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"f8013": {
"value": "1. General information
\nNorske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a
\nworld leading producer of publication paper with strong market positions in
\nEurope and Australasia. Publication paper includes newsprint and magazine
\npaper. Norske Skog operates five mills in four countries. Norske Skog has an
\nannual publication paper production capacity of 1.7 million tonnes
. Four of
\nthe mills are in Europe and one in Australia. Newsprint and magazine paper
\nare sold through sales o\ufb00ices and agents to over 80 countries. At 31 December
\n2022 the group has 2
140 employees. Of the four mills in Europe two will also
\nproduce recycled containerboard following conversion projects. In addition
\nto the traditional publication paper business, Norske Skog aims to further
\ndiversify its operations and continue its transformation into a growing and
\nhigh margin business through a range of exciting bio products, fibre and
\nenergy related projects.
\nThe parent company, Norske Skog ASA, is incorporated in Norway and has its
\nhead o\ufb00ice at Sk\u00f8yen in Oslo. The company is listed on Oslo Stock Exchange
\nwith the ticker NSKOG.
\nThe consolidated financial statements are presented in accordance with
\nInternational Financial Reporting Standards (IFRS) and interpretations from
\nthe IFRS Interpretations Committee (IFRIC), as adopted by the European
\nUnion (EU). The consolidated financial statements are presented in English
\nonly. All amounts are presented in NOK million unless otherwise stated. There
\nmay be some small di\ufb00erences in the summation of columns and rows due to
\nrounding. The corresponding amounts for prior year in parenthesis. The
\nconsolidated financial statements were authorised for issue by the board of
\ndirectors in Norske Skog ASA on 28 March 2023.
\nThe table below shows the average monthly foreign exchange rates applied in
\nthe income statement and the closing exchange rates applied in the balance
\nsheet for the most important currencies for the group.
\nIncome statement
Balance sheet
\n2022
2021
31.12.2022
31.12.2021
\nAUD
6.66
6.45
6.70
6.40
\nEUR
10.10
10.16
10.51
9.99
\nGBP
11.85
11.82
11.85
11.89
\nNZD
6.09
6.08
6.26
6.03
\nUSD
9.61
8.59
9.86
8.82
\n2.
Accounting policies
\nThe material accounting policies applied in the preparation of the consolidated
\nfinancial statements of Norske Skog ASA are set out below. The consolidated
\nfinancial statements have been prepared under the historical cost convention,
\nas modified by the revaluation of biological assets, available-for-sale financial
\nassets and financial assets at fair value through profit or loss. The policies
\nhave been consistently applied to all periods presented, unless otherwise
\nstated. They have been prepared under the assumption of going concern.
\nCONSOLIDATION
\na) Basis of consolidation
\nThe consolidated financial statements comprise the financial statements of
\nNorske Skog ASA and its subsidiaries as at 31 December 2022. Control is
\nachieved when the group is exposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to a\ufb00ect those returns
\nthrough its power over the investee. Specifically, the group controls an
\ninvestee if, and only if, the group has:
\n\u2022
Power over the investee (i.e., existing rights that give it the current ability to
\ndirect the relevant activities of the investee)
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns
\nGenerally, there is a presumption that a majority of voting rights results in
\ncontrol. To support this presumption and when the group has less than a
\nmajority of the voting or similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it has power over an
\ninvestee, including:
\n\u2022
The contractual arrangement(s) with the other vote holders of the investee
\n\u2022
Rights arising from other contractual arrangements
\n\u2022
The group\u2019s voting rights and potential voting rights
\nThe group re-assesses whether or not it controls an investee if facts and
\ncircumstances indicate that there are changes to one or more of the three
\nelements of control. Consolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when the group loses control of
\nthe subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
\nor disposed of during the year are included in the consolidated financial
\nstatements from the date the group gains control until the date the group
\nceases to control the subsidiary.
\nWhen necessary, adjustments are made to the financial statements of
\nsubsidiaries to bring their accounting policies into line with the group\u2019s
\naccounting policies. All intra-group assets and liabilities, equity, income,
\nexpenses and cash flows relating to transactions between members of the
\ngroup are eliminated in full on consolidation.
\n
\n
I
b) Associates
\nAssociates are all entities over which the group exercises significant influence
\nbut not control, generally accompanying a shareholding of 20% to 50% of the
\nvoting rights. Investments in associates are accounted for using the equity
\nmethod of accounting. The investment is initially recognised at cost, and the
\ncarrying amount is increased or decreased to recognise the investor\u2019s share of
\nthe profit or loss of the investee after the date of acquisition. Profits and losses
\nresulting from transactions between the group and its associates are
\nrecognised in the consolidated financial statements only to the extent of
\nunrelated investors\u2019 interests in the associates.
\nAt each reporting date, the group determines whether there is any objective
\nevidence that the investment in the associate is impaired. If this is the case,
\nthe group calculates the amount of impairment as the di\ufb00erence between the
\nrecoverable amount of the associate and its carrying value, and recognises the
\namount as share of profit in associated companies.
\nSEGMENT REPORTING
\nReportable segments
\nThe activities in the group are divided into two operating segments: publication
\npaper Europe and publication paper Australasia. The segment structure is in
\nline with the group\u2019s operating model. The operating segments are reported in
\na manner consistent with the internal reporting provided to the chief operating
\ndecision maker. The chief operating decision maker, who is responsible for
\nallocating resources, making strategic decisions and assessing performance
\nof the group\u2019s mills, has been identified as corporate management. Activities
\nthat are not part of the operating segments are included in other activities.
\nAccounting policies applied in the segment reporting
\nRecognition, measurement and classification applied in the segment reporting
\nare consistent with the accounting principles applied for the consolidated
\nincome statement and balance sheet and the internal management reporting.
\nPerformance measurement
\nThe group assesses the performance of the operating segments based on a
\nmeasure of EBITDA. These items exclude the e\ufb00ects of expenditure not
\ndeemed to be part of the regular operating activities of the segment, such as
\nrestructuring expenses, impairments, changes in fair value of certain energy
\ncontracts, embedded derivatives in energy contracts and value change of
\nbiological assets. See Alternative Performance Measures (APM) for further
\ninformation related to performance measurement other than financial measure
\ndefined or specific in the applicable financial reporting framework (IFRS).
\nIntercompany transactions
\nThe revenue reported per operating segment includes both sales to external
\nparties and sales to other segments. Intra-segment sales are eliminated in the
\nconsolidated financial statements. All sales transactions between operating
\nsegments are carried out at arm\u2019s length prices as if sold or transferred to
\nindependent third parties.
\nFOREIGN CURRENCY TRANSLATION
\na) Functional and presentational currency
\nItems included in the financial statements of each of the group\u2019s entities are
\nmeasured using the currency of the primary economic location in which the
\nentity operates (the \u201cfunctional currency\u201d). The consolidated financial state-
\nments are presented in NOK, which is both the functional and presentational
\ncurrency of the parent company.
\nb) Transactions and balances
\nForeign currency transactions are translated into the entity\u2019s functional
\ncurrency using the exchange rate prevailing on the date of the transaction.
\nForeign exchange gains or losses resulting from the settlement of such
\ntransactions and from the translation of monetary assets and liabilities
\ndenominated in foreign currencies at year-end exchange rates are recognised
\nin the income statement.
\nExchange di\ufb00erences arising from the settlement of accounts receivable/
\npayable and unrealised gains/losses on the same positions are recognised in
\nOperating revenue/Cost of materials respectively. Exchange di\ufb00erences
\narising from the settlement of other items are recognised within Financial
\nincome/Financial expenses.
\nForeign exchange gains and losses that relate to borrowings and cash and
\ncash equivalents are presented in the income statement within Financial
\nincome/Financial expenses.
\nNon-monetary items that are measured at fair value in a foreign currency are
\ntranslated using the exchange rates at the date when the fair value was
\ndetermined. Translation di\ufb00erences on assets and liabilities carried at fair
\nvalue are reported as part of the fair value gain or loss.
\nc) Group companies
\nThe results and financial position of all group entities which have a functional
\ncurrency di\ufb00erent from the presentational currency are translated into the
\npresentational currency as follows:
\ni.
Assets and liabilities for each balance sheet presented are translated at the
\nclosing rate at the date of that balance sheet,
\nii. Income and expenses for each income statement are translated at average
\nexchange rates on monthly basis,
\niii. All resulting exchange di\ufb00erences are booked to comprehensive income
\nOn consolidation, exchange di\ufb00erences arising from the translation of the net
\ninvestment in foreign entities are booked as part of comprehensive income.
\nWhen a foreign operation is derecognised, such exchange di\ufb00erences are
\nbooked out of comprehensive income and recognised in the income statement
\nline other operating income.
\nPROPERTY, PLANT AND EQUIPMENT
\nProperty, plant and equipment (PPE) is shown at historical cost less subsequent
\ndepreciation and impairments. Historical cost includes expenditure directly
\nattributable to the acquisition of the items. The residual value of production
\nequipment is defined as the realisable value after deduction of the estimated
\ncost of dismantling and removal of the asset. If the estimated cost exceeds the
\nestimated value, the net liability is added to the cost of the related asset, and a
\nprovision is recognised as a liability in the balance sheet.
\nBorrowing costs, which are directly related to qualifying assets, are recognised
\nas part of the acquisition cost for the qualifying asset.
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic benefits associated with the item will flow to the group and the cost
\nof the item can be measured reliably. The carrying amount of the replaced part
\nis derecognised. All other repair and maintenance costs are charged to the
\nincome statement during the financial period in which they are incurred.
\nLand is not depreciated. Depreciation on other assets is calculated using the
\nstraight-line method to allocate their cost or revalued amounts to their residual
\nvalues over their estimated useful lives.
\nThe residual value and useful life of property, plant and equipment are
\nreviewed and adjusted. Review of impairment indicators are performed
\n\nI
regularly, and if impairment indicators are identified an impairment test of
\nproperty plant and equipment for the CGU in question is performed. An asset\u2019s
\ncarrying amount is written down to its recoverable amount if the asset\u2019s
\ncarrying amount is greater than its estimated recoverable amount.
\nGains and losses on disposals are determined by comparing the proceeds with
\nthe carrying amount, and is included in the income statement line other
\noperating income/other operating expenses.
\nINTANGIBLE ASSETS
\na) Patents and licences
\nPatents and licences have a finite useful life and are recognised at historical
\ncost less accumulated amortisation. Amortisation is calculated using the
\nstraight-line method to allocate the cost of patents and licences over their
\nestimated useful lives.
\nb) Computer software
\nAcquired computer software licences are capitalised on the basis of the costs
\nincurred to acquire the specific software and bring it into use and amortised
\nover their estimated useful lives. Computer software development costs
\nrecognised as assets are amortised over their estimated useful lives. Costs
\nassociated with maintaining computer software are recognised as an expense
\nas they are incurred.
\nIMPAIRMENT OF NON-FINANCIAL ASSETS
\nAssets that are subject to amortisation are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may
\nnot be recoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount. The recoverable
\namount is the higher of an asset\u2019s fair value less costs to sell and its value in
\nuse. For the purpose of assessing impairment, assets are grouped at the
\nlowest level for which cash flows are separately identifiable CGUs (cash-
\ngenerating units).
\nFINANCIAL ASSETS
\nThe group classifies its financial assets in the following three categories: at
\nfair value through profit or loss, at amortised cost, and at fair value through
\nother comprehensive income. This classification depends on the purpose for
\nwhich the financial assets were acquired. Management determines the
\nclassification of its financial assets at initial recognition and re-evaluates this
\ndesignation at every reporting date.
\na) Financial assets at fair value through profit or loss
\nThis category has two sub-categories: financial assets held for trading, and
\nthose designated at fair value through profit or loss at inception. A financial
\nasset is classified in this category if it was acquired principally for the purpose
\nof short-term sale or if so designated by management. Derivatives are also
\ncategorised as held for trading unless designated as hedges. Assets in this
\ncategory are classified as current assets if they either are held for trading or
\nare expected to be realised within 12 months of the balance sheet date.
\nNon-financial commodity contracts where the relevant commodity is readily
\nconvertible to cash, and where the contracts are not for own use, fall within the
\nscope of IFRS 9 and such contracts are treated as derivatives. Embedded
\nderivatives are separated from the host contract and accounted for as a
\nderivative if the economic characteristics are not closely related to the
\neconomic characteristics and risk of the host contract. See Notes 4, 17 and 18
\nfor more information. Commodity contracts within the scope of IFRS 9 are
\nclassified as current assets, unless they are expected to be realised more than
\n12 months after the balance sheet date. In that case, they are classified as
\nnon-current assets.
\nb) Amortised cost
\nAmortised cost includes cash, loans and receivables, and are non-derivative
\nfinancial assets with fixed or determinable payments that are not quoted in an
\nactive market. Items classified as amortised cost are current items maturing
\nless than 12 months after the balance sheet date and are presented as Trade
\nand other receivables or Cash and cash equivalents in the balance sheet.
\nItems maturing later than 12 months after the balance sheet date are
\npresented within Other non-current assets.
\nc) Fair value through other comprehensive income
\nInvestments in other shares not held for trading purpose are classified as fair
\nvalue through other comprehensive income.
\nDERIVATIVES
\nDerivatives are initially recognised at fair value on the date a derivative
\ncontract is entered into and are subsequently remeasured at their fair value.
\nChanges in the fair value of any of these derivative instruments are recognised
\nin the income statement. The group has selected to not designate any financial
\ninstruments for hedge accounting.
\nThe fair value of quoted investments is based on the current market price. If
\nthe market for a financial asset is not active, the group applies valuation
\ntechniques to establish the fair value. These include the use of recent arm\u2019s
\nlength transactions, reference to other instruments which are substantially
\nthe same, and discounted cash flow analyses defined to reflect the issuer\u2019s
\nspecific circumstances. Fair value includes the impact of credit risk and the
\nadjustment for credit risk is dependent on whether the derivative is in the
\nmoney (asset) or out of the money (liability). Credit value adjustment is
\napplied to assets positions based on credit risk associated with the
\ncounterparty. Debit value adjustment is applied to liability positions, based on
\nthe groups own credit risk.
\nCASH AND CASH EQUIVALENTS
\nCash and cash equivalents include cash in hand, deposits held at call with
\nbanks and other short-term, highly liquid investments with original maturities
\nof three months or less. Drawn bank overdrafts are shown as Interest-bearing
\ncurrent liabilities in the balance sheet.
\nTRADE RECEIVABLES
\nTrade receivables are amounts due from customers for merchandise sold or
\nservices performed in the ordinary course of business. Trade receivables are
\nrecognised at invoiced amount, less provision for impairment. The impairment
\nmodel for financial assets under IFRS 9 require recognition of doubtful
\nreceivables allowances based on expected credit losses. The group has an
\nexpected credit loss model for trade receivables, whereby expected credit
\nlosses are recognised based on ageing categories of trade receivables that
\nincludes all receivables.
\nINVENTORY
\nInventories are stated at the lower of cost and net realisable value. Cost is
\ndetermined using weighted average cost. The cost of finished goods and work
\nin progress comprises raw materials, direct labour, other direct costs and
\nrelated production overheads (based on normal operating capacity). It
\nexcludes borrowing costs. Net realisable value is the estimated selling price in
\nthe ordinary course of business, less applicable variable selling expenses.
\nTRADE PAYABLES
\nTrade payables are obligations to pay for goods or services that have been
\nacquired in the ordinary course of business from suppliers. Trade payables are
\nrecognised initially at fair value and subsequently measured at amortised cost
\nusing the e\ufb00ective interest method.
\n\nPROVISIONS
\nProvisions for environmental restoration, dismantling costs, restructuring
\nactivities and legal claims are recognised when the group has a present legal
\nor constructive obligation as a result of past events, an outflow of resources is
\nmore likely than not to be required to settle the obligation and the amount can
\nbe reliably estimated.
\nRestructuring costs are costs which are not related to the ongoing operations.
\nRestructuring cost are recognised once there is a constructive obligation. This
\nincludes for example severance (redundancy) payments, early retirement or
\nother arrangements for employees leaving the company, external costs to
\nlawyers and legal advisors in relation to the restructuring process, lease
\ntermination costs and onerous contracts. Salary which is earned while the
\nemployee contributes to the ongoing operations is not classified as
\nrestructuring costs.
\nWhere a number of similar obligations exist, the likelihood that an outflow will
\nbe required in settlement is determined by considering the class of obligations
\nas a whole. A provision is recognised even if the likelihood of an outflow with
\nrespect to any one item included in the same class of obligations may be small.
\nProvisions are measured at the present value of the best estimate of the
\nexpenditure required to settle the present obligation using a pre-tax rate that
\nreflects current market assessments of the time value of money and the risks
\nspecific to the obligation. The increase in the provision due to passage of time
\nis recognised within financial items.
\nCURRENT AND DEFERRED INCOME TAX
\nThe group\u2019s income tax expense includes current tax based on taxable profit
\nfor each jurisdiction adjusted by changes in deferred tax assets and liabilities
\nattributable to temporary di\ufb00erences and to unused tax losses. Tax is
\nrecognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or directly in equity. In this
\ncase, the tax is also recognised in other comprehensive income or directly in
\nequity, respectively.
\nThe tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the balance sheet date in the countries where the
\ncompany\u2019s subsidiaries and associates operate and generate taxable income.
\nDeferred tax is provided in full, using the liability method, on temporary
\ndi\ufb00erences arising between the carrying amount of assets and liabilities in the
\nconsolidated financial statements and their tax bases.
\nDeferred tax assets are recognised to the extent that it is probable that future
\ntaxable profit will be available against which the deductible temporary
\ndi\ufb00erences and unused tax losses can be utilised. Deferred tax assets are
\no\ufb00set against deferred tax liabilities when the deferred tax assets and
\nliabilities relate to income taxes levied by the same taxation authority and
\nthere is a legally enforceable right to set-o\ufb00 current tax assets against current
\ndeferred tax liabilities.
\nPENSION OBLIGATIONS, BONUS ARRANGEMENTS AND OTHER
\nEMPLOYEE BENEFITS
\na) Pension obligations
\nGroup companies operate various pension schemes. These are generally
\nfunded through payments to insurance companies, as determined by periodic
\nactuarial calculations. The group has both defined benefit and defined
\ncontribution plans.
\nThe liability recognised in the balance sheet in respect of defined benefit
\npension plans is the present value of the defined benefit obligation at the
\nbalance sheet date less the fair value of plan assets. The defined benefit
\nobligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the defined benefit obligation is
\ndetermined by discounting the estimated future cash outflows using interest
\nrates of high quality corporate bonds which are denominated in the currency
\nin which the benefits will be paid, and which have terms to maturity
\napproximating to the terms of the related pension liability, or alternatively a
\ngovernment bond interest rate if such bonds do not exist.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are charged or credited to equity in other
\ncomprehensive income in the period in which they arise. Past-service costs
\nare recognised immediately in income.
\nA defined contribution plan is a pension plan under which the group pays fixed
\ncontributions into a separate entity. These contributions are made to publicly-
\nor privately administered pension insurance plans on a mandatory, contractual
\nor voluntary basis. The group has no further payment obligations once the
\ncontributions have been made. These contributions are recognised as an
\nemployee benefit expense in the period the contribution is related to. Prepaid
\ncontributions are recognised as an asset to the extent that a cash refund or a
\nreduction in the future payments is available.
\nb) Other employee benefit obligations
\nGroup companies operate various other employee benefit schemes. Other
\nemployee benefits are future benefits that the employees have earned in
\nreturn for their service in current and prior periods.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are recognised in the income statement in the period
\nin which they arise.
\nThe obligations are classified as non-current during the period they are being
\nearned, and are for some of the plans reclassified to current when the
\nemployees have completed the required period of service and the group does
\nnot have an unconditional right to defer settlement for these obligations.
\nc) Share-based remuneration
\nNorske Skog has a long-term incentive programme which falls within the
\nscope of IFRS 2 Share-based payments. Norske Skog has a cash-settled
\nshare-based programme in which the entity acquires services by incurring a
\nliability to transfer cash to the employee of those services for amounts that
\nare based on the price of the shares in the company. The ultimate cost of a
\ncash-settled share-based transaction is the actual cash paid to the
\ncounterparty, which will be the fair value at settlement date.
\nThe periodic determination of this liability is at each reporting date between
\ngrant and settlement the fair value of the award. The fair value of the award is
\ndetermined in accordance with the specific requirements in IFRS 2. During the
\nvesting period, the liability recognised at each reporting date is the fair value
\nof the award at that date multiplied by the expired portion of the vesting
\nperiod. All changes in the liability are recognised in profit or loss for the period.
\nThe fair value of the liability is determined by applying an option pricing
\nmodel, considering the terms and conditions on which the cash-settled
\ntransaction was granted, and the extent to which the employees have rendered
\nservices to date.
\nd) Bonus arrangements
\nThe group accrues for bonus arrangements when there exists a contractual
\nobligation, or past practice has created a constructive obligation.
\n\ne) Short-term obligations
\nLiabilities for wages and salaries, including non-monetary benefits and
\naccumulating sick leave that are expected to be settled wholly within 12
\nmonths after the end of the period in which the employees render and are
\nmeasured at the amounts expected to be paid when the liabilities are settled.
\nThe liabilities are presented as current employee benefit obligations in the
\nbalance sheet.
\nBORROWINGS
\nBorrowings are recognised initially at fair value, net of transaction costs
\nincurred. Borrowings are subsequently carried at amortised cost. Any
\ndi\ufb00erence between fair value of proceeds (net of transaction costs) and
\nredemption value is recognised in the income statement over the period of the
\nborrowing, using the e\ufb00ective interest method.
\nFees paid on the establishment of loan facilities are recognised as transaction
\ncosts of the loan to the extent that it is probable that some or all of the facility
\nwill be drawn down. In this case, the fee is deferred until the drawdown occurs.
\nTo the extent there is no evidence that it is probable that some or all of the
\nfacility will be drawn down, the fee is capitalised as a prepayment for liquidity
\nservices and amortised over the period of the facility to which it relates.
\nBorrowings are classified as current liabilities, unless the group has an
\nunconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date. Interest costs are recognised in profit or loss in
\nthe period in which they are incurred.
\nDERECOGNITION
\nA financial liability is derecognised when the obligation under the liability is
\ndischarged or cancelled or expires. When an existing financial liability is
\nreplaced by another from the same lender on substantially di\ufb00erent terms, or
\nthe terms of an existing liability are substantially modified, such an exchange
\nor modification is treated as the derecognition of the original liability and the
\nrecognition of a new liability. The di\ufb00erence in the respective carrying amounts
\nis recognised as part of the gain or loss in the income statement.
\nPAID-IN-EQUITY
\nOrdinary shares are classified as equity. Incremental costs directly attributable
\nto the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\nWhere any group company purchases the company\u2019s equity instruments, for
\nexample as the result of a share buy-back or a share-based payment plan, the
\nconsideration paid, including any directly attributable incremental costs (net
\nof income taxes) is deducted from equity attributable to the owners as
\ntreasury shares until the shares are cancelled or reissued.
\nREVENUE RECOGNITION
\nRevenue from contracts with customers is recognised when control of the
\ngoods or services are transferred to the customer at an amount that reflects
\nthe consideration to which the group expects to be entitled in exchange for
\nthose goods or services.
\nRevenues in the group consists almost exclusively of the sale of goods. In
\npractical terms, the timing of revenue recognition is based on the delivery
\nterms for the di\ufb00erent markets and customers, and where revenue is
\nrecognised at point in time. It is important to make sure that all performance
\nobligations are fulfilled, and the customer can benefit on its own. If the
\ncustomer cannot obtain control of the good or service, the revenue cannot be
\nrecognised.
\nDIVIDEND INCOME
\nDividend income is recognised when the right to receive payment is
\nestablished, which is generally when the shareholders approve the dividend.
\nINTEREST INCOME
\nInterest income is recognised using the e\ufb00ective interest method. This is the
\ninterest rate that gives a net present value of the cash flows from the loan that
\nis equal to carrying value.
\nGOVERNMENT GRANTS
\nGovernment grants are recognised as income or as a cost reduction,
\ndependent on the basis for which the government grant has been awarded.
\nRecognition will be on a systematic basis over the period they have been
\ngranted for, or on a systematic basis to the costs that they are intended to
\ncompensate for. CO
2
compensation is recognised as a reduction of energy
\ncost as the element of energy cost it compensates is consumed and incurred.
\nGovernment grants in the form of compensation for losses which have already
\nbeen incurred, or in the form of direct financial support, which is not directly
\nrelated to future costs, are recognised as income in the same period as they
\nare awarded.
\nGovernment grants related to assets are presented in the balance sheet as
\ndeferred income or as a reduction of the cost price of the assets the grant
\nrelates to. The grant is then recognised in the income statement either through
\nfuture periodic income recognition or as a future reduction in the depreciation
\ncharge.
\nLEASES
\nNorske Skog recognises a liability to make lease payments and an asset
\nrepresenting the right to use the underlying asset during the lease term
\n(\u201cright-of-use asset\u201d). Exceptions for short term leases and low value leases
\nhave been adapted by the group. At initial recognition the right-of-use assets
\nis measured at an amount equal to the lease liability. Norske Skog separately
\nrecognises the interest expense on the lease liability and the depreciation
\nexpense on the right-of-use asset.
\nLease liabilities are measured at the present value of the contractual payments
\ndue to the lessor over the lease term, with the discount rate determined by
\nreference to the rate inherent in the lease, if available, or the group\u2019s
\nincremental borrowing rate. Variable lease payments are only included in the
\nmeasurement of the lease liability if they depend on an index or rate. Other
\nvariable lease payments are expensed in the period to which they relate.
\nNEW AND AMENDED INTERPRETATION AND STANDARDS ADOPTED
\nBY THE GROUP
\na) New standards e\ufb00ective from 1 January 2022
\nChanges in standards and interpretations during 2022 has not had any
\nmaterial impact on Norske Skog\u2019s financial reporting.
\nb) New standards, interpretations and amendments not yet e\ufb00ective
\nThere are a number of standards, amendments to standards, and interpre-
\ntations which have been issued by the IASB that are e\ufb00ective in future
\naccounting periods that the group has decided not to adopt early.
\nThe group does not expect the standards issued, but not yet e\ufb00ective, to have
\na material impact on the group\u2019s financial reporting.
\n\nI
3.
Accounting estimates and assumptions
\nIMPORTANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
\nThe preparation of consolidated financial statements in conformity with IFRS
\nrequires the use of accounting estimates and assumptions for the future. It
\nalso requires management to exercise its judgment in the process of applying
\nthe group\u2019s accounting policies. Estimates and assumptions, which represent
\na significant risk of a material adjustment in the carrying amount of assets and
\nliabilities during the coming financial year, are discussed below.
\na) Accounting treatment of physical energy contracts and other financial
\ninstruments
\nNorske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
\ncontracts of which some contain embedded derivatives. The fair value of
\nembedded derivatives in physical contracts is influenced by price index
\nfluctuations.
\nNorske Skog has energy contracts in Norway that does not fulfil the criteria
\nfor use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are
\ntreated as financial derivatives in the scope of IFRS 9 and measured at fair
\nvalue through profit or loss The fair value of the contracts will vary dependent
\non the market price for energy in Norway.
\nThe fair value of financial instruments that are not traded in an active market is
\ndetermined by using valuation techniques. The group uses its judgment to select
\nmethods and make assumptions that are mainly based on market conditions
\nexisting at each balance sheet date. See Note 9 and Note 18 for more information.
\nb) Recoverable amount of intangible assets and property, plant and equip-
\nment (PPE)
\nThe group performs impairment tests to assess whether there has been a
\ndecline in the value of intangible assets and PPE if there are impairment
\nindicators present. These are written down to their recoverable amount when
\nthe recoverable amount is lower than the carrying value of the asset. The
\nrecoverable amount from assets or cash-generating units is determined by
\ncalculating the higher of fair value less costs to sell and value in use. Value in
\nuse is the present value of the future cash flows expected to be derived from
\nan asset or cash-generating unit. Calculation of value in use requires use of
\nestimates. The group conducts annual reviews of the remaining economic life of
\nPPE. An increase or decrease in the remaining economic life will have an impact
\non future depreciation, as well as a\ufb00ect the cash flow horizon for calculating value
\nin use. See Note 15 for further information.
\n4.
Financial risk
\nFINANCIAL RISK MANAGEMENT
\nThe main risk exposures for the group are linked to uncertainty to price and
\nvolume developments for publication paper and the costs of key input factors
\nsuch as energy and fibre. Weaker demand than expected for the group\u2019s
\nproducts can a\ufb00ect profitability and associated cash flows in a negative way.
\nThe group operates in a multicurrency environment, where the main currencies
\nof importance for the business are EUR, GBP, USD and AUD. Currency
\nmovements between these currencies, as well as against NOK, may influence
\ndemand as well as prices and costs of key input factors. Liquidity is ensured
\nby maintaining su\ufb00icient cash balances and open credit lines linked to
\naccounts receivables facilities. Norske Skog continuously assess the most
\ncompetitive funding sources for the group.
\nUncertainty about future changes in the broader economic climate development
\nand more adverse developments than expected may influence all of the above.
\nThe aforementioned risks may all a\ufb00ect future results. The factors are an inherent
\nuncertainty when the board makes its assessments.
\nThe group has one cash pool for the European entities and the cash pool is
\nlegally placed in Norske Skog ASA.
\nFINANCIAL RISK FACTORS
\nThe group is exposed to various financial risk factors through the group\u2019s
\noperating activities, including market risk (interest rate risk, currency risk and
\ncommodity risk), liquidity risk and credit risk. The group seeks to minimise
\nlosses and volatility on the group\u2019s earnings caused by adverse market
\nmovements. Moreover, the group monitors and manages financial risk based
\non internal policies and standards set forth by corporate management and
\napproved by the board of directors. These written policies provide principles
\nfor the overall risk management as well as standards for managing currency
\nrisk, interest rate risk, credit risk, liquidity risk and the use of financial
\nderivatives and non-derivative financial instruments.
\nMARKET RISK
\na) Interest rate risk
\nInterest rate risk is related to the financial risk related to changes in market
\ninterest rates. Interest rate risk management is carried out to secure the
\nlowest possible interest rate payments over time within acceptable risk limits.
\nThis includes having a portfolio of loans in the group with both floating interest
\nand fixed interest rates. The group may also use derivatives to manage the
\ninterest rate risk in the group.
\n31.12.2022
31.12.2021
\nINTEREST-
\nBEARING ASSETS
\nAND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
\nInterest-bearing
\nliabilities
2 892
850
3 742
1 671
872
2 543
\nInterest-bearing
\nassets
-2 650
0
-2 650
-1 489
0
-1 489
\nNet exposure
241
850
1 092
182
872
1 054
\nAll amounts presented in the table are notional amounts. Total interest-
\nbearing liabilities will therefore di\ufb00er from booked amounts due to bond
\ndiscounts/premiums. Floating rate exposure is calculated without accounting
\nfor potential future refinancing.
\nInterest rate sensitivity analysis
\nIn accordance with IFRS 7 Financial instruments - disclosures, an interest rate
\nsensitivity analysis is presented showing the e\ufb00ects of changes in market
\ninterest rates on interest costs and interest income, as well as equity where
\napplicable. The analysis is based on the following assumptions:
\nFloating rate debt is exposed to changes in market interest rates, i.e. the
\ninterest costs or interest income associated with such instruments will
\nfluctuate based on changes in market rates. The impact of changes is
\npresented in the sensitivity analysis. The analysis assumes that all other
\nfactors are kept constant.
\nChanges in market rates on fixed rate debt will only a\ufb00ect the income
\nstatement if they are measured at fair value. Thus, fixed rate instruments
\nrecognised at amortised cost will not represent an interest rate risk as defined
\nby IFRS 7. Such instruments will therefore not have any impact on the
\nsensitivity analysis.
\nResults are presented net of tax, using the Norwegian statutory tax rate of 22%.
\n\n\nI
\n\nI
\nThe interest rate sensitivity analysis is based on a parallel shift in the yield
\ncurve for each relevant currency to which Norske Skog is exposed.
\nNET PROFIT AFTER TAX
\nINTEREST RATE
2022
2021
\n50 basis point downward parallel shift in the yield curve
4
-3
\n50 basis point upward parallel shift in the yield curve
-4
2
\nWith a 50-basis point upward change in interest rate the interest payments
\nwill increase with NOK 14 million. The upward change will have no e\ufb00ect on
\nthe values of derivatives carried at fair value through profit or loss.
\nb) Currency risk
\nTransaction risk - economically hedge
\nThe group has revenues and expenses in various currencies. The major
\ncurrencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
\nthe group has a di\ufb00erent currency split on income and expenses. In 2022
\nNorske Skog has economically hedged some of its cash flows in foreign
\ncurrencies. The result of the hedging is included in Gains/(losses) on foreign
\ncurrency in the income statement. The cash flow hedges resulted in a realised
\nloss of NOK 6 million in 2022 (NOK -4 million). At year end 2022 we did not
\nhave any hedging contracts (2021 NOK -1 million).
\nTranslation risk - net investment hedge
\nThe group does not have any net investment hedges.
\nForeign exchange - sensitivity analysis on financial instruments
\nThe following foreign exchange sensitivity analysis calculates the sensitivity
\nof derivatives and non-derivative financial instruments on net profit and
\nequity, based on a defined appreciation/depreciation of NOK against relevant
\ncurrencies, keeping all other variables constant. The analysis is based on
\nseveral assumptions, including:
\n\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
\ncurrencies. Derivative and non-derivative financial instruments of a
\nmonetary nature, denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity, create foreign exchange rate exposure on the
\nconsolidated income statement.
\n\u2022
Financial instruments denominated in the functional currency of the entity
\nhave no currency risk and will therefore not be applicable to this analysis.
\nFurthermore, the foreign currency exposure of translating financial accounts
\nof subsidiaries into the group\u2019s presentational currency is not part of this
\nanalysis.
\n\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
\nseparately under \u201ccommodity risk\u201d.
\n\u2022 Other currency derivatives that are recognised at fair value through profit
\nand loss will a\ufb00ect the income statement. These e\ufb00ects come mainly from
\ncurrency derivatives and financial liabilities managed as economic net
\ninvestment hedges which do not qualify for hedge accounting according to
\nIFRS 9.
\n\u2022 Other non-derivative financial instruments accounted for in the analysis
\ncomprise cash and cash equivalents, accounts payable, accounts receivable
\nand borrowings denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity.
\n\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
\nare presented net of tax.
\nNOK GAIN/(LOSS) FROM 10%
\nAPPRECIATION ON FOREIGN
\nCURRENCY EXCHANGE RATES
\nCURRENCIES AGAINST TO WHICH THE
\nGROUP HAS SIGNIFICANT EXPOSURE
31.12.2022
31.12.2021
\nEUR
-75
-82
\nGBP
13
17
\nUSD
12
14
\nOther
8
0
\nTotal
-41
-51
\nThe e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
\nby foreign exchange gains/losses on the translation of EUR denominated debt
\nfor which there is no hedge accounting.
\nc) Commodity risk
\nA part of the commodity demand is secured through long-term contracts
\nlimiting the exposure to changes in commodity prices. Some of the group
\npurchases contracts are defined as financial instruments, or contain embedded
\nderivatives, which fall within the scope of IFRS 9. These financial instruments
\nand embedded derivatives are measured in the balance sheet at fair value with
\nvalue changes recognised through profit or loss. The embedded derivatives
\nare common in physical commodity contracts and comprise a wide variety of
\nderivative characteristics.
\nChanges in fair value of commodity contracts reflect unrealised gains or
\nlosses and are calculated as the di\ufb00erence between market price and contract
\nprice, discounted to present value. Some commodity contracts are bilateral
\ncontracts or embedded derivatives in bilateral contracts, for which there
\nexists no active market. Therefore, valuation techniques are used as much as
\npossible, with the use of available market information. Techniques that reflect
\nhow the market could be expected to price instruments are used in non-
\nobservable markets. The fair value of embedded derivatives in physical
\ncontracts depends on currency fluctuations.
\nSensitivity analysis for commodity contracts
\nWhen calculating fair value of future and forward contracts, cash flows are by
\nprinciple assumed to occur in the middle of the period. Currency e\ufb00ects arise
\nwhen contract values nominated in foreign currencies are translated into the
\nreporting currency.
\nFAIR VALUE
\n31.12.2022
\nNET PROFIT
\nAFTER TAX
\n- INCREASE
\nNET PROFIT
\nAFTER TAX
\n- DECREASE
\nCOMMODITY CONTRACTS
\nWITHIN THE SCOPE OF IFRS 9
\nEnergy price
change 10%
446
323
-323
\nCurrency
change 10%
446
-11
14
\nPrice index
change 2.5%
446
1
-1
\nSensitivity analysis for embedded derivatives
\nEmbedded derivatives are common features in physical commodity contracts.
\nThe most common embedded derivatives are currency.
\nFAIR VALUE
\nNET PROFIT
\nAFTER TAX
\nNET PROFIT
\nAFTER TAX
\nEMBEDDED DERIVATIVES
31.12.2022
- INCREASE
- DECREASE
\nCurrency
change 10%
12
-56
75
\n\nLIQUIDITY RISK
\nThe group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
\nfrom operating activities is not su\ufb00icient to cover payments of financial
\nliabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
\nmanagement strategy focuses on maintaining su\ufb00icient cash, as well as
\nsecuring available financing through committed credit facilities. Managing
\nliquidity risk is centralised on a group level.
\nTo uncover future liquidity risk, the group forecasts both short- and long-term
\ncash flows. Cash flow forecasts include cash flows from operations,
\ninvestments, financing activities and financial instruments. The group had
\ncash and cash equivalents of NOK 2
650 million on 31 December 2022
\n(NOK 1
489 million). Restricted bank deposits amounted to NOK 109 million
\non 31 December 2022 (NOK 85 million).
\nScheduled repayments in Note 23 shows a more specified contractual
\nmaturities of non-derivative financial liabilities than the table below. All
\namounts disclosed in the table are undiscounted cash flows. Furthermore,
\namounts denominated in foreign currency are translated to NOK using closing
\nrates at 31 December 2022. These amounts consist of trade payables and
\ninterest payments. Variable rate interest cash flows are calculated using the
\nforward yield curve. Projected interest payments are based on the maturity
\nschedule at 31 December 2022 without accounting for forecasted refinancing
\nand/or other changes in the liability portfolio. All other cash flows are based on
\nthe group\u2019s positions held at 31 December 2022.
\nSCHEDULED REPAYMENTS OF FINANCIAL DEBT
\nAND INTEREST
2022
2021
\nNot later than one year
551
404
\nLater than one year and not later than five years
3 632
2 321
\nLater than five years
387
146
\nTotal
4 569
2 872
\nTrade payables
819
1 018
\nCREDIT RISK
\nThe group makes a credit evaluation of all financial trading counterparties.
\nBased on the evaluation, a limit on credit exposure is established for each
\ncounterparty. These limits are monitored continuously in relation to unrealised
\nprofit on financial instruments and placements. The maximum credit risk
\narising from financial instruments is represented by the carrying amount of
\nfinancial assets in the balance sheet.
\nThe group procedures for credit management of European trade receivables,
\nand the authority to approve credit lines to customers of European business
\nunits, are regulated by a policy drafted and maintained by a centralised credit
\nmanagement function at the head o\ufb00ice. The operational responsibility to act
\nwithin the guidelines as set out by this policy lies with each business unit. For
\noperations outside of Europe, customer credit management is handled locally.
\n5.
Operating segments
\nREPORTABLE SEGMENTS
\nNorske Skog group is a producer of publication paper. Publication paper includes
\nnewsprint and magazine paper. Newsprint encompasses standard newsprint
\nand other paper qualities used in newspapers, inserts, catalogues, etc. These
\npaper qualities, measured in grammes per square meter, will normally be in the
\nrange 40-52 g/m2. Magazine paper encompasses the paper qualities super
\ncalendared (SC) and lightweight coated (LWC). These paper qualities are used
\nin magazines, periodicals, catalogues and brochures.
\nThe activities of the group are focused on two business systems, publication
\npaper Europe and publication paper Australasia. The segment structure is in line
\nwith how the group is managed internally. Norske Skog\u2019s chief operating decision
\nmaker is corporate management, who distribute resources and assess
\nperformance of the group\u2019s operating segments. Norske Skog has an integrated
\nstrategy in Europe and Australasia to maximize the profit in each region. The
\noptimisation is carried out through coordinated sales and operational planning.
\nThe regional planning, in combination with structured sales and operational
\nprocesses, ensures maximisation of profit.
\nPublication paper Europe
\nThe publication paper Europe segment encompasses production and sale of
\nnewsprint and magazine paper in Europe. All the four European mills and the
\nregional sales organisation are included in the operating segment publication
\npaper Europe. One machine in Norske Skog Bruck and one machine in Norske
\nSkog Golbey ceased production during 2022 to prepare for conversion to
\ncontainerboard production.
\nPublication paper Australasia
\nThe publication paper Australasia segment encompasses production and sale of
\nnewsprint and magazine paper in Australasia. The mills in Australasia and the
\nregional sales organisation are included in the operating segment publication
\npaper Australasia. The Norske Skog Boyer mill is the only mill in the Australian
\noperating segment.
\nOther activities
\nActivities in the group that do not fall into the operating segments publication
\npaper Europe or publication paper Australasia are presented under other
\nactivities. This includes corporate functions, green energy and other holding
\ncompany activities. The pellets operations of Nature\u2019s Flame is included up to
\nfirst quarter 2022 when it was sold.
\nREVENUE FROM CUSTOMERS AND OTHER OPERATING ACTIVITIES
\nTotal revenues, cash flows and balances from contracts with customers and
\nother operating activities has been disaggregated and presented in the segment
\ntables below. Contract with customers are recognised upon satisfaction of a
\nperformance obligation by transferring the promised goods to a customer and
\nmeasured at point in time for the sale of products to the customer. Sale of
\npublication papers and other products are non-interest bearing receivables,
\ngenerally on terms of 20-60 days.
\nNorske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
\no\ufb00icial rules for the interpretation of trade terms issued by the International
\nChamber of Commerce. The timing of revenue recognition is largely dependent
\non these delivery terms:
\nC-terms, where the group arranges and pays for the external transport of the
\ngoods, but the group no longer bears any responsibility for the goods once they
\nhave been handed over to the transporter in accordance with the terms of the
\ncontract. The point of sale is when the goods are handed over to the transporter
\ncontracted by the seller.
\n\nD-terms, where the group delivers the goods to the purchaser at the agreed
\ndestination, usually the purchaser\u2019s premises. The point of sale is when the
\ngoods are delivered to the purchaser. If the customer is invoiced before delivery
\nof the goods purchased, revenue is only recognised if the customer has taken
\nover a significant part of the gain and loss potential relating to the goods.
\nE-terms, where the responsibility is placed on the buyer. The seller assures the
\ndelivery of the goods to the buyer or the agreed destination.
\nF-terms, where the purchaser arranges and pays for the transport. The point
\nof sale is when the goods are handed over to the transporter contracted by the
\npurchaser.
\nThe sale of newsprint and magazine paper in Norske Skog is mainly based on
\ndelivery terms C and D, with 20% and 74% respectively.
\nREVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
\nSEGMENTS
\nNorske Skog manages non-current debt, taxes and cash positions on a group
\nbasis. Consequently, financial items and tax expenses are presented only for
\nthe group as a whole.
\nMAJOR CUSTOMERS
\nNo customer represents 10% or more of the operating revenue.
\nNorske Skog had a total sales volume of newsprint and magazine paper of
\n1 714 000
tonnes in 2022, of which sales to the group\u2019s largest customer
\nconstituted approximately 169
000 tonnes. Total sales volume in 2022 of
\nnewsprint and magazine paper to the five largest customers in Europe and
\nAustralasia amounted to approximately 308
000 and 178
000 tonnes
\nrespectively.
\nCyrielle Nussbaum
\nCommunication manager
\nNorske Skog Golbey
\nHello, I am Cyrielle Nussbaum
\nand I am the Communication
\nManager at Norske Skog Golbey.
\nI have a professional degree in
\nadvertising and a certification in
\nwebmarketing. I completed a CSR
\nCommunication course last year.
\nI have worked as a brand manager for leading French brands
\nspecialising in linen for 10 years.
\nI saw a video about Norske Skog Golbey\u2019s ambitions, its CSR
\napproach and its strategy for the future. That prompted me to
\nsend my application.
\nI manage internal and external communication of the business
\nunit, except products communication. It includes public and
\npress relations, community management (social media, website,
\nvideos), writing and making layouts of print documents (flyers,
\nposters) and organizing events and trade shows.
\nLike all moms, I try to take care of my 2 sons (10 and 12 years
\nold). I have been practising kyokushinkai karate for several years.
\nI enjoy going to the restaurant with friends.
\n
\n\nOPERATING INCOME AND EXPENSES PER OPERATING SEGMENT
\n2022
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
12 645
1 893
117
-119
14 537
\nOther operating income
477
28
177
-4
677
\nTotal operating Income
13 122
1 920
294
-122
15 214
\nDistribution costs
-963
-261
-4
0
-1 227
\nCost of materials
-6 889
-1 051
-13
16
-7 937
\nEmployee benefit expenses
-1 515
-293
-220
3
-2 024
\nOther operating expenses
-791
-161
-71
102
-921
\nEBITDA
2 965
154
-14
0
3 105
\nRestructuring expenses
0
-11
0
0
-11
\nDepreciation
-493
-43
-10
0
-546
\nImpairments
-164
0
0
0
-164
\nDerivatives and other fair value adjustments
462
0
0
0
462
\nOperating earnings
2 769
100
-24
0
2 845
\nShare of operating revenue from external parties (%)
100
100
18
100
\n2021
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
7 990
1 759
214
-115
9 848
\nOther operating income
422
33
13
-3
466
\nTotal operating income
8 412
1 792
228
-117
10 315
\nDistribution costs
-937
-226
-24
0
-1 187
\nCost of materials
-4 986
-1 045
-51
28
-6 055
\nEmployee benefit expenses
-1 296
-340
-91
3
-1 723
\nOther operating expenses
-565
-137
-72
87
-687
\nEBITDA
628
44
-11
0
662
\nRestructuring expenses
-16
-174
-3
0
-192
\nDepreciation
-380
-40
-13
0
-433
\nImpairments
8
14
0
0
22
\nDerivatives and other fair value adjustments
-148
-69
0
0
-218
\nOperating earnings
92
-225
-26
0
-160
\nShare of operating revenue from external parties (%)
100
100
62
100
\n\n\nI
\nOPERATING REVENUE PER GEOGRAPHICAL MARKET
\nThe allocation of operating revenue by market is based on customer
\nlocation.
\n2022
2021
\nNorway
685
218
\nRest of Europe
11 282
6 904
\nNorth America
349
316
\nAustralasia
1 873
1 777
\nAsia
270
570
\nAfrica
78
62
\nTotal
14 537
9 848
\nPROPERTY, PLANT AND EQUIPMENT PER GEOGRAPHICAL REGION
\nThe table below shows property, plant and equipment allocated to Norske
\nSkog\u2019s country of domicile and other regions in which the group holds assets.
\nThe allocation is based on the location of the production facilities.
\n31.12.2022
31.12.2021
\nEurope
5 603
3 776
\nAustralasia
249
327
\nTotal
5 852
4 103
\nCASH GENERATED FROM OPERATIONS
\n2022
2021
\nPublication paper Europe
12 813
8 047
\nPublication paper Australasia
1 819
1 854
\nOther activities
114
219
\nEliminations
-122
-117
\nTotal
14 624
10 003
\nNET CASH FLOW FROM OPERATING ACTIVITIES
\n2022
2021
\nPublication paper Europe
2 282
589
\nPublication paper Australasia
53
-139
\nOther activities
-44
-11
\nTotal cash flow allocated to segments
2 291
439
\nNet financial items
-150
-142
\nTaxes paid
-101
-106
\nNet cash flow from operating activities
2 040
191
\nPURCHASES OF PROPERTY, PLANT AND EQUIPMENT AND
\nINTANGIBLE ASSETS
\n2022
2021
\nPublication paper Europe
2 207
990
\nPublication paper Australasia
19
26
\nOther activities
2
5
\nTotal
2 228
1 021
\nINVENTORIES
\nInventories include raw materials, work in progress, finished goods and
\nother production materials.
\n31.12.2022
31.12.2021
\nPublication paper Europe
1 252
966
\nPublication paper Australasia
211
208
\nOther activities
0
29
\nTotal
1 464
1 203
\nTRADE RECEIVABLES
\n31.12.2022
31.12.2021
\nPublication paper Europe
530
526
\nPublication paper Australasia
266
153
\nOther activities
22
50
\nTotal
818
729
\nProvison for bad debt
-44
-43
\nTotal
774
686
\n 6.
Other operating income
\n2022
2021
\nPublic subsidies and grants
37
74
\nGain on sales of non-current assets
192
16
\nGain from sale of CO
2
allowances
270
250
\nOther
179
126
\nTotal
677
466
\nPublic subsidies and grants in 2022 consist of energy support in Norske Skog
\nBruck of NOK 20 million. 2021 includes COVID-19 financial support to Norske
\nSkog Bruck of NOK 63 million.
\nGain on sale of non-current assets in 2022 consists of gain on sale of the
\npellets business Nature\u2019s Flame of NOK 171 million, and sale of land and other
\nassets of NOK 21 million. The land and other assets includes Norske Skog
\nTasman and a sale of business in the sales o\ufb00ice Norske Skog Italy.
\nEUs ETS system was established early 2000. Pulp & Paper is part of the
\ncarbon leakage group (together other sectors) and are covered by special
\nregulations which includes allocation of free CO
2
quotas. Norske Skog
\nreceived 410
000 CO
2
quotas in 2022 (430
000) and were able to sell
\napproximately 300
000 quotas for 2022 (188
000) in the market as these
\nexceeds the quotas needed to be delivered. The number of quotas available
\nfor sale is dependent on yearly production. ETS system currently covers the
\nperiod 2021 to 2025. It is expected that the EU ETS scheme will be adjusted
\nin 2026, the outcome of any adjustments is uncertain.
\nCO
2
compensation is an arrangement whereby sectors covered by carbon
\nleakage may compensated for the increased cost producers have to cover
\ntheir emissions. Any compensation is decided on country level and Norske
\nSkog receives CO
2
compensation in Norway and France. The compensation is
\ndependent on energy consumption and average CO
2
price in the previous
\nyear. CO
2
compensation covers a defined period but may be changed at the
\ndiscretion of the government. The amount recognised for CO
2
compensation
\nfor 2022 is NOK 433 million (NOK 286 milllion) and are recorded as a
\nreduction of energy costs in the line cost of materials.
\nOther for 2022 consist mainly of gate fee, sale of steam, and real estate rental.
\n\n7.
Employee benefit expenses
\nEMPLOYEE BENEFIT EXPENSES
NOTE
2022
2021
\nSalaries including holiday pay
1 608
1 349
\nSocial security contributions
333
293
\nPension and other long term employee benefits
21
44
61
\nOther employee benefit expenses
39
21
\nTotal
2 024
1 723
\nNUMBER OF EMPLOYEES
2022
2021
\nEurope
1 800
1 732
\n- Corporate functions
31
30
\nAustralasia
309
330
\nTotal
2 140
2 092
\nREMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
\nPursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
\nassociated regulations, Norske Skog publishes a separate management
\nremuneration report disclosing detailed information on remuneration to
\ncorporate management and directors of the board. The remuneration report
\nwill be published immediately after the annual general meeting on 20 April
\n2023 and will include detailed information on management remuneration
\ncomplementing the numbers presented below.
\nIn accordance with the code of conduct for corporate governance recom-
\nmended by the Oslo Stock Exchange, salary, benefits in kind and bonus for
\nmembers of corporate management are specified below. In relation to the
\nlong-term incentive program for corporate management NOK 68 million was
\nexpensed in 2022 and at 31 December 2022 the corresponding liability was
\nNOK 88 million. In January 2023
2 006 000
of the synthetic options were
\nexercised, and 1
887 000
new were awarded.
\nThe long-term incentive program is described in the guidelines for determining
\nsalary and other remuneration to leading personnel, which are available on
\nthe company\u2019s website, www.norskeskog.com.
\n2022
\n(in NOK 1
000)
\nBASE SALARY
\n31.12
\nSALARY
\nPAID
\nBENEFITS IN
\nKIND ETC.
\n1)
\nCONTRIBUTION
\nTO PENSION
\nSCHEMES
\nANNUAL
\nBONUS
\nEARNED
\n2)
\nLTI-PLAN
\nEARNED
\n3)
\nTOTAL
\nREMUNERA-
\nTION
\nRELATIVE
\nPROPORTION
\nFIXED/
\nVARIABLE
\nSven Ombudstvedt (CEO)
4 975
4 985
212
794
2 240
15 725
23 956
25% / 75%
\nLars P. S. Sperre (SVP)
3 670
3 706
215
539
1 560
8 405
14 425
31% / 69%
\nRune Sollie (CFO)
2 280
2 277
206
266
929
8 405
12 084
23% / 77%
\nAmund Saxrud (COO)
2 280
2 287
323
265
1 026
8 405
12 306
23% / 77%
\nTore Hanses\u00e6tre (SVP)
2 205
2 216
212
252
937
8 405
12 023
22% / 78%
\nRobert A. Wood (SVP)
\n4)
\n2 135
2 077
42
249
801
8 405
11 575
21% / 79%
\n2021
\n(in NOK 1
000)
\nBASE SALARY
\n31.12
\nSALARY
\nPAID
\nBENEFITS IN
\nKIND ETC.
\n1)
\nCONTRIBUTION
\nTO PENSION
\nSCHEMES
\nANNUAL
\nBONUS
\nEARNED
\n2)
\nLTI-PLAN
\nEARNED
\n3)
\nTOTAL
\nREMUNERA-
\nTION
\nRELATIVE
\nPROPORTION
\nFIXED/
\nVARIABLE
\nSven Ombudstvedt (CEO)
4 750
4 778
137
781
1 544
1 927
9 167
62% / 38%
\nLars P. S. Sperre (SVP)
3 500
3 590
221
531
1 138
1 030
6 510
67% / 33%
\nRune Sollie (CFO)
2 170
2 193
201
265
705
1 030
4 394
61% / 39%
\nAmund Saxrud (COO)
2 150
2 166
270
261
753
1 030
4 479
60% / 40%
\nTore Hanses\u00e6tre (SVP)
2 100
2 138
196
251
735
1 030
4 350
59% / 41%
\nRobert A. Wood (SVP)
\n4)
\n2 028
1 913
18
242
761
1 030
3 964
55% / 45%
\n1)
\nIncludes car allowance, insurance, free telephone, etc.
\n2)
\nBased on results achieved in the financial year, paid in 2022 and in 2023.
\n3)
\nLTI-Plan earned is based on the expensed change in accrual of the corresponding liability.
\n4)
\nRobert Wood is employed by Norske Skog (UK) Ltd. but works fully for Norske Skog ASA as SVP Commercial.
\n\n8.
Other operating expenses and auditors\u2019 fee
\nNOTE
2022
2021
\nMaintenance materials and services
519
408
\nMarketing expenses
22
21
\nVariable lease, short term and low value lease expenses
16
25
14
\nAdministration, insurance, travel expenses etc.
93
58
\nLosses from divestments of property, plant and equipment
1
0
\nOther expenses
261
186
\nTotal
921
687
\nSpecification of losses on accounts receivable included in other expenses
\nReceivables written o\ufb00 during the period
1
17
\nChange in provision for bad debt
-1
-16
\nTotal
1
0
\nAUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES
\nPARENT COMPANY
SUBSIDIARIES
\n(in NOK 1
000, excluding VAT)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
OTHER AUDITORS
TOTAL
\nAudit fee
1 100
1 681
3 186
1 231
517
7 715
\nAudit-related assistance
\n1)
\n0
211
83
702
167
1 163
\nTax assistance
0
0
0
0
31
31
\nOther fees
34
57
44
975
0
1 110
\nTotal
1 134
1 949
3 313
2 908
716
10 019
\n1)
\nAudit-related assistance includes services, which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.
\n9.
Derivatives and other fair value adjustment
\n2022
2021
\nChanges in value \u2013 commodity contracts
\n1)
\n450
-223
\nChanges in value \u2013 embedded derivatives
12
0
\nOther realised gains/(losses)
0
5
\nTotal
462
-218
\n1)
\nLong-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9 related to own use are measured at fair value.
\nNorske Skog\u2019s portfolio of commodity contracts consists mainly of physical
\nenergy contracts. The fair value of commodity contracts is especially sensitive
\nto future changes in energy prices. A sensitivity analysis of the impact on
\nprofit after tax of fluctuations in energy prices, currency and price indices is
\ngiven in Note 4. The valuation techniques used are described in Note 18.
\nThe gain in fair value of commodity contracts in 2022 is mainly due to the fact
\nthat the forecasted energy prices in Norway have increased. The loss in 2021
\nwas mainly due to forecasted energy prices in Norway decreasing from 2020
\nto 2021.
\nOther realised gains and losses in 2021 primarily relates to financial hedging
\nof energy.
\n\n10.
Associated companies
\nNet profit from associated companies are included in 2022 with NOK 188 million
\n(loss NOK 18 million).
\nInvestments in associated companies are accounted for in accordance with the
\nequity method. The carrying value of associated companies and joint ventures
\nare NOK 299 million at 31 December 2022 (NOK 108 million).
\nCirca Group AS
\nCirca Group AS is incorporated in Oslo, Norway, and is a holding company. Circa
\nGroup operates within biotechnology with a vision to produce and sell unique
\nand highly valuable biochemicals at scale. At 31 December 2022 Norske Skog
\nASA held a 26% (26%) share of Circa Group AS with a carrying value of
\nNOK 80 million. Norske Skog\u2019s share of net loss for the year of NOK 60 million
\nis recognised in the income statement with NOK 14 million. Circa Group AS is
\nlisted on Euronext Growth with a market value as of 31 December 2022 of
\nNOK 190 million.
\nPorsnes Utvikling AS
\nPorsnes Utvikling AS is incorporated in Halden, Norway, and is a real estate
\ncompany established to develop projects located at Norske Skog Saugbrugs
\nsite in Halden. At 31 December Norske Skog Saugbrugs held a 50% (50%) share
\nof the company with a carrying value of NOK 212 million. Norske Skog\u2019s share
\nof net profit for the year of NOK 399 million is recognised in the income
\nstatement with NOK 199 million. The net profit is a gain from sales of shares in
\nPorsnes Utvikling 1 AS, which developed a high school, sold to Viken county
\nmunicipality in December 2022. Following this Norske Skog received a dividend
\nof NOK 200 million in January 2023 from Porsnes Utvikling AS.
\nCirca Group AS is incorporated into the consolidated financial statement based
\non continuity and the carrying value will therefore deviate from the values
\nshown in the accounts of the owner.
\n 11.
Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23.
\n\n\nI
\n\nI
\n12.
Income taxes
\nTAX EXPENSE
2022
2021
\nCurrent tax expense
-403
-104
\nChange in deferred tax
197
36
\nTotal
-206
-68
\nRECONCILIATION OF THE GROUP TAX EXPENSE
2022
2021
\nProfit/(loss) before income taxes
2 778
-295
\nComputed tax at nominal tax group rate of 22%
-611
65
\nDi\ufb00erences due to di\ufb00erent tax rates
-103
16
\nNon taxable income/non deductible expenses
65
-118
\nAdjustment previous years
-5
-5
\nOther items
1
-17
\nChange in tax rate
-1
0
\nDeferred tax asset not recognised
448
-9
\nTotal tax (expense)/income
-206
-68
\nE\ufb00ective tax rate
7%
-23%
\nCURRENT TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
0
0
\nRest of Europe
-358
-50
\nAustralasia
0
0
\nTotal
-358
-50
\nDEFERRED TAX - MOVEMENTS
2022
2021
\nNet deferred tax asset/(liability) 1 January
-260
-308
\nChange in deferred tax in the income statement
197
36
\nTax on other comprehensive income
2
-2
\nCurrency translation di\ufb00erences
-10
14
\nNet deferred tax asset/(liability) 31 December
-72
-260
\nDEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
120
0
\nRest of Europe
17
0
\nAustralasia
0
0
\nDeferred tax assets
137
0
\nNorway
0
0
\nRest of Europe
-208
-260
\nAustralasia
0
0
\nDeferred tax liability
-208
-260
\nNet deferred tax assets/(liability)
-72
-260
\nDEFERRED TAX DETAILS
31.12.2022
31.12.2021
\nFixed assets
185
147
\nPension and other employee obligations
17
29
\nOther non-current items
85
73
\nCurrency translation di\ufb00erences and financial instruments
-99
-14
\nCurrent items
35
-1
\nTax losses to carry forward
801
1 016
\nTax losses and other deferred tax assets not recognised
-1 096
-1 509
\nNet deferred tax assets/(liability)
-72
-260
\n\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2022 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
1 315
261
1 512
3 088
\nTax losses to carry forward
1 315
261
1 512
3 088
\nTemporary di\ufb00erences
1 015
-167
831
1 679
\nTax losses and temporary di\ufb00erences not recognised
-1 785
-27
-2 343
-4 156
\nTotal tax losses and tax credits to carry forward (recognised)
545
67
0
612
\nDeferred tax asset
120
17
0
137
\nTax rate
22%
19-32%
28-30%
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCS 31.12.2021 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
2 484
169
1 425
4 077
\nTax losses to carry forward
2 484
169
1 425
4 077
\nTemporary di\ufb00erences
1 168
-206
902
1 959
\nTax losses and temporary di\ufb00erences not recognised
-3 652
0
-2 327
-6 036
\nTotal tax losses and tax credits to carry forward (recognised)
0
0
0
0
\nDeferred tax asset
0
0
0
0
\nTax rate
22%
19-32%
28-30%
\nNorske Skog has recognised deferred tax asset of NOK 18 million arising from
\nthe carry forward of unused tax losses.
\nTax payable relates mainly to Norske Skog Golbey, Norske Skog Bruck and
\nNorske Skog Italy and consist mainly of income taxes.
\nCurrent and deferred taxes are recognised as expense or income in the
\nconsolidated income statement. Taxes on translation di\ufb00erences, other
\nreclassifications or remeasurements of post-employment benefit obligations
\nare recognised in other comprehensive income.
\n13.
Earnings and dividend per share
\n2022
2021
\nProfit/(loss) for the year in NOK million attributable to owners of the parent
2 572
-363
\nWeighted average number of shares in million
94.3
93.1
\nBasic earnings/(loss) per share in NOK
27.28
-3.90
\nDiluted earnings/(loss) per share in NOK
27.28
-3.90
\nFor the financial year 2022, the board of directors proposes that the annual
\ngeneral meeting approves the authority to pay dividend up to NOK 5.00 per
\nshare. Any shareholder distribution is subject to waivers from certain lenders.
\nNo dividend was paid in 2022 for the financial year 2021.
\nOn 5 February 2021 an extraordinary general meeting in Norske Skog ASA
\nresolved to issue 11
764 705
new shares increasing share number of shares
\nto 94
264 705.
\n\n14.
Intangible assets
\nOTHER INTANGIBLE
\nASSETS
\nLICENCES AND
\nPATENTS
TOTAL
\nAcquisition cost 1 January 2021
98
93
192
\nAdditions
25
2
27
\nDisposals
-57
0
-57
\nReclassified from plant under construction
0
6
6
\nCurrency translation di\ufb00erences
-3
-3
-6
\nAcquisition cost 31 December 2021
63
99
162
\nAccumulated depreciation and impairments 1 January 2021
59
78
137
\nDepreciation
1
7
8
\nCurrency translation di\ufb00erence
-2
-3
-5
\nAccumulated depreciation and impairments 31 December 2021
59
82
141
\nCarrying value 31 December 2021
4
16
21
\nAcquisition cost 1 January 2022
63
99
162
\nAdditions
0
0
0
\nDisposals
-1
-12
-13
\nReclassified from plant under construction
0
1
1
\nCurrency translation di\ufb00erences
3
3
6
\nAcquisition cost 31 December 2022
65
91
157
\nAccumulated depreciation and impairments 1 January 2022
59
82
141
\nDepreciation
1
7
8
\nDisposals
-1
-12
-12
\nCurrency translation di\ufb00erence
3
3
6
\nAccumulated depreciation and impairments 31 December 2022
62
81
143
\nCarrying value 31 December 2022
3
10
14
\n\n15.
Property, plant and equipment
\nImpairment
\nNorske Skog has no cash generating units (CGUs) with allocated goodwill or
\nassets with indefinite useful life that need to be tested for impairment annually,
\nor more frequently when there is an indication that the unit may be impaired.
\nExcept for CGU Europe lightweight coated (Norske Skog Bruck) there are no
\nindicators for impairment at 31 December 2022. CGU Europe lightweight
\ncoated paper has experienced operating losses in 2022 due to high cost of input
\nfactors, primarily energy from purchased gas. An impairment charge of
\nNOK 164 million has been recognised in relation to CGU Europe lightweight
\ncoated paper for 2022.
\nAssumptions applied when calculating the recoverable amount
\nIntangible non-current assets and property, plant and equipment (PPE) are
\nwritten down to their recoverable amount when this is lower than the carrying
\nvalue of the asset. The recoverable amount of an asset or cash-generating unit
\n(CGU) is the higher of its fair value less costs to sell and its value in use. Value in
\nuse is the present value of future cash flows expected to arise from an asset or
\ncash-generating unit. Norske Skog applies the value in use approach when
\ncalculating recoverable amount for its cash-generating units. Europe newsprint
\n(Norske Skog Skogn and Norske Skog Golbey), Australia newsprint (Norske
\nSkog Boyer), Australia lightweight coated (Norske Skog Boyer), Europe super
\ncalendared (Norske Skog Saugbrugs) and Europe lightweight coated (Norske
\nSkog Bruck) are assessed to generate independent cash inflows and to be
\nseparate CGUs. These represent the five cash generating units that the group is
\nfocusing on in its follow-up operationally and commercially as communication
\nwith customers, suppliers, employees. The di\ufb00erent mills within a CGU works
\ntogether to generate cash inflows.
\nThe production machines have a long technical life, while useful lives are linked
\nto industry cost curves and the size of the market. The estimated remaining
\nuseful life of the individual paper machines forms the basis for determining the
\nlength of the cash flow period. Estimated useful life for the individual paper
\nmachines in the group varies from 1 to 8 years. Sales volumes are reduced in
\naccordance with the estimated end of useful lives of the di\ufb00erent paper
\nmachines in the group. Norske Skog models the cash flows throughout the
\nuseful life of the paper machines. The timing of capacity closures follows from
\nFastmarkets RISI cost curve positioning and market demand projections.
\nFastmarkets RISI is the leading global source for forest products information and
\ndata (www.fastmarkets.com).
\nNominal cash flow is estimated in the currency in which it will be generated. The
\nvalue is calculated by discounting based on a required rate of return on capital
\nthat is relevant for the cash-generating unit. The required rate of return, or
\nweighted average cost of capital (WACC), is based on the interest rate on ten-
\nyear government bonds in the currency of the cash flow estimate, an industry
\ndebt yield premium, industry beta and an equity risk premium. A country-
specific risk premium relevant to the cash-generating unit is also included in the
\nrequired rate of return on capital.
\nThe key drivers of profitability in the industry and thus asset values for the
\ngroup are product prices relative to production costs. The starting point for any
\nimpairment test is the financial budget for 2023 approved by the board of
\ndirectors. Beyond 2023 sales prices are adjusted in 2024 based on expected
\ndevelopment and thereafter by inflation adjusted by a factor assuming that not
\nall cost increases are passed on to customers. Costs beyond 2023 is extrapolated
\nfrom historical figures relative to sales prices and adjusted by inflation. The
\ninflation rates applied in the period are estimated by country. Contracted prices/
\ncosts are reflected when applicable.
\nAt the end of 2022 the newsprint market remains balanced, while markets for
\nmagazine grades were softer and in particular for lightweight coated. Input costs
\nhave come down from record high levels but remain at high levels. For the
\nongoing years, we have for lightweight coated assumed in the impairment model
\nthat the market balance remains weak as no closures have been announced for
\nthis paper grade leading to a low utilization rate and recognition of an impairment
\nof the remaining value of NOK 164 million.
\nSensitivity to estimates of recoverable amount
\nThe estimation of recoverable amount is based on assumptions regarding the
\nfuture development of several factors. These include price development for
\nfinished goods, sales volumes, currency rates and interest rates. In relation to
\nthe assumptions made in a calculation of the present value of future cash flows,
\nrecoverable amount is most sensitive to changes in prices of finished goods,
\nsales volumes and the discount rate used. Norske Skog has performed testing of
\nCGUs with impairment indicators. At 31 December 2022 the assets of Europe
\nlightweight coated, PM4, has been impaired in full.
\nProperty, plant and equipment allocated to cash-generating units
\nThe table below shows machinery and equipment and land and buildings
\nallocated to Norske Skog\u2019s cash-generating units as of 31 December 2022.
\nMACHINERY AND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nEurope newsprint
1 722
654
\nAustralasia newsprint
0
14
\nAustralasia lightweight coated
118
63
\nEurope super calendared
257
132
\nEurope lightweight coated
0
0
\nCarrying value 31 December 2022
2 097
863
\nExpected useful life
\nNorske Skog has conducted sensitivity analyses with respect to changes in
\nexpected useful life of the group\u2019s paper machines. If the expected useful life
\nof all the group\u2019s paper machines is reduced by one year, the annual
\ndepreciation charge will increase with approximately NOK 30-50 million.
\nIn connection with the year-end closing process for 2022, Norske Skog
\nperformed a review of the expected remaining useful lives of property, plant
\nand equipment. The useful life of most of the machines were reduced by one
\nyears compared with last year assumptions while some machines increased
\nuseful life by one to two years following the closure of competing machines.
\n\nIsabella Apoloner
\nWorker
\nNorske Skog Bruck
\nMy name is Isabella Apoloner,
\nand I am 42 years old. After 20
\nyears in the restaurant business,
\nI wanted a career change. A
\nfriend of mine recommended
\nNorske Skog. I applied and quick-
\nly received a positive response.
\nI have now worked 5 years for the company. I started as a second
\nhelper at the winder at the finishing department and was
\npromoted to first helper. I then had the opportunity to start an
\napprenticeship as a paper technician.
\nMy main tasks include cutting the finished paper reels to the
\ncorrect size and ensuring good flatness, good reel construction
\nand optimum winding hardness during rewinding.
\nThanks to Norske Skog, I was able to go through a career change,
\nand I am very happy about my decision! My next goal is to
\nimprove my IT knowledge.
\nIn my spare time, I like to do sports and spend time with my family,
\nfriends and my cats.
\n
PROPERTY, PLANT AND EQUIPMENT
\nBIOLOGICAL
\nASSETS
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFIXTURES
\nAND
\nFITTINGS
\nPLANT UNDER
\nCONSTRUCTION
\nRIGHT-OF-
\nUSE ASSETS
TOTAL
\nAcquisition cost 1 January 2021
2
28 312
6 695
538
744
188
36 480
\nAdditions
0
64
12
4
945
29
1 055
\nDisposals
0
-120
-2
-1
0
-11
-135
\nReclassified from plant under construction
0
262
27
10
-307
0
-7
\nCurrency translation di\ufb00erences
0
-693
-153
-21
-36
6
-908
\nAcquisition cost 31 December 2021
2
27 826
6 579
530
1 347
201
36 485
\nAccumulated depreciation and impairments
\n1 January 2021
0
26 317
5 944
478
84
72
32 894
\nDepreciation
0
292
78
17
0
38
425
\nImpairment
0
0
-22
0
0
0
-22
\nDisposals
0
-120
-2
-1
0
-12
-135
\nReclassified to assets held for sale
0
-5
0
4
0
0
0
\nCurrency translation di\ufb00erence
0
-628
-130
-19
-1
-2
-781
\nAccumulated depreciation and impairments
\n31 December 2021
0
25 856
5 868
478
83
96
32 381
\nCarrying value 31 December 2021
2
1 970
711
52
1 264
104
4 103
\nAcquisition cost 1 January 2022
2
27 826
6 579
530
1 347
201
36 485
\nAdditions
0
39
4
1
2 320
16
2 379
\nDisposals
0
-209
-17
-15
-74
-33
-348
\nReclassified from plant under construction
0
635
217
9
-861
0
-1
\nCurrency translation di\ufb00erences
0
870
180
23
129
7
1 210
\nAcquisition cost 31 December 2022
2
29 162
6 962
549
2 860
191
39 725
\nAccumulated depreciation and impairments
\n1 January 2022
0
25 856
5 868
478
83
96
32 381
\nDepreciation
0
402
80
15
0
40
537
\nImpairment
0
164
0
0
0
0
164
\nDisposals
0
-164
-5
-13
0
-17
-199
\nReclassified to assets held for sale
0
0
0
0
0
0
0
\nCurrency translation di\ufb00erence
0
807
156
22
1
4
990
\nAccumulated depreciation and impairments
\n31 December 2022
0
27 066
6 099
502
85
123
33 874
\nCarrying value 31 December 2022
2
2 097
863
47
2 775
68
5 852
\n\n\n\n\n\n\nMachinery and equipment are depreciated over a period from five to 25 years.
\nLand and buildings comprise mainly mills, machinery and o\ufb00ice premises.
\nBuildings and other property are depreciated over a period from ten to 40
\nyears. Fixtures and fittings are depreciated over a period from three to ten
\nyears. Land and plant under construction are not depreciated.
\nRight-of-use assets is further described in Note 16.
\nThe di\ufb00erence between total additions in the table above and purchases of
\nproperty, plant, equipment and intangible assets in the consolidated statement
\nof cash flows is due to leases, capitalised borrowing costs and accruals for
\npayments. Norske Skog has capitalised borrowing costs of NOK 9 million in
\n2022 and NOK 8 million in 2021.
\nDisposals in 2022 and 2021 were primarily related to scrapping of fully
\ndepreciated assets that no longer have any technical values.
\nAt year end 2022 the group has contractual commitments for acquisition of
\nproperty, plant and equipment of NOK 1
600 million. Total payments to last
\nyear commitments amounted to NOK 2
100 million.
\nNon-current assets held for sale
\nNorske Skog did not have any non-current assets held for sale at
\n31 December 2022.
16.
Leases
\nRIGHT-OF-USE ASSETS
\nThe group contracts includes several assets such as machinery and equipment,
\nland and buildings and fixture and fittings. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identified assets for a
\nperiod of time in exchange for consideration. Right-of-use assets are initially
\nmeasured at cost. Non-lease components will be separated if these are
\nidentifiable. Lease terms are negotiated on an individual basis and contain a
\nwide range of di\ufb00erent terms and conditions. The right-of-use assets is
\ndepreciated on a linear basis over the contract period, currently mainly less than
\nfive years. The group\u2019s right-of-use assets are categorized and presented in the
\ntable below:
\n\nLEASES
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFITURES AND
\nFITTINGS
TOTAL
\nCarrying value 1 January 2021
72
39
6
117
\nAdditions
25
4
0
29
\nDepreciations
-25
-12
-1
-38
\nCurrency translation di\ufb00erences
-3
0
0
-3
\nCarrying value 31 December 2021
68
30
6
104
\nAdditions
9
5
2
16
\nDisposals
-10
-6
0
-16
\nDepreciations
-26
-13
-1
-40
\nCurrency translation di\ufb00erences
2
1
0
3
\nCarrying value 31 December 2022
44
16
7
68
\nLEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2022
31.12.2021
\nNot later than one year
37
42
\nLater than one year and not later than five years
39
75
\nLater than five years
5
12
\nTotal
82
129
\nFuture finance charges
8
17
\nPresent value of liabilities
24
74
112
\nInterest expense on lease liabilities in the period amounts to NOK 5 million (NOK 8 million).
\nCASH PAYMENT MADE FROM LEASES
2022
2021
\nPrincipal payments on recognised lease liabilities
44
56
\nInterest payments on recognised lease liabilities
5
8
\nPayments on leases expensed in the period
25
15
\nTotal
74
79
\nThe group has decided not to recognise a lease liability for short term leases or for leases of low value assets. Payments made under such leases
are included
\nin operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\nVARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2022
2021
\nExpense relating to variable lease payments not included in the measurement of lease liabilities
16
5
\nShort term leases exemption
3
7
\nLow-value leases exemption
6
2
\nReduced lease
0
-1
\nTotal
8
25
14
17.
Shares
\nSHARES IN SUBSIDIARIES OWNED BY
\nTHE PARENT COMPANY
CONSOLIDATED COMPANIES
CURRENCY
\nSHARE CAPITAL
\n(IN 1
000)
OWNERSHIP %
\nNorske Skog Bruck GmbH, Bruck, Austria
EUR
10 000
100%
\nNorske Skog Papier Recycling GmbH, Bruck, Austria
EUR
291
100%
\nNorske Skog Golbey SAS, Golbey, France
EUR
62 365
100%
\nGV Bois SAS, Golbey, France
EUR
100
90%
\nGreen Valley Energy SASU, France
EUR
2 301
64%
\nNorske Skog Skogn AS, Levanger, Norway
NOK
115 230
100%
\nNorske Skog Saugbrugs AS, Halden, Norway
NOK
115 230
100%
\nSaugbrugs Bioenergi AS, Halden, Norway
NOK
3 000
100%
\nNorske Skog Industries Australia Ltd., Sydney,
\nAustralia
AUD
340 000
100%
\nNorske Skog (Australasia) Pty Ltd., Sydney, Australia
AUD
21 000
100%
\nNorske Skog (Australia) No. 2 Pty Ltd., Sydney, Australia
AUD
0
100%
\nNorske Skog Capital (Australia) Pty Ltd., Sydney, Australia
AUD
4
100%
\nNorske Skog Holdings (No.1) Ltd., Auckland, New Zealand
NZD
0
100%
\nNorske Skog Paper Mills (Albury)
Pty Limited, Sydney, Australia
AUD
5 230
100%
\nNorske Skog Paper Mills (Australia) Ltd., Tasmania, Australia
AUD
7 539
100%
\nNorske Skog Tasman Ltd., Auckland, New Zealand
NZD
725 000
100%
\nNorske Skog Capital (New Zealand) Ltd., Auckland, New Zealand
NZD
1
100%
\nTopp1 Energy Limited, Auckland, New Zealand
NZD
16 391
100%
\nNornews AS, Oslo, Norway
NOK
300
100%
\nNorske Skog Deutschland GmbH, Augsburg, Germany
EUR
520
100%
\nNorske Skog France SARL, Paris, France
EUR
135
100%
\nNorske Skog Italia SrL, Milan, Italy
EUR
20
100%
\nNorske Skog (\u00d6sterreich) GmbH, Graz, Austria
EUR
35
100%
\nNorske Skog (Schweiz) AG, Z\u00fcrich, Switzerland
CHF
50
100%
\nNorske Skog (UK) Ltd., London, United Kingdom
GBP
100
100%
\nCebina AS, Oslo, Norway
NOK
30
100%
\nCebico AS, Oslo, Norway
NOK
30
100%
\n\nSHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nCirca Group AS, Oslo, Norway
NOK
122 113
26%
80
\nOwned by consolidated companies
\nPorsnes Utvikling AS, Halden, Norway
NOK
300
50%
212
\nGreen Valley Energie, France
EUR
300
10%
3
\nNor Fibre Logistics, France
EUR
500
20%
1
\nSEM, France
EUR
879
10%
1
\nAustria Papier Recycling GmbH, Austria
EUR
182
33%
1
\nOther
1
\nTotal shares in associated companies and joint ventures
299
\nOTHER SHARES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nOcean GeoLoop AS, Skogn, Norway
NOK
527
2%
25
\nShelterwood AS, Oslo, Norway
NOK
4 800
3%
2
\nOwned by consolidated companies
\nExeltium SAS, Paris, France
EUR
12 358
5%
88
\nOther
1
\nTotal other shares
116
\n\n18.
Derivatives
\nFair value of derivatives
\nThe table below classifies financial instruments within the scope of IFRS 9
\nmeasured in the balance sheet at fair value, by valuation method. The di\ufb00erent
\nvaluation methods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n\n\n\n\n\n\n31.12.2022
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
983
983
\nTotal
0
0
983
983
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
-523
-523
\nTotal
0
0
-523
-523
\n31.12.2021
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
484
484
\nTotal
0
0
484
484
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
-1
0
-1
\nCommodity contracts and embedded derivatives
0
0
-485
-485
\nTotal
0
-1
-485
-487
\nThe following table shows the changes in level 3 instruments in 2022.
\nASSETS
LIABILITIES
\nBalance 1 January
484
-485
\nGain and losses recognised in profit or loss
499
-37
\nBalance 31 December
983
-523
Norske Skog\u2019s portfolio of commodity contracts consist mainly of physical
\nenergy contracts. The commodity contracts and embedded derivatives
\nclassified as financial instruments within the scope of IFRS 9 contracts are
\nrelated to energy contracts in Norway. Fair value of commodity contracts is
\nsensitive to estimates of future energy prices. For further details about gains
\nand losses relating to level 3 instruments see Note 9.
\nThe fair value of derivatives that are not traded in an active market (over-the-
\ncounter derivatives) is determined using various valuation techniques. Interest
\nrate swaps, cross-currency swaps, forward rate agreements and foreign
\ncurrency forward contracts are all valued by estimating the present value of
\nfuture cash flows. Quoted cash and swap rates are used as input for calculating
\nzero coupon curves used for discounting.
\nThe fair value of commodity contracts recognised in the balance sheet is
\ncalculated by using quotes from actively traded markets when available.
\nOtherwise, price forecasts from acknowledged external sources are used.
\nCommodity contracts that fail to meet the own-use exemption criteria in IFRS
\n9 are recognised in the balance sheet and valued on the same principle as
\nfinancial contracts. Some of these are long-term energy contracts. In
\ncalculating the fair value of embedded derivatives, valuation techniques are
\nused in the absence of observable market inputs.
\nThe following table is presented in accordance with IFRS 13.94, showing the
\nfair value of all commodity contracts in level 3 within the scope of IFRS 9 given
\na change in assumptions to a reasonably possible alternative.
\nFAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
\nALTERNATIVE
31.12.2022
31.12.2021
\nAssets
\nCommodity contracts
Energy price -20%
472
93
\nEmbedded derivatives
Energy price -20%
13
0
\nTotal
485
93
\nLiabilities
\nCommodity contracts
Energy price -20%
-855
-735
\nEmbedded derivatives
Energy price -20%
-1
0
\nTotal
-856
-735
\n\n\nSara Schofield
\nMechanical tradesperson
\nNorske Skog Boyer
\nHello, I am Sara Schofield, and I
\nhave worked for Norske Skog at the
\nBoyer mill in Tasmania, Australia,
\nfor 4 years. I recently completed
\nmy apprenticeship as a fitter and
\nturner and was then o\ufb00ered a
\nposition to then continue on as a mechanical tradesperson doing
\nmechanical maintenance in PM3.
\nI chose to work for Norske Skog because of the variety of equip-
\nment and tasks.
\nMy main work task is general mechanical maintenance in PM3,
\nwhich includes breakdown work, shutdowns, and preventative
\nmaintenance.
\nOutside of work, I enjoy camping, horse-riding and shooting.
\n19.
Financial instruments
\nCATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n31.12.2022
NOTE
\nFAIR VALUE THROUGH
\nOTHER COMPREHENSIVE
\nINCOME
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nASSETS
\nNON-
\nFINANCIAL
\nASSETS
TOTAL
\nOther non-current assets
24
0
707
53
760
8
768
\nTrade and other receivables
20
0
0
1 205
1 205
739
1 944
\nCash and cash equivalents
0
0
2 650
2 650
0
2 650
\nOther current assets
24
0
392
0
392
90
481
\n31.12.2022
NOTE
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nLIABILITIES
\nNON-
\nFINANCIAL
\nLIABILITIES
TOTAL
\nInterest-bearing non-current liabilities
23, 24
0
3 432
3 432
0
3 432
\nInterest-bearing current liabilities
23, 24
0
310
310
0
310
\nOther non-current liabilities
24
313
0
313
191
504
\nTrade and other payables
24
0
1 688
1 688
557
2 245
\nOther current liabilities
24
219
0
219
145
364
\n31.12.2021
NOTE
\nFAIR VALUE THROUGH
\nOTHER COMPREHENSIVE
\nINCOME
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nASSETS
\nNON-
\nFINANCIAL
\nASSETS
TOTAL
\nOther non-current assets
24
0
287
5
292
13
305
\nTrade and other receivables
20
0
0
1 082
1 082
329
1 411
\nCash and cash equivalents
0
0
1 489
1 489
0
1 489
\nOther current assets
24
0
308
0
308
176
484
\n31.12.2021
NOTE
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nLIABILITIES
\nNON-
\nFINANCIAL
\nLIABILITIES
TOTAL
\nInterest-bearing non-current liabilities
23, 24
0
2 356
2 356
0
\n2 356
\nInterest-bearing current liabilities
23, 24
0
187
187
0
\n187
\nOther non-current liabilities
24
270
0
270
192
\n463
\nTrade and other payables
24
0
1 586
1 586
324
\n1 910
\nOther current liabilities
24
223
0
223
231
\n454
\nSee Note 24 for further specification of financial assets and financial liabilities.
\n\n\nFAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
\nAND LIABILITIES
\nThe table below classifies financial assets and liabilities instruments measured
\nin the balance sheet at fair value, by valuation method. The di\ufb00erent valuation
\nmethods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n31.12.2022
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
13
13
0
0
13
\nCommodity contracts
578
578
0
0
578
\nMiscellaneous other non-current assets
168
168
0
0
168
\nOther non-current assets
760
760
0
0
760
\nTrade receivable
818
818
0
0
818
\nVAT receivables
173
173
0
0
173
\nOther receivables
214
214
0
0
214
\nTrade and other receivables
1 205
1 205
0
0
1 205
\nDerivatives
0
0
0
0
0
\nCommodity contracts
392
392
0
0
392
\nCurrent investments
0
0
0
0
0
\nOther current assets
392
392
0
0
392
\nCash and cash equivalents
2 650
2 650
0
0
2 650
\nInterest-bearing non-current liabilities
3 432
3 481
0
1 491
1 989
\nInterest-bearing current liabilities
310
310
0
0
310
\nTotal interest-bearing liabilities
3 742
3 791
0
1 491
2 300
\nDerivatives
0
0
0
0
0
\nCommodity contracts
313
313
0
0
313
\nOther non-current liabilities
313
313
0
0
313
\nTrade payables
819
819
0
0
819
\nOther payables
869
869
0
0
869
\nTrade and other payables
1 688
1 688
0
0
1 688
\nDerivatives
1
1
0
0
1
\nCommodity contracts
209
209
0
0
209
\nFinancial current liabilities
9
9
0
0
9
\nOther current liabilities
219
219
0
0
219
31.12.2021
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
0
0
0
0
0
\nCommodity contracts
176
176
0
0
176
\nMiscellaneous other non-current assets
116
116
0
0
116
\nOther non-current assets
292
292
0
0
292
\nTrade receivable
727
727
0
0
727
\nVAT receivables
122
122
0
0
122
\nOther receivables
233
233
0
0
233
\nTrade and other receivables
1 082
1 082
0
0
1 082
\nDerivatives
0
0
0
0
0
\nCommodity contracts
308
308
0
0
308
\nCurrent investments
0
0
0
0
0
\nOther current assets
308
308
0
0
308
\nCash and cash equivalents
1 489
1 489
0
0
1 489
\nInterest-bearing non-current liabilities
2 356
2 434
0
1 552
882
\nInterest-bearing current liabilities
187
187
0
0
187
\nTotal interest-bearing liabilities
2 543
2 621
0
1 552
1 069
\nDerivatives
0
0
0
0
0
\nCommodity contracts
270
270
0
0
270
\nOther non-current liabilities
270
270
0
0
270
\nTrade payables
1 018
1 018
0
0
1 018
\nOther payables
568
568
0
0
568
\nTrade and other payables
1 586
1 586
0
0
1 586
\nDerivatives
1
1
0
0
1
\nCommodity contracts
215
215
0
0
215
\nFinancial current liabilities
7
7
0
0
7
\nOther current liabilities
223
223
0
0
223
\n\n\n\n\n\n\nThe fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
\nassessed by using price indications from banks at the reporting date. There is
\nsome uncertainty associated with the calculated fair value of Level 3 interest-
\nbearing liabilities. The fair value calculation on other interest-bearing liabilities
\n(Level 3) is based on acknowledged valuation principles according to IFRS but
\nis not necessarily an estimate of the amount the group would have to cover if
\nit were to repay all its debt to all lenders.
\nThe fair values of cash and cash equivalents, trade receivables and other
\nreceivables, other assets, trade payables and other payables and other current
\nliabilities remain largely consistent with the book value due to the short
\nmaturities of such positions. The fair value of derivatives and commodity
\ncontracts is described in Note 9.
20.
Receivables and other non-current assets
\nNOTE
31.12.2022
31.12.2021
\nTrade and other receivables
\nTrade receivables
818
729
\nProvision for bad debt
-44
-43
\nVAT receivables
173
122
\nPrepaid expenses
52
44
\nOther receivables
945
558
\nTotal
1 944
1 411
\nOther non-current assets
\nLong-term shareholdings
17
116
111
\nDerivatives
13
0
\nCommodity contracts
578
176
\nPension plan assets
21
8
13
\nOther non-current receivables
53
5
\nTotal
768
305
\n\n\nI
\n\nNorske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
\nSkog Saugbrugs have factoring facility agreements where the future cash flow
\non certain trade receivables are sold. The facility has a limit of EUR 25 million
\nfor Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
\ncombined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
\nSaugbrugs. There are no financial covenants in these factoring facility
\nagreements. Trade receivables that have been sold are deducted from trade
\nreceivables in the balance sheet. The utilisation at 31 December 2022 was
\nNOK 605 million (NOK 594 million).
\nAt 31 December 2022 advances received from contracts with customers
\namounted to NOK 0 million and other revenue accruals for invoice not sent
\namounted to NOK 0 million (NOK 0 million and NOK 0 million). In addition,
\nreceived advances from customers not invoiced NOK 0 million at 31 December
\n2022 (NOK 0 million).
\nThe credit risk on trade and other receivables is continuously monitored,
\nindependent of due date. The group\u2019s sales are mainly to large customers with
\na historically low degree of default. Collateral as security is not normally
\nrequested. Further information regarding the group\u2019s credit policy for sales is
\nprovided in Note 4.
\nAGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
31.12.2022
31.12.2021
\nNot due
1 812
1 259
\n0 to 3 months
139
157
\n3 to 6 months
0
0
\nOver 6 months
38
37
\nTotal
\n1)
\n1 988
1 454
\n1)
\nDoes not include provision for bad debt.
\nThe maximum credit risk exposure at the year-end is the fair value of each class of receivable mentioned above.
21.
Pension and other employee obligations
\nEMPLOYEE BENEFIT OBLIGATIONS
2022
2021
\nPension obligations
112
89
\nOther long-term employee benefit obligations
167
223
\nTotal employee benefit obligations
278
312
\n
\n\nI
\nA) PENSION OBLIGATIONS
\nNorske Skog has various pension schemes in accordance with local conditions
\nand practices in the countries in which the group operates. A total of 2
088
\nactive and former employees are covered by such schemes. Of these, 502
\npeople are covered by defined benefit plans and 1
586 people by defined
\ncontribution plans.
\nDESCRIPTION OF THE DEFINED BENEFIT PLANS
\nThe key terms in Norske Skog\u2019s major defined benefit plans are shown in the
\ntable below.
\nBENEFIT IN % OF
\nPENSIONABLE
\nEARNINGS
YEARS OF SERVICE
PENSIONABLE AGE
\nEARLY RETIREMENT
\nAGE
ACTIVE MEMBERS
\nNorske Skog ASA
65
30
70
62
1
\nNorske Skog Saugbrugs AS
65
30
70
62
39
\nNorske Skog Skogn AS
65
30
70
62
46
\nNorske Skog Golbey SAS
0
42
62
60
354
\nThe defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
\nDeutschland GmbH is closed.
\nThe defined benefit schemes in Norway cover people between 64 and 67
\nyears of age, born before 1 January 1959 and who were employed before 1
\nJanuary 2011 when the plan was closed. The defined benefit obligations in
\nNorway only encompass active members since they leave the defined benefit
\nscheme (having a paid-up policy) when they retire.
\nPlan assets of the pension schemes in Norske Skog ASA, Norske Skog
\nSaugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
\ncompany and invested in accordance with the general guidelines governing
\ninvestments by life insurance companies in Norway.
\nWhen evaluating plan assets, it is based on the assumptions as at 31 December.
\nThis estimated value is adjusted every year in accordance with the figures for
\nthe market value of the assets provided by the insurance company.
\nWhen measuring the incurred obligations, it is based on the assumptions as at
\n31 December. This estimated obligation is adjusted every year in accordance
\nwith the figures for incurred pension obligations provided by the actuary.
\nIn addition to the benefit obligation funded through insurance plans, the group
\nhas unfunded benefit obligations. The unfunded obligations include estimated
\nfuture obligations relating to the former Norwegian early retirement scheme,
\npensions to former owners of subsidiaries as well as pensions for senior
\nmanagement and directors. Obligations relating to senior management
\npensions are partly funded through a supplementary retirement plan with a
\nlife insurance company.
\nIn addition to defined benefit plans, there are also various defined contribution
\nplans. Norwegian entities have a defined contribution scheme with a
\ncontribution of 4% for earnings up to 7.1 G and 10% between 7.1 and 12 G
.
\nWith e\ufb00ect from 1 January 2023 the contribution has increased to 5% for
\nearnings up to 7.1 G and 17% between 7.1 and 12 G
. In Australia and New
\nZealand contribution are made for employees to local plans that provide
\nretirement, death and disability benefits for employees and their dependants.
ASSUMPTIONS MADE WHEN CALCULATING FUTURE BENEFIT OBLIGATIONS
2022
2021
\nDiscount rate
3.14%
1.50%
\nExpected return on plan assets
3.20%
1.50%
\nSalary adjustment
2.00%
1.50%
\nInflation rate
2.15%
1.50%
\nPension adjustment
3.63%
0.75%
\n\n\nThe discount rate applied for the pension schemes in Norway for 2022 is
\nbased on the interest rate for covered bonds. Subsidiaries can deviate from
\nthese assumptions if local conditions require this. The discount rates applied
\nvary from 3.15% to 4.21% and pension adjustments vary from 1.7% to 11.1%
.
\nNorske Skog has used the mortality table K2013BE in Norway, Richttafeln
\n2018G in Germany and AVO 2018-P in Austria.
\nNET PERIODIC PENSION EXPENSE
2022
2021
\nPension expense, defined benefit plan
4
4
\nPension expense, defined contribution plan
56
52
\nNet periodic pension expense
59
55
\nNet periodic interest expense
1
1
\nEstimated payments to the group\u2019s defined benefit pension schemes in 2023 amounts to NOK 8 million.
\nPENSION PLANS IN THE BALANCE SHEET
\nSPECIFICATION OF PENSION PLANS IN THE BALANCE SHEET
2022
2021
\nPension assets in the balance sheet
8
13
\nPension liabilities in the balance sheet
-112
-89
\nNet pension obligations
-104
-75
\nNet unfunded pension plans
-110
-75
\nNet partly or fully funded pension plans
7
13
\nPension assets is included in line other non-current assets and pension
\nliabilities is included in the line employee benefit obligations.
\nUNFUNDED PENSION PLANS
\nCHANGES IN PENSION OBLIGATIONS FOR UNFUNDED PENSION PLANS, PROJECTED BENEFIT OBLIGATIONS
\nINCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2022
2021
\nBalance 1 January
-75
-88
\nAdjustment to opening balance, due to reclassification
-55
0
\nCurrent year's service cost
-5
0
\nCurrent year's interest cost
1
-1
\nPensions benefits paid
4
5
\nRemeasurements (loss)/gain OCI
26
5
\nCurrency translation di\ufb00erences
-7
4
\nBalance 31 December
-110
-75
PARTLY OR FULLY FUNDED PENSION PLANS
\nCHANGES IN PENSION OBLIGATIONS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PROJECTED BENEFIT
\nOBLIGATIONS INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2022
2021
\nBalance 1 January
-141
-150
\nCurrent year's service cost
-2
-2
\nCurrent year's interest cost
-2
-2
\nPayroll tax of employer contribution
1
1
\nPension benefits paid
6
5
\nRemeasurements (loss)/gain OCI
36
7
\nBalance 31 December
-104
-141
\n\n\nCHANGES IN PLAN ASSETS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PLAN ASSETS AT FAIR VALUE
2022
2021
\nBalance 1 January
156
156
\nAdjustment to opening balance
0
7
\nReturn on plan assets (interest income)
2
2
\nEmployer contribution including payroll tax
5
5
\nPayroll tax of employer contribution
-1
-1
\nPension benefits paid
-6
-5
\nRemeasurements (loss)/gain OCI
-44
-8
\nOther changes
-1
0
\nBalance 31 December
111
156
\nNet assets/obligations (-) partly or fully funded pension plans
7
13
\nSPESIFICATION OF REMEASUREMENT GAINS/LOSSES IN OTHER COMPREHENSIVE INCOME (OCI)
2022
2021
\nActuarial loss/(gain) - change in discount rate
-17
-1
\nActuarial loss/(gain) - change in other financial assumptions
7
0
\nActuarial loss/(gain) - change in other demographic assumptions
0
-4
\nActuarial loss/(gain) - experience obligation
-51
1
\nActuarial loss/(gain) - experience assets
42
-2
\nInvestment management cost
1
2
\nAsset ceiling - asset adjustment
1
0
\nRemeasurements loss/(gain) in OCI
-16
-4
\n2022
2021
\nINVESTMENT PROFILE FOR PENSION FUNDS
FUNDS
DISTRIBUTION
FUNDS
DISTRIBUTION
\nShares
6
5%
19
12%
\nBonds
74
67%
101
65%
\nProperties and real estate
15
14%
20
13%
\nMoney market
14
13%
10
6%
\nOther
1
1%
6
4%
\nTotal
111
100%
156
100%
SENSITIVITY ANALYSIS
\nNorske Skog has performed sensitivity analyses of material group companies
\nfor the most important assumptions related to defined benefit schemes to
\npredict how fluctuations will impact pension liabilities in the consolidated
\nbalance sheet. In relation to the assumptions made in the calculation of
\npension obligations the amount is most sensitive to changes in discount rate,
\nsalary adjustment and pension growth rate. The sensitivity of the pension
\nobligation is shown in the table below:
\n\n\nSENSITIVITY
INCREASE
DECREASE
\nDiscount rate - 0.5%
-6
6
\nFuture national security - 1.0%
-3
3
\nFuture pension - 0.5%
5
0
\nThe above sensitivity analyses are based on a change in an assumption while
\nholding all other assumptions constant. In practice, this is unlikely to occur,
\nand changes in some of the assumptions may be correlated. No data is
\navailable for decrease of future pension adjustment. The sensitivity analysis is
\nbased on actuarial calculations for the Norwegian schemes.
\nB) OTHER EMPLOYEE OBLIGATIONS
\nThe groups other employee benefits are future benefits that the employees
\nhave earned in return for their service in current and prior periods.
\nThe leave obligations cover the groups liabilities for long service leave and
\nannual leave which are classified as either other non-current liabilities or
\nshort-term liabilities.
\nNET PERIODIC EXPENSE
2022
2021
\nNet periodic expense/remeasurement
-15
5
\nNet periodic interest expense
2
2
\nCHANGES IN OTHER EMPLOYEE BENEFITS
2022
2021
\nBalance 1 January
-255
-287
\nAdjustments to opening balance, due to reclassification
42
0
\nCurrent year's service cost
-12
-14
\nCurrent year's interest cost
-2
-2
\nRemeasurements loss/(gain)
20
9
\nPayments made
20
29
\nOther changes
-5
-2
\nCurrency translation di\ufb00erences
-11
12
\nBalance 31 December
-203
-255
\nOTHER EMPLOYEE BENEFITS IN THE BALANCE SHEET
31.12.2022
31.12.2021
\nOther non-current employee benefit obligations
-167
-223
\nOther current employee benefit obligations
-37
-32
\nTotal other employee benefits 31 December
-203
-255
\nThe obligation classified as current relates to employees that have completed
\nthe required period of service and the group does not have an unconditional
\nright to defer settlement for these obligations. Based on previous experience,
\nthe group does not expect all employees to take the full amount of accrued
\nleave or require payment within the next 12 months.
\nThe current part is included in the balance sheet line other current liabilities.
\nThe non-current employee benefit obligations is included in the balance sheet
\nline employee benefit obligations.
22.
Provisions
\nRESTRUCTURING
\nPROVISION
\nDISMANTLING
\nPROVISION
\nENVIRONMENTAL
\nPROVISION
\nBalance 1 January 2021
70
19
208
\nChanges and new provisions
214
-19
-39
\nUtilised during the year
-220
0
-1
\nPeriodic unwinding of discount
0
0
2
\nCurrency translation di\ufb00erences
0
0
-5
\nBalance 31 December 2021
63
0
165
\nChanges and new provisions
11
0
5
\nUtilised during the year
-33
0
-12
\nPeriodic unwinding of discount
0
0
3
\nCurrency translation di\ufb00erences
2
0
7
\nBalance 31 December 2022
43
0
168
\n\nRESTRUCTURING PROVISION
\nRestructuring provision is included in the balance sheet line other current
\nliabilities. The restructuring provision of NOK 43 million at 31 December 2022
\nincludes various restructuring activities included provision for severance
\npayments and other costs (Publication paper Europe NOK 6 million and
\nPublication paper Australasia NOK 18 million). The amount expensed in 2022
\nin relation to restructuring activities amounted to NOK 11 million (Publication
\npaper Australasia NOK 11 million).
\nThe restructuring provision of NOK 63 million at 31 December 2021 includes
\nvarious restructuring activities included provision for severance payments
\nand other costs (Publication paper Europe NOK 18 million and Publication
\npaper Australasia NOK 43 million). The amount expensed in 2021 in relation
\nto restructuring activities amounted to NOK 192 million (Publication paper
\nEurope NOK 16 million and Publication paper Australasia NOK 174 million).
\nNOK 19 million of the increase in provision during 2021 is due to a reclassifi-
\ncation from long term dismantling provision to short term as part of the
\nclosure of the production at Norske Skog Tasman.
\nDISMANTLING PROVISION
\nProvisions related to future dismantling costs arising from a future closing
\ndown of production facilities amounted to NOK 0 million at 31 December 2022,
\ncompared to NOK 0 million at 31 December 2021.
\nThe total amount is normally classified as non-current and will only be realised
\nat the time of a future shut down of any of the Norske Skog production units.
\nThe provision is the net present value of the future estimated costs, calculated
\nusing a long-term risk-free interest rate. The periodic unwinding of the
\ndiscount is recognised in the income statement line financial expenses. The
\nopposite entry for dismantling provision and change in provision estimates
\nis property, plant and equipment. In 2021 the remaining amount of
\nNOK 19 million was reclassified from long term to short term as part of the
\nclosure of the production at the Norske Skog Tasman. This is included in the
\nbalance sheet line other current liabilities.
\nENVIRONMENTAL PROVISION
\nThe group\u2019s provision for environmental obligations is presented in the
\nbalance sheet as other non-current liabilities. The provision is related to
\nestimated future costs for cleaning up any environmental pollution caused by
\nNorske Skog production units. The provision will mainly be realised in a future
\nperiod upon a potential shut down of the production activities of any of the
\nNorske Skog production units. Increased environmental requirements from
\nlocal governments may also lead to realisation of this provision at an earlier
\npoint in time.
\nProvisions for future environmental obligations amounted to NOK 167 million
\nat 31 December 2022 compared to NOK 165 million at 31 December 2021.
\nResources spent on environmental activities during 2022 amounted to
\nNOK 12 million.
\nThe carrying value of the provision is the best estimate made by measuring
\nthe expected value of the specific obligations, discounted to present value
\nusing a long-term risk-free interest rate when the time value of money is
\nmaterial. Changes in factors included in the expected value will impact the
\ncarrying value of the obligation. To illustrate the sensitivity, a reduction in the
\nfuture discount rate by one percentage point would increase the provision by
\napproximately NOK 12 million. Changes in accounting estimates not related to
\nassets are classified as operating items in the income statement, and the
\nperiodic unwinding of the discount is recognised within the income statement
\nline financial expenses.
\nCONTINGENT LIABILITIES
\nNorske Skog is an international company that, through its ongoing business
\noperations, will be exposed to litigation and claims from public authorities and
\ncontracting parties as well as assessments from public authorities in each
\ncountry it operates.
23.
Interest-bearing liabilities
\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2022
31.12.2021
\nBonds
1 460
1 498
\nDebt to financial institutions
2 171
875
\nFactoring facilities
56
82
\nTotal
3 687
2 456
\n\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
\nCURRENCY AMOUNT
\n31.12.2022
\nNOK
\n31.12.2022
\nNOK
\n31.12.2021
\nEUR
342
3 593
2 352
\nAUD
3
21
25
\nTotal interest-bearing debt in foreign currencies
3 614
2 377
\nNOK
73
79
\nTotal interest-bearing debt
3 687
2 456
\nIn the first quarter of 2021 Norske Skog issued a EUR 150 million senior
\nsecured bond. The bond matures in March 2026 and has an interest rate of
\nEURIBOR (zero floor) + 5.5% with quarterly interest payments
. The proceeds
\nwere mainly used to refinance the EUR 125 million bond and for general
\ncorporate purposes. During 2022 Norske Skog bought back a nominal amount
\nof EUR 11.6 million
. At 31 December 2022, the outstanding amount, net of
\nbought back bonds was EUR 138.4 million
.
\nNorske Skog has a EUR 31 million Revolving Credit Facility with maturity in
\nMarch 2026. At 31 December 2022, the facility was undrawn.
\nIn the fourth quarter of 2021 Norske Skog announced that it had entered into
\ncredit facility agreements in an aggregate amount of EUR 265 million to
\nfinance its EUR 350 million investment to convert two paper machines into
\nproducing packaging paper. EUR 193 million relates to Norske Skog Golbey
\nand EUR 72 million relates to Norske Skog Bruck. The borrowing entities are
\nNorske Skog Golbey SAS and Norske Skog Bruck GmbH, and the facilities are
\nfully guaranteed by Norske Skog ASA. During 2022 the facilities has been
\ndrawn upon as capital expenditures have incurred, and on 31 December 2022
\nthe credit facilities had been drawn by approximately EUR 136 million.
\nRepayment is scheduled to commence approximately upon completion of
\neach respective project with average maturity in end of 2030.
\nIn 2022 Norske Skog Bruck completed the construction of an incineration
\nboiler. The construction costs have been partly financed by a EUR 54 million
\ncredit facility. During 2022 the credit facility was fully drawn and in fourth
\nquarter 2022 the first scheduled repayment was made. The facility will be
\nrepaid in quarterly instalments up until the final maturity date in 2028. The
\nborrower under the facility is Norske Skog Bruck GmbH and Norske Skog ASA
\nhas provided a guarantee of EUR 20 million. At 31 December 2022, the outstanding
\namount under the credit facility was approximately EUR 51.8 million
.
\nThe financial covenants applicable to Norske Skog on a consolidated basis are
\n(i) freely available and unrestricted cash and cash equivalents of minimum
\nNOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, and (iii)
\nbook equity to total assets of minimum 25% and (iv) minimum last twelve
\nmonths (LTM) EBITDA of NOK 400 million. In addition, there are various
\ncompany specific financial covenants applicable to the subsidiaries acting as
\nborrowers under the respective credit facilities.
\nThe EBITDA used in the calculation of financial covenants may di\ufb00er from the
\nEBITDA shown in the financial reporting due to adjustment requirements in
\nthe facility agreements.
\nThe remaining financing arrangements for the group includes leasing,
\nfactoring, and other credit facilities in the mill owning entities.
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged its trade
\nreceivables in favour of its factoring providers. In addition, Norske Skog Skogn
\nAS and Norske Skog Saugbrugs AS have pledged certain parts of its property
\nand assets in favour of the EUR 31 million RCF and the EUR 150 million senior
\nsecured bond. Saugbrugs Bioenergi AS, a wholly owned subsidiary of Norske
\nSkog Saugbrugs AS, has pledged certain parts of its property and assets in
\nfavour of the lenders under a credit facility financing its biogas facility. Norske
\nSkog Golbey SAS has pledged certain parts of its property, in an amount of up
\nto EUR 13 million, in favour of a bank guarantor under a guarantee to one of its
\nenergy suppliers. In addition, Norske Skog Golbey SAS has pledged certain
\nparts of its property and assets and Norske Skog ASA has pledged the shares
\nin Norske Skog Golbey SAS in favour of the lenders under the packaging
\nconversion facilities. Norske Skog Bruck GmbH has pledged certain parts of
\nits property and assets in favour of the lenders under the EUR 54 million credit
\nfacility and the packaging conversion facilities.
\nThe average interest rate at 31 December 2022 was 5.2% (4.4%)
.
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2022
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2023
273
277
0
551
\n2024
210
379
0
589
\n2025
194
520
0
714
\n2026
89
391
1 460
1 940
\n2027
42
346
0
389
\n2028
30
210
0
240
\n2029
20
70
0
90
\n2030
13
13
0
26
\n2031
8
13
0
21
\n2032 ->
3
7
0
10
\nTotal
883
2 226
1 460
4 569
\n\nSCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2021
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2022
104
300
0
404
\n2023
99
143
0
242
\n2024
94
134
0
228
\n2025
91
133
0
223
\n2026
25
105
1 498
1 628
\n2027
2
104
0
106
\n2028
1
13
0
14
\n2029
0
7
0
7
\n2030
0
7
0
7
\n2031 ->
0
13
0
13
\nTotal
416
958
1 498
2 872
\n1)
\nincluding full instalments for the EUR 54 million credit facility
\nThe debt amounts set out above may di\ufb00er from the carrying value in the
\nbalance sheet due to the amortised cost principle and exclusion of debt items
\nrelated to leases. At 31 December 2022, the financial statements included
\namortised cos in an amount of NOK 18 million (NOK 24 million), and the
\namount of interest-bearing debt related to leases was NOK 74 million. See
\nNote 16.
\nTrade payables amounted to NOK 819 million at 31 December 2022
\n(NOK 1
018 million).
\nDrawn amounts from securitization arrangements is classified as interest-
\nbearing current liabilities. This amounts to NOK 56 million in scheduled
\nrepayments in 2023. The financed amount represents a group of individual
\nloans, which are settled individually at maturity of the accounts receivable.
\nNew loans are initiated on a consecutive basis based on new accounts
\nreceivable included under the securitization agreement. The liability is in its
\nnature current and Norske Skog does not have an unconditional right to defer
\nsettlement beyond twelve months. The liabilities are liabilities that are settled
\nthrough its normal operating cycle. The corresponding accounts receivable is
\nderecognised when the customer pays it.
\nAt 31 December 2022, Norske Skog ASA and its subsidiaries had issued bank
\nguarantees on its behalf in an amount of NOK 165 million (NOK 169 million).
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\nparts of its assets and machinery, in an amount of up to NOK 200 million,
\nto its energy suppliers under long term energy supply agreements. The
\nsecurity has priority behind the EUR 31 million revolving credit facility and
\nthe EUR 150 million senior secured bond.
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2022
2021
\nBalance 1 January
2 543
1 705
\nNew loans raised
1 354
1 202
\nRepayments
-321
-383
\nNew leasing debt
16
29
\nLoss early repayment of bond and amortisaton of transaction costs debt issuance
7
52
\nCurrency translation di\ufb00erences
-143
-62
\nBalance 31 December
3 742
2 543
\nCurrent
310
187
\nNon-current
3 432
2 356
\n\n24.
Specification of balance sheet items
\nNote
2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187
\n\n25.
Related parties
\nOceanwood Special Situations Malta Limited has during 2022 been a related
\nparty to Norske Skog through the ownership in NS Norway Holding AS (largest
\nshareholder).
\nThere have been no transactions with Oceanwood Special Situations Malta
\nLimited in 2022.
\nOn 8 February 2023 NS Norway Holding AS sold 15
896 681
shares in
\nNorske Skog ASA. Following this sale NS Norway Holding AS holds no shares
\nin Norske Skog ASA.
\nBalances and transactions between the group and subsidiaries listed in Note
\n17, have been eliminated on consolidation and are not disclosed in this note.
\nRemuneration for corporate management is presented in Note 7. Remuneration
\nfor leading personnel is presented in the remuneration report available at
\nwww.norskeskog.com.
\nAll transactions with related parties are conducted on normal commercial
\nterms.
\n26.
Consideration of climate risk for the financial statements
\nIn preparing the financial statements, the board of directors have assessed
\nand considered the impact of climate change, particularly in the context of the
\nrisks and opportunities identified in the Task Force on Climate-related
\nFinancial Disclosures (TFCD) on pages 60-61. The time horizons applied for
\nthe overall assessment of risks and opportunities for the group is short term
\n(1-5 years), medium term (5-10 years) and long-term (10 -30 years).
\nThe transformation to a larger, more diversified product portfolio with new
\nproducts will reduce the dependency on publication paper and thus reduce
\nthe business and market risk. The planned packaging production will be based
\non renewable resources.
\nThe goal is to reduce energy consumption in production, eliminate the use of
\nfossil energy sources and to optimise the use of process chemicals and
\ntransport. Our operations are impacted by unstable energy markets and
\nincreasing carbon prices. Norske Skog has included a reduction of greenhouse
\ngas emissions from fossil energy sources as a key part of our business strategy.
\nThe goal is to reduce energy consumption, change the sources of energy,
\ninvest in on site green energy generation and to optimise the use of process
\nchemicals and transport.
\nWe have identified the following risks as the most significant:
\no Regulatory: Norske Skog is subject to several regulatory requirements
\nrelating to energy and emissions including the EU Emissions Trading
\nScheme (ETS), which include both a CO
\n2
compensation scheme, and CO
2
-
\nallowances. Due to the financial impact such regulations may have on our
\nbusiness we monitor associated risks closely.
\no Acute Physical: Some of our mills are in areas where drought/access to
\nwater and/or flooding might become a risk in the future with a changing
\nclimate.
\no Chronic Physical: The availability of sustainable and a\ufb00ordable biomass for
\nthe production of publication paper in Norway and Australia may be a\ufb00ected
\nby longer-term shifts in climate patterns in the future.
\nThe financial statements may be impacted by climate related risk in the future,
\nbut not considered to be key areas of judgement or sources of estimation
uncertainty in the current financial year. The e\ufb00ects may be related to:
\n\u2022 EU ETS and CO2 allowances may be cut back and increase our cost of
\nproduction. This may a\ufb00ect the value of our main assets in Europe if the
\nincrease in cost cannot be recovered in the prices of our products.
\nImplementation of the EU Carbon Border Adjustment Mechanism (CBAM)
\ncoming into e\ufb00ect may, if e\ufb00ective, increase the probability of recovery of
\nany increased cost of carbon emissions.
\n\u2022 Impairment of our property, plant and equipment due to a change in the
\nprofitability of cost increases for carbon emissions and price of energy or
\ndue to shortened useful life due to physical risks that reduce the appetite
\nfor reinvestment, thereby reducing the time horizon for certain plants.
\nWhilst there is currently no short-term impact expected from changes in
\nclimate, the board of directors are aware of the risk changes in climate could
\npose to the operations and the judgement and estimates made in preparation
\nof the financial statements.
\n27.
Events after the balance sheet date
\nOn 9 March 2023, following a request from Byggma ASA and Drangsland
\nKapital AS which are under common control by Investor AS, Norske Skog ASA
\nheld an extraordinary general meeting pursuant to Section 5-7 (2) of the
\nNorwegian
Public
Limited
Liability
Companies
Act.
Based
on
the
\nrecommendation from the nomination committee the extraordinary general
\nmeeting resolved that Geir Drangsland was elected as the new chair of the
\nboard of directors replacing John Chiang and that Asbj\u00f8rn Andr\u00e9 Dypdahl
\n(employee and main union representative of Norske Skog Skogn AS) is elected
\nas an observer to replace Svein Erik Veie.
\nThere have been no events after the balance sheet date with significant
\nimpact on the financial statements for 2022.
\n\nKatrin Eisenberger
\nHR and resources manager
\nNorske Skog Bruck
\nMy name is Katrin Eisenberger,
\nand since 2019 I have been the
\nHuman Relations and Resources
\nManager at Norske Skog Bruck.
\nI received a Master\u2019s degree
\nin International Business/Human
\nResources Management and have about 17 years of work
\nexperience. My team and I are mainly focused on recruiting,
\nemployee/leadership development and organisational develop-
\nment related to company culture.
\nI liked the complex production process, the company\u2019s long
\ntradition, its products and the highly skilled workforce.
\nMost of all, I like being part of a team that continuously seeks to
\nimprove performance, find e\ufb00icient ways to solve problems and is
\nwilling to continuously learn and adapt.
\nI believe Norske Skog will develop into a key player in the \u201cGreen
\nEnergy\u201d sector while still keeping its core competence as an
\nexcellent paper producer. I\u2019d like to see Norske Skog as a main
\nplayer in the field of biomass, fibres and energy, continuously
\nexploring new, innovative fields, thus driving business in the right
\ndirection.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8014": {
"value": "1. General information
\nNorske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a
\nworld leading producer of publication paper with strong market positions in
\nEurope and Australasia. Publication paper includes newsprint and magazine
\npaper. Norske Skog operates five mills in four countries. Norske Skog has an
\nannual publication paper production capacity of 1.7 million tonnes
. Four of
\nthe mills are in Europe and one in Australia. Newsprint and magazine paper
\nare sold through sales o\ufb00ices and agents to over 80 countries. At 31 December
\n2022 the group has 2
140 employees. Of the four mills in Europe two will also
\nproduce recycled containerboard following conversion projects. In addition
\nto the traditional publication paper business, Norske Skog aims to further
\ndiversify its operations and continue its transformation into a growing and
\nhigh margin business through a range of exciting bio products, fibre and
\nenergy related projects.
\nThe parent company, Norske Skog ASA, is incorporated in Norway and has its
\nhead o\ufb00ice at Sk\u00f8yen in Oslo. The company is listed on Oslo Stock Exchange
\nwith the ticker NSKOG.
\nThe consolidated financial statements are presented in accordance with
\nInternational Financial Reporting Standards (IFRS) and interpretations from
\nthe IFRS Interpretations Committee (IFRIC), as adopted by the European
\nUnion (EU). The consolidated financial statements are presented in English
\nonly. All amounts are presented in NOK million unless otherwise stated. There
\nmay be some small di\ufb00erences in the summation of columns and rows due to
\nrounding. The corresponding amounts for prior year in parenthesis. The
\nconsolidated financial statements were authorised for issue by the board of
\ndirectors in Norske Skog ASA on 28 March 2023.
\nThe table below shows the average monthly foreign exchange rates applied in
\nthe income statement and the closing exchange rates applied in the balance
\nsheet for the most important currencies for the group.
\nIncome statement
Balance sheet
\n2022
2021
31.12.2022
31.12.2021
\nAUD
6.66
6.45
6.70
6.40
\nEUR
10.10
10.16
10.51
9.99
\nGBP
11.85
11.82
11.85
11.89
\nNZD
6.09
6.08
6.26
6.03
\nUSD
9.61
8.59
9.86
8.82",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8019": {
"value": "Norske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a world leading producer of publication paper with strong market positions in
\nEurope and Australasia. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8020": {
"value": "Norske Skog ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8038": {
"value": "Norske Skog ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8039": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8040": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8041": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8045": {
"value": "The consolidated financial statements are presented in accordance with International Financial Reporting Standards (IFRS) and interpretations from
\nthe IFRS Interpretations Committee (IFRIC), as adopted by the European
\nUnion (EU). The consolidated financial statements are presented in English
\nonly. All amounts are presented in NOK million unless otherwise stated. There
\nmay be some small di\ufb00erences in the summation of columns and rows due to
\nrounding. The corresponding amounts for prior year in parenthesis. The
\nconsolidated financial statements were authorised for issue by the board of
\ndirectors in Norske Skog ASA on 28 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8092": {
"value": "2. Accounting policies
\nThe material accounting policies applied in the preparation of the consolidated
\nfinancial statements of Norske Skog ASA are set out below. The consolidated
\nfinancial statements have been prepared under the historical cost convention,
\nas modified by the revaluation of biological assets, available-for-sale financial
\nassets and financial assets at fair value through profit or loss. The policies
\nhave been consistently applied to all periods presented, unless otherwise
\nstated. They have been prepared under the assumption of going concern.
\nCONSOLIDATION
\na) Basis of consolidation
\nThe consolidated financial statements comprise the financial statements of
\nNorske Skog ASA and its subsidiaries as at 31 December 2022. Control is
\nachieved when the group is exposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to a\ufb00ect those returns
\nthrough its power over the investee. Specifically, the group controls an
\ninvestee if, and only if, the group has:
\n\u2022
Power over the investee (i.e., existing rights that give it the current ability to
\ndirect the relevant activities of the investee)
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns
\nGenerally, there is a presumption that a majority of voting rights results in
\ncontrol. To support this presumption and when the group has less than a
\nmajority of the voting or similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it has power over an
\ninvestee, including:
\n\u2022
The contractual arrangement(s) with the other vote holders of the investee
\n\u2022
Rights arising from other contractual arrangements
\n\u2022
The group\u2019s voting rights and potential voting rights
\nThe group re-assesses whether or not it controls an investee if facts and
\ncircumstances indicate that there are changes to one or more of the three
\nelements of control. Consolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when the group loses control of
\nthe subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
\nor disposed of during the year are included in the consolidated financial
\nstatements from the date the group gains control until the date the group
\nceases to control the subsidiary.
\nWhen necessary, adjustments are made to the financial statements of
\nsubsidiaries to bring their accounting policies into line with the group\u2019s
\naccounting policies. All intra-group assets and liabilities, equity, income,
\nexpenses and cash flows relating to transactions between members of the
\ngroup are eliminated in full on consolidation.
\n
\n
I
b) Associates
\nAssociates are all entities over which the group exercises significant influence
\nbut not control, generally accompanying a shareholding of 20% to 50% of the
\nvoting rights. Investments in associates are accounted for using the equity
\nmethod of accounting. The investment is initially recognised at cost, and the
\ncarrying amount is increased or decreased to recognise the investor\u2019s share of
\nthe profit or loss of the investee after the date of acquisition. Profits and losses
\nresulting from transactions between the group and its associates are
\nrecognised in the consolidated financial statements only to the extent of
\nunrelated investors\u2019 interests in the associates.
\nAt each reporting date, the group determines whether there is any objective
\nevidence that the investment in the associate is impaired. If this is the case,
\nthe group calculates the amount of impairment as the di\ufb00erence between the
\nrecoverable amount of the associate and its carrying value, and recognises the
\namount as share of profit in associated companies.
\nSEGMENT REPORTING
\nReportable segments
\nThe activities in the group are divided into two operating segments: publication
\npaper Europe and publication paper Australasia. The segment structure is in
\nline with the group\u2019s operating model. The operating segments are reported in
\na manner consistent with the internal reporting provided to the chief operating
\ndecision maker. The chief operating decision maker, who is responsible for
\nallocating resources, making strategic decisions and assessing performance
\nof the group\u2019s mills, has been identified as corporate management. Activities
\nthat are not part of the operating segments are included in other activities.
\nAccounting policies applied in the segment reporting
\nRecognition, measurement and classification applied in the segment reporting
\nare consistent with the accounting principles applied for the consolidated
\nincome statement and balance sheet and the internal management reporting.
\nPerformance measurement
\nThe group assesses the performance of the operating segments based on a
\nmeasure of EBITDA. These items exclude the e\ufb00ects of expenditure not
\ndeemed to be part of the regular operating activities of the segment, such as
\nrestructuring expenses, impairments, changes in fair value of certain energy
\ncontracts, embedded derivatives in energy contracts and value change of
\nbiological assets. See Alternative Performance Measures (APM) for further
\ninformation related to performance measurement other than financial measure
\ndefined or specific in the applicable financial reporting framework (IFRS).
\nIntercompany transactions
\nThe revenue reported per operating segment includes both sales to external
\nparties and sales to other segments. Intra-segment sales are eliminated in the
\nconsolidated financial statements. All sales transactions between operating
\nsegments are carried out at arm\u2019s length prices as if sold or transferred to
\nindependent third parties.
\nFOREIGN CURRENCY TRANSLATION
\na) Functional and presentational currency
\nItems included in the financial statements of each of the group\u2019s entities are
\nmeasured using the currency of the primary economic location in which the
\nentity operates (the \u201cfunctional currency\u201d). The consolidated financial state-
\nments are presented in NOK, which is both the functional and presentational
\ncurrency of the parent company.
\nb) Transactions and balances
\nForeign currency transactions are translated into the entity\u2019s functional
\ncurrency using the exchange rate prevailing on the date of the transaction.
\nForeign exchange gains or losses resulting from the settlement of such
\ntransactions and from the translation of monetary assets and liabilities
\ndenominated in foreign currencies at year-end exchange rates are recognised
\nin the income statement.
\nExchange di\ufb00erences arising from the settlement of accounts receivable/
\npayable and unrealised gains/losses on the same positions are recognised in
\nOperating revenue/Cost of materials respectively. Exchange di\ufb00erences
\narising from the settlement of other items are recognised within Financial
\nincome/Financial expenses.
\nForeign exchange gains and losses that relate to borrowings and cash and
\ncash equivalents are presented in the income statement within Financial
\nincome/Financial expenses.
\nNon-monetary items that are measured at fair value in a foreign currency are
\ntranslated using the exchange rates at the date when the fair value was
\ndetermined. Translation di\ufb00erences on assets and liabilities carried at fair
\nvalue are reported as part of the fair value gain or loss.
\nc) Group companies
\nThe results and financial position of all group entities which have a functional
\ncurrency di\ufb00erent from the presentational currency are translated into the
\npresentational currency as follows:
\ni.
Assets and liabilities for each balance sheet presented are translated at the
\nclosing rate at the date of that balance sheet,
\nii. Income and expenses for each income statement are translated at average
\nexchange rates on monthly basis,
\niii. All resulting exchange di\ufb00erences are booked to comprehensive income
\nOn consolidation, exchange di\ufb00erences arising from the translation of the net
\ninvestment in foreign entities are booked as part of comprehensive income.
\nWhen a foreign operation is derecognised, such exchange di\ufb00erences are
\nbooked out of comprehensive income and recognised in the income statement
\nline other operating income.
\nPROPERTY, PLANT AND EQUIPMENT
\nProperty, plant and equipment (PPE) is shown at historical cost less subsequent
\ndepreciation and impairments. Historical cost includes expenditure directly
\nattributable to the acquisition of the items. The residual value of production
\nequipment is defined as the realisable value after deduction of the estimated
\ncost of dismantling and removal of the asset. If the estimated cost exceeds the
\nestimated value, the net liability is added to the cost of the related asset, and a
\nprovision is recognised as a liability in the balance sheet.
\nBorrowing costs, which are directly related to qualifying assets, are recognised
\nas part of the acquisition cost for the qualifying asset.
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic benefits associated with the item will flow to the group and the cost
\nof the item can be measured reliably. The carrying amount of the replaced part
\nis derecognised. All other repair and maintenance costs are charged to the
\nincome statement during the financial period in which they are incurred.
\nLand is not depreciated. Depreciation on other assets is calculated using the
\nstraight-line method to allocate their cost or revalued amounts to their residual
\nvalues over their estimated useful lives.
\nThe residual value and useful life of property, plant and equipment are
\nreviewed and adjusted. Review of impairment indicators are performed
\n\nI
regularly, and if impairment indicators are identified an impairment test of
\nproperty plant and equipment for the CGU in question is performed. An asset\u2019s
\ncarrying amount is written down to its recoverable amount if the asset\u2019s
\ncarrying amount is greater than its estimated recoverable amount.
\nGains and losses on disposals are determined by comparing the proceeds with
\nthe carrying amount, and is included in the income statement line other
\noperating income/other operating expenses.
\nINTANGIBLE ASSETS
\na) Patents and licences
\nPatents and licences have a finite useful life and are recognised at historical
\ncost less accumulated amortisation. Amortisation is calculated using the
\nstraight-line method to allocate the cost of patents and licences over their
\nestimated useful lives.
\nb) Computer software
\nAcquired computer software licences are capitalised on the basis of the costs
\nincurred to acquire the specific software and bring it into use and amortised
\nover their estimated useful lives. Computer software development costs
\nrecognised as assets are amortised over their estimated useful lives. Costs
\nassociated with maintaining computer software are recognised as an expense
\nas they are incurred.
\nIMPAIRMENT OF NON-FINANCIAL ASSETS
\nAssets that are subject to amortisation are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may
\nnot be recoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount. The recoverable
\namount is the higher of an asset\u2019s fair value less costs to sell and its value in
\nuse. For the purpose of assessing impairment, assets are grouped at the
\nlowest level for which cash flows are separately identifiable CGUs (cash-
\ngenerating units).
\nFINANCIAL ASSETS
\nThe group classifies its financial assets in the following three categories: at
\nfair value through profit or loss, at amortised cost, and at fair value through
\nother comprehensive income. This classification depends on the purpose for
\nwhich the financial assets were acquired. Management determines the
\nclassification of its financial assets at initial recognition and re-evaluates this
\ndesignation at every reporting date.
\na) Financial assets at fair value through profit or loss
\nThis category has two sub-categories: financial assets held for trading, and
\nthose designated at fair value through profit or loss at inception. A financial
\nasset is classified in this category if it was acquired principally for the purpose
\nof short-term sale or if so designated by management. Derivatives are also
\ncategorised as held for trading unless designated as hedges. Assets in this
\ncategory are classified as current assets if they either are held for trading or
\nare expected to be realised within 12 months of the balance sheet date.
\nNon-financial commodity contracts where the relevant commodity is readily
\nconvertible to cash, and where the contracts are not for own use, fall within the
\nscope of IFRS 9 and such contracts are treated as derivatives. Embedded
\nderivatives are separated from the host contract and accounted for as a
\nderivative if the economic characteristics are not closely related to the
\neconomic characteristics and risk of the host contract. See Notes 4, 17 and 18
\nfor more information. Commodity contracts within the scope of IFRS 9 are
\nclassified as current assets, unless they are expected to be realised more than
\n12 months after the balance sheet date. In that case, they are classified as
\nnon-current assets.
\nb) Amortised cost
\nAmortised cost includes cash, loans and receivables, and are non-derivative
\nfinancial assets with fixed or determinable payments that are not quoted in an
\nactive market. Items classified as amortised cost are current items maturing
\nless than 12 months after the balance sheet date and are presented as Trade
\nand other receivables or Cash and cash equivalents in the balance sheet.
\nItems maturing later than 12 months after the balance sheet date are
\npresented within Other non-current assets.
\nc) Fair value through other comprehensive income
\nInvestments in other shares not held for trading purpose are classified as fair
\nvalue through other comprehensive income.
\nDERIVATIVES
\nDerivatives are initially recognised at fair value on the date a derivative
\ncontract is entered into and are subsequently remeasured at their fair value.
\nChanges in the fair value of any of these derivative instruments are recognised
\nin the income statement. The group has selected to not designate any financial
\ninstruments for hedge accounting.
\nThe fair value of quoted investments is based on the current market price. If
\nthe market for a financial asset is not active, the group applies valuation
\ntechniques to establish the fair value. These include the use of recent arm\u2019s
\nlength transactions, reference to other instruments which are substantially
\nthe same, and discounted cash flow analyses defined to reflect the issuer\u2019s
\nspecific circumstances. Fair value includes the impact of credit risk and the
\nadjustment for credit risk is dependent on whether the derivative is in the
\nmoney (asset) or out of the money (liability). Credit value adjustment is
\napplied to assets positions based on credit risk associated with the
\ncounterparty. Debit value adjustment is applied to liability positions, based on
\nthe groups own credit risk.
\nCASH AND CASH EQUIVALENTS
\nCash and cash equivalents include cash in hand, deposits held at call with
\nbanks and other short-term, highly liquid investments with original maturities
\nof three months or less. Drawn bank overdrafts are shown as Interest-bearing
\ncurrent liabilities in the balance sheet.
\nTRADE RECEIVABLES
\nTrade receivables are amounts due from customers for merchandise sold or
\nservices performed in the ordinary course of business. Trade receivables are
\nrecognised at invoiced amount, less provision for impairment. The impairment
\nmodel for financial assets under IFRS 9 require recognition of doubtful
\nreceivables allowances based on expected credit losses. The group has an
\nexpected credit loss model for trade receivables, whereby expected credit
\nlosses are recognised based on ageing categories of trade receivables that
\nincludes all receivables.
\nINVENTORY
\nInventories are stated at the lower of cost and net realisable value. Cost is
\ndetermined using weighted average cost. The cost of finished goods and work
\nin progress comprises raw materials, direct labour, other direct costs and
\nrelated production overheads (based on normal operating capacity). It
\nexcludes borrowing costs. Net realisable value is the estimated selling price in
\nthe ordinary course of business, less applicable variable selling expenses.
\nTRADE PAYABLES
\nTrade payables are obligations to pay for goods or services that have been
\nacquired in the ordinary course of business from suppliers. Trade payables are
\nrecognised initially at fair value and subsequently measured at amortised cost
\nusing the e\ufb00ective interest method.
\n\nPROVISIONS
\nProvisions for environmental restoration, dismantling costs, restructuring
\nactivities and legal claims are recognised when the group has a present legal
\nor constructive obligation as a result of past events, an outflow of resources is
\nmore likely than not to be required to settle the obligation and the amount can
\nbe reliably estimated.
\nRestructuring costs are costs which are not related to the ongoing operations.
\nRestructuring cost are recognised once there is a constructive obligation. This
\nincludes for example severance (redundancy) payments, early retirement or
\nother arrangements for employees leaving the company, external costs to
\nlawyers and legal advisors in relation to the restructuring process, lease
\ntermination costs and onerous contracts. Salary which is earned while the
\nemployee contributes to the ongoing operations is not classified as
\nrestructuring costs.
\nWhere a number of similar obligations exist, the likelihood that an outflow will
\nbe required in settlement is determined by considering the class of obligations
\nas a whole. A provision is recognised even if the likelihood of an outflow with
\nrespect to any one item included in the same class of obligations may be small.
\nProvisions are measured at the present value of the best estimate of the
\nexpenditure required to settle the present obligation using a pre-tax rate that
\nreflects current market assessments of the time value of money and the risks
\nspecific to the obligation. The increase in the provision due to passage of time
\nis recognised within financial items.
\nCURRENT AND DEFERRED INCOME TAX
\nThe group\u2019s income tax expense includes current tax based on taxable profit
\nfor each jurisdiction adjusted by changes in deferred tax assets and liabilities
\nattributable to temporary di\ufb00erences and to unused tax losses. Tax is
\nrecognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or directly in equity. In this
\ncase, the tax is also recognised in other comprehensive income or directly in
\nequity, respectively.
\nThe tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the balance sheet date in the countries where the
\ncompany\u2019s subsidiaries and associates operate and generate taxable income.
\nDeferred tax is provided in full, using the liability method, on temporary
\ndi\ufb00erences arising between the carrying amount of assets and liabilities in the
\nconsolidated financial statements and their tax bases.
\nDeferred tax assets are recognised to the extent that it is probable that future
\ntaxable profit will be available against which the deductible temporary
\ndi\ufb00erences and unused tax losses can be utilised. Deferred tax assets are
\no\ufb00set against deferred tax liabilities when the deferred tax assets and
\nliabilities relate to income taxes levied by the same taxation authority and
\nthere is a legally enforceable right to set-o\ufb00 current tax assets against current
\ndeferred tax liabilities.
\nPENSION OBLIGATIONS, BONUS ARRANGEMENTS AND OTHER
\nEMPLOYEE BENEFITS
\na) Pension obligations
\nGroup companies operate various pension schemes. These are generally
\nfunded through payments to insurance companies, as determined by periodic
\nactuarial calculations. The group has both defined benefit and defined
\ncontribution plans.
\nThe liability recognised in the balance sheet in respect of defined benefit
\npension plans is the present value of the defined benefit obligation at the
\nbalance sheet date less the fair value of plan assets. The defined benefit
\nobligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the defined benefit obligation is
\ndetermined by discounting the estimated future cash outflows using interest
\nrates of high quality corporate bonds which are denominated in the currency
\nin which the benefits will be paid, and which have terms to maturity
\napproximating to the terms of the related pension liability, or alternatively a
\ngovernment bond interest rate if such bonds do not exist.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are charged or credited to equity in other
\ncomprehensive income in the period in which they arise. Past-service costs
\nare recognised immediately in income.
\nA defined contribution plan is a pension plan under which the group pays fixed
\ncontributions into a separate entity. These contributions are made to publicly-
\nor privately administered pension insurance plans on a mandatory, contractual
\nor voluntary basis. The group has no further payment obligations once the
\ncontributions have been made. These contributions are recognised as an
\nemployee benefit expense in the period the contribution is related to. Prepaid
\ncontributions are recognised as an asset to the extent that a cash refund or a
\nreduction in the future payments is available.
\nb) Other employee benefit obligations
\nGroup companies operate various other employee benefit schemes. Other
\nemployee benefits are future benefits that the employees have earned in
\nreturn for their service in current and prior periods.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are recognised in the income statement in the period
\nin which they arise.
\nThe obligations are classified as non-current during the period they are being
\nearned, and are for some of the plans reclassified to current when the
\nemployees have completed the required period of service and the group does
\nnot have an unconditional right to defer settlement for these obligations.
\nc) Share-based remuneration
\nNorske Skog has a long-term incentive programme which falls within the
\nscope of IFRS 2 Share-based payments. Norske Skog has a cash-settled
\nshare-based programme in which the entity acquires services by incurring a
\nliability to transfer cash to the employee of those services for amounts that
\nare based on the price of the shares in the company. The ultimate cost of a
\ncash-settled share-based transaction is the actual cash paid to the
\ncounterparty, which will be the fair value at settlement date.
\nThe periodic determination of this liability is at each reporting date between
\ngrant and settlement the fair value of the award. The fair value of the award is
\ndetermined in accordance with the specific requirements in IFRS 2. During the
\nvesting period, the liability recognised at each reporting date is the fair value
\nof the award at that date multiplied by the expired portion of the vesting
\nperiod. All changes in the liability are recognised in profit or loss for the period.
\nThe fair value of the liability is determined by applying an option pricing
\nmodel, considering the terms and conditions on which the cash-settled
\ntransaction was granted, and the extent to which the employees have rendered
\nservices to date.
\nd) Bonus arrangements
\nThe group accrues for bonus arrangements when there exists a contractual
\nobligation, or past practice has created a constructive obligation.
\n\ne) Short-term obligations
\nLiabilities for wages and salaries, including non-monetary benefits and
\naccumulating sick leave that are expected to be settled wholly within 12
\nmonths after the end of the period in which the employees render and are
\nmeasured at the amounts expected to be paid when the liabilities are settled.
\nThe liabilities are presented as current employee benefit obligations in the
\nbalance sheet.
\nBORROWINGS
\nBorrowings are recognised initially at fair value, net of transaction costs
\nincurred. Borrowings are subsequently carried at amortised cost. Any
\ndi\ufb00erence between fair value of proceeds (net of transaction costs) and
\nredemption value is recognised in the income statement over the period of the
\nborrowing, using the e\ufb00ective interest method.
\nFees paid on the establishment of loan facilities are recognised as transaction
\ncosts of the loan to the extent that it is probable that some or all of the facility
\nwill be drawn down. In this case, the fee is deferred until the drawdown occurs.
\nTo the extent there is no evidence that it is probable that some or all of the
\nfacility will be drawn down, the fee is capitalised as a prepayment for liquidity
\nservices and amortised over the period of the facility to which it relates.
\nBorrowings are classified as current liabilities, unless the group has an
\nunconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date. Interest costs are recognised in profit or loss in
\nthe period in which they are incurred.
\nDERECOGNITION
\nA financial liability is derecognised when the obligation under the liability is
\ndischarged or cancelled or expires. When an existing financial liability is
\nreplaced by another from the same lender on substantially di\ufb00erent terms, or
\nthe terms of an existing liability are substantially modified, such an exchange
\nor modification is treated as the derecognition of the original liability and the
\nrecognition of a new liability. The di\ufb00erence in the respective carrying amounts
\nis recognised as part of the gain or loss in the income statement.
\nPAID-IN-EQUITY
\nOrdinary shares are classified as equity. Incremental costs directly attributable
\nto the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\nWhere any group company purchases the company\u2019s equity instruments, for
\nexample as the result of a share buy-back or a share-based payment plan, the
\nconsideration paid, including any directly attributable incremental costs (net
\nof income taxes) is deducted from equity attributable to the owners as
\ntreasury shares until the shares are cancelled or reissued.
\nREVENUE RECOGNITION
\nRevenue from contracts with customers is recognised when control of the
\ngoods or services are transferred to the customer at an amount that reflects
\nthe consideration to which the group expects to be entitled in exchange for
\nthose goods or services.
\nRevenues in the group consists almost exclusively of the sale of goods. In
\npractical terms, the timing of revenue recognition is based on the delivery
\nterms for the di\ufb00erent markets and customers, and where revenue is
\nrecognised at point in time. It is important to make sure that all performance
\nobligations are fulfilled, and the customer can benefit on its own. If the
\ncustomer cannot obtain control of the good or service, the revenue cannot be
\nrecognised.
\nDIVIDEND INCOME
\nDividend income is recognised when the right to receive payment is
\nestablished, which is generally when the shareholders approve the dividend.
\nINTEREST INCOME
\nInterest income is recognised using the e\ufb00ective interest method. This is the
\ninterest rate that gives a net present value of the cash flows from the loan that
\nis equal to carrying value.
\nGOVERNMENT GRANTS
\nGovernment grants are recognised as income or as a cost reduction,
\ndependent on the basis for which the government grant has been awarded.
\nRecognition will be on a systematic basis over the period they have been
\ngranted for, or on a systematic basis to the costs that they are intended to
\ncompensate for. CO
2
compensation is recognised as a reduction of energy
\ncost as the element of energy cost it compensates is consumed and incurred.
\nGovernment grants in the form of compensation for losses which have already
\nbeen incurred, or in the form of direct financial support, which is not directly
\nrelated to future costs, are recognised as income in the same period as they
\nare awarded.
\nGovernment grants related to assets are presented in the balance sheet as
\ndeferred income or as a reduction of the cost price of the assets the grant
\nrelates to. The grant is then recognised in the income statement either through
\nfuture periodic income recognition or as a future reduction in the depreciation
\ncharge.
\nLEASES
\nNorske Skog recognises a liability to make lease payments and an asset
\nrepresenting the right to use the underlying asset during the lease term
\n(\u201cright-of-use asset\u201d). Exceptions for short term leases and low value leases
\nhave been adapted by the group. At initial recognition the right-of-use assets
\nis measured at an amount equal to the lease liability. Norske Skog separately
\nrecognises the interest expense on the lease liability and the depreciation
\nexpense on the right-of-use asset.
\nLease liabilities are measured at the present value of the contractual payments
\ndue to the lessor over the lease term, with the discount rate determined by
\nreference to the rate inherent in the lease, if available, or the group\u2019s
\nincremental borrowing rate. Variable lease payments are only included in the
\nmeasurement of the lease liability if they depend on an index or rate. Other
\nvariable lease payments are expensed in the period to which they relate.
\nNEW AND AMENDED INTERPRETATION AND STANDARDS ADOPTED
\nBY THE GROUP
\na) New standards e\ufb00ective from 1 January 2022
\nChanges in standards and interpretations during 2022 has not had any
\nmaterial impact on Norske Skog\u2019s financial reporting.
\nb) New standards, interpretations and amendments not yet e\ufb00ective
\nThere are a number of standards, amendments to standards, and interpre-
\ntations which have been issued by the IASB that are e\ufb00ective in future
\naccounting periods that the group has decided not to adopt early.
\nThe group does not expect the standards issued, but not yet e\ufb00ective, to have
\na material impact on the group\u2019s financial reporting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8096": {
"value": "The material accounting policies applied in the preparation of the consolidated financial statements of Norske Skog ASA are set out below. The consolidated
\nfinancial statements have been prepared under the historical cost convention,
\nas modified by the revaluation of biological assets, available-for-sale financial
\nassets and financial assets at fair value through profit or loss. The policies
\nhave been consistently applied to all periods presented, unless otherwise
\nstated. They have been prepared under the assumption of going concern.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8106": {
"value": "CONSOLIDATION a) Basis of consolidation
\nThe consolidated financial statements comprise the financial statements of
\nNorske Skog ASA and its subsidiaries as at 31 December 2022. Control is
\nachieved when the group is exposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to a\ufb00ect those returns
\nthrough its power over the investee. Specifically, the group controls an
\ninvestee if, and only if, the group has:
\n\u2022
Power over the investee (i.e., existing rights that give it the current ability to
\ndirect the relevant activities of the investee)
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns
\nGenerally, there is a presumption that a majority of voting rights results in
\ncontrol. To support this presumption and when the group has less than a
\nmajority of the voting or similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it has power over an
\ninvestee, including:
\n\u2022
The contractual arrangement(s) with the other vote holders of the investee
\n\u2022
Rights arising from other contractual arrangements
\n\u2022
The group\u2019s voting rights and potential voting rights
\nThe group re-assesses whether or not it controls an investee if facts and
\ncircumstances indicate that there are changes to one or more of the three
\nelements of control. Consolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when the group loses control of
\nthe subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
\nor disposed of during the year are included in the consolidated financial
\nstatements from the date the group gains control until the date the group
\nceases to control the subsidiary.
\nWhen necessary, adjustments are made to the financial statements of
\nsubsidiaries to bring their accounting policies into line with the group\u2019s
\naccounting policies. All intra-group assets and liabilities, equity, income,
\nexpenses and cash flows relating to transactions between members of the
\ngroup are eliminated in full on consolidation.
\n
\n
I
b) Associates
\nAssociates are all entities over which the group exercises significant influence
\nbut not control, generally accompanying a shareholding of 20% to 50% of the
\nvoting rights. Investments in associates are accounted for using the equity
\nmethod of accounting. The investment is initially recognised at cost, and the
\ncarrying amount is increased or decreased to recognise the investor\u2019s share of
\nthe profit or loss of the investee after the date of acquisition. Profits and losses
\nresulting from transactions between the group and its associates are
\nrecognised in the consolidated financial statements only to the extent of
\nunrelated investors\u2019 interests in the associates.
\nAt each reporting date, the group determines whether there is any objective
\nevidence that the investment in the associate is impaired. If this is the case,
\nthe group calculates the amount of impairment as the di\ufb00erence between the
\nrecoverable amount of the associate and its carrying value, and recognises the
\namount as share of profit in associated companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8111": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8189": {
"value": "SEGMENT REPORTING Reportable segments
\nThe activities in the group are divided into two operating segments: publication
\npaper Europe and publication paper Australasia. The segment structure is in
\nline with the group\u2019s operating model. The operating segments are reported in
\na manner consistent with the internal reporting provided to the chief operating
\ndecision maker. The chief operating decision maker, who is responsible for
\nallocating resources, making strategic decisions and assessing performance
\nof the group\u2019s mills, has been identified as corporate management. Activities
\nthat are not part of the operating segments are included in other activities.
\nAccounting policies applied in the segment reporting
\nRecognition, measurement and classification applied in the segment reporting
\nare consistent with the accounting principles applied for the consolidated
\nincome statement and balance sheet and the internal management reporting.
\nPerformance measurement
\nThe group assesses the performance of the operating segments based on a
\nmeasure of EBITDA. These items exclude the e\ufb00ects of expenditure not
\ndeemed to be part of the regular operating activities of the segment, such as
\nrestructuring expenses, impairments, changes in fair value of certain energy
\ncontracts, embedded derivatives in energy contracts and value change of
\nbiological assets. See Alternative Performance Measures (APM) for further
\ninformation related to performance measurement other than financial measure
\ndefined or specific in the applicable financial reporting framework (IFRS).
\nIntercompany transactions
\nThe revenue reported per operating segment includes both sales to external
\nparties and sales to other segments. Intra-segment sales are eliminated in the
\nconsolidated financial statements. All sales transactions between operating
\nsegments are carried out at arm\u2019s length prices as if sold or transferred to
\nindependent third parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8221": {
"value": "FOREIGN CURRENCY TRANSLATION a) Functional and presentational currency
\nItems included in the financial statements of each of the group\u2019s entities are
\nmeasured using the currency of the primary economic location in which the
\nentity operates (the \u201cfunctional currency\u201d). The consolidated financial state-
\nments are presented in NOK, which is both the functional and presentational
\ncurrency of the parent company.
\nb) Transactions and balances
\nForeign currency transactions are translated into the entity\u2019s functional
\ncurrency using the exchange rate prevailing on the date of the transaction.
\nForeign exchange gains or losses resulting from the settlement of such
\ntransactions and from the translation of monetary assets and liabilities
\ndenominated in foreign currencies at year-end exchange rates are recognised
\nin the income statement.
\nExchange di\ufb00erences arising from the settlement of accounts receivable/
\npayable and unrealised gains/losses on the same positions are recognised in
\nOperating revenue/Cost of materials respectively. Exchange di\ufb00erences
\narising from the settlement of other items are recognised within Financial
\nincome/Financial expenses.
\nForeign exchange gains and losses that relate to borrowings and cash and
\ncash equivalents are presented in the income statement within Financial
\nincome/Financial expenses.
\nNon-monetary items that are measured at fair value in a foreign currency are
\ntranslated using the exchange rates at the date when the fair value was
\ndetermined. Translation di\ufb00erences on assets and liabilities carried at fair
\nvalue are reported as part of the fair value gain or loss.
\nc) Group companies
\nThe results and financial position of all group entities which have a functional
\ncurrency di\ufb00erent from the presentational currency are translated into the
\npresentational currency as follows:
\ni.
Assets and liabilities for each balance sheet presented are translated at the
\nclosing rate at the date of that balance sheet,
\nii. Income and expenses for each income statement are translated at average
\nexchange rates on monthly basis,
\niii. All resulting exchange di\ufb00erences are booked to comprehensive income
\nOn consolidation, exchange di\ufb00erences arising from the translation of the net
\ninvestment in foreign entities are booked as part of comprehensive income.
\nWhen a foreign operation is derecognised, such exchange di\ufb00erences are
\nbooked out of comprehensive income and recognised in the income statement
\nline other operating income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8224": {
"value": "a) Functional and presentational currency Items included in the financial statements of each of the group\u2019s entities are
\nmeasured using the currency of the primary economic location in which the
\nentity operates (the \u201cfunctional currency\u201d). The consolidated financial state-
\nments are presented in NOK, which is both the functional and presentational
\ncurrency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8268": {
"value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) is shown at historical cost less subsequent
\ndepreciation and impairments. Historical cost includes expenditure directly
\nattributable to the acquisition of the items. The residual value of production
\nequipment is defined as the realisable value after deduction of the estimated
\ncost of dismantling and removal of the asset. If the estimated cost exceeds the
\nestimated value, the net liability is added to the cost of the related asset, and a
\nprovision is recognised as a liability in the balance sheet.
\nBorrowing costs, which are directly related to qualifying assets, are recognised
\nas part of the acquisition cost for the qualifying asset.
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic benefits associated with the item will flow to the group and the cost
\nof the item can be measured reliably. The carrying amount of the replaced part
\nis derecognised. All other repair and maintenance costs are charged to the
\nincome statement during the financial period in which they are incurred.
\nLand is not depreciated. Depreciation on other assets is calculated using the
\nstraight-line method to allocate their cost or revalued amounts to their residual
\nvalues over their estimated useful lives.
\nThe residual value and useful life of property, plant and equipment are
\nreviewed and adjusted. Review of impairment indicators are performed
\n\nI
regularly, and if impairment indicators are identified an impairment test of
\nproperty plant and equipment for the CGU in question is performed. An asset\u2019s
\ncarrying amount is written down to its recoverable amount if the asset\u2019s
\ncarrying amount is greater than its estimated recoverable amount.
\nGains and losses on disposals are determined by comparing the proceeds with
\nthe carrying amount, and is included in the income statement line other
\noperating income/other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8269": {
"value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) is shown at historical cost less subsequent
\ndepreciation and impairments. Historical cost includes expenditure directly
\nattributable to the acquisition of the items. The residual value of production
\nequipment is defined as the realisable value after deduction of the estimated
\ncost of dismantling and removal of the asset. If the estimated cost exceeds the
\nestimated value, the net liability is added to the cost of the related asset, and a
\nprovision is recognised as a liability in the balance sheet.
\nBorrowing costs, which are directly related to qualifying assets, are recognised
\nas part of the acquisition cost for the qualifying asset.
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic benefits associated with the item will flow to the group and the cost
\nof the item can be measured reliably. The carrying amount of the replaced part
\nis derecognised. All other repair and maintenance costs are charged to the
\nincome statement during the financial period in which they are incurred.
\nLand is not depreciated. Depreciation on other assets is calculated using the
\nstraight-line method to allocate their cost or revalued amounts to their residual
\nvalues over their estimated useful lives.
\nThe residual value and useful life of property, plant and equipment are
\nreviewed and adjusted. Review of impairment indicators are performed
\n\nI
regularly, and if impairment indicators are identified an impairment test of
\nproperty plant and equipment for the CGU in question is performed. An asset\u2019s
\ncarrying amount is written down to its recoverable amount if the asset\u2019s
\ncarrying amount is greater than its estimated recoverable amount.
\nGains and losses on disposals are determined by comparing the proceeds with
\nthe carrying amount, and is included in the income statement line other
\noperating income/other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8329": {
"value": "INTANGIBLE ASSETS a) Patents and licences
\nPatents and licences have a finite useful life and are recognised at historical
\ncost less accumulated amortisation. Amortisation is calculated using the
\nstraight-line method to allocate the cost of patents and licences over their
\nestimated useful lives.
\nb) Computer software
\nAcquired computer software licences are capitalised on the basis of the costs
\nincurred to acquire the specific software and bring it into use and amortised
\nover their estimated useful lives. Computer software development costs
\nrecognised as assets are amortised over their estimated useful lives. Costs
\nassociated with maintaining computer software are recognised as an expense
\nas they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8345": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that are subject to amortisation are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may
\nnot be recoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount. The recoverable
\namount is the higher of an asset\u2019s fair value less costs to sell and its value in
\nuse. For the purpose of assessing impairment, assets are grouped at the
\nlowest level for which cash flows are separately identifiable CGUs (cash-
\ngenerating units).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8357": {
"value": "FINANCIAL ASSETS The group classifies its financial assets in the following three categories: at
\nfair value through profit or loss, at amortised cost, and at fair value through
\nother comprehensive income. This classification depends on the purpose for
\nwhich the financial assets were acquired. Management determines the
\nclassification of its financial assets at initial recognition and re-evaluates this
\ndesignation at every reporting date.
\na) Financial assets at fair value through profit or loss
\nThis category has two sub-categories: financial assets held for trading, and
\nthose designated at fair value through profit or loss at inception. A financial
\nasset is classified in this category if it was acquired principally for the purpose
\nof short-term sale or if so designated by management. Derivatives are also
\ncategorised as held for trading unless designated as hedges. Assets in this
\ncategory are classified as current assets if they either are held for trading or
\nare expected to be realised within 12 months of the balance sheet date.
\nNon-financial commodity contracts where the relevant commodity is readily
\nconvertible to cash, and where the contracts are not for own use, fall within the
\nscope of IFRS 9 and such contracts are treated as derivatives. Embedded
\nderivatives are separated from the host contract and accounted for as a
\nderivative if the economic characteristics are not closely related to the
\neconomic characteristics and risk of the host contract. See Notes 4, 17 and 18
\nfor more information. Commodity contracts within the scope of IFRS 9 are
\nclassified as current assets, unless they are expected to be realised more than
\n12 months after the balance sheet date. In that case, they are classified as
\nnon-current assets.
\nb) Amortised cost
\nAmortised cost includes cash, loans and receivables, and are non-derivative
\nfinancial assets with fixed or determinable payments that are not quoted in an
\nactive market. Items classified as amortised cost are current items maturing
\nless than 12 months after the balance sheet date and are presented as Trade
\nand other receivables or Cash and cash equivalents in the balance sheet.
\nItems maturing later than 12 months after the balance sheet date are
\npresented within Other non-current assets.
\nc) Fair value through other comprehensive income
\nInvestments in other shares not held for trading purpose are classified as fair
\nvalue through other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8396": {
"value": "DERIVATIVES Derivatives are initially recognised at fair value on the date a derivative
\ncontract is entered into and are subsequently remeasured at their fair value.
\nChanges in the fair value of any of these derivative instruments are recognised
\nin the income statement. The group has selected to not designate any financial
\ninstruments for hedge accounting.
\nThe fair value of quoted investments is based on the current market price. If
\nthe market for a financial asset is not active, the group applies valuation
\ntechniques to establish the fair value. These include the use of recent arm\u2019s
\nlength transactions, reference to other instruments which are substantially
\nthe same, and discounted cash flow analyses defined to reflect the issuer\u2019s
\nspecific circumstances. Fair value includes the impact of credit risk and the
\nadjustment for credit risk is dependent on whether the derivative is in the
\nmoney (asset) or out of the money (liability). Credit value adjustment is
\napplied to assets positions based on credit risk associated with the
\ncounterparty. Debit value adjustment is applied to liability positions, based on
\nthe groups own credit risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8397": {
"value": "DERIVATIVES Derivatives are initially recognised at fair value on the date a derivative
\ncontract is entered into and are subsequently remeasured at their fair value.
\nChanges in the fair value of any of these derivative instruments are recognised
\nin the income statement. The group has selected to not designate any financial
\ninstruments for hedge accounting.
\nThe fair value of quoted investments is based on the current market price. If
\nthe market for a financial asset is not active, the group applies valuation
\ntechniques to establish the fair value. These include the use of recent arm\u2019s
\nlength transactions, reference to other instruments which are substantially
\nthe same, and discounted cash flow analyses defined to reflect the issuer\u2019s
\nspecific circumstances. Fair value includes the impact of credit risk and the
\nadjustment for credit risk is dependent on whether the derivative is in the
\nmoney (asset) or out of the money (liability). Credit value adjustment is
\napplied to assets positions based on credit risk associated with the
\ncounterparty. Debit value adjustment is applied to liability positions, based on
\nthe groups own credit risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8401": {
"value": "Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value.
\nChanges in the fair value of any of these derivative instruments are recognised
\nin the income statement. The group has selected to not designate any financial
\ninstruments for hedge accounting.
\nThe fair value of quoted investments is based on the current market price. If
\nthe market for a financial asset is not active, the group applies valuation
\ntechniques to establish the fair value. These include the use of recent arm\u2019s
\nlength transactions, reference to other instruments which are substantially
\nthe same, and discounted cash flow analyses defined to reflect the issuer\u2019s
\nspecific circumstances. Fair value includes the impact of credit risk and the
\nadjustment for credit risk is dependent on whether the derivative is in the
\nmoney (asset) or out of the money (liability). Credit value adjustment is
\napplied to assets positions based on credit risk associated with the
\ncounterparty. Debit value adjustment is applied to liability positions, based on
the groups own credit risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8422": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with
\nbanks and other short-term, highly liquid investments with original maturities
\nof three months or less. Drawn bank overdrafts are shown as Interest-bearing
\ncurrent liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8430": {
"value": "TRADE RECEIVABLES Trade receivables are amounts due from customers for merchandise sold or
\nservices performed in the ordinary course of business. Trade receivables are
\nrecognised at invoiced amount, less provision for impairment. The impairment
\nmodel for financial assets under IFRS 9 require recognition of doubtful
\nreceivables allowances based on expected credit losses. The group has an
\nexpected credit loss model for trade receivables, whereby expected credit
\nlosses are recognised based on ageing categories of trade receivables that
\nincludes all receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8442": {
"value": "INVENTORY Inventories are stated at the lower of cost and net realisable value. Cost is
\ndetermined using weighted average cost. The cost of finished goods and work
\nin progress comprises raw materials, direct labour, other direct costs and
\nrelated production overheads (based on normal operating capacity). It
\nexcludes borrowing costs. Net realisable value is the estimated selling price in
\nthe ordinary course of business, less applicable variable selling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8452": {
"value": "TRADE PAYABLES Trade payables are obligations to pay for goods or services that have been
\nacquired in the ordinary course of business from suppliers. Trade payables are
\nrecognised initially at fair value and subsequently measured at amortised cost
\nusing the e\ufb00ective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8480": {
"value": "PROVISIONS Provisions for environmental restoration, dismantling costs, restructuring
\nactivities and legal claims are recognised when the group has a present legal
\nor constructive obligation as a result of past events, an outflow of resources is
\nmore likely than not to be required to settle the obligation and the amount can
\nbe reliably estimated.
\nRestructuring costs are costs which are not related to the ongoing operations.
\nRestructuring cost are recognised once there is a constructive obligation. This
\nincludes for example severance (redundancy) payments, early retirement or
\nother arrangements for employees leaving the company, external costs to
\nlawyers and legal advisors in relation to the restructuring process, lease
\ntermination costs and onerous contracts. Salary which is earned while the
\nemployee contributes to the ongoing operations is not classified as
\nrestructuring costs.
\nWhere a number of similar obligations exist, the likelihood that an outflow will
\nbe required in settlement is determined by considering the class of obligations
\nas a whole. A provision is recognised even if the likelihood of an outflow with
\nrespect to any one item included in the same class of obligations may be small.
\nProvisions are measured at the present value of the best estimate of the
\nexpenditure required to settle the present obligation using a pre-tax rate that
\nreflects current market assessments of the time value of money and the risks
\nspecific to the obligation. The increase in the provision due to passage of time
\nis recognised within financial items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8506": {
"value": "CURRENT AND DEFERRED INCOME TAX The group\u2019s income tax expense includes current tax based on taxable profit
\nfor each jurisdiction adjusted by changes in deferred tax assets and liabilities
\nattributable to temporary di\ufb00erences and to unused tax losses. Tax is
\nrecognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or directly in equity. In this
\ncase, the tax is also recognised in other comprehensive income or directly in
\nequity, respectively.
\nThe tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the balance sheet date in the countries where the
\ncompany\u2019s subsidiaries and associates operate and generate taxable income.
\nDeferred tax is provided in full, using the liability method, on temporary
\ndi\ufb00erences arising between the carrying amount of assets and liabilities in the
\nconsolidated financial statements and their tax bases.
\nDeferred tax assets are recognised to the extent that it is probable that future
\ntaxable profit will be available against which the deductible temporary
\ndi\ufb00erences and unused tax losses can be utilised. Deferred tax assets are
\no\ufb00set against deferred tax liabilities when the deferred tax assets and
\nliabilities relate to income taxes levied by the same taxation authority and
\nthere is a legally enforceable right to set-o\ufb00 current tax assets against current
\ndeferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8507": {
"value": "CURRENT AND DEFERRED INCOME TAX The group\u2019s income tax expense includes current tax based on taxable profit
\nfor each jurisdiction adjusted by changes in deferred tax assets and liabilities
\nattributable to temporary di\ufb00erences and to unused tax losses. Tax is
\nrecognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or directly in equity. In this
\ncase, the tax is also recognised in other comprehensive income or directly in
\nequity, respectively.
\nThe tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the balance sheet date in the countries where the
\ncompany\u2019s subsidiaries and associates operate and generate taxable income.
\nDeferred tax is provided in full, using the liability method, on temporary
\ndi\ufb00erences arising between the carrying amount of assets and liabilities in the
\nconsolidated financial statements and their tax bases.
\nDeferred tax assets are recognised to the extent that it is probable that future
\ntaxable profit will be available against which the deductible temporary
\ndi\ufb00erences and unused tax losses can be utilised. Deferred tax assets are
\no\ufb00set against deferred tax liabilities when the deferred tax assets and
\nliabilities relate to income taxes levied by the same taxation authority and
\nthere is a legally enforceable right to set-o\ufb00 current tax assets against current
\ndeferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8533": {
"value": "PENSION OBLIGATIONS, BONUS ARRANGEMENTS AND OTHER EMPLOYEE BENEFITS
\na) Pension obligations
\nGroup companies operate various pension schemes. These are generally
\nfunded through payments to insurance companies, as determined by periodic
\nactuarial calculations. The group has both defined benefit and defined
\ncontribution plans.
\nThe liability recognised in the balance sheet in respect of defined benefit
\npension plans is the present value of the defined benefit obligation at the
\nbalance sheet date less the fair value of plan assets. The defined benefit
\nobligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the defined benefit obligation is
\ndetermined by discounting the estimated future cash outflows using interest
\nrates of high quality corporate bonds which are denominated in the currency
\nin which the benefits will be paid, and which have terms to maturity
\napproximating to the terms of the related pension liability, or alternatively a
\ngovernment bond interest rate if such bonds do not exist.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are charged or credited to equity in other
\ncomprehensive income in the period in which they arise. Past-service costs
\nare recognised immediately in income.
\nA defined contribution plan is a pension plan under which the group pays fixed
\ncontributions into a separate entity. These contributions are made to publicly-
\nor privately administered pension insurance plans on a mandatory, contractual
\nor voluntary basis. The group has no further payment obligations once the
\ncontributions have been made. These contributions are recognised as an
\nemployee benefit expense in the period the contribution is related to. Prepaid
\ncontributions are recognised as an asset to the extent that a cash refund or a
\nreduction in the future payments is available.
\nb) Other employee benefit obligations
\nGroup companies operate various other employee benefit schemes. Other
\nemployee benefits are future benefits that the employees have earned in
\nreturn for their service in current and prior periods.
\nActuarial gains and losses arising from experience adjustments and changes
\nin actuarial assumptions are recognised in the income statement in the period
\nin which they arise.
\nThe obligations are classified as non-current during the period they are being
\nearned, and are for some of the plans reclassified to current when the
\nemployees have completed the required period of service and the group does
\nnot have an unconditional right to defer settlement for these obligations.
\nc) Share-based remuneration
\nNorske Skog has a long-term incentive programme which falls within the
\nscope of IFRS 2 Share-based payments. Norske Skog has a cash-settled
\nshare-based programme in which the entity acquires services by incurring a
\nliability to transfer cash to the employee of those services for amounts that
\nare based on the price of the shares in the company. The ultimate cost of a
\ncash-settled share-based transaction is the actual cash paid to the
\ncounterparty, which will be the fair value at settlement date.
\nThe periodic determination of this liability is at each reporting date between
\ngrant and settlement the fair value of the award. The fair value of the award is
\ndetermined in accordance with the specific requirements in IFRS 2. During the
\nvesting period, the liability recognised at each reporting date is the fair value
\nof the award at that date multiplied by the expired portion of the vesting
\nperiod. All changes in the liability are recognised in profit or loss for the period.
\nThe fair value of the liability is determined by applying an option pricing
\nmodel, considering the terms and conditions on which the cash-settled
\ntransaction was granted, and the extent to which the employees have rendered
\nservices to date.
\nd) Bonus arrangements
\nThe group accrues for bonus arrangements when there exists a contractual
\nobligation, or past practice has created a constructive obligation.
\ne) Short-term obligations
\nLiabilities for wages and salaries, including non-monetary benefits and
\naccumulating sick leave that are expected to be settled wholly within 12
\nmonths after the end of the period in which the employees render and are
\nmeasured at the amounts expected to be paid when the liabilities are settled.
\nThe liabilities are presented as current employee benefit obligations in the
\nbalance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8575": {
"value": "c) Share-based remuneration Norske Skog has a long-term incentive programme which falls within the
\nscope of IFRS 2 Share-based payments. Norske Skog has a cash-settled
\nshare-based programme in which the entity acquires services by incurring a
\nliability to transfer cash to the employee of those services for amounts that
\nare based on the price of the shares in the company. The ultimate cost of a
\ncash-settled share-based transaction is the actual cash paid to the
\ncounterparty, which will be the fair value at settlement date.
\nThe periodic determination of this liability is at each reporting date between
\ngrant and settlement the fair value of the award. The fair value of the award is
\ndetermined in accordance with the specific requirements in IFRS 2. During the
\nvesting period, the liability recognised at each reporting date is the fair value
\nof the award at that date multiplied by the expired portion of the vesting
\nperiod. All changes in the liability are recognised in profit or loss for the period.
\nThe fair value of the liability is determined by applying an option pricing
\nmodel, considering the terms and conditions on which the cash-settled
\ntransaction was granted, and the extent to which the employees have rendered
\nservices to date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8630": {
"value": "BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs
\nincurred. Borrowings are subsequently carried at amortised cost. Any
\ndi\ufb00erence between fair value of proceeds (net of transaction costs) and
\nredemption value is recognised in the income statement over the period of the
\nborrowing, using the e\ufb00ective interest method.
\nFees paid on the establishment of loan facilities are recognised as transaction
\ncosts of the loan to the extent that it is probable that some or all of the facility
\nwill be drawn down. In this case, the fee is deferred until the drawdown occurs.
\nTo the extent there is no evidence that it is probable that some or all of the
\nfacility will be drawn down, the fee is capitalised as a prepayment for liquidity
\nservices and amortised over the period of the facility to which it relates.
\nBorrowings are classified as current liabilities, unless the group has an
\nunconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date. Interest costs are recognised in profit or loss in
\nthe period in which they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8646": {
"value": "Interest costs are recognised in profit or loss inthe period in which they are incurred. DIVIDEND INCOME Dividend income is recognised when the right to receive payment is
\nestablished, which is generally when the shareholders approve the dividend.
\nINTEREST INCOME
\nInterest income is recognised using the e\ufb00ective interest method. This is the
\ninterest rate that gives a net present value of the cash flows from the loan that
\nis equal to carrying value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8651": {
"value": "DERECOGNITION A financial liability is derecognised when the obligation under the liability is
\ndischarged or cancelled or expires. When an existing financial liability is
\nreplaced by another from the same lender on substantially di\ufb00erent terms, or
\nthe terms of an existing liability are substantially modified, such an exchange
\nor modification is treated as the derecognition of the original liability and the
\nrecognition of a new liability. The di\ufb00erence in the respective carrying amounts
\nis recognised as part of the gain or loss in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8662": {
"value": "PAID-IN-EQUITY Ordinary shares are classified as equity. Incremental costs directly attributable
\nto the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\nWhere any group company purchases the company\u2019s equity instruments, for
\nexample as the result of a share buy-back or a share-based payment plan, the
\nconsideration paid, including any directly attributable incremental costs (net
\nof income taxes) is deducted from equity attributable to the owners as
\ntreasury shares until the shares are cancelled or reissued.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8674": {
"value": "REVENUE RECOGNITION Revenue from contracts with customers is recognised when control of the
\ngoods or services are transferred to the customer at an amount that reflects
\nthe consideration to which the group expects to be entitled in exchange for
\nthose goods or services.
\nRevenues in the group consists almost exclusively of the sale of goods. In
\npractical terms, the timing of revenue recognition is based on the delivery
\nterms for the di\ufb00erent markets and customers, and where revenue is
\nrecognised at point in time. It is important to make sure that all performance
\nobligations are fulfilled, and the customer can benefit on its own. If the
\ncustomer cannot obtain control of the good or service, the revenue cannot be
\nrecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8689": {
"value": "DIVIDEND INCOME Dividend income is recognised when the right to receive payment is
\nestablished, which is generally when the shareholders approve the dividend.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8697": {
"value": "INTEREST INCOME Interest income is recognised using the e\ufb00ective interest method. This is the
\ninterest rate that gives a net present value of the cash flows from the loan that
\nis equal to carrying value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8704": {
"value": "GOVERNMENT GRANTS Government grants are recognised as income or as a cost reduction,
\ndependent on the basis for which the government grant has been awarded.
\nRecognition will be on a systematic basis over the period they have been
\ngranted for, or on a systematic basis to the costs that they are intended to
\ncompensate for. CO
2
compensation is recognised as a reduction of energy
\ncost as the element of energy cost it compensates is consumed and incurred.
\nGovernment grants in the form of compensation for losses which have already
\nbeen incurred, or in the form of direct financial support, which is not directly
\nrelated to future costs, are recognised as income in the same period as they
\nare awarded.
\nGovernment grants related to assets are presented in the balance sheet as
\ndeferred income or as a reduction of the cost price of the assets the grant
\nrelates to. The grant is then recognised in the income statement either through
\nfuture periodic income recognition or as a future reduction in the depreciation
\ncharge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8725": {
"value": "LEASES Norske Skog recognises a liability to make lease payments and an asset
\nrepresenting the right to use the underlying asset during the lease term
\n(\u201cright-of-use asset\u201d). Exceptions for short term leases and low value leases
\nhave been adapted by the group. At initial recognition the right-of-use assets
\nis measured at an amount equal to the lease liability. Norske Skog separately
\nrecognises the interest expense on the lease liability and the depreciation
\nexpense on the right-of-use asset.
\nLease liabilities are measured at the present value of the contractual payments
\ndue to the lessor over the lease term, with the discount rate determined by
\nreference to the rate inherent in the lease, if available, or the group\u2019s
\nincremental borrowing rate. Variable lease payments are only included in the
\nmeasurement of the lease liability if they depend on an index or rate. Other
\nvariable lease payments are expensed in the period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8742": {
"value": "NEW AND AMENDED INTERPRETATION AND STANDARDS ADOPTED BY THE GROUP
\na) New standards e\ufb00ective from 1 January 2022
\nChanges in standards and interpretations during 2022 has not had any
\nmaterial impact on Norske Skog\u2019s financial reporting.
\nb) New standards, interpretations and amendments not yet e\ufb00ective
\nThere are a number of standards, amendments to standards, and interpre-
\ntations which have been issued by the IASB that are e\ufb00ective in future
\naccounting periods that the group has decided not to adopt early.
\nThe group does not expect the standards issued, but not yet e\ufb00ective, to have
a material impact on the group\u2019s financial reporting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8776": {
"value": "3. Accounting estimates and assumptions
\nIMPORTANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
\nThe preparation of consolidated financial statements in conformity with IFRS
\nrequires the use of accounting estimates and assumptions for the future. It
\nalso requires management to exercise its judgment in the process of applying
\nthe group\u2019s accounting policies. Estimates and assumptions, which represent
\na significant risk of a material adjustment in the carrying amount of assets and
\nliabilities during the coming financial year, are discussed below.
\na) Accounting treatment of physical energy contracts and other financial
\ninstruments
\nNorske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
\ncontracts of which some contain embedded derivatives. The fair value of
\nembedded derivatives in physical contracts is influenced by price index
\nfluctuations.
\nNorske Skog has energy contracts in Norway that does not fulfil the criteria
\nfor use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are
\ntreated as financial derivatives in the scope of IFRS 9 and measured at fair
\nvalue through profit or loss The fair value of the contracts will vary dependent
\non the market price for energy in Norway.
\nThe fair value of financial instruments that are not traded in an active market is
\ndetermined by using valuation techniques. The group uses its judgment to select
\nmethods and make assumptions that are mainly based on market conditions
\nexisting at each balance sheet date. See Note 9 and Note 18 for more information.
\nb) Recoverable amount of intangible assets and property, plant and equip-
\nment (PPE)
\nThe group performs impairment tests to assess whether there has been a
\ndecline in the value of intangible assets and PPE if there are impairment
\nindicators present. These are written down to their recoverable amount when
\nthe recoverable amount is lower than the carrying value of the asset. The
\nrecoverable amount from assets or cash-generating units is determined by
\ncalculating the higher of fair value less costs to sell and value in use. Value in
\nuse is the present value of the future cash flows expected to be derived from
\nan asset or cash-generating unit. Calculation of value in use requires use of
\nestimates. The group conducts annual reviews of the remaining economic life of
\nPPE. An increase or decrease in the remaining economic life will have an impact
\non future depreciation, as well as a\ufb00ect the cash flow horizon for calculating value
\nin use. See Note 15 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8786": {
"value": "a) Accounting treatment of physical energy contracts and other financial
\ninstruments
\nNorske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
\ncontracts of which some contain embedded derivatives. The fair value of
\nembedded derivatives in physical contracts is influenced by price index
\nfluctuations.
\nNorske Skog has energy contracts in Norway that does not fulfil the criteria
\nfor use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are
\ntreated as financial derivatives in the scope of IFRS 9 and measured at fair
\nvalue through profit or loss The fair value of the contracts will vary dependent
\non the market price for energy in Norway.
\nThe fair value of financial instruments that are not traded in an active market is
\ndetermined by using valuation techniques. The group uses its judgment to select
\nmethods and make assumptions that are mainly based on market conditions
\nexisting at each balance sheet date. See Note 9 and Note 18 for more information.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
\nAND LIABILITIES
\nThe table below classifies financial assets and liabilities instruments measured
\nin the balance sheet at fair value, by valuation method. The di\ufb00erent valuation
\nmethods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n31.12.2022
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
13
13
0
0
13
\nCommodity contracts
578
578
0
0
578
\nMiscellaneous other non-current assets
168
168
0
0
168
\nOther non-current assets
760
760
0
0
760
\nTrade receivable
818
818
0
0
818
\nVAT receivables
173
173
0
0
173
\nOther receivables
214
214
0
0
214
\nTrade and other receivables
1 205
1 205
0
0
1 205
\nDerivatives
0
0
0
0
0
\nCommodity contracts
392
392
0
0
392
\nCurrent investments
0
0
0
0
0
\nOther current assets
392
392
0
0
392
\nCash and cash equivalents
2 650
2 650
0
0
2 650
\nInterest-bearing non-current liabilities
3 432
3 481
0
1 491
1 989
\nInterest-bearing current liabilities
310
310
0
0
310
\nTotal interest-bearing liabilities
3 742
3 791
0
1 491
2 300
\nDerivatives
0
0
0
0
0
\nCommodity contracts
313
313
0
0
313
\nOther non-current liabilities
313
313
0
0
313
\nTrade payables
819
819
0
0
819
\nOther payables
869
869
0
0
869
\nTrade and other payables
1 688
1 688
0
0
1 688
\nDerivatives
1
1
0
0
1
\nCommodity contracts
209
209
0
0
209
\nFinancial current liabilities
9
9
0
0
9
\nOther current liabilities
219
219
0
0
219
31.12.2021
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
0
0
0
0
0
\nCommodity contracts
176
176
0
0
176
\nMiscellaneous other non-current assets
116
116
0
0
116
\nOther non-current assets
292
292
0
0
292
\nTrade receivable
727
727
0
0
727
\nVAT receivables
122
122
0
0
122
\nOther receivables
233
233
0
0
233
\nTrade and other receivables
1 082
1 082
0
0
1 082
\nDerivatives
0
0
0
0
0
\nCommodity contracts
308
308
0
0
308
\nCurrent investments
0
0
0
0
0
\nOther current assets
308
308
0
0
308
\nCash and cash equivalents
1 489
1 489
0
0
1 489
\nInterest-bearing non-current liabilities
2 356
2 434
0
1 552
882
\nInterest-bearing current liabilities
187
187
0
0
187
\nTotal interest-bearing liabilities
2 543
2 621
0
1 552
1 069
\nDerivatives
0
0
0
0
0
\nCommodity contracts
270
270
0
0
270
\nOther non-current liabilities
270
270
0
0
270
\nTrade payables
1 018
1 018
0
0
1 018
\nOther payables
568
568
0
0
568
\nTrade and other payables
1 586
1 586
0
0
1 586
\nDerivatives
1
1
0
0
1
\nCommodity contracts
215
215
0
0
215
\nFinancial current liabilities
7
7
0
0
7
\nOther current liabilities
223
223
0
0
223
\n\n\n\n\n\n\nThe fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
\nassessed by using price indications from banks at the reporting date. There is
\nsome uncertainty associated with the calculated fair value of Level 3 interest-
\nbearing liabilities. The fair value calculation on other interest-bearing liabilities
\n(Level 3) is based on acknowledged valuation principles according to IFRS but
\nis not necessarily an estimate of the amount the group would have to cover if
\nit were to repay all its debt to all lenders.
\nThe fair values of cash and cash equivalents, trade receivables and other
\nreceivables, other assets, trade payables and other payables and other current
\nliabilities remain largely consistent with the book value due to the short
\nmaturities of such positions. The fair value of derivatives and commodity
\ncontracts is described in Note 9.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8818": {
"value": "4. Financial risk
\nFINANCIAL RISK MANAGEMENT
\nThe main risk exposures for the group are linked to uncertainty to price and
\nvolume developments for publication paper and the costs of key input factors
\nsuch as energy and fibre. Weaker demand than expected for the group\u2019s
\nproducts can a\ufb00ect profitability and associated cash flows in a negative way.
\nThe group operates in a multicurrency environment, where the main currencies
\nof importance for the business are EUR, GBP, USD and AUD. Currency
\nmovements between these currencies, as well as against NOK, may influence
\ndemand as well as prices and costs of key input factors. Liquidity is ensured
\nby maintaining su\ufb00icient cash balances and open credit lines linked to
\naccounts receivables facilities. Norske Skog continuously assess the most
\ncompetitive funding sources for the group.
\nUncertainty about future changes in the broader economic climate development
\nand more adverse developments than expected may influence all of the above.
\nThe aforementioned risks may all a\ufb00ect future results. The factors are an inherent
\nuncertainty when the board makes its assessments.
\nThe group has one cash pool for the European entities and the cash pool is
\nlegally placed in Norske Skog ASA.
\nFINANCIAL RISK FACTORS
\nThe group is exposed to various financial risk factors through the group\u2019s
\noperating activities, including market risk (interest rate risk, currency risk and
\ncommodity risk), liquidity risk and credit risk. The group seeks to minimise
\nlosses and volatility on the group\u2019s earnings caused by adverse market
\nmovements. Moreover, the group monitors and manages financial risk based
\non internal policies and standards set forth by corporate management and
\napproved by the board of directors. These written policies provide principles
\nfor the overall risk management as well as standards for managing currency
\nrisk, interest rate risk, credit risk, liquidity risk and the use of financial
\nderivatives and non-derivative financial instruments.
\nMARKET RISK
\na) Interest rate risk
\nInterest rate risk is related to the financial risk related to changes in market
\ninterest rates. Interest rate risk management is carried out to secure the
\nlowest possible interest rate payments over time within acceptable risk limits.
\nThis includes having a portfolio of loans in the group with both floating interest
\nand fixed interest rates. The group may also use derivatives to manage the
\ninterest rate risk in the group.
\n31.12.2022
31.12.2021
\nINTEREST-
\nBEARING ASSETS
\nAND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
\nInterest-bearing
\nliabilities
2 892
850
3 742
1 671
872
2 543
\nInterest-bearing
\nassets
-2 650
0
-2 650
-1 489
0
-1 489
\nNet exposure
241
850
1 092
182
872
1 054
\nAll amounts presented in the table are notional amounts. Total interest-
\nbearing liabilities will therefore di\ufb00er from booked amounts due to bond
\ndiscounts/premiums. Floating rate exposure is calculated without accounting
\nfor potential future refinancing.
\nInterest rate sensitivity analysis
\nIn accordance with IFRS 7 Financial instruments - disclosures, an interest rate
\nsensitivity analysis is presented showing the e\ufb00ects of changes in market
\ninterest rates on interest costs and interest income, as well as equity where
\napplicable. The analysis is based on the following assumptions:
\nFloating rate debt is exposed to changes in market interest rates, i.e. the
\ninterest costs or interest income associated with such instruments will
\nfluctuate based on changes in market rates. The impact of changes is
\npresented in the sensitivity analysis. The analysis assumes that all other
\nfactors are kept constant.
\nChanges in market rates on fixed rate debt will only a\ufb00ect the income
\nstatement if they are measured at fair value. Thus, fixed rate instruments
\nrecognised at amortised cost will not represent an interest rate risk as defined
\nby IFRS 7. Such instruments will therefore not have any impact on the
\nsensitivity analysis.
\nResults are presented net of tax, using the Norwegian statutory tax rate of 22%.
\n\n\nI
\n\nI
\nThe interest rate sensitivity analysis is based on a parallel shift in the yield
\ncurve for each relevant currency to which Norske Skog is exposed.
\nNET PROFIT AFTER TAX
\nINTEREST RATE
2022
2021
\n50 basis point downward parallel shift in the yield curve
4
-3
\n50 basis point upward parallel shift in the yield curve
-4
2
\nWith a 50-basis point upward change in interest rate the interest payments
\nwill increase with NOK 14 million. The upward change will have no e\ufb00ect on
\nthe values of derivatives carried at fair value through profit or loss.
\nb) Currency risk
\nTransaction risk - economically hedge
\nThe group has revenues and expenses in various currencies. The major
\ncurrencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
\nthe group has a di\ufb00erent currency split on income and expenses. In 2022
\nNorske Skog has economically hedged some of its cash flows in foreign
\ncurrencies. The result of the hedging is included in Gains/(losses) on foreign
\ncurrency in the income statement. The cash flow hedges resulted in a realised
\nloss of NOK 6 million in 2022 (NOK -4 million). At year end 2022 we did not
\nhave any hedging contracts (2021 NOK -1 million).
\nTranslation risk - net investment hedge
\nThe group does not have any net investment hedges.
\nForeign exchange - sensitivity analysis on financial instruments
\nThe following foreign exchange sensitivity analysis calculates the sensitivity
\nof derivatives and non-derivative financial instruments on net profit and
\nequity, based on a defined appreciation/depreciation of NOK against relevant
\ncurrencies, keeping all other variables constant. The analysis is based on
\nseveral assumptions, including:
\n\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
\ncurrencies. Derivative and non-derivative financial instruments of a
\nmonetary nature, denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity, create foreign exchange rate exposure on the
\nconsolidated income statement.
\n\u2022
Financial instruments denominated in the functional currency of the entity
\nhave no currency risk and will therefore not be applicable to this analysis.
\nFurthermore, the foreign currency exposure of translating financial accounts
\nof subsidiaries into the group\u2019s presentational currency is not part of this
\nanalysis.
\n\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
\nseparately under \u201ccommodity risk\u201d.
\n\u2022 Other currency derivatives that are recognised at fair value through profit
\nand loss will a\ufb00ect the income statement. These e\ufb00ects come mainly from
\ncurrency derivatives and financial liabilities managed as economic net
\ninvestment hedges which do not qualify for hedge accounting according to
\nIFRS 9.
\n\u2022 Other non-derivative financial instruments accounted for in the analysis
\ncomprise cash and cash equivalents, accounts payable, accounts receivable
\nand borrowings denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity.
\n\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
\nare presented net of tax.
\nNOK GAIN/(LOSS) FROM 10%
\nAPPRECIATION ON FOREIGN
\nCURRENCY EXCHANGE RATES
\nCURRENCIES AGAINST TO WHICH THE
\nGROUP HAS SIGNIFICANT EXPOSURE
31.12.2022
31.12.2021
\nEUR
-75
-82
\nGBP
13
17
\nUSD
12
14
\nOther
8
0
\nTotal
-41
-51
\nThe e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
\nby foreign exchange gains/losses on the translation of EUR denominated debt
\nfor which there is no hedge accounting.
\nc) Commodity risk
\nA part of the commodity demand is secured through long-term contracts
\nlimiting the exposure to changes in commodity prices. Some of the group
\npurchases contracts are defined as financial instruments, or contain embedded
\nderivatives, which fall within the scope of IFRS 9. These financial instruments
\nand embedded derivatives are measured in the balance sheet at fair value with
\nvalue changes recognised through profit or loss. The embedded derivatives
\nare common in physical commodity contracts and comprise a wide variety of
\nderivative characteristics.
\nChanges in fair value of commodity contracts reflect unrealised gains or
\nlosses and are calculated as the di\ufb00erence between market price and contract
\nprice, discounted to present value. Some commodity contracts are bilateral
\ncontracts or embedded derivatives in bilateral contracts, for which there
\nexists no active market. Therefore, valuation techniques are used as much as
\npossible, with the use of available market information. Techniques that reflect
\nhow the market could be expected to price instruments are used in non-
\nobservable markets. The fair value of embedded derivatives in physical
\ncontracts depends on currency fluctuations.
\nSensitivity analysis for commodity contracts
\nWhen calculating fair value of future and forward contracts, cash flows are by
\nprinciple assumed to occur in the middle of the period. Currency e\ufb00ects arise
\nwhen contract values nominated in foreign currencies are translated into the
\nreporting currency.
\nFAIR VALUE
\n31.12.2022
\nNET PROFIT
\nAFTER TAX
\n- INCREASE
\nNET PROFIT
\nAFTER TAX
\n- DECREASE
\nCOMMODITY CONTRACTS
\nWITHIN THE SCOPE OF IFRS 9
\nEnergy price
change 10%
446
323
-323
\nCurrency
change 10%
446
-11
14
\nPrice index
change 2.5%
446
1
-1
\nSensitivity analysis for embedded derivatives
\nEmbedded derivatives are common features in physical commodity contracts.
\nThe most common embedded derivatives are currency.
\nFAIR VALUE
\nNET PROFIT
\nAFTER TAX
\nNET PROFIT
\nAFTER TAX
\nEMBEDDED DERIVATIVES
31.12.2022
- INCREASE
- DECREASE
\nCurrency
change 10%
12
-56
75
\n\nLIQUIDITY RISK
\nThe group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
\nfrom operating activities is not su\ufb00icient to cover payments of financial
\nliabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
\nmanagement strategy focuses on maintaining su\ufb00icient cash, as well as
\nsecuring available financing through committed credit facilities. Managing
\nliquidity risk is centralised on a group level.
\nTo uncover future liquidity risk, the group forecasts both short- and long-term
\ncash flows. Cash flow forecasts include cash flows from operations,
\ninvestments, financing activities and financial instruments. The group had
\ncash and cash equivalents of NOK 2
650 million on 31 December 2022
\n(NOK 1
489 million). Restricted bank deposits amounted to NOK 109 million
\non 31 December 2022 (NOK 85 million).
\nScheduled repayments in Note 23 shows a more specified contractual
\nmaturities of non-derivative financial liabilities than the table below. All
\namounts disclosed in the table are undiscounted cash flows. Furthermore,
\namounts denominated in foreign currency are translated to NOK using closing
\nrates at 31 December 2022. These amounts consist of trade payables and
\ninterest payments. Variable rate interest cash flows are calculated using the
\nforward yield curve. Projected interest payments are based on the maturity
\nschedule at 31 December 2022 without accounting for forecasted refinancing
\nand/or other changes in the liability portfolio. All other cash flows are based on
\nthe group\u2019s positions held at 31 December 2022.
\nSCHEDULED REPAYMENTS OF FINANCIAL DEBT
\nAND INTEREST
2022
2021
\nNot later than one year
551
404
\nLater than one year and not later than five years
3 632
2 321
\nLater than five years
387
146
\nTotal
4 569
2 872
\nTrade payables
819
1 018
\nCREDIT RISK
\nThe group makes a credit evaluation of all financial trading counterparties.
\nBased on the evaluation, a limit on credit exposure is established for each
\ncounterparty. These limits are monitored continuously in relation to unrealised
\nprofit on financial instruments and placements. The maximum credit risk
\narising from financial instruments is represented by the carrying amount of
\nfinancial assets in the balance sheet.
\nThe group procedures for credit management of European trade receivables,
\nand the authority to approve credit lines to customers of European business
\nunits, are regulated by a policy drafted and maintained by a centralised credit
\nmanagement function at the head o\ufb00ice. The operational responsibility to act
\nwithin the guidelines as set out by this policy lies with each business unit. For
\noperations outside of Europe, customer credit management is handled locally. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8851": {
"value": "MARKET RISK a) Interest rate risk
\nInterest rate risk is related to the financial risk related to changes in market
\ninterest rates. Interest rate risk management is carried out to secure the
\nlowest possible interest rate payments over time within acceptable risk limits.
\nThis includes having a portfolio of loans in the group with both floating interest
\nand fixed interest rates. The group may also use derivatives to manage the
\ninterest rate risk in the group.
\n31.12.2022
31.12.2021
\nINTEREST-
\nBEARING ASSETS
\nAND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
\nInterest-bearing
\nliabilities
2 892
850
3 742
1 671
872
2 543
\nInterest-bearing
\nassets
-2 650
0
-2 650
-1 489
0
-1 489
\nNet exposure
241
850
1 092
182
872
1 054
\nAll amounts presented in the table are notional amounts. Total interest-
\nbearing liabilities will therefore di\ufb00er from booked amounts due to bond
\ndiscounts/premiums. Floating rate exposure is calculated without accounting
\nfor potential future refinancing.
\nInterest rate sensitivity analysis
\nIn accordance with IFRS 7 Financial instruments - disclosures, an interest rate
\nsensitivity analysis is presented showing the e\ufb00ects of changes in market
\ninterest rates on interest costs and interest income, as well as equity where
\napplicable. The analysis is based on the following assumptions:
\nFloating rate debt is exposed to changes in market interest rates, i.e. the
\ninterest costs or interest income associated with such instruments will
\nfluctuate based on changes in market rates. The impact of changes is
\npresented in the sensitivity analysis. The analysis assumes that all other
\nfactors are kept constant.
\nChanges in market rates on fixed rate debt will only a\ufb00ect the income
\nstatement if they are measured at fair value. Thus, fixed rate instruments
\nrecognised at amortised cost will not represent an interest rate risk as defined
\nby IFRS 7. Such instruments will therefore not have any impact on the
\nsensitivity analysis.
\nResults are presented net of tax, using the Norwegian statutory tax rate of 22%.
\n\n\nI
\n\nI
\nThe interest rate sensitivity analysis is based on a parallel shift in the yield
\ncurve for each relevant currency to which Norske Skog is exposed.
\nNET PROFIT AFTER TAX
\nINTEREST RATE
2022
2021
\n50 basis point downward parallel shift in the yield curve
4
-3
\n50 basis point upward parallel shift in the yield curve
-4
2
\nWith a 50-basis point upward change in interest rate the interest payments
\nwill increase with NOK 14 million. The upward change will have no e\ufb00ect on
\nthe values of derivatives carried at fair value through profit or loss.
\nb) Currency risk
\nTransaction risk - economically hedge
\nThe group has revenues and expenses in various currencies. The major
\ncurrencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
\nthe group has a di\ufb00erent currency split on income and expenses. In 2022
\nNorske Skog has economically hedged some of its cash flows in foreign
\ncurrencies. The result of the hedging is included in Gains/(losses) on foreign
\ncurrency in the income statement. The cash flow hedges resulted in a realised
\nloss of NOK 6 million in 2022 (NOK -4 million). At year end 2022 we did not
\nhave any hedging contracts (2021 NOK -1 million).
\nTranslation risk - net investment hedge
\nThe group does not have any net investment hedges.
\nForeign exchange - sensitivity analysis on financial instruments
\nThe following foreign exchange sensitivity analysis calculates the sensitivity
\nof derivatives and non-derivative financial instruments on net profit and
\nequity, based on a defined appreciation/depreciation of NOK against relevant
\ncurrencies, keeping all other variables constant. The analysis is based on
\nseveral assumptions, including:
\n\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
\ncurrencies. Derivative and non-derivative financial instruments of a
\nmonetary nature, denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity, create foreign exchange rate exposure on the
\nconsolidated income statement.
\n\u2022
Financial instruments denominated in the functional currency of the entity
\nhave no currency risk and will therefore not be applicable to this analysis.
\nFurthermore, the foreign currency exposure of translating financial accounts
\nof subsidiaries into the group\u2019s presentational currency is not part of this
\nanalysis.
\n\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
\nseparately under \u201ccommodity risk\u201d.
\n\u2022 Other currency derivatives that are recognised at fair value through profit
\nand loss will a\ufb00ect the income statement. These e\ufb00ects come mainly from
\ncurrency derivatives and financial liabilities managed as economic net
\ninvestment hedges which do not qualify for hedge accounting according to
\nIFRS 9.
\n\u2022 Other non-derivative financial instruments accounted for in the analysis
\ncomprise cash and cash equivalents, accounts payable, accounts receivable
\nand borrowings denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity.
\n\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
\nare presented net of tax.
\nNOK GAIN/(LOSS) FROM 10%
\nAPPRECIATION ON FOREIGN
\nCURRENCY EXCHANGE RATES
\nCURRENCIES AGAINST TO WHICH THE
\nGROUP HAS SIGNIFICANT EXPOSURE
31.12.2022
31.12.2021
\nEUR
-75
-82
\nGBP
13
17
\nUSD
12
14
\nOther
8
0
\nTotal
-41
-51
\nThe e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
\nby foreign exchange gains/losses on the translation of EUR denominated debt
\nfor which there is no hedge accounting.
\nc) Commodity risk
\nA part of the commodity demand is secured through long-term contracts
\nlimiting the exposure to changes in commodity prices. Some of the group
\npurchases contracts are defined as financial instruments, or contain embedded
\nderivatives, which fall within the scope of IFRS 9. These financial instruments
\nand embedded derivatives are measured in the balance sheet at fair value with
\nvalue changes recognised through profit or loss. The embedded derivatives
\nare common in physical commodity contracts and comprise a wide variety of
\nderivative characteristics.
\nChanges in fair value of commodity contracts reflect unrealised gains or
\nlosses and are calculated as the di\ufb00erence between market price and contract
\nprice, discounted to present value. Some commodity contracts are bilateral
\ncontracts or embedded derivatives in bilateral contracts, for which there
\nexists no active market. Therefore, valuation techniques are used as much as
\npossible, with the use of available market information. Techniques that reflect
\nhow the market could be expected to price instruments are used in non-
\nobservable markets. The fair value of embedded derivatives in physical
\ncontracts depends on currency fluctuations.
\nSensitivity analysis for commodity contracts
\nWhen calculating fair value of future and forward contracts, cash flows are by
\nprinciple assumed to occur in the middle of the period. Currency e\ufb00ects arise
\nwhen contract values nominated in foreign currencies are translated into the
\nreporting currency.
\nFAIR VALUE
\n31.12.2022
\nNET PROFIT
\nAFTER TAX
\n- INCREASE
\nNET PROFIT
\nAFTER TAX
\n- DECREASE
\nCOMMODITY CONTRACTS
\nWITHIN THE SCOPE OF IFRS 9
\nEnergy price
change 10%
446
323
-323
\nCurrency
change 10%
446
-11
14
\nPrice index
change 2.5%
446
1
-1
\nSensitivity analysis for embedded derivatives
\nEmbedded derivatives are common features in physical commodity contracts.
\nThe most common embedded derivatives are currency.
\nFAIR VALUE
\nNET PROFIT
\nAFTER TAX
\nNET PROFIT
\nAFTER TAX
\nEMBEDDED DERIVATIVES
31.12.2022
- INCREASE
- DECREASE
\nCurrency
change 10%
12
-56
75",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8965": {
"value": "Foreign exchange - sensitivity analysis on financial instruments The following foreign exchange sensitivity analysis calculates the sensitivity
\nof derivatives and non-derivative financial instruments on net profit and
\nequity, based on a defined appreciation/depreciation of NOK against relevant
\ncurrencies, keeping all other variables constant. The analysis is based on
\nseveral assumptions, including:
\n\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
\ncurrencies. Derivative and non-derivative financial instruments of a
\nmonetary nature, denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity, create foreign exchange rate exposure on the
\nconsolidated income statement.
\n\u2022
Financial instruments denominated in the functional currency of the entity
\nhave no currency risk and will therefore not be applicable to this analysis.
\nFurthermore, the foreign currency exposure of translating financial accounts
\nof subsidiaries into the group\u2019s presentational currency is not part of this
\nanalysis.
\n\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
\nseparately under \u201ccommodity risk\u201d.
\n\u2022 Other currency derivatives that are recognised at fair value through profit
\nand loss will a\ufb00ect the income statement. These e\ufb00ects come mainly from
\ncurrency derivatives and financial liabilities managed as economic net
\ninvestment hedges which do not qualify for hedge accounting according to
\nIFRS 9.
\n\u2022 Other non-derivative financial instruments accounted for in the analysis
\ncomprise cash and cash equivalents, accounts payable, accounts receivable
\nand borrowings denominated in currencies di\ufb00erent from the functional
\ncurrency of the entity.
\n\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
\nare presented net of tax.
\nNOK GAIN/(LOSS) FROM 10%
\nAPPRECIATION ON FOREIGN
\nCURRENCY EXCHANGE RATES
\nCURRENCIES AGAINST TO WHICH THE
\nGROUP HAS SIGNIFICANT EXPOSURE
31.12.2022
31.12.2021
\nEUR
-75
-82
\nGBP
13
17
\nUSD
12
14
\nOther
8
0
\nTotal
-41
-51
\nThe e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
\nby foreign exchange gains/losses on the translation of EUR denominated debt
\nfor which there is no hedge accounting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9111": {
"value": "LIQUIDITY RISK The group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
\nfrom operating activities is not su\ufb00icient to cover payments of financial
\nliabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
\nmanagement strategy focuses on maintaining su\ufb00icient cash, as well as
\nsecuring available financing through committed credit facilities. Managing
\nliquidity risk is centralised on a group level.
\nTo uncover future liquidity risk, the group forecasts both short- and long-term
\ncash flows. Cash flow forecasts include cash flows from operations,
\ninvestments, financing activities and financial instruments. The group had
\ncash and cash equivalents of NOK 2
650 million on 31 December 2022
\n(NOK 1
489 million). Restricted bank deposits amounted to NOK 109 million
\non 31 December 2022 (NOK 85 million).
\nScheduled repayments in Note 23 shows a more specified contractual
\nmaturities of non-derivative financial liabilities than the table below. All
\namounts disclosed in the table are undiscounted cash flows. Furthermore,
\namounts denominated in foreign currency are translated to NOK using closing
\nrates at 31 December 2022. These amounts consist of trade payables and
\ninterest payments. Variable rate interest cash flows are calculated using the
\nforward yield curve. Projected interest payments are based on the maturity
\nschedule at 31 December 2022 without accounting for forecasted refinancing
\nand/or other changes in the liability portfolio. All other cash flows are based on
\nthe group\u2019s positions held at 31 December 2022.
\nSCHEDULED REPAYMENTS OF FINANCIAL DEBT
\nAND INTEREST
2022
2021
\nNot later than one year
551
404
\nLater than one year and not later than five years
3 632
2 321
\nLater than five years
387
146
\nTotal
4 569
2 872
\nTrade payables
819
1 018",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9158": {
"value": "CREDIT RISK The group makes a credit evaluation of all financial trading counterparties.
\nBased on the evaluation, a limit on credit exposure is established for each
\ncounterparty. These limits are monitored continuously in relation to unrealised
\nprofit on financial instruments and placements. The maximum credit risk
\narising from financial instruments is represented by the carrying amount of
\nfinancial assets in the balance sheet.
\nThe group procedures for credit management of European trade receivables,
\nand the authority to approve credit lines to customers of European business
\nunits, are regulated by a policy drafted and maintained by a centralised credit
\nmanagement function at the head o\ufb00ice. The operational responsibility to act
\nwithin the guidelines as set out by this policy lies with each business unit. For
operations outside of Europe, customer credit management is handled locally.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9175": {
"value": "5. Operating segments
\nREPORTABLE SEGMENTS
\nNorske Skog group is a producer of publication paper. Publication paper includes
\nnewsprint and magazine paper. Newsprint encompasses standard newsprint
\nand other paper qualities used in newspapers, inserts, catalogues, etc. These
\npaper qualities, measured in grammes per square meter, will normally be in the
\nrange 40-52 g/m2. Magazine paper encompasses the paper qualities super
\ncalendared (SC) and lightweight coated (LWC). These paper qualities are used
\nin magazines, periodicals, catalogues and brochures.
\nThe activities of the group are focused on two business systems, publication
\npaper Europe and publication paper Australasia. The segment structure is in line
\nwith how the group is managed internally. Norske Skog\u2019s chief operating decision
\nmaker is corporate management, who distribute resources and assess
\nperformance of the group\u2019s operating segments. Norske Skog has an integrated
\nstrategy in Europe and Australasia to maximize the profit in each region. The
\noptimisation is carried out through coordinated sales and operational planning.
\nThe regional planning, in combination with structured sales and operational
\nprocesses, ensures maximisation of profit.
\nPublication paper Europe
\nThe publication paper Europe segment encompasses production and sale of
\nnewsprint and magazine paper in Europe. All the four European mills and the
\nregional sales organisation are included in the operating segment publication
\npaper Europe. One machine in Norske Skog Bruck and one machine in Norske
\nSkog Golbey ceased production during 2022 to prepare for conversion to
\ncontainerboard production.
\nPublication paper Australasia
\nThe publication paper Australasia segment encompasses production and sale of
\nnewsprint and magazine paper in Australasia. The mills in Australasia and the
\nregional sales organisation are included in the operating segment publication
\npaper Australasia. The Norske Skog Boyer mill is the only mill in the Australian
\noperating segment.
\nOther activities
\nActivities in the group that do not fall into the operating segments publication
\npaper Europe or publication paper Australasia are presented under other
\nactivities. This includes corporate functions, green energy and other holding
\ncompany activities. The pellets operations of Nature\u2019s Flame is included up to
\nfirst quarter 2022 when it was sold.
\nREVENUE FROM CUSTOMERS AND OTHER OPERATING ACTIVITIES
\nTotal revenues, cash flows and balances from contracts with customers and
\nother operating activities has been disaggregated and presented in the segment
\ntables below. Contract with customers are recognised upon satisfaction of a
\nperformance obligation by transferring the promised goods to a customer and
\nmeasured at point in time for the sale of products to the customer. Sale of
\npublication papers and other products are non-interest bearing receivables,
\ngenerally on terms of 20-60 days.
\nNorske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
\no\ufb00icial rules for the interpretation of trade terms issued by the International
\nChamber of Commerce. The timing of revenue recognition is largely dependent
\non these delivery terms:
\nC-terms, where the group arranges and pays for the external transport of the
\ngoods, but the group no longer bears any responsibility for the goods once they
\nhave been handed over to the transporter in accordance with the terms of the
\ncontract. The point of sale is when the goods are handed over to the transporter
\ncontracted by the seller.
\nD-terms, where the group delivers the goods to the purchaser at the agreed
\ndestination, usually the purchaser\u2019s premises. The point of sale is when the
\ngoods are delivered to the purchaser. If the customer is invoiced before delivery
\nof the goods purchased, revenue is only recognised if the customer has taken
\nover a significant part of the gain and loss potential relating to the goods.
\nE-terms, where the responsibility is placed on the buyer. The seller assures the
\ndelivery of the goods to the buyer or the agreed destination.
\nF-terms, where the purchaser arranges and pays for the transport. The point
\nof sale is when the goods are handed over to the transporter contracted by the
\npurchaser.
\nThe sale of newsprint and magazine paper in Norske Skog is mainly based on
\ndelivery terms C and D, with 20% and 74% respectively.
\nREVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
\nSEGMENTS
\nNorske Skog manages non-current debt, taxes and cash positions on a group
\nbasis. Consequently, financial items and tax expenses are presented only for
\nthe group as a whole.
\nMAJOR CUSTOMERS
\nNo customer represents 10% or more of the operating revenue.
\nNorske Skog had a total sales volume of newsprint and magazine paper of
\n1 714 000
tonnes in 2022, of which sales to the group\u2019s largest customer
\nconstituted approximately 169
000 tonnes. Total sales volume in 2022 of
\nnewsprint and magazine paper to the five largest customers in Europe and
\nAustralasia amounted to approximately 308
000 and 178
000 tonnes
\nrespectively.
\nCyrielle Nussbaum
\nCommunication manager
\nNorske Skog Golbey
\nHello, I am Cyrielle Nussbaum
\nand I am the Communication
\nManager at Norske Skog Golbey.
\nI have a professional degree in
\nadvertising and a certification in
\nwebmarketing. I completed a CSR
\nCommunication course last year.
\nI have worked as a brand manager for leading French brands
\nspecialising in linen for 10 years.
\nI saw a video about Norske Skog Golbey\u2019s ambitions, its CSR
\napproach and its strategy for the future. That prompted me to
\nsend my application.
\nI manage internal and external communication of the business
\nunit, except products communication. It includes public and
\npress relations, community management (social media, website,
\nvideos), writing and making layouts of print documents (flyers,
\nposters) and organizing events and trade shows.
\nLike all moms, I try to take care of my 2 sons (10 and 12 years
\nold). I have been practising kyokushinkai karate for several years.
\nI enjoy going to the restaurant with friends.
\n
\n\nOPERATING INCOME AND EXPENSES PER OPERATING SEGMENT
\n2022
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
12 645
1 893
117
-119
14 537
\nOther operating income
477
28
177
-4
677
\nTotal operating Income
13 122
1 920
294
-122
15 214
\nDistribution costs
-963
-261
-4
0
-1 227
\nCost of materials
-6 889
-1 051
-13
16
-7 937
\nEmployee benefit expenses
-1 515
-293
-220
3
-2 024
\nOther operating expenses
-791
-161
-71
102
-921
\nEBITDA
2 965
154
-14
0
3 105
\nRestructuring expenses
0
-11
0
0
-11
\nDepreciation
-493
-43
-10
0
-546
\nImpairments
-164
0
0
0
-164
\nDerivatives and other fair value adjustments
462
0
0
0
462
\nOperating earnings
2 769
100
-24
0
2 845
\nShare of operating revenue from external parties (%)
100
100
18
100
\n2021
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
7 990
1 759
214
-115
9 848
\nOther operating income
422
33
13
-3
466
\nTotal operating income
8 412
1 792
228
-117
10 315
\nDistribution costs
-937
-226
-24
0
-1 187
\nCost of materials
-4 986
-1 045
-51
28
-6 055
\nEmployee benefit expenses
-1 296
-340
-91
3
-1 723
\nOther operating expenses
-565
-137
-72
87
-687
\nEBITDA
628
44
-11
0
662
\nRestructuring expenses
-16
-174
-3
0
-192
\nDepreciation
-380
-40
-13
0
-433
\nImpairments
8
14
0
0
22
\nDerivatives and other fair value adjustments
-148
-69
0
0
-218
\nOperating earnings
92
-225
-26
0
-160
\nShare of operating revenue from external parties (%)
100
100
62
100
\n\n\nI
\nOPERATING REVENUE PER GEOGRAPHICAL MARKET
\nThe allocation of operating revenue by market is based on customer
\nlocation.
\n2022
2021
\nNorway
685
218
\nRest of Europe
11 282
6 904
\nNorth America
349
316
\nAustralasia
1 873
1 777
\nAsia
270
570
\nAfrica
78
62
\nTotal
14 537
9 848
\nPROPERTY, PLANT AND EQUIPMENT PER GEOGRAPHICAL REGION
\nThe table below shows property, plant and equipment allocated to Norske
\nSkog\u2019s country of domicile and other regions in which the group holds assets.
\nThe allocation is based on the location of the production facilities.
\n31.12.2022
31.12.2021
\nEurope
5 603
3 776
\nAustralasia
249
327
\nTotal
5 852
4 103
\nCASH GENERATED FROM OPERATIONS
\n2022
2021
\nPublication paper Europe
12 813
8 047
\nPublication paper Australasia
1 819
1 854
\nOther activities
114
219
\nEliminations
-122
-117
\nTotal
14 624
10 003
\nNET CASH FLOW FROM OPERATING ACTIVITIES
\n2022
2021
\nPublication paper Europe
2 282
589
\nPublication paper Australasia
53
-139
\nOther activities
-44
-11
\nTotal cash flow allocated to segments
2 291
439
\nNet financial items
-150
-142
\nTaxes paid
-101
-106
\nNet cash flow from operating activities
2 040
191
\nPURCHASES OF PROPERTY, PLANT AND EQUIPMENT AND
\nINTANGIBLE ASSETS
\n2022
2021
\nPublication paper Europe
2 207
990
\nPublication paper Australasia
19
26
\nOther activities
2
5
\nTotal
2 228
1 021
\nINVENTORIES
\nInventories include raw materials, work in progress, finished goods and
\nother production materials.
\n31.12.2022
31.12.2021
\nPublication paper Europe
1 252
966
\nPublication paper Australasia
211
208
\nOther activities
0
29
\nTotal
1 464
1 203
\nTRADE RECEIVABLES
\n31.12.2022
31.12.2021
\nPublication paper Europe
530
526
\nPublication paper Australasia
266
153
\nOther activities
22
50
\nTotal
818
729
\nProvison for bad debt
-44
-43
\nTotal
774
686",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9215": {
"value": "REVENUE FROM CUSTOMERS AND OTHER OPERATING ACTIVITIES Total revenues, cash flows and balances from contracts with customers and
\nother operating activities has been disaggregated and presented in the segment
\ntables below. Contract with customers are recognised upon satisfaction of a
\nperformance obligation by transferring the promised goods to a customer and
\nmeasured at point in time for the sale of products to the customer. Sale of
\npublication papers and other products are non-interest bearing receivables,
\ngenerally on terms of 20-60 days.
\nNorske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
\no\ufb00icial rules for the interpretation of trade terms issued by the International
\nChamber of Commerce. The timing of revenue recognition is largely dependent
\non these delivery terms:
\nC-terms, where the group arranges and pays for the external transport of the
\ngoods, but the group no longer bears any responsibility for the goods once they
\nhave been handed over to the transporter in accordance with the terms of the
\ncontract. The point of sale is when the goods are handed over to the transporter
\ncontracted by the seller.
\nD-terms, where the group delivers the goods to the purchaser at the agreed
\ndestination, usually the purchaser\u2019s premises. The point of sale is when the
\ngoods are delivered to the purchaser. If the customer is invoiced before delivery
\nof the goods purchased, revenue is only recognised if the customer has taken
\nover a significant part of the gain and loss potential relating to the goods.
\nE-terms, where the responsibility is placed on the buyer. The seller assures the
\ndelivery of the goods to the buyer or the agreed destination.
\nF-terms, where the purchaser arranges and pays for the transport. The point
\nof sale is when the goods are handed over to the transporter contracted by the
\npurchaser.
\nThe sale of newsprint and magazine paper in Norske Skog is mainly based on
\ndelivery terms C and D, with 20% and 74% respectively.
\nREVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
\nSEGMENTS
\nNorske Skog manages non-current debt, taxes and cash positions on a group
\nbasis. Consequently, financial items and tax expenses are presented only for
\nthe group as a whole.
\nMAJOR CUSTOMERS
\nNo customer represents 10% or more of the operating revenue.
\nNorske Skog had a total sales volume of newsprint and magazine paper of
\n1 714 000
tonnes in 2022, of which sales to the group\u2019s largest customer
\nconstituted approximately 169
000 tonnes. Total sales volume in 2022 of
\nnewsprint and magazine paper to the five largest customers in Europe and
\nAustralasia amounted to approximately 308
000 and 178
000 tonnes
\nrespectively.
\nCyrielle Nussbaum
\nCommunication manager
\nNorske Skog Golbey
\nHello, I am Cyrielle Nussbaum
\nand I am the Communication
\nManager at Norske Skog Golbey.
\nI have a professional degree in
\nadvertising and a certification in
\nwebmarketing. I completed a CSR
\nCommunication course last year.
\nI have worked as a brand manager for leading French brands
\nspecialising in linen for 10 years.
\nI saw a video about Norske Skog Golbey\u2019s ambitions, its CSR
\napproach and its strategy for the future. That prompted me to
\nsend my application.
\nI manage internal and external communication of the business
\nunit, except products communication. It includes public and
\npress relations, community management (social media, website,
\nvideos), writing and making layouts of print documents (flyers,
\nposters) and organizing events and trade shows.
\nLike all moms, I try to take care of my 2 sons (10 and 12 years
\nold). I have been practising kyokushinkai karate for several years.
\nI enjoy going to the restaurant with friends.
\n
\n\nOPERATING INCOME AND EXPENSES PER OPERATING SEGMENT
\n2022
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
12 645
1 893
117
-119
14 537
\nOther operating income
477
28
177
-4
677
\nTotal operating Income
13 122
1 920
294
-122
15 214
\nDistribution costs
-963
-261
-4
0
-1 227
\nCost of materials
-6 889
-1 051
-13
16
-7 937
\nEmployee benefit expenses
-1 515
-293
-220
3
-2 024
\nOther operating expenses
-791
-161
-71
102
-921
\nEBITDA
2 965
154
-14
0
3 105
\nRestructuring expenses
0
-11
0
0
-11
\nDepreciation
-493
-43
-10
0
-546
\nImpairments
-164
0
0
0
-164
\nDerivatives and other fair value adjustments
462
0
0
0
462
\nOperating earnings
2 769
100
-24
0
2 845
\nShare of operating revenue from external parties (%)
100
100
18
100
\n2021
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
7 990
1 759
214
-115
9 848
\nOther operating income
422
33
13
-3
466
\nTotal operating income
8 412
1 792
228
-117
10 315
\nDistribution costs
-937
-226
-24
0
-1 187
\nCost of materials
-4 986
-1 045
-51
28
-6 055
\nEmployee benefit expenses
-1 296
-340
-91
3
-1 723
\nOther operating expenses
-565
-137
-72
87
-687
\nEBITDA
628
44
-11
0
662
\nRestructuring expenses
-16
-174
-3
0
-192
\nDepreciation
-380
-40
-13
0
-433
\nImpairments
8
14
0
0
22
\nDerivatives and other fair value adjustments
-148
-69
0
0
-218
\nOperating earnings
92
-225
-26
0
-160
\nShare of operating revenue from external parties (%)
100
100
62
100
\n\n\nI
\nOPERATING REVENUE PER GEOGRAPHICAL MARKET
\nThe allocation of operating revenue by market is based on customer
\nlocation.
\n2022
2021
\nNorway
685
218
\nRest of Europe
11 282
6 904
\nNorth America
349
316
\nAustralasia
1 873
1 777
\nAsia
270
570
\nAfrica
78
62
\nTotal
14 537
9 848",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9216": {
"value": "REVENUE FROM CUSTOMERS AND OTHER OPERATING ACTIVITIESTotal revenues, cash flows and balances from contracts with customers and
\nother operating activities has been disaggregated and presented in the segment
\ntables below. Contract with customers are recognised upon satisfaction of a
\nperformance obligation by transferring the promised goods to a customer and
\nmeasured at point in time for the sale of products to the customer. Sale of
\npublication papers and other products are non-interest bearing receivables,
\ngenerally on terms of 20-60 days.
\nNorske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
\no\ufb00icial rules for the interpretation of trade terms issued by the International
\nChamber of Commerce. The timing of revenue recognition is largely dependent
\non these delivery terms:
\nC-terms, where the group arranges and pays for the external transport of the
\ngoods, but the group no longer bears any responsibility for the goods once they
\nhave been handed over to the transporter in accordance with the terms of the
\ncontract. The point of sale is when the goods are handed over to the transporter
\ncontracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
\ndestination, usually the purchaser\u2019s premises. The point of sale is when the
\ngoods are delivered to the purchaser. If the customer is invoiced before delivery
\nof the goods purchased, revenue is only recognised if the customer has taken
\nover a significant part of the gain and loss potential relating to the goods.
\nE-terms, where the responsibility is placed on the buyer. The seller assures the
\ndelivery of the goods to the buyer or the agreed destination.
\nF-terms, where the purchaser arranges and pays for the transport. The point
\nof sale is when the goods are handed over to the transporter contracted by the
\npurchaser.
\nThe sale of newsprint and magazine paper in Norske Skog is mainly based on
\ndelivery terms C and D, with 20% and 74% respectively.
OPERATING INCOME AND EXPENSES PER OPERATING SEGMENT
\n2022
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
12 645
1 893
117
-119
14 537
\nOther operating income
477
28
177
-4
677
\nTotal operating Income
13 122
1 920
294
-122
15 214
\nDistribution costs
-963
-261
-4
0
-1 227
\nCost of materials
-6 889
-1 051
-13
16
-7 937
\nEmployee benefit expenses
-1 515
-293
-220
3
-2 024
\nOther operating expenses
-791
-161
-71
102
-921
\nEBITDA
2 965
154
-14
0
3 105
\nRestructuring expenses
0
-11
0
0
-11
\nDepreciation
-493
-43
-10
0
-546
\nImpairments
-164
0
0
0
-164
\nDerivatives and other fair value adjustments
462
0
0
0
462
\nOperating earnings
2 769
100
-24
0
2 845
\nShare of operating revenue from external parties (%)
100
100
18
100
\n2021
\nPUBLICATION
\nPAPER EUROPE
\nPUBLICATION
\nPAPER
\nAUSTRALASIA
\nOTHER
\nACTIVITIES
ELIMINATIONS
\nNORSKE SKOG
\nGROUP
\nOperating revenue
7 990
1 759
214
-115
9 848
\nOther operating income
422
33
13
-3
466
\nTotal operating income
8 412
1 792
228
-117
10 315
\nDistribution costs
-937
-226
-24
0
-1 187
\nCost of materials
-4 986
-1 045
-51
28
-6 055
\nEmployee benefit expenses
-1 296
-340
-91
3
-1 723
\nOther operating expenses
-565
-137
-72
87
-687
\nEBITDA
628
44
-11
0
662
\nRestructuring expenses
-16
-174
-3
0
-192
\nDepreciation
-380
-40
-13
0
-433
\nImpairments
8
14
0
0
22
\nDerivatives and other fair value adjustments
-148
-69
0
0
-218
\nOperating earnings
92
-225
-26
0
-160
\nShare of operating revenue from external parties (%)
100
100
62
100
OPERATING REVENUE PER GEOGRAPHICAL MARKET
\nThe allocation of operating revenue by market is based on customer
\nlocation.
\n2022
2021
\nNorway
685
218
\nRest of Europe
11 282
6 904
\nNorth America
349
316
\nAustralasia
1 873
1 777
\nAsia
270
570
\nAfrica
78
62
\nTotal
14 537
9 848
CASH GENERATED FROM OPERATIONS
\n2022
2021
\nPublication paper Europe
12 813
8 047
\nPublication paper Australasia
1 819
1 854
\nOther activities
114
219
\nEliminations
-122
-117
\nTotal
14 624
10 003
\nNET CASH FLOW FROM OPERATING ACTIVITIES
\n2022
2021
\nPublication paper Europe
2 282
589
\nPublication paper Australasia
53
-139
\nOther activities
-44
-11
\nTotal cash flow allocated to segments
2 291
439
\nNet financial items
-150
-142
\nTaxes paid
-101
-106
\nNet cash flow from operating activities
2 040
191
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9651": {
"value": "INVENTORIES
\nInventories include raw materials, work in progress, finished goods and
\nother production materials.
\n31.12.2022
31.12.2021
\nPublication paper Europe
1 252
966
\nPublication paper Australasia
211
208
\nOther activities
0
29
\nTotal
1 464
1 203
Note 2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9669": {
"value": "TRADE RECEIVABLES
\n31.12.2022
31.12.2021
\nPublication paper Europe
530
526
\nPublication paper Australasia
266
153
\nOther activities
22
50
\nTotal
818
729
\nProvison for bad debt
-44
-43
\nTotal
774
686
20.
Receivables and other non-current assets
\nNOTE
31.12.2022
31.12.2021
\nTrade and other receivables
\nTrade receivables
818
729
\nProvision for bad debt
-44
-43
\nVAT receivables
173
122
\nPrepaid expenses
52
44
\nOther receivables
945
558
\nTotal
1 944
1 411
\nOther non-current assets
\nLong-term shareholdings
17
116
111
\nDerivatives
13
0
\nCommodity contracts
578
176
\nPension plan assets
21
8
13
\nOther non-current receivables
53
5
\nTotal
768
305
\n\n\nI
\n\nNorske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
\nSkog Saugbrugs have factoring facility agreements where the future cash flow
\non certain trade receivables are sold. The facility has a limit of EUR 25 million
\nfor Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
\ncombined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
\nSaugbrugs. There are no financial covenants in these factoring facility
\nagreements. Trade receivables that have been sold are deducted from trade
\nreceivables in the balance sheet. The utilisation at 31 December 2022 was
\nNOK 605 million (NOK 594 million).
\nAt 31 December 2022 advances received from contracts with customers
\namounted to NOK 0 million and other revenue accruals for invoice not sent
\namounted to NOK 0 million (NOK 0 million and NOK 0 million). In addition,
\nreceived advances from customers not invoiced NOK 0 million at 31 December
\n2022 (NOK 0 million).
\nThe credit risk on trade and other receivables is continuously monitored,
\nindependent of due date. The group\u2019s sales are mainly to large customers with
\na historically low degree of default. Collateral as security is not normally
\nrequested. Further information regarding the group\u2019s credit policy for sales is
\nprovided in Note 4.
\nAGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
31.12.2022
31.12.2021
\nNot due
1 812
1 259
\n0 to 3 months
139
157
\n3 to 6 months
0
0
\nOver 6 months
38
37
\nTotal
\n1)
\n1 988
1 454
\n1)
\nDoes not include provision for bad debt.
\nThe maximum credit risk exposure at the year-end is the fair value of each class of receivable mentioned above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9694": {
"value": "6.Other operating income
\n2022
2021
\nPublic subsidies and grants
37
74
\nGain on sales of non-current assets
192
16
\nGain from sale of CO
2
allowances
270
250
\nOther
179
126
\nTotal
677
466
\nPublic subsidies and grants in 2022 consist of energy support in Norske Skog
\nBruck of NOK 20 million. 2021 includes COVID-19 financial support to Norske
\nSkog Bruck of NOK 63 million.
\nGain on sale of non-current assets in 2022 consists of gain on sale of the
\npellets business Nature\u2019s Flame of NOK 171 million, and sale of land and other
\nassets of NOK 21 million. The land and other assets includes Norske Skog
\nTasman and a sale of business in the sales o\ufb00ice Norske Skog Italy.
\nEUs ETS system was established early 2000. Pulp & Paper is part of the
\ncarbon leakage group (together other sectors) and are covered by special
\nregulations which includes allocation of free CO
2
quotas. Norske Skog
\nreceived 410
000 CO
2
quotas in 2022 (430
000) and were able to sell
\napproximately 300
000 quotas for 2022 (188
000) in the market as these
\nexceeds the quotas needed to be delivered. The number of quotas available
\nfor sale is dependent on yearly production. ETS system currently covers the
\nperiod 2021 to 2025. It is expected that the EU ETS scheme will be adjusted
\nin 2026, the outcome of any adjustments is uncertain.
\nCO
2
compensation is an arrangement whereby sectors covered by carbon
\nleakage may compensated for the increased cost producers have to cover
\ntheir emissions. Any compensation is decided on country level and Norske
\nSkog receives CO
2
compensation in Norway and France. The compensation is
\ndependent on energy consumption and average CO
2
price in the previous
\nyear. CO
2
compensation covers a defined period but may be changed at the
\ndiscretion of the government. The amount recognised for CO
2
compensation
\nfor 2022 is NOK 433 million (NOK 286 milllion) and are recorded as a
\nreduction of energy costs in the line cost of materials.
\nOther for 2022 consist mainly of gate fee, sale of steam, and real estate rental.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9779": {
"value": "7.
Employee benefit expenses
\nEMPLOYEE BENEFIT EXPENSES
NOTE
2022
2021
\nSalaries including holiday pay
1 608
1 349
\nSocial security contributions
333
293
\nPension and other long term employee benefits
21
44
61
\nOther employee benefit expenses
39
21
\nTotal
2 024
1 723
\nNUMBER OF EMPLOYEES
2022
2021
\nEurope
1 800
1 732
\n- Corporate functions
31
30
\nAustralasia
309
330
\nTotal
2 140
2 092
\nREMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
\nPursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
\nassociated regulations, Norske Skog publishes a separate management
\nremuneration report disclosing detailed information on remuneration to
\ncorporate management and directors of the board. The remuneration report
\nwill be published immediately after the annual general meeting on 20 April
\n2023 and will include detailed information on management remuneration
\ncomplementing the numbers presented below.
\nIn accordance with the code of conduct for corporate governance recom-
\nmended by the Oslo Stock Exchange, salary, benefits in kind and bonus for
\nmembers of corporate management are specified below. In relation to the
\nlong-term incentive program for corporate management NOK 68 million was
\nexpensed in 2022 and at 31 December 2022 the corresponding liability was
\nNOK 88 million. In January 2023
2 006 000
of the synthetic options were
\nexercised, and 1
887 000
new were awarded.
\nThe long-term incentive program is described in the guidelines for determining
\nsalary and other remuneration to leading personnel, which are available on
\nthe company\u2019s website, www.norskeskog.com.
\n2022
\n(in NOK 1
000)
\nBASE SALARY
\n31.12
\nSALARY
\nPAID
\nBENEFITS IN
\nKIND ETC.
\n1)
\nCONTRIBUTION
\nTO PENSION
\nSCHEMES
\nANNUAL
\nBONUS
\nEARNED
\n2)
\nLTI-PLAN
\nEARNED
\n3)
\nTOTAL
\nREMUNERA-
\nTION
\nRELATIVE
\nPROPORTION
\nFIXED/
\nVARIABLE
\nSven Ombudstvedt (CEO)
4 975
4 985
212
794
2 240
15 725
23 956
25% / 75%
\nLars P. S. Sperre (SVP)
3 670
3 706
215
539
1 560
8 405
14 425
31% / 69%
\nRune Sollie (CFO)
2 280
2 277
206
266
929
8 405
12 084
23% / 77%
\nAmund Saxrud (COO)
2 280
2 287
323
265
1 026
8 405
12 306
23% / 77%
\nTore Hanses\u00e6tre (SVP)
2 205
2 216
212
252
937
8 405
12 023
22% / 78%
\nRobert A. Wood (SVP)
\n4)
\n2 135
2 077
42
249
801
8 405
11 575
21% / 79%
\n2021
\n(in NOK 1
000)
\nBASE SALARY
\n31.12
\nSALARY
\nPAID
\nBENEFITS IN
\nKIND ETC.
\n1)
\nCONTRIBUTION
\nTO PENSION
\nSCHEMES
\nANNUAL
\nBONUS
\nEARNED
\n2)
\nLTI-PLAN
\nEARNED
\n3)
\nTOTAL
\nREMUNERA-
\nTION
\nRELATIVE
\nPROPORTION
\nFIXED/
\nVARIABLE
\nSven Ombudstvedt (CEO)
4 750
4 778
137
781
1 544
1 927
9 167
62% / 38%
\nLars P. S. Sperre (SVP)
3 500
3 590
221
531
1 138
1 030
6 510
67% / 33%
\nRune Sollie (CFO)
2 170
2 193
201
265
705
1 030
4 394
61% / 39%
\nAmund Saxrud (COO)
2 150
2 166
270
261
753
1 030
4 479
60% / 40%
\nTore Hanses\u00e6tre (SVP)
2 100
2 138
196
251
735
1 030
4 350
59% / 41%
\nRobert A. Wood (SVP)
\n4)
\n2 028
1 913
18
242
761
1 030
3 964
55% / 45%
\n1)
\nIncludes car allowance, insurance, free telephone, etc.
\n2)
\nBased on results achieved in the financial year, paid in 2022 and in 2023.
\n3)
\nLTI-Plan earned is based on the expensed change in accrual of the corresponding liability.
\n4)
\nRobert Wood is employed by Norske Skog (UK) Ltd. but works fully for Norske Skog ASA as SVP Commercial.
21.
Pension and other employee obligations
EMPLOYEE BENEFIT OBLIGATIONS
2022
2021
\nPension obligations
112
89
\nOther long-term employee benefit obligations
167
223
\nTotal employee benefit obligations
278
312
A) PENSION OBLIGATIONS
\nNorske Skog has various pension schemes in accordance with local conditions
\nand practices in the countries in which the group operates. A total of 2
088
\nactive and former employees are covered by such schemes. Of these, 502
\npeople are covered by defined benefit plans and 1
586 people by defined
\ncontribution plans.
\nDESCRIPTION OF THE DEFINED BENEFIT PLANS
\nThe key terms in Norske Skog\u2019s major defined benefit plans are shown in the
\ntable below.
\nBENEFIT IN % OF
\nPENSIONABLE
\nEARNINGS
YEARS OF SERVICE
PENSIONABLE AGE
\nEARLY RETIREMENT
\nAGE
ACTIVE MEMBERS
\nNorske Skog ASA
65
30
70
62
1
\nNorske Skog Saugbrugs AS
65
30
70
62
39
\nNorske Skog Skogn AS
65
30
70
62
46
\nNorske Skog Golbey SAS
0
42
62
60
354
\nThe defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
\nDeutschland GmbH is closed.
\nThe defined benefit schemes in Norway cover people between 64 and 67
\nyears of age, born before 1 January 1959 and who were employed before 1
\nJanuary 2011 when the plan was closed. The defined benefit obligations in
\nNorway only encompass active members since they leave the defined benefit
\nscheme (having a paid-up policy) when they retire.
\nPlan assets of the pension schemes in Norske Skog ASA, Norske Skog
\nSaugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
\ncompany and invested in accordance with the general guidelines governing
\ninvestments by life insurance companies in Norway.
\nWhen evaluating plan assets, it is based on the assumptions as at 31 December.
\nThis estimated value is adjusted every year in accordance with the figures for
\nthe market value of the assets provided by the insurance company.
\nWhen measuring the incurred obligations, it is based on the assumptions as at
\n31 December. This estimated obligation is adjusted every year in accordance
\nwith the figures for incurred pension obligations provided by the actuary.
\nIn addition to the benefit obligation funded through insurance plans, the group
\nhas unfunded benefit obligations. The unfunded obligations include estimated
\nfuture obligations relating to the former Norwegian early retirement scheme,
\npensions to former owners of subsidiaries as well as pensions for senior
\nmanagement and directors. Obligations relating to senior management
\npensions are partly funded through a supplementary retirement plan with a
\nlife insurance company.
\nIn addition to defined benefit plans, there are also various defined contribution
\nplans. Norwegian entities have a defined contribution scheme with a
\ncontribution of 4% for earnings up to 7.1 G and 10% between 7.1 and 12 G
.
\nWith e\ufb00ect from 1 January 2023 the contribution has increased to 5% for
\nearnings up to 7.1 G and 17% between 7.1 and 12 G
. In Australia and New
\nZealand contribution are made for employees to local plans that provide
\nretirement, death and disability benefits for employees and their dependants.
ASSUMPTIONS MADE WHEN CALCULATING FUTURE BENEFIT OBLIGATIONS
2022
2021
\nDiscount rate
3.14%
1.50%
\nExpected return on plan assets
3.20%
1.50%
\nSalary adjustment
2.00%
1.50%
\nInflation rate
2.15%
1.50%
\nPension adjustment
3.63%
0.75%
\n\n\nThe discount rate applied for the pension schemes in Norway for 2022 is
\nbased on the interest rate for covered bonds. Subsidiaries can deviate from
\nthese assumptions if local conditions require this. The discount rates applied
\nvary from 3.15% to 4.21% and pension adjustments vary from 1.7% to 11.1%
.
\nNorske Skog has used the mortality table K2013BE in Norway, Richttafeln
\n2018G in Germany and AVO 2018-P in Austria.
\nNET PERIODIC PENSION EXPENSE
2022
2021
\nPension expense, defined benefit plan
4
4
\nPension expense, defined contribution plan
56
52
\nNet periodic pension expense
59
55
\nNet periodic interest expense
1
1
\nEstimated payments to the group\u2019s defined benefit pension schemes in 2023 amounts to NOK 8 million.
\nPENSION PLANS IN THE BALANCE SHEET
\nSPECIFICATION OF PENSION PLANS IN THE BALANCE SHEET
2022
2021
\nPension assets in the balance sheet
8
13
\nPension liabilities in the balance sheet
-112
-89
\nNet pension obligations
-104
-75
\nNet unfunded pension plans
-110
-75
\nNet partly or fully funded pension plans
7
13
\nPension assets is included in line other non-current assets and pension
\nliabilities is included in the line employee benefit obligations.
\nUNFUNDED PENSION PLANS
\nCHANGES IN PENSION OBLIGATIONS FOR UNFUNDED PENSION PLANS, PROJECTED BENEFIT OBLIGATIONS
\nINCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2022
2021
\nBalance 1 January
-75
-88
\nAdjustment to opening balance, due to reclassification
-55
0
\nCurrent year's service cost
-5
0
\nCurrent year's interest cost
1
-1
\nPensions benefits paid
4
5
\nRemeasurements (loss)/gain OCI
26
5
\nCurrency translation di\ufb00erences
-7
4
\nBalance 31 December
-110
-75
PARTLY OR FULLY FUNDED PENSION PLANS
\nCHANGES IN PENSION OBLIGATIONS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PROJECTED BENEFIT
\nOBLIGATIONS INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2022
2021
\nBalance 1 January
-141
-150
\nCurrent year's service cost
-2
-2
\nCurrent year's interest cost
-2
-2
\nPayroll tax of employer contribution
1
1
\nPension benefits paid
6
5
\nRemeasurements (loss)/gain OCI
36
7
\nBalance 31 December
-104
-141
\n\n\nCHANGES IN PLAN ASSETS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PLAN ASSETS AT FAIR VALUE
2022
2021
\nBalance 1 January
156
156
\nAdjustment to opening balance
0
7
\nReturn on plan assets (interest income)
2
2
\nEmployer contribution including payroll tax
5
5
\nPayroll tax of employer contribution
-1
-1
\nPension benefits paid
-6
-5
\nRemeasurements (loss)/gain OCI
-44
-8
\nOther changes
-1
0
\nBalance 31 December
111
156
\nNet assets/obligations (-) partly or fully funded pension plans
7
13
\nSPESIFICATION OF REMEASUREMENT GAINS/LOSSES IN OTHER COMPREHENSIVE INCOME (OCI)
2022
2021
\nActuarial loss/(gain) - change in discount rate
-17
-1
\nActuarial loss/(gain) - change in other financial assumptions
7
0
\nActuarial loss/(gain) - change in other demographic assumptions
0
-4
\nActuarial loss/(gain) - experience obligation
-51
1
\nActuarial loss/(gain) - experience assets
42
-2
\nInvestment management cost
1
2
\nAsset ceiling - asset adjustment
1
0
\nRemeasurements loss/(gain) in OCI
-16
-4
\n2022
2021
\nINVESTMENT PROFILE FOR PENSION FUNDS
FUNDS
DISTRIBUTION
FUNDS
DISTRIBUTION
\nShares
6
5%
19
12%
\nBonds
74
67%
101
65%
\nProperties and real estate
15
14%
20
13%
\nMoney market
14
13%
10
6%
\nOther
1
1%
6
4%
\nTotal
111
100%
156
100%
SENSITIVITY ANALYSIS
\nNorske Skog has performed sensitivity analyses of material group companies
\nfor the most important assumptions related to defined benefit schemes to
\npredict how fluctuations will impact pension liabilities in the consolidated
\nbalance sheet. In relation to the assumptions made in the calculation of
\npension obligations the amount is most sensitive to changes in discount rate,
\nsalary adjustment and pension growth rate. The sensitivity of the pension
\nobligation is shown in the table below:
\n\n\nSENSITIVITY
INCREASE
DECREASE
\nDiscount rate - 0.5%
-6
6
\nFuture national security - 1.0%
-3
3
\nFuture pension - 0.5%
5
0
\nThe above sensitivity analyses are based on a change in an assumption while
\nholding all other assumptions constant. In practice, this is unlikely to occur,
\nand changes in some of the assumptions may be correlated. No data is
\navailable for decrease of future pension adjustment. The sensitivity analysis is
\nbased on actuarial calculations for the Norwegian schemes.
\nB) OTHER EMPLOYEE OBLIGATIONS
\nThe groups other employee benefits are future benefits that the employees
\nhave earned in return for their service in current and prior periods.
\nThe leave obligations cover the groups liabilities for long service leave and
\nannual leave which are classified as either other non-current liabilities or
\nshort-term liabilities.
\nNET PERIODIC EXPENSE
2022
2021
\nNet periodic expense/remeasurement
-15
5
\nNet periodic interest expense
2
2
\nCHANGES IN OTHER EMPLOYEE BENEFITS
2022
2021
\nBalance 1 January
-255
-287
\nAdjustments to opening balance, due to reclassification
42
0
\nCurrent year's service cost
-12
-14
\nCurrent year's interest cost
-2
-2
\nRemeasurements loss/(gain)
20
9
\nPayments made
20
29
\nOther changes
-5
-2
\nCurrency translation di\ufb00erences
-11
12
\nBalance 31 December
-203
-255
\nOTHER EMPLOYEE BENEFITS IN THE BALANCE SHEET
31.12.2022
31.12.2021
\nOther non-current employee benefit obligations
-167
-223
\nOther current employee benefit obligations
-37
-32
\nTotal other employee benefits 31 December
-203
-255
\nThe obligation classified as current relates to employees that have completed
\nthe required period of service and the group does not have an unconditional
\nright to defer settlement for these obligations. Based on previous experience,
\nthe group does not expect all employees to take the full amount of accrued
\nleave or require payment within the next 12 months.
\nThe current part is included in the balance sheet line other current liabilities.
\nThe non-current employee benefit obligations is included in the balance sheet
\nline employee benefit obligations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9803": {
"value": "NUMBER OF EMPLOYEES 2022
2021
\nEurope
1 800
1 732
\n- Corporate functions
31
30
\nAustralasia
309
330
\nTotal
2 140
2 092",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9822": {
"value": "Public Limited Liability",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9830": {
"value": "In accordance with the code of conduct for corporate governance recom- mended by the Oslo Stock Exchange, salary, benefits in kind and bonus for
\nmembers of corporate management are specified below. In relation to the
\nlong-term incentive program for corporate management NOK 68 million was
\nexpensed in 2022 and at 31 December 2022 the corresponding liability was
\nNOK 88 million. In January 2023
2 006 000
of the synthetic options were
\nexercised, and 1
887 000
new were awarded.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10037": {
"value": "8. Other operating expenses and auditors\u2019 fee
\nNOTE
2022
2021
\nMaintenance materials and services
519
408
\nMarketing expenses
22
21
\nVariable lease, short term and low value lease expenses
16
25
14
\nAdministration, insurance, travel expenses etc.
93
58
\nLosses from divestments of property, plant and equipment
1
0
\nOther expenses
261
186
\nTotal
921
687
\nSpecification of losses on accounts receivable included in other expenses
\nReceivables written o\ufb00 during the period
1
17
\nChange in provision for bad debt
-1
-16
\nTotal
1
0
\nAUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES
\nPARENT COMPANY
SUBSIDIARIES
\n(in NOK 1
000, excluding VAT)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
OTHER AUDITORS
TOTAL
\nAudit fee
1 100
1 681
3 186
1 231
517
7 715
\nAudit-related assistance
\n1)
\n0
211
83
702
167
1 163
\nTax assistance
0
0
0
0
31
31
\nOther fees
34
57
44
975
0
1 110
\nTotal
1 134
1 949
3 313
2 908
716
10 019
\n1)
\nAudit-related assistance includes services, which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10076": {
"value": "AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES PARENT COMPANY
SUBSIDIARIES
\n(in NOK 1
000, excluding VAT)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
\nGROUP AUDITORS
\n(PWC)
\nPREVIOUS
\nAUDITORS (BDO)
OTHER AUDITORS
TOTAL
\nAudit fee
1 100
1 681
3 186
1 231
517
7 715
\nAudit-related assistance
\n1)
\n0
211
83
702
167
1 163
\nTax assistance
0
0
0
0
31
31
\nOther fees
34
57
44
975
0
1 110
\nTotal
1 134
1 949
3 313
2 908
716
10 019
\n1)
Audit-related assistance includes services, which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10132": {
"value": "9.
Derivatives and other fair value adjustment
\n2022
2021
\nChanges in value \u2013 commodity contracts
\n1)
\n450
-223
\nChanges in value \u2013 embedded derivatives
12
0
\nOther realised gains/(losses)
0
5
\nTotal
462
-218
\n1)
\nLong-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9 related to own use are measured at fair value.
\nNorske Skog\u2019s portfolio of commodity contracts consists mainly of physical
\nenergy contracts. The fair value of commodity contracts is especially sensitive
\nto future changes in energy prices. A sensitivity analysis of the impact on
\nprofit after tax of fluctuations in energy prices, currency and price indices is
\ngiven in Note 4. The valuation techniques used are described in Note 18.
\nThe gain in fair value of commodity contracts in 2022 is mainly due to the fact
\nthat the forecasted energy prices in Norway have increased. The loss in 2021
\nwas mainly due to forecasted energy prices in Norway decreasing from 2020
\nto 2021.
\nOther realised gains and losses in 2021 primarily relates to financial hedging
\nof energy.
18.
Derivatives
\nFair value of derivatives
\nThe table below classifies financial instruments within the scope of IFRS 9
\nmeasured in the balance sheet at fair value, by valuation method. The di\ufb00erent
\nvaluation methods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n\n\n\n\n\n\n31.12.2022
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
983
983
\nTotal
0
0
983
983
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
-523
-523
\nTotal
0
0
-523
-523
\n31.12.2021
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
484
484
\nTotal
0
0
484
484
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
-1
0
-1
\nCommodity contracts and embedded derivatives
0
0
-485
-485
\nTotal
0
-1
-485
-487
\nThe following table shows the changes in level 3 instruments in 2022.
\nASSETS
LIABILITIES
\nBalance 1 January
484
-485
\nGain and losses recognised in profit or loss
499
-37
\nBalance 31 December
983
-523
Norske Skog\u2019s portfolio of commodity contracts consist mainly of physical
\nenergy contracts. The commodity contracts and embedded derivatives
\nclassified as financial instruments within the scope of IFRS 9 contracts are
\nrelated to energy contracts in Norway. Fair value of commodity contracts is
\nsensitive to estimates of future energy prices. For further details about gains
\nand losses relating to level 3 instruments see Note 9.
\nThe fair value of derivatives that are not traded in an active market (over-the-
\ncounter derivatives) is determined using various valuation techniques. Interest
\nrate swaps, cross-currency swaps, forward rate agreements and foreign
\ncurrency forward contracts are all valued by estimating the present value of
\nfuture cash flows. Quoted cash and swap rates are used as input for calculating
\nzero coupon curves used for discounting.
\nThe fair value of commodity contracts recognised in the balance sheet is
\ncalculated by using quotes from actively traded markets when available.
\nOtherwise, price forecasts from acknowledged external sources are used.
\nCommodity contracts that fail to meet the own-use exemption criteria in IFRS
\n9 are recognised in the balance sheet and valued on the same principle as
\nfinancial contracts. Some of these are long-term energy contracts. In
\ncalculating the fair value of embedded derivatives, valuation techniques are
\nused in the absence of observable market inputs.
\nThe following table is presented in accordance with IFRS 13.94, showing the
\nfair value of all commodity contracts in level 3 within the scope of IFRS 9 given
\na change in assumptions to a reasonably possible alternative.
\nFAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
\nALTERNATIVE
31.12.2022
31.12.2021
\nAssets
\nCommodity contracts
Energy price -20%
472
93
\nEmbedded derivatives
Energy price -20%
13
0
\nTotal
485
93
\nLiabilities
\nCommodity contracts
Energy price -20%
-855
-735
\nEmbedded derivatives
Energy price -20%
-1
0
\nTotal
-856
-735
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10182": {
"value": "10. Associated companies
\nNet profit from associated companies are included in 2022 with NOK 188 million
\n(loss NOK 18 million).
\nInvestments in associated companies are accounted for in accordance with the
\nequity method. The carrying value of associated companies and joint ventures
\nare NOK 299 million at 31 December 2022 (NOK 108 million).
\nCirca Group AS
\nCirca Group AS is incorporated in Oslo, Norway, and is a holding company. Circa
\nGroup operates within biotechnology with a vision to produce and sell unique
\nand highly valuable biochemicals at scale. At 31 December 2022 Norske Skog
\nASA held a 26% (26%) share of Circa Group AS with a carrying value of
\nNOK 80 million. Norske Skog\u2019s share of net loss for the year of NOK 60 million
\nis recognised in the income statement with NOK 14 million. Circa Group AS is
\nlisted on Euronext Growth with a market value as of 31 December 2022 of
\nNOK 190 million.
\nPorsnes Utvikling AS
\nPorsnes Utvikling AS is incorporated in Halden, Norway, and is a real estate
\ncompany established to develop projects located at Norske Skog Saugbrugs
\nsite in Halden. At 31 December Norske Skog Saugbrugs held a 50% (50%) share
\nof the company with a carrying value of NOK 212 million. Norske Skog\u2019s share
\nof net profit for the year of NOK 399 million is recognised in the income
\nstatement with NOK 199 million. The net profit is a gain from sales of shares in
\nPorsnes Utvikling 1 AS, which developed a high school, sold to Viken county
\nmunicipality in December 2022. Following this Norske Skog received a dividend
\nof NOK 200 million in January 2023 from Porsnes Utvikling AS.
\nCirca Group AS is incorporated into the consolidated financial statement based
\non continuity and the carrying value will therefore deviate from the values
\nshown in the accounts of the owner. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10188": {
"value": "Investments in associated companies are accounted for in accordance with the equity method. The carrying value of associated companies and joint ventures
\nare NOK 299 million at 31 December 2022 (NOK 108 million).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10189": {
"value": "Investments in associated companies are accounted for in accordance with the equity method. The carrying value of associated companies and joint ventures
\nare NOK 299 million at 31 December 2022 (NOK 108 million).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10190": {
"value": "Investments in associated companies are accounted for in accordance with the equity method. The carrying value of associated companies and joint ventures
\nare NOK 299 million at 31 December 2022 (NOK 108 million).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10223": {
"value": " 11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10224": {
"value": "11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10225": {
"value": "11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10226": {
"value": "11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10227": {
"value": "11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10228": {
"value": "11.Financial items
\nFINANCIAL ITEMS
2022
2021
\nFinancial income
\nInterest income
31
4
\nOther financial income
0
1
\nTotal
31
5
\nFinancial expenses
\nInterest expense
-131
-117
\nOther financial expenses
-60
-83
\nTotal
-190
-200
\nGains/(losses) on foreign currency
-97
78
\nFinancial items
-256
-118
\nOther financial expenses mainly consist of commitments fee and other
\nfinancing expenses. Other financial expenses in 2021 also includes loss of
\nNOK 45 million due to early repayment of the EUR 125 million bond. See Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10294": {
"value": "12. Income taxes
\nTAX EXPENSE
2022
2021
\nCurrent tax expense
-403
-104
\nChange in deferred tax
197
36
\nTotal
-206
-68
\nRECONCILIATION OF THE GROUP TAX EXPENSE
2022
2021
\nProfit/(loss) before income taxes
2 778
-295
\nComputed tax at nominal tax group rate of 22%
-611
65
\nDi\ufb00erences due to di\ufb00erent tax rates
-103
16
\nNon taxable income/non deductible expenses
65
-118
\nAdjustment previous years
-5
-5
\nOther items
1
-17
\nChange in tax rate
-1
0
\nDeferred tax asset not recognised
448
-9
\nTotal tax (expense)/income
-206
-68
\nE\ufb00ective tax rate
7%
-23%
\nCURRENT TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
0
0
\nRest of Europe
-358
-50
\nAustralasia
0
0
\nTotal
-358
-50
\nDEFERRED TAX - MOVEMENTS
2022
2021
\nNet deferred tax asset/(liability) 1 January
-260
-308
\nChange in deferred tax in the income statement
197
36
\nTax on other comprehensive income
2
-2
\nCurrency translation di\ufb00erences
-10
14
\nNet deferred tax asset/(liability) 31 December
-72
-260
\nDEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
120
0
\nRest of Europe
17
0
\nAustralasia
0
0
\nDeferred tax assets
137
0
\nNorway
0
0
\nRest of Europe
-208
-260
\nAustralasia
0
0
\nDeferred tax liability
-208
-260
\nNet deferred tax assets/(liability)
-72
-260
\nDEFERRED TAX DETAILS
31.12.2022
31.12.2021
\nFixed assets
185
147
\nPension and other employee obligations
17
29
\nOther non-current items
85
73
\nCurrency translation di\ufb00erences and financial instruments
-99
-14
\nCurrent items
35
-1
\nTax losses to carry forward
801
1 016
\nTax losses and other deferred tax assets not recognised
-1 096
-1 509
\nNet deferred tax assets/(liability)
-72
-260
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2022 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
1 315
261
1 512
3 088
\nTax losses to carry forward
1 315
261
1 512
3 088
\nTemporary di\ufb00erences
1 015
-167
831
1 679
\nTax losses and temporary di\ufb00erences not recognised
-1 785
-27
-2 343
-4 156
\nTotal tax losses and tax credits to carry forward (recognised)
545
67
0
612
\nDeferred tax asset
120
17
0
137
\nTax rate
22%
19-32%
28-30%
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCS 31.12.2021 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
2 484
169
1 425
4 077
\nTax losses to carry forward
2 484
169
1 425
4 077
\nTemporary di\ufb00erences
1 168
-206
902
1 959
\nTax losses and temporary di\ufb00erences not recognised
-3 652
0
-2 327
-6 036
\nTotal tax losses and tax credits to carry forward (recognised)
0
0
0
0
\nDeferred tax asset
0
0
0
0
\nTax rate
22%
19-32%
28-30%
\nNorske Skog has recognised deferred tax asset of NOK 18 million arising from
\nthe carry forward of unused tax losses.
\nTax payable relates mainly to Norske Skog Golbey, Norske Skog Bruck and
\nNorske Skog Italy and consist mainly of income taxes.
\nCurrent and deferred taxes are recognised as expense or income in the
\nconsolidated income statement. Taxes on translation di\ufb00erences, other
\nreclassifications or remeasurements of post-employment benefit obligations
\nare recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10295": {
"value": "12. Income taxes
\nTAX EXPENSE
2022
2021
\nCurrent tax expense
-403
-104
\nChange in deferred tax
197
36
\nTotal
-206
-68
\nRECONCILIATION OF THE GROUP TAX EXPENSE
2022
2021
\nProfit/(loss) before income taxes
2 778
-295
\nComputed tax at nominal tax group rate of 22%
-611
65
\nDi\ufb00erences due to di\ufb00erent tax rates
-103
16
\nNon taxable income/non deductible expenses
65
-118
\nAdjustment previous years
-5
-5
\nOther items
1
-17
\nChange in tax rate
-1
0
\nDeferred tax asset not recognised
448
-9
\nTotal tax (expense)/income
-206
-68
\nE\ufb00ective tax rate
7%
-23%
\nCURRENT TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
0
0
\nRest of Europe
-358
-50
\nAustralasia
0
0
\nTotal
-358
-50
\nDEFERRED TAX - MOVEMENTS
2022
2021
\nNet deferred tax asset/(liability) 1 January
-260
-308
\nChange in deferred tax in the income statement
197
36
\nTax on other comprehensive income
2
-2
\nCurrency translation di\ufb00erences
-10
14
\nNet deferred tax asset/(liability) 31 December
-72
-260
\nDEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2022
31.12.2021
\nNorway
120
0
\nRest of Europe
17
0
\nAustralasia
0
0
\nDeferred tax assets
137
0
\nNorway
0
0
\nRest of Europe
-208
-260
\nAustralasia
0
0
\nDeferred tax liability
-208
-260
\nNet deferred tax assets/(liability)
-72
-260
\nDEFERRED TAX DETAILS
31.12.2022
31.12.2021
\nFixed assets
185
147
\nPension and other employee obligations
17
29
\nOther non-current items
85
73
\nCurrency translation di\ufb00erences and financial instruments
-99
-14
\nCurrent items
35
-1
\nTax losses to carry forward
801
1 016
\nTax losses and other deferred tax assets not recognised
-1 096
-1 509
\nNet deferred tax assets/(liability)
-72
-260
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2022 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
1 315
261
1 512
3 088
\nTax losses to carry forward
1 315
261
1 512
3 088
\nTemporary di\ufb00erences
1 015
-167
831
1 679
\nTax losses and temporary di\ufb00erences not recognised
-1 785
-27
-2 343
-4 156
\nTotal tax losses and tax credits to carry forward (recognised)
545
67
0
612
\nDeferred tax asset
120
17
0
137
\nTax rate
22%
19-32%
28-30%
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCS 31.12.2021 BY REGION
\nNORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
\nIndefinite expiry
2 484
169
1 425
4 077
\nTax losses to carry forward
2 484
169
1 425
4 077
\nTemporary di\ufb00erences
1 168
-206
902
1 959
\nTax losses and temporary di\ufb00erences not recognised
-3 652
0
-2 327
-6 036
\nTotal tax losses and tax credits to carry forward (recognised)
0
0
0
0
\nDeferred tax asset
0
0
0
0
\nTax rate
22%
19-32%
28-30%
\nNorske Skog has recognised deferred tax asset of NOK 18 million arising from
\nthe carry forward of unused tax losses.
\nTax payable relates mainly to Norske Skog Golbey, Norske Skog Bruck and
\nNorske Skog Italy and consist mainly of income taxes.
\nCurrent and deferred taxes are recognised as expense or income in the
\nconsolidated income statement. Taxes on translation di\ufb00erences, other
\nreclassifications or remeasurements of post-employment benefit obligations
\nare recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10547": {
"value": "13. Earnings and dividend per share
\n2022
2021
\nProfit/(loss) for the year in NOK million attributable to owners of the parent
2 572
-363
\nWeighted average number of shares in million
94.3
93.1
\nBasic earnings/(loss) per share in NOK
27.28
-3.90
\nDiluted earnings/(loss) per share in NOK
27.28
-3.90
\nFor the financial year 2022, the board of directors proposes that the annual
\ngeneral meeting approves the authority to pay dividend up to NOK 5.00 per
\nshare. Any shareholder distribution is subject to waivers from certain lenders.
\nNo dividend was paid in 2022 for the financial year 2021.
\nOn 5 February 2021 an extraordinary general meeting in Norske Skog ASA
\nresolved to issue 11
764 705
new shares increasing share number of shares
\nto 94
264 705.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10565": {
"value": "For the financial year 2022, the board of directors proposes that the annual general meeting approves the authority to pay dividend up to NOK 5.00 per
\nshare. Any shareholder distribution is subject to waivers from certain lenders.
\nNo dividend was paid in 2022 for the financial year 2021.
\nOn 5 February 2021 an extraordinary general meeting in Norske Skog ASA
\nresolved to issue 11
764 705
new shares increasing share number of shares
\nto 94
264 705.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10597": {
"value": "14. Intangible assets
\nOTHER INTANGIBLE
\nASSETS
\nLICENCES AND
\nPATENTS
TOTAL
\nAcquisition cost 1 January 2021
98
93
192
\nAdditions
25
2
27
\nDisposals
-57
0
-57
\nReclassified from plant under construction
0
6
6
\nCurrency translation di\ufb00erences
-3
-3
-6
\nAcquisition cost 31 December 2021
63
99
162
\nAccumulated depreciation and impairments 1 January 2021
59
78
137
\nDepreciation
1
7
8
\nCurrency translation di\ufb00erence
-2
-3
-5
\nAccumulated depreciation and impairments 31 December 2021
59
82
141
\nCarrying value 31 December 2021
4
16
21
\nAcquisition cost 1 January 2022
63
99
162
\nAdditions
0
0
0
\nDisposals
-1
-12
-13
\nReclassified from plant under construction
0
1
1
\nCurrency translation di\ufb00erences
3
3
6
\nAcquisition cost 31 December 2022
65
91
157
\nAccumulated depreciation and impairments 1 January 2022
59
82
141
\nDepreciation
1
7
8
\nDisposals
-1
-12
-12
\nCurrency translation di\ufb00erence
3
3
6
\nAccumulated depreciation and impairments 31 December 2022
62
81
143
\nCarrying value 31 December 2022
3
10
14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10600": {
"value": "OTHER INTANGIBLE
\nASSETS
\nLICENCES AND
\nPATENTS
TOTAL
\nAcquisition cost 1 January 2021
98
93
192
\nAdditions
25
2
27
\nDisposals
-57
0
-57
\nReclassified from plant under construction
0
6
6
\nCurrency translation di\ufb00erences
-3
-3
-6
\nAcquisition cost 31 December 2021
63
99
162
\nAccumulated depreciation and impairments 1 January 2021
59
78
137
\nDepreciation
1
7
8
\nCurrency translation di\ufb00erence
-2
-3
-5
\nAccumulated depreciation and impairments 31 December 2021
59
82
141
\nCarrying value 31 December 2021
4
16
21
\nAcquisition cost 1 January 2022
63
99
162
\nAdditions
0
0
0
\nDisposals
-1
-12
-13
\nReclassified from plant under construction
0
1
1
\nCurrency translation di\ufb00erences
3
3
6
\nAcquisition cost 31 December 2022
65
91
157
\nAccumulated depreciation and impairments 1 January 2022
59
82
141
\nDepreciation
1
7
8
\nDisposals
-1
-12
-12
\nCurrency translation di\ufb00erence
3
3
6
\nAccumulated depreciation and impairments 31 December 2022
62
81
143
\nCarrying value 31 December 2022
3
10
14
PROPERTY, PLANT AND EQUIPMENT
\nBIOLOGICAL
\nASSETS
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFIXTURES
\nAND
\nFITTINGS
\nPLANT UNDER
\nCONSTRUCTION
\nRIGHT-OF-
\nUSE ASSETS
TOTAL
\nAcquisition cost 1 January 2021
2
28 312
6 695
538
744
188
36 480
\nAdditions
0
64
12
4
945
29
1 055
\nDisposals
0
-120
-2
-1
0
-11
-135
\nReclassified from plant under construction
0
262
27
10
-307
0
-7
\nCurrency translation di\ufb00erences
0
-693
-153
-21
-36
6
-908
\nAcquisition cost 31 December 2021
2
27 826
6 579
530
1 347
201
36 485
\nAccumulated depreciation and impairments
\n1 January 2021
0
26 317
5 944
478
84
72
32 894
\nDepreciation
0
292
78
17
0
38
425
\nImpairment
0
0
-22
0
0
0
-22
\nDisposals
0
-120
-2
-1
0
-12
-135
\nReclassified to assets held for sale
0
-5
0
4
0
0
0
\nCurrency translation di\ufb00erence
0
-628
-130
-19
-1
-2
-781
\nAccumulated depreciation and impairments
\n31 December 2021
0
25 856
5 868
478
83
96
32 381
\nCarrying value 31 December 2021
2
1 970
711
52
1 264
104
4 103
\nAcquisition cost 1 January 2022
2
27 826
6 579
530
1 347
201
36 485
\nAdditions
0
39
4
1
2 320
16
2 379
\nDisposals
0
-209
-17
-15
-74
-33
-348
\nReclassified from plant under construction
0
635
217
9
-861
0
-1
\nCurrency translation di\ufb00erences
0
870
180
23
129
7
1 210
\nAcquisition cost 31 December 2022
2
29 162
6 962
549
2 860
191
39 725
\nAccumulated depreciation and impairments
\n1 January 2022
0
25 856
5 868
478
83
96
32 381
\nDepreciation
0
402
80
15
0
40
537
\nImpairment
0
164
0
0
0
0
164
\nDisposals
0
-164
-5
-13
0
-17
-199
\nReclassified to assets held for sale
0
0
0
0
0
0
0
\nCurrency translation di\ufb00erence
0
807
156
22
1
4
990
\nAccumulated depreciation and impairments
\n31 December 2022
0
27 066
6 099
502
85
123
33 874
\nCarrying value 31 December 2022
2
2 097
863
47
2 775
68
5 852
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10710": {
"value": "15.
Property, plant and equipment
\nImpairment
\nNorske Skog has no cash generating units (CGUs) with allocated goodwill or
\nassets with indefinite useful life that need to be tested for impairment annually,
\nor more frequently when there is an indication that the unit may be impaired.
\nExcept for CGU Europe lightweight coated (Norske Skog Bruck) there are no
\nindicators for impairment at 31 December 2022. CGU Europe lightweight
\ncoated paper has experienced operating losses in 2022 due to high cost of input
\nfactors, primarily energy from purchased gas. An impairment charge of
\nNOK 164 million has been recognised in relation to CGU Europe lightweight
\ncoated paper for 2022.
\nAssumptions applied when calculating the recoverable amount
\nIntangible non-current assets and property, plant and equipment (PPE) are
\nwritten down to their recoverable amount when this is lower than the carrying
\nvalue of the asset. The recoverable amount of an asset or cash-generating unit
\n(CGU) is the higher of its fair value less costs to sell and its value in use. Value in
\nuse is the present value of future cash flows expected to arise from an asset or
\ncash-generating unit. Norske Skog applies the value in use approach when
\ncalculating recoverable amount for its cash-generating units. Europe newsprint
\n(Norske Skog Skogn and Norske Skog Golbey), Australia newsprint (Norske
\nSkog Boyer), Australia lightweight coated (Norske Skog Boyer), Europe super
\ncalendared (Norske Skog Saugbrugs) and Europe lightweight coated (Norske
\nSkog Bruck) are assessed to generate independent cash inflows and to be
\nseparate CGUs. These represent the five cash generating units that the group is
\nfocusing on in its follow-up operationally and commercially as communication
\nwith customers, suppliers, employees. The di\ufb00erent mills within a CGU works
\ntogether to generate cash inflows.
\nThe production machines have a long technical life, while useful lives are linked
\nto industry cost curves and the size of the market. The estimated remaining
\nuseful life of the individual paper machines forms the basis for determining the
\nlength of the cash flow period. Estimated useful life for the individual paper
\nmachines in the group varies from 1 to 8 years. Sales volumes are reduced in
\naccordance with the estimated end of useful lives of the di\ufb00erent paper
\nmachines in the group. Norske Skog models the cash flows throughout the
\nuseful life of the paper machines. The timing of capacity closures follows from
\nFastmarkets RISI cost curve positioning and market demand projections.
\nFastmarkets RISI is the leading global source for forest products information and
\ndata (www.fastmarkets.com).
\nNominal cash flow is estimated in the currency in which it will be generated. The
\nvalue is calculated by discounting based on a required rate of return on capital
\nthat is relevant for the cash-generating unit. The required rate of return, or
\nweighted average cost of capital (WACC), is based on the interest rate on ten-
\nyear government bonds in the currency of the cash flow estimate, an industry
\ndebt yield premium, industry beta and an equity risk premium. A country-
specific risk premium relevant to the cash-generating unit is also included in the
\nrequired rate of return on capital.
\nThe key drivers of profitability in the industry and thus asset values for the
\ngroup are product prices relative to production costs. The starting point for any
\nimpairment test is the financial budget for 2023 approved by the board of
\ndirectors. Beyond 2023 sales prices are adjusted in 2024 based on expected
\ndevelopment and thereafter by inflation adjusted by a factor assuming that not
\nall cost increases are passed on to customers. Costs beyond 2023 is extrapolated
\nfrom historical figures relative to sales prices and adjusted by inflation. The
\ninflation rates applied in the period are estimated by country. Contracted prices/
\ncosts are reflected when applicable.
\nAt the end of 2022 the newsprint market remains balanced, while markets for
\nmagazine grades were softer and in particular for lightweight coated. Input costs
\nhave come down from record high levels but remain at high levels. For the
\nongoing years, we have for lightweight coated assumed in the impairment model
\nthat the market balance remains weak as no closures have been announced for
\nthis paper grade leading to a low utilization rate and recognition of an impairment
\nof the remaining value of NOK 164 million.
\nSensitivity to estimates of recoverable amount
\nThe estimation of recoverable amount is based on assumptions regarding the
\nfuture development of several factors. These include price development for
\nfinished goods, sales volumes, currency rates and interest rates. In relation to
\nthe assumptions made in a calculation of the present value of future cash flows,
\nrecoverable amount is most sensitive to changes in prices of finished goods,
\nsales volumes and the discount rate used. Norske Skog has performed testing of
\nCGUs with impairment indicators. At 31 December 2022 the assets of Europe
\nlightweight coated, PM4, has been impaired in full.
\nProperty, plant and equipment allocated to cash-generating units
\nThe table below shows machinery and equipment and land and buildings
\nallocated to Norske Skog\u2019s cash-generating units as of 31 December 2022.
\nMACHINERY AND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nEurope newsprint
1 722
654
\nAustralasia newsprint
0
14
\nAustralasia lightweight coated
118
63
\nEurope super calendared
257
132
\nEurope lightweight coated
0
0
\nCarrying value 31 December 2022
2 097
863
\nExpected useful life
\nNorske Skog has conducted sensitivity analyses with respect to changes in
\nexpected useful life of the group\u2019s paper machines. If the expected useful life
\nof all the group\u2019s paper machines is reduced by one year, the annual
\ndepreciation charge will increase with approximately NOK 30-50 million.
\nIn connection with the year-end closing process for 2022, Norske Skog
\nperformed a review of the expected remaining useful lives of property, plant
\nand equipment. The useful life of most of the machines were reduced by one
\nyears compared with last year assumptions while some machines increased
\nuseful life by one to two years following the closure of competing machines.
PROPERTY, PLANT AND EQUIPMENT
\nBIOLOGICAL
\nASSETS
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFIXTURES
\nAND
\nFITTINGS
\nPLANT UNDER
\nCONSTRUCTION
\nRIGHT-OF-
\nUSE ASSETS
TOTAL
\nAcquisition cost 1 January 2021
2
28 312
6 695
538
744
188
36 480
\nAdditions
0
64
12
4
945
29
1 055
\nDisposals
0
-120
-2
-1
0
-11
-135
\nReclassified from plant under construction
0
262
27
10
-307
0
-7
\nCurrency translation di\ufb00erences
0
-693
-153
-21
-36
6
-908
\nAcquisition cost 31 December 2021
2
27 826
6 579
530
1 347
201
36 485
\nAccumulated depreciation and impairments
\n1 January 2021
0
26 317
5 944
478
84
72
32 894
\nDepreciation
0
292
78
17
0
38
425
\nImpairment
0
0
-22
0
0
0
-22
\nDisposals
0
-120
-2
-1
0
-12
-135
\nReclassified to assets held for sale
0
-5
0
4
0
0
0
\nCurrency translation di\ufb00erence
0
-628
-130
-19
-1
-2
-781
\nAccumulated depreciation and impairments
\n31 December 2021
0
25 856
5 868
478
83
96
32 381
\nCarrying value 31 December 2021
2
1 970
711
52
1 264
104
4 103
\nAcquisition cost 1 January 2022
2
27 826
6 579
530
1 347
201
36 485
\nAdditions
0
39
4
1
2 320
16
2 379
\nDisposals
0
-209
-17
-15
-74
-33
-348
\nReclassified from plant under construction
0
635
217
9
-861
0
-1
\nCurrency translation di\ufb00erences
0
870
180
23
129
7
1 210
\nAcquisition cost 31 December 2022
2
29 162
6 962
549
2 860
191
39 725
\nAccumulated depreciation and impairments
\n1 January 2022
0
25 856
5 868
478
83
96
32 381
\nDepreciation
0
402
80
15
0
40
537
\nImpairment
0
164
0
0
0
0
164
\nDisposals
0
-164
-5
-13
0
-17
-199
\nReclassified to assets held for sale
0
0
0
0
0
0
0
\nCurrency translation di\ufb00erence
0
807
156
22
1
4
990
\nAccumulated depreciation and impairments
\n31 December 2022
0
27 066
6 099
502
85
123
33 874
\nCarrying value 31 December 2022
2
2 097
863
47
2 775
68
5 852
\n\n\n\n\n\n\nMachinery and equipment are depreciated over a period from five to 25 years.
\nLand and buildings comprise mainly mills, machinery and o\ufb00ice premises.
\nBuildings and other property are depreciated over a period from ten to 40
\nyears. Fixtures and fittings are depreciated over a period from three to ten
\nyears. Land and plant under construction are not depreciated.
\nRight-of-use assets is further described in Note 16.
\nThe di\ufb00erence between total additions in the table above and purchases of
\nproperty, plant, equipment and intangible assets in the consolidated statement
\nof cash flows is due to leases, capitalised borrowing costs and accruals for
\npayments. Norske Skog has capitalised borrowing costs of NOK 9 million in
\n2022 and NOK 8 million in 2021.
\nDisposals in 2022 and 2021 were primarily related to scrapping of fully
\ndepreciated assets that no longer have any technical values.
\nAt year end 2022 the group has contractual commitments for acquisition of
\nproperty, plant and equipment of NOK 1
600 million. Total payments to last
\nyear commitments amounted to NOK 2
100 million.
\nNon-current assets held for sale
\nNorske Skog did not have any non-current assets held for sale at
\n31 December 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10714": {
"value": "Impairment Norske Skog has no cash generating units (CGUs) with allocated goodwill or
\nassets with indefinite useful life that need to be tested for impairment annually,
\nor more frequently when there is an indication that the unit may be impaired.
\nExcept for CGU Europe lightweight coated (Norske Skog Bruck) there are no
\nindicators for impairment at 31 December 2022. CGU Europe lightweight
\ncoated paper has experienced operating losses in 2022 due to high cost of input
\nfactors, primarily energy from purchased gas. An impairment charge of
\nNOK 164 million has been recognised in relation to CGU Europe lightweight
\ncoated paper for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11121": {
"value": "Machinery and equipment are depreciated over a period from five to 25 years. Land and buildings comprise mainly mills, machinery and o\ufb00ice premises.
\nBuildings and other property are depreciated over a period from ten to 40
\nyears. Fixtures and fittings are depreciated over a period from three to ten
\nyears. Land and plant under construction are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11142": {
"value": "Non-current assets held for sale Norske Skog did not have any non-current assets held for sale at
\n31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11157": {
"value": "16. Leases
\nRIGHT-OF-USE ASSETS
\nThe group contracts includes several assets such as machinery and equipment,
\nland and buildings and fixture and fittings. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identified assets for a
\nperiod of time in exchange for consideration. Right-of-use assets are initially
\nmeasured at cost. Non-lease components will be separated if these are
\nidentifiable. Lease terms are negotiated on an individual basis and contain a
\nwide range of di\ufb00erent terms and conditions. The right-of-use assets is
\ndepreciated on a linear basis over the contract period, currently mainly less than
\nfive years. The group\u2019s right-of-use assets are categorized and presented in the
\ntable below:
\n\n\n\n\n\nLEASES
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFITURES AND
\nFITTINGS
TOTAL
\nCarrying value 1 January 2021
72
39
6
117
\nAdditions
25
4
0
29
\nDepreciations
-25
-12
-1
-38
\nCurrency translation di\ufb00erences
-3
0
0
-3
\nCarrying value 31 December 2021
68
30
6
104
\nAdditions
9
5
2
16
\nDisposals
-10
-6
0
-16
\nDepreciations
-26
-13
-1
-40
\nCurrency translation di\ufb00erences
2
1
0
3
\nCarrying value 31 December 2022
44
16
7
68
\nLEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2022
31.12.2021
\nNot later than one year
37
42
\nLater than one year and not later than five years
39
75
\nLater than five years
5
12
\nTotal
82
129
\nFuture finance charges
8
17
\nPresent value of liabilities
24
74
112
\nInterest expense on lease liabilities in the period amounts to NOK 5 million (NOK 8 million).
\nCASH PAYMENT MADE FROM LEASES
2022
2021
\nPrincipal payments on recognised lease liabilities
44
56
\nInterest payments on recognised lease liabilities
5
8
\nPayments on leases expensed in the period
25
15
\nTotal
74
79
\nThe group has decided not to recognise a lease liability for short term leases or for leases of low value assets. Payments made under such leases
are included
\nin operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\nVARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2022
2021
\nExpense relating to variable lease payments not included in the measurement of lease liabilities
16
5
\nShort term leases exemption
3
7
\nLow-value leases exemption
6
2
\nReduced lease
0
-1
\nTotal
8
25
14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11161": {
"value": "RIGHT-OF-USE ASSETS The group contracts includes several assets such as machinery and equipment,
\nland and buildings and fixture and fittings. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identified assets for a
\nperiod of time in exchange for consideration. Right-of-use assets are initially
\nmeasured at cost. Non-lease components will be separated if these are
\nidentifiable. Lease terms are negotiated on an individual basis and contain a
\nwide range of di\ufb00erent terms and conditions. The right-of-use assets is
\ndepreciated on a linear basis over the contract period, currently mainly less than
\nfive years. The group\u2019s right-of-use assets are categorized and presented in the
\ntable below:
\n\n\n\n\n\nLEASES
\nMACHINERY
\nAND
\nEQUIPMENT
\nLAND AND
\nBUILDINGS
\nFITURES AND
\nFITTINGS
TOTAL
\nCarrying value 1 January 2021
72
39
6
117
\nAdditions
25
4
0
29
\nDepreciations
-25
-12
-1
-38
\nCurrency translation di\ufb00erences
-3
0
0
-3
\nCarrying value 31 December 2021
68
30
6
104
\nAdditions
9
5
2
16
\nDisposals
-10
-6
0
-16
\nDepreciations
-26
-13
-1
-40
\nCurrency translation di\ufb00erences
2
1
0
3
\nCarrying value 31 December 2022
44
16
7
68
\nLEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2022
31.12.2021
\nNot later than one year
37
42
\nLater than one year and not later than five years
39
75
\nLater than five years
5
12
\nTotal
82
129
\nFuture finance charges
8
17
\nPresent value of liabilities
24
74
112
\nInterest expense on lease liabilities in the period amounts to NOK 5 million (NOK 8 million).
\nCASH PAYMENT MADE FROM LEASES
2022
2021
\nPrincipal payments on recognised lease liabilities
44
56
\nInterest payments on recognised lease liabilities
5
8
\nPayments on leases expensed in the period
25
15
\nTotal
74
79
\nThe group has decided not to recognise a lease liability for short term leases or for leases of low value assets. Payments made under such leases
are included
\nin operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\nVARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2022
2021
\nExpense relating to variable lease payments not included in the measurement of lease liabilities
16
5
\nShort term leases exemption
3
7
\nLow-value leases exemption
6
2
\nReduced lease
0
-1
\nTotal
8
25
14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11320": {
"value": "17. Shares
\nSHARES IN SUBSIDIARIES OWNED BY
\nTHE PARENT COMPANY
CONSOLIDATED COMPANIES
CURRENCY
\nSHARE CAPITAL
\n(IN 1
000)
OWNERSHIP %
\nNorske Skog Bruck GmbH, Bruck, Austria
EUR
10 000
100%
\nNorske Skog Papier Recycling GmbH, Bruck, Austria
EUR
291
100%
\nNorske Skog Golbey SAS, Golbey, France
EUR
62 365
100%
\nGV Bois SAS, Golbey, France
EUR
100
90%
\nGreen Valley Energy SASU, France
EUR
2 301
64%
\nNorske Skog Skogn AS, Levanger, Norway
NOK
115 230
100%
\nNorske Skog Saugbrugs AS, Halden, Norway
NOK
115 230
100%
\nSaugbrugs Bioenergi AS, Halden, Norway
NOK
3 000
100%
\nNorske Skog Industries Australia Ltd., Sydney,
\nAustralia
AUD
340 000
100%
\nNorske Skog (Australasia) Pty Ltd., Sydney, Australia
AUD
21 000
100%
\nNorske Skog (Australia) No. 2 Pty Ltd., Sydney, Australia
AUD
0
100%
\nNorske Skog Capital (Australia) Pty Ltd., Sydney, Australia
AUD
4
100%
\nNorske Skog Holdings (No.1) Ltd., Auckland, New Zealand
NZD
0
100%
\nNorske Skog Paper Mills (Albury)
Pty Limited, Sydney, Australia
AUD
5 230
100%
\nNorske Skog Paper Mills (Australia) Ltd., Tasmania, Australia
AUD
7 539
100%
\nNorske Skog Tasman Ltd., Auckland, New Zealand
NZD
725 000
100%
\nNorske Skog Capital (New Zealand) Ltd., Auckland, New Zealand
NZD
1
100%
\nTopp1 Energy Limited, Auckland, New Zealand
NZD
16 391
100%
\nNornews AS, Oslo, Norway
NOK
300
100%
\nNorske Skog Deutschland GmbH, Augsburg, Germany
EUR
520
100%
\nNorske Skog France SARL, Paris, France
EUR
135
100%
\nNorske Skog Italia SrL, Milan, Italy
EUR
20
100%
\nNorske Skog (\u00d6sterreich) GmbH, Graz, Austria
EUR
35
100%
\nNorske Skog (Schweiz) AG, Z\u00fcrich, Switzerland
CHF
50
100%
\nNorske Skog (UK) Ltd., London, United Kingdom
GBP
100
100%
\nCebina AS, Oslo, Norway
NOK
30
100%
\nCebico AS, Oslo, Norway
NOK
30
100%
\nSHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nCirca Group AS, Oslo, Norway
NOK
122 113
26%
80
\nOwned by consolidated companies
\nPorsnes Utvikling AS, Halden, Norway
NOK
300
50%
212
\nGreen Valley Energie, France
EUR
300
10%
3
\nNor Fibre Logistics, France
EUR
500
20%
1
\nSEM, France
EUR
879
10%
1
\nAustria Papier Recycling GmbH, Austria
EUR
182
33%
1
\nOther
1
\nTotal shares in associated companies and joint ventures
299
\nOTHER SHARES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nOcean GeoLoop AS, Skogn, Norway
NOK
527
2%
25
\nShelterwood AS, Oslo, Norway
NOK
4 800
3%
2
\nOwned by consolidated companies
\nExeltium SAS, Paris, France
EUR
12 358
5%
88
\nOther
1
\nTotal other shares
116",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11324": {
"value": "SHARES IN SUBSIDIARIES OWNED BY THE PARENT COMPANY
CONSOLIDATED COMPANIES
CURRENCY
\nSHARE CAPITAL
\n(IN 1
000)
OWNERSHIP %
\nNorske Skog Bruck GmbH, Bruck, Austria
EUR
10 000
100%
\nNorske Skog Papier Recycling GmbH, Bruck, Austria
EUR
291
100%
\nNorske Skog Golbey SAS, Golbey, France
EUR
62 365
100%
\nGV Bois SAS, Golbey, France
EUR
100
90%
\nGreen Valley Energy SASU, France
EUR
2 301
64%
\nNorske Skog Skogn AS, Levanger, Norway
NOK
115 230
100%
\nNorske Skog Saugbrugs AS, Halden, Norway
NOK
115 230
100%
\nSaugbrugs Bioenergi AS, Halden, Norway
NOK
3 000
100%
\nNorske Skog Industries Australia Ltd., Sydney,
\nAustralia
AUD
340 000
100%
\nNorske Skog (Australasia) Pty Ltd., Sydney, Australia
AUD
21 000
100%
\nNorske Skog (Australia) No. 2 Pty Ltd., Sydney, Australia
AUD
0
100%
\nNorske Skog Capital (Australia) Pty Ltd., Sydney, Australia
AUD
4
100%
\nNorske Skog Holdings (No.1) Ltd., Auckland, New Zealand
NZD
0
100%
\nNorske Skog Paper Mills (Albury)
Pty Limited, Sydney, Australia
AUD
5 230
100%
\nNorske Skog Paper Mills (Australia) Ltd., Tasmania, Australia
AUD
7 539
100%
\nNorske Skog Tasman Ltd., Auckland, New Zealand
NZD
725 000
100%
\nNorske Skog Capital (New Zealand) Ltd., Auckland, New Zealand
NZD
1
100%
\nTopp1 Energy Limited, Auckland, New Zealand
NZD
16 391
100%
\nNornews AS, Oslo, Norway
NOK
300
100%
\nNorske Skog Deutschland GmbH, Augsburg, Germany
EUR
520
100%
\nNorske Skog France SARL, Paris, France
EUR
135
100%
\nNorske Skog Italia SrL, Milan, Italy
EUR
20
100%
\nNorske Skog (\u00d6sterreich) GmbH, Graz, Austria
EUR
35
100%
\nNorske Skog (Schweiz) AG, Z\u00fcrich, Switzerland
CHF
50
100%
\nNorske Skog (UK) Ltd., London, United Kingdom
GBP
100
100%
\nCebina AS, Oslo, Norway
NOK
30
100%
\nCebico AS, Oslo, Norway
NOK
30
100%
\nSHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nCirca Group AS, Oslo, Norway
NOK
122 113
26%
80
\nOwned by consolidated companies
\nPorsnes Utvikling AS, Halden, Norway
NOK
300
50%
212
\nGreen Valley Energie, France
EUR
300
10%
3
\nNor Fibre Logistics, France
EUR
500
20%
1
\nSEM, France
EUR
879
10%
1
\nAustria Papier Recycling GmbH, Austria
EUR
182
33%
1
\nOther
1
\nTotal shares in associated companies and joint ventures
299
\nOTHER SHARES
CURRENCY
\nSHARE CAPITAL
\n(in 1
000)
OWNERSHIP%
\nCARRYING
\nVALUE (NOK)
\nOwned by the parent company
\nOcean GeoLoop AS, Skogn, Norway
NOK
527
2%
25
\nShelterwood AS, Oslo, Norway
NOK
4 800
3%
2
\nOwned by consolidated companies
\nExeltium SAS, Paris, France
EUR
12 358
5%
88
\nOther
1
\nTotal other shares
116",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11564": {
"value": "Fair value of derivatives The table below classifies financial instruments within the scope of IFRS 9
\nmeasured in the balance sheet at fair value, by valuation method. The di\ufb00erent
\nvaluation methods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n\n31.12.2022
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
983
983
\nTotal
0
0
983
983
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
-523
-523
\nTotal
0
0
-523
-523
\n31.12.2021
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\nFinancial assets at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
0
0
0
\nCommodity contracts and embedded derivatives
0
0
484
484
\nTotal
0
0
484
484
\nFinancial liabilities at fair value through profit or loss
\nTrading derivatives
0
0
0
0
\nDerivatives used for hedging
0
-1
0
-1
\nCommodity contracts and embedded derivatives
0
0
-485
-485
\nTotal
0
-1
-485
-487
\nThe following table shows the changes in level 3 instruments in 2022.
\nASSETS
LIABILITIES
\nBalance 1 January
484
-485
\nGain and losses recognised in profit or loss
499
-37
\nBalance 31 December
983
-523
Norske Skog\u2019s portfolio of commodity contracts consist mainly of physical
\nenergy contracts. The commodity contracts and embedded derivatives
\nclassified as financial instruments within the scope of IFRS 9 contracts are
\nrelated to energy contracts in Norway. Fair value of commodity contracts is
\nsensitive to estimates of future energy prices. For further details about gains
\nand losses relating to level 3 instruments see Note 9.
\nThe fair value of derivatives that are not traded in an active market (over-the-
\ncounter derivatives) is determined using various valuation techniques. Interest
\nrate swaps, cross-currency swaps, forward rate agreements and foreign
\ncurrency forward contracts are all valued by estimating the present value of
\nfuture cash flows. Quoted cash and swap rates are used as input for calculating
\nzero coupon curves used for discounting.
\nThe fair value of commodity contracts recognised in the balance sheet is
\ncalculated by using quotes from actively traded markets when available.
\nOtherwise, price forecasts from acknowledged external sources are used.
\nCommodity contracts that fail to meet the own-use exemption criteria in IFRS
\n9 are recognised in the balance sheet and valued on the same principle as
\nfinancial contracts. Some of these are long-term energy contracts. In
\ncalculating the fair value of embedded derivatives, valuation techniques are
\nused in the absence of observable market inputs.
\nThe following table is presented in accordance with IFRS 13.94, showing the
\nfair value of all commodity contracts in level 3 within the scope of IFRS 9 given
\na change in assumptions to a reasonably possible alternative.
\nFAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
\nALTERNATIVE
31.12.2022
31.12.2021
\nAssets
\nCommodity contracts
Energy price -20%
472
93
\nEmbedded derivatives
Energy price -20%
13
0
\nTotal
485
93
\nLiabilities
\nCommodity contracts
Energy price -20%
-855
-735
\nEmbedded derivatives
Energy price -20%
-1
0
\nTotal
-856
-735",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11794": {
"value": "19. Financial instruments
\nCATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n31.12.2022
NOTE
\nFAIR VALUE THROUGH
\nOTHER COMPREHENSIVE
\nINCOME
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nASSETS
\nNON-
\nFINANCIAL
\nASSETS
TOTAL
\nOther non-current assets
24
0
707
53
760
8
768
\nTrade and other receivables
20
0
0
1 205
1 205
739
1 944
\nCash and cash equivalents
0
0
2 650
2 650
0
2 650
\nOther current assets
24
0
392
0
392
90
481
\n31.12.2022
NOTE
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nLIABILITIES
\nNON-
\nFINANCIAL
\nLIABILITIES
TOTAL
\nInterest-bearing non-current liabilities
23, 24
0
3 432
3 432
0
3 432
\nInterest-bearing current liabilities
23, 24
0
310
310
0
310
\nOther non-current liabilities
24
313
0
313
191
504
\nTrade and other payables
24
0
1 688
1 688
557
2 245
\nOther current liabilities
24
219
0
219
145
364
\n31.12.2021
NOTE
\nFAIR VALUE THROUGH
\nOTHER COMPREHENSIVE
\nINCOME
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nASSETS
\nNON-
\nFINANCIAL
\nASSETS
TOTAL
\nOther non-current assets
24
0
287
5
292
13
305
\nTrade and other receivables
20
0
0
1 082
1 082
329
1 411
\nCash and cash equivalents
0
0
1 489
1 489
0
1 489
\nOther current assets
24
0
308
0
308
176
484
\n31.12.2021
NOTE
\nFAIR VALUE
\nTHROUGH
\nPROFIT OR
\nLOSS
\nAMORTISED
\nCOST
\nTOTAL
\nFINANCIAL
\nLIABILITIES
\nNON-
\nFINANCIAL
\nLIABILITIES
TOTAL
\nInterest-bearing non-current liabilities
23, 24
0
2 356
2 356
0
\n2 356
\nInterest-bearing current liabilities
23, 24
0
187
187
0
\n187
\nOther non-current liabilities
24
270
0
270
192
\n463
\nTrade and other payables
24
0
1 586
1 586
324
\n1 910
\nOther current liabilities
24
223
0
223
231
\n454
\nSee Note 24 for further specification of financial assets and financial liabilities.
\n\n\n\n\n\n\nFAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
\nAND LIABILITIES
\nThe table below classifies financial assets and liabilities instruments measured
\nin the balance sheet at fair value, by valuation method. The di\ufb00erent valuation
\nmethods are described as levels and are defined as follows:
\nLevel 1: Quoted prices (unadjusted) in active markets for identical assets or
\nliabilities.
\nLevel 2: Inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (i.e. as prices) or indirectly
\n(i.e. derived from prices).
\nLevel 3: Inputs for the asset or liability are not based on observable market
\ndata (i.e. unobservable inputs).
\n31.12.2022
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
13
13
0
0
13
\nCommodity contracts
578
578
0
0
578
\nMiscellaneous other non-current assets
168
168
0
0
168
\nOther non-current assets
760
760
0
0
760
\nTrade receivable
818
818
0
0
818
\nVAT receivables
173
173
0
0
173
\nOther receivables
214
214
0
0
214
\nTrade and other receivables
1 205
1 205
0
0
1 205
\nDerivatives
0
0
0
0
0
\nCommodity contracts
392
392
0
0
392
\nCurrent investments
0
0
0
0
0
\nOther current assets
392
392
0
0
392
\nCash and cash equivalents
2 650
2 650
0
0
2 650
\nInterest-bearing non-current liabilities
3 432
3 481
0
1 491
1 989
\nInterest-bearing current liabilities
310
310
0
0
310
\nTotal interest-bearing liabilities
3 742
3 791
0
1 491
2 300
\nDerivatives
0
0
0
0
0
\nCommodity contracts
313
313
0
0
313
\nOther non-current liabilities
313
313
0
0
313
\nTrade payables
819
819
0
0
819
\nOther payables
869
869
0
0
869
\nTrade and other payables
1 688
1 688
0
0
1 688
\nDerivatives
1
1
0
0
1
\nCommodity contracts
209
209
0
0
209
\nFinancial current liabilities
9
9
0
0
9
\nOther current liabilities
219
219
0
0
219
31.12.2021
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
0
0
0
0
0
\nCommodity contracts
176
176
0
0
176
\nMiscellaneous other non-current assets
116
116
0
0
116
\nOther non-current assets
292
292
0
0
292
\nTrade receivable
727
727
0
0
727
\nVAT receivables
122
122
0
0
122
\nOther receivables
233
233
0
0
233
\nTrade and other receivables
1 082
1 082
0
0
1 082
\nDerivatives
0
0
0
0
0
\nCommodity contracts
308
308
0
0
308
\nCurrent investments
0
0
0
0
0
\nOther current assets
308
308
0
0
308
\nCash and cash equivalents
1 489
1 489
0
0
1 489
\nInterest-bearing non-current liabilities
2 356
2 434
0
1 552
882
\nInterest-bearing current liabilities
187
187
0
0
187
\nTotal interest-bearing liabilities
2 543
2 621
0
1 552
1 069
\nDerivatives
0
0
0
0
0
\nCommodity contracts
270
270
0
0
270
\nOther non-current liabilities
270
270
0
0
270
\nTrade payables
1 018
1 018
0
0
1 018
\nOther payables
568
568
0
0
568
\nTrade and other payables
1 586
1 586
0
0
1 586
\nDerivatives
1
1
0
0
1
\nCommodity contracts
215
215
0
0
215
\nFinancial current liabilities
7
7
0
0
7
\nOther current liabilities
223
223
0
0
223
\n\nThe fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
\nassessed by using price indications from banks at the reporting date. There is
\nsome uncertainty associated with the calculated fair value of Level 3 interest-
\nbearing liabilities. The fair value calculation on other interest-bearing liabilities
\n(Level 3) is based on acknowledged valuation principles according to IFRS but
\nis not necessarily an estimate of the amount the group would have to cover if
\nit were to repay all its debt to all lenders.
\nThe fair values of cash and cash equivalents, trade receivables and other
\nreceivables, other assets, trade payables and other payables and other current
\nliabilities remain largely consistent with the book value due to the short
\nmaturities of such positions. The fair value of derivatives and commodity
\ncontracts is described in Note 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12041": {
"value": "31.12.2022
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
13
13
0
0
13
\nCommodity contracts
578
578
0
0
578
\nMiscellaneous other non-current assets
168
168
0
0
168
\nOther non-current assets
760
760
0
0
760
\nTrade receivable
818
818
0
0
818
\nVAT receivables
173
173
0
0
173
\nOther receivables
214
214
0
0
214
\nTrade and other receivables
1 205
1 205
0
0
1 205
\nDerivatives
0
0
0
0
0
\nCommodity contracts
392
392
0
0
392
\nCurrent investments
0
0
0
0
0
\nOther current assets
392
392
0
0
392
\nCash and cash equivalents
2 650
2 650
0
0
2 650
\nInterest-bearing non-current liabilities
3 432
3 481
0
1 491
1 989
\nInterest-bearing current liabilities
310
310
0
0
310
\nTotal interest-bearing liabilities
3 742
3 791
0
1 491
2 300
\nDerivatives
0
0
0
0
0
\nCommodity contracts
313
313
0
0
313
\nOther non-current liabilities
313
313
0
0
313
\nTrade payables
819
819
0
0
819
\nOther payables
869
869
0
0
869
\nTrade and other payables
1 688
1 688
0
0
1 688
\nDerivatives
1
1
0
0
1
\nCommodity contracts
209
209
0
0
209
\nFinancial current liabilities
9
9
0
0
9
\nOther current liabilities
219
219
0
0
219
31.12.2021
\nCARRYING
\nAMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
\nDerivatives
0
0
0
0
0
\nCommodity contracts
176
176
0
0
176
\nMiscellaneous other non-current assets
116
116
0
0
116
\nOther non-current assets
292
292
0
0
292
\nTrade receivable
727
727
0
0
727
\nVAT receivables
122
122
0
0
122
\nOther receivables
233
233
0
0
233
\nTrade and other receivables
1 082
1 082
0
0
1 082
\nDerivatives
0
0
0
0
0
\nCommodity contracts
308
308
0
0
308
\nCurrent investments
0
0
0
0
0
\nOther current assets
308
308
0
0
308
\nCash and cash equivalents
1 489
1 489
0
0
1 489
\nInterest-bearing non-current liabilities
2 356
2 434
0
1 552
882
\nInterest-bearing current liabilities
187
187
0
0
187
\nTotal interest-bearing liabilities
2 543
2 621
0
1 552
1 069
\nDerivatives
0
0
0
0
0
\nCommodity contracts
270
270
0
0
270
\nOther non-current liabilities
270
270
0
0
270
\nTrade payables
1 018
1 018
0
0
1 018
\nOther payables
568
568
0
0
568
\nTrade and other payables
1 586
1 586
0
0
1 586
\nDerivatives
1
1
0
0
1
\nCommodity contracts
215
215
0
0
215
\nFinancial current liabilities
7
7
0
0
7
\nOther current liabilities
223
223
0
0
223
20.
Receivables and other non-current assets
\nNOTE
31.12.2022
31.12.2021
\nTrade and other receivables
\nTrade receivables
818
729
\nProvision for bad debt
-44
-43
\nVAT receivables
173
122
\nPrepaid expenses
52
44
\nOther receivables
945
558
\nTotal
1 944
1 411
\nOther non-current assets
\nLong-term shareholdings
17
116
111
\nDerivatives
13
0
\nCommodity contracts
578
176
\nPension plan assets
21
8
13
\nOther non-current receivables
53
5
\nTotal
768
305
\n\n\nI
\n\nNorske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
\nSkog Saugbrugs have factoring facility agreements where the future cash flow
\non certain trade receivables are sold. The facility has a limit of EUR 25 million
\nfor Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
\ncombined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
\nSaugbrugs. There are no financial covenants in these factoring facility
\nagreements. Trade receivables that have been sold are deducted from trade
\nreceivables in the balance sheet. The utilisation at 31 December 2022 was
\nNOK 605 million (NOK 594 million).
\nAt 31 December 2022 advances received from contracts with customers
\namounted to NOK 0 million and other revenue accruals for invoice not sent
\namounted to NOK 0 million (NOK 0 million and NOK 0 million). In addition,
\nreceived advances from customers not invoiced NOK 0 million at 31 December
\n2022 (NOK 0 million).
\nThe credit risk on trade and other receivables is continuously monitored,
\nindependent of due date. The group\u2019s sales are mainly to large customers with
\na historically low degree of default. Collateral as security is not normally
\nrequested. Further information regarding the group\u2019s credit policy for sales is
\nprovided in Note 4.
\nAGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
31.12.2022
31.12.2021
\nNot due
1 812
1 259
\n0 to 3 months
139
157
\n3 to 6 months
0
0
\nOver 6 months
38
37
\nTotal
\n1)
\n1 988
1 454
\n1)
\nDoes not include provision for bad debt.
\nThe maximum credit risk exposure at the year-end is the fair value of each class of receivable mentioned above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12555": {
"value": "DESCRIPTION OF THE DEFINED BENEFIT PLANS
\nThe key terms in Norske Skog\u2019s major defined benefit plans are shown in the
\ntable below.
\nBENEFIT IN % OF
\nPENSIONABLE
\nEARNINGS
YEARS OF SERVICE
PENSIONABLE AGE
\nEARLY RETIREMENT
\nAGE
ACTIVE MEMBERS
\nNorske Skog ASA
65
30
70
62
1
\nNorske Skog Saugbrugs AS
65
30
70
62
39
\nNorske Skog Skogn AS
65
30
70
62
46
\nNorske Skog Golbey SAS
0
42
62
60
354
\nThe defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
\nDeutschland GmbH is closed.
\nThe defined benefit schemes in Norway cover people between 64 and 67
\nyears of age, born before 1 January 1959 and who were employed before 1
\nJanuary 2011 when the plan was closed. The defined benefit obligations in
\nNorway only encompass active members since they leave the defined benefit
\nscheme (having a paid-up policy) when they retire.
\nPlan assets of the pension schemes in Norske Skog ASA, Norske Skog
\nSaugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
\ncompany and invested in accordance with the general guidelines governing
\ninvestments by life insurance companies in Norway.
\nWhen evaluating plan assets, it is based on the assumptions as at 31 December.
\nThis estimated value is adjusted every year in accordance with the figures for
\nthe market value of the assets provided by the insurance company.
\nWhen measuring the incurred obligations, it is based on the assumptions as at
\n31 December. This estimated obligation is adjusted every year in accordance
\nwith the figures for incurred pension obligations provided by the actuary.
\nIn addition to the benefit obligation funded through insurance plans, the group
\nhas unfunded benefit obligations. The unfunded obligations include estimated
\nfuture obligations relating to the former Norwegian early retirement scheme,
\npensions to former owners of subsidiaries as well as pensions for senior
\nmanagement and directors. Obligations relating to senior management
\npensions are partly funded through a supplementary retirement plan with a
\nlife insurance company.
\nIn addition to defined benefit plans, there are also various defined contribution
\nplans. Norwegian entities have a defined contribution scheme with a
\ncontribution of 4% for earnings up to 7.1 G and 10% between 7.1 and 12 G
.
\nWith e\ufb00ect from 1 January 2023 the contribution has increased to 5% for
\nearnings up to 7.1 G and 17% between 7.1 and 12 G
. In Australia and New
\nZealand contribution are made for employees to local plans that provide
\nretirement, death and disability benefits for employees and their dependants.
ASSUMPTIONS MADE WHEN CALCULATING FUTURE BENEFIT OBLIGATIONS
2022
2021
\nDiscount rate
3.14%
1.50%
\nExpected return on plan assets
3.20%
1.50%
\nSalary adjustment
2.00%
1.50%
\nInflation rate
2.15%
1.50%
\nPension adjustment
3.63%
0.75%
\n\n\nThe discount rate applied for the pension schemes in Norway for 2022 is
\nbased on the interest rate for covered bonds. Subsidiaries can deviate from
\nthese assumptions if local conditions require this. The discount rates applied
\nvary from 3.15% to 4.21% and pension adjustments vary from 1.7% to 11.1%
.
\nNorske Skog has used the mortality table K2013BE in Norway, Richttafeln
\n2018G in Germany and AVO 2018-P in Austria.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12993": {
"value": "22. Provisions
\nRESTRUCTURING
\nPROVISION
\nDISMANTLING
\nPROVISION
\nENVIRONMENTAL
\nPROVISION
\nBalance 1 January 2021
70
19
208
\nChanges and new provisions
214
-19
-39
\nUtilised during the year
-220
0
-1
\nPeriodic unwinding of discount
0
0
2
\nCurrency translation di\ufb00erences
0
0
-5
\nBalance 31 December 2021
63
0
165
\nChanges and new provisions
11
0
5
\nUtilised during the year
-33
0
-12
\nPeriodic unwinding of discount
0
0
3
\nCurrency translation di\ufb00erences
2
0
7
\nBalance 31 December 2022
43
0
168
\n\n\n\n\n\nRESTRUCTURING PROVISION
\nRestructuring provision is included in the balance sheet line other current
\nliabilities. The restructuring provision of NOK 43 million at 31 December 2022
\nincludes various restructuring activities included provision for severance
\npayments and other costs (Publication paper Europe NOK 6 million and
\nPublication paper Australasia NOK 18 million). The amount expensed in 2022
\nin relation to restructuring activities amounted to NOK 11 million (Publication
\npaper Australasia NOK 11 million).
\nThe restructuring provision of NOK 63 million at 31 December 2021 includes
\nvarious restructuring activities included provision for severance payments
\nand other costs (Publication paper Europe NOK 18 million and Publication
\npaper Australasia NOK 43 million). The amount expensed in 2021 in relation
\nto restructuring activities amounted to NOK 192 million (Publication paper
\nEurope NOK 16 million and Publication paper Australasia NOK 174 million).
\nNOK 19 million of the increase in provision during 2021 is due to a reclassifi-
\ncation from long term dismantling provision to short term as part of the
\nclosure of the production at Norske Skog Tasman.
\nDISMANTLING PROVISION
\nProvisions related to future dismantling costs arising from a future closing
\ndown of production facilities amounted to NOK 0 million at 31 December 2022,
\ncompared to NOK 0 million at 31 December 2021.
\nThe total amount is normally classified as non-current and will only be realised
\nat the time of a future shut down of any of the Norske Skog production units.
\nThe provision is the net present value of the future estimated costs, calculated
\nusing a long-term risk-free interest rate. The periodic unwinding of the
\ndiscount is recognised in the income statement line financial expenses. The
\nopposite entry for dismantling provision and change in provision estimates
\nis property, plant and equipment. In 2021 the remaining amount of
\nNOK 19 million was reclassified from long term to short term as part of the
\nclosure of the production at the Norske Skog Tasman. This is included in the
\nbalance sheet line other current liabilities.
\nENVIRONMENTAL PROVISION
\nThe group\u2019s provision for environmental obligations is presented in the
\nbalance sheet as other non-current liabilities. The provision is related to
\nestimated future costs for cleaning up any environmental pollution caused by
\nNorske Skog production units. The provision will mainly be realised in a future
\nperiod upon a potential shut down of the production activities of any of the
\nNorske Skog production units. Increased environmental requirements from
\nlocal governments may also lead to realisation of this provision at an earlier
\npoint in time.
\nProvisions for future environmental obligations amounted to NOK 167 million
\nat 31 December 2022 compared to NOK 165 million at 31 December 2021.
\nResources spent on environmental activities during 2022 amounted to
\nNOK 12 million.
\nThe carrying value of the provision is the best estimate made by measuring
\nthe expected value of the specific obligations, discounted to present value
\nusing a long-term risk-free interest rate when the time value of money is
\nmaterial. Changes in factors included in the expected value will impact the
\ncarrying value of the obligation. To illustrate the sensitivity, a reduction in the
\nfuture discount rate by one percentage point would increase the provision by
\napproximately NOK 12 million. Changes in accounting estimates not related to
\nassets are classified as operating items in the income statement, and the
\nperiodic unwinding of the discount is recognised within the income statement
\nline financial expenses.
\nCONTINGENT LIABILITIES
\nNorske Skog is an international company that, through its ongoing business
\noperations, will be exposed to litigation and claims from public authorities and
\ncontracting parties as well as assessments from public authorities in each
\ncountry it operates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13113": {
"value": "CONTINGENT LIABILITIES Norske Skog is an international company that, through its ongoing business
\noperations, will be exposed to litigation and claims from public authorities and
\ncontracting parties as well as assessments from public authorities in each
country it operates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13131": {
"value": "23. Interest-bearing liabilities
\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2022
31.12.2021
\nBonds
1 460
1 498
\nDebt to financial institutions
2 171
875
\nFactoring facilities
56
82
\nTotal
3 687
2 456
\n\n\n\n\n\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
\nCURRENCY AMOUNT
\n31.12.2022
\nNOK
\n31.12.2022
\nNOK
\n31.12.2021
\nEUR
342
3 593
2 352
\nAUD
3
21
25
\nTotal interest-bearing debt in foreign currencies
3 614
2 377
\nNOK
73
79
\nTotal interest-bearing debt
3 687
2 456
\nIn the first quarter of 2021 Norske Skog issued a EUR 150 million senior
\nsecured bond. The bond matures in March 2026 and has an interest rate of
\nEURIBOR (zero floor) + 5.5% with quarterly interest payments
. The proceeds
\nwere mainly used to refinance the EUR 125 million bond and for general
\ncorporate purposes. During 2022 Norske Skog bought back a nominal amount
\nof EUR 11.6 million
. At 31 December 2022, the outstanding amount, net of
\nbought back bonds was EUR 138.4 million
.
\nNorske Skog has a EUR 31 million Revolving Credit Facility with maturity in
\nMarch 2026. At 31 December 2022, the facility was undrawn.
\nIn the fourth quarter of 2021 Norske Skog announced that it had entered into
\ncredit facility agreements in an aggregate amount of EUR 265 million to
\nfinance its EUR 350 million investment to convert two paper machines into
\nproducing packaging paper. EUR 193 million relates to Norske Skog Golbey
\nand EUR 72 million relates to Norske Skog Bruck. The borrowing entities are
\nNorske Skog Golbey SAS and Norske Skog Bruck GmbH, and the facilities are
\nfully guaranteed by Norske Skog ASA. During 2022 the facilities has been
\ndrawn upon as capital expenditures have incurred, and on 31 December 2022
\nthe credit facilities had been drawn by approximately EUR 136 million.
\nRepayment is scheduled to commence approximately upon completion of
\neach respective project with average maturity in end of 2030.
\nIn 2022 Norske Skog Bruck completed the construction of an incineration
\nboiler. The construction costs have been partly financed by a EUR 54 million
\ncredit facility. During 2022 the credit facility was fully drawn and in fourth
\nquarter 2022 the first scheduled repayment was made. The facility will be
\nrepaid in quarterly instalments up until the final maturity date in 2028. The
\nborrower under the facility is Norske Skog Bruck GmbH and Norske Skog ASA
\nhas provided a guarantee of EUR 20 million. At 31 December 2022, the outstanding
\namount under the credit facility was approximately EUR 51.8 million
.
\nThe financial covenants applicable to Norske Skog on a consolidated basis are
\n(i) freely available and unrestricted cash and cash equivalents of minimum
\nNOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, and (iii)
\nbook equity to total assets of minimum 25% and (iv) minimum last twelve
\nmonths (LTM) EBITDA of NOK 400 million. In addition, there are various
\ncompany specific financial covenants applicable to the subsidiaries acting as
\nborrowers under the respective credit facilities.
\nThe EBITDA used in the calculation of financial covenants may di\ufb00er from the
\nEBITDA shown in the financial reporting due to adjustment requirements in
\nthe facility agreements.
\nThe remaining financing arrangements for the group includes leasing,
\nfactoring, and other credit facilities in the mill owning entities.
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged its trade
\nreceivables in favour of its factoring providers. In addition, Norske Skog Skogn
\nAS and Norske Skog Saugbrugs AS have pledged certain parts of its property
\nand assets in favour of the EUR 31 million RCF and the EUR 150 million senior
\nsecured bond. Saugbrugs Bioenergi AS, a wholly owned subsidiary of Norske
\nSkog Saugbrugs AS, has pledged certain parts of its property and assets in
\nfavour of the lenders under a credit facility financing its biogas facility. Norske
\nSkog Golbey SAS has pledged certain parts of its property, in an amount of up
\nto EUR 13 million, in favour of a bank guarantor under a guarantee to one of its
\nenergy suppliers. In addition, Norske Skog Golbey SAS has pledged certain
\nparts of its property and assets and Norske Skog ASA has pledged the shares
\nin Norske Skog Golbey SAS in favour of the lenders under the packaging
\nconversion facilities. Norske Skog Bruck GmbH has pledged certain parts of
\nits property and assets in favour of the lenders under the EUR 54 million credit
\nfacility and the packaging conversion facilities.
\nThe average interest rate at 31 December 2022 was 5.2% (4.4%)
.
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2022
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2023
273
277
0
551
\n2024
210
379
0
589
\n2025
194
520
0
714
\n2026
89
391
1 460
1 940
\n2027
42
346
0
389
\n2028
30
210
0
240
\n2029
20
70
0
90
\n2030
13
13
0
26
\n2031
8
13
0
21
\n2032 ->
3
7
0
10
\nTotal
883
2 226
1 460
4 569
\n\n\nSCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2021
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2022
104
300
0
404
\n2023
99
143
0
242
\n2024
94
134
0
228
\n2025
91
133
0
223
\n2026
25
105
1 498
1 628
\n2027
2
104
0
106
\n2028
1
13
0
14
\n2029
0
7
0
7
\n2030
0
7
0
7
\n2031 ->
0
13
0
13
\nTotal
416
958
1 498
2 872
\n1)
\nincluding full instalments for the EUR 54 million credit facility
\nThe debt amounts set out above may di\ufb00er from the carrying value in the
\nbalance sheet due to the amortised cost principle and exclusion of debt items
\nrelated to leases. At 31 December 2022, the financial statements included
\namortised cos in an amount of NOK 18 million (NOK 24 million), and the
\namount of interest-bearing debt related to leases was NOK 74 million. See
\nNote 16.
\nTrade payables amounted to NOK 819 million at 31 December 2022
\n(NOK 1
018 million).
\nDrawn amounts from securitization arrangements is classified as interest-
\nbearing current liabilities. This amounts to NOK 56 million in scheduled
\nrepayments in 2023. The financed amount represents a group of individual
\nloans, which are settled individually at maturity of the accounts receivable.
\nNew loans are initiated on a consecutive basis based on new accounts
\nreceivable included under the securitization agreement. The liability is in its
\nnature current and Norske Skog does not have an unconditional right to defer
\nsettlement beyond twelve months. The liabilities are liabilities that are settled
\nthrough its normal operating cycle. The corresponding accounts receivable is
\nderecognised when the customer pays it.
\nAt 31 December 2022, Norske Skog ASA and its subsidiaries had issued bank
\nguarantees on its behalf in an amount of NOK 165 million (NOK 169 million).
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\nparts of its assets and machinery, in an amount of up to NOK 200 million,
\nto its energy suppliers under long term energy supply agreements. The
\nsecurity has priority behind the EUR 31 million revolving credit facility and
\nthe EUR 150 million senior secured bond.
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2022
2021
\nBalance 1 January
2 543
1 705
\nNew loans raised
1 354
1 202
\nRepayments
-321
-383
\nNew leasing debt
16
29
\nLoss early repayment of bond and amortisaton of transaction costs debt issuance
7
52
\nCurrency translation di\ufb00erences
-143
-62
\nBalance 31 December
3 742
2 543
\nCurrent
310
187
\nNon-current
3 432
2 356",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13132": {
"value": "23. Interest-bearing liabilities
\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2022
31.12.2021
\nBonds
1 460
1 498
\nDebt to financial institutions
2 171
875
\nFactoring facilities
56
82
\nTotal
3 687
2 456
\n\n\n\n\n\nINTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
\nCURRENCY AMOUNT
\n31.12.2022
\nNOK
\n31.12.2022
\nNOK
\n31.12.2021
\nEUR
342
3 593
2 352
\nAUD
3
21
25
\nTotal interest-bearing debt in foreign currencies
3 614
2 377
\nNOK
73
79
\nTotal interest-bearing debt
3 687
2 456
\nIn the first quarter of 2021 Norske Skog issued a EUR 150 million senior
\nsecured bond. The bond matures in March 2026 and has an interest rate of
\nEURIBOR (zero floor) + 5.5% with quarterly interest payments
. The proceeds
\nwere mainly used to refinance the EUR 125 million bond and for general
\ncorporate purposes. During 2022 Norske Skog bought back a nominal amount
\nof EUR 11.6 million
. At 31 December 2022, the outstanding amount, net of
\nbought back bonds was EUR 138.4 million
.
\nNorske Skog has a EUR 31 million Revolving Credit Facility with maturity in
\nMarch 2026. At 31 December 2022, the facility was undrawn.
\nIn the fourth quarter of 2021 Norske Skog announced that it had entered into
\ncredit facility agreements in an aggregate amount of EUR 265 million to
\nfinance its EUR 350 million investment to convert two paper machines into
\nproducing packaging paper. EUR 193 million relates to Norske Skog Golbey
\nand EUR 72 million relates to Norske Skog Bruck. The borrowing entities are
\nNorske Skog Golbey SAS and Norske Skog Bruck GmbH, and the facilities are
\nfully guaranteed by Norske Skog ASA. During 2022 the facilities has been
\ndrawn upon as capital expenditures have incurred, and on 31 December 2022
\nthe credit facilities had been drawn by approximately EUR 136 million.
\nRepayment is scheduled to commence approximately upon completion of
\neach respective project with average maturity in end of 2030.
\nIn 2022 Norske Skog Bruck completed the construction of an incineration
\nboiler. The construction costs have been partly financed by a EUR 54 million
\ncredit facility. During 2022 the credit facility was fully drawn and in fourth
\nquarter 2022 the first scheduled repayment was made. The facility will be
\nrepaid in quarterly instalments up until the final maturity date in 2028. The
\nborrower under the facility is Norske Skog Bruck GmbH and Norske Skog ASA
\nhas provided a guarantee of EUR 20 million. At 31 December 2022, the outstanding
\namount under the credit facility was approximately EUR 51.8 million
.
\nThe financial covenants applicable to Norske Skog on a consolidated basis are
\n(i) freely available and unrestricted cash and cash equivalents of minimum
\nNOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, and (iii)
\nbook equity to total assets of minimum 25% and (iv) minimum last twelve
\nmonths (LTM) EBITDA of NOK 400 million. In addition, there are various
\ncompany specific financial covenants applicable to the subsidiaries acting as
\nborrowers under the respective credit facilities.
\nThe EBITDA used in the calculation of financial covenants may di\ufb00er from the
\nEBITDA shown in the financial reporting due to adjustment requirements in
\nthe facility agreements.
\nThe remaining financing arrangements for the group includes leasing,
\nfactoring, and other credit facilities in the mill owning entities.
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged its trade
\nreceivables in favour of its factoring providers. In addition, Norske Skog Skogn
\nAS and Norske Skog Saugbrugs AS have pledged certain parts of its property
\nand assets in favour of the EUR 31 million RCF and the EUR 150 million senior
\nsecured bond. Saugbrugs Bioenergi AS, a wholly owned subsidiary of Norske
\nSkog Saugbrugs AS, has pledged certain parts of its property and assets in
\nfavour of the lenders under a credit facility financing its biogas facility. Norske
\nSkog Golbey SAS has pledged certain parts of its property, in an amount of up
\nto EUR 13 million, in favour of a bank guarantor under a guarantee to one of its
\nenergy suppliers. In addition, Norske Skog Golbey SAS has pledged certain
\nparts of its property and assets and Norske Skog ASA has pledged the shares
\nin Norske Skog Golbey SAS in favour of the lenders under the packaging
\nconversion facilities. Norske Skog Bruck GmbH has pledged certain parts of
\nits property and assets in favour of the lenders under the EUR 54 million credit
\nfacility and the packaging conversion facilities.
\nThe average interest rate at 31 December 2022 was 5.2% (4.4%)
.
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2022
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2023
273
277
0
551
\n2024
210
379
0
589
\n2025
194
520
0
714
\n2026
89
391
1 460
1 940
\n2027
42
346
0
389
\n2028
30
210
0
240
\n2029
20
70
0
90
\n2030
13
13
0
26
\n2031
8
13
0
21
\n2032 ->
3
7
0
10
\nTotal
883
2 226
1 460
4 569
\n\n\nSCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
\nDEBT AND INTEREST AT 31.12.2021
INTEREST
OTHER LOANS
\n1)
\nBONDS
TOTAL
\n2022
104
300
0
404
\n2023
99
143
0
242
\n2024
94
134
0
228
\n2025
91
133
0
223
\n2026
25
105
1 498
1 628
\n2027
2
104
0
106
\n2028
1
13
0
14
\n2029
0
7
0
7
\n2030
0
7
0
7
\n2031 ->
0
13
0
13
\nTotal
416
958
1 498
2 872
\n1)
\nincluding full instalments for the EUR 54 million credit facility
\nThe debt amounts set out above may di\ufb00er from the carrying value in the
\nbalance sheet due to the amortised cost principle and exclusion of debt items
\nrelated to leases. At 31 December 2022, the financial statements included
\namortised cos in an amount of NOK 18 million (NOK 24 million), and the
\namount of interest-bearing debt related to leases was NOK 74 million. See
\nNote 16.
\nTrade payables amounted to NOK 819 million at 31 December 2022
\n(NOK 1
018 million).
\nDrawn amounts from securitization arrangements is classified as interest-
\nbearing current liabilities. This amounts to NOK 56 million in scheduled
\nrepayments in 2023. The financed amount represents a group of individual
\nloans, which are settled individually at maturity of the accounts receivable.
\nNew loans are initiated on a consecutive basis based on new accounts
\nreceivable included under the securitization agreement. The liability is in its
\nnature current and Norske Skog does not have an unconditional right to defer
\nsettlement beyond twelve months. The liabilities are liabilities that are settled
\nthrough its normal operating cycle. The corresponding accounts receivable is
\nderecognised when the customer pays it.
\nAt 31 December 2022, Norske Skog ASA and its subsidiaries had issued bank
\nguarantees on its behalf in an amount of NOK 165 million (NOK 169 million).
\nNorske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\nparts of its assets and machinery, in an amount of up to NOK 200 million,
\nto its energy suppliers under long term energy supply agreements. The
\nsecurity has priority behind the EUR 31 million revolving credit facility and
\nthe EUR 150 million senior secured bond.
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2022
2021
\nBalance 1 January
2 543
1 705
\nNew loans raised
1 354
1 202
\nRepayments
-321
-383
\nNew leasing debt
16
29
\nLoss early repayment of bond and amortisaton of transaction costs debt issuance
7
52
\nCurrency translation di\ufb00erences
-143
-62
\nBalance 31 December
3 742
2 543
\nCurrent
310
187
\nNon-current
3 432
2 356",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13437": {
"value": "RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 2022
2021
\nBalance 1 January
2 543
1 705
\nNew loans raised
1 354
1 202
\nRepayments
-321
-383
\nNew leasing debt
16
29
\nLoss early repayment of bond and amortisaton of transaction costs debt issuance
7
52
\nCurrency translation di\ufb00erences
-143
-62
\nBalance 31 December
3 742
2 543
\nCurrent
310
187
\nNon-current
3 432
2 356",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13484": {
"value": "Note 2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13485": {
"value": "Note 2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13486": {
"value": "Note 2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13487": {
"value": "Note 2022
2021
\nInventories
\nRaw materials and other production goods
795
742
\nSemi-manufactured materials
16
7
\nFinished goods
652
454
\nTotal
5
1 464
1 203
\nOther current assets
\nCommodity contracts
392
308
\nOther current assets
90
176
\nTotal
481
484
\nTrade and other payables
\nTrade payables
819
1 018
\nAccrued labour costs and taxes
664
419
\nAccrued expenses
728
419
\nOther interest-free liabilities
31
55
\nTotal
19
2 245
1 910
\nOther current liabilities
\nDerivatives
1
1
\nCommodity contracts
209
215
\nAccrued emission rights
65
136
\nAccrued financial costs
9
7
\nOther current employee benefits
37
32
\nRestructuring provision
22
43
63
\nTotal
19
364
454
Note
2022
2021
\nOther non-current liabilities
\nCommodity contracts
313
270
\nEnvironmental provision
22
168
165
\nDeferred recognition of government grants
23
21
\nOther non-interest-bearing debt
0
6
\nTotal
19
504
463
\nInterest-bearing non-current liabilities
\nBond (amortised cost)
1 442
1 474
\nDebt to financial institutions
1 949
814
\nLeasing liabilities
16
40
68
\nTotal
19
3 432
2 356
\nInterest-bearing current liabilities
\nDebt to financial institutions and bond (amortised cost)
277
143
\nLeasing liabilities
16
33
43
\nTotal
19
310
187",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13642": {
"value": "25. Related parties
\nOceanwood Special Situations Malta Limited has during 2022 been a related
\nparty to Norske Skog through the ownership in NS Norway Holding AS (largest
\nshareholder).
\nThere have been no transactions with Oceanwood Special Situations Malta
\nLimited in 2022.
\nOn 8 February 2023 NS Norway Holding AS sold 15
896 681
shares in
\nNorske Skog ASA. Following this sale NS Norway Holding AS holds no shares
\nin Norske Skog ASA.
\nBalances and transactions between the group and subsidiaries listed in Note
\n17, have been eliminated on consolidation and are not disclosed in this note.
\nRemuneration for corporate management is presented in Note 7. Remuneration
\nfor leading personnel is presented in the remuneration report available at
\nwww.norskeskog.com.
\nAll transactions with related parties are conducted on normal commercial
\nterms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13726": {
"value": "27. Events after the balance sheet date
\nOn 9 March 2023, following a request from Byggma ASA and Drangsland
\nKapital AS which are under common control by Investor AS, Norske Skog ASA
\nheld an extraordinary general meeting pursuant to Section 5-7 (2) of the
\nNorwegian
Public
Limited
Liability
Companies
Act.
Based
on
the
\nrecommendation from the nomination committee the extraordinary general
\nmeeting resolved that Geir Drangsland was elected as the new chair of the
\nboard of directors replacing John Chiang and that Asbj\u00f8rn Andr\u00e9 Dypdahl
\n(employee and main union representative of Norske Skog Skogn AS) is elected
\nas an observer to replace Svein Erik Veie.
\nThere have been no events after the balance sheet date with significant
\nimpact on the financial statements for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900MYY60WXHHY3039",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}