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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stora Enso Corporation (QX) | USOTC:SEOAY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.62 | -4.33% | 13.70 | 13.47 | 13.99 | 13.77 | 13.68 | 13.73 | 19,285 | 21:01:55 |
The main item is a negative NRI in Printing and Reading of approximately EUR 81 million due to the planned permanent closure of the loss-making Corbehem Mill in France, including approximately EUR 7 million of non-cash write-down. The cost of the planned closure is based on the French legal requirements. Since October 2012, Stora Enso has been actively searching for a solid new owner for Corbehem Mill offering a sustainable and long-term solution for the site and its employees. Despite significant efforts involving M&A and legal advisors and a dedicated project team, this search proved unsuccessful. The total operational EBITDA of the unit since the beginning of the process was a negative EUR 34 million. The mill has been at standstill since January 2014. The employee representatives' information and consultation process at the mill has now been completed. The social plan negotiated and concluded with the trade unions was validated by the French labour authorities on 10 June 2014. Under this social plan, Stora Enso will offer support to Corbehem Mill employees to alleviate the consequences of the redundancies related to the closure of the mill.
Other non-recurring items
Allocation of NRI* between segments
Segment | EUR million |
Printing and Reading | -115 |
Biomaterials | - |
Building and Living | - |
Renewable Packaging | - |
Other | 9 |
Operating Profit | -106 |
Income tax | 1 |
Net Profit | -105 |
*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 disclosed individually if they exceed one cent per share. For further information, please contact: Seppo Parvi, CFO, tel. +358 2046 21205 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 products 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 29 000 people worldwide, and our sales in 2013 amounted to EUR 10.6 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
1 Year Stora Enso (QX) Chart |
1 Month Stora Enso (QX) Chart |
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