Annual Report • Jan 29, 2025
Annual Report
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| Income Statement Borregaard Group Q4 2024 | ||||
|---|---|---|---|---|
| 1.10-31.12 | 1.1-31.12 | |||
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | 1 744 | 1 605 | 7 617 | 7 132 |
| Operating expenses | -1 346 | -1 278 | -5 743 | -5 351 |
| EBITDA | 398 | 327 | 1 874 | 1 781 |
| Depreciation property, plant and equipment | -151 | -134 | -556 | -485 |
| Amortisation intangible assets | -1 | -1 | -5 | -5 |
| Other income and expenses | -30 | 0 | -30 | 0 |
| Operating profit | 216 | 192 | 1 283 | 1 291 |
| Financial items, net | -46 | -57 | -204 | -167 |
| Profit before taxes | 170 | 135 | 1 079 | 1 124 |
| Income tax expence | -34 | -30 | -250 | -268 |
| Profit for the period | 136 | 105 | 829 | 856 |
| Profit attributable to non-controlling interests | 7 | -14 | 6 | -14 |
| Profit attributable to owners of the parent | 129 | 119 | 823 | 870 |
| Earnings per share (NOK) | 1,30 | 1,20 | 8,25 | 8,73 |
| EBITDA margin | 22,8 % | 20,4 % | 24,6 % | 25,0 % |
| Interim condensed statement of financial position Borregaard Group | |||
|---|---|---|---|
| 31.12. | 30.9. | 31.12. | |
| Amounts in NOK million | 2024 | 2024 | 2023 |
| Assets: | |||
| Intangible assets | 88 | 76 | 84 |
| Property, plant and equipment | 5 026 | 4 801 | 4 661 |
| Right-of-use assets | 508 | 483 | 527 |
| Other assets | 524 | 354 | 437 |
| Investments in joint venture/associate companies | 417 | 424 | 289 |
| Non-current assets | 6 563 | 6 138 | 5 998 |
| Inventories | 1 498 | 1 360 | 1 447 |
| Receivables | 1 441 | 1 563 | 1 201 |
| Cash and cash deposits | 82 | 172 | 469 |
| Current assets | 3 021 | 3 095 | 3 117 |
| Total assets | 9 584 | 9 233 | 9 115 |
| Equity and debt: | |||
| Group equity | 5 041 | 5 098 | 4 855 |
| Non-controlling interests | 49 | 39 | 39 |
| Equity | 5 090 | 5 137 | 4 894 |
| Provisions and other liabilities | 591 | 400 | 401 |
| Interest-bearing liabilities | 2 035 | 1 938 | 2 016 |
| Non-current liabilities | 2 626 | 2 338 | 2 417 |
| Interest-bearing liabilities | 288 | 309 | 246 |
| Other current liabilities | 1 580 | 1 449 | 1 558 |
| Current liabilities | 1 868 | 1 758 | 1 804 |
| Equity and liabilities | 9 584 | 9 233 | 9 115 |
| Equity ratio (%): | 53,1 % | 55,6 % | 53,7 % |
| Interim condensed cash flow statement Borregaard Group Q4 2024 | ||||||
|---|---|---|---|---|---|---|
| 1.10-31.12 | 1.1-31.12 | |||||
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 | ||
| Profit before taxes | 170 | 135 | 1 079 | 1 124 | ||
| Amortisation, depreciation and impairment charges | 152 | 135 | 561 | 490 | ||
| Change in net working capital, etc | 15 | 292 | -326 | 205 | ||
| Dividend/share of profit from JV & associate companies | 6 | 0 | 22 | 9 | ||
| Taxes paid | -29 | -47 | -268 | -265 | ||
| Cash flow from operating activities | 314 | 515 | 1 068 | 1 563 | ||
| Investments property, plant and equipment and intangible assets * | -287 | -293 | -711 | -667 | ||
| Investment in associate companies & bio-based start-ups* | 0 | -47 | -150 | -171 | ||
| Other capital transactions | 9 | 2 | 19 | 9 | ||
| Cash flow from Investing activities | -278 | -338 | -842 | -829 | ||
| Dividends | 0 | 0 | -374 | -324 | ||
| Proceeds from exercise of options/shares to employees | 1 | 4 | 52 | 49 | ||
| Buy-back of treasury shares | -39 | -43 | -98 | -92 | ||
| Gain/(loss) on hedges for net investments in subsidiaries | -74 | 38 | -109 | -38 | ||
| Net paid to/from shareholders | -112 | -1 | -529 | -405 | ||
| Proceeds from interest-bearing liabilities | 0 | 0 | 500 | 800 | ||
| Repayment of interest-bearing liabilities | -30 | -355 | -724 | -843 | ||
| Change in interest-bearing liabilities/other instruments | 47 | -18 | 74 | 33 | ||
| Change in net interest-bearing liablities | 17 | -373 | -150 | -10 | ||
| Cash flow from financing activities | -95 | -374 | -679 | -415 | ||
| Change in cash and cash equivalents | -59 | -197 | -453 | 319 | ||
| Cash and cash equivalents at beginning of period | 45 | 645 | 429 | 111 | ||
| Change in cash and cash equivalents | -59 | -197 | -453 | 319 | ||
| Currency effects cash and cash equivalents | 11 | -19 | 21 | -1 | ||
| Cash and cash equivalents at the close of the period | -3 | 429 | -3 | 429 | ||
| * Investment by category: | ||||||
| Replacement investments | 244 | 250 | 598 | 550 | ||
| Expansion investments including investment in associate companies and bio-based start-ups | 43 | 90 | 263 | 288 | ||
| Total investments including investment in associate companies and bio-based start-ups | 287 | 340 | 861 | 838 |
| 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard 5 328 5 805 1 615 1 744 1 752 1 770 6 881 1 850 1 963 1 714 1 605 7 132 1 975 1 949 1 949 1 744 7 617 BioSolutions 3 082 3 469 948 1098 1007 997 4 050 995 1 087 956 906 3 944 1 088 1 117 1 031 1 005 4 241 BioMaterials 1 732 1 878 532 540 558 620 2 250 684 661 568 526 2 439 704 622 683 613 2 622 Fine Chemicals 543 491 143 119 200 170 632 180 227 199 180 786 192 223 246 138 799 Eliminations - 29 - 33 - 8 - 13 - 13 - 17 - 51 -9 -12 -9 -7 -37 -9 -13 -11 -12 -45 EBITDA 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard 1 132 1 372 400 445 434 364 1 643 435 537 482 327 1 781 442 510 524 398 1 874 BioSolutions 632 942 261 305 261 159 986 224 284 235 172 915 264 318 271 251 1 104 BioMaterials 318 284 97 91 101 138 427 127 143 161 103 534 111 90 131 102 434 Fine Chemicals 182 146 42 49 72 67 230 84 110 86 52 332 67 102 122 45 336 Depreciations and write downs 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard - 443 - 416 - 108 - 110 - 112 - 114 - 444 -114 -116 -121 -134 -485 -133 -134 -138 -151 -556 BioSolutions - 206 - 189 - 50 - 53 - 54 - 55 - 212 -56 -56 -60 -71 -243 -69 -69 -74 -84 -296 BioMaterials - 203 - 193 - 49 - 48 - 49 - 49 - 195 -49 -49 -51 -51 -200 -53 -54 -54 -55 -216 Fine Chemicals - 34 - 34 - 9 - 9 - 9 - 10 - 37 -9 -11 -10 -12 -42 -11 -11 -10 -12 -44 Amortisation 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard - 5 - 4 - 1 - 1 - 1 - 2 - 5 -1 -2 -1 -1 -5 -1 -2 -1 -1 -5 BioSolutions - 5 - 4 - 1 - 1 - 1 - 2 - 5 -1 -2 -1 -1 -5 -1 -2 -1 -1 -5 BioMaterials 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fine Chemicals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income and expenses 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard -116 0 0 12 0 -20 -8 0 0 0 0 0 0 0 0 -30 -30 BioSolutions -97 0 0 12 0 -6 6 0 0 0 0 0 0 0 0 -12 -12 BioMaterials -18 0 0 0 0 -12 -12 0 0 0 0 0 0 0 0 -18 -18 Fine Chemicals - 1 0 0 0 0 - 2 - 2 0 0 0 0 0 0 0 0 0 0 Operating profit (EBIT) 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 Amounts in NOK million 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Borregaard 568 952 291 346 321 228 1 186 320 419 360 192 1 291 308 374 385 216 1 283 BioSolutions 324 749 210 263 206 96 775 167 226 174 100 667 194 247 196 154 791 BioMaterials 97 91 48 43 52 77 220 78 94 110 52 334 58 36 77 29 200 Fine Chemicals 147 112 33 40 63 55 191 75 99 76 40 290 56 91 112 33 292 |
Operating revenues | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly segment information Borregaard Group | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hedging effects & currency exposure | |||||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Borregaard - EBITDA hedging gains & losses | -241 | -29 | 10 | -3 | -23 | -34 | -50 | -48 | -65 | -62 | -93 | -268 | -89 | -97 | -86 | -93 | -365 |
| BioSolutions | -103 | -11 | 3 | -5 | -19 | -23 | -44 | -25 | -29 | -31 | -44 | -129 | -44 | -47 | -38 | -43 | -172 |
| BioMaterials | -116 | -15 | 5 | 1 | -4 | -9 | -7 | -19 | -26 | -22 | -37 | -104 | -34 | -38 | -36 | -42 | -150 |
| Fine Chemicals | -22 | -3 | 2 | 1 | 0 | -2 | 1 | -4 | -10 | -9 | -12 | -35 | -11 | -12 | -12 | -8 | -43 |
| Borregaard - USD EBITDA currency exposure (approx) | 177 | 198 | 197 | 232 | 276 | ||||||||||||
| Borregaard - EUR EBITDA currency exposure (approx) | 112 | 139 | 147 | 149 | 145 | ||||||||||||
| Sales revenues | |||||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Borregaard | 5 227 | 5 715 | 1 591 | 1 720 | 1 723 | 1 742 | 6 776 | 1 825 | 1 937 | 1 688 | 1 574 | 7 024 | 1 948 | 1 923 | 1 921 | 1 710 | 7 502 |
| BioSolutions | 2 995 | 3 392 | 929 | 1 072 | 979 | 966 | 3 946 | 973 | 1 062 | 934 | 880 | 3 849 | 1 066 | 1 090 | 1 004 | 972 | 4 132 |
| BioMaterials | 1 695 | 1 840 | 521 | 530 | 546 | 608 | 2 205 | 674 | 649 | 557 | 515 | 2 395 | 693 | 611 | 673 | 602 | 2 579 |
| Fine Chemicals | 538 | 485 | 141 | 118 | 198 | 168 | 625 | 178 | 226 | 197 | 179 | 780 | 189 | 222 | 244 | 136 | 791 |
| Eliminations | - 1 | - 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioSolutions | |||||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| Average gross sales price NOK per mtds | 6 951 | 8 106 | 9 780 | 10 150 | 10 479 | 11 104 | 10 369 | 12 402 | 11 319 | 11 609 | 11 756 | 11 753 | 12 582 | 11 862 | 11 877 | 11 866 | 12 045 |
| Volume (`000 mtds) | 416 | 366 | 81 | 90 | 84 | 79 | 334 | 74 | 86 | 76 | 72 | 308 | 81 | 88 | 81 | 77 | 327 |
| Specialities volume (`000 mtds) | 88 | 89 | 84 | 73 | 85 | ||||||||||||
| Contruction volume (`000 mtds) | 178 | 131 | 117 | 100 | 97 | ||||||||||||
| Industrial volume (`000 mtds) | 150 | 146 | 133 | 135 | 145 | ||||||||||||
| BioMaterials | |||||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| Average gross sales price NOK per mt | 11 678 | 10 807 | 12 595 | 13 656 | 14 880 | 16 179 | 14 283 | 16 449 | 17 551 | 15 786 | 16 260 | 16 527 | 15 700 | 16 126 | 16 591 | 17 098 | 16 343 |
| Volume (`000 mt) | 148,4 | 164,4 | 39,4 | 36,6 | 34,7 | 36,3 | 147,0 | 40,0 | 36,8 | 34,9 | 32,6 | 144,3 | 44,5 | 38,6 | 41,4 | 35,4 | 159,9 |
| High specialised as % of total cellulose product sales volum | 77 % | 79 % | 85 % | 81 % | 83 % | ||||||||||||
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