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Satisfactory Profit Improvement Activity Doubled a Strongly Focused Company President and CEO Jan Reinås

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Satisfactory Profit Improvement Activity Doubled a Strongly Focused Company President and CEO Jan Reinås Norske Skogindustrier ASA in 2000 Annual report Norske Skog in 2000: Satisfactory profit improvement Activity doubled A strongly focused company President and CEO Jan Reinås: We shall go further side 3 Introduction NORSKE SKOGINDUSTRIER ASA Contents Introduction This is Norske Skog 1 CEO Jan Reinås 3 Main figures 2000 4 Norske Skog in 2000 6 Annual report The Board of Directors report 10 Accounts 2000 Consolidated 18 Accounts 2000 Norske Skogindustrier ASA 36 Auditor’s report 41 The Corporate Assembly’s statement 41 Governance, remuneration and share ownership Corporate governance 44 Corporate assembly, board of directors and executive staff 45 Remuneration report 46 Corporate management 47 Company Articles 48 Analytic information Print media and the new media - Battleground or peaceful co-existence 50 Key events Norske Skog 1989-99 52 Production capacities 54 Main financial figures 55 Production 1990-2000 56 Basis for value estimates 56 Management of currency and interest rate risk 57 Shares and shareholders Shareholder policy 58 Informing the stock market 59 Share purchase programme and incentive system 61 Principal shareholders as of Dec. 31, 2000 62 Key figures related to shares 63 Review of operations The World of Norske Skog 66 Norske Skog Europe 68 Norske Skog North America 72 Norske Skog South America 75 Norske Skog Australasia 78 Asia 80 New organisation and new governance model 82 Environmental-friendly energy use 82 Glossary 83 Addresses 83 This Anual Report is printed on Norset 65 g from Norske Skog Follum, cover 150 g Linné Natur NORSKE SKOGINDUSTRIER ASA Introduction 1 This is Norske Skog Europe North America South America Australasia Asia Vision Norske Skog is one of the world’s largest producers of Norske Skog shall be paper and the second largest supplier of newsprint. The 21 a leading international Group comprises wholly- and partly-owned companies 13 company in the pulp in countries in Europe, North America, South America, Australasia and Asia. Since 1990 its operating revenue and paper industry. has risen from just under NOK 10 billion to NOK 26.6 billi- 2000 Goal on in . During the same period its market cap. value has climbed from NOK 3.1 billion to NOK 16.3 billion. Norske Skog shall create Capacity for its core area wood containing publication value for its owners, paper - newsprint and magazine paper - is 5.8 million matching the perfor- tonnes in 2000, against 1.3 million tonnes in 1990. mance of the best com- panies in the sector. Norske Skog is the largest supplier of newsprint in South America, Australasia and Asia excluding Japan, the second largest in Europe and the fifth largest in North America. The total market for wood containing Strategy publication paper is now nearing 60 million tonnes, with fastest growth occurring in magazine paper, and somewhat slower growth in newsprint. Concentration on our General economic trends affect the advertising revenues, pagination core area, wood con- and circulation of newspapers and magazines - and demand for taining publication publication paper. paper (newsprint and Norske Skog was established in 1962 and its first newsprint magazine paper), machine came on line in 1966. Through acquisitions and expansion the profitable growth in im- company became, during the 1970’s, the largest forest industry business in Norway, and by the end of the 1980’s Norske Skog was a significant portant markets, cost- European supplier of wood containing publication paper. Through its efficient production. strong focus on publication paper, the company developed, during the 1990’s, into one of the largest in the world in this product area. 2 Introduction NORSKE SKOGINDUSTRIER ASA NORSKE SKOGINDUSTRIER ASA Introduction 3 CEO Jan Reinås The year 2000 was a very special year in Norske Skog’s history. That also marks this annual report. We took a long step forward in the realisation of our goals. We became a global company, and secured unique positions in new growth markets. Our progress is based on the dedicated efforts of highly motivated, skilled colleagues. Today Norske Skog is going through a challenging process. We shall continue to exploit the multiplicity of opportunities we have secured through forging links with activities on We othershall continents, gowith other further cultures. Through profitable growth, Norske Skog created increased value Efforts are continuing to find new owners for activities outside for its owners in 2000. In 2001 new results will be achieved through the production of publication paper. This is necessary, because we a focus on operation, organisation and financial consolidation. The want to concentrate all our resources on our core area. market for publication paper seems set for good demand and high We shall concentrate on what we know best, and become even production in the current year, too. Norske Skog is well placed in re- better. gions with higher, but more stable demand for newsprint and maga- In 2000 Norske Skog had an operating profit, before deprecia- zine paper. tion, of NOK 6.6 billion. This robust cash flow is primarily utilised to Norske Skog’s 21 mills on five continents represent a unique pay off debt. Investments in fixed assets have been focused on im- aggregate of proficiency in wood containing publication paper. We provement measures with a short pay-back time. A restructured and are exploiting this through systematic exchanges of knowledge and slimmer balance sheet provides the basis for playing a continuing experience, within and between regions. Maintenance of high opera- active part in the consolidation of the world’s publication paper in- tional performance standards, introduction of best practice and co- dustry. Norske Skog is working full out to achieve these goals and to ordination of activities shall provide a significant part of the synergy live up to the expectations of its owners, customers and employees. effects in a large organisation. We have achieved something, but the- re is more to be gained. 4 Introduction NORSKE SKOGINDUSTRIER ASA Main Shareholders' General Meeting figures The ordinary General Meeting will be held on Thursday May 3, at 13 o'clock at Rica Sjølyst Konferansesenter, Drammensveien 154, Oslo. Financial information 2001 2000 Shares will be listed ex- dividend May 4. Payment of dividend to share- holders who are listed in the company's register of share- holders as of May 3, May 22. Capacity printing paper Publication paper production Publication of quarterly per area 1991-2000 results 2001: 1,000 tonnes First quarter May 3 4 000 Second quarter August 23 3 000 Third quarter November 1 2 000 1 000 Additional information 0 on the Internet Norway 29% 92 94 96 98 00 Other Europe 19% Additional financial information Asia 10% Newsprint concerning Norske Skog may S. America 8% SC magazine paper be found on the Internet N. America 18% LWC magazine paper 16 http://www.norske-skog.com Australasia % For example: • All result reports • Press releases • Presentations to the stock market • Basic information about the Group's organisation, management and activity • Information about mills, Share split products, markets, environ- At an extraordinary general meeting on 07.03.2001 it was deci- mental questions and ded to split Norske Skog's shares in two, so that their par value research will be NOK 10 each. The figures given for the number of shares in • Links to other relevant this annual report are based on a par value of NOK 20 per share, sources as was the case on 31.12.2000. NORSKE SKOGINDUSTRIER ASA Introduction 5 Main financial figures NOK mill. 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 Profit and loss accounts Operating revenue 26 635 18 054 14 908 13 312 13 265 12 548 9 170 7 338 7 557 8 640 Operating profit 4 211 2 129 1 780 1 083 1 916 2 500 732 299 -47 500 Profit for the year 1 958 1 300 1 020 590 1 317 1 699 206 -47 -516 246 Main financial figures Cash flow from operating activities 4 922 2 162 2 859 1 615 2 616 2 555 866 492 256 1 405 Depreciation 2 388 1 689 1 323 1 140 1 132 832 616 552 575 553 Investments in operational fixed assets 1 351 1 154 3 983 1 814 1 053 926 565 1 127 2 220 1 190 Gearing 0.92 0.65 0.71 0.45 0.63 0.61 0.67 1.13 1.07 0.49 Profitability Return on capital employed % 13.1 11.0 11.7 8.4 15.9 25.4 8.3 3.4 -0.6 7.2 Gross operating margin % 24.8 21.1 20.8 16.7 23.6 26.6 14.7 11.6 9.6 13.7 Shares and shareholder structure Net earnings per share after tax 44.68 32.71 26.68 16.40 40.38 52.39 6.91 -1.79 -21.28 10.18 Net earnings per share fully diluted 44.68 32.71 26.68 16.40 35.89 45.99 6.91 1.68 -13.03 11.30 Equity per share 311.13 289.21 262.46 238.75 235.62 200.67 148.84 146.72 155.42 175.95 Main financial figures per area NOK mill. 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 Europe Operating revenue 13 714 12 102 10 539 9 284 9 493 8 066 5 831 4 731 4 773 5 855 Operating profit 2 266 1 809 1 946 1 134 2 078 1 708 454 469 95 656 Operating margin % 16.5 14.9 18.5 12.2 21.9 21.2 7.8 9.9 2.0 11.2 North America Operating revenue 4 157 --------- Operating profit 529--------- Operating margin % 12.7--------- South America Operating revenue 1 035 --------- Operating profit 231--------- Operating margin % 22.3--------- Australasia Operating revenue 2 801 --------- Operating profit 545--------- Operating margin % 19.5--------- Asia Operating revenue 2 572 1 988 485 - - - - - - - Operating profit 526 336 61 - - - - - - - Operating margin % 20.5 16.9 12.6 - - - - - - - Other activities Operating revenue 2 440 4 132 4 037 4 043 3 800 4 504 3 546 2 756 2 890 2 972 Operating profit 431 37 -90 33 -100 778 324 -102 -112 -155 Operating margin % 17.7 0.9 -2.2 0.8 -2.6 17.3 9.1 -3.7 -3.9 -5.2 6 Introduction NORSKE SKOGINDUSTRIER ASA Norske Skog in 2000 April The agreement between Norske Skog and Klabin, Brazil, February concerning joint Norske Skog Hurum, newsprint producti- which produces blea- on, took effect on ched kraft paper, was April 1.
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