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Annual Report 2011 Norske Skog

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Annual Report 2011 Norske Skog ANNUAL REPORT 2011 NORSKE SKOG NORWEGIAN PAPER TRADITION 2 SUMMARY AND PRESENTATION KEY FIGURES DEFINITIONS 2011 2010 2009 2008 2007 2006 INCOME STATEMENT Operating revenue 18 904 18 986 20 362 26 468 27 118 28 812 Gross operating earnings 1 1 515 1 413 2 185 2 723 3 932 4 704 Operating earnings -2 701 -2 379 -1 325 -1 407 677 -2 527 Net profit/loss for the year -2 545 -2 469 -1 400 -2 765 -683 -3 017 Earnings per share (NOK) -13.36 -12.97 -6.36 -14.33 -3.26 -14.84 CASH FLOW Net cash flow from operating activities 455 397 1 697 1 977 2 166 2 763 Net cash flow from investing activities 470 415 -587 2 289 -1 644 -498 Cash flow per share (NOK) 2.40 2.09 8.95 10.43 11.43 14.60 OPERATING MARGIN AND PROFITABILITY (%) Gross operating margin 2 8,0 7.4 10.7 10.3 14.5 16.3 Return on capital employed 3 -0,9 -3.1 -1.2 0.3 3.0 3.6 Return on equity 4 -28.9 -22.2 -10.9 -18.7 -4.0 -14.6 Return on assets 5 -8.7 -7.5 -3.1 -2.8 1.8 -4.7 PRODUCTION / DELIVERIES / CAPACITY UTILISATION Production (1 000 tonnes) 3 832 3 998 3 895 5 377 6 049 6 078 Deliveries (1 000 tonnes) 3 857 4 013 3 894 5 412 6 027 6 106 Production / capacity (%) 87 89 79 93 95 92 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 BALANCE SHEET Non-current assets 15 803 19 271 23 546 26 980 29 307 37 577 Current assets 6 171 10 027 9 609 18 211 13 953 7 653 Total assets 21 974 29 297 33 155 45 191 43 260 45 230 Equity 7 433 10 183 12 015 13 632 15 957 18 550 Net interest-bearing debt 6 7 863 8 889 9 595 14 047 16 408 17 320 Gearing (net interest-bearing debt / equity) 7 1.06 0.87 0.80 1.05 1.05 0.96 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK 30 000 5 000 18 000 4 500 16 000 25 000 17 320 28 812 4 000 4 704 14 000 16 408 27 118 26 468 20 000 3 500 12 000 3 932 14 047 3 000 10 000 20 362 15 000 18 986 18 904 2 000 8 000 2 723 9 595 10 000 1 500 6 000 8 889 7 863 2 185 1 000 4 000 5 000 1 515 500 1 413 2 000 0 0 0 20062007 2008 2009 2010 2011 20062007 2008 2009 2010 2011 20062007 2008 2009 2010 2011 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 SUMMARY AND PRESENTATION 3 THE WORLD OF NORSKE SKOG SKOGN (NORGE) FOLLUM (NORGE) SAUGBRUGS (NORGE) PARENCO (NEDERLAND) WALSUM (TYSKLAND) GOLBEY (FRANKRIKE) BRUCK (ØSTERRIKE) SINGBURI (THAILAND) MNI (MALAYSIA – 34%) PISA (BRASIL) TASMAN BIO BIO (CHILE) ALBURY (AUSTRALIA) (NEW ZEALAND) BOYER (AUSTRALIA) PRODUCTION CAPACITY TONNES PER BUSINESS UNIT 31.12.2011 NEWSPRINT SC LWC/MFC (INCL. IMPROVED NEWSPRINT) (MAGAZINE PAPER) (MAGAZINE PAPER) TOTAL Norske Skog Skogn, Norway 560 000 560 000 Norske Skog Saugbrugs, Norway 545 000 545 000 Norske Skog Follum, Norway 150 000 140 000 290 000 Norske Skog Golbey, France 620 000 620 000 Norske Skog Bruck, Austria 125 000 280 000 405 000 Norske Skog Walsum, Germany 435 000 435 000 Norske Skog Parenco, The Netherlands 75 000 190 000 265 000 Total Europe 1 530 000 735 000 855 000 3 120 000 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 Australia 865 000 865 000 Norske Skog Pisa, Brazil 185 000 185 000 Norske Skog Bio Bio, Chile 125 000 125 000 Total South America 310 000 310 000 Norske Skog Singburi, Thailand 130 000 130 000 Total Asia 130 000 130 000 Total capacity 2 835 000 735 000 855 000 4 425 000 Norske Skog’s production capacity has been re-assessed during 2011. 4 SUMMARY AND PRESENTATION NORSKE SKOG 2011 JANUARY FEBRUARY MARCH An agreement was reached to sell the Klosterøya A fire broke out at Norske Skog Saugbrugs in Norske Skog and CellMark entered into a property in Skien, Norway, to a consortium Halden, Norway. All production was halted, but was cooperation agreement in the United States, consisting of Conceptor Eiendomsutvikling and gradually resumed during the spring. There were no Canada and Mexico, and Norske Skog sold its Bratsberg Gruppen. injuries to personnel. sales company in the United States to CellMark. Norske Skog presented a weak report for the fourth quarter 2010 and indicated a somewhat better result, but still unsatisfactory profitability, for 2011. APRIL MAY JUNE Maria Moræus Hanssen and Helge Leiro Baastad A forest area of 21,500 hectares in Brazil was sold to The group’s legal structure was reorganized, were appointed as new members of the corporate the Brazilian company CMNPAR Four Participacoes. among other things putting the paper production assembly. Finn Johnsson and Åse Aulie Michelet operations at Skogn, Saugbrugs and Follum into were appointed as new board members. The report for the first quarter indicated a gradual newly-formed and wholly-owned subsidiaries of Eivind Reiten was reappointed as chair of the board improvement for newsprint in Europe as well as Norske Skogindustrier ASA. and Tom Ruud as chair of the corporate assembly. expectations that the operating result for 2011 would be somewhat improved despite continued Norske Skog issued a five-year NOK 150 million high input prices bond loan. The shares of the energy company Enerpar- Energias do Paraná Ltda. were sold to SN Power Participacoes for NOK 410 million. Norske Skog signed a new three-year bank facility of 140 million euros with DNB, SEB, Nordea and Citibank. JULY AUGUST After the fire in February, Norske Skog Saugbrugs was again fully operational The quarterly report described a mixed second quarter. A refinancing process in July. was completed, giving the group a more appropriated maturity profile, yet operations were still not satisfactory. For the year as a whole, an improvement in underlying profitability was forecast. OCTOBER NOVEMBER DECEMBER The Carbon Disclosure Project named Norske Norske Skog reported improved results for the The corporate assembly decided to close down the Skog Norway’s leading company in terms of climate third quarter. Expectations for improved underlying production at Norske Skog Follum. The decision also reporting as well as the fourth best in the Nordic operations for all of 2011 were maintained. meant that full operations at the mills in Skogn and region. Halden would be maintained. A possible sale of Norske Skog Parenco in the Netherlands was reported. SUMMARY AND PRESENTATION 5 CONTENTS 2 SUMMARY AND PRESENTATION Key figures 2 Production capacity 3 Norske Skog 2011 4 Challenges and opportunities 6 The history of Norske Skog 7 Market development in 2011 8 Corporate management 10 Board of directors 11 12 CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility in Norske Skog 12 Key figures – employees 2011 15 Flood in Thailand & Young Readers 15 Paper production 16 Evaluation of our environmental performance 16 Sustainable raw materials 17 Energy consumption 19 The world’s only paper mill that only uses geothermal energy 20 Norske Skog’s greenhouse gas emissions 21 Our carbon footprint 22 Continuously improving our production processes 22 Water footprint 23 The Norske Skog water profile 24 Emissions to air and discharges to water 26 Environment-related investments, operating costs and transport 28 Mill figures 2011 30 Independent auditors report 32 Environment and corporate social responsibility reporting 32 REPORT OF THE BOARD OF 34 DIRECTORS AND ACCOUNTS Report of the board of directors 34 Financial statements Norske Skog group 39 Financial statements Norske Skogindustrier ASA 89 Auditor’s report 107 Declaration from the board and CEO 109 100 CORPORATE GOVERNANCE Corporate governance 2011 110 Shares and share capital 112 Articles of association for Norske Skogindustrier ASA 117 Design and layout: Design Container AS Print: Color Print Norge AS Paper: Norset 60 g/m2 - Norske Skog Photo: Carsten Dybevig, Erik Sandersen (p 6, 29, 71, 98, 118-119), Jens Borge (p 15, Thailand), black and white photos and p 9, 20, 45, 49 and 81 from 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. 6 SUMMARY AND PRESENTATION CHALLENGES AND OPPORTUNITIES 2011 was a challenging year for Norske Skog. Long-term, which is the part of Norske Skog’s market where the trend for generations. We will now try to establish new activities structural changes in the paper industry interacted with has been weakest. We are concentrating our production at at Follum in cooperation with local authorities and macroeconomic uncertainty, especially in the eurozone. our most competitive mills.
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