{"id":1222,"date":"2026-09-27T21:18:07","date_gmt":"2026-09-27T21:18:07","guid":{"rendered":"https:\/\/baarda.ch\/?p=1222"},"modified":"2026-09-27T21:18:07","modified_gmt":"2026-09-27T21:18:07","slug":"is-it-possible-for-a-dutchman-to-invest-in-svenska-cellulosa-ab","status":"publish","type":"post","link":"https:\/\/baarda.ch\/?p=1222","title":{"rendered":"Is it possible for a Dutchman to invest in Svenska Cellulosa AB?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-124.png\" alt=\"\" class=\"wp-image-1223\" srcset=\"https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-124.png 1024w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-124-300x164.png 300w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-124-768x419.png 768w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-124-500x273.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yes, absolutely.<\/strong> As a resident or citizen of the Netherlands, you can easily invest in <strong>Svenska Cellulosa AB (SCA)<\/strong> through standard retail investment platforms operating in the Netherlands.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Stock Exchange &amp; Ticker Details<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Svenska Cellulosa AB is a major Swedish forestry, pulp, and paper company based in Sundsvall. It is listed on <strong>Nasdaq Stockholm (OMX Stockholm)<\/strong> in Swedish Krona (SEK).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Class B Shares (SCAb):<\/strong> Ticker <code>SCA B<\/code> | ISIN: <code>SE0000112724<\/code> <em>(This is the primary liquid share class used by retail and institutional investors).<\/em><\/li>\n\n\n\n<li><strong>Class A Shares (SCAa):<\/strong> Ticker <code>SCA A<\/code> | ISIN: <code>SE0000171886<\/code> <em>(Carries 10 votes per share vs. 1 vote for Class B, but trades with lower liquidity).<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. How to Buy from the Netherlands<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can place an order directly on <strong>Nasdaq Stockholm<\/strong> using any major Dutch bank or online broker that offers European equity trading:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Popular Discount Brokers:<\/strong> DEGIRO, Interactive Brokers, Saxo Bank, or Trade Republic.<\/li>\n\n\n\n<li><strong>Dutch Retail Banks:<\/strong> Rabobank, ING, or ABN AMRO (via their <em>Zelf Beleggen<\/em> investment accounts).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Steps to Purchase:<\/h4>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Open your investment platform and search for <strong>&#171;Svenska Cellulosa&#187;<\/strong> or the ISIN <strong><code>SE0000112724<\/code><\/strong>.<\/li>\n\n\n\n<li>Select <strong>Nasdaq Stockholm (XSTO)<\/strong> as the primary exchange.<\/li>\n\n\n\n<li>Place a limit or market order in Swedish Krona (SEK). Your broker automatically converts Euros (EUR) to SEK at execution via their standard foreign exchange rate (typically a ~0.25% FX fee).<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">3. Tax Considerations for Dutch Investors<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Box 3 Capital Tax (Netherlands):<\/strong> Shares in SCA are treated like any other investment asset in your annual Dutch income tax return (<em>inkomstenbelasting<\/em> under Box 3).<\/li>\n\n\n\n<li><strong>Dividend Withholding Tax:<\/strong> Sweden imposes a <strong>30% statutory withholding tax<\/strong> on dividends paid to foreign shareholders. However, under the <strong>Netherlands\u2013Sweden Tax Treaty<\/strong>, Dutch tax residents are entitled to a reduced rate of <strong>15%<\/strong>. Most Dutch brokers (e.g., DEGIRO, Saxo, major banks) automatically apply the treaty rate or assist with reclaiming the excess 15%.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reint Jelger: How many km2 of forest does it own?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gemini: Svenska Cellulosa AB (SCA) owns approximately <strong>27,000 km\u00b2<\/strong> (2.7\u00a0million\u00a0hectares) of land, making it Europe&#8217;s largest private forest owner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Breakdown of Holdings<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total Land Area:<\/strong> \u224827,000\u00a0km\u00b2<\/li>\n\n\n\n<li><strong>Sweden:<\/strong> \u224826,000\u00a0km\u00b2 located in northern Sweden, of which around 21,000\u00a0km\u00b2 is classified as <strong>productive forest land<\/strong> (actively managed for timber production).<\/li>\n\n\n\n<li><strong>The Baltics:<\/strong> \u22481,000\u00a0km\u00b2 spread across Estonia, Latvia, and Lithuania.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To put 27,000&nbsp;km\u00b2 in perspective, SCA&#8217;s land holdings cover an area nearly two-thirds the size of the Netherlands or roughly the size of the state of Massachusetts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reint Jelger: Do they cut the trees themselves and make them into sellable wood?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Gemini: Yes, entirely.<\/strong> SCA runs an <strong>end-to-end integrated value chain<\/strong>, meaning they harvest their own trees and process almost every part of the log into commercial products in their own facilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than functioning merely as a land holding company, they manage the entire lifecycle: <strong>forest management \u2192 harvesting \u2192 manufacturing \u2192 logistics and sales.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How They Turn Harvested Trees into Sellable Products<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When a tree is felled, SCA divides it by quality to extract maximum value:<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"> <code>                 \u250c\u2500\u2500&gt; Sawlogs (Main Trunk) \u2500\u2500&gt; Sawmills \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500&gt; Sawn Timber &amp; Construction Lumber\n                  \u2502\nHarvested Tree \u2500\u2500\u2500\u253c\u2500\u2500&gt; Pulpwood (Top\/Thinner) \u2500\u2500&gt; Pulp &amp; Paper Mills \u2500&gt; Packaging Board (Kraftliner) &amp; Paper Pulp\n                  \u2502\n                  \u2514\u2500\u2500&gt; By-products &amp; Bark \u2500\u2500\u2500\u2500&gt; Biorefineries \u2500\u2500\u2500\u2500&gt; Green Biofuels, District Heat &amp; Energy\n<\/code><\/pre>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Sawn Wood &amp; Timber (The Main Trunk):<\/strong> The straightest, thickest logs go to SCA\u2019s <strong>sawmills and planing mills<\/strong> across Sweden. They turn these into sawn pine and spruce timber, construction lumber, exterior siding, and flooring sold to building merchants worldwide.<\/li>\n\n\n\n<li><strong>Pulp &amp; Packaging Board (Pulpwood):<\/strong> Thinner logs and tops unsuitable for lumber are sent to SCA\u2019s <strong>pulp and kraftliner mills<\/strong> (such as \u00d6strand, Obbola, and Munksund). There, they process the wood fiber into <strong>bleached softwood pulp<\/strong> (used for tissues and medical applications) and <strong>kraftliner<\/strong> (high-strength paper used for corrugated shipping boxes).<\/li>\n\n\n\n<li><strong>Bioenergy &amp; Chemicals (Sawmill Residue &amp; Bark):<\/strong> Sawdust, bark, and tall oil (a pulp byproduct) are processed into <strong>solid biofuels, liquid biofuels (via joint ventures with fuel refiners like St1), and green electricity<\/strong> to power their own mills and surrounding communities.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Do They Harvest 100% with Their Own Employees?<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Logging Operations:<\/strong> SCA plans and oversees all timber harvests, using advanced forestry machinery equipped with GPS and automated log-measuring technology. While SCA owns the heavy machinery, a portion of the physical harvesting is conducted by specialized forestry contractors working directly under SCA&#8217;s strict FSC-certified forestry guidelines.<\/li>\n\n\n\n<li><strong>External Purchases:<\/strong> SCA\u2019s mills are so large that their own 27,000 km\u00b2 of land supplies roughly <strong>50\u201360%<\/strong> of their total raw material needs. To feed their sawmills and paper plants at full capacity, SCA\u2019s <em>Forest<\/em> division purchases the remaining timber from small private forest owners across northern Sweden and the Baltic region.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reint Jelger: Do you think it is a company that cares about &#8218;the environment&#8216;?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gemini: Whether Svenska Cellulosa AB &#171;cares&#187; about the environment depends entirely on whether you evaluate them through the lens of <strong>industrial carbon management<\/strong> or <strong>ecological biodiversity<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because SCA is a commercial forestry giant, there is a sharp divide between how the company presents its environmental impact and how environmental scientists and climate activists view it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Corporate Argument: &#171;A Climate-Positive Model&#187;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">From an industrial and macro-climate perspective, SCA positions itself as an engine for decarbonization. Their primary environmental claims center on three pillars:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Net Carbon Sink:<\/strong> SCA grows more wood than it harvests each year. Their growing standing tree volume actively absorbs carbon dioxide via photosynthesis, netting around <strong>4 million tonnes of CO2\u200b sequestered annually<\/strong> in their forests.<\/li>\n\n\n\n<li><strong>Fossil-Free Substitution:<\/strong> They argue that using harvested wood for construction lumber, paper packaging, and bioenergy prevents the use of carbon-heavy alternatives like concrete, steel, plastics, and fossil fuels. In total, SCA calculates its aggregate &#171;climate benefit&#187; at roughly 12 million tonnes of CO2\u200b equivalent per year.<\/li>\n\n\n\n<li><strong>Sustainable Yield Certification:<\/strong> SCA\u2019s operations are certified by international bodies like the FSC (Forest Stewardship Council) and PEFC, meaning they plant at least two to three new saplings for every tree felled.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">The Environmentalist &amp; Scientific Criticism: &#171;Clear-Cutting &amp; Biodiversity Loss&#187;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Despite their net-zero framing, SCA faces heavy criticism from Swedish nature conservation groups (such as <em>Skydda Skogen<\/em>), international NGOs, and climate activists like Greta Thunberg. Their concerns focus on:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Destruction of Continuity &amp; Old-Growth Forests:<\/strong> Critics document that SCA regularly clear-cuts &#171;continuity forests&#187;\u2014ecosystems that have never been clear-cut before and contain 200- to 300-year-old trees, ancient deadwood, and rare lichens. Once a complex, old-growth ecosystem is clear-cut, planting uniform monoculture rows of spruce or pine in its place does not restore the original biodiversity.<\/li>\n\n\n\n<li><strong>Monoculture &amp; Non-Native Species:<\/strong> To accelerate timber yield, SCA has extensively planted non-native species, such as North American Lodgepole Pine (<em>Pinus contorta<\/em>). Ecologists point out that dense, single-species tree plantations lack the structural complexity required to support red-listed (endangered) Swedish wildlife, insects, and fungi.<\/li>\n\n\n\n<li><strong>Conflict with Indigenous S\u00e1mi Rights:<\/strong> Clear-cutting vast swaths of land disrupts traditional reindeer herding corridors used by the indigenous S\u00e1mi people, destroying the ground lichens that reindeer depend on for food during winter.<\/li>\n\n\n\n<li><strong>Soil Carbon Loss:<\/strong> While growing trees bind CO2\u200b, clear-cutting disturbs forest soils, releasing centuries of stored soil carbon back into the atmosphere\u2014a factor environmentalists argue corporate carbon accounting often minimizes.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Summary<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Does SCA care about the environment?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>As an industrial manager:<\/strong> Yes, in the sense that they view the forest as a renewable resource requiring long-term, sustainable harvesting to maximize timber growth and replace fossil-based materials.<\/li>\n\n\n\n<li><strong>As a natural ecosystem steward:<\/strong> No, according to conservation scientists. Their business model relies on intensive industrial rotation forestry, which replaces natural, biodiverse ancient ecosystems with commercial timber plantations.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-125.png\" alt=\"\" class=\"wp-image-1224\" srcset=\"https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-125.png 1024w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-125-300x164.png 300w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-125-768x419.png 768w, https:\/\/baarda.ch\/wp-content\/uploads\/2026\/09\/afbeelding-125-500x273.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Yes, absolutely. As a resident or citizen of the Netherlands, you can easily invest in Svenska Cellulosa AB (SCA) through standard retail investment platforms operating in the Netherlands. 1. Stock Exchange &amp; Ticker Details Svenska Cellulosa AB is a major &hellip; <a href=\"https:\/\/baarda.ch\/?p=1222\">Weiterlesen <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1222","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/posts\/1222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1222"}],"version-history":[{"count":1,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/posts\/1222\/revisions"}],"predecessor-version":[{"id":1225,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/posts\/1222\/revisions\/1225"}],"wp:attachment":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}