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Annual Report 2010 Norske Skog Norwegian Paper Tradition 2 Summary and Presentation – Norske Skog

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Annual Report 2010 Norske Skog Norwegian Paper Tradition 2 Summary and Presentation – Norske Skog annual report 2010 norske skog norwegian paper tradition 2 Summary and preSentation – norske skog KEY FIGURES DEFINITIONS 2010 2009 2008 2007 2006 2005 INCOME STATEMENT operating revenue 18 986 20 362 26 468 27 118 28 812 25 726 gross operating earnings 1 1 413 2 185 2 723 3 932 4 704 3 957 operating earnings -2 379 -1 325 -1 407 677 -2 527 630 net profit/loss for the year -2 469 -1 400 -2 765 -683 -3 017 -848 earnings per share (nok) -12.97 -6.36 -14.33 -3.26 -14.84 -5.98 CASH FLOW net cash flow from operating activities 397 1 697 1 977 2 166 2 763 3 061 net cash flow from investing activities 415 -587 2 289 -1 644 -498 -6 014 Cash flow per share (nok) 2.09 8.95 10.43 11.43 14.60 21.42 OPERATING MARGIN AND PROFITABILITY ( %) gross operating margin 2 7.4 10.7 10.3 14.5 16.3 15.4 return on capital employed 3 -3.1 -1.2 0.3 3.0 3.6 2.8 return on equity 4 -22.2 -10.9 -18.7 -4.0 -14.6 -4.1 return on assets 5 -7.5 -3.1 -2.8 1.8 -4.7 -0.1 PRODUCTION / DELIVERIES / CAPACITY UTILISATION production (1 000 tonnes) 3 998 3 895 5 377 6 049 6 078 5 503 deliveries (1 000 tonnes) 4 013 3 894 5 412 6 027 6 106 5 437 production / capacity ( %) 89 79 93 95 92 93 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 BALANCE SHEET non-current assets 19 271 23 546 26 980 29 307 37 577 43 740 Current assets 10 027 9 609 18 211 13 953 7 653 8 293 total assets 29 297 33 155 45 191 43 260 45 230 52 033 equity 10 183 12 015 13 632 15 957 18 550 22 679 net interest-bearing debt 6 8 889 9 595 14 047 16 408 17 320 19 063 gearing 7 0.87 0.80 1.05 1.05 0.96 0.84 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK AS OF 31 DECEMBER 30 000 5 000 20 000 25 000 4 000 16 000 20 000 3 000 12 000 15 000 2 000 8 000 10 000 5 000 1 000 4 000 0 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 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 26 to the annual accounts for the group 7. gearing = net interest-bearing debt : equity norske skog – Summary and preSentation 3 thE woR ld oF noRSKE SKoG SKOGN NORWAY FOLLUM NORWAY SAUGBRUGS NORWAY PARENCO THE NETHERLANDS WALSUM GERMANY GOLBEY FRANCE BRUCK AUSTRIA SINGBURI THAILAND MNI MALAYSIA 34% PISA BRAZIL TASMAN BIO BIO CHILE ALBURY AUSTRALIA NEW ZEALAND BOYER AUSTRALIA pRodUctIon capacItY TONNES PER BUSINESS UNIT 31.12.2010 NEWSPRINT (INCL. SC LWC/MFC 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 125 000 140 000 265 000 Total Europe 1 580 000 685 000 855 000 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 Total Australasia 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 2 885 000 685 000 855 000 4 425 000 during second half of 2010, and primarily due to a trend towards lower grammage, norske skog’s production capacity has been re-assessed. 4 Summary and preSentation – norske skog JanUaRY sven ombudstvedt became the new president and contEntS Ceo after Christian rynning-tønnesen who became the new president and Ceo of statkraft. Summary and presentation 2 key figures 2 production capacity 3 norske skog 2010 4 responsibility for a sustainable industry 6 the history of norske skog 9 Market development in 2010 10 FEbRUaRY Board of directors 12 Corporate management 13 2010 norske skog presented weak results for the fourth quarter of 2009. the result was affected by low demand and record-low prices. Corporate social responsibility 14 Corporate social responsibility in norske skog 14 norske skog Bio Bio sustained some damage from the key figures – employees 2010 18 earthquake in Chile on 27 February, 2010. none of the oG earthquake in Chile 19 employees at the paper mill were injured. operations restoration of atlantic rainforest 21 were halted until the end of april. evaluation of our environmental performance 23 sustainable raw materials 24 energy consumption 27 SK norske skog greenhouse gas emissions 28 paper, e-media and the environment 29 Continuously improving our production processes 30 apRIl the norske skog water profile 31 emissions to air and discharges to water 32 investments, operating costs and transport 34 Mill figures 2010 36 norske skog held its annual general meeting. tom environment and corporate social responsibility reporting 39 ruud was re-elected chair of the corporate assem- bly. alexandra Bech gjørv, Helge evju and einar J. greve were elected new board members by the corporate assembly. svein erik Veie was elected new Report of the board of directors and accounts board member by the employees. 40 report of the board of directors 40 annual accounts norske skog group 53 annual accounts norske skogindustrier asa 97 auditor’s report 110 noRSKE declaration from the board and Ceo 112 MaY Corporate governance 114 Corporate governance 2010 114 shares and share capital 118 articles of association for norske skogindustrier asa 123 norske skog presented results for the first quarter of 2010. High prices on input factors together with a continued low price level in europe contributed to a weak result. norske skog Bio Bio was back to normal production following the earthquake in February. norske skog – Summary and preSentation 5 JUnE octobER norske skog entered into an agreement with the Carbon disclosure project named norske skog elkem regarding sale of excess power for nok the best norwegian company for climate reports 800 million. the agreement entailed annual delivery and for transparency in connection with climate of 1.5 twh until 2020 in southern norway where challenges. norske skog no longer needs it. norske skog decided not to invest additional capital in Xynergo as which worked on development of synthetic biofuel from wood. aUGUSt novEMbER norske skog presented results for second norske skog published results for the third quarter quarter. the results showed a moderate improve- that were on the same level as the figures for second ment compared with earlier quarters, but were still quarter. a small increase in volume and somewhat weak due to low prices in europe higher prices outside europe contributed positively, but the results were still considered unsatisfactory. SEptEMbER dEcEMbER ikea named norske skog best supplier of paper to the norske skog entered into a long-term agreement ikea catalogue, one of the world’s biggest publications. with statkraft regarding delivery of 0.8 twh electricity annually to norske skog skogn until 2023. norske skog tasman in new Zealand was awarded the most prestigious prize at the new Zealand Forest industries training and education national awards 2010 for its focus on improving the company’s performance through employee development. dESIGn and pRInt Design and layout by: design Container as Print: Ålgård offset as Paper: norset 60 g/m2 – Cover Cyclus print 200 g/m2 Photo: norske skog 6 Summary and preSentation – norske skog RESponSIbIlItY FoR a SUStaInablE IndUStRY 2010 clearly showed that major changes in the paper and at lower costs than during the preceding year. industry are required. surplus capacity remained in nevertheless, we experienced quarter by quarter, the market throughout last year, and the need for that the effects of cost-saving initiatives were coun- FIvE MaIn consolidation in the industry is evident. norske skog tered by continued high prices on input factors and pRIoRItIES: looked again for additional potential to improve currency-related challenges. However, norske skog efficiency and cut costs. in the future, customers produced paper of the same high quality through- must also contribute, through shorter contracts out last year as the company has always been known and prices reflecting input factors for newsprint for. ikea chose magazine paper from norske skog 1 - restructuring europe and magazine paper. all over the world, millions of for its large uk catalogue, and named our paper as 2 - refinancing people use paper as their only source of reading the best among their suppliers. 3 - sales of non-core assets skills and information – every day. norske skog is 4 - Continuous improvements and proud to be a central player in this important value sale of excess power in 2010 and cash flow from chain, and is prepared to do our part of the job to operations contributed to reducing the debt by cost reductions secure a sustainable paper industry.
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