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Norske Skog I Annual Report I 2016 the MYTH: Electronic Communication Is More Environmentally Friendly Than Paperbased Communication

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Norske Skog I Annual Report I 2016 the MYTH: Electronic Communication Is More Environmentally Friendly Than Paperbased Communication 20 16 Norske Skog I Annual report I 2016 THE MYTH: Electronic communication is more environmentally friendly than paperbased communication THE FACT: Electronic communication also has environmental impacts The environmental impacts of our ever-increasing digital world “If compared with the electricity Each year, the electronic industry - cannot be ignored. The ICT industry demand of countries in the same one of the world’s largest and fastest accounts for approximately 2% year, the cloud would rank 6th in growing - generates up to 41 million of global emissions, on par with the world, with demand expected to tonnes of e-waste from goods such emissions from the global aviation increase 63% by 2020.” as computers and smart phones. sector. (GeSI SMARTer2020: (Greenpeace, 2014). (United Nations Environment The Role of ICT in Driving a Sustainable Programme (UNEP), 2015). Future, 2015 report). Design: pan2nedesign.no // Print: 07 Aurskog Paper: Norcote Trend 90 g/m2 - Norske Skog Photo and editor: Carsten Dybevig (Erik Sandersen page 13, Jens Borge page 33) All images are Norske Skog’s property and should not be used for other purposes without the consent of the communication department of Norske Skog Contents CORPORATE INFORMATION 4 Key figures 4 Norske Skog - The big picture 6 The history of Norske Skog 8 Norske Skog 2016 9 CEO’s comments 10 Short stories 12 Board of Directors 16 Corporate Management 17 Key figures related to shares 18 Shares and Share Capital 20 Corporate governance 22 Articles of Association for Norske Skogindustrier ASA 27 CORPORATE SOCIAL RESPONSIBILITY 29 Key figures - employees 2016 34 Norske Skog and local communities 35 Paper production 36 Production capacity 36 Evaluation of our environmental performance 37 Sustainable raw materials 38 Energy consumption 40 Norske Skog’s greenhouse gas emissions 41 Our carbon footprint 42 Continuously improving our production processes 43 Water footprint 44 Emissions to air and discharge to water 46 Mill figures 48 Independent auditor’s report 50 Environment and corporate social responsibility reporting 50 REPORT OF THE BOARD OF DIRECTORS 51 CONSOLIDATED FINANCIAL STATEMENTS 59 FINANCIAL STATEMENTS NORSKE SKOGINDUSTRIER ASA 115 Independent auditor’s report 134 Declaration from the board of directors and CEO 140 Alternative performance measures 141 ANNUAL REPORT 2016 3 NORSKE SKOG CORPORATE INFORMATION Key figures NOK MILLION 2016 2015 2014 2013 2012 2011 2010 2009 INCOME STATEMENT Operating revenue 11 849 11 538 12 150 13 339 16 592 18 904 18 986 20 362 Gross operating earnings 1 049 753 801 862 1 485 1 515 1 413 2 185 Operating earnings -1 065 -164 65 -1 111 -2 663 -2 701 -2 379 -1 325 Profit/loss 306 -1 526 -1 504 -1 844 -2 781 -2 545 -2 469 -1 400 Earnings per share (NOK) 1.17 -8.03 -7.92 -9.71 -14.63 -13.36 -12.97 -6.36 CASH FLOW Net cash flow from operating activities 230 -777 200 68 982 455 397 1 697 Net cash flow from investing activities -107 -206 48 -169 300 470 415 -587 Cash flow per share (NOK) 0.82 -4.09 1.06 0.36 5.18 2.40 2.09 8.95 OPERATING MARGIN AND PROFITABILITY (%) Gross operating margin 8.9 6.5 6.6 6.5 9.0 8.0 7.4 10.7 Return on capital employed 9.3 6.2 5.6 3.3 7.9 6.4 5.4 6.8 PRODUCTION / DELIVERIES / CAPACITY UTILISATION Production (1 000 tonnes) 2 506 2 444 2 612 3 039 3 555 3 832 3 998 3 895 Deliveries (1 000 tonnes) 2 520 2 432 2 616 3 050 3 588 3 857 4 013 3 894 Production / capacity (%) 93 85 88 88 88 87 89 79 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009 BALANCE SHEET Non-current assets 7 162 9 473 10 686 10 611 11 393 15 803 19 271 23 546 Current assets 3 082 3 187 3 291 4 005 4 650 6 171 10 027 9 609 Total assets 10 244 12 660 13 977 14 617 16 043 21 974 29 297 33 155 Equity 184 -229 1 285 2 175 4 151 7 433 10 183 12 015 Net interest-bearing debt 6 302 8 523 7 387 6 817 6 021 7 863 8 889 9 595 Gearing 34.27 -37.15 5.75 3.13 1.45 1.06 0.87 0.80 For definitions of key figures, see Alternative performance measures on page 141. ANNUAL REPORT 2016 4 NORSKE SKOG CORPORATE INFORMATION OPERATING REVENUE GROSS OPERATING EARNINGS MNOK MNOK 20 000 2 000 15 000 18 904 1 500 5 5 16 592 1 51 1 48 13 339 10 000 8 1 000 53 12 150 11 849 11 1 049 3 862 801 5 000 500 75 0 0 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 NET INTEREST-BEARING DEBT MNOK 10 000 8 000 3 3 8 52 7 7 86 7 6 000 7 38 2 1 6 81 6 30 6 02 4 000 2 000 0 2011 2012 2013 2014 2015 2016 ANNUAL REPORT 2016 4 NORSKE SKOG ANNUAL REPORT 2016 5 NORSKE SKOG CORPORATE INFORMATION CEO Sales in Sven Ombudstvedt 85 CFO COO SVP Rune Sollie Roar Ødelien Lars P. Sperre countries Corporate management Capacity utilisation 93% countries Skogn, Norway Saugbrugs, Norway Golbey, France 6 Bruck, Austria Albury, Australia Boyer, Australia Tasman, New Zealand MNI, Malaysia ANNUAL REPORT 2016 6 NORSKE SKOG CORPORATE INFORMATION PAPER 2 685 000 MILLS production capacity 8 2 520 000 Employees tonnes sold 2 462 2 506 000 11% female employees tonnes produced ANNUAL REPORT 2016 6 NORSKE SKOG ANNUAL REPORT 2016 7 NORSKE SKOG CORPORATE INFORMATION The history of Norske Skog Norske Skog was established in 1962, but several of our mills have been in operation much longer. Until the 1990s, the company grew in Norway, acquiring businesses in paper production, paper pulp and wood-based construction materials. Through the nineties, Norske Skog expanded internationally, first with the construction of a mill in France and later through acquisitions of other newsprint and magazine paper companies all over the world. The activities within other paper grades, market pulp and construction materials were sold off. In the last few years, the company has entered into several projects related to newsprint machine conversions, bio energy and bio composites. In recent years, Norske Skog has seen weaker results due to surplus capacity and lower prices for finished products, while prices for input factors have increased. As a result, it has been necessary to adapt capacity through shut-downs, comprehensive cost reductions and sale of assets to reduce debt. Today, Norske Skog has 8 wholly and partly-owned mills in 6 countries and is one of the world’s largest producers of publication paper to newspapers, magazines and publications for advertising purposes. Norske Skog is listed on the Oslo Stock Exchange and had about 2 500 employees at year-end 2016. Norske Skog was established by Norwegian forest owners. The purpose was to exploit timber 1962 resources in central Norway, and a newsprint mill was built in Skogn, starting production in 1966. Expansion in Norway, within other paper industry, paper pulp and wood-based construction materials. 1970-1990 Norske Skog merged with two other publication paper companies. 1992 Start-up of production in Golbey in France, our first business outside of Norway. 1996-1997 Purchase of paper mills in Austria and the Czech Republic. 1999 Global expansion: establishment of the joint venture PanAsia Paper. Sale of mass mills in Norway. Purchase of Fletcher paper in New Zealand, a firm that had business in 2000 Australasia, South America, Canada and Asia. Purchase of mills in Germany and the Netherlands. Comprehensive restructuring of the business, 2001 and divestment of activities outside the defined core area of newsprint and magazine paper. 2006 Five newsprint machines shut down, shares in the Canadian business sold. 2008 Sale of two mills in South Korea, sale of property, shut-down of two paper machines in Europe. 2009 Sale of two mills in China, shut-down of one paper machine in Europe. 2012 Sale of two mills in Chile and Netherlands, shut-down of Follum paper mill in Norway. 2013 Sale of two mills in Brazil and Thailand. Two machines idled at Tasman and Walsum. 2014 Ramp-up of a converted newsprint machine to LWC-products at Boyer in Australia. 2015 Discontinued operations at the Walsum mill in Duisburg, Germany. ANNUAL REPORT 2016 8 NORSKE SKOG CORPORATE INFORMATION Q1 Q3 First quarter Third quarter The financial results for 2015 was reported. Norske Skog’s Gross operating earnings for the second quarter was gross operating earnings in the fourth quarter of 2015 were NOK 335 million, which is the best gross operating earnings NOK 260 million, up from NOK 163 million in the third quarter. since the third quarter of 2012 and was mainly due to lower The gross operating earnings improved from the third quarter energy costs. Net earnings in the second quarter was due to higher sales volume and lower costs. NOK 229 million. A gain after the exchange offer exceeding one billion NOK in April was offset by material impairments of Norske Skog’s extraordinary general meeting was held on the asset portfolio of NOK 1.4 billion at the end of the quarter. 6 January 2016. The extraordinary general meeting elected Ms Joanne Owen and Mr Nils Ingemund Hoff as new shareholder- Norske Skog launched plans to build a biogas facility at elected members of Norske Skog’s board of directors.
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