Borregaard

Earnings Release • Oct 21, 2020

Borregaard ASA: EBITDA of NOK 266 million in the 3rd quarter

Borregaard ASA: EBITDA of NOK 266 million in the 3rd quarter

Borregaard's operating revenues increased to NOK 1,260 million (NOK 1,239

million)¹ in the 3(rd) quarter of 2020. EBITDA² was NOK 266 million (NOK 286

million). Fine Chemicals had an improved result, whereas BioSolutions and

BioMaterials had weaker results compared with the corresponding quarter in

During the 3(rd) quarter, Covid-19 affected sales and results. Negative effects

on demand for certain biopolymers specialities and less specialised cellulose

grades are mainly related to the coronavirus situation.

For BioSolutions, higher costs related to transatlantic shipments and low demand

in the US market affected the result negatively. In BioMaterials, the effect of

a reduced sales volume was offset by lower wood and energy costs. For Fine

Chemicals, higher sales volume and prices for bioethanol were the main reasons

for the improved result. The total net currency impact on EBITDA was slightly

negative compared with the same quarter in 2019.

Profit before tax was NOK 133 million (NOK 156 million). Earnings per share were

NOK 1.12 (NOK 1.31).

-  Our third quarter results were influenced by a Covid-19 related drop in

demand, particularly for some of our biopolymers specialities in the US market.

We are pleased to report progress in Fine Chemicals, says President and CEO Per

A. Sørlie.

Contacts:

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

Communication Manager, Tone Horvei Bredal, +47 924 67 711

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

2. Operating profit before depreciation, 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.