Ahlstrom-Munksjö publishes additional selected comparative financial information on Expera
AHLSTROM-MUNKSJÖ OYJ, STOCK EXCHANGE RELEASE July 26, 2018 at 15:30 EEST
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Ahlstrom-Munksjö, a global leader in fiber based materials, publishes additional information on the prior profit development of Expera Specialty Solutions (“Expera”), a U.S. based specialty paper producer. Ahlstrom-Munksjö announced the acquisition of Expera on July 23, 2018.
The additional selected financial information on Expera’s results for the financial year 2016 to enhance comparability is presented below. The selected Expera financial information for the year 2016 is presented for continuing operations.
Expera (US GAAP)
|2017 EUR million||2017 USD million||2016 EUR million||2016 USD million|
* Expera EBITDA 2017 includes expense item of EUR 3.8 million (USD 4.5 million) relating to a change in contingent consideration payable pursuant to a purchase agreement and other items that are, based on management’s preliminary assessment, considered to be outside ordinary course of business of EUR 0.9 million (USD 1.0 million), net expense which are considered as adjusting items in accordance with Ahlstrom-Munksjö principles. In addition, Expera EBITDA 2017 includes EUR 1.5 million (USD 1.7 million) of current management fees as well as EUR 0.9 million (USD 1.1 million) of start-up costs related to investments which will not have a continuous impact on EBITDA.
** Expera EBITDA 2016 includes an expense item of EUR 1.5 million (USD 1.8 million) relating to a change in the contingent consideration payable, a reimbursement income for certain capital investment projects of EUR 2.7 million (USD 3.2 million) and other expense items of EUR 0.4 million (USD 0.5 million) that are, based on currently available information, considered as adjusting items. In addition, Expera EBITDA 2016 includes EUR 1.4 million (USD 1.6 million) of current management fees and EUR 0.1 million (USD 0.1 million) of start-up costs related to investments which will not have a continuous impact on EBITDA.
Basis of preparation of selected financial information
The selected financial information presented above is based on Expera’s audited financial statements for the financial years 2017 and 2016 prepared in accordance with US GAAP. The figures have been rounded to the nearest million.
Expera's financial information in USD for the year 2017 and 2016 have been converted into EUR using the same EUR/USD exchange rate 1.17 for convenience purposes.
Ahlstrom-Munksjö plans to publish unaudited pro forma financial information to illustrate the impact of the acquisitions of Expera and Caieiras, announced in April 2018, and the related financing transactions to Ahlstrom-Munksjö’s financial information prepared in accordance with IFRS at the latest in connection with the rights issue, which is expected to be launched during the fourth quarter of 2018. The pro forma financial information will provide further information on Expera’s historical results and the impacts of the Expera acquisition to Ahlstrom-Munksjö’s financial position.
For further information, please contact:
Pia Aaltonen-Forsell, CFO, tel +46 72 570 2553,
Johan Lindh, Head of Investor Relations, tel + 46 (0)70 588 10 38,
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This release includes estimates relating to the synergy benefits expected to arise from the transaction and the combination of the business operations of Ahlstrom-Munksjö and Expera as well as the related integration costs, which have been prepared by Ahlstrom-Munksjö and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the transaction and the combination of the business operations of Ahlstrom-Munksjö and Expera on the combined company’s business, financial condition and results of operations. The assumptions relating to the estimated synergy benefits and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergy benefits from the transaction and the combination of the business operations of Ahlstrom-Munksjö and Expera, if any, and related integration costs to differ materially from the estimates in this release. Further, there can be no certainty that the transaction will be completed in the manner and timeframe described in this release, or at all.
Ahlstrom-Munksjö in brief
Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying innovative and sustainable solutions to customers worldwide. Our offerings include decor paper, filter media, release liners, abrasive backings, nonwovens, electrotechnical paper, glass fiber materials, food packaging and labeling, tape, medical fiber materials and solutions for diagnostics. Combined annual net sales are about EUR 2.2 billion and we employ 6,000 people. The Ahlstrom-Munksjö share is listed on the Nasdaq Helsinki and Stockholm. Read more at www.ahlstrom-munksjo.com.