Smurfit sees €142m wiped off its assets

Venezuela’s first currency devaluation for two years will see €142m wiped off the value of Smurfit Kappa’s net assets in the country, the Dublin-headquartered paper and packaging giant has announced.

Venezuela announced its devaluing of the bolivar by 31.5% at the weekend. Smurfit Kappa said yesterday its net assets in the region would be reduced by 6% and cash balances in euro terms will fall €29m in the current quarter.

“The impact of the devaluation on the group’s 2013 pre-exceptional Ebitda is not expected to be material,” management added in a brief statement.