What's a newsprint mill worth? Paper maker Norske Skog and its auditor have agreed to disagree about the value of fixed assets as the company presents its 2015 annual report.

The report including financial statements for Norske Skogindustrier ASA and the group, direrctors' and auditor's report are available on its website at www.norskeskog.com

Auditor Ernst & Young AS gave an adverse opinion on the financial statements of the both parent company and group and - as announced in February 2016 the two still disagree about applicable principles and industry outlook in relation to the calculation of asset values, with the company reasoning its choice of principles and valuations.

A statement says that, "according to applicable accounting principles", Norske Skog has performed an impairment test of fixed assets, the process revealing 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 headroom 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 Norske Skog president and chief executive Sven Ombudstvedt.

Norske Skog and the auditor have mutually agreed that a new auditor will be elected for Norske Skog at the annual general meeting May 25, and the company is in the process of engaging the replacement.

The annual meeting on May 25 is at 13:00 CET at Karenslyst allé 2 in Oslo.