Norske Skog: 2015 Year-End Audit Process Update
(Thomson Reuters ONE) -
Norske Skog has finalized the 2015 year-end asset evaluation process. Norske
Skog will write-down certain deferred tax assets in Norway and Australasia but
disagrees with the auditor with respect to the fixed asset valuation. The
impairment process has revealed that Norske Skog and the auditor have different
views on the future industry outlook.
The non-cash write-off of deferred tax assets is NOK 482 million and loss after
tax for 2015 will be NOK 1,436 million. The book equity at the end of the
financial year 2015 after deferred tax asset write-off will be NOK 72 million.
Norske Skog has performed an impairment test of fixed assets. The conclusion of
the Board of Directors is that there is sufficient head-room to support the
existing book values of the fixed assets, based on applicable valuation
principles and the industry outlook. The difference of opinion between Norske
Skog and the auditor is significant and will be commented in the year-end Board
of Directors report and financial statements.
- We have competitive business units that all are on the lower side of the cost
curve and the fixed assets are valued in line with our European peers. After
completing a diligent impairment testing at the year-end, we see no need for a
write-down of the fixed asset values, says Sven Ombudstvedt, President and CEO
of Norske Skog.
Due to the significant disagreements that have arisen in the audit process for
the financial year 2015, Norske Skog and the auditor have mutually agreed that a
new auditor should be elected for Norske Skog at the annual general meeting in
April 2016. Norske Skog is in the process of engaging a new auditor, and a
proposal will be announced prior to the annual general meeting.
Norske Skog believes that the financial statements for 2015 will be prepared on
a going concern basis, based on the expected outcome of current discussions with
certain stakeholders regarding the strengthening of its equity and liquidity
position.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Norske Skog
Communications and Public Affairs
For further information:
Norske Skog media: Norske Skog financial markets:
Vice President Corporate Communication Vice President Investor Relations
Carsten Dybevig Tom Rogn
Mob: +47 917 63 117 Mob: +47 948 55 659
INTERIM FINANCIAL STATEMENTS FOURTH QUARTER OF 2015:
http://hugin.info/105/R/1994880/734739.pdf
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Source: Norske Skog via GlobeNewswire
[HUG#1994880]
Unternehmensinformation / Kurzprofil:
Datum: 16.03.2016 - 09:05 Uhr
Sprache: Deutsch
News-ID 457791
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