The NRIs are:

• a negative NRI of approximately EUR 204 million due to fixed asset impairments mainly in Printing and Reading. The impairments are due to further weakened long-term earnings expectations resulting from decline in the European paper markets.
• a negative NRI in Printing and Reading of approximately EUR 30 million due to fixed asset impairments and inventory write-downs related to the earlier announced, ongoing disposal of Uetersen Mill in Germany. The transaction is subject to regulatory approval process and estimated to be completed during the first quarter of 2015.
• a positive NRI in Renewable Packaging of approximately EUR 9 million due to the earlier announced disposal of the Corenso business operations. The disposal was completed on 1 December 2014.

The positive impact of approximately EUR 53 million on the income tax comprises a positive tax impact of approximately EUR 40 million due to the operative NRIs and a positive tax impact of approximately EUR 12 million due to valuation of deferred tax assets.

The impairment charges taken in the fourth quarter 2014 reduce quarterly depreciations by EUR 7 million starting from fourth quarter 2014.

Allocation of NRI between segments

Stora Enso’s fourth quarter and full year 2014 results will be published on 4 February 2015.