NorEXEco

Report
Skogforum – November 2013
Honne
Unleashing the potential of Renewables
En fremtidsmulighet for norsk- og nordisk skognæring?
Stein O. Larsen, CEO
Vision
To unleash the potential
of ecological renewable
resources.
Mission
By making a regulated marketplace
for renewable products we shall:
• Make good solutions for better
risk management opportunities.
• Increase attractiveness for trading
in financial contracts.
2
Areas of renewables
Bio-economy and other Ecological
Clean Energy
- Pulp
- Wood chip
- Pellets
- Recovered fibre
- Paper and packaging
- Other Biomass
- Green certificates
- Carbon offsets
Norexeco Productplan
Weather
Forestry
- Lumber
- Pulpwood
- Forest residual
- Rain
- Temperature
Media!
Product selection from the start
Pulp
• NBSK
• BHKP
Recovered paper
• OCC
• ONP /OMP
5
Strategic Agreement with FOEX Indexes Oy
PIX Wood Chip indexes, planned
2013
PIX Forest Biomass Finland
FOEX Indexes Ltd
FOEX Indexes Ltd is the
industry leading
independent provider of
audited, trade-mark
registered pulp, paper,
recovered paper and
wood based bioenergy/biomass price
indices.
Mar 2012
PIX Pellet Continental
Dec 2011
PIX NBSK pulp China
7.6.2011
PIX Pellet Nordic CIF
Nov 2009
PIX BHK pulp China
7.1.2009
PIX ONP/OMG 1.11 dd
2.1.2007
PIX OCC 1.04 dd
2.1.2007
PIX US Newsprint 27.7lb
3.1.2006
PIX Testliner 3 Europe
3.1.2006
PIX White-top Kraftliner Europe
3.1.2006
PIX Kraftliner Europe
7.1.2004
PIX Testliner 2 Europe
7.1.2004
PIX RB Fluting Europe
7.1.2004
PIX US NBSK pulp
19.11.2002
PIX US Newsprint 30lb
FOEX and NOREXECO
entered a strategic
agreement in 2013 for
the future use of PIX
indices.
5.6.2001
PIX Newsprint Europe
3.10.2000
PIX A4 B-copy Europe
3.8.1999
PIX CWF Europe
3.8.1999
PIX LWC Europe
3.8.1999
PIX BHK pulp Europe
PIX NBSK pulp Europe
11.5.1998
16.9.1996
1996 1998 1999 2000 2001 2002 2004 2006 2007 2009 2010 2011 2012
Pulp
Paper
Packaging
Recycled
Biomass
Share of recovered paper and Pulp of the
papermaking fibre consumption
Source: Pöyry, Management Consulting ,Danish
technological Institute & Nordea
7
Historical price development Pulp
-10,8 in 6 mths
+10,7 in 6 mnths
Source: Pöyry, Management Consulting ,Danish
technological Institute & Nordea
Historical price development recovered paper
Source: Pöyry, Management Consulting ,Danish
technological Institute & Nordea
9
Hvem hva hvor?
Fysisk handel (innkjøpere, selgere, markedsfolk).
Industri
Skogeier
Skogeierforening
• Norsk
• Utenlandsk
Finansielle kontrakter (Styret, daglig leder og CFO)
Rentesikring
Valutasikring
Prissikring
Example 1 on Recovered paper – OCC (old corrigated container)
OCC-Supplier – 1. nov 2013
Sells 150000 Tonnes at NOREXECO
Cal 15 - Price 115 EUR/Tonnes
Dec. 2015 - FOEX PIX OCC = 100 EUR/Tonnes
OCC- supplier receives 15 mill EURO
for Physical trade
OCC-supplier receives 2,25 mill
EURO from NOREXECO.
OCC-Supplier Receives 17,25 mill Euro
Physical = 15 mill
Financial Contract = 2,25 mill.
Example 2 on Recovered paper – OCC (old corrigated container)
OCC-Supplier – 1. nov 2013
Sells 150.000 Tonnes at NOREXECO
Cal 15 - Price 115 EUR/Tonnes
Dec. 2015 - FOEX PIX OCC = 125 EUR/Tonnes
OCC- supplier receives 18,75 mill
EURO for Physical trade
OCC-supplier pays 1,50 mill EURO to
NOREXECO.
OCC-Supplier Receives 17,25 mill Euro
Physical = 18,75 mill
Financial Contract = -1,50 mill.
Conclusion; The OCC-supplier receives the same price
- regardless of actual Spotprice Dec. 2015
Forward prices – Set by the market?
Price NBSK USD
October 2013
873
November 2013
875
December 2013
880
Q1 2014
890
Q2
900
Q3
910
Q4
920
Q1 2015
930
Q2
940
Q3
950
Q4
960
Q1 2016
970
Q2 2016
990
Q3 2016
1000
NBSK USD
1050
1000
950
900
850
800
okt.13
nov.13
des.13
Q1 2014
Q2
Q3
Q4
Q1 2015
Q2
Q3
Q4
Q1 2016
Q2
Q3
Period Forward
NBSK USD
13
NOREXECO – Key Benefits
•
Compliant with EMIR (and Dodd Frank)
•
•
Clearing, margining and reporting.
Trading in a regulated environment, under supervision of the European
Financial authorities.
• Full price transparency, 3-5 months, 4 Q’s, 3 Calendar years.
• Low fees, easy access
• Equal access for all participants
• Standardized products.
14
Er dette noe for norsk og
nordisk skognæring?
JA ……………., hvis mange nok
ønsker det!
Unleashing the potential of renewables
NOREXECO – Exchange solution
Seller
Exchange
Reports
Sellers Bank /
Clearinghouse member
Traderepository
Buyer
Buyers Bank/
Clearinghouse member
Overview of ESMA requirements for nonfinancial counterparties
Employees
CEO
Stein O.
Larsen
CFO
Esben Jensrud
Head of IT
Christopher
Rolsdorph
DSM
Frederik W.
Husebye
HEO
Tor
Sletbakken
Desk Manager
Nils Andreas
Arnesen
19

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