Norske Skog Q1 2024 results

Norske Skog’s EBITDA in the first quarter of 2024 was NOK 76 million, a decrease from NOK 760 million in the fourth quarter of 2023. The fourth quarter EBITDA was significantly influenced by business interruption insurance of NOK 625 million at Norske Skog Saugbrugs. The first quarter EBITDA was negatively impacted by deconsolidation of Norske Skog Tasman of NOK 46 million and lower European CO2-allowance prices of NOK 32 million. Demand for publication paper is stabilising, but further capacity closures are still required. Containerboard demand is increasing but still experiences excess capacity.

“We are very satisfied with the demand for our publication paper products in the first quarter. We have invested close to EUR 500 million into containerboard and energy projects over the past three years, and we still maintain a very strong balance sheet and cash position. We are highly satisfied with the production ramp-up at Bruck. The feedback from our customers on product quality is positive, and this is promising for our plan to deliver a total of 760 000 tonnes of packaging paper from Bruck and Golbey into the market in the coming years. Along with the Saugbrugs management team, we have continued to identify future opportunities for Saugbrugs industrial site, and we hope to announce further details during the second quarter,” says Geir Drangsland, CEO of Norske Skog.

Cash flow from operations was NOK -69 million in the quarter compared to NOK 973 million in the previous quarter. The first quarter cash flow was influenced by low earnings, seasonal increase in working capital, and restructuring expenses. Operating earnings in the first quarter of 2024 were NOK -177 million compared to operating earnings in the fourth quarter of 2023 of NOK 629 million. The operating earnings in the quarter were negatively affected by non-cash changes in fair value of energy contracts in Norway amounting to NOK 115 million.
details at: https://www.norskeskog.com/investors/press-releases/english-press-releases/stable-markets?PID=4684&M=NewsV2&Action=1

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