Huhtamaki adopts new terminology in its financial reporting
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 27.6.2016 AT 09:00
Huhtamaki adopts new terminology in its financial reporting
In accordance with the new guidelines on alternative performance measures issued by the European Securities and Markets Authority (ESMA) Huhtamäki Oyj revises the terminology used in its financial reporting. The term "Items affecting comparability (IAC)" replaces the term "Non-recurring items (NRI)". IAC includes, but is not limited to, material restructuring costs, impairment losses and reversals, gains and losses relating to business combinations and disposals, gains and losses relating to sale of intangible and tangible assets, as well as material fines and penalties imposed by authorities.
Alternative performance measures are derived from performance measures reported in accordance to International Financial Reporting Standards (IFRS) by adding or deducting the IAC and they will be nominated as Adjusted. Thus the term "Adjusted earnings before interests, taxes, depreciation and amortization (EBITDA)" replaces the term "EBITDA excluding non-recurring items", the term "Adjusted earnings before interests and taxes (EBIT)" replaces the term "EBIT excluding non-recurring items" and the term "Adjusted earnings per share (EPS)" replaces the term "EPS excluding non-recurring items".
Huhtamaki uses alternative performance measures to better reflect the operational business performance and to enhance comparability between financial periods. They are reported in addition to, but not substituting, the performance measures reported in accordance to IFRS.
The revised terminology is valid with immediate effect and will be applied in the 2016 half-yearly report.
For further information, please contact:
Kaisa Uurasmaa, IR, tel. +358 10 686 7815
Thomas Geust, CFO, tel. +358 10 686 7880
HUHTAMÄKI OYJ
Group Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 73 manufacturing units and 23 sales offices in 34 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 16,000 employees develop and make packaging that helps great products reach more people, more easily. In 2015 our net sales totaled EUR 2.7 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Additional information is available at www.huhtamaki.com.