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Unaudited

Stora Enso ensures that all material information that has an impact on Stora Enso’s share price is available to the general public and financial community simultaneously in order to ensure the right share price level in relation to the company’s value, history and future prospects. In its communication with the capital markets Stora Enso’s Investor Relations aims to support brand with accurate, consistent and credible financial communications.

Shares and shareholders

Shares and voting rights

The shares of Stora Enso Oyj (hereafter the “Company” or “Stora Enso”) are divided into A and R shares, which entitle holders to the same dividend but different voting rights. Each A share and each ten R shares carry one vote at a shareholders’ meeting. However, each shareholder has at least one vote.

On 31 December 2016, Stora Enso had 176 507 090 A shares and 612 112 897 R shares in issue, of which the Company held no A shares or R shares. The total number of Stora Enso shares in issue was 788 619 987 and the total number of votes was 237 718 380.

Share listings

Stora Enso shares are listed on the Nasdaq Helsinki and the Nasdaq Stockholm. Stora Enso shares are quoted in Helsinki in euros (EUR) and in Stockholm in Swedish crowns (SEK).

American Depositary Receipts (ADRs)

Stora Enso has a sponsored Level I American Depositary Receipts (ADR) facility. Stora Enso ADRs are traded over-the-counter (OTC) in the USA. The ratio between Stora Enso ADRs and R shares is 1:1, i.e. one ADR represents one Stora Enso R share. Citibank, N.A. acts as the depositary bank for the Stora Enso ADR programme. The trading symbol is SEOAY and the CUSIP number is 86210M106.

Share registers

The Company’s shares are entered in the Book-Entry Securities System maintained by Euroclear Finland Oy, which also maintains the official share register of Stora Enso Oyj.

On 31 December 2016, 105 066 591 of the Company’s shares were registered in Euroclear Sweden AB and 15 452 802 of the Company’s R shares were registered in ADR form in Citibank, N.A.

Distribution by book-entry system, 31 December 2016
Number of shares Total A shares R shares
Euroclear Finland Oy 668 100 594 165 330 870 502 769 724
Euroclear Sweden AB1 105 066 591 11 176 220 93 890 371
Citi administered ADRs1 15 452 802 - 15 452 802
Total 788 619 987 176 507 090 612 112 897
1 Share registered in Euroclear Sweden and ADRs are both nominee registered in Euroclear Finland.
Ownership distribution, 31 December 2016
% of shares % of votes % of shareholders
FAM AB 10.2% 27.3% 0.0%
Solidium Oy1 12.3% 25.1% 0.0%
Social Insurance Institution of Finland (KELA) 3.3% 10.1% 0.0%
Finnish institutions (excl. Solidium and KELA) 13.3% 11.8% 2.8%
Swedish institutions (excl. FAM) 6.6% 5.2% 2.0%
Finnish private shareholders 4.3% 2.6% 44.6%
Swedish private shareholders 3.7% 2.4% 47.9%
ADR holders 2.0% 0.7% 1.6%
Under nominee names (non-Finnish/non-Swedish shareholders) 44.3% 14.8% 1.1%
1 Entirely owned by the Finnish state.

Share capital

On 31 December 2016, the Company’s fully paid-up share capital entered in the Finnish Trade Register was EUR 1 342 million. The current accountable par of each issued share is EUR 1.70.

Conversion

According to the Articles of Association, holders of Stora Enso A shares may convert these into R shares at any time. The conversion of shares is voluntary. The conversions of a total of 25 000 A shares into R shares during the year were recorded in the Finnish Trade Register on 15 January 2016.

 

Changes in share capital 2009–2016
No. of A shares issued No. of R shares issued Total no. of shares Share capital (EUR million)
Stora Enso Oyj, 1 Jan 2009 177 152 481 612 386 018 789 538 499 1 342
Conversion of A shares into R shares, Dec 2008–Nov 2009 -2 397 2 397 - -
Stora Enso Oyj, 31 Dec 2009 177 150 084 612 388 415 789 538 499 1 342
Conversion of A shares into R shares, Dec 2009–Nov 2010 -300 300 - -
Stora Enso Oyj, 31 Dec 2010 177 149 784 612 388 715 789 538 499 1 342
Conversion of A shares into R shares, Dec 2010–Nov 2011 -1 012 1 012 - -
Stora Enso Oyj, 31 Dec 2011 177 148 772 612 389 727 789 538 499 1 342
Conversion of A shares into R shares, Dec 2011–Nov 2012 -1 000 1 000 - -
Stora Enso Oyj, 31 Dec 2012 177 147 772 612 390 727 789 538 499 1 342
Cancellation of shares owned by the Company, 15 May 2013 -918 512 788 619 987 -
Conversion of A shares into R shares, Dec 2012–Nov 2013 -51 568 51 568 - -
Stora Enso Oyj, 31 Dec 2013 177 096 204 611 523 783 788 619 987 1 342
Conversion of A shares into R shares, Dec 2013–Nov 2014 -40 000 40 000 - -
Stora Enso Oyj, 31 Dec 2014 177 056 204 611 563 783 788 619 987 1 342
Conversion of A shares into R shares, Dec 2014–Nov 2015 -524 114 524 114 - -
Stora Enso Oyj, 31 Dec 2015 176 532 090 612 087 897 788 619 987 1 342
Conversion of A shares into R shares, Dec 2014–Nov 2015 -25 000 25 000 - -
Stora Enso Oyj, 31 Dec 2016 176 507 090 612 112 897 788 619 987 1 342
For more historical data about the share capital, please visit storaenso.com/investors

Stora Enso’s activities in capital markets during 2016

Stora Enso’s Investor Relations activities cover equity and fixed-income markets to ensure full and fair valuation of the Company, continual access to funding sources and stable bond pricing. Investors and analysts are met on a regular basis in Europe, North America, and parts of Asia and Latin America. In 2016, the IR team conducted a number of individual and group meetings with equity investors, whilst maintaining regular contact with equity research analysts at investment banks and brokerage firms. There were also meetings with fixed-income analysts and investors. In addition, Stora Enso arranged a webinar for ESG investors and analysts on its sustainability strategy and activities.

The group arranged site visits to mills in Scandinavia, Poland and Brazil for the members of the investment community. In addition, visits to innovation centres in Helsinki and Stockholm were arranged. Senior management and IR personnel also gave presentations at equity and fixed-income investor conferences in Scandinavia, Continental Europe, the United Kingdom and North America. During the year, the group arranged four large group presentations for private investor in Finland and Sweden.

Capital markets day (CMD) took place on 17 November 2016 in London. At the event, the CEO, CFO and the Divisional heads of Biomaterials and Wood Products gave their presentations, which were followed by break-out sessions with the CEO, CFO and divisional heads providing an opportunity for further discussion with the management. In addition, Intelligent Packaging, Microfibrillated Cellulose (MFC) and Lignin were shown on demo stations during the event. The CMD was attended by sell-and-buy side analysts, equity and fixed income investors, and relationship bank representatives.

In June, Stora Enso was ranked at best investor relations in Finland in Extel investor relations ranking.

Shareholdings of other group-related bodies at 31 December 2016

E.J. Ljungberg’s Education Foundation owned 1 780 540 A shares and 2 336 224 R shares, E.J. Ljungberg’s Foundation owned 39 534 A shares and 101 579 R shares, Mr. and Mrs. Ljungberg’s Testamentary Foundation owned 5 093 A shares and 13 085 R shares and Bergslaget’s Healthcare Foundation owned 626 269 A shares and 1 609 483 R shares.

Shareholders

At the end of 2016 the Company had approximately 83 854 registered shareholders, including about 42 462 Swedish shareholders and about 1 325 ADR holders. Each nominee register is entered in the share register as one shareholder.

The free float of shares excluding shareholders with holdings of more than 5% of shares or votes is approximately 570 million shares, which is 72% of the total number of shares issued. The largest single shareholder in the Company is FAM AB based in Sweden.

Major shareholders as at 31 December 2016
By voting power A shares R shares % of shares % of votes
1 FAM AB1 63 123 386 17 000 000 10.2% 27.3%
2 Solidium Oy2 55 595 937 41 483 501 12.3% 25.1%
3 Social Insurance Institution of Finland 23 825 086 2 275 965 3.3% 10.1%
4 Varma Mutual Pension Insurance Company 15 572 117 140 874 2.0% 6.6%
5 MP-Bolagen i Vetlanda AB, (Werner von Seydlitz dödsbo) 4 803 000 3 507 000 1.1% 2.2%
6 Ilmarinen Mutual Pension Insurance Company 3 492 740 13 781 189 2.2% 2.0%
7 Erik Johan Ljungberg's Education Foundation 1 780 540 2 336 224 0.5% 0.8%
8 Swedbank Robur Funds - 11 032 722 1.4% 0.5%
9 The State Pension Fund - 8 500 000 1.1% 0.4%
10 Bergslaget's Healthcare Foundation 626 269 1 609 483 0.3% 0.3%
11 Nordea Investment Funds - 6 879 179 0.9% 0.3%
12 Unionen (Swedish trade union) - 5 297 200 0.7% 0.2%
13 Keva (Local Government Pensions Institution) - 5 251 101 0.7% 0.2%
14 SEB Investment Management - 4 701 297 0.6% 0.2%
15 Investment Fund Nordea Suomi - 4 063 211 0.5% 0.2%
Total 168 819 075 127 858 946 37.8%3 76.4%3
Nominee-registered shares 74 514 851 442 620 022 65.6%3, 4 50%3, 4
1 As confirmed to Stora Enso.
2 Entirely owned by the Finnish State.
3 As some of the shareholdings on the list are nominee registered, the percentage figures do not add up to 100%.
4 According to euroclear Finland.
The list has been compiled by the Company on the basis of shareholder information obtained from Euroclear Finland, Euroclear Sweden and a database managed by Citibank, N.A (Citi). This information includes only directly registered holdings, thus certain holdings (which may be substantial) of shares held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.

Share price performance and volumes

Helsinki

The Stora Enso R (STERV) share price increased by 22% during 2016 (13% increase in 2015). Over the same period, the OMX Helsinki Index increased by 4%, the OMX Helsinki Benchmark Index by 10% and the OMX Helsinki Basic Materials Index by 37%.

Stockholm

The Stora Enso R (STE R) share price increased during 2016 by 28% (9% increase in 2015). Over the same period, the OMX Stockholm 30 Index increased by 5% and the OMX Stockholm Basic Materials Index increased by 32%.

OTC

Stora Enso ADR (SEOAY) share price increased by 17% during 2016 (3% increase in 2015). Over the same period, the Standard & Poor's Global Timber and Forestry Index increased by 10.6%.

Share prices and volumes 2016
Helsinki, EUR Stockholm, SEK OTC, USD
High A share 10.45 102.90 -
R share 10.28 98.90 10.66
Low A share 6.56 62.50 -
R share 6.50 61.80 7.13
Closing, 31 Dec 2016 A share 10.40 101.20 -
R share 10.21 97.95 10.65
Change from previous year A share 24% 31.6% -
R share 22% 28% 17%
Cumulative trading volume, no. of shares A share 1 254 108 1 504 057 -
R share 765 122 056 142 426 460 6 375 341

The volume-weighted average price of R shares over the year was EUR 7.88 in Helsinki (EUR 8.70 in 2015), SEK 76.63 in Stockholm (SEK 81.43 in 2015) and USD 9.66 on the OTC in the USA (USD 9.62 in 2015). The percentage of R shares traded was 58.2% (56.1% in 2015) in alternative trading venues, 35.0% (37.1% in 2015) in Helsinki, 6.5% (6.7% in 2015) in Stockholm and 0.3% (0.1% in 2015) on the OTC in the USA. Total market capitalisation on the OMX Helsinki at year-end was EUR 8.1 billion.

Alternative trading venues

Stora Enso shares can be traded outside Nasdaq Helsinki and Nasdaq Stockholm, where the shares are listed. During 2016, the largest alternative trading venues included BATS OTC, BATS BXE, BATS CXE, Turquoise, BOAT, Posit, Paris, and UBS MTF. The alternative trading venues’ market share of monthly turnover in Stora Enso shares varied between 38% and 67%. Of the alternative trading venues, BATS OTC had the biggest share of the volume with 23% on an annual basis (BATS OTC had the biggest share of the volume in 2015 with 31%).

Stora Enso is included in at least the following indices
OMX INDICES STOXX INDICES FTSE INDICES MSCI INDICES SUSTAINABILITY INDICES
OMX Helsinki STOXX Global 1800 FTSE RAFI All-World 3000 MSCI Finland CDP's Climate A list
OMX Helsinki 25 STOXX Europe 600 FTSE RAFI Developed 1000 MSCI Europe FTSE4 Good Index
OMX Helsinki Large Cap STOXX Europe Mid 200 FTSE RAFI Europe MSCI World UN Global Compact 100 Stock Index
OMX Helsinki Benchmark STOXX Nordic FTSE Finland 25 Index STOXX® Global ESG Leaders Indicies
OMX Helsinki Basic Materials EURO STOXX ECPI EMU Ethical Equity index
OMX Helsinki Basic Resources EURO STOXX Basic Materials OMX GES Sustainability Nordic Index
OMX Helsinki Forestry & Paper EURO STOXX Basic Resources Ethibel Sustainability Index (ESI) Excellence Europe and Excellence Investment Register
OMX Stockholm Euronext Vigeo - Europe 120
OMX Stockholm Basic Materials
OMX Stockholm Forestry & Paper
OMX Nordic
OMX Nordic Large Cap
Read more about sustainability indeces in the Sustainability Report 2016.

In 2016, Stora Enso shifted its strategy regarding the provision of ESG information to its stakeholders. The emphasis is to keep sustainability information widely available on the group website to benefit and serve different stakeholders in equal manner. As a consequence, Stora Enso simultaneously reduces the number of sustainability index survey questionnaires in which it participates. The group is targeting its participation in those questionnaires and enquiries that it has assessed to be the most material. The Company continues with this chosen strategy also in 2017.

Trading codes and currencies
Helsinki Stockholm OTC
A share STEAV STE A -
R share STERV STE R -
ADRs - - SEOAY
Segment Large Cap Large Cap -
Sector Materials Materials -
Currency EUR SEK USD
ISIN, A share FI0009005953 FI0009007603
ISIN, R share FI0009005961 FI0009007611
CUSIP - - 86210M106
Reuters STERV.HE
Bloomberg STERV FH Equity
Key share data 2007-2016, total operations (for calculations see Calculation of Key figures)
According to Nasdaq Helsinki 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Earnings per share, EUR 0.59 1.02 0.13 -0.07 0.61 0.43 0.97 -1.12 -0.85 -0.27
– diluted, EUR 0.59 1.02 0.13 -0.07 0.61 0.43 0.97 -1.12 -0.85 -0.27
– excl. IAC, EUR 0.65 1.24 0.40 0.40 0.33 0.63 0.79 0.19 0.19 0.88
Equity/share, EUR 7.36 6.83 6.43 6.61 7.32 7.45 7.87 6.50 7.09 9.63
Dividend and distribution/share, EUR 0.371 0.33 0.30 0.30 0.30 0.30 0.25 0.20 0.20 0.45
Payout ratio, % 63 32 231 -429 49 70 26 -18 -24 -167
Dividend and distribution yield, %
A share 3.6 3.9 4.0 4.1 5.3 5.9 3.2 3.4 3.6 4.4
R share 3.6 3.9 4.0 4.1 5.7 6.5 3.3 4.1 3.6 4.4
Price/earnings ratio (P/E), excl. IAC
A share 16.0 6.8 18.7 18.3 17.3 8.0 10.0 30.8 29.6 11.6
R share 15.71 6.8 18.6 18.3 15.9 7.3 9.7 25.7 29.1 11.6
Share prices for the period, EUR
A share
– closing price 10.40 8.40 7.48 7.31 5.70 5.03 7.90 5.85 5.63 10.19
– average price 8.50 8.87 7.29 6.82 6.15 7.73 6.47 5.03 7.48 12.71
– high 10.45 11.01 8.35 7.49 7.15 9.80 7.94 7.55 11.20 14.65
– low 6.56 6.70 5.73 5.42 5.10 4.70 5.30 2.82 5.16 9.80
R share
– closing price 10.21 8.39 7.44 7.30 5.25 4.63 7.69 4.88 5.52 10.24
– average price 7.88 8.70 7.16 5.79 5.08 6.28 6.03 4.27 7.32 12.67
– high 10.28 10.95 8.38 7.54 5.95 8.99 7.79 6.16 10.44 14.56
– low 6.50 6.58 5.71 4.76 4.14 3.73 4.15 2.65 5.10 9.99
Market capitalisation at year-end, EUR million
A share 1 836 1 483 1 324 1 295 1 010 891 1 400 1 036 997 1 809
R share 6 250 5 135 4 547 4 464 3 212 2 835 4 709 2 989 3 381 6 267
Total 8 085 6 618 5 871 5 756 4 222 3 726 6 109 4 025 4 378 8 076
Number of shares at the end of period, (thousands)
A share 176 507 176 532 177 056 177 096 177 148 177 149 177 150 177 150 177 152 177 479
R share 612 113 612 088 611 564 611 524 612 391 612 389 612 389 612 388 612 386 612 059
Total 788 620 788 620 788 620 788 620 789 538 789 538 789 538 789 538 789 538 789 538
Trading volume, (thousands)
A share 1 254 1 641 1 553 1 656 831 1 402 1 887 2 536 1 712 5 409
% of total number of A shares 0.7 0.9 0.9 0.9 0.5 0.8 1.1 1.4 1.0 3.1
R share 765 122 798 507 731 067 828 401 977 746 1 237 898 1 194 245 1 297 668 1 231 605 1 263 658
% of total number of R shares 125.0 130.5 119.5 135.5 159.7 202.1 195.0 211.9 201.1 206.5
Average number of shares (thousands)
basic 788 620 788 620 788 620 788 620 788 620 788 620 788 619 788 620 788 620 788 599
diluted 789 888 789 809 789 210 788 620 788 620 788 620 788 619 788 620 788 620 788 751
1 Board of Directors' proposal to the AGM for distribution of dividend.
IAC = Items affecting comparability
Read more about incentive programmes in Note 21 and management interests in Note 7 .

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