Income statement
INCOME STATEMENT
NOK MILLION Q1-FY23 Q4-FY22 Q3-FY22 Q2-FY22 Q1-FY22 Q4-FY21 Q3-FY21 Q2-FY21 Q1-FY21 Q4-FY20
Operating revenue NOK 3,171 3,848 3,541 3,822 3,326 2,980 2,532 2,182 2,155 2,402
Other operating income NOK 149 208 89 116 264 113 111 164 80 74
Total operating income NOK 3,320 4,056 3,630 3,937 3,590 3,092 2,642 2,346 2,234 2,476
Distribution costs NOK -246 -273 -327 -327 -299 -291 -307 -294 -295 -312
Cost of materials NOK -1,635 -1,843 -2,103 -1,971 -2,021 -1,800 -1,615 -1,403 -1,237 -1,351
Employee benefit expenses NOK -502 -571 -475 -499 -479 -428 -436 -444 -416 -439
Other operating expenses NOK -263 -287 -217 -235 -181 -153 -173 -187 -175 -228
EBITDA NOK 675 1,083 508 905 610 422 112 17 112 146
Restructuring expenses NOK -2 -11 0 0 -0 -12 -17 -160 -3 -47
Depreciation NOK -115 -190 -122 -120 -114 -115 -109 -105 -104 -112
Impairments NOK 0 -164 0 0 0 22 0 0 0 -258
Derivatives and other fair value adjustm NOK -474 227 -273 411 97 163 -551 -29 199 -1,006
Operating earnings NOK 85 944 113 1,195 593 479 -565 -278 204 -1,277
Share of profit in associated companies NOK -3 198 -5 -3 -2 -5 -4 -9 0 6
Financial items NOK -230 -45 -84 -127 1 6 -45 -79 1 50
Profit/loss before income taxes NOK -148 1,097 23 1,065 593 480 -614 -365 205 -1,221
Income taxes NOK -32 -32 -34 -130 -10 -80 12 10 -11 -142
Profit/loss for the period NOK -181 1,065 -11 935 583 400 -602 -355 194 -1,363
Balance sheet
BALANCE SHEET
NOK MILLION Q1-FY23 Q4-FY22 Q3-FY22 Q2-FY22 Q1-FY22 Q4-FY21 Q3-FY21 Q2-FY21 Q1-FY21 Q4-FY20
Deferred tax asset NOK 186 137 15 0 23 0 0 0 0 0
Intangible assets NOK 13 14 15 17 18 21 19 17 68 55
Property, plant and equipment and joint ventures NOK 6,618 5,852 5,235 4,726 4,245 4,103 3,892 3,655 3,562 3,586
Other non-current assets NOK 681 1,067 427 577 234 414 244 345 689 444
Total non-current assets NOK 7,498 7,069 5,692 5,319 4,520 4,538 4,154 4,017 4,319 4,084
Inventories NOK 1,786 1,464 1,487 1,357 1,206 1,203 1,134 1,172 1,184 1,194
Trade and other receivables NOK 1,886 1,944 2,039 2,090 1,724 1,411 1,318 1,180 955 1,288
Cash and cash equivalents NOK 2,894 2,650 2,047 1,728 1,677 1,489 1,163 1,324 1,622 980
Other current assets NOK 437 482 1,483 871 868 484 213 503 483 241
Total current assets NOK 7,003 6,539 7,055 6,046 5,474 4,587 3,827 4,178 4,243 3,703
Total assets NOK 14,502 13,609 12,747 11,365 9,994 9,125 7,982 8,196 8,562 7,787
Paid-in equity NOK 8,898 8,898 8,898 8,898 8,898 8,898 8,898 8,898 8,898 8,511
Retained earnings and other reserves NOK -2,853 -2,989 -4,039 -4,111 -5,238 -5,765 -6,132 -5,533 -5,221 -5,292
Total equity NOK 6,045 5,909 4,859 4,787 3,660 3,133 2,767 3,365 3,677 3,219
Employee benefit obligations NOK 297 278 324 322 302 312 329 278 282 297
Deferred tax liability NOK 229 208 252 254 244 260 259 278 286 308
Interest bearing non-current liabilities NOK 3,866 3,432 2,855 2,622 2,456 2,356 2,136 2,029 1,934 1,613
Other non-current liabilities NOK 665 504 939 404 512 463 535 260 333 277
Total non-current liabilities NOK 5,058 4,422 4,371 3,601 3,515 3,391 3,259 2,846 2,834 2,496
Interest-bearing current liabilities NOK 333 310 162 118 144 187 79 74 90 92
Trade and other payables NOK 2,161 2,245 2,429 2,171 2,081 1,910 1,699 1,634 1,528 1,728
Tax payable NOK 453 358 208 172 71 50 14 43 50 54
Other current liabilities NOK 452 364 719 515 523 454 165 235 383 199
Total current liabilities NOK 3,399 3,278 3,517 2,977 2,819 2,600 1,957 1,985 2,051 2,073
Total liabilities NOK 8,457 7,700 7,888 6,578 6,334 5,991 5,215 4,831 4,884 4,568
Total equity and liabilities NOK 14,502 13,609 12,747 11,365 9,994 9,125 7,982 8,196 8,562 7,787

*&X)&XNorske Skog implemented the amended standard IAS 19 Employee benefits from 1 January 2013, with full retrospective application. Comparable figures for 2012 have been restated

Cash flow
CASH FLOW
NOK MILLION Q1-FY23 Q4-FY22 Q3-FY22 Q2-FY22 Q1-FY22 Q4-FY21 Q3-FY21 Q2-FY21 Q1-FY21 Q4-FY20
Cash generated from operations NOK 3,369 4,136 3,707 3,797 2,985 2,886 2,494 2,094 2,530 2,254
Cash used in operations NOK -2,888 -3,301 -3,022 -3,275 -2,736 -2,505 -2,508 -2,230 -2,321 -2,130
Cash from net financial items NOK -35 -45 -32 -33 -41 -32 -42 -36 -32 -31
Taxes paid NOK -17 -45 -27 -17 -12 -32 -43 -18 -14 -20
Net cash flow from operating activities NOK 430 745 627 473 196 317 -99 -190 163 73
Purchases of property, plant and equipment and intangible assets NOK -570 -881 -519 -438 -391 -326 -347 -159 -189 -244
Sale of property, plant and equipment and intangible assets NOK 2 9 3 14 2 0 9 1 7 1
Purchase of shares in companies and other investments NOK 0 -2 0 -28 0 -0 -25 -0 -69 -2
Sales of shares in companies and other investments NOK 0 3 -4 0 276 0 195 0 13 29
Net cash from investing activities NOK -367 -872 -520 -451 -113 -326 -168 -159 -238 -217
New loan raised NOK 185 817 219 63 254 372 144 77 609 134
Repayment of loan NOK -49 -85 -14 -89 -133 -43 -36 -30 -274 -76
Dividend paid NOK 0 0 0 0 0 0 0 0 0 0
New equity NOK 0 0 0 0 0 0 0 0 388 0
Net cash from financing activities NOK 136 733 206 -26 121 329 109 47 723 58
Foreign currency effects on cach and cash equivalents NOK 45 -2 7 56 -17 7 -2 4 -6 -28
Total change in cach and cash equivalents NOK 244 604 319 51 187 326 -161 -298 642 -113
Cash and cash equovaøemts at start of period 2,650 2,047 1,728 1,677 1,489 1,163 1,324 1,622 980 1,093
Cash and cash equovaøemts at end of period 2,894 2,650 2,047 1,728 1,677 1,489 1,163 1,324 1,622 980
Segment information
SEGMENT INFORMATON
NOK MILLION Q1-FY23 Q4-FY22 Q3-FY22 Q2-FY22 Q1-FY22 Q4-FY21 Q3-FY21 Q2-FY21 Q1-FY21 Q4-FY20
PUBLICATION PAPER EUROPE
Total operating income NOK 2,865 3,551 3,129 3,469 2,968 2,648 2,183 1,872 1,711 1,899
EBITDA NOK 763 1,131 483 909 439 395 112 14 105 170
Depreciation NOK -93 -177 -108 -106 -100 -98 -95 -92 -92 -93
Operating earnings NOK 195 1,016 102 1,214 436 458 -538 -13 185 -1,260
EBITDA margin % 27 32 15 26 15 15 5 1 6 9
Production (1000 tonnes) Tonnes 277 305 345 398 415 428 428 381 392 382
Deliveries (1000 tonnes) Tonnes 245 300 347 407 407 427 433 403 382 403
Production/capacity % 77% 74% 83% 90% 94% 96% 96% 85% 88% 80%
PUBLICATION PAPER AUSTRALASIA
Total operating income NOK 434 508 514 470 429 395 426 482 489 526
EBITDA NOK -23 33 33 49 40 46 -0 7 -8 -13
Depreciation NOK -11 -11 -11 -11 -10 -12 -10 -10 -10 -13
Operating earnings NOK -35 12 21 38 30 45 -22 -258 10 1
EBITDA margin % -5 7 6 10 9 12 0 1 -2 -3
Production (1000 tonnes) Tonnes 55 64 62 64 59 62 62 79 89 94
Deliveries (1000 tonnes) Tonnes 56 63 66 63 61 62 68 87 90 97
Production/capacity % 83% 98% 94% 98% 91% 87% 87% 69% 79% 87%
PACKAGING PAPER
Total operating income NOK 24
EBITDA NOK -38
Depreciation NOK -8
Operating earnings NOK -46
EBITDA margin % -158
OTHER ACTIVITIES
Total operating income NOK 61 61 71 133 314 165 157 112 120 116
EBITDA NOK -27 -82 -8 -54 132 -19 -0 -3 15 -11
Depreciation NOK -2 -2 -3 -3 -4 -6 -4 -3 -3 -5

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Norske Skog ASA published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 11:11:45 UTC.