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Norske Skog Annual Report 2013

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SUMMARY AND PRESENTATION ANNUAL REPORT 2013 We believe in the company, the products and the future ANNUAL REPORT 2013 I NORSKE SKOG B CONTENTS 3 SUMMARY AND PRESENTATION 3 Key figures 3 Norske Skog 2013 4-5 CEO’s comments 6 Successful TMP project at Norske skog Saugbrugs 8 Short stories 10-11 Board of Directors 12 Corporate Management 13 15 CORPORATE SOCIAL RESPONSIBILITY 15 Norske Skog and local communities 17 Key figures - employees 2013 18 Paper production 21 Production capacity 21 Evaluation of our environmental performance 21 Investment in coated paper will open new markets in Australia 22-23 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 31 Water profile 31 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 42 CONSOLIDATED FINANCIAL STATEMENTS 42 Notes to the consolidated financial statements 50 96 Financial statements NorsKE SKOGindustrier ASA 96 Notes to the financial statements 102 Independent auditor’s report 116 Declaration from the board of directors and CEO 118 120 CORPORATE GOVERNANCE 120 Shares and share capital 124 126 SUMMARY AND PRESENTATION 126 Key figures related to shares 126 Articles of Association for Norske Skogindustrier ASA 128 Design and layout: Pan2ne Design // Tone Strømberg Print: 07 Aurskog Paper: Norcote Trend 90 g/m2 - Norske Skog Photo and editor: Carsten Dybevig. Photo: (close-up of nature) Maria Prestbøen. All images are Norske Skogs property and should not be used for other purposes without the consent of the communication dept. of Norske Skog. Colourbox KEY FIGURES DEFINITIONS 2013 2012 2011 2010 2009 2008 INCOME STATEMENT Operating revenue 13 339 16 592 18 904 18 986 20 362 26 468 Gross operating earnings 1 862 1 485 1 515 1 413 2 185 2 723 Operating earnings -1 111 -2 663 -2 701 -2 379 -1 325 -1 407 Profit/loss -1 844 -2 781 -2 545 -2 469 -1 400 -2 765 Earnings per share (NOK) -9.71 -14.63 -13.36 -12.97 -6.36 -14.33 CASH FLOW Net cash flow from operating activities 68 982 455 397 1 697 1 977 Net cash flow from investing activities -169 300 470 415 -587 2 289 Cash flow per share (NOK) 0.36 5.18 2.40 2.09 8.95 10.43 OPERATING MARGIN AND PROFITABILITY (%) Gross operating margin 2 6.5 9.0 8.0 7.4 10.7 10.3 Return on capital employed 3 1.3 4.4 -0.9 -3.1 -1.2 0.3 Return on equity 4 -58.3 -48.0 -28.9 -22.2 -10.9 -18.7 Return on assets 5 -6.7 -14.5 -8.7 -7.5 -3.1 -2.8 PRODUCTION / DELIVERIES / CAPACITY UTILISATION Production (1 000 tonnes) 3 039 3 555 3 832 3 998 3 895 5 377 Deliveries (1 000 tonnes) 3 050 3 588 3 857 4 013 3 894 5 412 Production / capacity (%) 88 88 87 89 79 93 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008 BALANCE SHEET Non-current assets 10 611 11 393 15 803 19 271 23 546 26 980 Current assets 4 005 4 650 6 171 10 027 9 609 18 211 Total assets 14 617 16 043 21 974 29 297 33 155 45 191 Equity 2 175 4 151 7 433 10 183 12 015 13 632 Net interest-bearing debt 6 6 817 6 021 7 863 8 889 9 595 14 047 Gearing (net interest-bearing debt / equity) 7 3.13 1.45 1.06 0.87 0.80 1.05 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK 30 000 4 000 20 000 3 500 25 000 14 047 3 000 2 723 15 000 26 468 20 000 2 500 2 185 20 362 15 000 2 000 10 000 9 595 18 986 18 904 8 889 16 592 7 863 1 500 1 515 1 464 10 000 1 413 6 817 13 339 1 000 5000 6 021 5 000 862 500 0 0 0 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 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 consolidated financial statements 7. Gearing = Net interest-bearing debt : Equity 3 ANNUAL REPORT 2013 I NORSKE SKOG 2013 NORSKE SKOG One of the two paper machines at the Tasman Mill at Kawerau (New Norske Skog reported somewhat better margins in the second Zealand) permanently closed. The remaining Tasman machine will quarter due to seasonal variations in demand and lower costs per continue to produce newsprint predominantly for the New Zealand unit as a result of on-going efficiency programmes. Price increases 1 and Australian markets. 7 and sustained depreciation of the Norwegian krone were expected to JANUARY July improve the revenue base going forward. The lease for the new headquarters at Skøyen in Oslo was signed. Norske Skog had its headquarters at Oxenøen in the municipality of Bærum since 1998. The Ministry for Primary Industries at New Zealand awarded Norske Skog Tasman and project partner Z Energy with innovation funding of NZD 6.75 million under the Primary Growth Partnership for the “Stump Norske Skog reported continued reduction of debt and fixed costs during 8 to Pump” project. The purpose is to investigate biofuel opportunities the fourth quarter of 2012, despite what was described as challenging August within the region. markets. Net loss was significantly influenced by non-cash items. 2 Full production was restored at Norske Skog Skogn after one of the FEBRUARY paper machines was idled in June. The decision was taken based on improved market conditions. In order to avoid unnecessary build up of inventory, Norske Skog announced that one paper machine at Norske Skog Skogn would be idled from June and that the one machine still in operation at Norske 3 Skog Tasman (New Zealand) would reduce production due to the Norske Skog agreed to sell its Singburi mill in Thailand to a Thai MARCH energy price development in New Zealand. industrial group for a total consideration of USD 33 million as part of the strategy to improve Norske Skog’s cash flow and financial position. Norske Skog reached an agreement with its bank syndicate resetting 10 first quarter covenants related to the revolving credit facility. October For the third quarter, Norske Skog reported that improved an improvement in the market balance for newsprint and magazine paper, as a result of permanent shutdowns in the industry, contributed to higher capacity utilisation and an improved margin outlook in Europe. Norske Skog’s annual general meeting re-elected Eilif Due, Siri Beate Hatlen, Finn Johnsson, Karen Kvalevåg and Jon-Aksel Torgersen to the board of directors. The annual general meeting also re-elected Eivind 4 Reiten as chair of the board. Norske Skog signed a loan agreement to raise a loan of NOK 250 million APRIL in SpareBank 1 Gruppen, secured by accounts receivable in the two Norske Skog reported lower margins in the first quarter of 2013 due to Norwegian mills Norske Skog Skogn AS and Norske Skog Saugbrugs lower selling prices and seasonal fluctuations in demand, and stressed 11 AS, thus securing sufficient funds to cover debt obligations in 2014. continuous cost cuts and productivity improvements. NOVember A long-term energy contract with Statkraft for the supply of Norske Skog separately entered into new long-term supply agreements electricity for Norske Skog Saugbrugs came into effect on 1 May. for newsprint and improved grade paper with the Australian media The new agreement with Statkraft secures an annual supply of groups News Limited and Fairfax Media Limited. The new agreements 12 run until the middle of 2020. 5 1.0 TWh through 2020 and ensures almost full energy coverage for MAY December Saugbrugs over the next few years. The contract is stipulated in euros Norske Skog Saugbrugs was granted NOK 7 million from Innovation to reduce the currency exposure. Norway for the establishment of a world-leading pilot plant for the development of microfibrillated cellulose (MFC) or nanocellulose as it is also called. This has the potential to reduce costs and make Norske Skog more competitive in the future. On 10 June, the mayor of Oslo, Fabian Stang, officially opened Norske Skog’s new headquarters at Skøyen. Due to excess capacity in the coated mechanical market, Norske Skog Walsum idled permanently one paper machine (PM4). 6 Norske Skog agreed to sell 51 per cent of the shares in Norske Skog JUNE Pisa in Brazil to Papeles Bio Bio S.A., (formerly Norske Skog Bio Bio) Norske Skog separately entered into new long-term supply agreements which is controlled by Group BO/Pathfinder, a consortium of Chilean for newsprint and improved grade paper with the Australian media investors. groups News Limited and Fairfax Media Limited. The new agreements run until the middle of 2020.
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