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| Extract from the Parent Company Stora Enso Oyj Financial Statements | ||
| Accounting principles | ||
| The Parent Company Financial Statements are prepared according to Generally Accepted Accounting Principles in Finland (Finnish GAAP); see Group Consolidated Financial Statements Note 1, Accounting Principles. The main differences between the accounting policies of the Group and the Parent Company relate to: | ||
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Accounting of amortisation of capitalised goodwill The valuation of certain financial assets, financial liabilities, financial instruments and securities Accounting of post-employment Defined Benefit Plans The presentation and accounting of deferred tax Accounting of equity incentive schemes Accounting of financial leases. |
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| Change in the presentation method | ||
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The amended Accounting Act came into effect on 1 January 2016. With the amendment, the group containing extraordinary income and expenses was removed from the income statement. The merger loss of EUR 18.1 million that was recognised in extraordinary expenses in 2015 was transferred to other operating expenses. Consequently, operating profit for 2015 were decreased by the same amount. The Group contribution of EUR 0.2 million that was recognised in extraordinary income in 2015 was transferred to appropriations. The corresponding changes were also made to the cash flow statement. The company has changed its presentation of derivatives in accordance with Finnish Accounting Board’s opinion 13.12.2016 1963/2016. Hedge accounted derivatives that are hedging parent company’s own highly probable cash flows are now measured at fair value in the balance sheet according to IFRS standards with effective hedge result being recognised in the fair value reserve in equity. The fair values of such derivatives were previously presented as off-balance sheet items. At the end of the period, the fair value reserve was EUR 16.6 million negative (EUR 10.6 million negative in 2015). The company has also changed presentation of certain non-hedge accounted derivatives with unrealised losses being immediately recognised in the Income Statement while any unrealised gains only being recognized at maturity or when derivative result otherwise realises. In 2016 the change had a negative impact of EUR 35.5 million on the Income Statement (EUR 13.9 million negative in 2015). As a consequence the negative impact on parent company’s equity totaled EUR 52.1 million (EUR 22.8 million negative in 2015). Comparative periods have not been restated due to the change. |
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| Parent Company income statement | Year Ended 31 December | |
| EUR million | 2016 | 2015 |
| Sales | 3 453 | 3 440 |
| Changes in inventories of finished goods and work in progress | -9 | - |
| Production for own use | 1 | - |
| Other operating income | 174 | 199 |
| Materials and services | -2 167 | -2 187 |
| Personnel expenses | -318 | -313 |
| Depreciation and value adjustments | -145 | -126 |
| Other operating expenses | -741 | -744 |
| Operating Profit | 248 | 269 |
| Net financial items | -73 | 1 |
| Profit before Appropriations and Taxes | 175 | 270 |
| Appropriations | -43 | -76 |
| Income tax expense | - | -1 |
| Net Profit for the Period | 132 | 193 |
| Parent Company statement of financial position | ||
| Assets | ||
| As at 31 December | ||
| EUR million | 2016 | 2015 |
| Fixed Assets and Non-current Investments | ||
| Intangible assets | 85 | 63 |
| Tangible assets | 926 | 940 |
| Shares in Group companies | 6 179 | 6 192 |
| Other investments | 782 | 1 292 |
| 7 972 | 8 487 | |
| Current Assets | ||
| Inventories | 442 | 445 |
| Long-term receivables | 1 | - |
| Short-term receivables | 947 | 1 388 |
| Cash and cash equivalents | 2 259 | 1 123 |
| 3 649 | 2 956 | |
| Total Assets | 11 621 | 11 443 |
| Equity and Liabilities | ||
| As at 31 December | ||
| EUR million | 2016 | 2015 |
| Share capital | 1 342 | 1 342 |
| Share premium | 3 639 | 3 639 |
| Fair value reserve | -17 | - |
| Invested non-restricted equity fund | 633 | 633 |
| Retained earnings | 722 | 789 |
| Net profit for the period | 132 | 193 |
| 6 451 | 6 596 | |
| Appropriations | 180 | 136 |
| Provisions | 17 | 21 |
| Non-current Liabilities | 1 752 | 2 347 |
| Current Liabilities | 3 221 | 2 343 |
| Total Equity and Liabilities | 11 621 | 11 443 |
| The presentation of Intangible assets and Tangible assets has been further specified with regard to the comparison period. | ||
| Parent Company cash flow statement | ||
| Year Ended 31 December | ||
| EUR million | 2016 | 2015 |
| Cash Provided by Operating Activities | ||
| Net profit for the period | 132 | 193 |
| Taxes | - | 1 |
| Appropriations | 43 | 76 |
| Depreciation and value adjustments | 145 | 126 |
| Unrealised foreign exchange wins and losses | -29 | 70 |
| Other non-cash items | -6 | -2 |
| Financial income and expenses | 73 | -1 |
| Interest received | 61 | 71 |
| Interest paid net of amounts capitalised | -122 | -130 |
| Dividends received | 133 | 246 |
| Other financial items paid net | -116 | -106 |
| Income taxes paid | -1 | -1 |
| Change in net working capital | 110 | 63 |
| Net Cash Provided by Operating Activities | 423 | 606 |
| Net Cash from Investing Activities | ||
| Capital expenditure | -154 | -237 |
| Proceeds from sale of fixed assets | 3 | 5 |
| Purchases of other investments | -5 | -9 |
| Investment in subsidiary shares | -91 | -12 |
| Proceeds from disposal of subsidiary shares | - | 326 |
| Proceeds from disposal of shares in other companies | 11 | - |
| Proceeds from long-term receivables net | 964 | 51 |
| Net Cash Provided in Investing Activities | 728 | 124 |
| Cash Flow from Financing Activities | ||
| Proceeds from (payment of) long-term liabilities net | -587 | -461 |
| Proceeds from (payment of) short-term borrowings net | 827 | -433 |
| Capital repayment / dividend per share paid/declared | -260 | -237 |
| Group contributions paid and received | - | 40 |
| Net Cash Used in Financing Activities | -20 | -1 091 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 1 131 | -361 |
| Translation adjustment | 5 | -10 |
| Cash and cash equivalents at start of year | 1 123 | 1 494 |
| Cash and Cash Equivalents at Year End | 2 259 | 1 123 |