English

Stora Enso’s non-recurring items in second quarter 2012

Report this content

STORA ENSO OYJ STOCK EXCHANGE RELEASE 13 July 2012 at 9.00 EET

Stora Enso will record non-recurring items (NRI) with a positive net impact of approximately EUR 45 million on operating profit and a positive impact of approximately EUR 10 million on financial items in its second quarter 2012 results. The NRI will increase earnings per share by EUR 0.07.

The NRI are:

  • a NRI with approximately EUR 41 million positive impact on operating profit due to a tax-free dividend from Pohjolan Voima (PVO);
  • a NRI with approximately EUR 21 million positive impact on operating profit due to a release of valuation allowance on value added tax for Arapoti Mill in Brazil;
  • a NRI with approximately EUR 9 million negative impact on operating profit due to an adjustment related to an equity accounted investment;
  • a NRI with approximately EUR 8 million negative impact on operating profit due to restructuring plans in the Printing and Reading Business Area to continue improving efficiency. These restructuring plans, which have already been notified locally, concern Arapoti Mill in Brazil, Corbehem Mill in France, Hylte Mill and Kvarnsveden Mill in Sweden, and the wood supply organisation in Western Europe. It is estimated that the restructuring measures would reduce Stora Enso Printing and Reading’s annual costs by approximately EUR 6 million, with the full impact achieved from the beginning of the first quarter of 2013 onwards;
  • a NRI with approximately EUR 10 million positive impact on financial items due to reversal of a provision relating to the NewPage Stevens Point Mill paper machine lease that Stora Enso recorded in the third quarter of 2011.

Allocation of NRI* at operating profit level between segments

Segment EUR million
Printing and Reading 13
Other 32
Total 45

*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 2012 results on 20 July 2012 at 13.00 EET (12.00 CET).

For further information, please contact:

Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242

www.storaenso.com
www.storaenso.com/investors

Stora Enso is the global rethinker of the paper, biomaterials, wood product 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 30 000 people worldwide, and our sales in 2011 amounted to EUR 11.0 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

Subscribe