Finnish packaging company Huhtamäki Oyj has announced that its South African rigid paper and plastic packaging unit, which was reported as part of the Molded Fiber segment earlier, is now reported as part of the Foodservice Europe-Asia-Oceania segment.
The impact of the change in reporting on the Foodservice segment’s net sales in 2012 is positive by €26m and on earnings before interest and taxes (EBIT) by €1m. The Molded Fiber segment’s 2012 net sales and EBIT in 2012 are also impacted negatively.
The company has also adopted the revised IAS 19 Employee Benefits standard and IFRS 11 Joint Arrangements standard.
According to Huhtamäki, the adoption of the revised IAS 19 standard results into higher EBIT, lower EPS and reduced equity in the group’s financial figures for 2012. The implementation of IFRS 11 standard concerns its 50% owned subsidiary Laminor in Brazil.
The financial reporting of the group as of the interim report for 1 January to 31 March 2013 will be in line with the changes.