Norske Skog sells energy in Brazil
(Thomson Reuters ONE) -
Norske Skog has entered into an agreement to sell all the shares in the energy
company Enerpar (Energias do Paraná Ltda) to a subsidiary of SN Power Invest AS
in Brazil (SN Power Participações Ltda) for BRL 120 million, equivalent to NOK
410 million at the current exchange rate. The agreement secures the delivery of
energy to Norske Skog's paper mill Pisa in Brazil through to the end of 2014,
and gives SN Power an annual supply of 1.2 TWh electric power from 2015 and up
to 31 December 2025.
- We have had excess energy in Brazil over a period of time. Through this sale,
we secure energy at competitive terms for the Pisa mill, while we at the same
time realize the real value of the long-term energy contracts. We are very
satisfied with this, and the sale is an important step in our efforts to
strengthen Norske Skog's financial position, says CEO of Norske Skog, Sven
Ombudstvedt.
The cash effect after transaction costs is in the order of NOK 400 million, and
reduces the gearing ratio from 0.90 at the end of 1(st) quarter 2011, to pro
forma 0.85 after the sale. A minor gain is expected. The final accounting effect
of the transaction will be announced in connection with publishing of the
figures for the second quarter. Settlement took place on 25 May.
SN Power Invest AS is owned 60% by Statkraft and 40% by Norfund. Lytt til
Les fonetisk
Ordbok
Norske Skog benefits from tax credits in Brazil:
Brazil's Paraná state has changed the VAT legislation giving Norske Skog Pisa
and other paper manufacturers the possibility for partly offset the VAT
previously charged on goods and services (ICMS), against future costs of
electricity used in paper production. Norske Skog may offset a maximum of BRL 1
million (about NOK 3.4 million) per month for this purpose. The maximum
refundable amount constitutes approximately BRL 90 million (approximately NOK
300 million). This will reduce future energy costs for Norske Skog Pisa.
Oxenøen, 26 May 2011
Norske Skog
Corporate communication
For further information:
Media: Financial markets:
Vice President Corporate Communication Vice President Investor Relations
Carsten Dybevig Jarle Langfjæran
Mob: (+47) 917 63 117 Mob: (+47) 909 78 434
Senior Advisor Investor Relations
Frode Tegnér
Mob: (+47) 906 19 102
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norske Skog via Thomson Reuters ONE
[HUG#1518966]
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 55021
Anzahl Zeichen: 3559
contact information:
Town:
Lysaker
Kategorie:
Business News
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