UPM-Kymmene's capital gains

Capital gains on the sale of shares for the fourth quarter were EUR 151 million equalling non-recurring charges for the quarter (October-December 1999: net capital gains EUR 390 million).

Non-recurring charges include EUR 128 million write-down due to harmonizing the depreciation method of Miramichi mill with the one of UPM-Kymmene. The maximum depreciation period for Miramichi paper and pulp machinery was changed from 35 years to 20 years used at UPM-Kymmene.

Other non-recurring items relate to charges on reorganisation of divisions and sales organisations in North America and in Finland.

UPM-Kymmene net capital gains for the January-September period were EUR 307 (208) million.


UPM-Kymmene Corporation
Corporate Communications
16 January, 2001