STOCK EXCHANGE RELEASE 31 Jul 2014
Pöyry PLC : Pöyry lowers its guidance for the operating profit in 2014
PÖYRY PLC Company announcement 31 July 2014 at 8:00 a.m.
Pöyry lowers its guidance for the operating profit in 2014
The overdue undisputed receivables in Venezuela that are related to the projects from the former Urban Business Group have been re-assessed. The intense measures to collect these receivables have not proceeded as expected. Based on this and the political situation in Venezuela, it has been concluded that the timing of the collection is uncertain, hence requiring their write-off. The corresponding negative net impact on operating profit amounts to EUR 14 million. Pöyry continues the active collection process of these receivables.
Due to the write-off, Pöyry lowers its guidance for the Group's operating profit in 2014, announced on 5 February 2014. According to the guidance in February, the Group's operating profit in 2014 was expected to increase.
According to the new guidance, the Group's operating profit in 2014 is expected to decline compared to the operating profit for 2013. In 2013, operating profit amounted to EUR 13.9 million.
Pöyry only publishes financial guidance for the Group's operating profit. Additional financial information will be provided in the Interim Report for January-June 2014, to be published on 31 July 2014 at 8:30 a.m. EEST. A briefing and a conference call for the media, analysts and investors will be arranged later the same day.
Jukka Pahta, CFO
tel. +358 10 33 22629
Pöyry is an international consulting and engineering company. We serve clients globally across the energy and industrial sectors and locally in our core markets. We deliver strategic advisory and engineering services, underpinned by strong project implementation capability and expertise. Our focus sectors are power generation, transmission & distribution, forest industry, chemicals & biorefining, mining & metals, transportation and water. Pöyry has an extensive local office network employing about 6,000 experts. Pöyry's net sales in 2013 were EUR 650 million and the company's shares are quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).
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