Investor Presentation • Feb 4, 2022
Investor Presentation
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04 February 2022
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2 1) Norske Skog is the largest shareholder with ~26% ownership position in Circa; 2) Installed capacity for biofuel and waste from recycled paper of 230 MW. Energy mainly used internally in the publication paper production process
3 1) Cash earnings defined as cash flow from operations less maintenance capex
5 1) Includes waste-to-energy project at the Bruck industrial site and packaging paper projects at the Bruck and Golbey industrial sites; 2) Cash earnings defined as cash flow from operations less maintenance capex
| Segment financials | |||||
|---|---|---|---|---|---|
| NOKm | Q4 2021 | Q3 2021 | Q4 2020 | 2021 | 2020 |
| Europe | |||||
| Total operating income | 2,648 | 2,183 | 1,899 | 8,412 | 7,412 |
| EBITDA | 395 | 113 | 171 | 628 | 659 |
| EBITDA margin | 14.9% | 5.2% | 9.0% | 7.5% | 8.9% |
| Production (1 000 tonnes) | 428 | 428 | 382 | 1,628 | 1,468 |
| Deliveries (1 000 tonnes) | 427 | 433 | 403 | 1,645 | 1,482 |
| Production / capacity | 96% | 96% | 80% | 91% | 77% |
| Australasia | |||||
| Total operating income | 395 | 426 | 526 | 1,792 | 2,106 |
| EBITDA | 46 | 0 | -13 | 44 | 106 |
| EBITDA margin | 11.6% | 0.0% | -2.5% | 2.5% | 5.0% |
| Production (1 000 tonnes) | 62 | 62 | 94 | 292 | 332 |
| Deliveries (1 000 tonnes) | 62 | 68 | 97 | 308 | 343 |
| Production / capacity | 87% | 87% | 87% | 79% | 76% |
| Other activities | |||||
| Total operating income | 71 | 61 | 68 | 228 | 204 |
| EBITDA | -19 | - 2 |
-12 | -11 | -29 |
Continued high raw material prices (energy and recovered paper)
Utilisation of 87%
Price per allowance, EUR / allowance
Source: RISI, Nord Pool, European Energy Exchange (EEX), Dutch Title Transfer Facility (TTF) 1) 1.11 sorted graphic paper for deinking in Germany; 2) Dutch Title Transfer Facility (TTF) natural gas price Bruck waste-to-energy facility in commissioning and on track for takeover from Valmet in two months
10 1) Based on historical and normalised prices; 2) RDF = Refuse Derived Fuel, is a fuel produced from various types of waste such as municipal solid waste (MSW), industrial waste or commercial waste
On time and on budget for entry into the containerboard market
Project investment of EUR 350m (large share on contract)
ECA1 -backed debt financing enables highly competitive interest rates
Stepwise introduction with Bruck in Q4 2022 and Golbey in Q4 2023
Recycled containerboard production capacity
Based on historical trend prices and full utilisation in 2025-26
11 Sources: RISI 1) ECA = Export Credit Agency
13 Source: External industry consultant (third-party), cost data as of Q3 2019
1) Europe excluding Russia; 2) Being developed in partnership with Pearl Infrastructure Capital and Véolia. Norske Skog to hold 10% of the equity in the development company, Green Valley Energie
Nature's Flame state-of-the-art wood pellet production facility in Taupo, New Zealand ~90kt capacity 17.5 GJ per tonne DinPlus & BioGro accredited
Kg CO2 direct and indirect (scope 1 and 2) emissions per tonne produced1
below the EU ETS2 benchmark in 2020
| STANDARDS INDEX | BUILDINGS ITY BEFORE | ||
|---|---|---|---|
| kog is reporting in accordance with the Global Reporting initiative sards Core option. The moterfully analysis - the toble below covers sepacts that idensd to be the most material ones to our stakeholders and/or any, For more information on CAI Ellandsrds and on the individual os, see CRI's fiomepages, www.googlingorting.org |
The index refers to where information shout as found in the Norske Skog - Annual Report 2020, are fully or partly reported relative to GHI. All - Annual Separt 2020 Sik - Sunfarmability Report 2020, part of Annual 9 |
THE SDOILARE AN INTEGRAL PART OUR STRATEGY Andelice 100000 Packaging packaging |
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| Information on programme and other workers | 51-Au Spres entroves Anylgons speakers | ||
| Business Charge Significant changes to the organisation and its supply chain. |
ter. note us No ognificant changes in 2020 |
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| President principle of approach | (ii) - About the nations and y report 100 ID Extensions in | Compliance. | About the sustanability report |
| Edward Holland | MALL SPAN VAL | ||
| Martiarish of associations | 38 - 104 6, 500 07 | Non-compliant and unethical conduct can have severe comeguinces, and | horses tleng is committed to contribute to sustainable development and : |
| State Policy Statewid free sales design make |
Arman and to suppose 35 . Chil's connective from 1 of the Newslet Directions |
entate beth substantial oconomic lessos and republikinal damage. Norske | supports the ten principles in the UN-Dlobal Compact. |
| - Chies servingery | ment and/o superior | Stock are is to be a "best in class" industry partner for our suppliers. | |
| Views principals mandanili, and name of between | Colporate Sowers | customers and ether business relations, and an attractive investment for our | Nanke Skep stus supports the work to develop a global standard for |
| BK - Frederickshops Mind a b Information and he supported |
shaneholders. | reporting of sustainable development. We therefore use the Global | |
| CARL AROUND | Toricial dia Triveness | Reporting Initiative's CORD Standards for reporting relating to sustainability | |
| a Katanga | Informera priche responsa | ficinate Deag has common standards for all business units and employees to | as a foot to our work to report environmental and colonials responsibility. |
| List of stukenoider group | Lisanoida and metallatis analysis | ansare compilarios (the Sheering Guidelines), and a Code of Conduct which all | Our reporting practice is, in our view, for all practical purposes in line with the GRI Standards reporting principles. |
| Column Cancerns are energy Identifying and selecting stateholders |
16 FOCS ENTIMAL INDIANA | of our business perthers shall adhere to. This strengthens the quality of our operators and promotes our predictsbiftly and credibility with customers. |
|
| Approach to elaborate organizated | 31 - Stakeholder and materially energying 36 - Numminter und materiality analysis |
suppliers and other partners, and consequently Norske Depth commercial | The sustainability information which histoire Goog believes covers the |
| Keymann and crecers haked | W-Hawkids accountable angles | position. Norske Skog has established a system where a compliance officer | material sustainability aspects. For the environmental data, it covers the |
| estacqueiro es | Interests and/or negative | by the group ensures that that the Steering Guidelines are up to date and | value chain of the group's activities. Sustainability data for 2020 includes all |
| thrillies included to the consentation frequent of planneds Electronic language and a program the special |
SR., Consolvable of Snanche e Lebenserie, malla 21 Mr. Hashirley and halvesty wants. Also have all |
anisome that adequate internal control systems odel globally and locally. | paper mile at 10 December 2020. |
| List of material banks | BI - Dakeholder and maturially analyzin | However, the responsibility to comply with the Steering Guidelines on a day- | |
| Services is o'elemente | Restaurant resistances | to day tien lies with the line organisation at each of our business units as | Environmental data tax been collected from the mills using relationed |
| Changes is reporting | No orginizati changes. | compliance must take place where the risk lies, primarily in the preduction | reporting routines. These include monthly standardised reporting for the key |
| Jupidity period Data of rend taxable paid |
mi 13 Nov. 3120 |
and commercial operations and their associated activities. | environmental data as well as a standardfeed collection of supprehisitary |
| Inquiring cycle | Arrust 1 | norsee tikes has for a number of years maintemed a whistle-blowing channel. | internation on an annual basis, Data from this reporting is collated by the environment manager on the group level in standardised monthly reports. |
| Century paint for quantizes requesting the report | PROFITABLE OF | where an employee can report imagurar conditions or matters france finds: | to the corporate management and to the board quarterly. Strikerly, people |
| Dans of specing is accessives with the CM filaments DE Januar 1984 |
55 - About the summanity report, CPL 31 anderes more 30 M. On Mandale Hotel 2000 |
difficult to report directly to immediate superiors. Notake Sized considers it | GIS, and health and safety data are collected from the mills with monthly |
| Telema actuality | 10. Independent well on the happy of 12. | Important that each employee is ansured confidential and santag treatment. | mporting to the corporate management and quarterly to the board quarterly. |
| of reported mouns, and all reports are handled in accordance with written | |||
| procedures set out in the Norske Skog Reporting Routines, Non-compliant | The sustainability report conside of three stements: | ||
| La voirt 301 / Noble Skie - | and undtrecal conduct can be reported to compliance annihilate approximate | 1 Malerialty and you TCFD class force on contab-noted thisness | |
| disclosures | |||
| 2 Suitsmallilly Development Coats | |||
| 3 Congorate generrance | |||
16 1) Scope 1 includes direct emissions from stationary fuel combustion, transportation and mobile sources. Scope 2 includes indirect emissions from steam and power imports; 2) ETS = Emission Trading Scheme, Norske Skog is a net receiver of carbon emission allowances, indicating that Norske Skog is better than the industry emission intensity benchmark; 3) GRI = Global Reporting Initiative; 4) The NEXT and Therminator energy efficiency projects announced at the Norske Skog Saugbrugs mill in March 2020 have come on stream in 2021 to further improve the energy efficiency of Norske Skog. The projects are supported by the NOx Fund and Enova; 5) Being developed in partnership with Pearl Infrastructure Capital and Véolia. Norske Skog to hold 10% of the equity in the development company, Green Valley Energie
CSR reporting applying the GRI3 guidelines since 2003
Norske Skog ASA Postal address: P.O. Box 294 Skøyen, 0213 Oslo, Norway Visitors: Sjølyst Plass 2, 0278 Oslo, Norway
Phone: +47 22 51 20 20 Email: [email protected] Email: [email protected]
This presentation contains statements regarding the future in connection with Norske Skog's growth initiatives, profit figures, outlook, strategies and objectives. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.
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