Earlier this year broke Norwegian Forest with his accountant EY after disagreements about reduction of value of the assets, such as fabrikkbygnigner and production machines. Now will that election of new auditor will take place at an extraordinary general meeting within 10 August, which is the deadline Foretaksregisteret set to sign a new auditor.
“As prerequisite for accepting auditor assignment BDO set forth certain missions conditions including significant impairment of fixed portfolio “writes Norwegian Forest in a stock exchange release.
it is the international accounting and consulting company BDO who is about to finalize an agreement on the revision of Norwegian Forest.
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deferred quarterly
as a result of the additional work this entails is the full report for the second quarter of this year postponed, but the company has attached some numbers in the announcement, suggesting that better times may be on the way the indebted company.
at the end of the first quarter of this year put paper group with over 8,000 million in interest-bearing debt. A quarter later, the sum dropped to 6.353 billion crowns.
The turnover has indeed gone down a scant hundred million from the first quarter of this year, but compared with the second quarter last year, Norwegian Skog turnover increased from 2.786 billion to 2.891 billion respectively.
– Seasonal conditions also expected in 2016 to provide higher sales volumes in the second half than in the first. The improvement in market balance will also help margins may remain at the same level as the first half, says Sven Ombudstvedt, CEO of Norwegian Forest stock exchange release.
– Full capacity utilization
Also the operating profit is on the rise. For the first quarter of this year it was 242 million, while for the second quarter were up NOK 335 million. Same quarter in 2015, the company had an operating profit of 138 million.
In a stock exchange announcement the company said that operations at all factories was better in the second quarter than in the first.
– As we said after the first quarter in particular the European market showing signs of significant improvements. We are now seeing the effects of their own cost reductions. Our factories have been running close to full capacity utilization in the first six months, continues Ombudstvedt.
Also running on the company looks fancy. They write that the demand for newsprint in Europe has fallen less than what they have seen in recent years, and that in several other markets have been higher prices for Norwegian Forest products.
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