 | 5 |
Effect on cash flow hedging OCI reserve before taxes as at year end 2 | 22 | -10 | 37 | 2 | 1 | -3 | 20 | -9 | 32 | 2 | 1 | -3 |
Effect on net operative receivables and payables after hedges 3 | 3 | 2 | -3 | \u2014 | -1 | \u2014 | 2 | 1 | -3 | \u2014 | \u2014 | 1 |
Estimated annual EBIT impact4 | -15 | 7 | -45 | -6 | -4 | 2 | -12 | 5 | -44 | -5 | -2 | 3 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||
EUR million | SEK | USD | BRL | CZK | CNY | SEK | USD | BRL | CZK | CNY |
Translation exposure in Income Statement | -2 | -208 | -149 | -57 | 78 | -357 | -196 | -179 | -65 | 67 |
Exposure currency change by | -5% | -5% | -10% | -5% | -10% | -5% | -5% | -10% | -5% | -5% |
Effect on EBIT from translation risk exposure | \u2014 | 10 | 15 | 3 | -8 | 18 | 10 | 18 | 3 | -3 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Translation exposure on equity in USD area1 | 1,799 | 1,625 |
EUR/USD equity hedges2 | -289 | -271 |
Translation exposure after hedges | 1,510 | 1,354 |
Sensitivity before hedges - EUR strengthening 5% | -90 | -81 |
Sensitivity after hedges - EUR strengthening 5% | -75 | -68 |
\u00b9 Includes the joint operation Montes del Plata in Uruguay, which has USD as its functional currency. \u00b2 USD denominated bonds classified as hedges of net investments in foreign assets. |
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bond loans | 430 | 587 | 582 | 540 | 500 | 826 | 3,466 |
Loans from credit institutions | 577 | 255 | 104 | 4 | 4 | 35 | 979 |
Lease liabilities | 83 | 59 | 54 | 48 | 44 | 257 | 545 |
Other non-current financial liabilities | 0 | 1 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 1,090 | 903 | 741 | 592 | 548 | 1,119 | 4,992 |
Estimated contractual finance charges | 163 | 123 | 88 | 73 | 53 | 168 | 668 |
Estimated contractual lease charges | 27 | 24 | 23 | 21 | 20 | 162 | 276 |
Contractual repayments on non-current borrowings | 1,281 | 1,050 | 851 | 686 | 620 | 1,449 | 5,936 |
Current borrowings, carrying amounts | 689 | 0 | 0 | 0 | 0 | 0 | 689 |
Gross-settled derivative liabilities - receipts | -1,333 | -225 | 0 | 0 | 0 | 0 | -1,558 |
Gross-settled derivative liabilities - payments | 1,370 | 232 | 0 | 0 | 0 | 0 | 1,602 |
Trade payables | 1,781 | 0 | 0 | 0 | 0 | 0 | 1,781 |
Bank overdrafts | 7 | 0 | 0 | 0 | 0 | 0 | 7 |
Estimated contractual finance charges | 14 | 0 | 0 | 0 | 0 | 0 | 14 |
Total contractual repayments at 31 December 2024 | 3,808 | 1,057 | 851 | 686 | 620 | 1,449 | 8,471 |
EUR million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bond loans | 136 | 440 | 590 | 591 | 548 | 1,310 | 3,615 |
Loans from credit institutions | 140 | 717 | 105 | 5 | 5 | 27 | 998 |
Lease liabilities | 71 | 57 | 48 | 43 | 39 | 263 | 520 |
Other non-current financial liabilities | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 347 | 1,217 | 742 | 639 | 592 | 1,600 | 5,137 |
Estimated contractual finance charges | 193 | 152 | 113 | 82 | 69 | 194 | 802 |
Estimated contractual lease charges | 29 | 26 | 25 | 23 | 22 | 225 | 350 |
Contractual repayments on non-current borrowings | 569 | 1,395 | 880 | 744 | 683 | 2,018 | 6,289 |
Short-term borrowings, carrying amounts | 595 | 0 | 0 | 0 | 0 | 0 | 595 |
Gross-settled derivative liabilities - receipts | -2,154 | 0 | 0 | 0 | 0 | 0 | -2,154 |
Gross-settled derivative liabilities - payments | 2,132 | 0 | 0 | 0 | 0 | 0 | 2,132 |
Trade payables | 1,666 | 0 | 0 | 0 | 0 | 0 | 1,666 |
Bank overdrafts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Estimated contractual finance charges | 9 | 0 | 0 | 0 | 0 | 0 | 9 |
Total contractual repayments at 31 December 2023 | 2,817 | 1,395 | 880 | 744 | 683 | 2,018 | 8,537 |
As at 31 December 2024 | As at 31 December 2023 | |||||||
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 | 2,242,560 MWh | EUR 37.3 | 84 | -1 | 245,712 MWh | EUR 55.6 | 14 | -1 |
Oil purchases | 208,896 barrels | USD 72.9 | 15 | -1 | 205,058 barrels | USD 75.9 | 14 | -1 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Interest-bearing liabilities1 | 5,779 | 5,780 |
Interest-bearing assets1 | 2,072 | 2,613 |
Net debt | 3,707 | 3,167 |
Equity attributable to owners of the parent | 10,139 | 10,985 |
Adjusted EBITDA2 | 1,223 | 989 |
Net debt to equity ratio | 0.37 | 0.29 |
Net debt to\u00a0 adjusted EBITDA | 3.0 | 3.2 |
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 | 11 | \u2014 | 11 | 11 | 11 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 587 | 15 | 602 | 602 | \u2014 | \u2014 | 602 | 4.4 |
Non-current interest-bearing receivables | 9 | 5 | \u2014 | 14 | 14 | \u2014 | 5 | \u2014 | 5.3 |
Derivative assets | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Loan receivables | 9 | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 626 | 42 | \u2014 | 668 | 668 | \u2014 | 42 | \u2014 | 4.7 |
Current interest-bearing receivables | 38 | 9 | 1 | 47 | 47 | \u2014 | 10 | \u2014 | 5.3 |
Derivative assets | \u2014 | 9 | 1 | 10 | 10 | \u2014 | 10 | \u2014 | |
Other short-term receivables | 38 | \u2014 | \u2014 | 38 | 38 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 1,999 | \u2014 | \u2014 | 1,999 | 1,999 | \u2014 | \u2014 | \u2014 | |
Total | 2,672 | 654 | 16 | 3,342 | 3,342 | 11 | 57 | 602 |
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 | 3,889 | 5 | \u2014 | 3,894 | 4,129 | \u2014 | 5 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Non-current debt | 3,889 | \u2014 | \u2014 | 3,889 | 4,124 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 1,090 | \u2014 | \u2014 | 1,090 | 1,090 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 744 | 42 | 2 | 788 | 788 | \u2014 | 44 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 42 | 2 | 44 | 44 | \u2014 | 44 | \u2014 | |
Current debt | 744 | \u2014 | \u2014 | 744 | 744 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 2,005 | \u2014 | \u2014 | 2,005 | 2,005 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | 7 | \u2014 | \u2014 | 7 | 7 | \u2014 | \u2014 | \u2014 | |
Total | 7,735 | 47 | 2 | 7,784 | 8,019 | \u2014 | 50 | \u2014 |
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 | 9 | \u2014 | 9 | 9 | 9 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 794 | 15 | 810 | 810 | \u2014 | \u2014 | 810 | 4.4 |
Non-current interest-bearing receivables | 62 | 14 | \u2014 | 76 | 76 | \u2014 | 15 | \u2014 | 5.3 |
Derivative assets | \u2014 | 14 | \u2014 | 15 | 15 | \u2014 | 15 | \u2014 | |
Loan receivables | 62 | \u2014 | \u2014 | 62 | 62 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 882 | 30 | \u2014 | 912 | 912 | \u2014 | 30 | \u2014 | 4.7 |
Current interest-bearing receivables | 21 | 39 | 4 | 64 | 64 | \u2014 | 43 | \u2014 | 5.3 |
Derivative assets | \u2014 | 39 | 4 | 43 | 43 | \u2014 | 43 | \u2014 | |
Other short-term receivables | 21 | \u2014 | \u2014 | 21 | 21 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 2,464 | \u2014 | \u2014 | 2,464 | 2,464 | \u2014 | \u2014 | \u2014 | |
Total | 3,428 | 887 | 19 | 4,334 | 4,334 | 9 | 87 | 810 |
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 | 4,774 | 1 | \u2014 | 4,775 | 4,926 | \u2014 | 1 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 1 | \u2014 | 1 | 1 | \u2014 | 1 | \u2014 | |
Non-current debt | 4,774 | \u2014 | \u2014 | 4,774 | 4,925 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 347 | \u2014 | \u2014 | 347 | 347 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 651 | 4 | 2 | 657 | 657 | \u2014 | 6 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 4 | 2 | 6 | 6 | \u2014 | 6 | \u2014 | |
Current debt | 651 | \u2014 | \u2014 | 651 | 651 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 1,892 | \u2014 | \u2014 | 1,892 | 1,892 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | \u2014 | \u2014 | \u2014 | 0 | 0 | \u2014 | \u2014 | \u2014 | |
Total | 7,664 | 6 | 2 | 7,672 | 7,823 | \u2014 | 8 | \u2014 |
EUR million | 2024 | 2023 |
Financial assets | ||
Opening balance at 1 January | 810 | 1,437 |
Reclassifications | 0 | 0 |
Gains/losses recognised in other comprehensive income | -205 | -646 |
Additions | 0 | 18 |
Disposals | -3 | 0 |
Closing balance at 31 December | 602 | 810 |
EUR million | 2024 | 2023 |
Listed securities | 11 | 9 |
Long-term derivative assets | 5 | 15 |
Long-term deposits | 0 | 48 |
Long-term loans to associated companies | 2 | 2 |
Other long-term loan receivables | 7 | 12 |
Total non-current interest-bearing assets | 25 | 85 |
Short-term derivative assets | 9 | 42 |
Current portion of long-term deposits | 22 | 0 |
Other short-term loan receivables | 16 | 22 |
Cash and cash equivalents | 1,999 | 2,464 |
Total current interest-bearing assets | 2,047 | 2,528 |
Total interest-bearing assets | 2,072 | 2,613 |
EUR million | 2024 | 2023 |
Bond loans | 3,454 | 3,601 |
Loans from credit institutions | 978 | 997 |
Lease liabilities | 545 | 520 |
Long-term derivative financial liabilities | 5 | 1 |
Other non-current liabilities | 2 | 2 |
Non-current interest-bearing liabilities including current portion | 4,985 | 5,123 |
Short-term borrowings | 689 | 595 |
Interest payable | 55 | 56 |
Short-term derivative financial liabilities | 44 | 6 |
Bank overdrafts | 7 | 0 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
EUR million | 2024 | 2023 |
Carrying value at 1 January | 5,780 | 3,972 |
Additions in long-term debt, companies acquired | 0 | 131 |
Proceeds of new long-term debt | 19 | 2,006 |
Repayment of long-term debt | -176 | -619 |
Additions in lease liabilities, companies acquired | 0 | 99 |
Additions in lease liabilities | 82 | 109 |
Repayment of lease liabilities and interest | -85 | -87 |
Change in short-term borrowings | 69 | 177 |
Change in interest payable | 23 | 45 |
Change in derivative financial liabilities | 42 | -41 |
Disposals and classification as held for sale | -2 | -8 |
Other | 15 | 26 |
Translation differences | 11 | -29 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
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 | ||
2024 | 2023 | 2024 | 2023 | |||||
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 | 287 | 269 |
2016-2023 | Euro Medium Term Note | 2.125 | EUR | 300 | 300 | 0 | 0 | |
2017-2027 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 300 | 299 |
2018-2028 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 299 | 299 |
2019-2024 | Euro Medium Term Note (Green Bond) | 1.875 | SEK | 1,750 | 1,750 | 44 | ||
2020-2025 | Euro Medium Term Note (Green Bond) | 2.375 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2020-2030 | Euro Medium Term Note (Green Bond) | 0.625 | EUR | 500 | 500 | 500 | 496 | 496 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 400 | 400 | 400 | 35 | 36 |
2023-2026 | Euro Medium Term Note (Green Bond) | 4.00 | EUR | 500 | 500 | 500 | 499 | 499 |
2023-2029 | Euro Medium Term Note (Green Bond) | 4.25 | EUR | 500 | 500 | 500 | 498 | 497 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 600 | 600 | 600 | 52 | 54 |
2023-2028 | Euro Medium Term Note (Green Bond) | 5.00 | SEK | 2,250 | 2,250 | 2,250 | 196 | 202 |
Total Fixed Rate Bond Loans | 2,797 | 2,834 | ||||||
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 | 1,030 | 93 | ||
2019-2026 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 1,000 | 1,000 | 1,000 | 87 | 90 |
2020-2025 | Euro Medium Term Note (Green Bond) | Stibor+2.20 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2023-2027 | Euro Medium Term Note (Green Bond) | Stibor+1.25 | SEK | 2,350 | 2,350 | 2,350 | 205 | 211 |
2023-2028 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 500 | 500 | 500 | 44 | 45 |
2023-2033 | Euro Medium Term Note | Stibor + 2.20 | SEK | 425 | 425 | 425 | 37 | 38 |
Total Floating Rate Bond Loans | 658 | 767 | ||||||
Total Bond Loans | 3,455 | 3,601 |
EUR million | 2024 | 2023 |
Other operating income | 27 | -11 |
Other operating expense | -18 | -4 |
Borrowings, cash equivalents. lease liabilities and other | -22 | -10 |
Total | -13 | -25 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
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 | 69 | -68 | 1 |
Foreign exchange risk - Net investment hedges | 17 | -17 | 0 |
Commodity price risk - Commodity swaps | 5 | -5 | 0 |
Interest rate risk - Interest rate swaps | 10 | -10 | 0 |
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 | -23 | 24 | 1 |
Foreign exchange risk - Net investment hedges2 | -10 | 10 | 0 |
Commodity price risk - Commodity swaps | 21 | -21 | 0 |
Interest rate risk - Interest rate swaps | 13 | -13 | 0 |
EUR million | At 1 Jan 2024 | 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 2024 |
Foreign exchange risk - Operational cash flow hedging | 25 | -70 | 2 | 0 | 14 | -30 |
Commodity price risk - Commodity swaps | -1 | -5 | 5 | 0 | 0 | 0 |
Interest rate risk - Interest rate swaps | 13 | -10 | 0 | 0 | 2 | 5 |
Interest rate and foreign exchange risk - Cross-currency swaps | 0 | 0 | 0 | 0 | 0 | 0 |
Cost of hedging reserve | 1 | -3 | 0 | 0 | 1 | -2 |
Total cash flow hedge reserve in OCI | 38 | -88 | 7 | 0 | 16 | -27 |
Foreign exchange risk - Net investment hedges | 7 | -17 | 0 | 0 | 3 | -7 |
Total net investment hedges in CTA | 7 | -17 | 0 | 0 | 3 | -7 |
Total hedging reserves | 45 | -105 | 7 | 0 | 20 | -34 |
EUR million | At 1 Jan 2023 | 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 2023 |
Foreign exchange risk - Operational cash flow hedging | 2 | 20 | 8 | 2 | -6 | 25 |
Commodity price risk - Commodity swaps | 15 | -21 | 2 | 0 | 4 | -1 |
Interest rate risk - Interest rate swaps | 23 | -13 | 0 | 0 | 3 | 13 |
Interest rate and foreign exchange risk - Cross-currency swaps | 1 | 0 | -1 | 0 | 0 | 0 |
Cost of hedging reserve | -1 | 2 | 0 | 0 | 0 | 1 |
Total cash flow hedge reserve in OCI | 39 | -12 | 9 | 2 | 0 | 38 |
Foreign exchange risk - Net investment hedges | 1 | 10 | -2 | 0 | -2 | 7 |
Total net investment hedges in CTA | 1 | 10 | -2 | 0 | -2 | 7 |
Total hedging reserves | 40 | -3 | 7 | 2 | -2 | 45 |
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 | 15 | -12 | 0 | 3 |
Derivative liabilities | -50 | 12 | 0 | -37 |
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 | 57 | -2 | 0 | 56 |
Derivative liabilities | -8 | 2 | 0 | -6 |
EUR million | 2024 | 2023 |
On own behalf | ||
Guarantees | 17 | 18 |
Other commitments | 6 | 6 |
On behalf of associated companies | ||
Guarantees | 4 | 5 |
On behalf of others | ||
Guarantees | 16 | 16 |
Other commitments | 0 | 0 |
Total | 43 | 44 |
Guarantees | 37 | 38 |
Other commitments | 6 | 6 |
Total | 43 | 44 |
EUR million | 2024 | 2023 |
Trade receivables - gross carrying amount | 688 | 939 |
Loss allowance | -20 | -27 |
Prepaid expenses and accrued income | 87 | 80 |
Other receivables | 214 | 247 |
Total | 969 | 1,239 |
EUR million | 2024 | 2023 |
Not overdue | 619 | 841 |
Less than 30 days overdue | 39 | 57 |
31 to 60 days overdue | 1 | 1 |
61 to 90 days overdue | 0 | 3 |
91 to 180 days overdue | 1 | 1 |
Over 180 days overdue | 27 | 36 |
Total | 688 | 939 |
EUR million | 2024 | 2023 |
Not overdue and less than 90 days overdue | 1 | 2 |
91 to 365 days overdue | 1 | 2 |
Over 365 days overdue | 17 | 23 |
Total | 20 | 27 |
EUR million | 2024 | 2023 |
Opening balance at 1 January | 27 | 32 |
Change in loss allowance booked through income statement | 3 | 9 |
Write-offs | -10 | -15 |
Other | 0 | 1 |
Closing balance at 31 December | 20 | 27 |
EUR million | 2024 | 2023 |
Trade receivables - gross carrying amount | 688 | 939 |
Loss allowance | -20 | -27 |
Prepaid expenses and accrued income | 87 | 80 |
Other receivables | 214 | 247 |
Total | 969 | 1,239 |
EUR million | 2024 | 2023 |
Share-based payments | 1 | 2 |
Other payables | 9 | 9 |
Total | 10 | 11 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | 2024 |
SCF presented within trade payables | 254 |
Of which suppliers have received payment | 236 |
Days after invoice date | 2024 |
Trade payables that are part of an arrangement | 60-180 |
Comparable trade payables that are not part of an arrangement | 60-120 |
EUR million | 2024 | 2023 |
Share-based payments | 1 | 2 |
Other payables | 9 | 9 |
Total | 10 | 11 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | 2024 |
SCF presented within trade payables | 254 |
Of which suppliers have received payment | 236 |
Days after invoice date | 2024 |
Trade payables that are part of an arrangement | 60-180 |
Comparable trade payables that are not part of an arrangement | 60-120 |
EUR million | 2024 | 2023 |
Share-based payments | 1 | 2 |
Other payables | 9 | 9 |
Total | 10 | 11 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | 2024 | 2023 |
Share-based payments | 1 | 2 |
Other payables | 9 | 9 |
Total | 10 | 11 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | 2024 | 2023 |
Trade payables | 1,781 | 1,666 |
Payroll and staff-related accruals | 224 | 227 |
Accrued liabilities and deferred income | 114 | 122 |
Emission liabilities | 56 | 79 |
Advances received | 15 | 18 |
Other payables\u00b9 | 107 | 99 |
Total | 2,296 | 2,211 |
EUR million | Environ- mental provisions | Restructuring provisions | Other provisions | Total provisions |
Carrying Value at 1 January 2023 | 73 | 21 | 30 | 124 |
Translation difference | 0 | 0 | 1 | 1 |
Disposals and classification as held for sale | 3 | 0 | 0 | 3 |
Charge in Income Statement | ||||
New provisions | 7 | 89 | 12 | 107 |
Increase in existing provisions | 4 | 4 | 1 | 8 |
Reversal of existing provisions | -16 | -7 | 0 | -22 |
Payments | -9 | -31 | -14 | -54 |
Carrying Value at 31 December 2023 | 63 | 77 | 28 | 168 |
Translation difference | -1 | 0 | -2 | -3 |
Disposals and classification as held for sale | 0 | -1 | 0 | -1 |
Charge in Income Statement | ||||
New provisions | 2 | 42 | 10 | 55 |
Increase in existing provisions | 14 | 2 | 0 | 16 |
Reversal of existing provisions | -3 | -14 | 0 | -17 |
Payments | -8 | -80 | -12 | -100 |
At 31 December 2024 | 67 | 26 | 25 | 118 |
Allocation between current and non-current provisions | ||||
Current provisions: Payable within 12 months | 5 | 21 | 11 | 37 |
Non-current provisions: Payable after 12 months | 62 | 5 | 14 | 81 |
Total at 31 December 2024 | 67 | 26 | 25 | 118 |
EUR million | Environ- mental provisions | Restructuring provisions | Other provisions | Total provisions |
Carrying Value at 1 January 2023 | 73 | 21 | 30 | 124 |
Translation difference | 0 | 0 | 1 | 1 |
Disposals and classification as held for sale | 3 | 0 | 0 | 3 |
Charge in Income Statement | ||||
New provisions | 7 | 89 | 12 | 107 |
Increase in existing provisions | 4 | 4 | 1 | 8 |
Reversal of existing provisions | -16 | -7 | 0 | -22 |
Payments | -9 | -31 | -14 | -54 |
Carrying Value at 31 December 2023 | 63 | 77 | 28 | 168 |
Translation difference | -1 | 0 | -2 | -3 |
Disposals and classification as held for sale | 0 | -1 | 0 | -1 |
Charge in Income Statement | ||||
New provisions | 2 | 42 | 10 | 55 |
Increase in existing provisions | 14 | 2 | 0 | 16 |
Reversal of existing provisions | -3 | -14 | 0 | -17 |
Payments | -8 | -80 | -12 | -100 |
At 31 December 2024 | 67 | 26 | 25 | 118 |
Allocation between current and non-current provisions | ||||
Current provisions: Payable within 12 months | 5 | 21 | 11 | 37 |
Non-current provisions: Payable after 12 months | 62 | 5 | 14 | 81 |
Total at 31 December 2024 | 67 | 26 | 25 | 118 |
EUR million | 2024 | 2023 |
On own behalf | ||
Guarantees | 17 | 18 |
Other commitments | 6 | 6 |
On behalf of associated companies | ||
Guarantees | 4 | 5 |
On behalf of others | ||
Guarantees | 16 | 16 |
Other commitments | 0 | 0 |
Total | 43 | 44 |
Guarantees | 37 | 38 |
Other commitments | 6 | 6 |
Total | 43 | 44 |
EUR million | 2024 | 2023 |
Total | 304 | 683 |
As at 31 December 2024 | As at 31 December 2023 | |||
EUR million | Floating rate | Fixed rate | Floating rate | Fixed rate |
Non-current interest-bearing receivables 1 | 1 | 8 | 11 | 51 |
Current interest-bearing receivables1 | 4 | 28 | 1 | 14 |
Cash and cash equivalents | 1,999 | \u2014 | 2,464 | \u2014 |
Interest-bearing liabilities2 | -1,747 | -3,928 | -1,718 | -3,998 |
Interest-bearing assets and liabilities excluding interest rate derivatives | 258 | -3,892 | 758 | -3,934 |
Interest-rate and cross-currency swaps | 346 | -346 | 488 | -488 |
Interest-bearing assets and liabilities, net of interest rate derivatives | 604 | -4,238 | 1,246 | -4,422 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | 792 | -321 | 1,580 | 158 | 73 | -46 | 674 | -278 | 1,446 | 126 | 63 | -48 |
Cash flow hedges for the next 12 months | -436 | 206 | -737 | -38 | -20 | 32 | -394 | 188 | -632 | -34 | -15 | 27 |
Estimated annual net cash flow exposure, net of hedges | 356 | -115 | 843 | 120 | 54 | -14 | 280 | -90 | 814 | 93 | 47 | -21 |
Hedging percentage as at 31 December for next 12 months | 55% | 64% | 47% | 24% | 27% | 69% | 58% | 68% | 44% | 27% | 25% | 57% |
Weighted-average hedged rate against EUR2 | 11.42 | 1.11 | 0.84 | 1.64 | 43.74 | 11.57 | 1.10 | 0.87 | 1.66 | 45.07 | ||
Operative receivables and payables net exposure | -87 | -40 | 49 | 17 | 42 | -4 | -38 | -23 | 181 | 18 | 18 | -5 |
Net receivable currency hedges | 34 | 6 | 6 | -10 | -22 | \u2014 | -7 | 7 | -119 | -15 | -20 | \u2014 |
Net operative receivables exposure, net of hedges | -54 | -34 | 55 | 7 | 19 | -4 | -45 | -15 | 62 | 3 | -2 | -5 |
Estimated annual net transaction risk exposure after hedges | 302 | -149 | 898 | 127 | 73 | -18 | 235 | -105 | 876 | 96 | 46 | -26 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | -40 | 16 | -79 | -8 | -4 | 5 | -34 | 14 | -72 | -6 | -3 | 5 |
Effect on cash flow hedging OCI reserve before taxes as at year end 2 | 22 | -10 | 37 | 2 | 1 | -3 | 20 | -9 | 32 | 2 | 1 | -3 |
Effect on net operative receivables and payables after hedges 3 | 3 | 2 | -3 | \u2014 | -1 | \u2014 | 2 | 1 | -3 | \u2014 | \u2014 | 1 |
Estimated annual EBIT impact4 | -15 | 7 | -45 | -6 | -4 | 2 | -12 | 5 | -44 | -5 | -2 | 3 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||
EUR million | SEK | USD | BRL | CZK | CNY | SEK | USD | BRL | CZK | CNY |
Translation exposure in Income Statement | -2 | -208 | -149 | -57 | 78 | -357 | -196 | -179 | -65 | 67 |
Exposure currency change by | -5% | -5% | -10% | -5% | -10% | -5% | -5% | -10% | -5% | -5% |
Effect on EBIT from translation risk exposure | \u2014 | 10 | 15 | 3 | -8 | 18 | 10 | 18 | 3 | -3 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Translation exposure on equity in USD area1 | 1,799 | 1,625 |
EUR/USD equity hedges2 | -289 | -271 |
Translation exposure after hedges | 1,510 | 1,354 |
Sensitivity before hedges - EUR strengthening 5% | -90 | -81 |
Sensitivity after hedges - EUR strengthening 5% | -75 | -68 |
\u00b9 Includes the joint operation Montes del Plata in Uruguay, which has USD as its functional currency. \u00b2 USD denominated bonds classified as hedges of net investments in foreign assets. |
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bond loans | 430 | 587 | 582 | 540 | 500 | 826 | 3,466 |
Loans from credit institutions | 577 | 255 | 104 | 4 | 4 | 35 | 979 |
Lease liabilities | 83 | 59 | 54 | 48 | 44 | 257 | 545 |
Other non-current financial liabilities | 0 | 1 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 1,090 | 903 | 741 | 592 | 548 | 1,119 | 4,992 |
Estimated contractual finance charges | 163 | 123 | 88 | 73 | 53 | 168 | 668 |
Estimated contractual lease charges | 27 | 24 | 23 | 21 | 20 | 162 | 276 |
Contractual repayments on non-current borrowings | 1,281 | 1,050 | 851 | 686 | 620 | 1,449 | 5,936 |
Current borrowings, carrying amounts | 689 | 0 | 0 | 0 | 0 | 0 | 689 |
Gross-settled derivative liabilities - receipts | -1,333 | -225 | 0 | 0 | 0 | 0 | -1,558 |
Gross-settled derivative liabilities - payments | 1,370 | 232 | 0 | 0 | 0 | 0 | 1,602 |
Trade payables | 1,781 | 0 | 0 | 0 | 0 | 0 | 1,781 |
Bank overdrafts | 7 | 0 | 0 | 0 | 0 | 0 | 7 |
Estimated contractual finance charges | 14 | 0 | 0 | 0 | 0 | 0 | 14 |
Total contractual repayments at 31 December 2024 | 3,808 | 1,057 | 851 | 686 | 620 | 1,449 | 8,471 |
EUR million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bond loans | 136 | 440 | 590 | 591 | 548 | 1,310 | 3,615 |
Loans from credit institutions | 140 | 717 | 105 | 5 | 5 | 27 | 998 |
Lease liabilities | 71 | 57 | 48 | 43 | 39 | 263 | 520 |
Other non-current financial liabilities | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 347 | 1,217 | 742 | 639 | 592 | 1,600 | 5,137 |
Estimated contractual finance charges | 193 | 152 | 113 | 82 | 69 | 194 | 802 |
Estimated contractual lease charges | 29 | 26 | 25 | 23 | 22 | 225 | 350 |
Contractual repayments on non-current borrowings | 569 | 1,395 | 880 | 744 | 683 | 2,018 | 6,289 |
Short-term borrowings, carrying amounts | 595 | 0 | 0 | 0 | 0 | 0 | 595 |
Gross-settled derivative liabilities - receipts | -2,154 | 0 | 0 | 0 | 0 | 0 | -2,154 |
Gross-settled derivative liabilities - payments | 2,132 | 0 | 0 | 0 | 0 | 0 | 2,132 |
Trade payables | 1,666 | 0 | 0 | 0 | 0 | 0 | 1,666 |
Bank overdrafts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Estimated contractual finance charges | 9 | 0 | 0 | 0 | 0 | 0 | 9 |
Total contractual repayments at 31 December 2023 | 2,817 | 1,395 | 880 | 744 | 683 | 2,018 | 8,537 |
As at 31 December 2024 | As at 31 December 2023 | |||||||
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 | 2,242,560 MWh | EUR 37.3 | 84 | -1 | 245,712 MWh | EUR 55.6 | 14 | -1 |
Oil purchases | 208,896 barrels | USD 72.9 | 15 | -1 | 205,058 barrels | USD 75.9 | 14 | -1 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Interest-bearing liabilities1 | 5,779 | 5,780 |
Interest-bearing assets1 | 2,072 | 2,613 |
Net debt | 3,707 | 3,167 |
Equity attributable to owners of the parent | 10,139 | 10,985 |
Adjusted EBITDA2 | 1,223 | 989 |
Net debt to equity ratio | 0.37 | 0.29 |
Net debt to\u00a0 adjusted EBITDA | 3.0 | 3.2 |
As at 31 December 2024 | As at 31 December 2023 | |||
EUR million | Floating rate | Fixed rate | Floating rate | Fixed rate |
Non-current interest-bearing receivables 1 | 1 | 8 | 11 | 51 |
Current interest-bearing receivables1 | 4 | 28 | 1 | 14 |
Cash and cash equivalents | 1,999 | \u2014 | 2,464 | \u2014 |
Interest-bearing liabilities2 | -1,747 | -3,928 | -1,718 | -3,998 |
Interest-bearing assets and liabilities excluding interest rate derivatives | 258 | -3,892 | 758 | -3,934 |
Interest-rate and cross-currency swaps | 346 | -346 | 488 | -488 |
Interest-bearing assets and liabilities, net of interest rate derivatives | 604 | -4,238 | 1,246 | -4,422 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | 792 | -321 | 1,580 | 158 | 73 | -46 | 674 | -278 | 1,446 | 126 | 63 | -48 |
Cash flow hedges for the next 12 months | -436 | 206 | -737 | -38 | -20 | 32 | -394 | 188 | -632 | -34 | -15 | 27 |
Estimated annual net cash flow exposure, net of hedges | 356 | -115 | 843 | 120 | 54 | -14 | 280 | -90 | 814 | 93 | 47 | -21 |
Hedging percentage as at 31 December for next 12 months | 55% | 64% | 47% | 24% | 27% | 69% | 58% | 68% | 44% | 27% | 25% | 57% |
Weighted-average hedged rate against EUR2 | 11.42 | 1.11 | 0.84 | 1.64 | 43.74 | 11.57 | 1.10 | 0.87 | 1.66 | 45.07 | ||
Operative receivables and payables net exposure | -87 | -40 | 49 | 17 | 42 | -4 | -38 | -23 | 181 | 18 | 18 | -5 |
Net receivable currency hedges | 34 | 6 | 6 | -10 | -22 | \u2014 | -7 | 7 | -119 | -15 | -20 | \u2014 |
Net operative receivables exposure, net of hedges | -54 | -34 | 55 | 7 | 19 | -4 | -45 | -15 | 62 | 3 | -2 | -5 |
Estimated annual net transaction risk exposure after hedges | 302 | -149 | 898 | 127 | 73 | -18 | 235 | -105 | 876 | 96 | 46 | -26 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | -40 | 16 | -79 | -8 | -4 | 5 | -34 | 14 | -72 | -6 | -3 | 5 |
Effect on cash flow hedging OCI reserve before taxes as at year end 2 | 22 | -10 | 37 | 2 | 1 | -3 | 20 | -9 | 32 | 2 | 1 | -3 |
Effect on net operative receivables and payables after hedges 3 | 3 | 2 | -3 | \u2014 | -1 | \u2014 | 2 | 1 | -3 | \u2014 | \u2014 | 1 |
Estimated annual EBIT impact4 | -15 | 7 | -45 | -6 | -4 | 2 | -12 | 5 | -44 | -5 | -2 | 3 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||
EUR million | SEK | USD | BRL | CZK | CNY | SEK | USD | BRL | CZK | CNY |
Translation exposure in Income Statement | -2 | -208 | -149 | -57 | 78 | -357 | -196 | -179 | -65 | 67 |
Exposure currency change by | -5% | -5% | -10% | -5% | -10% | -5% | -5% | -10% | -5% | -5% |
Effect on EBIT from translation risk exposure | \u2014 | 10 | 15 | 3 | -8 | 18 | 10 | 18 | 3 | -3 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Translation exposure on equity in USD area1 | 1,799 | 1,625 |
EUR/USD equity hedges2 | -289 | -271 |
Translation exposure after hedges | 1,510 | 1,354 |
Sensitivity before hedges - EUR strengthening 5% | -90 | -81 |
Sensitivity after hedges - EUR strengthening 5% | -75 | -68 |
\u00b9 Includes the joint operation Montes del Plata in Uruguay, which has USD as its functional currency. \u00b2 USD denominated bonds classified as hedges of net investments in foreign assets. |
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bond loans | 430 | 587 | 582 | 540 | 500 | 826 | 3,466 |
Loans from credit institutions | 577 | 255 | 104 | 4 | 4 | 35 | 979 |
Lease liabilities | 83 | 59 | 54 | 48 | 44 | 257 | 545 |
Other non-current financial liabilities | 0 | 1 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 1,090 | 903 | 741 | 592 | 548 | 1,119 | 4,992 |
Estimated contractual finance charges | 163 | 123 | 88 | 73 | 53 | 168 | 668 |
Estimated contractual lease charges | 27 | 24 | 23 | 21 | 20 | 162 | 276 |
Contractual repayments on non-current borrowings | 1,281 | 1,050 | 851 | 686 | 620 | 1,449 | 5,936 |
Current borrowings, carrying amounts | 689 | 0 | 0 | 0 | 0 | 0 | 689 |
Gross-settled derivative liabilities - receipts | -1,333 | -225 | 0 | 0 | 0 | 0 | -1,558 |
Gross-settled derivative liabilities - payments | 1,370 | 232 | 0 | 0 | 0 | 0 | 1,602 |
Trade payables | 1,781 | 0 | 0 | 0 | 0 | 0 | 1,781 |
Bank overdrafts | 7 | 0 | 0 | 0 | 0 | 0 | 7 |
Estimated contractual finance charges | 14 | 0 | 0 | 0 | 0 | 0 | 14 |
Total contractual repayments at 31 December 2024 | 3,808 | 1,057 | 851 | 686 | 620 | 1,449 | 8,471 |
EUR million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bond loans | 136 | 440 | 590 | 591 | 548 | 1,310 | 3,615 |
Loans from credit institutions | 140 | 717 | 105 | 5 | 5 | 27 | 998 |
Lease liabilities | 71 | 57 | 48 | 43 | 39 | 263 | 520 |
Other non-current financial liabilities | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 347 | 1,217 | 742 | 639 | 592 | 1,600 | 5,137 |
Estimated contractual finance charges | 193 | 152 | 113 | 82 | 69 | 194 | 802 |
Estimated contractual lease charges | 29 | 26 | 25 | 23 | 22 | 225 | 350 |
Contractual repayments on non-current borrowings | 569 | 1,395 | 880 | 744 | 683 | 2,018 | 6,289 |
Short-term borrowings, carrying amounts | 595 | 0 | 0 | 0 | 0 | 0 | 595 |
Gross-settled derivative liabilities - receipts | -2,154 | 0 | 0 | 0 | 0 | 0 | -2,154 |
Gross-settled derivative liabilities - payments | 2,132 | 0 | 0 | 0 | 0 | 0 | 2,132 |
Trade payables | 1,666 | 0 | 0 | 0 | 0 | 0 | 1,666 |
Bank overdrafts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Estimated contractual finance charges | 9 | 0 | 0 | 0 | 0 | 0 | 9 |
Total contractual repayments at 31 December 2023 | 2,817 | 1,395 | 880 | 744 | 683 | 2,018 | 8,537 |
As at 31 December 2024 | As at 31 December 2023 | |||||||
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 | 2,242,560 MWh | EUR 37.3 | 84 | -1 | 245,712 MWh | EUR 55.6 | 14 | -1 |
Oil purchases | 208,896 barrels | USD 72.9 | 15 | -1 | 205,058 barrels | USD 75.9 | 14 | -1 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Interest-bearing liabilities1 | 5,779 | 5,780 |
Interest-bearing assets1 | 2,072 | 2,613 |
Net debt | 3,707 | 3,167 |
Equity attributable to owners of the parent | 10,139 | 10,985 |
Adjusted EBITDA2 | 1,223 | 989 |
Net debt to equity ratio | 0.37 | 0.29 |
Net debt to\u00a0 adjusted EBITDA | 3.0 | 3.2 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | 792 | -321 | 1,580 | 158 | 73 | -46 | 674 | -278 | 1,446 | 126 | 63 | -48 |
Cash flow hedges for the next 12 months | -436 | 206 | -737 | -38 | -20 | 32 | -394 | 188 | -632 | -34 | -15 | 27 |
Estimated annual net cash flow exposure, net of hedges | 356 | -115 | 843 | 120 | 54 | -14 | 280 | -90 | 814 | 93 | 47 | -21 |
Hedging percentage as at 31 December for next 12 months | 55% | 64% | 47% | 24% | 27% | 69% | 58% | 68% | 44% | 27% | 25% | 57% |
Weighted-average hedged rate against EUR2 | 11.42 | 1.11 | 0.84 | 1.64 | 43.74 | 11.57 | 1.10 | 0.87 | 1.66 | 45.07 | ||
Operative receivables and payables net exposure | -87 | -40 | 49 | 17 | 42 | -4 | -38 | -23 | 181 | 18 | 18 | -5 |
Net receivable currency hedges | 34 | 6 | 6 | -10 | -22 | \u2014 | -7 | 7 | -119 | -15 | -20 | \u2014 |
Net operative receivables exposure, net of hedges | -54 | -34 | 55 | 7 | 19 | -4 | -45 | -15 | 62 | 3 | -2 | -5 |
Estimated annual net transaction risk exposure after hedges | 302 | -149 | 898 | 127 | 73 | -18 | 235 | -105 | 876 | 96 | 46 | -26 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
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 | 792 | -321 | 1,580 | 158 | 73 | -46 | 674 | -278 | 1,446 | 126 | 63 | -48 |
Cash flow hedges for the next 12 months | -436 | 206 | -737 | -38 | -20 | 32 | -394 | 188 | -632 | -34 | -15 | 27 |
Estimated annual net cash flow exposure, net of hedges | 356 | -115 | 843 | 120 | 54 | -14 | 280 | -90 | 814 | 93 | 47 | -21 |
Hedging percentage as at 31 December for next 12 months | 55% | 64% | 47% | 24% | 27% | 69% | 58% | 68% | 44% | 27% | 25% | 57% |
Weighted-average hedged rate against EUR2 | 11.42 | 1.11 | 0.84 | 1.64 | 43.74 | 11.57 | 1.10 | 0.87 | 1.66 | 45.07 | ||
Operative receivables and payables net exposure | -87 | -40 | 49 | 17 | 42 | -4 | -38 | -23 | 181 | 18 | 18 | -5 |
Net receivable currency hedges | 34 | 6 | 6 | -10 | -22 | \u2014 | -7 | 7 | -119 | -15 | -20 | \u2014 |
Net operative receivables exposure, net of hedges | -54 | -34 | 55 | 7 | 19 | -4 | -45 | -15 | 62 | 3 | -2 | -5 |
Estimated annual net transaction risk exposure after hedges | 302 | -149 | 898 | 127 | 73 | -18 | 235 | -105 | 876 | 96 | 46 | -26 |
As at 31 December 2024 | As at 31 December 2023 | |||||||||||
EUR million | SEK | USD | CNY | PLN | BRL | CZK | SEK | USD | CNY | PLN | BRL | CZK |
Foreign-currency net debt1 | 256 | -151 | 141 | -11 | 80 | 30 | 140 | -121 | 185 | -3 | 44 | 24 |
Currency hedges | -257 | -53 | \u2014 | -11 | \u2014 | -29 | -158 | -5 | \u2014 | -5 | \u2014 | -21 |
Net exposure after hedges | -2 | -204 | 141 | -22 | 80 | 1 | -18 | -126 | 185 | -8 | 44 | 3 |
Internal transaction exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Currency hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Net non-operative exposure | 3 | -6 | \u2014 | 137 | 13 | \u2014 | ||||||
Exposure currency change by | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% | -5% |
Effect in the Income Statement2 | \u2014 | 10 | -7 | 1 | -4 | \u2014 | -6 | 6 | -9 | -1 | -2 | \u2014 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bond loans | 430 | 587 | 582 | 540 | 500 | 826 | 3,466 |
Loans from credit institutions | 577 | 255 | 104 | 4 | 4 | 35 | 979 |
Lease liabilities | 83 | 59 | 54 | 48 | 44 | 257 | 545 |
Other non-current financial liabilities | 0 | 1 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 1,090 | 903 | 741 | 592 | 548 | 1,119 | 4,992 |
Estimated contractual finance charges | 163 | 123 | 88 | 73 | 53 | 168 | 668 |
Estimated contractual lease charges | 27 | 24 | 23 | 21 | 20 | 162 | 276 |
Contractual repayments on non-current borrowings | 1,281 | 1,050 | 851 | 686 | 620 | 1,449 | 5,936 |
Current borrowings, carrying amounts | 689 | 0 | 0 | 0 | 0 | 0 | 689 |
Gross-settled derivative liabilities - receipts | -1,333 | -225 | 0 | 0 | 0 | 0 | -1,558 |
Gross-settled derivative liabilities - payments | 1,370 | 232 | 0 | 0 | 0 | 0 | 1,602 |
Trade payables | 1,781 | 0 | 0 | 0 | 0 | 0 | 1,781 |
Bank overdrafts | 7 | 0 | 0 | 0 | 0 | 0 | 7 |
Estimated contractual finance charges | 14 | 0 | 0 | 0 | 0 | 0 | 14 |
Total contractual repayments at 31 December 2024 | 3,808 | 1,057 | 851 | 686 | 620 | 1,449 | 8,471 |
EUR million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bond loans | 136 | 440 | 590 | 591 | 548 | 1,310 | 3,615 |
Loans from credit institutions | 140 | 717 | 105 | 5 | 5 | 27 | 998 |
Lease liabilities | 71 | 57 | 48 | 43 | 39 | 263 | 520 |
Other non-current financial liabilities | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
Non-current borrowings including current portion | 347 | 1,217 | 742 | 639 | 592 | 1,600 | 5,137 |
Estimated contractual finance charges | 193 | 152 | 113 | 82 | 69 | 194 | 802 |
Estimated contractual lease charges | 29 | 26 | 25 | 23 | 22 | 225 | 350 |
Contractual repayments on non-current borrowings | 569 | 1,395 | 880 | 744 | 683 | 2,018 | 6,289 |
Short-term borrowings, carrying amounts | 595 | 0 | 0 | 0 | 0 | 0 | 595 |
Gross-settled derivative liabilities - receipts | -2,154 | 0 | 0 | 0 | 0 | 0 | -2,154 |
Gross-settled derivative liabilities - payments | 2,132 | 0 | 0 | 0 | 0 | 0 | 2,132 |
Trade payables | 1,666 | 0 | 0 | 0 | 0 | 0 | 1,666 |
Bank overdrafts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Estimated contractual finance charges | 9 | 0 | 0 | 0 | 0 | 0 | 9 |
Total contractual repayments at 31 December 2023 | 2,817 | 1,395 | 880 | 744 | 683 | 2,018 | 8,537 |
As at 31 December | ||
EUR million | 2024 | 2023 |
Interest-bearing liabilities1 | 5,779 | 5,780 |
Interest-bearing assets1 | 2,072 | 2,613 |
Net debt | 3,707 | 3,167 |
Equity attributable to owners of the parent | 10,139 | 10,985 |
Adjusted EBITDA2 | 1,223 | 989 |
Net debt to equity ratio | 0.37 | 0.29 |
Net debt to\u00a0 adjusted EBITDA | 3.0 | 3.2 |
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 | 11 | \u2014 | 11 | 11 | 11 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 587 | 15 | 602 | 602 | \u2014 | \u2014 | 602 | 4.4 |
Non-current interest-bearing receivables | 9 | 5 | \u2014 | 14 | 14 | \u2014 | 5 | \u2014 | 5.3 |
Derivative assets | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Loan receivables | 9 | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 626 | 42 | \u2014 | 668 | 668 | \u2014 | 42 | \u2014 | 4.7 |
Current interest-bearing receivables | 38 | 9 | 1 | 47 | 47 | \u2014 | 10 | \u2014 | 5.3 |
Derivative assets | \u2014 | 9 | 1 | 10 | 10 | \u2014 | 10 | \u2014 | |
Other short-term receivables | 38 | \u2014 | \u2014 | 38 | 38 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 1,999 | \u2014 | \u2014 | 1,999 | 1,999 | \u2014 | \u2014 | \u2014 | |
Total | 2,672 | 654 | 16 | 3,342 | 3,342 | 11 | 57 | 602 |
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 | 3,889 | 5 | \u2014 | 3,894 | 4,129 | \u2014 | 5 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 5 | \u2014 | 5 | 5 | \u2014 | 5 | \u2014 | |
Non-current debt | 3,889 | \u2014 | \u2014 | 3,889 | 4,124 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 1,090 | \u2014 | \u2014 | 1,090 | 1,090 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 744 | 42 | 2 | 788 | 788 | \u2014 | 44 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 42 | 2 | 44 | 44 | \u2014 | 44 | \u2014 | |
Current debt | 744 | \u2014 | \u2014 | 744 | 744 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 2,005 | \u2014 | \u2014 | 2,005 | 2,005 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | 7 | \u2014 | \u2014 | 7 | 7 | \u2014 | \u2014 | \u2014 | |
Total | 7,735 | 47 | 2 | 7,784 | 8,019 | \u2014 | 50 | \u2014 |
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 | 9 | \u2014 | 9 | 9 | 9 | \u2014 | \u2014 | 4.4 |
Unlisted securities | \u2014 | 794 | 15 | 810 | 810 | \u2014 | \u2014 | 810 | 4.4 |
Non-current interest-bearing receivables | 62 | 14 | \u2014 | 76 | 76 | \u2014 | 15 | \u2014 | 5.3 |
Derivative assets | \u2014 | 14 | \u2014 | 15 | 15 | \u2014 | 15 | \u2014 | |
Loan receivables | 62 | \u2014 | \u2014 | 62 | 62 | \u2014 | \u2014 | \u2014 | |
Trade and other operative receivables | 882 | 30 | \u2014 | 912 | 912 | \u2014 | 30 | \u2014 | 4.7 |
Current interest-bearing receivables | 21 | 39 | 4 | 64 | 64 | \u2014 | 43 | \u2014 | 5.3 |
Derivative assets | \u2014 | 39 | 4 | 43 | 43 | \u2014 | 43 | \u2014 | |
Other short-term receivables | 21 | \u2014 | \u2014 | 21 | 21 | \u2014 | \u2014 | \u2014 | |
Cash and cash equivalents | 2,464 | \u2014 | \u2014 | 2,464 | 2,464 | \u2014 | \u2014 | \u2014 | |
Total | 3,428 | 887 | 19 | 4,334 | 4,334 | 9 | 87 | 810 |
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 | 4,774 | 1 | \u2014 | 4,775 | 4,926 | \u2014 | 1 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 1 | \u2014 | 1 | 1 | \u2014 | 1 | \u2014 | |
Non-current debt | 4,774 | \u2014 | \u2014 | 4,774 | 4,925 | \u2014 | \u2014 | \u2014 | |
Current portion of non-current debt | 347 | \u2014 | \u2014 | 347 | 347 | \u2014 | \u2014 | \u2014 | 5.3 |
Current interest-bearing liabilities | 651 | 4 | 2 | 657 | 657 | \u2014 | 6 | \u2014 | 5.3 |
Derivative liabilities | \u2014 | 4 | 2 | 6 | 6 | \u2014 | 6 | \u2014 | |
Current debt | 651 | \u2014 | \u2014 | 651 | 651 | \u2014 | \u2014 | \u2014 | |
Trade and other operative payables | 1,892 | \u2014 | \u2014 | 1,892 | 1,892 | \u2014 | \u2014 | \u2014 | 4.8 |
Bank overdrafts | \u2014 | \u2014 | \u2014 | 0 | 0 | \u2014 | \u2014 | \u2014 | |
Total | 7,664 | 6 | 2 | 7,672 | 7,823 | \u2014 | 8 | \u2014 |
EUR million | 2024 | 2023 |
Other operating income | 27 | -11 |
Other operating expense | -18 | -4 |
Borrowings, cash equivalents. lease liabilities and other | -22 | -10 |
Total | -13 | -25 |
EUR million | 2024 | 2023 |
Cash flow hedge accounted derivatives | ||
Currency hedges | -2 | -7 |
Commodity hedges | -5 | -2 |
Total | -7 | -8 |
As adjustments to sales | -5 | -7 |
As adjustments to materials and services | -1 | -2 |
Realised from OCI through income statement | -7 | -8 |
Currency hedges ineffectiveness | 1 | 1 |
Net gains/losses from cash flow hedges | -6 | -7 |
Non-hedge accounted derivatives | ||
Net receivable hedges | -3 | 5 |
Net gains/losses on non-hedge accounted derivatives | -3 | 5 |
Net hedge gains/losses in operating result | -9 | -2 |
EUR million | 2024 | 2023 |
Non-hedge accounted derivatives | ||
Currency derivatives | 2 | -12 |
Interest rate derivatives | 0 | 4 |
Net gains/losses on non-hedge accounted derivatives | 2 | -8 |
Net gains/losses in financial items | 2 | -8 |
EUR million | Nominal values | Positive fair values | Negative fair values | Net fair values | Nominal values | Positive fair values | Negative fair values | Net fair values |
2024 | 2023 | |||||||
Currency derivatives | ||||||||
Forwards: Operational cash flow hedging | 1,340 | 5 | -38 | -33 | 1,210 | 31 | -4 | 27 |
Options: Operational cash flow hedging | 673 | 1 | -6 | -5 | 405 | 6 | -1 | 5 |
Total cash flow hedge accounted | 2,013 | 7 | -44 | -38 | 1,615 | 37 | -5 | 33 |
Forwards: Trade and loan receivables hedging | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total currency derivatives | 2,528 | 7 | -47 | -39 | 1,994 | 41 | -6 | 35 |
Commodity derivatives | ||||||||
Electricity swaps: Costs hedging | 84 | 1 | -2 | -1 | 14 | 0 | -1 | -1 |
Oil swaps: Costs hedging | 15 | 0 | -1 | -1 | 14 | 0 | -1 | -1 |
Total cash flow hedge accounted | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Total commodity derivatives | 98 | 2 | -3 | -1 | 28 | 0 | -2 | -2 |
Interest rate derivatives | ||||||||
Interest rate swaps: Financial expenses hedging | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total interest rate derivatives | 346 | 6 | 0 | 6 | 443 | 16 | 0 | 16 |
Total cash flow hedge accounted | 2,457 | 14 | -47 | -34 | 2,086 | 54 | -7 | 47 |
Total non-hedge accounted | 515 | 1 | -2 | -1 | 379 | 4 | -1 | 3 |
Total derivatives | 2,973 | 15 | -50 | -35 | 2,464 | 57 | -8 | 49 |
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 | 69 | -68 | 1 |
Foreign exchange risk - Net investment hedges | 17 | -17 | 0 |
Commodity price risk - Commodity swaps | 5 | -5 | 0 |
Interest rate risk - Interest rate swaps | 10 | -10 | 0 |
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 | -23 | 24 | 1 |
Foreign exchange risk - Net investment hedges2 | -10 | 10 | 0 |
Commodity price risk - Commodity swaps | 21 | -21 | 0 |
Interest rate risk - Interest rate swaps | 13 | -13 | 0 |
EUR million | At 1 Jan 2024 | 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 2024 |
Foreign exchange risk - Operational cash flow hedging | 25 | -70 | 2 | 0 | 14 | -30 |
Commodity price risk - Commodity swaps | -1 | -5 | 5 | 0 | 0 | 0 |
Interest rate risk - Interest rate swaps | 13 | -10 | 0 | 0 | 2 | 5 |
Interest rate and foreign exchange risk - Cross-currency swaps | 0 | 0 | 0 | 0 | 0 | 0 |
Cost of hedging reserve | 1 | -3 | 0 | 0 | 1 | -2 |
Total cash flow hedge reserve in OCI | 38 | -88 | 7 | 0 | 16 | -27 |
Foreign exchange risk - Net investment hedges | 7 | -17 | 0 | 0 | 3 | -7 |
Total net investment hedges in CTA | 7 | -17 | 0 | 0 | 3 | -7 |
Total hedging reserves | 45 | -105 | 7 | 0 | 20 | -34 |
EUR million | At 1 Jan 2023 | 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 2023 |
Foreign exchange risk - Operational cash flow hedging | 2 | 20 | 8 | 2 | -6 | 25 |
Commodity price risk - Commodity swaps | 15 | -21 | 2 | 0 | 4 | -1 |
Interest rate risk - Interest rate swaps | 23 | -13 | 0 | 0 | 3 | 13 |
Interest rate and foreign exchange risk - Cross-currency swaps | 1 | 0 | -1 | 0 | 0 | 0 |
Cost of hedging reserve | -1 | 2 | 0 | 0 | 0 | 1 |
Total cash flow hedge reserve in OCI | 39 | -12 | 9 | 2 | 0 | 38 |
Foreign exchange risk - Net investment hedges | 1 | 10 | -2 | 0 | -2 | 7 |
Total net investment hedges in CTA | 1 | 10 | -2 | 0 | -2 | 7 |
Total hedging reserves | 40 | -3 | 7 | 2 | -2 | 45 |
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 | 15 | -12 | 0 | 3 |
Derivative liabilities | -50 | 12 | 0 | -37 |
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 | 57 | -2 | 0 | 56 |
Derivative liabilities | -8 | 2 | 0 | -6 |
EUR million | 2024 | 2023 |
Listed securities | 11 | 9 |
Long-term derivative assets | 5 | 15 |
Long-term deposits | 0 | 48 |
Long-term loans to associated companies | 2 | 2 |
Other long-term loan receivables | 7 | 12 |
Total non-current interest-bearing assets | 25 | 85 |
Short-term derivative assets | 9 | 42 |
Current portion of long-term deposits | 22 | 0 |
Other short-term loan receivables | 16 | 22 |
Cash and cash equivalents | 1,999 | 2,464 |
Total current interest-bearing assets | 2,047 | 2,528 |
Total interest-bearing assets | 2,072 | 2,613 |
EUR million | 2024 | 2023 |
Bond loans | 3,454 | 3,601 |
Loans from credit institutions | 978 | 997 |
Lease liabilities | 545 | 520 |
Long-term derivative financial liabilities | 5 | 1 |
Other non-current liabilities | 2 | 2 |
Non-current interest-bearing liabilities including current portion | 4,985 | 5,123 |
Short-term borrowings | 689 | 595 |
Interest payable | 55 | 56 |
Short-term derivative financial liabilities | 44 | 6 |
Bank overdrafts | 7 | 0 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
EUR million | 2024 | 2023 |
Carrying value at 1 January | 5,780 | 3,972 |
Additions in long-term debt, companies acquired | 0 | 131 |
Proceeds of new long-term debt | 19 | 2,006 |
Repayment of long-term debt | -176 | -619 |
Additions in lease liabilities, companies acquired | 0 | 99 |
Additions in lease liabilities | 82 | 109 |
Repayment of lease liabilities and interest | -85 | -87 |
Change in short-term borrowings | 69 | 177 |
Change in interest payable | 23 | 45 |
Change in derivative financial liabilities | 42 | -41 |
Disposals and classification as held for sale | -2 | -8 |
Other | 15 | 26 |
Translation differences | 11 | -29 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
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 | ||
2024 | 2023 | 2024 | 2023 | |||||
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 | 287 | 269 |
2016-2023 | Euro Medium Term Note | 2.125 | EUR | 300 | 300 | 0 | 0 | |
2017-2027 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 300 | 299 |
2018-2028 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 299 | 299 |
2019-2024 | Euro Medium Term Note (Green Bond) | 1.875 | SEK | 1,750 | 1,750 | 44 | ||
2020-2025 | Euro Medium Term Note (Green Bond) | 2.375 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2020-2030 | Euro Medium Term Note (Green Bond) | 0.625 | EUR | 500 | 500 | 500 | 496 | 496 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 400 | 400 | 400 | 35 | 36 |
2023-2026 | Euro Medium Term Note (Green Bond) | 4.00 | EUR | 500 | 500 | 500 | 499 | 499 |
2023-2029 | Euro Medium Term Note (Green Bond) | 4.25 | EUR | 500 | 500 | 500 | 498 | 497 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 600 | 600 | 600 | 52 | 54 |
2023-2028 | Euro Medium Term Note (Green Bond) | 5.00 | SEK | 2,250 | 2,250 | 2,250 | 196 | 202 |
Total Fixed Rate Bond Loans | 2,797 | 2,834 | ||||||
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 | 1,030 | 93 | ||
2019-2026 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 1,000 | 1,000 | 1,000 | 87 | 90 |
2020-2025 | Euro Medium Term Note (Green Bond) | Stibor+2.20 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2023-2027 | Euro Medium Term Note (Green Bond) | Stibor+1.25 | SEK | 2,350 | 2,350 | 2,350 | 205 | 211 |
2023-2028 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 500 | 500 | 500 | 44 | 45 |
2023-2033 | Euro Medium Term Note | Stibor + 2.20 | SEK | 425 | 425 | 425 | 37 | 38 |
Total Floating Rate Bond Loans | 658 | 767 | ||||||
Total Bond Loans | 3,455 | 3,601 |
EUR million | 2024 | 2023 |
Listed securities | 11 | 9 |
Long-term derivative assets | 5 | 15 |
Long-term deposits | 0 | 48 |
Long-term loans to associated companies | 2 | 2 |
Other long-term loan receivables | 7 | 12 |
Total non-current interest-bearing assets | 25 | 85 |
Short-term derivative assets | 9 | 42 |
Current portion of long-term deposits | 22 | 0 |
Other short-term loan receivables | 16 | 22 |
Cash and cash equivalents | 1,999 | 2,464 |
Total current interest-bearing assets | 2,047 | 2,528 |
Total interest-bearing assets | 2,072 | 2,613 |
EUR million | 2024 | 2023 |
Bond loans | 3,454 | 3,601 |
Loans from credit institutions | 978 | 997 |
Lease liabilities | 545 | 520 |
Long-term derivative financial liabilities | 5 | 1 |
Other non-current liabilities | 2 | 2 |
Non-current interest-bearing liabilities including current portion | 4,985 | 5,123 |
Short-term borrowings | 689 | 595 |
Interest payable | 55 | 56 |
Short-term derivative financial liabilities | 44 | 6 |
Bank overdrafts | 7 | 0 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
EUR million | 2024 | 2023 |
Carrying value at 1 January | 5,780 | 3,972 |
Additions in long-term debt, companies acquired | 0 | 131 |
Proceeds of new long-term debt | 19 | 2,006 |
Repayment of long-term debt | -176 | -619 |
Additions in lease liabilities, companies acquired | 0 | 99 |
Additions in lease liabilities | 82 | 109 |
Repayment of lease liabilities and interest | -85 | -87 |
Change in short-term borrowings | 69 | 177 |
Change in interest payable | 23 | 45 |
Change in derivative financial liabilities | 42 | -41 |
Disposals and classification as held for sale | -2 | -8 |
Other | 15 | 26 |
Translation differences | 11 | -29 |
Total interest-bearing liabilities\u00b9 | 5,779 | 5,780 |
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 | ||
2024 | 2023 | 2024 | 2023 | |||||
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 | 287 | 269 |
2016-2023 | Euro Medium Term Note | 2.125 | EUR | 300 | 300 | 0 | 0 | |
2017-2027 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 300 | 299 |
2018-2028 | Euro Medium Term Note | 2.50 | EUR | 300 | 300 | 300 | 299 | 299 |
2019-2024 | Euro Medium Term Note (Green Bond) | 1.875 | SEK | 1,750 | 1,750 | 44 | ||
2020-2025 | Euro Medium Term Note (Green Bond) | 2.375 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2020-2030 | Euro Medium Term Note (Green Bond) | 0.625 | EUR | 500 | 500 | 500 | 496 | 496 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 400 | 400 | 400 | 35 | 36 |
2023-2026 | Euro Medium Term Note (Green Bond) | 4.00 | EUR | 500 | 500 | 500 | 499 | 499 |
2023-2029 | Euro Medium Term Note (Green Bond) | 4.25 | EUR | 500 | 500 | 500 | 498 | 497 |
2023-2027 | Euro Medium Term Note (Green Bond) | 4.75 | SEK | 600 | 600 | 600 | 52 | 54 |
2023-2028 | Euro Medium Term Note (Green Bond) | 5.00 | SEK | 2,250 | 2,250 | 2,250 | 196 | 202 |
Total Fixed Rate Bond Loans | 2,797 | 2,834 | ||||||
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 | 1,030 | 93 | ||
2019-2026 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 1,000 | 1,000 | 1,000 | 87 | 90 |
2020-2025 | Euro Medium Term Note (Green Bond) | Stibor+2.20 | SEK | 1,550 | 1,550 | 1,550 | 135 | 140 |
2023-2027 | Euro Medium Term Note (Green Bond) | Stibor+1.25 | SEK | 2,350 | 2,350 | 2,350 | 205 | 211 |
2023-2028 | Euro Medium Term Note (Green Bond) | Stibor+1.60 | SEK | 500 | 500 | 500 | 44 | 45 |
2023-2033 | Euro Medium Term Note | Stibor + 2.20 | SEK | 425 | 425 | 425 | 37 | 38 |
Total Floating Rate Bond Loans | 658 | 767 | ||||||
Total Bond Loans | 3,455 | 3,601 |
EUR million | 2024 | 2023 |
Listed securities | 11 | 9 |
Long-term derivative assets | 5 | 15 |
Long-term deposits | 0 | 48 |
Long-term loans to associated companies | 2 | 2 |
Other long-term loan receivables | 7 | 12 |
Total non-current interest-bearing assets | 25 | 85 |
Short-term derivative assets | 9 | 42 |
Current portion of long-term deposits | 22 | 0 |
Other short-term loan receivables | 16 | 22 |
Cash and cash equivalents | 1,999 | 2,464 |
Total current interest-bearing assets | 2,047 | 2,528 |
Total interest-bearing assets | 2,072 | 2,613 |
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 | 15 | -12 | 0 | 3 |
Derivative liabilities | -50 | 12 | 0 | -37 |
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 | 57 | -2 | 0 | 56 |
Derivative liabilities | -8 | 2 | 0 | -6 |
A shares | R shares | Total | |
At 1 January 2023 | 176,238,280 | 612,381,707 | 788,619,987 |
Conversion of A shares to R shares | -7,364 | 7,364 | \u2014 |
At 31 December 2023 | 176,230,916 | 612,389,071 | 788,619,987 |
Conversion of A shares to R shares | -566,837 | 566,837 | \u2014 |
At 31 December 2024 | 175,664,079 | 612,955,908 | 788,619,987 |
Number of votes as at 31 December 2024\u00b9 | 175,664,079 | 61,295,590 | 236,959,669 |
Share capital at 31 December 2024, EUR million\u00b2 | 299 | 1,043 | 1,342 |
EUR million | 2024 | 2023 |
At 1 January | -97 | -30 |
Acquisitions | \u2014 | 2 |
Share of net result for the period | -48 | -74 |
Share of other comprehensive income | -5 | 5 |
At 31 December | -150 | -97 |
2024 | 2023 | 2024 | 2023 | ||
Company | Principal place of business | Ownership and voting rights held by non-controlling Interests, % | EUR million | ||
Stora Enso Pulp and Paper Asia AB Group (subgroup)1 | Sweden and China | 5.79%\u201319.92% | 5.79%\u201319.92% | -148 | -100 |
Others | - | -2 | 3 | ||
Total | -150 | -97 |
EUR million | 2024 | 2023 |
Assets | 675 | 858 |
Equity attributable to the owners of the parent | -515 | -345 |
Non-controlling interests1 | -148 | -100 |
Total equity | -663 | -445 |
Liabilities | 1,337 | 1,303 |
Net result for the period | -196 | -268 |
Attributable to | ||
Owners of the parent | -153 | -194 |
Non-controlling interests | -43 | -74 |
Net result for the period | -196 | -268 |
Net cash flow from operating activities | 9 | 16 |
Net cash flow from investing activities | -38 | -37 |
Net cash flow from financing activities | 18 | -23 |
Net cash flow | -11 | -43 |
EUR million | 2024 | 2023 |
Net assets acquired | ||
Cash and cash equivalents | 2 | 27 |
Property, plant and equipment | 0 | 200 |
Forest assets | 77 | 0 |
Intangible assets | 0 | 222 |
Right-of-use assets | 0 | 99 |
Working capital | 0 | 5 |
Tax assets and liabilities | -2 | -56 |
Interest-bearing assets and liabilities | 0 | -233 |
Fair value of net assets acquired | 77 | 265 |
Purchase consideration, cash part | 77 | 612 |
Purchase consideration, contingent | 0 | 0 |
Total purchase consideration | 77 | 612 |
Fair value of net assets acquired | -77 | -265 |
Non-controlling interest | 0 | 2 |
Goodwill | 0 | 349 |
Cash outflow on acquisitions | -77 | -612 |
Cash and cash equivalents of acquired subsidiaries | 2 | 27 |
Cash flow on acquisition, net of acquired cash | -75 | -584 |
Property, plant and equipment |
Property, plant and equipment |
Group ownership, % | Group ownership, % | ||
Subsidiaries | Country | 2024 | 2023 |
Anjala Fiber & Energy Oy | Finland | 100.00 | 100.00 |
AS Stora Enso Latvija | Latvia | 100.00 | 100.00 |
Bangma Productie B.V. | Netherlands | 100.00 | 100.00 |
Bangma Verpakking B.V. | Netherlands | 100.00 | 100.00 |
Bergn\u00e4t 1 AB | Sweden | 100.00 | 100.00 |
Beta Skog 1 AB | Sweden | 100.00 | 100.00 |
Cellutech AB | Sweden | 100.00 | 100.00 |
Centrum Dystrybucji i 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 | 0.00 | 51.00 |
De Jong Box B.V. | Netherlands | 100.00 | 100.00 |
De Jong Kasser Ehf. | Iceland | 0.00 | 100.00 |
De Jong Packaging Ltd. | UK | 100.00 | 100.00 |
De Jong Verpackung GmbH | Germany | 100.00 | 100.00 |
De Jong Verpakking B.V. | Netherlands | 100.00 | 100.00 |
DJV Holding B.V. | Netherlands | 100.00 | 100.00 |
DJV Strategisch Advies B.V. | Netherlands | 100.00 | 100.00 |
Dongguan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
DuraSense AB | Sweden | 0.00 | 100.00 |
eCorrugated Ltd. | UK | 0.00 | 100.00 |
Enso Alueverkko Oy | Finland | 100.00 | 100.00 |
Euro - Timber, spol. s.r.o. | Slovak Republic | 100.00 | 100.00 |
Felco B.V. | Netherlands | 100.00 | 100.00 |
FuraCore AB (Formerly Lignode AB) | Sweden | 100.00 | 100.00 |
FuraCore BV | Belgium | 100.00 | 0.00 |
Gaster Wellpappe GmbH | Germany | 100.00 | 100.00 |
Green Packaging System B.V. | Netherlands | 100.00 | 100.00 |
Guangxi Stora Enso Forestry Co. Ltd. | China | 89.50 | 89.50 |
Herman Andersson Oy | Finland | 100.00 | 100.00 |
HESPOL Sp. z.o.o. | Poland | 100.00 | 100.00 |
Jiashan Stora Enso Inpac Packaging Co. Ltd. | China | 100.00 | 100.00 |
Karpack B.V. | Netherlands | 100.00 | 100.00 |
KPMB Agri BV | Belgium | 100.00 | 100.00 |
KPMB NV | Belgium | 100.00 | 100.00 |
Lignode Holding Oy | Finland | 100.00 | 100.00 |
Lignode Oy | Finland | 100.00 | 100.00 |
Lumipaper Ltd | UK | 100.00 | 100.00 |
Lumipaper NV | Belgium | 100.00 | 100.00 |
PTI Packmitteltechnik GmbH | Germany | 80.00 | 80.00 |
Pulse Anilox Cleaning B.V. | Netherlands | 100.00 | 100.00 |
Rudico B.V. | Netherlands | 100.00 | 100.00 |
Rudico Groep B.V. | Netherlands | 100.00 | 100.00 |
Rudico Holding B.V. | Netherlands | 100.00 | 100.00 |
Selfly Store Oy | Finland | 0.00 | 100.00 |
Skogsutveckling Syd AB | Sweden | 66.67 | 66.67 |
S\u00f6dra Norrlands Hamnbolag nr 1 AB | Sweden | 100.00 | 100.00 |
Stora Enso (Guangxi) Forestry Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (Guangxi) Packaging Company Ltd. | China | 80.08 | 80.08 |
Stora Enso (HK) Ltd | Hong Kong | 100.00 | 100.00 |
Stora Enso (Southern Africa) (Pty) Ltd | South Africa | 100.00 | 100.00 |
Stora Enso AB | Sweden | 100.00 | 100.00 |
Stora Enso Amsterdam B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Arapoti Holding Florestal S.A. | Brazil | 100.00 | 100.00 |
Stora Enso Australia Pty Ltd | Australia | 100.00 | 100.00 |
Stora Enso Belgium NV | Belgium | 100.00 | 100.00 |
Stora Enso Bergskog 2 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bergskog 3 AB | Sweden | 100.00 | 100.00 |
Stora Enso Bois SAS | France | 100.00 | 100.00 |
Stora Enso Brasil Ltda | Brazil | 100.00 | 100.00 |
Stora Enso China Co., Ltd | China | 100.00 | 100.00 |
Stora Enso China Holdings AB | Sweden | 100.00 | 100.00 |
Stora Enso China Packaging (HK) Co., Limited | Hong Kong | 100.00 | 100.00 |
Stora Enso Corbehem SAS | France | 100.00 | 100.00 |
Stora Enso Danmark A/S | Denmark | 100.00 | 100.00 |
Stora Enso De Hoop B.V. | Netherlands | 0.00 | 100.00 |
Stora Enso Eesti AS | Estonia | 100.00 | 100.00 |
Stora Enso Espana S.A.U | Spain | 100.00 | 100.00 |
Stora Enso Fors AB | Sweden | 100.00 | 100.00 |
Stora Enso France SAS | France | 100.00 | 100.00 |
Stora Enso Germany GmbH | Germany | 0.00 | 100.00 |
Stora Enso Germany GmbH (Formerly Stora Enso Paper GmbH) | Germany | 100.00 | 100.00 |
Stora Enso Holding B.V. | Netherlands | 100.00 | 100.00 |
Stora Enso Holding France SAS | France | 100.00 | 100.00 |
Stora Enso Holdings UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Ingerois Oy | Finland | 100.00 | 100.00 |
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited | China | 100.00 | 100.00 |
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. | China | 100.00 | 100.00 |
Stora Enso Inpac Packaging Co. Ltd | China | 100.00 | 100.00 |
Stora Enso International Oy | Finland | 100.00 | 100.00 |
Stora Enso Italia Srl | Italy | 100.00 | 100.00 |
Stora Enso Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Kvarnsveden Industriutveckling AB | Sweden | 0.00 | 100.00 |
Stora Enso Langerbrugge NV | Belgium | 100.00 | 100.00 |
Stora Enso LLC | Ukraine | 100.00 | 100.00 |
Stora Enso Mexico S.A. | Mexico | 100.00 | 100.00 |
Stora Enso Middle East DMCC | United Arab Emirates | 100.00 | 100.00 |
Stora Enso Narew Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso North American Sales, LLC | USA | 100.00 | 100.00 |
Stora Enso Oulu Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging AB | Sweden | 100.00 | 100.00 |
Stora Enso Packaging AS | Estonia | 100.00 | 100.00 |
Stora Enso Packaging Oy | Finland | 100.00 | 100.00 |
Stora Enso Packaging SIA | Latvia | 100.00 | 100.00 |
Stora Enso Packaging UAB | Lithuania | 100.00 | 100.00 |
Stora Enso Paper AB | Sweden | 100.00 | 100.00 |
Stora Enso Paper France SAS | France | 0.00 | 100.00 |
Stora Enso Paper Oy | Finland | 0.00 | 100.00 |
Stora Enso Paper UK Ltd | UK | 100.00 | 100.00 |
Stora Enso Pension Trust Ltd. | UK | 100.00 | 100.00 |
Stora Enso Poland S.A. | Poland | 100.00 | 100.00 |
Stora Enso Polska Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Portugal Lda | Portugal | 100.00 | 100.00 |
Stora Enso Praha s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Publication Papers Oy Ltd | Finland | 100.00 | 100.00 |
Stora Enso Pulp AB | Sweden | 100.00 | 100.00 |
Stora Enso Pulp and Paper Asia AB | Sweden | 94.21 | 94.21 |
Stora Enso Skog AB | Sweden | 100.00 | 100.00 |
Stora Enso Skog AS | Norway | 100.00 | 100.00 |
Stora Enso Skog och Mark AB | Sweden | 100.00 | 100.00 |
Stora Enso South East Asia Pte Ltd | Singapore | 100.00 | 100.00 |
Stora Enso Timber AB | Sweden | 100.00 | 100.00 |
Stora Enso Treasury Stockholm AB | Sweden | 0.00 | 100.00 |
Stora Enso Turkey Karton Ve Ka\u011f\u0131t Ticaret Anonim Sirketi | Turkey | 100.00 | 100.00 |
Stora Enso UK Limited | UK | 100.00 | 100.00 |
Stora Enso US Inc. | USA | 100.00 | 100.00 |
Stora Enso Veitsiluoto Oy | Finland | 100.00 | 100.00 |
Stora Enso Wood Products d.o.o. Koper | Slovenia | 100.00 | 100.00 |
Stora Enso Wood Products GmbH | Austria | 100.00 | 100.00 |
Stora Enso Wood Products Japan K.K. | Japan | 100.00 | 100.00 |
Stora Enso Wood Products Plan\u00e1 s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso Wood Products Sp.z.o.o. | Poland | 100.00 | 100.00 |
Stora Enso Wood Products Zdirec s.r.o. | Czechia | 100.00 | 100.00 |
Stora Enso WP Bad St. Leonhard GmbH | Austria | 100.00 | 100.00 |
Stora Enso WP HV s.r.o. | Czechia | 100.00 | 100.00 |
Stora Kopparbergs Bergslags AB | Sweden | 100.00 | 100.00 |
Sumarbox B.V. | Netherlands | 100.00 | 100.00 |
Sydved AB | Sweden | 66.67 | 66.67 |
Twinpack B.V. | Netherlands | 100.00 | 100.00 |
UAB Stora Enso Lietuva | Lithuania | 100.00 | 100.00 |
Virdia B2X, LLC | USA | 100.00 | 100.00 |
Virdia LLC | USA | 100.00 | 100.00 |
Virdia Ltd | Israel | 100.00 | 100.00 |
Wellpappenfabrik Gesellschaft GmbH | Germany | 80.00 | 80.00 |
Group ownership, % | Group ownership, % | ||
Associated companies | Country | 2024 | 2023 |
A.C.D.F. Industrie | France | 35.00 | 35.00 |
Bergslagens Vind AB (Formerly Stora Enso Vind 1 AB) | Sweden | 50.00 | 50.00 |
Honkalahden Teollisuuslaituri Oy | Finland | 50.00 | 50.00 |
Industriewater Eerbeek B.V. | Netherlands | 0.00 | 37.50 |
Industrikraft i Sverige AB | Sweden | 20.00 | 0.00 |
Kemira Cell Sp.z.o.o. | Poland | 45.00 | 45.00 |
Mets\u00e4teho Oy | Finland | 23.95 | 23.95 |
Novimus Oy (Formerly Oy Keskuslaboratorio - Centrallaboratorium Ab) | Finland | 32.24 | 32.24 |
\u00d6sterbergs F\u00f6rpackningsmaskiner AB | Sweden | 50.00 | 50.00 |
Perkaus Oy | Finland | 33.33 | 33.33 |
SELF Logistika SIA | Latvia | 50.00 | 50.00 |
Steveco Oy | Finland | 34.39 | 34.39 |
Suomen Ker\u00e4yspaperi Tuottajayhteis\u00f6 Oy | Finland | 40.09 | 40.09 |
SweTree Technologies AB | Sweden | 23.83 | 23.83 |
T&B Containers Holdings Ltd. | UK | 30.00 | 30.00 |
Tornator Oyj | Finland | 41.00 | 41.00 |
Tr\u00e4t\u00e5g AB | Sweden | 50.00 | 50.00 |
TreeToTextile AB | Sweden | 28.94 | 28.94 |
ZMP GMBH | Austria | 30.00 | 30.00 |
Group ownership, % | Group ownership, % | ||
Other companies | Country | 2024 | 2023 |
AMEXCI AB | Sweden | 9.10 | 9.10 |
Arevo AB | Sweden | 12.73 | 12.73 |
CarbonScape Ltd | New Zealand | 15.00 | 15.00 |
Clic Innovation Oy | Finland | 9.87 | 9.87 |
Combient AB | Sweden | 5.40 | 5.40 |
East Office of Finnish Industries Oy | Finland | 4.00 | 4.00 |
Packages Limited | Pakistan | 6.40 | 6.40 |
Pohjolan Voima Oyj | Finland | 16.14 | 15.71 |
PulPac AB | Sweden | 10.30 | 10.30 |
Radioskog AB | Sweden | 10.00 | 10.00 |
RK Returkartong AB | Sweden | 8.40 | 8.40 |
SSG Standard Solutions Group AB | Sweden | 14.29 | 14.29 |
Suomen Puukauppa Oy | Finland | 10.74 | 10.74 |
T&B Containers Ltd. | UK | 30.00 | 30.00 |
Union Developement R\u00e9cup. Pap. | France | 10.70 | 10.70 |
Group ownership, % | Group ownership, % | ||
Joint operations | Country | 2024 | 2023 |
Celulosa y Energia Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
El Esparragal Asociaci\u00f3n Agraria de Responsabilidad Limitada | Uruguay | 50.00 | 50.00 |
Eufores S.A. | Uruguay | 50.00 | 50.00 |
Forestal Cono Sur S.A. | Uruguay | 50.00 | 50.00 |
Monte Fresnos A.A.R.L. | Uruguay | 50.00 | 0.00 |
Monte Fresnos S.A. | Uruguay | 50.00 | 0.00 |
Ongar S.A. | Uruguay | 50.00 | 50.00 |
Stora Enso Uruguay S/A | Uruguay | 50.00 | 50.00 |
Taurion A.A.R.L. | Uruguay | 50.00 | 0.00 |
Taurion S.A. | Uruguay | 50.00 | 0.00 |
Terminal Log\u00edstica e Industrial M`Bopocu\u00e1 S.A. | Uruguay | 50.00 | 50.00 |
Veracel Celulose SA | Brazil | 50.00 | 50.00 |
Zona Franca Punta Pereira S.A. | Uruguay | 50.00 | 50.00 |
EUR million | 2024 | 2023 |
On own behalf | ||
Guarantees | 17 | 18 |
Other commitments | 6 | 6 |
On behalf of associated companies | ||
Guarantees | 4 | 5 |
On behalf of others | ||
Guarantees | 16 | 16 |
Other commitments | 0 | 0 |
Total | 43 | 44 |
Guarantees | 37 | 38 |
Other commitments | 6 | 6 |
Total | 43 | 44 |
EUR million | 2024 | 2023 |
Total | 304 | 683 |
EUR million | 2024 | 2023 |
On own behalf | ||
Guarantees | 17 | 18 |
Other commitments | 6 | 6 |
On behalf of associated companies | ||
Guarantees | 4 | 5 |
On behalf of others | ||
Guarantees | 16 | 16 |
Other commitments | 0 | 0 |
Total | 43 | 44 |
Guarantees | 37 | 38 |
Other commitments | 6 | 6 |
Total | 43 | 44 |
EUR million | 2024 | 2023 |
Total | 304 | 683 |