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"ConsolidatedStatementOfChangesInGroupEquity_Label_0073": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_Label_0076": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_Label_0072": { "value": "205000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_Label_0071": { "value": "205000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_PeriodEndLabel_00323": { "value": "6611000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_PeriodEndLabel_00322": { "value": "2249000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_PeriodEndLabel_00326": { "value": "8860000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_PeriodEndLabel_00321": { "value": "-3476000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInGroupEquity_PeriodEndLabel_00324": { "value": "5384000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "1.
General information
Norske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a
producer of packaging paper and publication paper across four mills in Europe.
Packaging paper includes testliner and fluting and publication paper includes
newsprint and magazine paper. The annual production capacity of packaging
paper will be 0.8 million tonnes when fully ramped up during 2026-2027 and
the annual publication paper production capacity is 1.3 million tonnes
.
Packaging paper and publication paper are sold through sales o\ufb00ices and
agents. In addition to the traditional publication paper business and the new
packaging paper business.
The group had 1
771 employees at 31 December 2024 and the parent
company, Norske Skog ASA, is a public limited liability company incorporated
in Norway and has its head o\ufb00ice at Sk\u00f8yen, and business address at Sj\u00f8lyst
plass 2, 0278 Oslo. The company is listed on Oslo Stock Exchange with the
ticker NSKOG.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "Norske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a producer of packaging paper and publication paper across four mills in Europe. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "Sj\u00f8lyst plass 2, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "Sj\u00f8lyst plass 2, 0278 Oslo.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "2.
Basis of preparation
The consolidated financial statements comprise the financial statements of
Norske Skog ASA and its subsidiaries as at 31 December 2024. The
consolidated financial statements are prepared in accordance with IFRS\u00ae
Accounting Standards (IFRS Accounting Standards) as adopted by the
European Union (EU). The consolidated financial statements are presented in
English only. All amounts are presented in NOK million unless otherwise
stated. There may be some small di\ufb00erences in the summation of columns
and rows due to rounding. The corresponding amounts for prior year are in
parenthesis. The consolidated financial statements were authorised for issue
by the board of directors in Norske Skog ASA on 18 March 2025.
The consolidated financial statements have been prepared based on
historical cost in all areas where there is no requirement to use fair value, as
modified by, available-for-sale financial assets and financial assets at fair
value through profit or loss. The policies have been consistently applied to all
periods presented, unless otherwise stated. They have been prepared under
the assumption of going concern.
PRESENTATION OF ACCOUNTING POLICIES
The presentation of accounting policies are presented as part of the note
they are relevant for.
DISCONTINUED OPERATIONS
During 2024, Norske Skog initiated a concrete sales process for its remaining
operations in Australasia. Sale is expected to be completed in 2025. Norske
Skog Industries Australia Ltd with subsidiaries represented the segment
publication paper Australasia. On 31 December 2024, publication paper
Australasia was classified as a disposal group held for sale and as a
discontinued operation. With publication paper Australasia being classified
as discontinued operations, the segment is no longer presented in the
segment note. See also Note 26 for further information.
BASIS OF CONSOLIDATION
All subsidiaries, see Note 20, are wholly-owned subsidiaries.
FOREIGN CURRENCY TRANSLATION
a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0\n \n
INCOME STATEMENT
BALANCE SHEET
2024
2023
31.12.2024
31.12.2023
AUD
7.09
7.02
7.03
6.91
EUR
11.62
11.42
11.80
11.24
GBP
13.74
13.14
14.22
12.93
USD
10.75
10.56
11.35
10.17
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
determined. Translation di\ufb00erences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
c) Group companies
The results and financial position of all group entities which have a functional
currency di\ufb00erent from the presentational currency are translated into the
presentational currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet,
ii. Income and expenses for each income statement are translated at average
exchange rates on monthly basis,
iii. All resulting exchange di\ufb00erences are booked to comprehensive income
On consolidation, exchange di\ufb00erences arising from the translation of the net
investment in foreign entities are booked as part of comprehensive income.
When a foreign operation is derecognized, such exchange di\ufb00erences are
booked out of comprehensive income and recognised in the income statement
line other operating income.
NEW AND AMENDED INTERPRETATION AND STANDARDS ADOPTED
BY THE GROUP
a) New standards e\ufb00ective from 1 January 2024
Changes in standards and interpretations during 2024 has not had any
material impact on Norske Skog\u2019s financial reporting.
b) New standards, interpretations and amendments not yet e\ufb00ective
There are a number of standards, amendments to standards, and inter-
pretations which have been issued by the IASB that are e\ufb00ective in future
accounting periods that the group has decided not to adopt early.
The 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:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "The consolidated financial statements have been prepared based on
historical cost in all areas where there is no requirement to use fair value, as
modified by, available-for-sale financial assets and financial assets at fair
value through profit or loss. The policies have been consistently applied to all
periods presented, unless otherwise stated. They have been prepared under
the assumption of going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "PRESENTATION OF ACCOUNTING POLICIES
The presentation of accounting policies are presented as part of the note
they are relevant for.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "DISCONTINUED OPERATIONS
During 2024, Norske Skog initiated a concrete sales process for its remaining
operations in Australasia. Sale is expected to be completed in 2025. Norske
Skog Industries Australia Ltd with subsidiaries represented the segment
publication paper Australasia. On 31 December 2024, publication paper
Australasia was classified as a disposal group held for sale and as a
discontinued operation. With publication paper Australasia being classified
as discontinued operations, the segment is no longer presented in the
segment note. See also Note 26 for further information.Discontinued operations
Publication paper Australasia has in 2024 been classified as a disposal group
held for sale and as discontinued operations and is therefore no longer
presented in the segment note. See further description in Note 26.26.
Discontinued operations
Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an
agreement to sell Norske Skog Industries Australia Ltd with subsidiaries was
signed. The sale of Norske Skog Industries Australia Ltd. is expected to be
completed within a year from the reporting date.
The business of Norske Skog Industries Australia Ltd with subsidiaries
represented the segment publication paper Australasia. On 31 December
2024, publication paper Australasia was classified as a disposal group held for
sale and as a discontinued operation.
Norske Skog has identified impairment indicators related to publication paper
Australasia. An impairment of NOK 176 million was recognised.
With publication paper Australasia being classified as discontinued operations,
the segment is no longer presented in the segment note. The financial
information relating to publication paper Australasia for the year are presented
below:
DISCONTINUED INCOME STATEMENT
\n \n
NOTE
2024
2023
Operating revenue
1 855
1 894
Other operating income
9
72
Total operating income
1 865
1 967
Distribution costs
-247
-253
Cost of materials
-1 176
-1 152
Employee benefit expenses
-326
-320
Other operating expenses
-196
-162
Restructuring expenses
-11
-6
Depreciation
18
-37
-50
Impairments
18
-176
-62
Total operating expenses
2 169
2 005
Operating earnings
-305
-38
Financial income
5
6
Financial expense
-19
-16
Gains/(losses) on foreign currency
-2
-5
Profit/(loss) before income taxes
-321
-54
Income taxes
0
0
Profit/(loss) from discontinued operations
-321
-54
DISCONTINUED COMPREHENSIVE INCOME
\n \n
2024
2023
Profit/(loss) from discontinued operations
-321
-54
Items that may be reclassified subsequently to profit or loss
Currency translation di\ufb00erences
-36
-62
Reclassified translation di\ufb00erences upon divestment of foreign operations
-7
5
Total
-43
-57
Other comprehensive income discontinued operations
-43
-57
Total comprehensive income discontinued operations
-364
-111
Earnings per share from discontinued operations
Basic earnings per share (NOK)
-3.78
-0.64
Diluted earnings per share (NOK)
-3.78
-0.64
\n
The major classes of assets and liabilities of publication paper Australasia classified as held for sale on 31 December are as follows:
\n
DISCONTINUED BALANCE SHEET
\n \n
NOTE
31.12.2024
Assets
Deferred tax assets
0
Intangible assets
18
1
Property, plant and equipment
18
91
Shares in subsidiaries
0
Investment in associated companies
0
Other non-current assets
0
Inventories
242
Trade and other receivables
245
Other current assets
1
Cash and cash equivalents
25
50
Assets held for sale
631
Liabilities
Employee benefit obligations
3
Deferred tax liability
0
Interest-bearing non-current liabilities
46
Other non-current liabilities
101
Trade and other payables
267
Interest-bearing current liabilities
12
Other current liabilities
33
Liabilities directly associated with assets held for sale
462
Net assets directly associated with assets held for sale
169
The net cash flows incurred by publication paper Australasia are as follows:
DISCONTINUED STATEMENT OF CASH FLOW
\n \n
2024
2023
Cash generated from operations
1 922
1 966
Cash used in operations
-1 950
-1 994
Interest payments received
5
6
Interest payments made
-14
-12
Net cash flow from operating activities
1)
-36
-34
Purchases of property, plant and equipment and intangible assets
-33
-44
Sales of property, plant and equipment and intangible assets
0
66
Sales of shares in companies and other financial instruments
-91
0
Net cash flow from investing activities
-124
22
Repayments of loans
-29
-22
Change in cashpool payable
30
73
Net cash flow from financing activities
1
51
Foreign currency e\ufb00ects on cash and cash equivalents
-1
-2
Total change in cash and cash equivalents
-160
38
Cash and cash equivalents at start of period
210
172
Cash and cash equivalents at end of period
50
210
1)
Reconciliation of net cash flow from operating activities
Profit/(loss) before income taxes from discontinued operations
-321
-54
Change in working capital
28
3
Change in restructuring provisions
0
-32
Depreciation and impairments
213
111
Gain and losses from divestment of business activities and property, plant and equipment
46
-52
Net financial items without cash e\ufb00ect
7
10
Adjustment for other items
-9
-19
Net cash flow from operating activities
-36
-34
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "BASIS OF CONSOLIDATION All subsidiaries, see Note 20, are wholly-owned subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "FOREIGN CURRENCY TRANSLATION
a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0\n \n
INCOME STATEMENT
BALANCE SHEET
2024
2023
31.12.2024
31.12.2023
AUD
7.09
7.02
7.03
6.91
EUR
11.62
11.42
11.80
11.24
GBP
13.74
13.14
14.22
12.93
USD
10.75
10.56
11.35
10.17
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
determined. Translation di\ufb00erences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
c) Group companies
The results and financial position of all group entities which have a functional
currency di\ufb00erent from the presentational currency are translated into the
presentational currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet,
ii. Income and expenses for each income statement are translated at average
exchange rates on monthly basis,
iii. All resulting exchange di\ufb00erences are booked to comprehensive income
On consolidation, exchange di\ufb00erences arising from the translation of the net
investment in foreign entities are booked as part of comprehensive income.
When a foreign operation is derecognized, such exchange di\ufb00erences are
booked out of comprehensive income and recognised in the income statement
line other operating income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0\n \n
INCOME STATEMENT
BALANCE SHEET
2024
2023
31.12.2024
31.12.2023
AUD
7.09
7.02
7.03
6.91
EUR
11.62
11.42
11.80
11.24
GBP
13.74
13.14
14.22
12.93
USD
10.75
10.56
11.35
10.17
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "3.
Important accounting estimates and assumptions
The preparation of consolidated financial statements in conformity with IFRS
requires the use of accounting estimates and assumptions for the future. It
also requires management to exercise its judgment in the process of applying
the group\u2019s accounting policies. Estimates and assumptions, which represent
a significant risk of a material adjustment in the carrying amount of assets and
liabilities during the coming financial year, are discussed below.
a) Accounting treatment of physical energy contracts and other financial
instruments
Norske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
contracts of which some contain embedded derivatives. The fair value of
embedded derivatives in physical contracts is influenced by price index
fluctuations.
Norske Skog has energy contracts in Norway that does not fulfil the criteria
for use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are
treated as financial derivatives in the scope of IFRS 9 and measured at fair
value through profit or loss. The fair value of the contracts will vary dependent
on the market price for energy in Norway.
The fair value of financial instruments that are not traded in an active market
is determined by using valuation techniques. The group uses its judgment to
select methods and make assumptions that are mainly based on market
conditions existing at each balance sheet date. See Note 12 and Note 21 for
further information.
b) Recoverable amount of intangible assets and property, plant and
equipment (PPE)
The group performs impairment tests to assess whether there has been a
decline in the value of intangible assets and PPE if there are impairment
indicators present. These are written down to their recoverable amount when
the recoverable amount is lower than the carrying value of the asset. The
recoverable amount from assets or cash-generating units is determined by
calculating the higher of fair value less costs to sell and value in use. Value in
use is the present value of the future cash flows expected to be derived from
an asset or cash-generating unit. Calculation of value in use requires use of
estimates. See Note 18 for further information. The group conducts annual
reviews of the remaining economic life of PPE. An increase or decrease in the
remaining economic life will have an impact on future depreciation, as well as
a\ufb00ect the cash flow period for calculating value in use.
c) Deferred tax assets and liabilities
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the deductible temporary
di\ufb00erences and unused tax losses can be utilised. For entities with a history of
recent tax losses, stronger evidence for utilisation is required when assessing
whether these assets should be recognized. See Note 15 for further
information.
d) Pension liabilities and other non-current employee benefit obligations
Several actuarial and economic assumptions are used in calculation of fair
value of pension liabilities. Changes in assumption used in the calculation
impact the estimated pension obligation. The assumptions are determined
locally for each individual pension plan and is normally reviewed annually. See
Note 27 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "a) Accounting treatment of physical energy contracts and other financial
instruments
Norske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
contracts of which some contain embedded derivatives. The fair value of
embedded derivatives in physical contracts is influenced by price index
fluctuations.
Norske Skog has energy contracts in Norway that does not fulfil the criteria
for use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are
treated as financial derivatives in the scope of IFRS 9 and measured at fair
value through profit or loss. The fair value of the contracts will vary dependent
on the market price for energy in Norway.
The fair value of financial instruments that are not traded in an active market
is determined by using valuation techniques. The group uses its judgment to
select methods and make assumptions that are mainly based on market
conditions existing at each balance sheet date. See Note 12 and Note 21 for
further information.FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities instruments measured
in the balance sheet at fair value, by valuation method. The di\ufb00erent valuation
methods are described as levels and are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n \n
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivables
422
422
0
0
422
VAT receivables
126
126
0
0
126
Other receivables
170
170
0
0
170
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
0
1 127
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n \n
31.12.2023
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
30
30
0
0
30
Miscellaneous other non-current assets
164
164
0
0
164
Other non-current assets
194
194
0
0
194
Trade receivable
536
536
0
0
536
VAT receivables
144
144
0
0
144
Other receivables
410
410
0
0
410
Trade and other receivables
1 090
1 090
0
0
1 090
Derivatives
63
63
0
0
63
Commodity contracts
153
153
0
63
91
Current investments
0
0
0
0
0
Other current assets
216
216
0
63
216
Cash and cash equivalents
2 463
2 463
0
0
2 463
Interest-bearing non-current liabilities
4 536
4 600
0
1 576
3 024
Interest-bearing current liabilities
517
517
0
0
517
Total interest-bearing liabilities
5 053
5 117
0
1 576
3 542
Derivatives
70
70
0
0
70
Commodity contracts
203
203
0
0
203
Other non-current liabilities
273
273
0
0
273
Trade payables
1 035
1 035
0
0
1 035
Other payables
836
836
0
0
836
Trade and other payables
1 871
1 871
0
0
1 871
Derivatives
9
9
0
0
9
Commodity contracts
47
47
0
0
47
Financial current liabilities
11
11
0
0
11
Other current liabilities
67
67
0
0
67
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value calculation on other interest-bearing liabilities
(Level 3) is based on acknowledged valuation principles according to IFRS
but is not necessarily an estimate of the amount the group would have to
cover if it were to repay all its debt to all lenders.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other
current liabilities remain largely consistent with the book value due to the
short maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "c) Deferred tax assets and liabilities
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the deductible temporary
di\ufb00erences and unused tax losses can be utilised. For entities with a history of
recent tax losses, stronger evidence for utilisation is required when assessing
whether these assets should be recognized. See Note 15 for further
information.15.
Income tax
Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority and there is a legally enforceable
right to set-o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.
Pillar Two
The Pillar Two model rules (Global Anti-Base Erosion rules) (\u201cthe rules\u201d)
introduces a global minimum corporate tax of 15%. All jurisdictions Norske
Skog operates in has notified the implementation of the rules. The first
reporting of the rules will take place in the first part of 2026 for 2024.
For the financial year beginning 1 January 2024 Norske Skog is subject to the
rules in the jurisdictions where Norske Skog\u2019s has operations. The group has
assessed the potential impact on income taxes of rules in relation to \u201ctop up
tax\u201d.
The assessment is based on the tax reporting and country-by-country
reporting to local tax authorities and the financial statement of the entities
applied to the rules. The assessment has concluded that the e\ufb00ective tax rate
of the entities is above the threshold of 15% or within safe harbour rules. No
Pillar Two income taxes have been expensed in 2024.
Under IFRS there is a temporary exception to the requirements of IAS 12.
Norske Skog has applied this exemption to not recognise or disclose
information about deferred tax asset and liabilities related to Base Erosion and
Profit Shifting (BEPS) Pillar Two rules.
\n \n
TAX EXPENSE
2024
2023
Current tax expense
-4
-178
Change in deferred tax
-91
68
Total
-94
-110
\n\n \n
RECONCILIATION OF THE GROUP TAX EXPENSE
2024
2023
Profit/(loss) before income taxes
-566
645
Computed tax at nominal tax group rate of 22%
125
-142
Di\ufb00erences due to di\ufb00erent tax rates
3
-16
Non taxable income/non deductible expenses
-3
-2
Adjustment previous years
0
38
Other items
-8
-22
Deferred tax asset not recognised
-211
35
Total tax (expense)/income
-94
-110
E\ufb00ective tax rate
-17%
17%
\n\n \n
CURRENT TAX LIABILITY
31.12.2024
31.12.2023
Norway
0
0
Rest of Europe
-11
-11
Total
-11
-11
\n\n \n
DEFERRED TAX - MOVEMENTS
2024
2023
Net deferred tax asset/(liability) 1 January
4
-72
Change in deferred tax in the income statement
-91
87
Tax on other comprehensive income
1
1
Currency translation di\ufb00erences
-10
-13
Net deferred tax asset/(liability) 31 December
-96
4
\n\n \n
DEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2024
31.12.2023
Norway
111
206
Rest of Europe
0
0
Deferred tax assets
111
206
Rest of Europe
-207
-202
Deferred tax liability
-207
-202
Net deferred tax assets/(liability)
-96
4
\n\n \n
DEFERRED TAX DETAILS
31.12.2024
31.12.2023
Fixed assets
-74
124
Pension and other employee obligations
10
13
Other non-current items
39
88
Currency translation di\ufb00erences and financial instruments
67
56
Current items
-15
14
Financial instruments
16
-14
Interest carry forward (Interest limitation rules)
70
45
Tax losses to carry forward
415
836
Tax losses and other deferred tax assets not recognised
-629
-1 163
Tax credits
5
3
Net deferred tax assets/(liability)
-96
4
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES
31.12.2024 BY REGION
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
869
967
1 836
Temporary di\ufb00erences
1 492
-10
1 483
Tax losses and temporary di\ufb00erences not recognised
-1 855
-957
-2 812
Total tax losses and tax credits to carry forward (recognised)
505
0
505
Deferred tax asset
111
0
111
Tax rate
22%
23-25%
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2023 BY REGION
NORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
Tax losses to carry forward
595
599
1 916
3 110
Temporary di\ufb00erences
1 645
-1
617
2 261
Tax losses and temporary di\ufb00erences not recognised
-1 303
-599
-2 532
-4 435
Total tax losses and tax credits to carry forward (recognised)
936
0
0
936
Deferred tax asset
206
0
0
206
Tax rate
22%
19-32%
28-30%
Norske Skog has not recognized any deferred tax asset arising from the tax losses carried forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "d) Pension liabilities and other non-current employee benefit obligations
Several actuarial and economic assumptions are used in calculation of fair
value of pension liabilities. Changes in assumption used in the calculation
impact the estimated pension obligation. The assumptions are determined
locally for each individual pension plan and is normally reviewed annually. See
Note 27 for further information.Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by periodic
actuarial calculations. The group has both defined benefit and defined
contribution plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in income.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.
Other employee obligations
The groups other employee benefits are future benefits that the employees
have earned in return for their service in current and prior periods.
The leave obligations cover the groups liabilities for long service leave and
annual leave which are classified as either other non-current liabilities or
short-term liabilities. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised in the
income statement in the period in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "4
. Consideration of climate risk for the financial
statements
In preparing the financial statements, the board of directors have assessed
and considered the impact of climate change, particularly in the context of the
risks and opportunities identified in the Double Materiality Assessment in line
with the new EUDR requirements. The time horizons applied for the overall
assessment of risks and opportunities for the group is short term (< 1 year),
medium term (1-5 years) and long-term (> 5 years).
Norske Skog business units have during the last 50 years been seeking best
environmental practice and has one of the lowest emission levels compared to
industry averages.
The transformation to a larger, more diversified product portfolio with new
products will reduce the dependency on publication paper and thus reduce
the business and market risk. The current packaging production at Norske
Skog Bruck is based on renewable resources and the coming packaging
production at Norske Skog Golbey will also be based on renewable resources.
Production of publication and packaging paper resource intensive and
requires significant quantities of energy. The production process in general
has limited direct emission of fossil CO2. The goal is to continue to reduce
energy consumption in production, eliminate the use of fossil energy sources
and to optimise the use of process chemicals and transport. Our operations
are impacted by unstable energy markets and increasing carbon prices.
Norske Skog has included a reduction of greenhouse gas emissions from fossil
energy sources as a key part of our business strategy.
We have identified the following climate-related risks as the most significant:
\u2022
Regulatory:
Norske Skog is subject to several regulatory requirements
relating to energy and emissions including the EU Emissions Trading
Scheme (ETS), which include both CO2 compensation schemes, and CO2
allowances. Due to the financial impact any changes in such regulations
may have on our business we monitor associated risks closely.
\u2022
Physical:
The availability of sustainable and a\ufb00ordable biomass to produce
publication paper in Norway and Austria may be a\ufb00ected by longer-term
shifts in climate patterns in the future. Some of our mills are in areas where
drought/access to water and/or flooding might become a risk in the future
with a changing climate.
\u2022
Market:
Shifting consumer preferences and trends may impact demand for
Norske Skog products made from biomass. This can impact market
development for publication paper, recycled containerboard, and related
capacity adjustments in the industry.
\u2022
Reputational:
Compliance with environmental regulations and standards is
crucial for avoiding fines, legal fees, and reputational damage. Norske
Skog\u2019s ability to manage regulatory risks may a\ufb00ect its financial stability
and long-term viability.
The financial statements may be impacted by climate related risk in the future
but are 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:
\u2022
CO2 compensation and CO2 allowances may be cut back and increase our
cost of production. This may a\ufb00ect the value of our main assets in Europe if
the increase in cost cannot be recovered in the prices of our products.
Implementation of the EU Carbon Border Adjustment Mechanism (CBAM)
coming into e\ufb00ect may, if e\ufb00ective, increase the probability of recovery of
any increased cost of carbon emissions.
\u2022 Impairment of our property, plant and equipment due to a change in the
profitability from cost increases for carbon emissions and price of energy or
due to shortened useful life due to physical risks that reduce the appetite
for reinvestment, thereby reducing the time horizon for certain plants. See
also Note 9 and 18.
Whilst there is currently no short-term impact expected from changes in
climate, the board of directors are aware of the risk changes in climate could
pose to the operations and the judgement and estimates made in preparation
of the financial statements.", "dimensions": { "concept": "obq:DisclosureOfConsiderationOfClimateRiskForTheFinancialStatementsExplanatoryTextBlock", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "5.
Financial risk
FINANCIAL RISK MANAGEMENT
The main risk exposures for the group are linked to uncertainty to price and
volume developments for publication and packaging paper and the costs of
key input factors such as energy and fibre. Weaker demand than expected for
the group\u2019s products can a\ufb00ect profitability and associated cash flows in a
negative way. The group operates in a multicurrency environment, where the
main currencies of importance for the business are EUR, GBP and USD.
Currency movements between these currencies, as well as against NOK, may
influence demand as well as product prices and costs of key input factors.
Liquidity is ensured by maintaining su\ufb00icient cash balances and credit lines
linked to trade receivables facilities. Norske Skog continuously assess the
most competitive funding sources for the group.
Uncertainty about future changes in the broader economic climate
development and more adverse developments than expected may influence
all of the above and future results. The factors are an inherent uncertainty
when the board makes its assessments.
The group has one cash pool for the European entities and the cash pool is
legally placed in Norske Skog ASA.
FINANCIAL RISK FACTORS
The group is exposed to various financial risk factors through the group\u2019s
operating activities, including market risk (interest rate risk, currency risk and
commodity risk), liquidity risk and credit risk. The group seeks to minimise
losses and volatility on the group\u2019s earnings caused by adverse market
movements. Moreover, the group monitors and manages financial risk based
on internal policies and standards set forth by corporate management and
approved by the board of directors. These written policies provide principles
for the overall risk management as well as standards for managing currency
risk, interest rate risk, credit risk, liquidity risk and the use of financial
derivatives and non-derivative financial instruments.
MARKET RISK
a) Interest rate risk
Interest rate risk is related to the financial risk related to changes in market
interest rates. Interest rate risk management is carried out to secure the
lowest possible interest rate payments over time within acceptable risk limits.
This includes having a portfolio of loans in the group with both floating interest
and fixed interest rates. The group may also use derivatives to manage the
interest rate risk in the group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2024
31.12.2023
INTEREST-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
BEARING ASSETS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
4 521
725
5 246
4 277
776
5 053
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
assets
-1 127
0
-1 127
-2 463
0
-2 463
Net exposure
3 394
725
4 119
1 814
776
2 590
\n
All amounts presented in the table are notional amounts. Total interest-
bearing liabilities will therefore di\ufb00er from booked amounts due to bond
discounts/premiums. Floating rate exposure is calculated without accounting
for potential future refinancing.
Interest rate sensitivity analysis
In accordance with IFRS 7 Financial instruments - disclosures, an interest rate
sensitivity analysis is presented showing the e\ufb00ects of changes in market
interest rates on interest costs and interest income, as well as equity where
applicable. The analysis is based on the following assumptions:
Floating rate debt is exposed to changes in market interest rates, i.e. the
interest costs or interest income associated with such instruments will
fluctuate based on changes in market rates. The impact of changes is
presented in the sensitivity analysis. The analysis assumes that all other
factors are kept constant.
Changes in market rates on fixed rate debt will only a\ufb00ect the income
statement if they are measured at fair value. Thus, fixed rate instruments
recognised at amortised cost will not represent an interest rate risk as defined
by IFRS 7. Such instruments will therefore not have any impact on the
sensitivity analysis.
Results are presented net of tax, using the Norwegian statutory tax rate of
22%.
The interest rate sensitivity analysis is based on a parallel shift in the yield
curve for each relevant currency to which Norske Skog is exposed.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PROFIT/(LOSS) AFTER TAX
INTEREST RATE
2024
2023
50 basis point downward parallel shift in the yield curve
16
10
50 basis point upward parallel shift in the yield curve
-16
-10
\n
With a 50-basis point upward change in interest rate the annual interest
payments will increase with NOK 16 million (NOK 19 million). The upward
change will have a positive change in the value of derivatives carried at fair
value through profit or loss with NOK 9 million (NOK 0 million).
b) Currency risk
Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
the group has a di\ufb00erent currency split on income and expenses. In 2024
Norske Skog has hedged some of its cash flows in foreign currencies. The
result of the hedging is included in gains/(losses) on foreign currency in the
income statement. The cash flow hedges resulted in a realised loss of
NOK 3 million in 2024 (NOK 38 million). At year end 2024 Norske Skog had
hedging contracts of NOK -65 (NOK 63 million).
Translation risk - net investment hedge
The group does not have any net investment hedges.
Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial accounts
of subsidiaries into the group\u2019s presentational currency is not part of this
analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2024
31.12.2023
EUR
12
-87
GBP
-70
-37
USD
-31
-25
Other
4
6
Total
-85
-143
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.
c) Commodity risk
A part of the commodity demand is secured through long-term contracts
limiting the exposure to changes in commodity prices. Some of the group
purchases contracts are defined as financial instruments, or contain embedded
derivatives, which fall within the scope of IFRS 9. These financial instruments
and embedded derivatives are measured in the balance sheet at fair value with
value changes recognised through profit or loss. The embedded derivatives
can be in physical commodity contracts and may comprise a wide variety of
derivative characteristics.
Changes in fair value of commodity contracts reflect unrealised gains or
losses and are calculated as the di\ufb00erence between market price and contract
price, discounted to present value. Some commodity contracts are bilateral
contracts or embedded derivatives in bilateral contracts, for which there
exists no active market. Therefore, valuation techniques are used with as
much use as possible of available market information. Techniques that reflect
how the market could be expected to price instruments are used in non-
observable markets. The fair value of embedded derivatives in physical
contracts depends on currency fluctuations.
Sensitivity analysis for commodity contracts
When calculating fair value of future and forward contracts, cash flows are
assumed to occur in the middle of the period. Currency e\ufb00ects arise when
contract values nominated in foreign currencies are translated into the
reporting currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
COMMODITY CONTRACTS
\u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
WITHIN THE SCOPE OF IFRS 9
\u00a0
31.12.2024
- INCREASE
- DECREASE
Energy price
change 10%
-188
114
-114
Currency
change 10%
-188
-39
39
Price index
change 2.5%
-188
0
0
\n
Sensitivity analysis for embedded derivatives
Embedded derivatives can be features in physical commodity contracts. The
most common embedded derivatives are currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
NET PROFIT
NET PROFIT
\u00a0\u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
EMBEDDED DERIVATIVES
\u00a0
31.12.2024
- INCREASE
- DECREASE
Currency
change 10%
-126
-108
108
\n
LIQUIDITY RISK
The group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
from operating activities is not su\ufb00icient to cover payments of financial
liabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
management strategy focuses on maintaining su\ufb00icient cash, as well as
securing available financing through committed credit facilities. Managing
liquidity risk is centralised on a group level.
To uncover future liquidity risk, the group forecasts both short- and long-term
cash flows. Cash flow forecasts include cash flows from operations,
investments, financing activities and financial instruments. The group had
cash and cash equivalents of NOK 1
127 million on 31 December 2024
(NOK 2
463 million). Restricted bank deposits amounted to NOK 255 million
on 31 December 2024 (NOK 643 million).
Scheduled repayments in Note 29 shows contractual maturities of non-
derivative financial liabilities. All amounts disclosed in the table are
undiscounted cash flows. Furthermore, amounts denominated in foreign
currency are translated to NOK using closing rates on 31 December 2024.
These amounts consist of trade payables and interest payments. Variable rate
interest cash flows are calculated using the forward yield curve. Projected
interest payments are based on the maturity schedule on 31 December 2024
without accounting for forecasted refinancing and/or other changes in the
liability portfolio. All other cash flows are based on the group\u2019s positions held
on 31 December 2024.
SCHEDULED REPAYMENTS OF
FINANCIAL DEBT AND
OTHER
INTEREST AT 31.12.2024
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
322
749
0
1 071
Later than one year and not
later than five years
810
2 501
1 400
4 711
Later than five years
29
529
0
558
Total
1 161
3 779
1 400
6 340
Trade payables
1 282
SCHEDULED REPAYMENTS OF
FINANCIAL DEBT AND
OTHER
INTEREST AT 31.12.2023
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
314
483
0
797
Later than one year and not
later than five years
549
2 204
1 530
4 283
Later than five years
54
761
0
815
Total
917
3 448
1 530
5 895
Trade payables
1 035
CREDIT RISK
The group makes a credit evaluation of all financial trading counterparties.
Based on the evaluation, a limit on credit exposure is established for each
counterparty. These limits are monitored continuously in relation to unrealised
profit on financial instruments and placements. The maximum credit risk
arising from financial instruments is represented by the carrying amount of
financial assets in the balance sheet.
The group procedures for credit management of European trade receivables,
and the authority to approve credit lines to customers of European business
units, are regulated by a policy drafted and maintained by a centralised credit
management function at the head o\ufb00ice. The operational responsibility to act
within the guidelines as set out by this policy lies with each business unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "MARKET RISK
a) Interest rate risk
Interest rate risk is related to the financial risk related to changes in market
interest rates. Interest rate risk management is carried out to secure the
lowest possible interest rate payments over time within acceptable risk limits.
This includes having a portfolio of loans in the group with both floating interest
and fixed interest rates. The group may also use derivatives to manage the
interest rate risk in the group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2024
31.12.2023
INTEREST-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
BEARING ASSETS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
4 521
725
5 246
4 277
776
5 053
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
assets
-1 127
0
-1 127
-2 463
0
-2 463
Net exposure
3 394
725
4 119
1 814
776
2 590
\n
All amounts presented in the table are notional amounts. Total interest-
bearing liabilities will therefore di\ufb00er from booked amounts due to bond
discounts/premiums. Floating rate exposure is calculated without accounting
for potential future refinancing.
Interest rate sensitivity analysis
In accordance with IFRS 7 Financial instruments - disclosures, an interest rate
sensitivity analysis is presented showing the e\ufb00ects of changes in market
interest rates on interest costs and interest income, as well as equity where
applicable. The analysis is based on the following assumptions:
Floating rate debt is exposed to changes in market interest rates, i.e. the
interest costs or interest income associated with such instruments will
fluctuate based on changes in market rates. The impact of changes is
presented in the sensitivity analysis. The analysis assumes that all other
factors are kept constant.
Changes in market rates on fixed rate debt will only a\ufb00ect the income
statement if they are measured at fair value. Thus, fixed rate instruments
recognised at amortised cost will not represent an interest rate risk as defined
by IFRS 7. Such instruments will therefore not have any impact on the
sensitivity analysis.
Results are presented net of tax, using the Norwegian statutory tax rate of
22%.
The interest rate sensitivity analysis is based on a parallel shift in the yield
curve for each relevant currency to which Norske Skog is exposed.
\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PROFIT/(LOSS) AFTER TAX
INTEREST RATE
2024
2023
50 basis point downward parallel shift in the yield curve
16
10
50 basis point upward parallel shift in the yield curve
-16
-10
\n
With a 50-basis point upward change in interest rate the annual interest
payments will increase with NOK 16 million (NOK 19 million). The upward
change will have a positive change in the value of derivatives carried at fair
value through profit or loss with NOK 9 million (NOK 0 million).
b) Currency risk
Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
the group has a di\ufb00erent currency split on income and expenses. In 2024
Norske Skog has hedged some of its cash flows in foreign currencies. The
result of the hedging is included in gains/(losses) on foreign currency in the
income statement. The cash flow hedges resulted in a realised loss of
NOK 3 million in 2024 (NOK 38 million). At year end 2024 Norske Skog had
hedging contracts of NOK -65 (NOK 63 million).
Translation risk - net investment hedge
The group does not have any net investment hedges.
Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial accounts
of subsidiaries into the group\u2019s presentational currency is not part of this
analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2024
31.12.2023
EUR
12
-87
GBP
-70
-37
USD
-31
-25
Other
4
6
Total
-85
-143
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.
c) Commodity risk
A part of the commodity demand is secured through long-term contracts
limiting the exposure to changes in commodity prices. Some of the group
purchases contracts are defined as financial instruments, or contain embedded
derivatives, which fall within the scope of IFRS 9. These financial instruments
and embedded derivatives are measured in the balance sheet at fair value with
value changes recognised through profit or loss. The embedded derivatives
can be in physical commodity contracts and may comprise a wide variety of
derivative characteristics.
Changes in fair value of commodity contracts reflect unrealised gains or
losses and are calculated as the di\ufb00erence between market price and contract
price, discounted to present value. Some commodity contracts are bilateral
contracts or embedded derivatives in bilateral contracts, for which there
exists no active market. Therefore, valuation techniques are used with as
much use as possible of available market information. Techniques that reflect
how the market could be expected to price instruments are used in non-
observable markets. The fair value of embedded derivatives in physical
contracts depends on currency fluctuations.
Sensitivity analysis for commodity contracts
When calculating fair value of future and forward contracts, cash flows are
assumed to occur in the middle of the period. Currency e\ufb00ects arise when
contract values nominated in foreign currencies are translated into the
reporting currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
COMMODITY CONTRACTS
\u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
WITHIN THE SCOPE OF IFRS 9
\u00a0
31.12.2024
- INCREASE
- DECREASE
Energy price
change 10%
-188
114
-114
Currency
change 10%
-188
-39
39
Price index
change 2.5%
-188
0
0
\n
Sensitivity analysis for embedded derivatives
Embedded derivatives can be features in physical commodity contracts. The
most common embedded derivatives are currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
NET PROFIT
NET PROFIT
\u00a0\u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
EMBEDDED DERIVATIVES
\u00a0
31.12.2024
- INCREASE
- DECREASE
Currency
change 10%
-126
-108
108
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
the group has a di\ufb00erent currency split on income and expenses. In 2024
Norske Skog has hedged some of its cash flows in foreign currencies. The
result of the hedging is included in gains/(losses) on foreign currency in the
income statement. The cash flow hedges resulted in a realised loss of
NOK 3 million in 2024 (NOK 38 million). At year end 2024 Norske Skog had
hedging contracts of NOK -65 (NOK 63 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP, USD and AUD. Transaction risk arises because
the group has a di\ufb00erent currency split on income and expenses. In 2024
Norske Skog has hedged some of its cash flows in foreign currencies. The
result of the hedging is included in gains/(losses) on foreign currency in the
income statement. The cash flow hedges resulted in a realised loss of
NOK 3 million in 2024 (NOK 38 million). At year end 2024 Norske Skog had
hedging contracts of NOK -65 (NOK 63 million).SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See Alternative
Performance Measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in news-
papers, inserts, catalogues, etc. These paper qualities, measured in grammes
per square meter, will normally be in the range 40-52 g/m2. Magazine paper
encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper Europe
Publication paper Europe encompasses production and sale of newsprint and
magazine paper in Europe. All the four European mills and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard in
Europe. Norske Skog Bruck PM3 is included in the segment and started its
production at the end of the first quarter 2023 with sale to customers from
second quarter. During 2025 PM1 at Norske Skog Golbey will be included in
the packaging paper segment.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper Europe or packaging paper are presented under other activities. This
includes corporate functions and sourcing solutions.
Discontinued operations
Publication paper Australasia has in 2024 been classified as a disposal group
held for sale and as discontinued operations and is therefore no longer
presented in the segment note. See further description in Note 26.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognized.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognized upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sale of publication
papers, packaging paper and other products are non-interest bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 8% (8%) and 83%
(82%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognized if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.Accounting policies
Cost of material are accounted for as they are consumed as part of the
production of products. Change in inventory reflects the cost of goods sold in
the period.Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair 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.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market
reports (level 2) which are considered to be an approximation of fair value. For
the embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and
discounted cash flow analyses defined to reflect the issuer\u2019s specific
circumstances. Fair value includes the impact of credit risk and the adjustment
for credit risk is dependent on whether the derivative is in the money (asset)
or out of the money (liability). Credit value adjustment is applied to assets
positions based on credit risk associated with the counterparty. Debit value
adjustment is applied to liability positions, based on the groups own credit
risk.
\n \n
2024
2023
Changes in value \u2013 commodity contracts
1)
-127
-514
Changes in value \u2013 embedded derivatives
-47
-91
Realised gains/(losses) on contracts
-7
0
Total
-178
-605
1)
Long-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9
related to own use are measured at fair value
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The loss in fair value of commodity contracts in 2024 and 2023 is mainly due
to the forecasted forward energy prices in Norway decreasing in 2023 and
2024.
The loss in embedded derivatives in 2024 is mainly due to the EUR/NOK
forward prices weakening from 2023 to 2024. The EUR/NOK forward price
was weakening during 2023.
Realised gain/(losses) on contracts consist of realised losses on financial
heading of excess energy during 2024.Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2024 with a loss of
NOK 65 million (NOK -15 million).
The carrying value of associated companies and joint ventures are
NOK 15 million on 31 December 2024 (NOK 80 million).Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority and there is a legally enforceable
right to set-o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets. Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognized based on ageing
categories of trade receivables that includes all receivables.Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and work
in progress comprises raw materials, direct labour, other direct costs and
related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price in
the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an
agreement to sell Norske Skog Industries Australia Ltd with subsidiaries was
signed. The sale of Norske Skog Industries Australia Ltd. is expected to be
completed within a year from the reporting date.
The business of Norske Skog Industries Australia Ltd with subsidiaries
represented the segment publication paper Australasia. On 31 December
2024, publication paper Australasia was classified as a disposal group held for
sale and as a discontinued operation.
Norske Skog has identified impairment indicators related to publication paper
Australasia. An impairment of NOK 176 million was recognised.
With publication paper Australasia being classified as discontinued operations,
the segment is no longer presented in the segment note. The financial
information relating to publication paper Australasia for the year are presented
below:Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by periodic
actuarial calculations. The group has both defined benefit and defined
contribution plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in income.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items.Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.Accounting policies
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
recognised initially at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial accounts
of subsidiaries into the group\u2019s presentational currency is not part of this
analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2024
31.12.2023
EUR
12
-87
GBP
-70
-37
USD
-31
-25
Other
4
6
Total
-85
-143
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "LIQUIDITY RISK
The group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
from operating activities is not su\ufb00icient to cover payments of financial
liabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
management strategy focuses on maintaining su\ufb00icient cash, as well as
securing available financing through committed credit facilities. Managing
liquidity risk is centralised on a group level.
To uncover future liquidity risk, the group forecasts both short- and long-term
cash flows. Cash flow forecasts include cash flows from operations,
investments, financing activities and financial instruments. The group had
cash and cash equivalents of NOK 1
127 million on 31 December 2024
(NOK 2
463 million). Restricted bank deposits amounted to NOK 255 million
on 31 December 2024 (NOK 643 million).
Scheduled repayments in Note 29 shows contractual maturities of non-
derivative financial liabilities. All amounts disclosed in the table are
undiscounted cash flows. Furthermore, amounts denominated in foreign
currency are translated to NOK using closing rates on 31 December 2024.
These amounts consist of trade payables and interest payments. Variable rate
interest cash flows are calculated using the forward yield curve. Projected
interest payments are based on the maturity schedule on 31 December 2024
without accounting for forecasted refinancing and/or other changes in the
liability portfolio. All other cash flows are based on the group\u2019s positions held
on 31 December 2024.
SCHEDULED REPAYMENTS OF
FINANCIAL DEBT AND
OTHER
INTEREST AT 31.12.2024
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
322
749
0
1 071
Later than one year and not
later than five years
810
2 501
1 400
4 711
Later than five years
29
529
0
558
Total
1 161
3 779
1 400
6 340
Trade payables
1 282
SCHEDULED REPAYMENTS OF
FINANCIAL DEBT AND
OTHER
INTEREST AT 31.12.2023
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
314
483
0
797
Later than one year and not
later than five years
549
2 204
1 530
4 283
Later than five years
54
761
0
815
Total
917
3 448
1 530
5 895
Trade payables
1 035
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "CREDIT RISK
The group makes a credit evaluation of all financial trading counterparties.
Based on the evaluation, a limit on credit exposure is established for each
counterparty. These limits are monitored continuously in relation to unrealised
profit on financial instruments and placements. The maximum credit risk
arising from financial instruments is represented by the carrying amount of
financial assets in the balance sheet.
The group procedures for credit management of European trade receivables,
and the authority to approve credit lines to customers of European business
units, are regulated by a policy drafted and maintained by a centralised credit
management function at the head o\ufb00ice. The operational responsibility to act
within the guidelines as set out by this policy lies with each business unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "6.
Reporting segments
SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See Alternative
Performance Measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in news-
papers, inserts, catalogues, etc. These paper qualities, measured in grammes
per square meter, will normally be in the range 40-52 g/m2. Magazine paper
encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper Europe
Publication paper Europe encompasses production and sale of newsprint and
magazine paper in Europe. All the four European mills and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard in
Europe. Norske Skog Bruck PM3 is included in the segment and started its
production at the end of the first quarter 2023 with sale to customers from
second quarter. During 2025 PM1 at Norske Skog Golbey will be included in
the packaging paper segment.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper Europe or packaging paper are presented under other activities. This
includes corporate functions and sourcing solutions.
Discontinued operations
Publication paper Australasia has in 2024 been classified as a disposal group
held for sale and as discontinued operations and is therefore no longer
presented in the segment note. See further description in Note 26.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.
OPERATING REVENUE AND EXPENSES PER OPERATING SEGMENT
PUBLICATION
NORSKE SKOG
2024
PAPER EUROPE
PACKAGING PAPER
OTHER ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 359
721
802
-649
9 233
Other operating income
807
130
4
-2
939
Total operating income
9 166
851
806
-651
10 173
Distribution costs
-904
-101
0
0
-1 005
Cost of materials
-5 274
-527
-671
544
-5 927
Employee benefit expenses
-1 446
-156
-101
2
-1 702
Other operating expenses
-773
-61
-73
104
-803
EBITDA
769
6
-39
0
736
Restructuring expenses
-12
0
-4
0
-16
Depreciation
-354
-118
-8
0
-481
Impairments
-121
0
0
0
-121
Derivatives and other fair value adjustments
-170
0
-8
0
-178
Operating earnings
112
-113
-59
0
-60
Share of operating revenue from external parties (%)
100
100
26
100
PUBLICATION
NORSKE SKOG
2023
PAPER EUROPE
PACKAGING PAPER
OTHER ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
9 591
246
428
-373
9 891
Other operating income
1 550
116
6
-6
1 666
Total operating income
11 140
362
434
-379
11 557
Distribution costs
-804
-40
0
0
-845
Cost of materials
-5 579
-248
-281
245
-5 863
Employee benefit expenses
-1 500
-157
-117
6
-1 768
Other operating expenses
-1 006
-64
-77
129
-1 019
EBITDA
2 250
-147
-41
0
2 062
Restructuring expenses
-5
0
-28
0
-32
Depreciation
-379
-77
-9
0
-464
Impairments
-30
3
0
0
-27
Derivatives and other fair value adjustments
-605
0
0
0
-605
Operating earnings
1 232
-221
-77
0
934
Share of operating revenue from external parties (%)
100
99
15
100
PROPERTY, PLANT AND EQUIPMENT PER GEOGRAPHICAL REGION
The table below shows property, plant and equipment allocated to Norske
Skog\u2019s country of domicile and other regions in which the group holds assets.
The allocation is based on the location of the production facilities.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31.12.2024
31.12.2023
Europe
9 723
8 385
Australasia
0
182
Total
9 723
8 567
\n\n\n
CASH GENERATED FROM OPERATIONS
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Publication paper Europe
8 847
11 503
Packaging paper
846
331
Other activities
775
398
Discontinued operation
1 922
1 966
Eliminations
-651
-379
Total
11 740
13 819
\n\n
NET CASH FLOW FROM OPERATING ACTIVITIES
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Publication paper Europe
228
3 045
Packaging paper
75
-143
Other activities
-76
-210
Discontinued operation
-28
-27
Total cash flow allocated to segments
200
2 664
Net financial items
-216
-138
Taxes paid
1
-598
Net cash flow from operating activities
-15
1 928
\n\n\n
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT AND
\u00a0 \u00a0
INTANGIBLE ASSETS
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Publication paper Europe
430
655
Packaging paper
1 082
2 383
Other activities
13
5
Discontinued operation
33
42
Total
1 558
3 084
\n
INVENTORIES
Inventories include raw materials, work in progress, finished goods and other
production materials.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31.12.2024
31.12.2023
Publication paper Europe
1 301
1 051
Packaging paper
70
54
Other activities
20
13
Discontinued operation
0
242
Total
1 390
1 360
\n\n\n
TRADE RECEIVABLES
\u00a0 \u00a0 \u00a0\n \n
31.12.2024
31.12.2023
Publication paper Europe
402
298
Packaging paper
9
11
Other activities
63
47
Discontinued operation
0
231
Total
474
588
Provision for bad debt
-52
-50
Total
422
538
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "6.
Reporting segments
SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See Alternative
Performance Measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in news-
papers, inserts, catalogues, etc. These paper qualities, measured in grammes
per square meter, will normally be in the range 40-52 g/m2. Magazine paper
encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper Europe
Publication paper Europe encompasses production and sale of newsprint and
magazine paper in Europe. All the four European mills and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard in
Europe. Norske Skog Bruck PM3 is included in the segment and started its
production at the end of the first quarter 2023 with sale to customers from
second quarter. During 2025 PM1 at Norske Skog Golbey will be included in
the packaging paper segment.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper Europe or packaging paper are presented under other activities. This
includes corporate functions and sourcing solutions.
Discontinued operations
Publication paper Australasia has in 2024 been classified as a disposal group
held for sale and as discontinued operations and is therefore no longer
presented in the segment note. See further description in Note 26.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "OPERATING REVENUE AND EXPENSES PER OPERATING SEGMENT
PUBLICATION
NORSKE SKOG
2024
PAPER EUROPE
PACKAGING PAPER
OTHER ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 359
721
802
-649
9 233
Other operating income
807
130
4
-2
939
Total operating income
9 166
851
806
-651
10 173
Distribution costs
-904
-101
0
0
-1 005
Cost of materials
-5 274
-527
-671
544
-5 927
Employee benefit expenses
-1 446
-156
-101
2
-1 702
Other operating expenses
-773
-61
-73
104
-803
EBITDA
769
6
-39
0
736
Restructuring expenses
-12
0
-4
0
-16
Depreciation
-354
-118
-8
0
-481
Impairments
-121
0
0
0
-121
Derivatives and other fair value adjustments
-170
0
-8
0
-178
Operating earnings
112
-113
-59
0
-60
Share of operating revenue from external parties (%)
100
100
26
100
PUBLICATION
NORSKE SKOG
2023
PAPER EUROPE
PACKAGING PAPER
OTHER ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
9 591
246
428
-373
9 891
Other operating income
1 550
116
6
-6
1 666
Total operating income
11 140
362
434
-379
11 557
Distribution costs
-804
-40
0
0
-845
Cost of materials
-5 579
-248
-281
245
-5 863
Employee benefit expenses
-1 500
-157
-117
6
-1 768
Other operating expenses
-1 006
-64
-77
129
-1 019
EBITDA
2 250
-147
-41
0
2 062
Restructuring expenses
-5
0
-28
0
-32
Depreciation
-379
-77
-9
0
-464
Impairments
-30
3
0
0
-27
Derivatives and other fair value adjustments
-605
0
0
0
-605
Operating earnings
1 232
-221
-77
0
934
Share of operating revenue from external parties (%)
100
99
15
100
\n\n
CASH GENERATED FROM OPERATIONS
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Publication paper Europe
8 847
11 503
Packaging paper
846
331
Other activities
775
398
Discontinued operation
1 922
1 966
Eliminations
-651
-379
Total
11 740
13 819
\n\n
NET CASH FLOW FROM OPERATING ACTIVITIES
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Publication paper Europe
228
3 045
Packaging paper
75
-143
Other activities
-76
-210
Discontinued operation
-28
-27
Total cash flow allocated to segments
200
2 664
Net financial items
-216
-138
Taxes paid
1
-598
Net cash flow from operating activities
-15
1 928
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "INVENTORIES
Inventories include raw materials, work in progress, finished goods and other
production materials.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31.12.2024
31.12.2023
Publication paper Europe
1 301
1 051
Packaging paper
70
54
Other activities
20
13
Discontinued operation
0
242
Total
1 390
1 360
\n24.
Inventories
Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and work
in progress comprises raw materials, direct labour, other direct costs and
related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price in
the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.
\n \n
31.12.2024
31.12.2023
Raw material
278
230
Work in progress
8
9
Other production materials
577
638
Finished goods
527
483
Total
1 390
1 360
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "\n\n
TRADE RECEIVABLES
\u00a0 \u00a0 \u00a0\n \n
31.12.2024
31.12.2023
Publication paper Europe
402
298
Packaging paper
9
11
Other activities
63
47
Discontinued operation
0
231
Total
474
588
Provision for bad debt
-52
-50
Total
422
538
\n23.
Receivables and other non-current assets
Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognized based on ageing
categories of trade receivables that includes all receivables.
\n \n
NOTE
31.12.2024
31.12.2023
Trade and other receivables
Trade receivables
474
588
Provision for bad debt
-52
-50
VAT receivables
126
144
Prepaid expenses
64
64
Other receivables
641
888
Total
1 253
1 635
Other current assets
Derivatives
1
63
Commodity contracts
9
153
Other current assets
19
13
Total
29
229
Other non-current assets
Long-term shareholdings
20
106
105
Commodity contracts
0
30
Pension plan assets
27
10
9
Other non-current receivables
61
58
Total
177
203
Norske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
Skog Saugbrugs have factoring facility agreements where the future cash flow
on certain trade receivables are sold. The facility has a limit of EUR 25 million
for Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
combined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
Saugbrugs. There are no financial covenants in these factoring facility
agreements. Trade receivables that have been sold are deducted from trade
receivables in the balance sheet. The utilisation at 31 December 2024 was
NOK 668 million (NOK 612 million).
At 31 December 2024 advances received from contracts with customers
amounted to NOK 0 million (NOK 0 million) and other revenue accruals for
invoice not sent amounted to NOK 0 million (NOK 0 million). In addition,
received advances from customers not invoiced NOK 0 million at 31 December
2024 (NOK 0 million).
The credit risk on trade and other receivables is continuously monitored,
independent of due date. The group\u2019s sales are mainly to large customers with
a historically low degree of default. Collateral as security is not normally
requested. Further information regarding the group\u2019s credit policy for sales is
provided in Note 5.
AGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
\n \n
31.12.2024
31.12.2023
Not due
1 094
1 500
0 to 3 months
166
140
3 to 6 months
0
4
Over 6 months
44
40
1)
Total
1 305
1 684
1)
Does not include provision for bad debt.
The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "7.
Revenue
Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognized.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognized upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sale of publication
papers, packaging paper and other products are non-interest bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 8% (8%) and 83%
(82%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognized if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.
MAJOR CUSTOMERS
No customer represents 10% or more of the operating revenue.
Norske Skog had a total sales volume of newsprint and magazine paper of
1 115 000
tonnes in 2024 (1
040 000),
of which sales to the group\u2019s largest
customer constituted approximately 58
000 (65
000) tonnes. Total sales
volume in 2024 of newsprint and magazine paper to the five largest customers
in Europe amounted to approximately 207
000 (201
000) tonnes.
Total sales volume of recycled containerboard was 162
000 tonnes in 2024
(65 000).
Total sales volume in 2024 of recycled containerboard to the five
largest customers amounted to 59
000 tonnes (21
000).
OPERATING REVENUE PER GEOGRAPHICAL MARKET
The allocation of operating revenue by market is based on customer location.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
Norway
440
648
Rest of Europe
8 209
8 697
North America
217
170
Asia
306
361
Africa
61
16
Total
9 233
9 891
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognized.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognized upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sale of publication
papers, packaging paper and other products are non-interest bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 8% (8%) and 83%
(82%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognized if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "OPERATING REVENUE PER GEOGRAPHICAL MARKET
The allocation of operating revenue by market is based on customer location.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
Norway
440
648
Rest of Europe
8 209
8 697
North America
217
170
Asia
306
361
Africa
61
16
Total
9 233
9 891
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "8.
Other operating income
Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.
CO2 allowances
The EU Emissions Trading System (EU ETS) was established in 2005 and is a
cap-and-trade mechanism that limits greenhouse gas emissions from key
sectors by setting a cap on total emissions and allowing companies to buy,
sell, or trade emission allowances. The pulp and paper industry is classified as
being at risk of carbon leakage, meaning it faces significant carbon costs and
international competition that could incentivize relocation to countries with
less stringent climate policies. To address this risk, operators in the pulp and
paper industry are allocated free CO2 allowances based on a carbon intensity
benchmark per tonne paper produced.
Free allowances are used to o\ufb00set emission liabilities and are accounted for at
nil value upon allocation. Entities with a surplus of allowances meaning their
verified emissions are lower than their allocated free quotas can sell the excess
allowances on the carbon market. The expected revenue from these sales is
accrued monthly as a function of the paper production. At the end of each
month, the value of these allowances is remeasured at prevailing market prices,
ensuring financial statements reflect current carbon market conditions.
If an entity is in a net deficit of allowances, a provision for the required additional
allowances is recorded monthly at market value to reflect the cost of compliance.
Consumption of CO2 allowances is included in cost of materials (see Note 9).
Norske Skog received 274
000 CO2 allowances in 2024 (290
000) and sold
approximately 451
000 (210
000). Sold CO2 quotas include also CO2 quotas
from prior year in addition to quotas purchased during the year. EUs ETS
system currently covers the period 2021 to 2025. Norske Skog has received
written notice from the Norwegian Environment Agency stating that the
Norwegian mills Norske Skog Saugbrugs and Norske Skog Skogn will not be
included in the EUs ETS system from 2026 to 2030.
CO2 compensation
CO2 compensation is an arrangement provided to industries at risk of carbon
leakage that face higher electricity costs due to the EU carbon pricing
mechanism. Since power producers pass on the cost of EU ETS allowances to
electricity prices, energy-intensive industries receive compensation to prevent
relocation of production to countries with weaker climate policies. This is
included as reduction in energy cost and described in Note 9.
\n\n
OTHER OPERATING INCOME
\u00a0 \u00a0 \u00a0\n \n
2024
2023
Public subsidies and grants
9
90
Gate fee
125
112
Gain on sales of non-current assets
3
6
Gain from sale of CO2 allowances
222
229
Insurance settlement
458
1 090
Other
123
138
Total
939
1 666
\n
Public subsidies and grants in 2024 relates mainly to conversion projects in
Norske Skog Bruck and Norske Skog Golbey. In 2023 public subsidies and
grants consisted of approximately NOK 80 million in CO2 compensation for
2022 for Norske Skog Bruck that was recognised in 2023.
Other for 2024 and 2023 consist mainly of income from sale of steam, sludge,
grid and real estate rental.
Insurance settlement
On 27 April 2023 Norske Skog Saugbrugs was impacted by a rockslide that
destroyed parts of the building and damaged machinery and equipment
related to PM6. The damages to the building and infrastructure were extensive
and PM6 has been stopped from the time of the impact.
Norske Skog Saugbrugs is covered for both property damage and business
interruption as part of its group insurance program.
Work has been carried out to secure the site from further rockslide and
reinstate the building. The costs to secure rock formations and property
damage to building structures and cost of reinstatement of these will be
covered by Norske Skog Saugbrugs but fully reimbursed by the insurers.
An aggregate insurance settlement of NOK 448 million has been recognized
in other operating income in 2024 (NOK 1
090 million).
All of the NOK 448 million recognized in 2024 was related to property damage
(NOK 122 million). In 2023 NOK 850 million was recognized related to
business interruption and NOK 118 million recognized related to clean-up.
Business interruption was recognised in the financial statements for 2023 for
the full coverage period of 18 months as the amount was finally agreed and no
conditions were attached to the settlement.
NOK 2 million is expensed in other operating expenses (NOK 143 million).
On 31 January 2025 a settlement agreement was reached regarding all
remaining compensation related to the rockslide at Norske Skog Saugbrugs.
The settlement amounts to NOK 540 million. See further description in Note 32.
In addition NOK 10 million has been recognised as part of an insurance
settlement for property damage in 2022 in Norske Skog Golbey. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "9.
Cost of materials
Accounting policies
Cost of material are accounted for as they are consumed as part of the
production of products. Change in inventory reflects the cost of goods sold in
the period.
CO2 compensation
CO2 compensation is an arrangement provided to industries at risk of carbon
leakage that face higher electricity costs due to the EU carbon pricing
mechanism. Since power producers pass on the cost of EU ETS allowances to
electricity prices, energy-intensive industries receive compensation to prevent
relocation of production to countries with weaker climate policies. CO2
compensation covers a defined period but may be changed at the discretion
of the government as any compensation is decided on country level. Norske
Skog receives recurring CO2 compensation in Norway and France. The
compensation is dependent on energy consumption and average CO2 market
price in the previous year. As the production and earned CO2 compensation is
quite stable throughout the year, this is accrued for monthly in the year before
it is received. CO2 compensation is recognized as a reduction of energy cost
as the element of energy cost it compensates is consumed and incurred.
In 2024 the Norwegian government entered into an agreement with unions
and trade organisations regarding a new framework for the Norwegian CO2
compensation. The amended regulation applies for the period 2024 to 2030.
The agreement includes removing the price floor that previously existed in
addition to implementing at funding cap of NOK 7 billion and a requirement
that the companies eligible to the compensation spend 40 percent of the
compensation on climate- and energy initiatives. Norske Skog\u2019s CO2
compensation is dependent on the production for all the companies eligible to
the CO2 compensation and Norske Skog recognises estimated entitled CO2
compensation as earned based on the approved regulation and expected
compensation level in relation to energy consumed. Application and payment
of compensation is to be done the first few months in the year following the
year of consumption of electricity.
The amount recognised for CO2 compensation for 2024 is NOK 478 million
(NOK 411 million) and are recorded as a reduction of energy costs in the line
cost of materials. An amount of NOK 140 million of the compensation recog-
nised for 2024 is contingent of Norske Skog to complete initiatives to reduce
CO2 emissions or improve energy e\ufb00iciency for the equivalent amount.
CO2 allowances
Allocation of free CO2 quotas are based on the annual production. The free
quotas are used to settle liabilities arising from emission. If an entity is net
deficit of allowances (emissions exceed CO2 allowances received) provision
for quotas that needs to be purchased is done monthly as the production the
quotas is a function of is quite stable. At each month this is remeasured at
market value. Consumption of CO2 allowances in included in energy within
cost of materials. See Note 8 for further information.
\n\n
COST OF MATERIALS
\u00a0 \u00a0 \u00a0
2024
2023
Fibre
3 023
2 209
Chemicals and additives
917
828
Energy
1 489
2 071
Other production material
585
565
Change in inventory
-86
190
Total
5 927
5 863
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "10.
Employee benefit expenses
Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.
EMPLOYEE BENEFIT EXPENSES
\n \n
NOTE
2024
2023
Salaries including holiday pay
1 282
1 337
Social security contributions
346
362
Pension and other long term employee
benefits
27
49
43
Other employee benefit expenses
25
26
Total
1 702
1 768
NUMBER OF EMPLOYEES
\u00a0\n \n
2024
2023
Europe
1 748
1 828
-
Corporate functions
23
26
Total
1 771
1 859
\n
REMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
Pursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
associated regulations, Norske Skog publishes a separate management
remuneration report disclosing detailed information on remuneration to
corporate management (CM) and directors of the board. The remuneration
report will be published immediately after the annual general meeting on
10 April 2025 and will include detailed information on management
remuneration complementing the numbers presented below.
In accordance with the code of conduct for corporate governance recom-
mended by the Oslo Stock Exchange, salary, benefits in kind and bonus for
members of corporate management are specified below. In relation to the
long-term incentive program for corporate management NOK -4 million was
expensed in 2024 (NOK 15 million) and on 31 December 2024 the
corresponding liability was NOK 1.4 million (NOK 2.3 million)
. The long-term
incentive program is described in the guidelines for determining salary and
other remuneration to leading personnel, which are available on the company\u2019s
website, www.norskeskog.com.
\n
\n \n
2024
Fixed
Variable
(in NOK 1
000)
BENEFITS
CONTRIBUTION
RELATIVE
CORPORATE MANAGEMENT
ANNUAL
SALARY
IN KIND
TO PENSION
TOTAL
PROPORTION
MEMBER
BASE SALARY
EARNED
1)
ETC.
2)
STI earned
3)
LTI EARNED
4
SCHEMES
REMUNERATION
FIXED/VARIABLE
Geir Drangsland
, CEO
5 234
5 074
191
-
206
888
6 359
96%/4%
Tord Steinset Torvund
,
CFO since 1 March
2 104
1 710
137
-
-1 194
224
876
100%/N/A
Robert A. Wood
,
5)
SVP Commercial
2 440
2 495
31
-
-424
184
2 285
100%/N/A
Einar Blaauw
,
SVP General Counsel in
CM since 1 January
2 445
2 421
179
-
-337
440
2 704
100%/N/A
Even Lund
, VP Corporate
Finance in CM since 1 January
1 894
1 875
144
-
-1 194
225
1 050
100%/N/A
Rune Sollie
, CFO until 1 March
2 325
1 331
85
-605
159
970
100%/N/A
Amund Saxrud
,
COO until 20 March
2 325
2 957
143
-
-605
345
2 840
100%/N/A
\n\n \n
2023
Fixed
Variable
(in NOK 1
000)
BENEFITS
CONTRIBUTION
RELATIVE
CORPORATE MANAGEMENT
ANNUAL
SALARY
IN KIND
TO PENSION
TOTAL
PROPORTION
MEMBER
BASE SALARY
EARNED
1)
ETC.
2)
STI earned
3)
LTI EARNED
4
SCHEMES
REMUNERATION
FIXED/VARIABLE
Geir Drangsland
, CEO
since 1 September
4 975
1 852
63
746
108
284
3 053
69%/31%
Tore Hanses\u00e6tre,
SVP Strategic projects/CEO
from 1 June until 31 August
3 821
4 154
241
1 493
1 410
716
8 014
60%/40%
Sven Ombudstvedt,
CEO until 31 May
4 975
8 647
270
622
3 377
783
13 699
69%/31%
Rune Sollie
, CFO
2 325
2 445
207
930
2 015
322
5 919
47%/53%
Robert A. Wood,
5)
SVP Commercial
2 378
2 378
45
927
2 015
287
5 652
45%/55%
Amund Saxrud,
COO
2 325
2 463
365
959
2 015
322
6 124
49%/51%
Lars P. S. Sperre,
SVP Strategy
until 30 September
3 745
3 987
229
1 125
1 592
604
7 537
61%/39%
1)
Salary earned includes fixed salary and accrued holiday pay
2)
Benefits in kind includes car allowance, insurance, free telephone etc.
3)
Based on performance in the financial year, paid in the first quarter of the next financial year. There was no STI bonus earned for the financial year 2024
4)
Illustrates the expensed change in accrual of the corresponding liability and is not directly linked to actual payments. For 2024 LTI has been negative for most of the corporate management members
5)
Robert A. Wood was employed by Norske Skog ASA from 1 April 2024. Prior to this he was employed by Norske Skog UK Ltd. He has during his employment in Norske Skog UK Ltd. worked fully for Norske Skog ASA as SVP
Commercial. Salary in GBP is translated to NOK at the average exchange rate for the relevant period the salary was paid in GBP27.
Pension and other employee obligations
Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by periodic
actuarial calculations. The group has both defined benefit and defined
contribution plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in income.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.
Other employee obligations
The groups other employee benefits are future benefits that the employees
have earned in return for their service in current and prior periods.
The leave obligations cover the groups liabilities for long service leave and
annual leave which are classified as either other non-current liabilities or
short-term liabilities. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised in the
income statement in the period in which they arise.
EMPLOYEE BENEFIT OBLIGATIONS
\n \n
2024
2023
Pension obligations
281
258
Other long-term employee benefit obligations
15
36
Total employee benefit obligations
296
294
A) PENSION OBLIGATIONS
Norske Skog has various pension schemes in accordance with local conditions
and practices in the countries in which the group operates. A total of 1
737
active and former employees are covered by such schemes. Of these, 503
people are covered by defined benefit plans and 1
234 people by defined
contribution plans.
DESCRIPTION OF THE DEFINED BENEFIT PLANS
The key terms in Norske Skog\u2019s major defined benefit plans are shown in the
table below.
\n \n
BENEFIT IN% OF
PENSIONABLE
YEARS OF
PENSIONABLE
EARLY RETIREMENT
ACTIVE
EARNINGS
SERVICE
AGE
AGE
MEMBERS
Norske Skog ASA
65
30
70
62
0
Norske Skog Saugbrugs AS
65
30
70
62
12
Norske Skog Skogn AS
65
30
70
62
17
Norske Skog Golbey SAS
0
43
64
60
370
The defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
Deutschland GmbH is closed.
The defined benefit schemes in Norway cover people between 66 and
67 years of age, born before 1 January 1959 and who were employed before
1 January 2011 when the plan was closed. The defined benefit obligations in
Norway only encompass active members since they leave the defined benefit
scheme (having a paid-up policy) when they retire.
Plan assets of the pension schemes in Norske Skog ASA, Norske Skog
Saugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
company and invested in accordance with the general guidelines governing
investments by life insurance companies in Norway.
When evaluating plan assets, it is based on the assumptions as at 31 December.
This estimated value is adjusted every year in accordance with the figures for
the market value of the assets provided by the insurance company.
When measuring the incurred obligations, it is based on the assumptions as at
31 December. This estimated obligation is adjusted every year in accordance
with the figures for incurred pension obligations provided by the actuary.
In addition to the benefit obligation funded through insurance plans, the group
has unfunded benefit obligations. The unfunded obligations include estimated
future obligations relating to the former Norwegian early retirement scheme
and pensions for senior management and directors. Obligations relating to
senior management pensions are partly funded through a supplementary
retirement plan with a life insurance company.
In addition to defined benefit plans, there are also various defined contribution
plans. Norwegian entities have a defined contribution scheme with a
contribution of 5% for earnings up to 7.1 G and 17% between 7.1 and 12 G
.
\n \n
ASSUMPTIONS MADE WHEN CALCULATING FUTURE BENEFIT OBLIGATIONS
2024
2023
Discount rate
3.07%
3.70%
Expected return on plan assets
3.03%
3.70%
Salary adjustment
3.25%
3.00%
Inflation rate
2.90%
2.40%
Pension adjustment
2.08%
3.00%
The discount rate applied for the pension schemes in Norway for 2024 is based on the interest rate for covered bonds. Subsidiaries can deviate from these
assumptions if local conditions require this. The discount rates applied vary from 1
.80% to 3.50% and pension adjustments vary from 1.9% to 2.7%
. Norske Skog
has used the mortality table K2013BE in Norway, Richttafeln 2018G in Germany and AVO 2018-P in Austria.
\n \n
NET PERIODIC PENSION EXPENSE
2024
2023
Pension expense, defined benefit plan
21
1
Pension expense, defined contribution plan
42
44
Net periodic pension expense
63
45
Net periodic interest expense
10
7
High expense for defined benefit pension in 2024 is due to corrections of prior periods.
Estimated payments to the group\u2019s defined benefit pension schemes in 2024 amounts to NOK 6 million (NOK 8 million).
PENSION PLANS IN THE BALANCE SHEET
\n \n
SPESIFICATION OF PENSION PLANS IN THE BALANCE SHEET
2024
2023
Pension assets in the balance sheet
10
9
Pension liabilities in the balance sheet
-281
-258
Net pension obligations
-272
-249
Net unfunded pension plans
-275
-255
Net partly or fully funded pension plans
9
5
Pension assets is included in line other non-current assets and pension liabilities is included in the line employee benefit obligations.
UNFUNDED PENSION PLANS
\n\n \n
CHANGES IN PENSION OBLIGATIONS FOR UNFUNDED PENSION PLANS, PROJECTED BENEFIT OBLIGATIONS
INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2024
2023
Balance 1 January
-255
-110
Adjustment to opening balance
(due to reclassification)
-3
-132
Current year's service cost
-4
-8
Current year's interest cost
-10
-4
Pensions benefits paid
24
18
Remeasurements (loss)/gain OCI
-14
-3
Other changes
-1
0
Currency translation di\ufb00erences
-13
-17
Balance 31 December
-275
-255
\n
PARTLY OR FULLY FUNDED PENSION PLANS
\n\n \n
CHANGES IN PENSION OBLIGATIONS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PROJECTED BENEFIT
OBLIGATIONS INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2024
2023
Balance 1 January
-106
-104
Current year's service cost
-1
-1
Current year's interest cost
-4
-3
Pension benefits paid
5
5
Remeasurements (loss)/gain OCI
2
-2
Other changes
-2
0
Balance 31 December
-105
-106
\n\n \n
CHANGES IN PLAN ASSETS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PLAN ASSETS AT FAIR VALUE
2024
2023
Balance 1 January
111
111
Return on plan assets (interest income)
4
3
Employer contribution including payroll tax
4
4
Pension benefits paid
-5
-4
Remeasurements (loss)/gain OCI
0
-5
Balance 31 December
114
111
Net assets/obligations (-) partly or fully funded pension plans
9
5
\n\n \n
SPECIFICATION OF REMEASUREMENT GAINS/LOSSES IN OTHER COMPREHENSIVE INCOME (OCI)
2024
2023
Actuarial loss/(gain) - change in discount rate
0
-5
Actuarial loss/(gain) - change in other financial assumptions
9
7
Actuarial loss/(gain) - experience obligation
0
4
Actuarial loss/(gain) - experience assets
4
2
Investment management cost
0
1
Asset ceiling - asset adjustment
1
-1
Remeasurements loss/(gain) in OCI
14
8
\n \n
2024
2023
INVESTMENT PROFILE FOR PENSION FUNDS
FUNDS
DISTRIBUTION
FUNDS
DISTRIBUTION
Shares
16
14%
5
5%
Bonds
77
68%
74
67%
Properties and real estate
17
15%
15
14%
Money market
1
1%
16
14%
Other
3
3%
0
0%
Total
114
100%
111
100%
SENSITIVITY ANALYSIS
Norske Skog has performed sensitivity analyses of material group companies
for the most important assumptions related to defined benefit schemes to
predict how fluctuations will impact pension liabilities in the consolidated
balance sheet. In relation to the assumptions made in the calculation of
pension obligations the amount is most sensitive to changes in discount rate,
salary adjustment and pension growth rate. The sensitivity of the pension
obligation is shown in the table below:
SENSITIVITY
\n \n
INCREASE
DECREASE
Discount rate - 0.5%
-5
6
Future national security - 1.0%
-5
1
Future pension - 0.5%
4
-
The above sensitivity analyses are based on a change in an assumption while
holding all other assumptions constant. In practice, this is unlikely to occur,
and changes in some of the assumptions may be correlated. No data is
available for decrease of future pension adjustment. The sensitivity analysis is
based on actuarial calculations for the Norwegian schemes.
OTHER EMPLOYEE OBLIGATIONS
NET PERIODIC EXPENSE
\n \n
2024
2023
Net periodic expense/remeasurement
-14
-1
Net periodic interest expense
1
1
CHANGES IN OTHER EMPLOYEE BENEFITS
\n \n
2024
2023
Balance 1 January
-70
-203
Adjustments to opening balance due to reclassification
-2
131
Current year's service cost
-1
-7
Current year's interest cost
-1
-1
Remeasurements (loss)/gain
15
2
Payments made
4
15
Other changes
0
-4
Discontinued operations
37
0
Currency translation di\ufb00erences
-2
-4
Balance 31 December
-15
-70
OTHER EMPLOYEE BENEFITS IN THE BALANCE SHEET
\n \n
2024
2023
Other non-current employee benefit obligations
15
36
Other current employee benefit obligations
0
34
Total other employee benefits 31 December
15
70
The obligation classified as current relates to employees that have completed
the required period of service and the group does not have an unconditional
right to defer settlement for these obligations. Based on previous experience,
the group does not expect all employees to take the full amount of accrued
leave or require payment within the next 12 months.
The current part is included in the balance sheet line other current liabilities.
The non-current employee benefit obligations is included in the balance sheet
line employee benefit obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "
NUMBER OF EMPLOYEES
\u00a0\n \n
2024
2023
Europe
1 748
1 828
-
Corporate functions
23
26
Total
1 771
1 859
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "REMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
Pursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
associated regulations, Norske Skog publishes a separate management
remuneration report disclosing detailed information on remuneration to
corporate management (CM) and directors of the board. The remuneration
report will be published immediately after the annual general meeting on
10 April 2025 and will include detailed information on management
remuneration complementing the numbers presented below.
In accordance with the code of conduct for corporate governance recom-
mended by the Oslo Stock Exchange, salary, benefits in kind and bonus for
members of corporate management are specified below. In relation to the
long-term incentive program for corporate management NOK -4 million was
expensed in 2024 (NOK 15 million) and on 31 December 2024 the
corresponding liability was NOK 1.4 million (NOK 2.3 million)
. The long-term
incentive program is described in the guidelines for determining salary and
other remuneration to leading personnel, which are available on the company\u2019s
website, www.norskeskog.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "11.
Other operating expenses
\n \n
NOTE
2024
2023
Maintenance materials and services
8
429
630
Marketing expenses
21
25
Variable lease, short term and low value lease expenses
19
21
17
Administration, insurance, travel expenses etc.
105
89
Losses from divestments of property, plant and equipment
0
1
Other expenses
227
256
Total
803
1 019
Specification of losses on trade receivable included in other expenses
Receivables written o\ufb00 during the period
2
1
Change in provision for bad debt
0
2
Total
2
3
AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES
\n \n
PARENT COMPANY
SUBSIDIARIES
(in NOK 1
000, excluding VAT)
GROUP AUDITORS
GROUP AUDITORS
OTHER AUDITORS
TOTAL
Audit fee
1 887
3 237
82
5 206
Audit-related assistance
1)
1 007
72
215
1 294
Tax assistance
24
0
0
24
Other fees
0
111
0
111
Total
2 919
3 419
298
6 636
1)
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:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES \n \n
PARENT COMPANY
SUBSIDIARIES
(in NOK 1
000, excluding VAT)
GROUP AUDITORS
GROUP AUDITORS
OTHER AUDITORS
TOTAL
Audit fee
1 887
3 237
82
5 206
Audit-related assistance
1)
1 007
72
215
1 294
Tax assistance
24
0
0
24
Other fees
0
111
0
111
Total
2 919
3 419
298
6 636
1)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "12.
Derivatives and other fair value adjustment
Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair 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.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market
reports (level 2) which are considered to be an approximation of fair value. For
the embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and
discounted cash flow analyses defined to reflect the issuer\u2019s specific
circumstances. Fair value includes the impact of credit risk and the adjustment
for credit risk is dependent on whether the derivative is in the money (asset)
or out of the money (liability). Credit value adjustment is applied to assets
positions based on credit risk associated with the counterparty. Debit value
adjustment is applied to liability positions, based on the groups own credit
risk.
\n \n
2024
2023
Changes in value \u2013 commodity contracts
1)
-127
-514
Changes in value \u2013 embedded derivatives
-47
-91
Realised gains/(losses) on contracts
-7
0
Total
-178
-605
1)
Long-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9
related to own use are measured at fair value
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The loss in fair value of commodity contracts in 2024 and 2023 is mainly due
to the forecasted forward energy prices in Norway decreasing in 2023 and
2024.
The loss in embedded derivatives in 2024 is mainly due to the EUR/NOK
forward prices weakening from 2023 to 2024. The EUR/NOK forward price
was weakening during 2023.
Realised gain/(losses) on contracts consist of realised losses on financial
heading of excess energy during 2024.21.
Derivatives
Fair value of derivatives
Norske Skog\u2019s portfolio of commodity contracts consist mainly of physical
energy contracts. The commodity contracts and embedded derivatives
classified as financial instruments within the scope of IFRS 9 contracts are
related to energy contracts in Norway. Fair value of commodity contracts is
sensitive to estimates of future energy prices. For further details about gains
and losses relating to level 3 instruments see Note 12.
The fair value of derivatives that are not traded in an active market (over-the-
counter derivatives) is determined using various valuation techniques. Interest
rate swaps, cross-currency swaps, forward rate agreements and foreign
currency forward contracts are all valued by estimating the present value of
future cash flows. Quoted cash and swap rates are used as input for calculating
zero coupon curves used for discounting.
The fair value of commodity contracts recognised in the balance sheet is
calculated by using quotes from actively traded markets when available.
Otherwise, price forecasts from acknowledged external sources are used.
Commodity contracts that fail to meet the own-use exemption criteria in IFRS
9 are recognised in the balance sheet and valued on the same principle as
financial contracts. Some of these are long-term energy contracts. In
calculating the fair value of embedded derivatives, valuation techniques are
used in the absence of observable market inputs.
The table below classifies financial instruments within the scope of IFRS 9
measured in the balance sheet at fair value, by valuation method. The di\ufb00erent
valuation methods are described as levels and are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n \n
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
1
0
1
Commodity contracts and embedded derivatives
0
0
9
9
Total
0
1
9
10
Financial liabilities at fair value through profit or loss
Trading derivatives
0
-1
0
-1
Derivatives used for hedging
0
-71
0
-71
Commodity contracts and embedded derivatives
0
0
-324
-324
Total
0
-72
-324
-396
\n \n
31.12.2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
63
0
63
Commodity contracts and embedded derivatives
0
0
184
184
Total
0
63
184
247
Financial liabilities at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
0
0
0
Commodity contracts and embedded derivatives
0
0
-328
-328
Total
0
0
-328
-328
The following table shows the changes in level 3 instruments.
2024
ASSETS
LIABILITIES
Balance 1 January
184
-328
Gain and losses recognised in profit or loss
-175
5
Sales of instruments
0
0
Currency translation di\ufb00erences
0
0
Balance 31 December
9
-324
The following table is presented in accordance with IFRS 13.94, showing the fair value of all commodity contracts in level 3 within the scope of IFRS 9 given a change
in assumptions to a reasonably possible alternative.
FAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
ALTERNATIVE
31.12.2024
31.12.2023
Assets
Commodity contracts
Energy price -20%
0
39
Embedded derivatives
Energy price -20%
0
0
Total
0
39
Liabilities
Commodity contracts
Energy price -20%
-482
-626
Embedded derivatives
Energy price -20%
-126
-79
Total
-608
-705
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair 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.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market
reports (level 2) which are considered to be an approximation of fair value. For
the embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and
discounted cash flow analyses defined to reflect the issuer\u2019s specific
circumstances. Fair value includes the impact of credit risk and the adjustment
for credit risk is dependent on whether the derivative is in the money (asset)
or out of the money (liability). Credit value adjustment is applied to assets
positions based on credit risk associated with the counterparty. Debit value
adjustment is applied to liability positions, based on the groups own credit
risk.
\n \n
2024
2023
Changes in value \u2013 commodity contracts
1)
-127
-514
Changes in value \u2013 embedded derivatives
-47
-91
Realised gains/(losses) on contracts
-7
0
Total
-178
-605
1)
Long-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9
related to own use are measured at fair value
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The loss in fair value of commodity contracts in 2024 and 2023 is mainly due
to the forecasted forward energy prices in Norway decreasing in 2023 and
2024.
The loss in embedded derivatives in 2024 is mainly due to the EUR/NOK
forward prices weakening from 2023 to 2024. The EUR/NOK forward price
was weakening during 2023.
Realised gain/(losses) on contracts consist of realised losses on financial
heading of excess energy during 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair 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.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market
reports (level 2) which are considered to be an approximation of fair value. For
the embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and
discounted cash flow analyses defined to reflect the issuer\u2019s specific
circumstances. Fair value includes the impact of credit risk and the adjustment
for credit risk is dependent on whether the derivative is in the money (asset)
or out of the money (liability). Credit value adjustment is applied to assets
positions based on credit risk associated with the counterparty. Debit value
adjustment is applied to liability positions, based on the groups own credit
risk.
\n \n
2024
2023
Changes in value \u2013 commodity contracts
1)
-127
-514
Changes in value \u2013 embedded derivatives
-47
-91
Realised gains/(losses) on contracts
-7
0
Total
-178
-605
1)
Long-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9
related to own use are measured at fair value
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The loss in fair value of commodity contracts in 2024 and 2023 is mainly due
to the forecasted forward energy prices in Norway decreasing in 2023 and
2024.
The loss in embedded derivatives in 2024 is mainly due to the EUR/NOK
forward prices weakening from 2023 to 2024. The EUR/NOK forward price
was weakening during 2023.
Realised gain/(losses) on contracts consist of realised losses on financial
heading of excess energy during 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair 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.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market
reports (level 2) which are considered to be an approximation of fair value. For
the embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and
discounted cash flow analyses defined to reflect the issuer\u2019s specific
circumstances. Fair value includes the impact of credit risk and the adjustment
for credit risk is dependent on whether the derivative is in the money (asset)
or out of the money (liability). Credit value adjustment is applied to assets
positions based on credit risk associated with the counterparty. Debit value
adjustment is applied to liability positions, based on the groups own credit
risk.
\n \n
2024
2023
Changes in value \u2013 commodity contracts
1)
-127
-514
Changes in value \u2013 embedded derivatives
-47
-91
Realised gains/(losses) on contracts
-7
0
Total
-178
-605
1)
Long-term financial contracts and commodity contracts that no longer meet the requirement in IFRS 9
related to own use are measured at fair value
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The loss in fair value of commodity contracts in 2024 and 2023 is mainly due
to the forecasted forward energy prices in Norway decreasing in 2023 and
2024.
The loss in embedded derivatives in 2024 is mainly due to the EUR/NOK
forward prices weakening from 2023 to 2024. The EUR/NOK forward price
was weakening during 2023.
Realised gain/(losses) on contracts consist of realised losses on financial
heading of excess energy during 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "13.
Associated companies and joint ventures
Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2024 with a loss of
NOK 65 million (NOK -15 million).
The carrying value of associated companies and joint ventures are
NOK 15 million on 31 December 2024 (NOK 80 million).
Circa Group AS
Norske Skog holds a 26% share of Circa Group AS that has been suspended
from trading on Euronext Growth following its filed petition for bankruptcy on
7 October 2024. Norske Skog has during 2024 impaired the shares to reflect
the market value of nil (NOK 65 million). Total loss in 2024 amounts to
NOK 65 million (NOK 15 million).
Circa Group AS is incorporated into the consolidated financial statement
based on continuity and the carrying value will therefore deviate from the
values shown in the financial statements of Norske Skog ASA.
Porsnes Uvikling AS
Norske Skog Saugbrugs held a 50% share of Porsnes Utvikling AS and received
a dividend of NOK 205 million in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2024 with a loss of
NOK 65 million (NOK -15 million).
The carrying value of associated companies and joint ventures are
NOK 15 million on 31 December 2024 (NOK 80 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2024 with a loss of
NOK 65 million (NOK -15 million).
The carrying value of associated companies and joint ventures are
NOK 15 million on 31 December 2024 (NOK 80 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2024 with a loss of
NOK 65 million (NOK -15 million).
The carrying value of associated companies and joint ventures are
NOK 15 million on 31 December 2024 (NOK 80 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognized in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
FINANCIAL ITEMS
\n \n
2024
2023
Financial income
Interest income
84
93
Total
84
93
Financial expenses
Interest expense
-212
-208
Other financial expenses
-139
-89
Total
-351
-297
Gains/(losses) on foreign currency
-175
-71
Financial items
-441
-275
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. In 2023 other financial expenses also includes write-
downs on other shares of NOK 16 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "15.
Income tax
Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority and there is a legally enforceable
right to set-o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.
Pillar Two
The Pillar Two model rules (Global Anti-Base Erosion rules) (\u201cthe rules\u201d)
introduces a global minimum corporate tax of 15%. All jurisdictions Norske
Skog operates in has notified the implementation of the rules. The first
reporting of the rules will take place in the first part of 2026 for 2024.
For the financial year beginning 1 January 2024 Norske Skog is subject to the
rules in the jurisdictions where Norske Skog\u2019s has operations. The group has
assessed the potential impact on income taxes of rules in relation to \u201ctop up
tax\u201d.
The assessment is based on the tax reporting and country-by-country
reporting to local tax authorities and the financial statement of the entities
applied to the rules. The assessment has concluded that the e\ufb00ective tax rate
of the entities is above the threshold of 15% or within safe harbour rules. No
Pillar Two income taxes have been expensed in 2024.
Under IFRS there is a temporary exception to the requirements of IAS 12.
Norske Skog has applied this exemption to not recognise or disclose
information about deferred tax asset and liabilities related to Base Erosion and
Profit Shifting (BEPS) Pillar Two rules.
\n \n
TAX EXPENSE
2024
2023
Current tax expense
-4
-178
Change in deferred tax
-91
68
Total
-94
-110
\n\n \n
RECONCILIATION OF THE GROUP TAX EXPENSE
2024
2023
Profit/(loss) before income taxes
-566
645
Computed tax at nominal tax group rate of 22%
125
-142
Di\ufb00erences due to di\ufb00erent tax rates
3
-16
Non taxable income/non deductible expenses
-3
-2
Adjustment previous years
0
38
Other items
-8
-22
Deferred tax asset not recognised
-211
35
Total tax (expense)/income
-94
-110
E\ufb00ective tax rate
-17%
17%
\n\n \n
CURRENT TAX LIABILITY
31.12.2024
31.12.2023
Norway
0
0
Rest of Europe
-11
-11
Total
-11
-11
\n\n \n
DEFERRED TAX - MOVEMENTS
2024
2023
Net deferred tax asset/(liability) 1 January
4
-72
Change in deferred tax in the income statement
-91
87
Tax on other comprehensive income
1
1
Currency translation di\ufb00erences
-10
-13
Net deferred tax asset/(liability) 31 December
-96
4
\n\n \n
DEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2024
31.12.2023
Norway
111
206
Rest of Europe
0
0
Deferred tax assets
111
206
Rest of Europe
-207
-202
Deferred tax liability
-207
-202
Net deferred tax assets/(liability)
-96
4
\n\n \n
DEFERRED TAX DETAILS
31.12.2024
31.12.2023
Fixed assets
-74
124
Pension and other employee obligations
10
13
Other non-current items
39
88
Currency translation di\ufb00erences and financial instruments
67
56
Current items
-15
14
Financial instruments
16
-14
Interest carry forward (Interest limitation rules)
70
45
Tax losses to carry forward
415
836
Tax losses and other deferred tax assets not recognised
-629
-1 163
Tax credits
5
3
Net deferred tax assets/(liability)
-96
4
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES
31.12.2024 BY REGION
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
869
967
1 836
Temporary di\ufb00erences
1 492
-10
1 483
Tax losses and temporary di\ufb00erences not recognised
-1 855
-957
-2 812
Total tax losses and tax credits to carry forward (recognised)
505
0
505
Deferred tax asset
111
0
111
Tax rate
22%
23-25%
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2023 BY REGION
NORWAY
REST OF EUROPE
AUSTRALASIA
TOTAL
Tax losses to carry forward
595
599
1 916
3 110
Temporary di\ufb00erences
1 645
-1
617
2 261
Tax losses and temporary di\ufb00erences not recognised
-1 303
-599
-2 532
-4 435
Total tax losses and tax credits to carry forward (recognised)
936
0
0
936
Deferred tax asset
206
0
0
206
Tax rate
22%
19-32%
28-30%
Norske Skog has not recognized any deferred tax asset arising from the tax losses carried forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority and there is a legally enforceable
right to set-o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority and there is a legally enforceable
right to set-o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "16.
Earnings and dividend per share
NOTE
2024
2023
Profit/(loss) from continuing operations
-661
535
Profit/(loss) from discontinued operations
26
-321
-54
Profit/(loss) for the year in NOK million attributable to owners of the parent
-982
481
Weighted average number of shares in million
84.8
84.8
Basic earnings per share
From continuing operations
-7.79
6.31
From discontinued operations
26
-3.78
-0.64
Total basic earnings per share
-11.57
5.67
Diluted earnings/(loss) per share
From continuing operations
-7.79
6.31
From discontinued operations
26
-3.78
-0.64
Total diluted earnings per share
-11.57
5.67
The board of directors has decided not to propose the general meeting any
dividend for the financial year 2024. No dividend was paid in 2024 for the
financial year 2023. A dividend of NOK
\u00a0
0.67
\u00a0
per share was paid out 28
November 2023 for the financial year 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "The board of directors has decided not to propose the general meeting any
dividend for the financial year 2024. No dividend was paid in 2024 for the
financial year 2023. A dividend of NOK
\u00a0
0.67
\u00a0
per share was paid out 28
November 2023 for the financial year 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "0.67", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900MYY60WXHHY3039", "period": "2023-11-28T00:00:00/2023-11-29T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "17.
Intangible assets
Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.
\n \n
OTHER INTANGIBLE
LICENCES AND
INTANGIBLE ASSETS
ASSETS
PATENTS
TOTAL
Acquisition cost 1 January 2023
65
91
157
Additions
0
2
2
Disposals
-14
0
-14
Reclassified from plant under construction
1
0
1
Currency translation di\ufb00erences
2
4
6
Acquisition cost 31 December 2023
54
97
151
Accumulated depreciation and impairments 1 January 2023
62
81
143
Depreciation
1
4
5
Disposals
-14
0
-14
Currency translation di\ufb00erence
2
4
6
Accumulated depreciation and impairments 31 December 2023
50
89
139
Carrying value 31 December 2023
4
8
12
Acquisition cost 1 January 2024
54
97
151
Additions
1
2
3
Reclassified to assets held for sale
-53
0
-53
Reclassified from plant under construction
0
2
2
Currency translation di\ufb00erences
1
3
4
Acquisition cost 31 December 2024
4
104
107
Accumulated depreciation and impairments 1 January 2024
50
89
139
Depreciation
1
4
5
Reclassified to assets held for sale
-52
0
-52
Currency translation di\ufb00erence
1
3
4
Accumulated depreciation and impairments 31 December 2024
0
96
97
Carrying value 31 December 2024
3
8
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.
Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property plant and is performed.
Indicators of impairment will typically be changes in market conditions and
changes in the competitive situation. For the purpose of assessing impairment,
assets are grouped at the lowest level for which cash flows are separately
identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a
combination of machines on the facts and circumstances.
At the end of 2024 the market for magazine grades were unbalanced after a
considerable demand decline the preceding years and limited capacity
closures. The containerboard market is also experiencing some overcapacity
as new entrants is expected to outpace the growth in demand the coming
years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "\n \n
OTHER INTANGIBLE
LICENCES AND
INTANGIBLE ASSETS
ASSETS
PATENTS
TOTAL
Acquisition cost 1 January 2023
65
91
157
Additions
0
2
2
Disposals
-14
0
-14
Reclassified from plant under construction
1
0
1
Currency translation di\ufb00erences
2
4
6
Acquisition cost 31 December 2023
54
97
151
Accumulated depreciation and impairments 1 January 2023
62
81
143
Depreciation
1
4
5
Disposals
-14
0
-14
Currency translation di\ufb00erence
2
4
6
Accumulated depreciation and impairments 31 December 2023
50
89
139
Carrying value 31 December 2023
4
8
12
Acquisition cost 1 January 2024
54
97
151
Additions
1
2
3
Reclassified to assets held for sale
-53
0
-53
Reclassified from plant under construction
0
2
2
Currency translation di\ufb00erences
1
3
4
Acquisition cost 31 December 2024
4
104
107
Accumulated depreciation and impairments 1 January 2024
50
89
139
Depreciation
1
4
5
Reclassified to assets held for sale
-52
0
-52
Currency translation di\ufb00erence
1
3
4
Accumulated depreciation and impairments 31 December 2024
0
96
97
Carrying value 31 December 2024
3
8
11
\n \n
MACHINERY
FIXTURES
BIOLOGICAL
AND
LAND AND
AND
PLANT UNDER
RIGHT-OF-
PROPERTY, PLANT AND EQUIPMENT
ASSETS
EQUIPMENT
BUILDINGS
FITTINGS
CONSTRUCTION
USE ASSETS
TOTAL
Acquisition cost 1 January 2023
2
29 162
6 962
549
2 860
191
39 725
Additions
0
32
1
0
2 950
55
3 038
Disposals
0
-5 995
-468
-28
-42
-24
-6 556
Reclassified from plant under construction
0
1 508
303
16
-1 828
0
-1
Currency translation di\ufb00erences
0
1 123
241
32
145
8
1 549
Acquisition cost 31 December 2023
2
25 831
7 040
568
4 085
230
37 755
Accumulated depreciation and impairments
1 January 2023
0
27 066
6 099
502
85
123
33 874
Depreciation
0
357
93
16
0
42
509
Impairment
0
53
5
0
30
0
88
Disposals
0
-5 995
-461
-26
-42
-24
-6 548
Currency translation di\ufb00erence
0
1 030
200
29
2
4
1 265
Accumulated depreciation and impairments
31 December 2023
0
22 510
5 936
521
75
146
29 188
Carrying value 31 December 2023
2
3 320
1 104
47
4 010
84
8 567
Acquisition cost 1 January 2024
2
25 831
7 040
568
4 085
230
37 755
Additions
0
39
106
0
1 436
107
1 688
Disposals
0
-2
0
0
0
-94
-96
Reclassified to assets held for sale
-2
-4 802
-538
-21
-42
-63
-5 467
Reclassified from plant under construction
0
303
149
3
-456
0
-2
Currency translation di\ufb00erences
0
639
185
23
187
8
1 042
Acquisition cost 31 December 2024
0
22 008
6 942
574
5 210
188
34 921
Accumulated depreciation and impairments
1 January 2024
0
22 510
5 936
521
75
146
29 188
Depreciation
0
361
92
14
0
45
513
Impairment
2
205
28
0
37
25
297
Disposals
0
0
0
0
0
-92
-92
Reclassified to assets held for sale
-2
-4 772
-514
-21
-37
-30
-5 374
Currency translation di\ufb00erence
0
500
141
21
0
6
668
Accumulated depreciation and impairments
31 December 2024
0
18 805
5 683
536
75
100
25 198
Carrying value 31 December 2024
0
3 203
1 259
38
5 135
88
9 723
SPECIFICATION OF DEPRECIATION AND IMPAIRMENTS
NOTE
2024
2023
Property, plant and equipment
513
509
Intangible assets
5
5
Depreciation from discontinued operations
26
-37
-50
Depreciation from continuing operation
481
464
Property, plant and equipment
297
88
Intangible assets
0
0
Impairments from discontinued operations
26
-176
-62
Impairments from continuing operation
121
27
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "18.
Property, plant and equipment
Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.
Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property plant and is performed.
Indicators of impairment will typically be changes in market conditions and
changes in the competitive situation. For the purpose of assessing impairment,
assets are grouped at the lowest level for which cash flows are separately
identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a
combination of machines on the facts and circumstances.
At the end of 2024 the market for magazine grades were unbalanced after a
considerable demand decline the preceding years and limited capacity
closures. The containerboard market is also experiencing some overcapacity
as new entrants is expected to outpace the growth in demand the coming
years.
Assumptions applied when calculating the recoverable amount
Intangible non-current assets and property, plant and equipment (PPE) are
written down to their recoverable amount when this is lower than the carrying
value of the asset. The recoverable amount of an asset or CGU is the higher of
its fair value less costs to sell and its value in use. Value in use is the present
value of future cash flows expected to arise from an asset or cash-generating
unit. Norske Skog applies the value in use approach when calculating
recoverable amount for its CGUs. Norske Skog has identified the following
CGUs: Europe newsprint (Norske Skog Skogn and Norske Skog Golbey),
Europe super calendared (Norske Skog Saugbrugs), Europe lightweight coated
(Norske Skog Bruck) and containerboard (Norske Skog Bruck and Norske
Skog Golbey). These represent the six cash generating units that the group is
focusing on in its follow-up operationally and commercially as communication
with customers, suppliers, employees. The di\ufb00erent mills within a CGU works
together to generate cash inflows.
The production machines have a long technical life, while useful lives are linked
to industry cost curves and the size of the market. The estimated remaining
useful life of the individual paper machines forms the basis for determining the
length of the cash flow period used in the value in use calculation. Estimated
remaining useful life for the individual publication paper machines in the group
varies from 1 to 8 years for publication paper machines and 20 year for
packaging paper machines. Sales volumes are reduced in accordance with the
estimated end of useful lives of the di\ufb00erent paper machines in the group.
Norske Skog models the cash flows throughout the useful life of the paper
machines. The timing of capacity closures is based on an assessment of the
position on Fastmarkets RISI cost curve and market demand projections for
the produced grade. Fastmarkets RISI is the leading global source for forest
products information and data (www.fastmarkets.com).
Nominal cash flow is estimated in the functional currency in which it will be
generated. The value is calculated by discounting based on a required rate of
return on capital that is relevant for the cash-generating unit. The required rate
of return, or weighted average cost of capital (WACC), is based on the interest
rate on ten-year government bonds in the currency of the cash flow estimate,
an industry debt 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 required rate of return on capital.
The key drivers of profitability in publication paper and packaging paper and
thus asset values for the group are product prices relative to production costs
i.e. EBITDA margin. EBITDA levels represents the operating profit (loss) before
depreciation and amortization. The starting point for any impairment test is
the financial budget for 2024 approved by the board of directors. The key
assumptions used in reaching the forecast figures are sales prices, volumes
and operating costs. Contracted prices/costs are reflected when applicable in
the budget.
The are no observable market prices for the group\u2019s products, but there are
external sources such as Fastmarkets RISI and PPPC for which estimate prices
for publication paper and packaging paper, and these are used as a reference.
For operating cost related to raw materials and energy contract prices are used
when they cover longer periods, or a best estimate of cost based on historical
experience and any expected changes. Operating costs are based on budgeted
levels and adjusted for any approved e\ufb00iciency initiatives.
The calculation of value in use takes into consideration any future changes in
both the CO2 quotas and the income from CO2 compensation going forward in
line with the relevant regulatory framework. Other than that no climate
legislation has currently been approved that impacts the group. There are
however expectations that new climate related legislation will be passed in the
future that may increase costs or reduce income and thereby impacting on
profitability is costs are not able to be passed on to customer or fully or partially
compensated by incentive schemes.
Expected useful life
In connection with the year-end closing process for 2024, Norske Skog
performed a review of the expected remaining useful lives of property, plant
and equipment. The useful life of most of the machines were reduced by one
year compared with last year assumptions.
Sensitivity to estimates of recoverable amount
The key uncertainty in the cash flows and profitability relates to future market
prices for Norske Skog\u2019s products and input factors in the production and
prices and cost relative to each other. The estimation of recoverable amount is
based on assumptions regarding the future development of several factors.
These include price development for finished goods, sales volumes, currency
rates and interest rates. In relation to the assumptions made in a calculation of
the present value of future cash flows, recoverable amount is most sensitive to
changes in prices of finished goods, but also sales volumes and the discount
rate used but to a lesser extent.
Property, plant and equipment allocated to cash-generating units
The table below shows machinery and equipment and land and buildings
allocated to Norske Skog\u2019s cash-generating units as of 31 December 2024.
MACHINERY AND
LAND AND
EQUIPMENT
BUILDINGS
Europe newsprint
1 111
550
Europe super calendared
191
123
Europe lightweight coated
0
0
Containerboard
1 900
586
Carrying value 31 December 2024
3 203
1 259
Impairment test
Norske Skog has identified impairment indicators related to the containerboard
and super calendared cash generating units. An impairment of NOK 121 million
was recognised in relation to the Europe super calendared CGU. \n \n
MACHINERY
FIXTURES
BIOLOGICAL
AND
LAND AND
AND
PLANT UNDER
RIGHT-OF-
PROPERTY, PLANT AND EQUIPMENT
ASSETS
EQUIPMENT
BUILDINGS
FITTINGS
CONSTRUCTION
USE ASSETS
TOTAL
Acquisition cost 1 January 2023
2
29 162
6 962
549
2 860
191
39 725
Additions
0
32
1
0
2 950
55
3 038
Disposals
0
-5 995
-468
-28
-42
-24
-6 556
Reclassified from plant under construction
0
1 508
303
16
-1 828
0
-1
Currency translation di\ufb00erences
0
1 123
241
32
145
8
1 549
Acquisition cost 31 December 2023
2
25 831
7 040
568
4 085
230
37 755
Accumulated depreciation and impairments
1 January 2023
0
27 066
6 099
502
85
123
33 874
Depreciation
0
357
93
16
0
42
509
Impairment
0
53
5
0
30
0
88
Disposals
0
-5 995
-461
-26
-42
-24
-6 548
Currency translation di\ufb00erence
0
1 030
200
29
2
4
1 265
Accumulated depreciation and impairments
31 December 2023
0
22 510
5 936
521
75
146
29 188
Carrying value 31 December 2023
2
3 320
1 104
47
4 010
84
8 567
Acquisition cost 1 January 2024
2
25 831
7 040
568
4 085
230
37 755
Additions
0
39
106
0
1 436
107
1 688
Disposals
0
-2
0
0
0
-94
-96
Reclassified to assets held for sale
-2
-4 802
-538
-21
-42
-63
-5 467
Reclassified from plant under construction
0
303
149
3
-456
0
-2
Currency translation di\ufb00erences
0
639
185
23
187
8
1 042
Acquisition cost 31 December 2024
0
22 008
6 942
574
5 210
188
34 921
Accumulated depreciation and impairments
1 January 2024
0
22 510
5 936
521
75
146
29 188
Depreciation
0
361
92
14
0
45
513
Impairment
2
205
28
0
37
25
297
Disposals
0
0
0
0
0
-92
-92
Reclassified to assets held for sale
-2
-4 772
-514
-21
-37
-30
-5 374
Currency translation di\ufb00erence
0
500
141
21
0
6
668
Accumulated depreciation and impairments
31 December 2024
0
18 805
5 683
536
75
100
25 198
Carrying value 31 December 2024
0
3 203
1 259
38
5 135
88
9 723
SPECIFICATION OF DEPRECIATION AND IMPAIRMENTS
NOTE
2024
2023
Property, plant and equipment
513
509
Intangible assets
5
5
Depreciation from discontinued operations
26
-37
-50
Depreciation from continuing operation
481
464
Property, plant and equipment
297
88
Intangible assets
0
0
Impairments from discontinued operations
26
-176
-62
Impairments from continuing operation
121
27
Machinery and equipment are depreciated over a period from five to 25 years.
Land and buildings comprise mainly mills, machinery and o\ufb00ice premises.
Buildings and other property are depreciated over a period from ten to 40 years.
Fixtures and fittings are depreciated over a period from three to ten years. Land
and plant under construction are not depreciated.
Right-of-use assets is further described in Note 19.
The di\ufb00erence between total additions in the table above and purchases of
property, plant, equipment and intangible assets in the consolidated statement
of cash flows is due to leases, capitalised borrowing costs and accruals for
payments. Norske Skog has capitalised borrowing costs of NOK 105 million in
2024 (NOK 16 million).
Disposals in 2024 and 2023 were primarily related to scrapping of fully
depreciated assets that no longer have any technical values.
At year end 2024 the group has contractual commitments for acquisition of
property, plant and equipment of NOK
530 million (NOK 700 million) that relate
to future periods. In 2024 total payments related to acquisition of property, plant
and equipment to committee amount was NOK 700 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property plant and is performed.
Indicators of impairment will typically be changes in market conditions and
changes in the competitive situation. For the purpose of assessing impairment,
assets are grouped at the lowest level for which cash flows are separately
identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a
combination of machines on the facts and circumstances.
At the end of 2024 the market for magazine grades were unbalanced after a
considerable demand decline the preceding years and limited capacity
closures. The containerboard market is also experiencing some overcapacity
as new entrants is expected to outpace the growth in demand the coming
years.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "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.
Buildings and other property are depreciated over a period from ten to 40 years.
Fixtures and fittings are depreciated over a period from three to ten years. Land
and plant under construction are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "19.
Leases
Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorized and presented in the table below:
LEASES
\n \n
MACHINERY
AND
LAND AND
FIXTURES AND
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2023
44
16
7
68
Additions
27
28
0
55
Depreciations
-30
-11
-1
-42
Currency translation di\ufb00erences
2
1
0
3
Carrying value 31 December 2023
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairment
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
\n \n
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2024
31.12.2023
Not later than one year
28
39
Later than one year and not later than five years
55
46
Later than five years
22
15
Total
105
100
Future finance charges
13
11
Present value of liabilities
29
92
89
Interest expense on lease liabilities amounts to NOK 6 million in 2023 (NOK 5 million).
\n \n
CASH PAYMENT MADE FROM LEASES
2024
2023
Principal payments on recognised lease liabilities
32
29
Interest payments on recognised lease liabilities
6
5
Payments on leases expensed in the period
20
17
Principal, interest and leases expense payments from discontinued operations
15
17
Total
73
68
The 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
in operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\n \n
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2024
2023
Expense relating to variable lease payments not included in the measurement of lease liabilities
5
5
Short term leases exemption
1
1
Low-value leases exemption
14
11
Total
11
20
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorized and presented in the table below:
LEASES
\n \n
MACHINERY
AND
LAND AND
FIXTURES AND
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2023
44
16
7
68
Additions
27
28
0
55
Depreciations
-30
-11
-1
-42
Currency translation di\ufb00erences
2
1
0
3
Carrying value 31 December 2023
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairment
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
\n \n
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2024
31.12.2023
Not later than one year
28
39
Later than one year and not later than five years
55
46
Later than five years
22
15
Total
105
100
Future finance charges
13
11
Present value of liabilities
29
92
89
Interest expense on lease liabilities amounts to NOK 6 million in 2023 (NOK 5 million).
\n \n
CASH PAYMENT MADE FROM LEASES
2024
2023
Principal payments on recognised lease liabilities
32
29
Interest payments on recognised lease liabilities
6
5
Payments on leases expensed in the period
20
17
Principal, interest and leases expense payments from discontinued operations
15
17
Total
73
68
The 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
in operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\n \n
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2024
2023
Expense relating to variable lease payments not included in the measurement of lease liabilities
5
5
Short term leases exemption
1
1
Low-value leases exemption
14
11
Total
11
20
17
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorized and presented in the table below:
LEASES
\n \n
MACHINERY
AND
LAND AND
FIXTURES AND
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2023
44
16
7
68
Additions
27
28
0
55
Depreciations
-30
-11
-1
-42
Currency translation di\ufb00erences
2
1
0
3
Carrying value 31 December 2023
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairment
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
\n \n
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2024
31.12.2023
Not later than one year
28
39
Later than one year and not later than five years
55
46
Later than five years
22
15
Total
105
100
Future finance charges
13
11
Present value of liabilities
29
92
89
Interest expense on lease liabilities amounts to NOK 6 million in 2023 (NOK 5 million).
\n \n
CASH PAYMENT MADE FROM LEASES
2024
2023
Principal payments on recognised lease liabilities
32
29
Interest payments on recognised lease liabilities
6
5
Payments on leases expensed in the period
20
17
Principal, interest and leases expense payments from discontinued operations
15
17
Total
73
68
The 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
in operating expenses. Certain variable lease payments are not permitted to be recognised as leases liabilities and are expensed as incurred.
\n \n
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2024
2023
Expense relating to variable lease payments not included in the measurement of lease liabilities
5
5
Short term leases exemption
1
1
Low-value leases exemption
14
11
Total
11
20
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "20.
Shares
SHARES IN SUBSIDIARIES OWNED BY
SHARE CAPITAL
THE PARENT COMPANY
CONSOLIDATED COMPANIES
CURRENCY
(IN 1
000)
OWNERSHIP%
Norske Skog Bruck GmbH, Bruck, Austria
EUR
67 000
100%
Norske Skog Recycling GmbH, Bruck, Austria
EUR
291
100%
Norske Skog Golbey SAS, Golbey, France
EUR
62 365
100%
GV Bois SAS, Golbey, France
EUR
100
90%
Green Valley Energy SASU, France
EUR
2 301
64%
Norske Skog Skogn AS, Levanger, Norway
NOK
115 230
100%
Norske Skog Saugbrugs AS, Halden, Norway
NOK
115 230
100%
Saugbrugs Bioenergi AS, Halden, Norway
NOK
3 000
100%
Norske Skog Industries Australia Ltd., Sydney,
Australia
AUD
340 000
100%
Norske Skog (Australasia) Pty Ltd., Sydney, Australia
AUD
21 000
100%
Norske Skog Paper Mills (Australia) Ltd., Tasmania, Australia
AUD
7 539
100%
Nornews AS, Oslo, Norway
NOK
300
100%
Norske Skog Deutschland GmbH, Augsburg, Germany
EUR
520
100%
Norske Skog France SARL, Paris, France
EUR
135
100%
Norske Skog (\u00d6sterreich) GmbH, Graz, Austria
EUR
35
100%
Norske Skog (Schweiz) AG, Z\u00fcrich, Switzerland
CHF
50
100%
Norske Skog (UK) Ltd., London, United Kingdom
GBP
100
100%
Cebina AS, Oslo, Norway
NOK
30
100%
Cebico AS, Oslo, Norway
NOK
30
100%
\n \n
SHARE CAPITAL
CARRYING
SHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by consolidated companies
Porsnes Utvikling AS, Halden, Norway
NOK
300
50%
7
Green Valley Energie, France
EUR
300
10%
3
NorFibre Logistics SAS, France
EUR
500
20%
1
SEM, France
EUR
879
10%
1
Austria Papier Recycling GmbH, Austria
EUR
182
33%
1
Other
1
Total shares in associated companies and joint ventures
15
\n \n
SHARE CAPITAL
CARRYING
OTHER SHARES
NOTE
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by the parent company
Ocean GeoLoop AS, Skogn, Norway
NOK
527
2%
5
3K6 Skoginvest AS, Trondheim, Norway
NOK
165
2%
2
Owned by consolidated companies
Exeltium SAS, Paris, France
EUR
12 358
5%
98
Other
1
Total other shares
23
106
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "\n \n
SHARE CAPITAL
CARRYING
SHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by consolidated companies
Porsnes Utvikling AS, Halden, Norway
NOK
300
50%
7
Green Valley Energie, France
EUR
300
10%
3
NorFibre Logistics SAS, France
EUR
500
20%
1
SEM, France
EUR
879
10%
1
Austria Papier Recycling GmbH, Austria
EUR
182
33%
1
Other
1
Total shares in associated companies and joint ventures
15
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Fair value of derivatives
Norske Skog\u2019s portfolio of commodity contracts consist mainly of physical
energy contracts. The commodity contracts and embedded derivatives
classified as financial instruments within the scope of IFRS 9 contracts are
related to energy contracts in Norway. Fair value of commodity contracts is
sensitive to estimates of future energy prices. For further details about gains
and losses relating to level 3 instruments see Note 12.
The fair value of derivatives that are not traded in an active market (over-the-
counter derivatives) is determined using various valuation techniques. Interest
rate swaps, cross-currency swaps, forward rate agreements and foreign
currency forward contracts are all valued by estimating the present value of
future cash flows. Quoted cash and swap rates are used as input for calculating
zero coupon curves used for discounting.
The fair value of commodity contracts recognised in the balance sheet is
calculated by using quotes from actively traded markets when available.
Otherwise, price forecasts from acknowledged external sources are used.
Commodity contracts that fail to meet the own-use exemption criteria in IFRS
9 are recognised in the balance sheet and valued on the same principle as
financial contracts. Some of these are long-term energy contracts. In
calculating the fair value of embedded derivatives, valuation techniques are
used in the absence of observable market inputs.
The table below classifies financial instruments within the scope of IFRS 9
measured in the balance sheet at fair value, by valuation method. The di\ufb00erent
valuation methods are described as levels and are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n \n
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
1
0
1
Commodity contracts and embedded derivatives
0
0
9
9
Total
0
1
9
10
Financial liabilities at fair value through profit or loss
Trading derivatives
0
-1
0
-1
Derivatives used for hedging
0
-71
0
-71
Commodity contracts and embedded derivatives
0
0
-324
-324
Total
0
-72
-324
-396
\n \n
31.12.2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
63
0
63
Commodity contracts and embedded derivatives
0
0
184
184
Total
0
63
184
247
Financial liabilities at fair value through profit or loss
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
0
0
0
Commodity contracts and embedded derivatives
0
0
-328
-328
Total
0
0
-328
-328
The following table shows the changes in level 3 instruments.
2024
ASSETS
LIABILITIES
Balance 1 January
184
-328
Gain and losses recognised in profit or loss
-175
5
Sales of instruments
0
0
Currency translation di\ufb00erences
0
0
Balance 31 December
9
-324
The following table is presented in accordance with IFRS 13.94, showing the fair value of all commodity contracts in level 3 within the scope of IFRS 9 given a change
in assumptions to a reasonably possible alternative.
FAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
ALTERNATIVE
31.12.2024
31.12.2023
Assets
Commodity contracts
Energy price -20%
0
39
Embedded derivatives
Energy price -20%
0
0
Total
0
39
Liabilities
Commodity contracts
Energy price -20%
-482
-626
Embedded derivatives
Energy price -20%
-126
-79
Total
-608
-705
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "22.
Financial instruments
Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.
CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
136
58
194
9
203
Trade and other receivables
23
0
1 090
1 090
545
1 635
Cash and cash equivalents
25
0
2 463
2 463
0
2 463
Other current assets
23
216
0
216
13
229
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 536
4 536
0
4 536
Interest-bearing current liabilities
29
0
517
517
0
517
Other non-current liabilities
30
273
0
273
374
647
Trade and other payables
30
0
1 871
1 871
385
2 256
Other current liabilities
30
67
0
67
63
130
The group does not have any financial assets at fair value through other comprehensive income.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities instruments measured
in the balance sheet at fair value, by valuation method. The di\ufb00erent valuation
methods are described as levels and are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n \n
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivables
422
422
0
0
422
VAT receivables
126
126
0
0
126
Other receivables
170
170
0
0
170
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
0
1 127
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n \n
31.12.2023
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
30
30
0
0
30
Miscellaneous other non-current assets
164
164
0
0
164
Other non-current assets
194
194
0
0
194
Trade receivable
536
536
0
0
536
VAT receivables
144
144
0
0
144
Other receivables
410
410
0
0
410
Trade and other receivables
1 090
1 090
0
0
1 090
Derivatives
63
63
0
0
63
Commodity contracts
153
153
0
63
91
Current investments
0
0
0
0
0
Other current assets
216
216
0
63
216
Cash and cash equivalents
2 463
2 463
0
0
2 463
Interest-bearing non-current liabilities
4 536
4 600
0
1 576
3 024
Interest-bearing current liabilities
517
517
0
0
517
Total interest-bearing liabilities
5 053
5 117
0
1 576
3 542
Derivatives
70
70
0
0
70
Commodity contracts
203
203
0
0
203
Other non-current liabilities
273
273
0
0
273
Trade payables
1 035
1 035
0
0
1 035
Other payables
836
836
0
0
836
Trade and other payables
1 871
1 871
0
0
1 871
Derivatives
9
9
0
0
9
Commodity contracts
47
47
0
0
47
Financial current liabilities
11
11
0
0
11
Other current liabilities
67
67
0
0
67
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value calculation on other interest-bearing liabilities
(Level 3) is based on acknowledged valuation principles according to IFRS
but is not necessarily an estimate of the amount the group would have to
cover if it were to repay all its debt to all lenders.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other
current liabilities remain largely consistent with the book value due to the
short maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES \n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
136
58
194
9
203
Trade and other receivables
23
0
1 090
1 090
545
1 635
Cash and cash equivalents
25
0
2 463
2 463
0
2 463
Other current assets
23
216
0
216
13
229
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 536
4 536
0
4 536
Interest-bearing current liabilities
29
0
517
517
0
517
Other non-current liabilities
30
273
0
273
374
647
Trade and other payables
30
0
1 871
1 871
385
2 256
Other current liabilities
30
67
0
67
63
130
The group does not have any financial assets at fair value through other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES \n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
136
58
194
9
203
Trade and other receivables
23
0
1 090
1 090
545
1 635
Cash and cash equivalents
25
0
2 463
2 463
0
2 463
Other current assets
23
216
0
216
13
229
\n \n
FAIR VALUE
THROUGH PROFIT
TOTAL FINANCIAL
NON-FINANCIAL
31.12.2023
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Interest-bearing non-current liabilities
29
0
4 536
4 536
0
4 536
Interest-bearing current liabilities
29
0
517
517
0
517
Other non-current liabilities
30
273
0
273
374
647
Trade and other payables
30
0
1 871
1 871
385
2 256
Other current liabilities
30
67
0
67
63
130
The group does not have any financial assets at fair value through other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "\n \n
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivables
422
422
0
0
422
VAT receivables
126
126
0
0
126
Other receivables
170
170
0
0
170
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
0
1 127
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n \n
31.12.2023
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
30
30
0
0
30
Miscellaneous other non-current assets
164
164
0
0
164
Other non-current assets
194
194
0
0
194
Trade receivable
536
536
0
0
536
VAT receivables
144
144
0
0
144
Other receivables
410
410
0
0
410
Trade and other receivables
1 090
1 090
0
0
1 090
Derivatives
63
63
0
0
63
Commodity contracts
153
153
0
63
91
Current investments
0
0
0
0
0
Other current assets
216
216
0
63
216
Cash and cash equivalents
2 463
2 463
0
0
2 463
Interest-bearing non-current liabilities
4 536
4 600
0
1 576
3 024
Interest-bearing current liabilities
517
517
0
0
517
Total interest-bearing liabilities
5 053
5 117
0
1 576
3 542
Derivatives
70
70
0
0
70
Commodity contracts
203
203
0
0
203
Other non-current liabilities
273
273
0
0
273
Trade payables
1 035
1 035
0
0
1 035
Other payables
836
836
0
0
836
Trade and other payables
1 871
1 871
0
0
1 871
Derivatives
9
9
0
0
9
Commodity contracts
47
47
0
0
47
Financial current liabilities
11
11
0
0
11
Other current liabilities
67
67
0
0
67
23.
Receivables and other non-current assets
Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognized based on ageing
categories of trade receivables that includes all receivables.
\n \n
NOTE
31.12.2024
31.12.2023
Trade and other receivables
Trade receivables
474
588
Provision for bad debt
-52
-50
VAT receivables
126
144
Prepaid expenses
64
64
Other receivables
641
888
Total
1 253
1 635
Other current assets
Derivatives
1
63
Commodity contracts
9
153
Other current assets
19
13
Total
29
229
Other non-current assets
Long-term shareholdings
20
106
105
Commodity contracts
0
30
Pension plan assets
27
10
9
Other non-current receivables
61
58
Total
177
203
Norske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
Skog Saugbrugs have factoring facility agreements where the future cash flow
on certain trade receivables are sold. The facility has a limit of EUR 25 million
for Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
combined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
Saugbrugs. There are no financial covenants in these factoring facility
agreements. Trade receivables that have been sold are deducted from trade
receivables in the balance sheet. The utilisation at 31 December 2024 was
NOK 668 million (NOK 612 million).
At 31 December 2024 advances received from contracts with customers
amounted to NOK 0 million (NOK 0 million) and other revenue accruals for
invoice not sent amounted to NOK 0 million (NOK 0 million). In addition,
received advances from customers not invoiced NOK 0 million at 31 December
2024 (NOK 0 million).
The credit risk on trade and other receivables is continuously monitored,
independent of due date. The group\u2019s sales are mainly to large customers with
a historically low degree of default. Collateral as security is not normally
requested. Further information regarding the group\u2019s credit policy for sales is
provided in Note 5.
AGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
\n \n
31.12.2024
31.12.2023
Not due
1 094
1 500
0 to 3 months
166
140
3 to 6 months
0
4
Over 6 months
44
40
1)
Total
1 305
1 684
1)
Does not include provision for bad debt.
The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognized based on ageing
categories of trade receivables that includes all receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and work
in progress comprises raw materials, direct labour, other direct costs and
related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price in
the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "25.
Cash and cash equivalents
Accounting policies
Cash and cash equivalents include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities
of three months or less.
\n \n
31.12.2024
31.12.2023
Bank and other deposits
469
1 399
Restricted cash
255
643
Money market fund
404
421
Total
1 127
2 463
For the purpose of the statement of cash flows, cash and cash equivalents
comprise the following at 31 December:
\n \n
NOTE
31.12.2024
31.12.2023
Bank and other deposits
469
1 399
Restricted cash
255
643
Money market fund
404
421
Cash and cash equivalents attributable to
discontinued operations
26
50
0
Total
1 177
2 463
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Accounting policies
Cash and cash equivalents include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities
of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an
agreement to sell Norske Skog Industries Australia Ltd with subsidiaries was
signed. The sale of Norske Skog Industries Australia Ltd. is expected to be
completed within a year from the reporting date.
The business of Norske Skog Industries Australia Ltd with subsidiaries
represented the segment publication paper Australasia. On 31 December
2024, publication paper Australasia was classified as a disposal group held for
sale and as a discontinued operation.
Norske Skog has identified impairment indicators related to publication paper
Australasia. An impairment of NOK 176 million was recognised.
With publication paper Australasia being classified as discontinued operations,
the segment is no longer presented in the segment note. The financial
information relating to publication paper Australasia for the year are presented
below:", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "DESCRIPTION OF THE DEFINED BENEFIT PLANS
The key terms in Norske Skog\u2019s major defined benefit plans are shown in the
table below.
\n \n
BENEFIT IN% OF
PENSIONABLE
YEARS OF
PENSIONABLE
EARLY RETIREMENT
ACTIVE
EARNINGS
SERVICE
AGE
AGE
MEMBERS
Norske Skog ASA
65
30
70
62
0
Norske Skog Saugbrugs AS
65
30
70
62
12
Norske Skog Skogn AS
65
30
70
62
17
Norske Skog Golbey SAS
0
43
64
60
370
The defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
Deutschland GmbH is closed.
The defined benefit schemes in Norway cover people between 66 and
67 years of age, born before 1 January 1959 and who were employed before
1 January 2011 when the plan was closed. The defined benefit obligations in
Norway only encompass active members since they leave the defined benefit
scheme (having a paid-up policy) when they retire.
Plan assets of the pension schemes in Norske Skog ASA, Norske Skog
Saugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
company and invested in accordance with the general guidelines governing
investments by life insurance companies in Norway.
When evaluating plan assets, it is based on the assumptions as at 31 December.
This estimated value is adjusted every year in accordance with the figures for
the market value of the assets provided by the insurance company.
When measuring the incurred obligations, it is based on the assumptions as at
31 December. This estimated obligation is adjusted every year in accordance
with the figures for incurred pension obligations provided by the actuary.
In addition to the benefit obligation funded through insurance plans, the group
has unfunded benefit obligations. The unfunded obligations include estimated
future obligations relating to the former Norwegian early retirement scheme
and pensions for senior management and directors. Obligations relating to
senior management pensions are partly funded through a supplementary
retirement plan with a life insurance company.
In addition to defined benefit plans, there are also various defined contribution
plans. Norwegian entities have a defined contribution scheme with a
contribution of 5% for earnings up to 7.1 G and 17% between 7.1 and 12 G
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "28.
Provisions
Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items.
\n \n
RESTRUCTURING
ENVIRONMENTAL
PROVISION
PROVISION
Balance 1 January 2023
43
168
Changes and new provisions
39
-6
Utilised during the year
-55
-2
Periodic unwinding of discount
0
5
Currency translation di\ufb00erences
2
5
Balance 31 December 2023
29
169
Changes and new provisions
16
7
Utilised during the year
-23
0
Classified as liabilities relating to assets held for sale
-8
-143
Currency translation di\ufb00erences
-7
1
Balance 31 December 2024
7
34
RESTRUCTURING PROVISION
Restructuring provision is included in the balance sheet line other current
liabilities. This includes for example severance (redundancy) payments, early
retirement or other arrangements for employees leaving the company,
external costs to lawyers and legal advisors in relation to the restructuring
process, lease termination costs and onerous contracts. The restructuring
provision of NOK 7 million at 31 December 2024 includes various restructuring
activities included provision for severance payments and other costs
(Corporate functions NOK 0 million (NOK 14 million), publication paper
Europe NOK 7 million (NOK 8 million). The amount expensed in 2024 in
relation to restructuring activities amounted to NOK 16 million (Corporate
functions NOK 4 million (NOK 28 million),
and publication paper Europe
NOK 12 (NOK 5 million).
ENVIRONMENTAL PROVISION
The group\u2019s provision for environmental obligations is presented in the
balance sheet as other non-current liabilities. The provision is related to
estimated future costs for cleaning up any environmental pollution caused by
Norske Skog production units. The provision will mainly be realised in a future
period upon a potential shut down of the production activities of any of the
Norske Skog production units. Increased environmental requirements from
local governments may also lead to realisation of this provision at an earlier
point in time.
Provisions for future environmental obligations amounted to NOK 34 million
at 31 December 2024 compared to NOK 169 million at 31 December 2023.
The decrease mainly relates to former segment publication paper Australasia
not being a part of the provision obligation at year end, due to the segment
being classified as held for sale in 2024. Resources spent on environmental
activities during 2024 was NOK 0 million (NOK 0 million).
The carrying value of the provision is the best estimate made by measuring
the expected value of the specific obligations, discounted to present value
using a long-term risk-free interest rate when the time value of money is
material. Changes in factors included in the expected value will impact the
carrying value of the obligation. To illustrate the sensitivity, a reduction in the
future discount rate by one percentage point would increase the provision by
approximately NOK 1 million. Changes in accounting estimates not related to
assets are classified as operating items in the income statement, and the
periodic unwinding of the discount is recognised within the income statement
line financial expenses.
DISMANTLING PROVISION
Provisions related to future dismantling costs arising from a future closing down
of production facilities amounted to NOK 0 million at 31 December 2024, and
NOK 0 million at 31 December 2023.
The total amount is normally classified as non-current and will only be
realised at the time of a future shut down of any of the Norske Skog production
units. The provision is the net present value of the future estimated costs,
calculated using a long-term risk-free interest rate. The periodic unwinding of
the discount is recognised in the income statement line financial expenses.
The opposite entry for dismantling provision and change in provision
estimates is property, plant and equipment.
CONTINGENT LIABILITIES
Norske Skog is an international company that, through its ongoing business
operations, will be exposed to litigation and claims from public authorities and
contracting parties as well as assessments from public authorities in each
country it operates.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "CONTINGENT LIABILITIES
Norske Skog is an international company that, through its ongoing business
operations, will be exposed to litigation and claims from public authorities and
contracting parties as well as assessments from public authorities in each
country it operates.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "29.
Interest-bearing liabilities
Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.
\n \n
INTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2024
31.12.2023
Bonds
1 400
1 530
Debt to financial institutions
3 752
3 448
Factoring facilities
27
0
Total
5 179
4 978
\n \n
CURRENCY AMOUNT
NOK
NOK
INTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2024
31.12.2024
31.12.2023
EUR
273
3 214
4 898
AUD
0
0
15
Total interest-bearing debt in foreign currencies
3 214
4 913
NOK
1 964
65
Total interest-bearing debt
5 179
4 978
Norske Skog issued a NOK 1
600 million senior unsecured bond in June 2024
to refinance its existing EUR 150 million senior secured bond. The bond
matures in June 2029 and has an interest rate of NIBOR (zero floor) + 4.5%
with quarterly interest payments. On 31 December 2024, Norske Skog had an
issued and outstanding amount of NOK 1
400 million under the bond
agreement.
In September 2024, Norske Skog Skogn issued a NOK 500 million loan with a
three-year maturity but option to extend for additional two years. The issue
resulted in the termination of the existing EUR 31 million Revolving Credit
Facility which was undrawn the time. On 31 December 2024, the new loan
was fully drawn.
Norske Skog has entered into credit facility agreements in an aggregate
amount of EUR 265 million to finance its investment to convert two paper
machines into producing packaging paper. EUR 193 million relates to Norske
Skog Golbey and EUR 72 million relates to Norske Skog Bruck. The borrowing
entities are Norske Skog Golbey SAS and Norske Skog Bruck GmbH, and the
facilities are fully guaranteed by Norske Skog ASA. The facilities in Norske
Skog Bruck have been fully drawn and repayment has commenced. The
facilities at Norske Skog Golbey have been drawn upon as capital expenditures
have been incurred. On 31 December 2024, the credit facilities had been
drawn by approximately EUR 228 million (EUR 250 million). The facilities
follow di\ufb00erent repayment profiles ending during the period from 2027 to
2032.
The incineration boiler is financed by a EUR 54 million credit facility. The
facility is repaid in quarterly instalments up until the final maturity date in
2028. The borrower under the facility is Norske Skog Bruck GmbH and
Norske Skog ASA has provided a guarantee of EUR 20 million. At 31 December
2024, the outstanding amount under the credit facility was approximately
EUR 35 million (EUR 43 million).
The financial covenants applicable to Norske Skog on a consolidated basis
are (i) freely available and unrestricted cash and cash equivalents of minimum
NOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, (iii) book
equity to total assets of minimum 25%, and (iv) minimum last twelve months
(LTM) EBITDA of NOK 400 million. In addition, there are various company
specific financial covenants applicable to the subsidiaries acting as borrowers
under the respective credit facilities.
The EBITDA used in the calculation of financial covenants may di\ufb00er from the
EBITDA shown in the financial reporting due to adjustment requirements in
the facility agreements.
The remaining financing arrangements for the group includes leasing,
factoring, and other credit facilities in the mill owning entities.
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged its
trade receivables in favour of its factoring provider. In addition, Norske Skog
Skogn AS and Norske Skog Saugbrugs AS have pledged certain parts of its
property and assets in favour of the NOK 500 million loan agreement at
Norske Skog Skogn AS. Saugbrugs Bioenergi AS, a wholly owned subsidiary
of Norske Skog Saugbrugs AS, has pledged certain parts of its property and
assets in favour of the lenders under a credit facility financing its biogas
facility. Norske Skog Golbey SAS has pledged certain parts of its property, in
an amount of up to EUR 13 million, in favour of a bank guarantor under a
guarantee to one of its energy suppliers. In addition, Norske Skog Golbey SAS
has pledged certain parts of its property and assets and Norske Skog ASA
has pledged the shares in Norske Skog Golbey SAS in favour of the lenders
under the packaging conversion facilities. Norske Skog Bruck GmbH has
pledged certain parts of its property and assets in favour of the lenders under
the incineration boiler facility and the packaging conversion facilities.
The average interest rate on 31 December 2024 was 6.2% (5.8%)
.
\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2024
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2025
322
749
0
1 071
2026
279
616
0
895
2027
242
958
0
1 200
2028
189
638
0
827
2029
100
289
1 400
1 789
2030
22
282
0
304
2031
7
243
0
250
2032 ->
0
4
0
4
Total
1 161
3 779
1 400
6 340
\n\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL DEBT
AND INTEREST AT 31.12.2023
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2024
314
483
0
797
2025
301
561
0
861
2026
129
528
1 530
2 186
2027
72
520
0
591
2028
49
596
0
645
2029
28
258
0
287
2030
18
258
0
275
2031
7
236
0
243
2032
1
9
0
10
2033 ->
1
0
0
1
Total
917
3 448
1 530
5 895
\n
1)
\n
Including full instalments for the EUR 54 million credit facility
\n
The debt amounts set out above may di\ufb00er from the carrying value in the
\n
balance sheet due to the amortized cost principle and exclusion of debt items
\n
related to leases. On 31 December 2024, the financial statements included
\n
amortized cost in an amount of NOK 24 million (NOK 13 million), and the
\n
amount of interest-bearing debt related to leases was NOK 92 million
\n
(NOK 89 million). See Note 19.
\n
Trade payables amounted to NOK 1
282 million on 31 December 2024
\n
(NOK 1
035 million).
\n
Drawn amounts from factoring arrangements is classified as interest-bearing
\n
current liabilities. This amounts to NOK 27 million (NOK -11 million) in
\n
scheduled repayments in 2025. The financed amount represents a group of
\n
individual loans, which are settled individually at maturity of the trade
\n
receivable. New loans are initiated on a consecutive basis based on new trade
\n
receivable included under the factoring agreement. The liability is in its
\n
nature current and Norske Skog does not have an unconditional right to defer
\n
settlement beyond twelve months. The liabilities are liabilities that are settled
\n
through its normal operating cycle. The corresponding trade receivable is
\n
derecognised when the customer pays it.
\n
On 31 December 2024, Norske Skog ASA and its subsidiaries had issued bank
\n
guarantees on its behalf in an amount of NOK 282 million (NOK 192 million).
\n
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\n
parts of its assets and machinery, in an amount of up to NOK 200 million, to
\n
its energy suppliers under long term energy supply agreements. The security
\n
has priority behind the NOK 500 million loan at Norske Skog Skogn AS.
\n \n
INTEREST-BEARING NON-CURRENT LIABILITIES
NOTE
31.12.2024
31.12.2023
Bond (amortised cost)
1 376
1 517
Debt to financial institutions
3 029
2 964
Leasing obligations
19
70
55
Total
22
4 475
4 536
\n \n
INTEREST-BEARING CURRENT LIABILITIES
NOTE
31.12.2024
31.12.2023
Debt to financial institutions and bond (amortised cost)
749
484
Leasing obligations related to right-of-use assets
19
22
33
Total
22
771
517
\n \n
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2024
2023
Balance 1 January
5 053
3 742
New loans raised
1 981
1 366
Repayments
-2 086
-346
New leasing debt
107
55
Loss early repayment of bond and amortization of transaction costs debt issuance
49
7
Liabilities relating to assets classified as held for sale
-58
0
Currency translation di\ufb00erences
199
229
Balance 31 December
5 246
5 053
Current
771
517
Non-current
4 475
4 536
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "29.
Interest-bearing liabilities
Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.
\n \n
INTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2024
31.12.2023
Bonds
1 400
1 530
Debt to financial institutions
3 752
3 448
Factoring facilities
27
0
Total
5 179
4 978
\n \n
CURRENCY AMOUNT
NOK
NOK
INTEREST-BEARING DEBT, OUTSTANDING AMOUNTS
31.12.2024
31.12.2024
31.12.2023
EUR
273
3 214
4 898
AUD
0
0
15
Total interest-bearing debt in foreign currencies
3 214
4 913
NOK
1 964
65
Total interest-bearing debt
5 179
4 978
Norske Skog issued a NOK 1
600 million senior unsecured bond in June 2024
to refinance its existing EUR 150 million senior secured bond. The bond
matures in June 2029 and has an interest rate of NIBOR (zero floor) + 4.5%
with quarterly interest payments. On 31 December 2024, Norske Skog had an
issued and outstanding amount of NOK 1
400 million under the bond
agreement.
In September 2024, Norske Skog Skogn issued a NOK 500 million loan with a
three-year maturity but option to extend for additional two years. The issue
resulted in the termination of the existing EUR 31 million Revolving Credit
Facility which was undrawn the time. On 31 December 2024, the new loan
was fully drawn.
Norske Skog has entered into credit facility agreements in an aggregate
amount of EUR 265 million to finance its investment to convert two paper
machines into producing packaging paper. EUR 193 million relates to Norske
Skog Golbey and EUR 72 million relates to Norske Skog Bruck. The borrowing
entities are Norske Skog Golbey SAS and Norske Skog Bruck GmbH, and the
facilities are fully guaranteed by Norske Skog ASA. The facilities in Norske
Skog Bruck have been fully drawn and repayment has commenced. The
facilities at Norske Skog Golbey have been drawn upon as capital expenditures
have been incurred. On 31 December 2024, the credit facilities had been
drawn by approximately EUR 228 million (EUR 250 million). The facilities
follow di\ufb00erent repayment profiles ending during the period from 2027 to
2032.
The incineration boiler is financed by a EUR 54 million credit facility. The
facility is repaid in quarterly instalments up until the final maturity date in
2028. The borrower under the facility is Norske Skog Bruck GmbH and
Norske Skog ASA has provided a guarantee of EUR 20 million. At 31 December
2024, the outstanding amount under the credit facility was approximately
EUR 35 million (EUR 43 million).
The financial covenants applicable to Norske Skog on a consolidated basis
are (i) freely available and unrestricted cash and cash equivalents of minimum
NOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, (iii) book
equity to total assets of minimum 25%, and (iv) minimum last twelve months
(LTM) EBITDA of NOK 400 million. In addition, there are various company
specific financial covenants applicable to the subsidiaries acting as borrowers
under the respective credit facilities.
The EBITDA used in the calculation of financial covenants may di\ufb00er from the
EBITDA shown in the financial reporting due to adjustment requirements in
the facility agreements.
The remaining financing arrangements for the group includes leasing,
factoring, and other credit facilities in the mill owning entities.
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged its
trade receivables in favour of its factoring provider. In addition, Norske Skog
Skogn AS and Norske Skog Saugbrugs AS have pledged certain parts of its
property and assets in favour of the NOK 500 million loan agreement at
Norske Skog Skogn AS. Saugbrugs Bioenergi AS, a wholly owned subsidiary
of Norske Skog Saugbrugs AS, has pledged certain parts of its property and
assets in favour of the lenders under a credit facility financing its biogas
facility. Norske Skog Golbey SAS has pledged certain parts of its property, in
an amount of up to EUR 13 million, in favour of a bank guarantor under a
guarantee to one of its energy suppliers. In addition, Norske Skog Golbey SAS
has pledged certain parts of its property and assets and Norske Skog ASA
has pledged the shares in Norske Skog Golbey SAS in favour of the lenders
under the packaging conversion facilities. Norske Skog Bruck GmbH has
pledged certain parts of its property and assets in favour of the lenders under
the incineration boiler facility and the packaging conversion facilities.
The average interest rate on 31 December 2024 was 6.2% (5.8%)
.
\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2024
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2025
322
749
0
1 071
2026
279
616
0
895
2027
242
958
0
1 200
2028
189
638
0
827
2029
100
289
1 400
1 789
2030
22
282
0
304
2031
7
243
0
250
2032 ->
0
4
0
4
Total
1 161
3 779
1 400
6 340
\n\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL DEBT
AND INTEREST AT 31.12.2023
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2024
314
483
0
797
2025
301
561
0
861
2026
129
528
1 530
2 186
2027
72
520
0
591
2028
49
596
0
645
2029
28
258
0
287
2030
18
258
0
275
2031
7
236
0
243
2032
1
9
0
10
2033 ->
1
0
0
1
Total
917
3 448
1 530
5 895
\n
1)
\n
Including full instalments for the EUR 54 million credit facility
\n
The debt amounts set out above may di\ufb00er from the carrying value in the
\n
balance sheet due to the amortized cost principle and exclusion of debt items
\n
related to leases. On 31 December 2024, the financial statements included
\n
amortized cost in an amount of NOK 24 million (NOK 13 million), and the
\n
amount of interest-bearing debt related to leases was NOK 92 million
\n
(NOK 89 million). See Note 19.
\n
Trade payables amounted to NOK 1
282 million on 31 December 2024
\n
(NOK 1
035 million).
\n
Drawn amounts from factoring arrangements is classified as interest-bearing
\n
current liabilities. This amounts to NOK 27 million (NOK -11 million) in
\n
scheduled repayments in 2025. The financed amount represents a group of
\n
individual loans, which are settled individually at maturity of the trade
\n
receivable. New loans are initiated on a consecutive basis based on new trade
\n
receivable included under the factoring agreement. The liability is in its
\n
nature current and Norske Skog does not have an unconditional right to defer
\n
settlement beyond twelve months. The liabilities are liabilities that are settled
\n
through its normal operating cycle. The corresponding trade receivable is
\n
derecognised when the customer pays it.
\n
On 31 December 2024, Norske Skog ASA and its subsidiaries had issued bank
\n
guarantees on its behalf in an amount of NOK 282 million (NOK 192 million).
\n
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\n
parts of its assets and machinery, in an amount of up to NOK 200 million, to
\n
its energy suppliers under long term energy supply agreements. The security
\n
has priority behind the NOK 500 million loan at Norske Skog Skogn AS.
\n \n
INTEREST-BEARING NON-CURRENT LIABILITIES
NOTE
31.12.2024
31.12.2023
Bond (amortised cost)
1 376
1 517
Debt to financial institutions
3 029
2 964
Leasing obligations
19
70
55
Total
22
4 475
4 536
\n \n
INTEREST-BEARING CURRENT LIABILITIES
NOTE
31.12.2024
31.12.2023
Debt to financial institutions and bond (amortised cost)
749
484
Leasing obligations related to right-of-use assets
19
22
33
Total
22
771
517
\n \n
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2024
2023
Balance 1 January
5 053
3 742
New loans raised
1 981
1 366
Repayments
-2 086
-346
New leasing debt
107
55
Loss early repayment of bond and amortization of transaction costs debt issuance
49
7
Liabilities relating to assets classified as held for sale
-58
0
Currency translation di\ufb00erences
199
229
Balance 31 December
5 246
5 053
Current
771
517
Non-current
4 475
4 536
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "\n \n
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2024
2023
Balance 1 January
5 053
3 742
New loans raised
1 981
1 366
Repayments
-2 086
-346
New leasing debt
107
55
Loss early repayment of bond and amortization of transaction costs debt issuance
49
7
Liabilities relating to assets classified as held for sale
-58
0
Currency translation di\ufb00erences
199
229
Balance 31 December
5 246
5 053
Current
771
517
Non-current
4 475
4 536
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Accounting policies
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
recognised initially at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "\n \n
2024
2023
Trade and other payables
Trade Payables
1 282
1 035
Accrued labour cost and taxes
331
500
Accrued expenses
485
689
Other interest-free liabilities
20
32
Total
2 118
2 256
Other current liabilities
Other current employee benefits
0
34
Restructuring provision
7
29
Accrued financial expenses
4
11
Derivatives
87
9
Commodity contracts
105
47
Other current liabilities
15
0
Total
218
130
Other non-current liabilities
Derivatives
111
70
Commodity contracts
93
203
Environmental provision
34
169
Deferred recognition of government grants
287
205
Total
525
647
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "\n \n
2024
2023
Trade and other payables
Trade Payables
1 282
1 035
Accrued labour cost and taxes
331
500
Accrued expenses
485
689
Other interest-free liabilities
20
32
Total
2 118
2 256
Other current liabilities
Other current employee benefits
0
34
Restructuring provision
7
29
Accrued financial expenses
4
11
Derivatives
87
9
Commodity contracts
105
47
Other current liabilities
15
0
Total
218
130
Other non-current liabilities
Derivatives
111
70
Commodity contracts
93
203
Environmental provision
34
169
Deferred recognition of government grants
287
205
Total
525
647
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "\n \n
2024
2023
Trade and other payables
Trade Payables
1 282
1 035
Accrued labour cost and taxes
331
500
Accrued expenses
485
689
Other interest-free liabilities
20
32
Total
2 118
2 256
Other current liabilities
Other current employee benefits
0
34
Restructuring provision
7
29
Accrued financial expenses
4
11
Derivatives
87
9
Commodity contracts
105
47
Other current liabilities
15
0
Total
218
130
Other non-current liabilities
Derivatives
111
70
Commodity contracts
93
203
Environmental provision
34
169
Deferred recognition of government grants
287
205
Total
525
647
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "31.
Related parties
Investor AS and subsidiaries Drangsland Kapital AS and Byggma ASA are
related parties to Norske Skog through the ownership in Norske Skog ASA
and the CEO Geir Drangsland being the ultimate owner for these companies.
Balances and transactions between the group and subsidiaries listed in Note
20 have been eliminated on consolidation and are not disclosed in this note.
Remuneration for corporate management is presented in Note 10.
Remuneration for leading personnel is presented in the remuneration report
available at www.norskeskog.com.
Any transactions with related parties are conducted on normal commercial
terms. There have not been any transactions with related parties in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "32.
Events after the balance sheet date
There have been no events after the balance sheet date with significant
impact on the financial statements for 2024.
On 31 January 2025 Norske Skog Saugbrugs and its insurance company has
agreed on a final settlement of all remaining insurance claims related to the
rockslide at the Saugbrugs industrial site on 27 April 2023. The settlement of
NOK 540 million will be jointly covered by the insurance company, The
Norwegian Natural Perils Pool and the reinsurers. Payment of the full
settlement amount is expected during the first quarter of 2025 and will thus
be recognised in EBITDA in the first quarter of 2025.
On 7 February 2025 Norske Skog signed an agreement with Boyer Capital Pty
Ltd to sell Norske Skog Industries Australia Ltd with its subsidiaries, mainly
the Norske Skog Boyer mill. The sale is expected to be completed in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }