Term Non-recurring items (NRI) will be changed to Items affecting comparability
(IAC) in accordance with the ESMA guideline
STORA ENSO OYJ STOCK EXCHANGE RELEASE 7 June 2016 at 9.00 EET
Stora Enso will change the terminology in its reporting in accordance with the
new guidelines from the European Securities and Markets Authority (ESMA)
concerning Alternative Performance Measures. This will begin from the interim
report for the second quarter, to be published on 21 July 2016.
The term “Non-recurring items” (NRI) will be changed to “Items affecting
comparability” (IAC), but the definition remains the same. As before, these
items are exceptional transactions that are not related to recurring business
operations. The most common items affecting comparability are capital gains,
additional write-downs or reversals of write-downs, restructuring costs, and
penalties. IAC are disclosed individually, if they exceed one cent (EUR 0.01)
per share, or EUR 8 million.
Stora Enso will add a table in its interim reports from the second quarter of
2016 onwards explaining the main IAC. The table will also include fair
valuations and non-operational items. The same table has already been disclosed
in Stora Enso’s Financial Reports.
ITEMS AFFECTING COMPARABILITY, FAIR VALUATIONS AND NON-OPERATIONAL ITEMS
EUR million Q1/1 2015 Q4/1 Q3/ Q2/ Q1/15 2014 Q4/14 Q3/14 Q2/14
Q1/14
6 5 15 15
Impairment -1 -266 -265 - -1 - -219 -214 9 -12 -2
and reversals
of
intangible
asset, PPE
and
biological
assets
Restructuring - 7 -2 16 -7 - -118 -20 19 -99
-18
costs
excluding
fixed asset
impairments
Disposals -27 - - - - - 53 9 - - 44
Other - 25 17 - - 8 5 - - 5 -
Total Items -28 -234 -250 16 -8 8 -279 -225 28 -106 24
Affecting
Comparabilit
y
Fair -26 378 401 -25 15 -13 -131 -79 -23 -18
-11
valuations
and
non
-operational
items
Total -54 144 151 -9 7 -5 -410 -304 5 -124 13
There will be no changes regarding the other alternative performance measures
used by Stora Enso. These are Operational EBIT, Operational EBITDA, Cash flow
from operations, Cash flow after investing activities, Net debt to operational
EBITDA, Operational ROCE, Operational ROOC and EPS excluding IAC. These key
figures present the operational result without exceptional transactions that are
not related to recurring business operations, and thus enhance the comparability
from period to period.
There will be no changes to Fair valuations and Non-operational items. Fair
valuations and Non-operational items include equity incentive schemes and
related hedges, CO2 emission rights, valuations of biological assets, and the
group’s share of tax and net financial items of equity accounted investments.
The definitions and calculations of key figures are presented in Stora Enso’s
Interim Report for January–March 2016, and in Financial Report 2015. There will
be no changes in these definitions and calculations.
For further information, please contact:
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
Stora Enso is a leading provider of renewable solutions in packaging,
biomaterials, wooden constructions and paper on global markets. Our aim is to
replace fossil based materials by innovating and developing new products and
services based on wood and other renewable materials. We employ some 26 000
people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion.
Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq
Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) on the International OTCQX over-the-counter market.
storaenso.com (http://www.storaenso.com)
STORA ENSO OYJ
For further information, please contact:
Ulla Paajanen-Sainio
SVP, Investor Relations
tel. +358 2046 21242