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Annual report 2005Annual report STEP ANOTHER CONTENTS NORSKE SKOG ANNUAL REPORT 2005 and sustainability reporting Norske Skogindustrier ASA Oksenøyveien 80 Postboks 329 1326 Lysaker Telephone: 67 59 90 00 Skogn Telefax: 67 59 91 81 www.norskeskog.com Follum Saugbrugs Union Another step towards Parenco Walsum Steti Golbey Bruck Chongwon TOWARDS GLOBAL LEADERSHIP GLOBAL TOWARDS global leadership Hebei Shanghai Jeonju Sing Buri MNI Pisa Albury Tasman Bio Bio Boyer The world of ACTING PRESIDENT AND CEO Norske Skog Vidar Lerstad Norske Skog is one of the leading companies in the paper industry, producing publication BUSINESS DEVELOPMENT FINANCE paper in Europe, Australasia, Asia and Senior vice president Senior vice president and CFO South America. The company has 19 mills in Vidar Lerstad Christian Rynning-Tønnesen 14 countries. The constructive cooperation of people from different cultures working together for a common goal is what makes Norske Skog unique. We embrace the concept COMMUNICATION HUMAN RESOURCES & IT of local responsiveness combined with global Senior vice president Senior vice president strength. Hanne Aaberg Rolf Negård Norske Skogindustrier ASA Skogindustrier Norske REGION EUROPE REGION AUSTRALASIA REGION SOUTH AMERICA REGION PANASIA SALES & MARKETING SUPPLY & LOGISTICS Senior vice president Executive vice president Executive vice president Executive vice president Senior vice president Senior vice president Jarle Dragvik Rob Lord Antonio Dias Dag Tørvold Jan H Clasen Ketil Lyng This annual report is printed on 70 g Norset Classic fra Norske Skog Follum. Cover is printed on 250 gr CyclusOffset CONTENTS 05 The year in pictures Major world news stories give a solid boost to circulation INTRODUCTION MARKET 2005 in brief Main financial figures figures for newspaper and magazine publishers. Holding events between your own two hands is a special feeling. Definitions 2005 2004 2003 2002 2001 Norske Skog has delivered unsatisfactory financial results since 2002. Excess capacity PROFIT AND LOSS ACCOUNT (NOK MILL) has meant a low utilisation factor for the Operating revenue 25 726 25 302 24 068 23 471 30 354 company’s mills and low prices for its Gross operating earnings 1 3 950 4 240 4 686 5 198 8 419 NEWS IS BEST products. Against that background, a Operating earnings 630 1 037 1 536 1 306 5 096 number of measures were implemented Earnings before financial expenses 2 (51) 868 1 381 1 180 5 581 with the aim of restructuring the business Earnings before taxation (1 004) 210 770 806 3 894 so that the portfolio of mills and investments Earnings for the year (854) 621 402 1 162 2 494 ON PAPER strengthen Norske Skog’s position as a world leader in the paper industry. BALANCE SHEET (NOK MILL) «Our aim is improved Large regional Fixed assets 43 740 37 057 39 345 38 330 45 417 profitability» variations ANNUAL GENERAL MEETING ADDRESSES Market Current assets 8 293 7 238 7 119 6 769 10 855 The annual general meeting will be held at 13.00 Corporate headquarters Demand for Norske Skog’s products was Total assets 52 033 44 295 46 464 45 099 56 272 Further chapters 002 Introduction 006 Mystic mustard campaign on Thursday 20 April 2006 at Norske Skog´s head- Norske Skogindustrier ASA good during 2005 in most countries and Shareholders´ equity incl. minority int. 22 679 19 195 19 322 17 827 19 526 were added to the 004 New brand promise 008 Global markets quarters at Oksenøyveien 80, NO-1326 Lysaker, Oksenøyveien 80 regions, although the growth rate was, as Long term debt 21 700 20 493 21 622 21 062 30 858 Harry Potter saga in 012 Delivering the best package Norway. P O Box 329 expected, lower than in 2004. The company’s Current liabilities 7 654 4 607 5 520 6 210 5 888 2005, with a new 013 Products NO - 1326 Lysaker overall sales and production volumes were Total liabilities and shareholders equity 52 033 44 295 46 464 45 099 56 272 film, a new book and DIVIDEND PAYMENT Norway masses of publicity. roughly on a par with the year before, and Net interest-bearing debt 19 063 16 871 18 016 18 467 22 820 Shares will be listed ex-dividend on 21 April. Telephone: 67 59 90 00 Pages 14-15 average capacity utilisation was 93 per cent. Dividend will be paid on 3 May to shareholders Telefax: 67 59 91 81 Price trends were also generally positive, PROFITABILITY listed in the company´s register of shareholders at and prices rose in Europe after three years Gross operating margin % 3 15.4 16.8 20.0 22.1 27.7 20 April. REGIONAL OFFICES of decline. They have developed negatively Net operating margin % 4 2.4 4.1 6.3 5.6 16.8 Norske Skog South America in Australasia since July 2004 because the Net profit margin % 5 (3.3) 2.5 1.7 5.0 8.2 Lance Armstrong PUBLICATION OF INTERIM RESULTS IN 2006 Norske Skog do Brazil Ltd. formula-based pricing system in this region Return on assets % 6 (0.1) 1.9 3.0 2.3 9.5 won the Tour de First quarter: 4th of May Rua Pasteur 463 France for the se- is partly a function of exchange rates. Return on equity %* 7 (4.1) 3.2 2.2 6.2 11.9 Second quarter: 3rd of August 10 andar Centro Empesarial Jatobá venth and last time, 002 006 No increase occurred in global newsprint Equity ratio 8 43.8 43.3 41.6 39.5 34.7 and was acclaimed Third quarter: 1st of November 80250-080 Curitiba capacity during 2005, since expansion in Net interest-bearing debt/equity 0.84 0.88 0.93 1.04 1.17 by the whole world PR-Brasil China was offset by closures/conversions in Return on capital employed % 9. 15 2.80 3.20 3.60 3.20 13.7 press. Pages 28-29 FURTHER INFORMATION ON THE INTERNET Telephone: +55 41 340 2000 SOCIAL RESPONSIBILITY CAPITAL MARKET North America. Capacity expansion was Net earnings per share after tax (NOK) 10 (5.98) 4.69 3.04 8.79 20.68 Additional financial data for Norske Skog can be Telefax: +55 41 342 8772 also low for lightweight coated (LWC) Net earnings per share fully diluted (NOK)* 10 (5.98) 4.69 3.04 8.79 20.68 found at www.norskeskog.com magazine paper, while new capacity for Cash flow per share after tax (NOK) 11 21.42 22.04 22.45 27.89 58.47 Norske Skog Australasia super calendared (SC) magazine paper Cash flow per share fully diluted (NOK)* 11 21.42 22.04 22.45 27.89 23.29 INFORMATION AVAILABLE THERE INCLUDES: Norske Skog (Australasia) Pty. Limited came on line towards the end of the year. • All annual and interim reports Level 22, 1 Oxford Street LIQUIDITY • Press releases Darlinghurst, NSW Financial performance Liquid assets (NOK) 12 902 889 930 868 4 158 • Presentations to the stock market P O Box 485 Norske Skog’s operating revenues totalled Cash flow (NOK) 13 3 061 3 132 2 973 3 687 7 052 Bob Geldof organised • Information on Norske Skog´s organisation Darlinghurst NOK 25.7 billion in 2005, compared with Current ratio 14 1.08 1.57 1.29 1.09 1.84 10 Live 8 concerts in management and activities NSW 1300 NOK 25.3 billion the year before. four continents, 20 • Details about mills, products and markets Australia Comparable gross operating earnings were DEFINITIONS MAIN FINANCIAL FIGURES years after Live Aid. • Information on environmental issues and the Telephone: +61 2 9283 1444 Pages 50-51 NOK 4 056 million as against NOK 4 303 1. Gross operating earnings = Operating earnings + Ordinary depreciation + Restructuring expenses company´s social involvement, as well as its gui- Telefax: +61 2 9283 3033 million, and net operating earnings came to 2. Earnings before financial expenses = Operating earnings + Interest income + Share of profit in affiliated companies Profitability and Shareholder values delines on the environment, social responsibility NOK 984 million compared with 3. Gross operating margin = Gross operating earnings/Operating revenue social responsibility in the paper industry and business ethics Norske Skog PanAsia NOK 1 210 million. These figures exclude 4. Net operating margin = Operating earnings/Operating revenue Norske Skog PanAsia. provisions and impairments. 5. Net profit margin = Earnings for the year/Operating revenue 054 New opportunities for 078 Investor relations CONTACT INFORMATION 4 Shenton Way, A total of NOK 1 247 was charged to 6. Return on assets = Earnings before financial expenses/Total assets (average) When Pope John Paul Union mill site 081 Financing and liquidity Photo: Media and external affairs: # 29-01 SGX Centre 2 expenses as provisions and impairments in 7. Return on equity = Earnings for the year/Equity (average) II died, millions of 056 New beginning for Norske 084 Risk management Kaia Means Hanne Aaberg, senior vice president Singapore 068807 connection with the closure of Norske Skog 8. Equity ratio = Equity/Total assets people shared the sor- Skog Tasman Inge Fjelddalen/Telemarksavisa Telephone: + 47 67 59 90 00 Telephone: +65 6327 4188 Union, the disposal of the shares in Catalyst 9. Return on capital employed = Operating earnings before restructuring costs/Capital employed (average) (see 15) row through 058 Sickness absence stays low Håvard Solerød [email protected] Telefax: +65 6327 426 newspapers and Paper and Forestia, and the sale of forest 10. Net earnings per share after tax = Earnings for the year/Average number of shares* 060 Continuous development Scanpix magazines. properties in Australia. 11. Cash flow per share after tax = Cash flow/average number of shares* Pages 76-77 063 Equal opportunities Sonja Evang Financial market: The board has proposed a dividend of 12.
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