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Depreciation and goodwill amortisation totalled EUR 2 441.9 (EUR 1 267.6) million. An impairment charge related to North American assets was recorded in the third quarter; including currency changes in the fourth quarter, the charge amounts to EUR 1 142.3 million. After adjustment of the impairment charge depreciations and amortisations amounted to EUR 1 299.6 million an increase of EUR 32.0 million.
The share of results of associated companies amounted to EUR 14.6 (EUR 79.6) million, of which EUR -5.5 million came from Tornator Timberland Oy, offset by EUR 5.4 million from Billerud AB and positive results in other associated companies.
Operating profit for the year totalled EUR -151.6 (EUR 1 486.9) million, including non-recurring items of EUR -1 078.1 million.
Net interest costs for the year totalled EUR 229.5 million, which is 4.6% of interest-bearing net liabilities and EUR 103.6 million less than in the previous year, due mainly to lower interest rates and a positive cash flow. Foreign exchange gains in the financials items for the year were EUR 44.9 million and dividend income was EUR 9.2 million. The valuation of financial instruments and derivatives resulted in a net loss of EUR 50.4 million; these items are valued at market value, thus causing volatility in net financial items, although of a non-cash nature.
Profit before taxes and minority interests, excluding non-recurring items, amounted to EUR 734.9 (EUR 1 231.3) million.
Net taxes were a positive EUR 120.9 (EUR -299.6) million, thus increasing EPS by EUR 0.14, though cumulative tax excluding non-recurring items represents an underlying rate of 31.4% (31.6%). The write-down of shares in the parent company relating to the impairment depreciation in Stora Enso North America Corp. is tax-deductible according to advanced tax ruling. At the current tax rate of 29%, the value of this tax deduction, which is considered a non-recurring item, is EUR 298.4 million of which EUR 253.4 million will be utilised against the 2002 results with the balance of EUR 45.0 million being deferred to 2003.
Minority interests totalled EUR 0.1 (EUR 2.9) million, leaving a net loss for the period of EUR -222.2 (EUR 926.3 profit) million.
The return on capital employed was 7.1% (10.8%) before non-recurring items. Capital employed was EUR 11 242.4 million at the end of the period, a net decrease of EUR 2 616.7 million from the beginning of the year, reflecting impairment charges in North America, the weakening of the US dollar and divestment of assets.
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