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Annual General Meeting 2012, presentation material
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It should be noted that certain statements herein which are not historical facts, including, without limitation
those regarding expectations for market growth and developments; expectations for growth and profitability;
and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are
forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of
1995. Since these statements are based on current plans, estimates and projections, they involve risks and
uncertainties which may cause actual results to materially differ from those expressed in such forward-looking
statements. Such factors include, but are not limited to: (1) operating factors such as continued success of
manufacturing activities and the achievement of efficiencies therein, continued success of product
development, acceptance of new products or services by the Group’s targeted customers, success of the
existing and future collaboration arrangements, changes in business strategy or development plans or targets,
changes in the degree of protection created by the Group’s patents and other intellectual property rights, the
availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand,
intensity of competition, prevailing and future global market prices for the Group’s products and the pricing
pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors
of the Group, the potential introduction of competing products and technologies by competitors; and (3)
general economic conditions, such as rates of economic growth in the Group’s principal geographic markets
or fluctuations in exchange and interest rates.
24 April 2012 Stora Enso AGM 2012
Full year 2011 operational EBIT improved by 9%
Operational EBIT EUR 867 million
Operational ROCE 10.0%
Strong cash flow EUR 1 034 million
EPS excl. NRI 0.63
Debt/equity ratio 0.47
8 April 24, 2012 Stora Enso AGM 2012
Solid year
April 24, 2012 Stora Enso AGM 2012 9
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
50
100
150
200
250
300
EU
R m
illio
n
Operational EBIT
Operational EBIT margin %, 4 Q avg
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
0
100
200
300
400
500
600
700
800
900
2010 2011
EU
R m
illio
n
Operational EBIT
Operational EBIT margin %
0
100
200
300
400
500
600
700
800
900
In November 2011 Facebook market share among social networking
services was 55%. Twitter was the second with a market share of 12%.
24 April 2012
Aug 2008 Aug 2009 Aug 2010 Aug 2011
+180%
+85%
+50%
Over 50% of current
users are mobile
Nu
mb
er
of
ac
tive
Fa
ce
bo
ok
us
ers
,
mil
lio
n
Sources: Facebook, ComScore Stora Enso AGM 2012
0
20
40
60
0 1 2 3 4 5 6 7 8 9 10
Apple iPad Apple iPhone +
iTouch Nintendo Wii
Nintendo DS
Sony PSP
Apple iPod
iPad’s take-off has been a great success
24 April 2012 Stora Enso AGM 2012
RIM Blackberry
Global shipments (million units)
Quarters after product launch
Source: KPCB; Apple; Morgan Stanley
50
60
70
80
90
100
110
120
Ja
n-0
0
Ja
n-0
1
Ja
n-0
2
Ja
n-0
3
Ja
n-0
4
Ja
n-0
5
Ja
n-0
6
Ja
n-0
7
Ja
n-0
8
Ja
n-0
9
Ja
n-1
0
Ja
n-1
1
Industrial production based model
OECD composite leading indicator based model
Seasonally adjusted graphic paper demand
The development has caused a structural change to
West Europe paper demand development
24 April 2012 Stora Enso AGM 2012
Gra
ph
ic P
ap
er
Dem
an
d [
2005=
100]
Strongest growth in demand of fibre-based consumer
board will be in Asia
2010–2020
Million tonnes
Source: Pöyry and Stora Enso
1.1
1.5
0.5
0.7
3.8
4.4
Asia
CAGR
6.9 %
Eastern
Europe
CAGR
4.6 %
Western
Europe
CAGR
1.4 %
Middle East &
Africa
CAGR
3.3 %
South
America
CAGR
3.5 %
North
America
CAGR
0.2 %
0.9
1.5
24 April 2012 Stora Enso AGM 2012
CAGR = Compound Annual Growth Rate
Rethink strategy
24 April 2012
• Growth markets
• Renewable
packaging
• Biomaterials
• Competitive paper
24 April 2012 Stora Enso AGM 2012
Cash engines
• Printing and Reading
• Nordic market pulp
• Low cost base saw milling
Growth engines
• Renewable Packaging
• Plantation based pulp
• Building and Living
24 April 2012 24 April 2012 Stora Enso AGM 2012
Population Growth
Growing Environmental
Pressures
Doing more with less
24 April 2012 24 April 2012 Stora Enso AGM 2012
Local operations with global values
• We have one set of values that are
applied wherever we operate
• Our Code of Conduct defines the
common rules for all our employees
on ethical business practises
• Stora Enso is committed to UN
Global Compact and all its
principles including human rights,
labour standards, environment and
anti-corruption
24 April 2012 Stora Enso AGM 2012
Dividend
• The Parent Company distributable shareholders’ equity on 31 December
2011 amounted to EUR 1 101 070 862.18, including the loss for the period of
EUR 152 155 315.91
• The Board of Directors proposes to the Annual General Meeting of the
Company that it pays to its shareholders a dividend of EUR 0.30 per share,
total of EUR 236 861 549.70
• Record date 27 April 2012
• Payment date 16 May 2012
24 April 2012 Stora Enso AGM 2012
Remuneration
April 24, 2012 Stora Enso AGM 2012 33
2008 onwards 40% of Board remuneration is in R shares
Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000
The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market. In addition, annual remuneration shall be paid to members of the Board Committees as follows:
Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000
Remuneration Committee Chairman EUR 10 000 Members EUR 6 000
Remuneration shall be paid only to non-executive Board members.
Annual remuneration
24 April 2012 Stora Enso AGM 2012
Composition of the Board of Directors
24 April 2012 Stora Enso AGM 2012
The Nomination Board proposes to the AGM that the Board of Directors shall
have eight (8) members.
Gunnar Brock
Birgitta Kantola
Mikael Mäkinen
Juha Rantanen
Hans Stråberg
Matti Vuoria
Marcus Wallenberg
Hock Goh
Hock Goh
24 April 2012 Stora Enso AGM 2012
• Born 1955, Singaporean citizen
• Bachelor’s degree (honours) in Mechanical Engineering
• Operating Partner of Baird Capital Partners Asia since 2005, a US
private equity group. Earlier positions:
– 1995–2005 held several senior management positions in
Schlumberger.
– Division President of Schlumberger Ltd 2002–2005,
– President of Schlumberger Asia 1998–2002 and Vice President
and General Manager of China 1995–1998
Chairman of the Board of Advent Energy and MEC Resources, and
member of the Board of BPH Energy, KS Distribution Pte Ltd and
THISS Technologies Pte Ltd.
Appointment of Nomination Board
24 April 2012 Stora Enso AGM 2012
Duties
The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning
(a) the number of members of the Board of Directors
(b) the members of the Board of Directors
(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors
(d) the remuneration for the Chairman and members of the committees of the Board of Directors
Members
• The Chairman of the Board of Directors
• The Vice Chairman of the Board of Directors
• Two members appointed by the two largest shareholders (one each)
as of 30 September 2012
Remuneration for 2012
• EUR 3 000/year (payable only to non-board members)
Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000
The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market. In addition, annual remuneration shall be paid to members of the Board Committees as follows:
Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000
Remuneration Committee Chairman EUR 10 000 Members EUR 6 000
Remuneration shall be paid only to non-executive Board members.
Annual remuneration
24 April 2012 Stora Enso AGM 2012
Composition of the Board of Directors
24 April 2012 Stora Enso AGM 2012
The Nomination Board proposes to the AGM that the Board of Directors shall
have eight (8) members.
Gunnar Brock
Birgitta Kantola
Mikael Mäkinen
Juha Rantanen
Hans Stråberg
Matti Vuoria
Marcus Wallenberg
Hock Goh
Election of Auditors
24 April 2012 Stora Enso AGM 2012
• The Board of Directors proposes to the AGM that Authorised Public
Accountants Deloitte & Touche Oy continue as the statutory auditor of the
Company until the end of the following AGM.
Appointment of Nomination Board
24 April 2012 Stora Enso AGM 2012
Duties
The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning
(a) the number of members of the Board of Directors
(b) the members of the Board of Directors
(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors
(d) the remuneration for the Chairman and members of the committees of the Board of Directors
Members
• The Chairman of the Board of Directors
• The Vice Chairman of the Board of Directors
• Two members appointed by the two largest shareholders (one each)
as of 30 September 2012
Remuneration for 2012
• EUR 3 000/year (payable only to non-board members)
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