Stora Enso’s non-recurring items in second quarter 2012
Jul 13, 2012. 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.
Jul 13, 2012. /Lesprom Network/. 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, as the company said in the press release received by Lesprom Network.
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