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Annual Report Norske Skogindustrier ASA in 2001 Annual Report Norske Skog in 2001: Record earnings Increased presence on three continents Improved financial position President and CEO Jan Reinås demands focus on efficiency and costs Read more about: The limitations of the crystal ball How Norske Skog is managed CONTENTS INTRODUCTION...............1-9 Renewed This section gives a Group profile and main features of Norske Skog’s activity in 2001. efforts “Now we shall prove that we have the know-how and the energy to reinforce our position as one This is Norske Skog 2 of the leading companies in the industry,”writes CEO Jan Reinås 4 Jan Reinås. Financial calendar 6 Main figures 2001 6 Highlights 2001 8 REVIEW OF ANALYTIC INFORMATION.................................30-43 OPERATIONS...............10-29 4.8 million tonnes The limitations publication paper of the crystal ball in 2001 Norske Skog’s arena is the market for the During 2001 publication paper markets became dissemination of information, group identity gradually weaker throughout the world, but and entertainment. A background article trends differed somewhat from region to region. discusses the relationship between paper-based This section also discusses several projects in the information and new, electronic media. There area of marketing and human resources. are many indications that the media and enter- tainment sector will grow faster than the rest of Region Europe 12 the economy, becoming a more important Region South America 17 component of the world economy. Strong Region Australasia 20 growth in the total market will also lead to Asia 23 growth in the segment in which Norske Skog North America 26 works. Norske Skog brand names 28 The Spirit of Norske Skog 29 Background article on media trends 33 Key events 1989-2001 36 Enterprise risk management 38 Management of currency and interest risks 39 Vision, goals and strategy 40 Production capacities 42 Main financial figures 43 Cover: One of the newsboys who ensure that Americans get their daily paper. There are nearly 1,500 daily papers in the US, with a total circulation of around 55 million copies. Photo: Stone / Daniel Bosler. SHAREHOLDER INFORMATION.........44-51 MANAGEMENT, REMUNERATION AND SHAREHOLDINGS...........................52-59 Plus How Norske Skog 18% is managed In the space of a short time, Norske Skog’s primary goal is Norske Skog grew into a to give its shareholders a total company with activity in return matching that of the fifteen countries on five best companies in the sector. continents. How is such a During the period 2000-2001 company managed – and who Norske Skog achieved a return makes up its management? which was 18% higher than that of the companies in a comparable group. Company bodies and management 54 Shareholder policy 46 Remuneration 56 Informing the stock market 48 The Company’s Board of Directors 57 Share purchase programme 49 Corporate management 58 Shareholder statistics 50 Corporate assembly, board and Key figures related to shares 51 corporate management 59 ANNUAL REPORT...........60-95 Consolidation GLOSSARY............96 Annual report 62 After strong expansion, Norske Skog is now ADDRESSES..........97 Group profit and loss account 70 focusing on consolidation to strengthen its Cash flow analysis – the Group 70 competitiveness by – among other things – Group balance sheet 71 increasing productivity and paying off debt. Notes to Group accounts 72 Profit and loss account Norske Skogindustrier ASA 90 Cash flow analysis Norske Skogindustrier ASA 90 Balance sheet Norske Skogindustrier ASA 91 Notes to accounts Norske Skogindustrier ASA 92 Auditor’s report 95 The Corporate Assembly’s statement 95 INTRODUCTION This is Norske Skog plant construction in From 1991 to 2001 ope- world’s second largest Norway, France, Austria rating revenue rose from producer of publication and The Czech Republic. NOK 8.6 billion to NOK paper, with 24 wholly- and Since 2000 the Com- 30.4 billion, and its mar- partly-owned mills in 15 pany has been a leading ket capitalisation from countries on five conti- global player, with activi- just over NOK 2 billion to nents. Norske Skog has a ties in Asia, North America, over NOK 22 billion. 13% share of the global South America and Aus- market for newsprint and tralasia. In 2001 it further magazine paper. strengthened its position Norske Skog was by acquiring two more established in 1962, and mills in Europe, increasing its first newsprint machine its ownership in the com- came on line in 1966. panies in Asia and South Acquisitions, construction America, and selling activi- of new capacity and mer- ties outside its core area gers made the Company publication paper. the undisputed leader of Norway’s paper and pulp NORTH AMERICA industry during the 1970’s and 1980’s. In the 1990’s NORSKECANADA ELK FALLS*3 Norske Skog built a strong NORSKECANADA POWELL RIVER*3 NORSKECANADA PORT ALBERNI*3 European platform through 3 acquisitions and new NORSKECANADA CROFTON* CORPORATE OFFICE NORSKECANADA (VANCOUVER)3 PRESIDENT AND CHIEF EXECUTIVE OFFICER Jan Reinås CORPORATE STRATEGY CORPORATE FINANCE SVP Jan A. Oksum SVP AND CFO Deputy to CEO Jan Kildal GLOBAL OPTIMISATION AND CORPORATE HUMAN RESOURCES SVP Ida Goodreau NORSKE SKOG NORSKE SKOG NORSKE SKOG PARTIALLY SOUTH AMERICA EUROPE AUSTRALASIA SOUTH AMERICA OWNED COMPA- PRESIDENT PRESIDENT PRESIDENT NIES AND OTHER Claes-Inge Isacson David Kirk Vidar Lerstad ACTIVITIES SVP Jan A. Oksum Pan Asia Paper Co. Pte Ltd. NORSKE SKOG BIO BIO3 Malaysian Newsprint Industry Norske Skog Canada Ltd. Other Activities 2 | EUROPE 7NORSKE SKOG SKOGN 7NORSKE SKOG FOLLUM 7NORSKE SKOG UNION 7NORSKE SKOG SAUGBRUGS 7CORPORATE CENTRE 7REGIONAL HEAD OFFICE EUROPE 7NORSKE SKOG BRUCK 7NORSKE SKOG STETI NORSKE SKOG ASIA PARENCO 3 NORSKE SKOG 7PAN ASIA WALSUM3 PAPER NORSKE SKOG CHONGWON* GOLBEY3 7PAN ASIA PAPER CHONJU* 7SHANGHAI PAN ASIA-POTENTIAL PAPER* 7PAN ASIA SING BURI* 7HEAD OFFICE MALAYSIAN PAN ASIA PAPER NEWSPRINT (SINGAPORE)* INDUSTRIES*3 7NORSKE SKOG PISA 7NORSKE SKOG KLABIN* 7REGIONAL AUSTRALASIA HEAD OFFICE SOUTH AMERICA (CURITIBA IN BRAZIL) REGIONAL HEAD OFFICE AUSTRALASIA (SYDNEY, AUSTRALIA) 3 NORSKE SKOG ALBURY 3 NORSKE SKOG TASMAN 3 NORSKE SKOG BOYER 3 *) PARTLY-OWNED MILL | 3 INTRODUCTION Renewed efforts Profitable growth throughout the value chain, Norske Skog too much on the will contribute to its customers’ competitive- excellent results attained in 2001. We have ness and value creation. The goal is to be come far. If we look at our vision, goals and the market’s preferred supplier of publi- strategy, as they were formulated in 1999, cation paper. and compare them with where we stand today, there is every reason to give great Challenges credit to the organisation for the results our industry is continuing, achieved. We can look back on two years of and Norske Skog shall still be a part of this profitable growth, with good demand for trend. However, we have recently demon- our products. Operating margins are on a strated through our purchase of the Haindl level with – or better than – our main com- mills Parenco and Walsum that we have petitors in publication paper. Norske Skog ability to actively participate in the market. is now a clear, distinct company.We have This project gave us the chance to offer our divested everything outside our core busi- customers an even broader range of maga- ness and can go forward with complete zine paper products, but it also entailed focus on improving our competitiveness, tough integration challenges in a very weak particularly in a weaker market for news- market. Norske Skog is favourably placed in print and magazine paper. We see no im- the most important growth markets for provement in 2002, at least not before the newsprint and magazine paper. We are second half of the year. It is now that we strong in Asia through our 50 per cent stake shall prove that we have the necessary in Pan Asia Paper Company, and we have a knowledge and ability to strengthen our dominant position in the South American position as one of the leading companies market. Exploiting and further developing in our sector. this promising position offers great possi- bilities. Our position in the South American Paying off debt market is unique, with great market poten- for consolidation. tial and highly efficient operations. Paying off debt has priority. Norske Skog is a soundly structured company where past investments are well matched with access to cash flow from the various parts of the Group. A basic requirement is to stay focused on efficiency and costs. We shall improve our competitiveness by adapting products and quality. By implementing best practice | 5 INTRODUCTION Shareholders' Financial Additional Including: General Meeting information 2002 Information on • All result reports The ordinary General Shares will be listed ex the Internet • Press releases Meeting will be held on -dividend 30 April. Pay- Additional financial • Presentations to the Monday 29 April, at 1 p.m. ment of dividend to share- information concerning stock market at Rica Sjølyst Konferanse- holders who are listed in Norske Skog may be • Information about the senter, Drammensveien 154, the company’s register found on the Internet: Group’s organisation, Oslo. of shareholders as of www.norske.skog.com management and activity 29 April, 16 May. • Information about mills, products, markets, Publication of environmental questions Quarterly Results and research 2002 • Links to other relevant First quarter 29 April sources Second quarter 29 July
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