HELSINKI, Finland, July 10, 2013 (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 10 July 2013 at 9.00 EET
Stora Enso will record non-recurring items (NRI) with a negative net impact of approximately EUR 33 million on operating profit in its second quarter 2013 results. The NRI will have a positive tax impact of EUR 8 million and decrease earnings per share by EUR 0.03.
The NRI are:
- a negative NRI of approximately EUR 37 million due to restructuring provisions related to the streamlining and structure simplification project announced on 23 April 2013, which is intended to achieve annual fixed cost savings of EUR 200 million, with the full impact starting from the second quarter of 2014. As disclosed on 18 June 2013 when the conclusion of the second phase of planning the streamlining and structure simplification project was announced, non-recurring items related to the project will be recorded mainly in the second and third quarters of 2013.
- a positive NRI of approximately EUR 11 million due to disposal of land by the Group's equity accounted investment Montes del Plata.
- a positive NRI of approximately EUR 10 million due to relocation of the cartonboard machine from the closed Baienfurt Mill in Germany to the Group's equity accounted investment Bulleh Shah Packaging in Pakistan.
- a negative NRI of approximately EUR 17 million due to classification of a commodity purchase agreement as a financial derivative, and resulting fair valuation.
Allocation of NRI* at operating profit level between segments, net impact
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*NRI = Non-recurring items. These are exceptional transactions that are not related to normal business operations. The most common non-recurring items are capital gains, additional write-downs, or reversals of write-downs, provisions for planned restructuring and penalties. Non-recurring items are normally specified individually if they exceed one cent per share.
Stora Enso will publish its second quarter 2013 results on 19 July 2013 at 13.00 EET (12.00 CET).
For further information, please contact:
Jyrki Tammivuori, CFO, tel. +358 2046 21043
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry.We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide, and our sales in 2012 amounted to EUR 10.8 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
STORA ENSO OYJ
Source:Stora Enso Oyj