Demand for publication paper and fine paper declined more significantly in Europe in 2012 than the industry had anticipated. Price pressure and disadvantageous exchange rates also played a role in pushing down the results of Stora Enso. Significantly lower sales prices in the various local currencies resulted in a 9.3% decline in operating results to €689m in 2012. At around €10.8bn, sales remained solid and were just 1.4% below the previous year's level. Nevertheless, the group's net profit at €490.4m was 43.3% higher than in 2011. However, the net profit excluding non-recurring items was just €263.9m, considerably below the figure of €498.2m in the previous year.
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