NET INTEREST-BEARING DEBT

The balance sheet debt may differ from Norske Skog's maturity profile, reflecting premiums or discounts on issued bonds and hedge reserve.

Norske Skog has recognised an amount on the balance sheet as a result of the termination of a large part of the fair value hedge portfolio. A hedge reserve (deferred income) amounting to NOK 196 million is included in interest-bearing debt as of 31 December 2012. The corresponding figure as of 31 December 2011 was NOK 270 million.

The hedge reserve does not constitute a payment obligation for the group, but will be amortised in the income statement over the lifetime of the hedged debt.
The carrying amount is not part of net interest-bearing debt.

in NOK mill	31 December 2012 *Reported Acc to loan agr.)**
Interest-bearing non-current liabilities	7 208 7 385
Interest-bearing current liabilities	203 207
- Hedge reserve	196 205
- Cash and Cash equivalents	1 194 1 221
= Net interest-bearing debt	6 021 6 166
Adj net interest bearing debt )**	6 248

*) Calculated using trailing 12 month average exchange rate
**) Adjusted net interest bearing debt according to definition in the loan agreement