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Finanstilsynet Reviews Norske Skogindustrier ASA's Impairment Tests

Monday, 17 Jun 2013 11:31am EDT 

Norske Skogindustrier ASA announced that Finanstilsynet (The Financial supervisory Authority of Norway) has reviewed the impairment test performed by Norske Skogindustrier at December 31, 2012. The market value of the Company's equity has been lower than the book value for several reporting periods. IAS 36 Impairment of Assets requires that impairment tests are performed whenever there are indications that assets may be impaired. The review made by Finanstilsynet started in June 2012 and was based on the Company's 2011 financial statements. In the fourth quarter of 2012, Norske Skogindustrier changed the method and model used in the impairment test. Furthermore, the Company recognized an impairment loss of NOK 1.6 billion. Finanstilsynet chose not to proceed with the review of the 2011 assumptions. Instead, the Company was asked to explain the assumptions made in the calculation of the asset's value in use in the fourth quarter of 2012. Impairment tests are to a large extent based on the management's judgment. Finanstilsynet has during the review been critical to some of the assumptions made by Norske Skogindustrier in the impairment tests. Still, in total, Finanstilsynet claims that the Company seems to have exercised reasonable judgment in the assessment of the values recognized in the financial statements. Finanstilsynet has no further comments in this regard. 

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