Clarification to the accounting treatment of the sale of Huhtamäki Oyj's Films business
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 21.1.2015 AT 08:30
Clarification to the accounting treatment of the sale of Huhtamäki Oyj's Films business
As announced earlier, Huhtamäki Oyj completed the sale of its Films business on December 31, 2014 with the debt and cash free selling price of EUR 141 million. As outcome of the divestment Huhtamaki will book an equity gain of approximately EUR 5 million in the fourth quarter 2014. According to IFRS accounting standards, in a situation where a parent company loses control of its subsidiary, items recognized in accordance with IAS 19 in other comprehensive income shall not be reclassified through profit and loss but are transferred within equity. Due to this Huhtamaki will book a loss of approximately EUR 17.5 million as a non-recurring item in the income statement and a gain of approximately EUR 22.5 million directly to equity, resulting in the abovementioned EUR 5 million gain. In financial reporting for 2014, the Films business segment will be reported as discontinued operations.
For further information, please contact:
Thomas Geust, CFO, tel. +358 10 686 7880
Jukka Moisio, CEO, tel. +358 10 686 7801
HUHTAMÄKI OYJ
Group Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 58 manufacturing units and 18 sales offices in 30 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 13,800 employees develop and make packaging that helps great products reach more people, more easily. In 2013 our net sales totaled EUR 2.3 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.