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 | |||||||||||
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 | |||||||||||
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 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.