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Norske Skogindustrier cuts debt by NOK 203 million in fourth quarter
By Lisa Kerner
Charlotte, N.C., Feb. 8 - Norske Skogindustrier ASA had cash and cash equivalents of NOK 1.2 billion at Dec. 31, the company said during its fourth-quarter and full-year 2011 earnings call on Wednesday.
Cash flow from operating activities was NOK 409 million in the fourth quarter.
The company reduced its net interest-bearing debt by NOK 203 million from the end of the third quarter to NOK 7.86 billion at Dec. 31.
For the full year, there was a decrease in net interest-bearing debt of NOK 1.03 billion, a company news release said.
Norske Skog's current liabilities totaled NOK 4.36 billion at Dec. 31 and included a bond loan of NOK 655 million maturing March 1.
The company reported net cash flow from operating activities of NOK 409 million in the fourth quarter, in line with NOK 413 million in the third quarter.
Net cash flow from operating activities for the full year 2011 was NOK 455 million, a slight improvement from the previous year, due to slightly higher gross operating earnings and a relatively small increase in working capital during the year.
Gross operating earnings were NOK 503 million for the fourth quarter of 2011, compared with NOK 469 million in the third quarter, due mainly to lower costs for input factors and a weaker krone.
Gross operating earnings for the full-year 2011 were NOK 1.52 billion and better than the underlying earnings for 2010.
Sales of fixed assets in the fourth quarter included NOK 50 million of property damage insurance compensation received due to a fire; Norske Skog received NOK 79 million of payments in connection with an insurance settlement.
Norske Skog is a Lysaker, Norway-based forest and paper products company.
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