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.
