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Consolidated cash flow statement
Year Ended 31 December
EUR million Note 2016 2015
Cash Flow from Operating Activities
Net profit for the year 407 783
Result from the Statement of Other Comprehensive Income -1 -11
Adjustments and reversal of non-cash items:
Taxes 9 134 31
Depreciation and impairment charges 10 398 763
Change in value of biological assets 12 261 89
Change in fair value of share awards and TRS -1 6
Share of results of equity accounted investments 13 -156 -519
Profits and losses on sale of fixed assets and investments 5 15 1
Net financial items 8 242 245
Other adjustments -8 -16
Dividends received from equity accounted investments 13 58 32
Interest received 12 18
Interest paid -144 -191
Other financial items, net -48 -78
Income taxes paid 9 -92 -78
Change in net working capital, net of businesses acquired or sold 283 141
Net Cash Provided by Operating Activities 1 360 1 216
Cash Flow from Investing Activities
Acquisition of shares in equity accounted investments 13 -1 -1
Acquisition of available-for-sale investments 14 -2 -14
Capital expenditure 3, 11 -707 -879
Investment in biological assets 12 -91 -77
Proceeds from disposal of subsidiary shares and business operations, net of disposed cash 4 40 -10
Proceeds from disposal of shares in equity accounted investments 13 26 -
Proceeds from disposal of available-for-sale investments 14 10 -
Proceeds from disposal of intangible assets and property, plant and equipment 11 220 27
Income taxes paid on disposal of property -13 -
Proceeds from non-current receivables, net 64 5
Net Cash Used in Investing Activities -454 -949
Cash Flow from Financing Activities
Proceeds from issue of new long-term debt 368 435
Repayment of long-term debt -781 -1 181
Change in short-term borrowings -46 46
Dividends paid -260 -237
Buy-out of interest in subsidiaries from non-controlling interests 19 -46 -
Equity injections from, less dividends to, non-controlling interests 19 -2 10
Purchase of own shares -2 -6
Net Cash Used in Financing Activities -769 -933
Net Change in Cash and Cash Equivalents 137 -666
Translation adjustment 5 29
Net Cash and cash equivalents at beginning of year 807 1 444
Net Cash and Cash Equivalents at Year End 949 807
Cash and Cash Equivalents at Year End1 953 808
Bank Overdrafts at Year End -4 -1
Net Cash and Cash Equivalents at Year End 949 807
1 Cash and cash equivalents comprise cash-in-hand, deposits held at call with banks and other liquid investments with original maturity of less than three months. Bank overdrafts are included in current liabilities.
The accompanying Notes are an integral part of these Consolidated financial statements.

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