UPM is to book €392m of net non-recurring income in the last quarter of 2004.
The Finnish-based forest products company will record €246m in operating profit to reduce its pension obligations, while booking €284m for taxes in relation to its 2001 acquisition of Haindl.
UPM will suffer €30m costs due to changes in the group structure and wood supply agreement in the UK, plus a €26m reversal of the 2003 impairment charge of listed company shares.
The company will also record write-offs of €78m relating to the closure of a Canadian pulp mill, while restructuring of the wood products division has resulted in €34m charges.
UPM’s net operating profit to be booked in the last quarter of 2004 is €72m, with €36m after operating profit and €284m in taxes.
