Norske Skog's gross operating earnings (GOE) was NOK 1 049 million in 2016. A high capacity utilisation and good operating performance throughout 2016 resulted in the best annual gross operating earnings since 2012. Net profit in 2016 was NOK 306 million, despite NOK 1.4 billion in impairment. Gross operating earnings (EBITDA) in the fourth quarter 2016 was NOK 221 million, which was a decrease from NOK 251 million in the third quarter, mainly due to somewhat higher spot electricity prices in Norway, recovered paper cost and a weakened pound, partly by seasonally higher sales volumes and better average sales price for magazine paper at Boyer. Net loss in the fourth quarter was NOK 124 million compared with a profit of NOK 190 million in the third quarter 2015. click Read More below for additional detail
Tembec announced today that it closed the sale of its sawmill and related forestry assets located in Senneterre, Quebec to Resolute Forest Products. The sale also included certain working capital items. The Company received proceeds of approximately $9 million on closing, subject to potential working capital adjustments. The transaction will not give rise to a gain or loss as the assets were sold at their carrying values.
This transaction included the transfer of all the employees (103 unionized and 21 non-unionized employees). Tembec acquired the mill in 2003 from Nexfor Inc. and Norbord Industries Inc. The Company’s lumber capacity is now 755 million board feet per year, down from 855 million board feet prior to the sale.
Tembec is a manufacturer of forest products – lumber, pulp, paper, and specialty cellulose – and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,000 employees and annual sales of approximately $1.5 billion. Tembec is listed on the Toronto Stock Exchange (TMB).