13:58:46 Europe / Stockholm

Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande

Kalender

2025-02-07 Bokslutskommuniké 2024
2024-10-18 Kvartalsrapport 2024-Q3
2024-07-12 Kvartalsrapport 2024-Q2
2024-04-19 Kvartalsrapport 2024-Q1
2024-04-12 Ordinarie utdelning NSKOG 0.00 NOK
2024-04-11 Årsstämma 2024
2024-02-08 Bokslutskommuniké 2023
2023-11-20 Bonusutdelning NSKOG 0.67
2023-10-20 Kvartalsrapport 2023-Q3
2023-07-14 Kvartalsrapport 2023-Q2
2023-04-27 Kvartalsrapport 2023-Q1
2023-04-20 Årsstämma 2023
2023-03-09 Extra Bolagsstämma 2022
2023-01-27 Bokslutskommuniké 2022
2022-10-21 Kvartalsrapport 2022-Q3
2022-07-15 Kvartalsrapport 2022-Q2
2022-04-28 Kvartalsrapport 2022-Q1
2022-04-22 Ordinarie utdelning NSKOG 0.00 NOK
2022-04-21 Årsstämma 2022
2022-02-04 Bokslutskommuniké 2021
2021-10-22 Kvartalsrapport 2021-Q3
2021-07-16 Kvartalsrapport 2021-Q2
2021-04-23 Kvartalsrapport 2021-Q1
2021-04-16 Ordinarie utdelning NSKOG 0.00 NOK
2021-04-15 Årsstämma 2021
2021-02-05 Extra Bolagsstämma 2021
2021-02-04 Bokslutskommuniké 2020
2020-10-22 Kvartalsrapport 2020-Q3
2020-08-31 Bonusutdelning NSKOG 3
2020-07-16 Kvartalsrapport 2020-Q2
2020-04-23 Kvartalsrapport 2020-Q1
2020-04-17 Ordinarie utdelning NSKOG 3.25 NOK
2020-04-16 Årsstämma 2020
2020-02-06 Bokslutskommuniké 2019

Beskrivning

LandNorge
ListaOB Match
SektorMaterial
IndustriSkog & Cellulosa
Norske Skog är verksamma inom skogsindustrin. Bolaget är en tillverkare av diverse produkter för nyhetstidningar, posters samt kontorspapper. Störst verksamhet återfinns inom den nordiska marknaden, men företaget har även produktionsanläggningar runtom den australiensiska marknaden. Kunderna består av diverse företagskunder inom varierande branscher.
2023-04-27 06:55:00
Norske Skog's EBITDA in the first quarter of 2023 was NOK 675 million, a
decrease from NOK 1 083 million in the fourth quarter of 2022. The first quarter
EBITDA was impacted by lower sales volumes and slightly lower publication paper
sales prices than in the fourth quarter of 2022. The weakened publication paper
market resulted in increased finished goods inventory and some market downtime
with sale of excess energy at lower prices than in fourth quarter 2022. Norske
Skog Bruck successfully commenced recycled packaging paper production in the end
of the first quarter. The Norske Skog Golbey packaging paper conversion project
is progressing according to budget and timeline.

"All credit go to the entire Bruck team for the successful packaging paper
production start-up in the quarter. Most impressivesively, despite turbulent
European economic development in the last three years, the Bruck conversion
project has been implemented according to budget and timeline assumptions. We
expect to deliver packaging paper volumes regularly to our customers from the
end of the second quarter following normal production optimization and standard
product testing at our new customers. Despite weaker publication paper market
with lower sales prices and production volumes, we have delivered a solid
quarter," says Sven Ombudstvedt, CEO of Norske Skog.

Cash flow from operations was NOK 430 million in the quarter compared to NOK 745
million in the previous quarter, negatively impacted by lower EBITDA and change
in working capital of NOK 188 million, mostly related to increased finished
goods inventory. Operating earnings in the first quarter of 2023 were NOK 85
million compared to operating earnings in the fourth quarter of 2022 of NOK 944
million. The operating earnings in the quarter was negatively affected by
non-cash changes in fair value of energy contracts in Norway amounting to NOK
474 million. Loss in the quarter was NOK 181 million compared to a profit of NOK
1 065 million in the previous quarter. The net loss was negatively affected by
NOK 189 million related to unrealized currency losses on euro denominated debt.
The annual general meeting adopted an authorization to the board of directors to
pay up to NOK 5.00 per share in dividend. A dividend payment is subject to
lenders waiving certain shareholder distribution restrictions, which is not yet
done. Net interest-bearing debt was NOK 1 305 million at the year end, with an
equity ratio of 42%.


Status projects
Norske Skog Bruck successfully started production of recycled packaging paper at
the PM3 in the end of the first quarter. At Norske Skog Golbey, the newsprint
paper machine (PM1) was closed in Q4 2022 for conversion into recycled packaging
paper production resulting in the sale of excess energy. The timeline and budget
are in line with the project plan assumptions, with expected start-up in the
fourth quarter of 2023.

The conversion of the two newsprint machines at Bruck and Golbey will add 760
000 tonnes of new cost-competitive and low-emission packaging paper capacity.
The packaging paper production will be fully based on recycled fibre, and will
utilise fossil-free energy generated from the waste-to-energy facility at the
Bruck industrial site and the biomass plant under construction at the Golbey
industrial site (Green Valley Energie).

"We are delighted to have completed the transformation of the Bruck mill into
packaging paper production based on in-house waste-to-energy. We are dedicated
to serve our customers a wide specter of publication- and packaging paper
products in addition to other bioproducts," says Ombudstvedt.

The waste-to-energy facility at Bruck has been operating since second quarter
2022 on approximately 80% of its design capacity. Together with Valmet, the
supplier, modification, and optimisation work has been executed during the first
quarter of 2023 and have enabled the energy plant to reach its full design
capacity. The facility significantly reduces the gas consumption, and thus
CO2-emissions, for Norske Skog Bruck.

The construction of the renewable energy plant at the Golbey industrial site is
progressing according to original plans. The biomass boiler will produce about
200 GWh of electricity and about 700 GWh of renewable heat, thus generating CO2
savings of 210 000 tonnes per year. The Green Valley Energie (GVE) is a joint
venture, in which Norske Skog Golbey has a 10% equity stake. The biomass boiler
will ensure a stable, long-term supply of cost-competitive and renewable steam
as an alternative to fossil energy sources, somewhat shielding Golbey from
volatile energy markets.

Norske Skog Skogn is in the early stages to build a NOK 230 million new
thermo-mechanical pulp (TMP) line, substituting expensive recovered paper with
fresh fibre with expected start-up in first half of 2024. The new TMP line will
reduce variable costs, in addition to reducing NOx, fossil CO2-emissions and
waste sent to landfill.
Norske Skog actively works to realise value from its industrial sites based on
its existing infrastructure and industry competence. The biocomposite product
CEBICO, and microfibrillar cellulose product CEBINA produced at Norske Skog
Saugbrugs have received promising feedback from customers that have tested these
products successfully in various processes and materials. Norske Skog has been
pro-active in reducing CO2-emissions and aims to become CO2 net negative or
climate positive. Norske Skog will explore economically viable models for the
utilisation of biogenic CO2, either alone or together with partners.


Operations
Total annual publication paper production capacity for the group is 1.7 million
tonnes after the closure of Golbey PM1, with 1.4 million tonnes in Europe and
0.3 million tonnes in Australia. Bruck (PM3) started production of recycled
packaging paper in the end of the first quarter, and Golbey (PM1) is planned to
start in late fourth quarter of 2023. Norske Skog will after the ramp-up of
Bruck and Golbey have an annual capacity of 760 000 tonnes of packaging paper
production. Norske Skog has several ongoing bio products and energy activities
at all industrial sites.

Lower publication paper sales prices and sales volume in the first quarter were
somewhat offset by lower variable cost. However, the Group average sales price
increased due to relatively lower share of newsprint paper compared to other
higher priced paper grades. The revenues from sale of excess energy at Golbey,
due to the conversion of PM1 to packaging paper grades, were lower than fourth
quarter of 2022 due to lower energy market prices in the quarter.

The sales price decreases were driven by softened demand for publication paper
and lower energy prices. Variable cost per tonne slightly increased in the
quarter with higher distribution costs and cost of materials per tonne, but was
somewhat offset by lower recovered paper cost per tonne. Fixed costs per tonne
increased somewhat due to lower delivered volumes. Group capacity utilisation
was 78% in the quarter, respectively 77% in Europe and 83% in Australasia. The
weakened publication paper demand caused some operational down-time in the
quarter, which impacted the capacity utilization in Europe.

According to Eurograph, demand for standard newsprint in Europe decreased by 21%
through February 2023 compared to the same period last year. SC magazine demand
decreased by around 27%