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Future on Paper NORSKE SKOG ÅRSRAPPORT Norske Skogindustrier ASA Oksenøyveien 80 Postboks 329 1326 Lysaker Telefon: 67 59 90 00 & BÆ Telefaks: 67 59 91 81 www.norskeskog.com REKRA F trapport 2007 07 NORSKE SKOG ÅRSRAPPORT Innhold: Norske Skog Forlaget Media: Kaia Means, Einar Chr. Erlingsen Foto: Hans Fredrik Asbjørnsen Peter Maccallum Dag Spant Norske Skogs billedarkiv Scanpix Design: Dinamo Red. Trykk: Norprint Binding: Norprint Future on Paper Denne årsrapporten er trykket på 65 g/m2 Norset Classic fra Norske Skog Follum. Omslaget er trykket på 250 g/m2 CyclusOffset. FINANSIELLE HOVEDTALL DEFINISJONER 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 Resultat (mill.kr.) Driftsinntekter 27 118 28 812 25 726 25 302 24 068 23 471 30 354 26 635 18 054 14 908 Brutto driftsresultat 1 8 395 3 932 4 220 4 303 4 686 5 198 8 419 6 599 3 818 3 103 Driftsresultat 677 -2 527 630 757 1 536 1 306 5 096 4 211 2 129 1 780 Resultat før finanskostnader 2 785 -2 275 -51 868 1 383 1 833 5 581 4 575 2 252 1 948 Resultat før skatt 235 -3 480 -1 004 210 770 806 3 894 3 021 1 825 1 417 Årsresultat -618 -2 809 -854 621 402 1 162 2 494 1 958 1 300 1 020 Balanse (mill,kr) Anleggsmidler 29 307 37 577 43 740 36 861 39 219 38 197 45 417 43 717 18 828 17 586 Omløpsmidler 13 953 7 653 8 293 7 238 7 119 6 769 10 855 17 510 6 086 6 663 Sum eiendeler 43 260 45 230 52 033 44 099 46 338 44 966 56 272 61 227 24 914 24 249 Egenkapital inkl. minoritetsinteresser 15 957 18 550 22 679 18 894 19 416 17 921 19 526 22 351 11 727 10 029 Langsiktig gjeld 21 533 18 802 21 700 20 052 21 402 18 814 30 858 31 906 9 021 9 564 Kortsiktig gjeld 5 770 7 878 7 654 5 153 5 520 6 210 5 888 6 970 4 166 4 656 Sum gjeld og egenkapital 43 260 45 230 52 033 44 099 46 338 42 945 56 272 61 227 24 914 24 249 Netto rentebærende gjeld 16 409 17 321 19 063 16 871 17 759 18 204 22 820 20 535 7 618 7 082 Lønnsomhet Brutto driftsmargin % 3 30,9 13,6 16,4 17,0 19,5 22,1 27,7 24,8 21,1 20,8 Netto driftsmargin % 4 2,5 -8,8 2,4 3,0 6,3 5,6 16,8 15,8 11,8 11,9 Netto fortjenestemargin % 5 -2,3 -9,7 -3,3 2,6 1,7 5,0 8,2 7,4 7,2 6,8 Totalrentabilitet % 6 1,8 -4,7 -0,1 1,9 3,0 3,6 9,5 10,6 9,2 9,4 egenkapitalrentabilitet % * 7 -3,6 -13,6 -4,1 3,4 2,2 6,2 11,9 11,5 12,0 10,7 Egenkapitalandel % * 8 36,9 41,5 43,6 42,8 41,9 39,9 34,7 36,5 47,1 41,4 Netto rentebærende gjeld/egenkapital 1,05 0,96 0,84 0,89 0,91 1,02 1,17 0,92 0,65 0,71 Avkastning på sysselsatt kapital % 9 15 3,0 3,6 2,8 2,5 3,6 3,2 13,7 13,1 11,0 11,7 Resultat pr. aksje etter skatt 10 -3,26 -14,84 -5,98 4,95 3,04 8,79 20,68 19,17 14,01 11,36 Utvannet resultat pr. aksje etter full konvertering * 10 -3,26 -14,84 -5,98 4,95 3,04 8,79 20,68 19,17 14,01 11,36 Kontantstrøm pr. aksje etter skatt 11 11,43 14,60 21,42 22,04 22,45 27,89 58,47 48,18 23,29 31,85 GENERALFORSAMLING • Informasjon om Norske Skogs Miljø: Kontantstrøm pr. aksje etter full utvanning * 11 11,43 14,60 21,42 22,04 22,45 27,89 23,29 48,18 23,29 31,85 Ordinær generalforsamling holdes organisasjon, ledelse og virksomhet Direktør Georg Carlberg torsdag 24. april 2008 kl. 11 i Colosseum Kino, • Informasjon om fabrikker, produkter Telefon: 67 59 90 00 Likviditet Fr. Nansensvei 6, Majorstuen, Oslo. og markeder [email protected] Betalingsmidler (mill.kr) 12 1 886 485 902 889 930 868 4 158 8 629 803 2 312 • Informasjon om miljøspørsmål og Kontantstrøm (mill.kr) 13 2 166 2 763 3 061 2 948 2 973 3 687 7 052 4 922 2 162 2 859 Likviditetsgrad 1 14 2,42 0,97 1,08 1,4 1,29 1,09 1,84 2,51 1,46 1,43 OFFENTLIGGJØRING AV selskapets sosiale engasjement, herunder ADRESSER KVARTALSRESULTATER I 2008 retningslinjer for miljø, sosialt ansvar Hovedkontor Første kvartal: 8. mai og forretningsetisk adferd Norske Skogindustrier ASA Definisjoner finansielle hovedtall: Andre kvartal: 7. august Oksenøyveien 80 1. Brutto driftsresultat = Driftsresultat + Avskrivninger + Restruktureringskostnader Tredje kvartal: 6. november KONTAKTPERSONER Postboks 329 2. Resultat før finanskostnader = Driftsresultat + Renteinntekter + Andel resultat tilknyttede selskap 3. Brutto driftsmargin = Brutto driftsresultat : Driftsinntekter Media og samfunnskontakt: 1326 Lysaker 4. Netto driftsmargin = Driftsresultat : Driftsinntekter MER INFORMASJON PÅ INTERNETT Kommunikasjonsdirektør Tom Bratlie Telefon: 67 59 90 00 5. Netto fortjenestemargin = Årsresultat : Driftsinntekter Det er mer informasjon om Norske Skog på Telefon: 67 59 90 00 Telefaks: 67 59 91 81 6. Totalrentabilitet = Resultat før finanskostnader : Gjennomsnittlig totalkapital internett: www.norskeskog.com [email protected] 7. egenkapitalrentabilitet = Årsresultat : Gjennomsnittlig egenkapital 8. Egenkapitalandel = Egenkapital : Totalkapital 9. Avkastning på sysselsatt kapital = Driftsresultat før restruktureringskostnader : Gjennomsnittlig sysselsatt kapital (se 15) Her finnes blant annet: Finansmarkedet: 10. Fortjeneste pr. aksje etter skatt = Årsresultat : Gjennomsnittlig antall aksjer * • Alle resultatrapporter og GRI-tabell Direktør Jarle Langfjæran 11. kontantstrøm pr. aksje etter skatt = kontantstrøm : Gjennomsnittlig antall aksjer * • Pressemeldinger Telefon: 67 59 93 38 12. Betalingsmidler = Kontanter/bank + Kortsiktige plasseringer i verdipapirer • Presentasjoner til aksjemarkedet [email protected] 13. Kontantstrøm = Netto kontantstrøm fra drift ifølge kontantstrømanalyse 14. Likviditetsgrad 1 = Omløpsmidler : Kortsiktig gjeld 15. Sysselsatt kapital = Totalkapital minus tilknyttede selskap kortsiktig rentefri gjeld og rentebærende midler * Ved beregning av forholdstall under forutsetning av full konvertering er årsresultat og kontantstrøm korrigert for rente på konvertible obligasjonslån. 2 NoRSke SkoG ÅRSRAPPORT NorskeNorske Skogs Skogs verdenverden 2 Skogn Follum Hovedkontor Saugbrugs Walsum Parenco Steti Golbey Cheongwon Bruck Hebei Jeonju Shanghai Singburi MNI Pisa Albury Tasman Bio Bio Boyer 3 NORSKE SKOG ÅRSRAPPORT Innhold INTRODUKSJON 005 Dette skjedde i 2007 002 006 Et krevende år MARKED 008 Verden bruker stadig mer trykkpapir 008 011 Produktoversikt PRODUKSJON 012 Flere endringer nødvendig 012 014 Snuoperasjon er i rute 015 Energistrategi er nøkkelen KAPITALMARKED 016 Et turbulent år i finansmarkedene 016 017 Finansiering 018 Finasiell risikostyring 024 Aksjonærene og aksjerelaterte nøkkeltall VIRKSOMHETSSTYRING 026 Eierstyring og selskapsledelse i Norske Skog 026 030 Styrets medlemmer og konsernledelsen 033 Vedtekter for Norske Skogindustrier ASA ÅRSRAPPORT 034 034 Restrukturering av papirproduksjon REGNSKAP 046 Årsregnskap konsern 046 080 Årsregnskap Norske Skogindustrier ASA 4 NORSKE SKOG årsrapport INTRODUKSJON Dette skjedde i 2007 Januar September l Byggestart for jordvarmekraftverket på Kawerau ved Norske Skog l Norske Skog styrker tilgangen til returpapir ved å opprette et nytt Tasman, et samarbeidsprosjekt med New Zealands Mighty River Power. selskap. Reparco-gruppen får hovedkontor i Oslo, med en økning av l 3C – ‘Combat Climate Change’- initiativet lanseres. Et veikart for å tidligere virksomhet i USA og Europa, og ny virksomhet i Asia. bekjempe klimaforandring, et prosjekt støttet av 46 store selskaper fra l Innenfor europeisk avispapirindustri er tilbudet av avispapir større enn hele verden. Norske Skog var med fra begynnelsen. etterspørselen. For å møte denne situasjonen beslutter Norske Skog å redusere produksjonen av avispapir i Europa med 200 000 tonn i 2008. Februar l Norske Skog mottar den første Farmandsprisen noensinne som er gitt for beste bærekraftrapport. l Norske Skog tar opp NOK 1 milliard i nytt flytende rente obligasjonslån med fem års løpetid. Obligasjonene er meget godt mottatt i markedet. Oktober Mars l Norske Skog og WWF samarbeider om Unge Lesere og miljø i Thailand l Det varsles om utfisjonering av de fleste av Norske Skogs eiendommer og møter thailandske lærere for gjennomføringen av programmet. i Norge som ikke er relatert til papirproduksjon. Eiendomsselskapene Fra og med februar 2008 vil aviser og miljøfokuserte arbeidsbøker bli ligger i et underkonsern som er heleid av Norske Skogindustrier ASA. distribuert i skolene. De viktigste eiendommene er Klosterøya i Skien, hovedkontoret med omkringliggende eiendom i Bærum og et landbruks- og boligområde i November Trondheim. l Starten av ‘asset review’ der alle Norske Skogs papirmaskiner gjennomgås med tanke på lønnsomhet og mulig stengning. April l Rune Gjessing blir medlem av konsernledelsen med ansvar for strategi. l Kim Wahl tiltrer som ny styreleder i Norske Skog. Han tar over etter Lars Wilhelm Grøholt. l Andreas Enger blir valgt til ny styreleder i Industrikraft Midt-Norge på selskapets ekstraordinære generalforsamling. Mai l Norske Skog inngår mangeårig leveranseavtale for avispapir med det britiske mediakonsernet News International Limited. l WWF (Verdens Naturfond) og Norske Skog innleder et samarbeid om miljøinformasjon i thailandske skoler. I løpet av ett år skal klima, lokale l Norske Skog og kanadiske skattemyndigheter kommer til enighet om miljøforhold og miljøutfordringene rundt Mekongelven settes på agen- avslutning av en sak som skriver seg fra et datterselskap av daværende daen for skolebarn i Thailand. Prosjektet har fått navnet "Unge lesere Fletcher Challenge som ble ervervet i 2000. Norske Skog betaler CAD 42,5 millioner som endelig oppgjør. for miljø". Juni Desember l Kunngjøring om nedskrivinger og fremskynding av ’asset review’- l Norske Skog tar opp et Euro-nominert obligasjonslån på 500 millioner prosessen der lønnsomheten til alle papirmaskiner analyseres.
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