Chief Analyst Viljakainen has already written quick comments on the morning’s results. 
The company’s Q4 results continued their recovery from a very low level. The Q4 operational result met consensus estimates and exceeded our own. Cash flow was strong during the quarter. The company ceased providing guidance, which we found disappointing. Based on market outlooks, however, the company’s prospects are somewhat weaker than expected. Stora Enso surprised us by raising its dividend proposal to EUR 0.25 per share, despite a subdued earnings year and a debt-to-equity ratio clearly above the target level. Overall, we find the report two-sided, and drawing conclusions will require further digestion throughout the day.