Norwegian Forest reports a profit after tax of NOK 229 million in Q2 2016, compared to minus 578 million in the same period last year.
Earnings per share were NOK 1.01, compared with minus 3.04 million at the same crossroads last year.
the result before tax of NOK 9 million, compared with minus NOK 605 million the year before.
the operating result was minus 1.146 million, compared with minus NOK 352 million a year before.
revenues amounted to 2,891 million, compared with 2.786 million in Q2 2015.
a gain after gjeldsombytte of over one billion crowns in April was offset by significant impairment of fixed portfolio of 1.4 billion at the end of the quarter.
Norwegian Skog’s equity at the end of the quarter was 190 million.
Significant impairment of plants
Former auditor EY suggested in its audit report for 2015 that the company’s construction portfolio should be written down by at least 2 billion, the particular values in Europe was considered to be overvalued. The consulting firm BCG has
process auditor shifted prepared an independent market analysis that largely coincides with the views of Norwegian Skog’s board and management. BCG report concluded with a minor impairment in Australasia and no
impairment in Europe.
The company has, however, having to write down its fixed assets significantly due to a more backward-looking perspective on margins than hitherto assumed. This has been necessary to get a new accountant to undertake the mission after 2015. The accounting effects of the write-downs of facilities in the second quarter at $ 1.4 billion, divided between 0.3 billion in Europe and 0.9 billion in Australasia. In addition, the company has written down the value of the minority share in Malaysian Newsprint Industries (MNI) 0.2 billion.
Election of auditor will take place at an extraordinary general meeting on August 10 as the deadline business enterprises have set for company to register the election of a new auditor. The company’s board proposes that the AGM elect BDO new auditor.
The report here.
The presentation here.
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