Borregaard - Earnings Release 2015

Borregaard: Continued progress in Performance Chemicals

Borregaard's 1(st) quarter 2015 results

(28.04.2015) Borregaard's operating revenues totalled NOK 1,007 million (NOK

992 million)¹ in the 1(st) quarter of 2015. EBITA² was NOK 105 million (NOK 99

million).

Performance Chemicals and Other Businesses improved their EBITA, while there was

a decline in Specialty Cellulose. Currency developments contributed positively

in all business areas despite negative impact from hedging. Production at the

Sarpsborg site was in line with the corresponding quarter last year. In total,

raw material, energy and other costs were stable.

EBITA in Performance Chemicals increased as a favourable product mix, higher

sales prices and positive currency effects more than compensated for a 9%

reduction in total sales volume. The decline in Specialty Cellulose was mainly

due to lower sales prices and a weaker product mix. EBITA in Other Businesses

improved, primarily due to progress in the Ingredients business and lower net

corporate costs.

Profit before tax was NOK 100 million (NOK 92 million) in the 1(st) quarter.

Earnings per share were NOK 0.74 (NOK 0.65).

- We are pleased with the continued progress in Performance Chemicals and the

underlying result for the Group. The full impact from a weaker Norwegian krone

is delayed due to currency hedging, says President and CEO Per A. Sørlie.

Contacts

Director Investor Relations, Jørn Syvertsen, +47 958 36 335

SVP Organisation and Public Affairs, Dag Arthur Aasbø, +47 918 34 108

1. Figures in parentheses are for the corresponding period in the preceding

year.

2. Operating profit before amortisation and other income and expenses.

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

[HUG#1915534]

AI assistant