Higher sales and release of working capital in the quarter resulted in a cash flow of NOK 363 million ($42.2 million) from operating activities before financial items. The exchange offer launched on 5 January has been extended to 26 February 2016.
The net loss of NOK 304 million ($35.3 million) in the 4Q 2015 was significantly impacted by negative non-cash, unrealised foreign exchange losses amounting to NOK 119 million ($13.8 million) on foreign denominated debt due to a depreciation of NOK.
“We are satisfied with higher sales, the improved cost- and cash flow developments in the quarter, especially for the Norwegian units. The weakening of the Norwegian krone has improved the operations for the Norwegian units but has a negative effect on the net interest bearing debt,” says Sven Ombudstvedt, President and CEO of Norske Skog.
Total annual production capacity for the group is 2.7 million tonnes. In Europe the group capacity is 2 million tonnes, while in Australasia the capacity is 0.7 million tonnes. Capacity utilization for the group in the 4Q was 89%, compared to 85% in the 3Q.
Norske Skog manufactures lightweight, coated and uncoated newsprint and magazine paper.
