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SUMMARY AND PRESENTATION ANNUAL REPORT 2012 NORWEGIAN PAPER TRADITION THrougH 5012 YEARS I ANNUAL REPORT I NORSKE SKOG I 1 SUMMARY AND PRESENTATION CONTENTS 3 SUMMARY AND PRESENTATION Key figures 3 Norske Skog 2012 4 Production capacity 5 Sustainable challenges 6 50 years of Norwegian paper tradition 7 Board of Directors 1 2 Corporate Management 1 3 15 CORPORATE SOCIAL RESPONSIBILITY 15 Norske Skog and local communities 1 7 Key figures - employees 2012 1 8 Young readers 20 Paper production 20 Evaluation of our environmental performance 2 1 Joined forces with Bellona 23 Tasman (New Zealand) 23 Sustainable raw materials 24 Energy consumption 26 Norske Skog’s greenhouse gas emissions 27 Our carbon footprint 28 Continuously improving our production processes 29 Water consumption 30 Water profile 3 1 Emissions to air and discharge to water 32 Environment-related investments, operating costs and transport 33 Mill figures 34 Independent auditor’s report 36 Environment and corporate social responsibility reporting 36 38 REPORT OF THE BOARD OF DIRECTORS 38 Organisation 40 44 CONSOLIDATED FINANCIAL STATEMENTS 43 Notes to the consolidated financial statements 48 98 FINANCIAL STATEMENTS 97 Notes to the financial statements 101 Independent auditor’s report 1 1 6 Declaration from the board of directors and CEO 1 1 8 121 CORPORATE GOVERNANCE 120 Shares and share capital 124 127 SUMMARY AND PRESENTATION Key figures related to shares 126 Articles of Association for Norske Skogindustrier ASA 128 Design and layout: artell.no // 07interaktiv.no Print: 07 Aurskog Paper: Norcote Trend 90 g/m2 - Norske Skog Photo: Carsten Dybevig, Norske Skog archive. All images are Norske Skogs property and should not be used for other purposes without the consent of the communication dept. of Norske Skog. 2 I ANNUAL REPORT I NORSKE SKOG KEY FIGURES DEFINITIONS 2012 2011 2010 2009 2008 2007 INCOME STATEMENT Operating revenue 16 592 18 904 18 986 20 362 26 468 27 118 Gross operating earnings 1 1 464 1 515 1 413 2 185 2 723 3 932 Operating earnings -2 684 -2 701 -2 379 -1 325 -1 407 677 Net profit/loss for the year -2 781 -2 545 -2 469 -1 400 -2 765 -683 Earnings per share (NOK) -14.63 -13.36 -12.97 -6.36 -14.33 -3.26 CASH FLOW Net cash flow from operating activities 982 455 397 1 697 1 977 2 166 Net cash flow from investing activities 300 470 415 -587 2 289 -1 644 Cash flow per share (NOK) 5.18 2.40 2.09 8.95 10.43 11.43 OPERATING MARGIN AND PROFITABILITY (%) Gross operating margin 2 8.8 8.0 7.4 10.7 10.3 14.5 Return on capital employed 3 4.2 -0.9 -3.1 -1.2 0.3 3.0 Return on equity 4 -47.3 -28.9 -22.2 -10.9 -18.7 -4.0 Return on assets 5 -14.6 -8.7 -7.5 -3.1 -2.8 1.8 PRODUCTION / DELIVERIES / CAPACITY UTILISATION Production (1 000 tonnes) 3 555 3 832 3 998 3 895 5 377 6 049 Deliveries (1 000 tonnes) 3 588 3 857 4 013 3 894 5 412 6 027 Production / capacity (%) 87 87 89 79 93 95 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 BALANCE SHEET Non-current assets 11 411 15 803 19 271 23 546 26 980 29 307 Current assets 4 650 6 171 10 027 9 609 18 211 13 953 Total assets 16 061 21 974 29 297 33 155 45 191 43 260 Equity 4 314 7 433 10 183 12 015 13 632 15 957 Net interest-bearing debt 6 6 021 7 863 8 889 9 595 14 047 16 408 Gearing (net interest-bearing debt / equity) 7 1.40 1.06 0.87 0.80 1.05 1.05 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK 30 000 4 000 20 000 3 500 25 000 3 932 27 118 27 3 000 15 000 20 000 468 26 2 500 16 408 2 723 14 047 15 000 20 362 2 000 10 000 18 904 18 986 16 592 1 500 2 185 10 000 9 595 8 889 7 863 1 000 1 515 5000 1 464 1 413 5 000 6 021 500 0 0 0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 DEFINITIONS KEY FIGURES 1. Gross operating earnings = Operating earnings + Ordinary depreciation + Restructuring expenses + Other gains and losses + Impairments 2. Gross operating margin = Gross operating earnings : Operating revenue 3. Return on capital employed = Gross operating earnings after depreciation : Capital employed (average) 4. Return on equity = Net profit/loss for the year : Equity (average) 5. Return on total assets = Earnings before financial expenses : Total assets (average) 6. The calculation of net interest-bearing debt is presented in Note 11 in the annual financial statements for the group 7. Gearing = Net interest-bearing debt : Equity 3 I ANNUAL REPORT I NORSKE SKOG SUMMARY AND PRESENTATION NORSKE SKOG 1 JANUARY Norske Skog signed a long-term energy contract with NTE (Nord-Trøndelag Elektrisitetsverk) for the supply of electricity for the paper mill at Skogn. The new agreement, together with an agreement that was signed with Statkraft last year, secures Norske Skog 2012 Skogn sufficient energy for full operation of the mill. 2 3 4 FEBRUARY MARCH APRIL Norske Skog reported improved gross operating The 50th anniversary of Norske Skog was cele- Norske Skog’s annual general meeting elected earnings, partly due to lower costs, for the fourth brated. Norske Skog was established 1 March 1962 Eilif Due, Siri Beate Hatlen, Karen Kvalevåg and quarter 2011. by Norwegian forest owners. Jon-Aksel Torgersen as new members to the board of directors. Eivind Reiten was re-elected as chair Norske Skog reached an agreement to sell back Norske Skog agreed to sell Norske Skog Bio Bio in of the board. The annual general meeting also re- excess power in southern Norway to Statkraft. Chile to Group BO, a consortium of Chilean investors. solved to dissolve the corporate assembly. Norske Skog entered into an agreement to sell the Follum mill to Viken Skog, which has ambitious, future plans for the site. This happened after Norske Skog’s decision to close the mill at Follum. 5 6 8 MAY JUNE AUGUST The report for the first quarter showed that lower Norske Skog announced plans to invest NOK 220 Higher capital utilisation and lower costs strengthen costs strengthened Norske Skog’s gross operating million in an expansion and renewal of the thermo- Norske Skog’s gross operating earnings in the earnings compared with the same quarter last year, mechanical pulp plant at Norske Skog Saugbrugs second quarter compared with the same quarter while net interest-bearing debt during the quarter in Halden. The old pulp plant will be replaced by a last year, reported Norske Skog. was reduced from NOK 7.9 billion to NOK 7.1 billion. modern facility, which will supply pulp to the paper Norske Skog entered into an agreement to sell its machines at a much lower cost than today. paper mill Parenco in Renkum in the Netherlands and the global recovered paper business, Reparco, to investment firm H2 Equity Partners. 9 11 12 SEPteMBer NOVEMBer DeceMBer Golbey celebrated 20 years of operations. Golbey Norske Skog reported that good capacity utilisation, Norske Skog and the environmental foundation was Norske Skog’s first newsprint site outside with high export levels and lower costs, counter- Bellona signed a partnership agreement to create Norway, and today the French mill is the most acted the effects of the weak market development in a more environmentally-friendly supply chain. The modern and best run mill in the whole Norske Skog Europe and Australia in the third quarter. During the collaboration aims to reduce the environmental Group. quarter, the net interest-bearing debt was reduced impact of current production, utilising logs in a from NOK 6.9 billion to NOK 6.3 billion. better way and finding the right commercial envi- It was announced that a machine at the Boyer mill ronmental solutions for production of bio-energy in Australia will be converted to the production of and bio-waste. coated grades, and that one newsprint machine at the Tasman mill in New Zealand will close. 4 I ANNUAL REPORT I NORSKE SKOG SUMMARY AND PRESENTATION Skogn, Norway Saugbrugs, Norway Golbey, France Walsum, Germany PLACES Bruck, Austria Pisa, Brazil around Singburi, Thailand THE MNI, Malaysia – 34% world Albury, Australia Boyer, Australia 11 Tasman, New Zealand PRODUCTION CAPACITY TONNES PER BUSINESS UNIT 31.12.2012 NEWSPRINT SC LWC/MFC (INCL IMPROVED NEWSPRINT) (MAGAZINE PAPER) (MAGAZINE PAPER) TOTAL Norske Skog Skogn, Norway 550 000 550 000 Norske Skog Saugbrugs, Norway 530 000 530 000 Norske Skog Golbey, France 630 000 630 000 Norske Skog Bruck, Austria 125 000 270 000 395 000 Norske Skog Walsum, Germany 425 000 425 000 Sum Europa 1 305 000 530 000 695 000 2 530 000 Norske Skog Albury, Australia 280 000 280 000 Norske Skog Boyer, Australia 270 000 270 000 Norske Skog Tasman, New Zealand 315 000 315 000 Sum Australasia 865 000 865 000 Norske Skog Pisa, Brazil 185 000 185 000 Sum South America 185 000 185 000 Norske Skog Singburi, Thailand 125 000 125 000 Total capacity 2 480 000 530 000 695 000 3 705 000 Norske Skog’s production capacity has been re-assessed during 2012.
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