HUHTAMÄKI OYJ INTERIM REPORT 20.10.2023 AT 8:30Net sales by business segmentComparable net sales growth by business segmentAdjusted EBIT by business segmentAdjustedNet financial expenses were EUR 17 million (EUR 22 million) in the quarter. Tax expense was EUR 29 million (EUR 20 million). The increase is due to the business in Turkey, which has the US dollar as a functional currency. As taxes are calculated in the significantly devalued Turkish lira, the current tax charge as well as deferred tax liabilities increased significantly. The functional currency remeasurements related impact to deferred tax liabilities (mainly Turkey) are a non-cash item and are treated as IAC. Profit for the quarter was EUR 47 million (EUR 95 million). Adjusted earnings per share (EPS) was EUR 0.57 (EUR 0.59) and reported EPS EUR 0.42 (EUR 0.89). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -15.7 million (EUR 31.8 million) of IAC.Adjusted profit and IACFinancial review Q1-Q3 2023Comparable net sales growth by business segmentAdjusted EBIT by business segmentAdjusted EBIT margin by business segmentAdjusted EBIT and IACNet financial expenses were EUR 51 million (EUR 37 million). The increase was due to higher interest rates and other financing costs. Tax expense was EUR 57 million (EUR 64 million). The effective tax rate was 31% (22%). The increase was due to an impact from the business in Turkey, which has the US dollar as a functional currency. As taxes are calculated in the significantly devalued Turkish lira, the current tax charge as well as deferred tax liabilities increased significantly. The functional currency remeasurements related impact to deferred tax liabilities (mainly Turkey) are a non-cash item and are treated as IAC. Additionally, the tax rate was impacted by a non-deductible goodwill impairment related to the planned closure of the Flexible Packaging site in Prague. Profit for the period was EUR 126 million (EUR 226 million). Adjusted earnings per share (EPS) were EUR 1.64 (EUR 1.84) and reported EPS EUR 1.14 (EUR 2.11). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -51.9 million (EUR 27.6 million) of IAC.Adjusted profit and IAC
(GlobeNewsWire)