Norske Skog: Publication of the annual report for 2015

The annual report for 2015 are now available on www.norskeskog.com, which includes the complete financial statements for Norske Skogindustrier ASA and the Group, the report of board of directors and auditor's report.

The company's auditor Ernst & Young AS has given an adverse opinion on the financial statements of the Parent Company and an adverse opinion on the financial statements of the Group. As announced on 10 February 2016, there is still a disagreement between the company's auditor and Norske Skog about the applicable principles and industry outlook relating to the calculation of asset values. In the accounting notes to the financial statements, the company has reasoned the company's choice of principles and valuations.

According to applicable accounting principles, Norske Skog has performed an impairment test of fixed assets. The impairment process has revealed that Norske Skog and the auditor have different views on the future industry outlook. 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.

- 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 still see no need for a write-down of the fixed asset values, says Sven Ombudstvedt, President and CEO of Norske Skog.

As informed earlier, Norske Skog and the auditor have mutually agreed that a new auditor will be elected for Norske Skog at the annual general meeting 25 May 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 will be holding its annual general meeting on 25 May 2016 at 13:00 CET at Karenslyst allé 2 in Oslo. The notice and registration form for the general meeting will be published in the upcoming week.

The printed annual report can also be obtained by contacting: oddrunn.ringstad@norskeskog.com.

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
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