2.7.2004: Meldung: Stora Enso Oyj: deferred tax liabilities will decrease
Stora Enso Oyj Stock Exchange Release 2 July 2004 at 06:30 GMT
On 30 June 2004 the Finnish parliament passed new tax legislation including a reduction in the corporate tax rate from 29% to 26% and a change in the tax treatment of capital gains and losses. As a result of these changes, Stora Enso"s net deferred tax liabilities as per 31 December 2003 will decrease by about EUR 20 million, of which EUR 40 million is due to the change in tax rate and EUR -20 million due to the change in taxation of capital gains and losses.
The net change will credit taxes in the Q2/2004 Profit and Loss Statement. It will not have any immediate cash flow effect.
For further information, please contact:
Esko Mäkeläinen, CFO, tel. +44 20 7016 3115
Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, SVP, Investor Relations, tel. +44 20 7016 3146
Stora Enso is an integrated paper, packaging and forest products company producing publication and fine papers, packaging boards and wood products, areas in which the Group is a global market leader. Stora Enso sales totalled EUR 12.2 billion in 2003. The Group has some 44 000 employees in more than 40 countries in five continents and about 15.7 million tonnes of paper and board annual production capacity and 7.4 million m3 of sawn wood products, including 2.8 million m3 of value-added products. Stora Enso"s shares are listed in Helsinki, Stockholm and New York.
Stora Enso Oyj
Business ID 1039050-8
Kanavaranta 1 00160 Helsinki, Finland P.O. Box 309 FIN-00101 Helsinki, Finland Tel.: +358 2046 131 Fax: +358 2046 21471
Stora Enso Oyj Business ID 1039050-8