Borregaard

Earnings Release • Mar 26, 2020

Operating revenues
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	4 164	4 492	4 618	1 217	1 199	1 150	1 219	4 785	1 250	1 340	1 239	1 234	5 063
BioSolutions	2 423	2 563	2 594	687	693	690	705	2 775	755	781	720	726	2 982
BioMaterials	1 440	1 575	1 672	432	426	378	425	1 661	394	472	430	416	1 712
Fine Chemicals	314	368	370	103	86	89	96	374	110	96	96	104	406
Eliminations	- 13	- 14	- 18	- 5	- 6	- 7	- 7	- 25	-9	-9	-7	-12	-37
EBITDA
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	758	1 021	1 055	252	239	229	183	903	255	283	286	183	1 007
BioSolutions	509	605	545	149	139	112	99	499	168	192	156	131	647
BioMaterials	188	321	414	74	79	95	64	312	45	64	94	31	234
Fine Chemicals	61	95	96	29	21	22	20	92	42	27	36	21	126
Depreciations and write downs
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	- 261	- 274	- 306	- 75	- 75	- 84	- 89	- 323	-98	-104	-106	-110	-418
BioSolutions	- 75	- 78	- 94	- 24	- 23	- 32	- 34	- 113	-41	-44	-48	-50	-183
BioMaterials	- 169	- 177	- 192	- 46	- 47	- 47	- 49	- 189	-49	-53	-50	-51	-203
Fine Chemicals	- 17	- 19	- 20	- 5	- 5	- 5	- 6	- 21	-8	-7	-8	-9	-32
Amortisation
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	- 1	- 4	- 4	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-1	-4
BioSolutions	- 1	- 4	- 4	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-1	-4
BioMaterials	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
Other income and expenses
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	37	13	-9	0	0	0	0	0	0	-16	0	-11	-27
BioSolutions	-9	-24	-9	0	0	0	0	0	0	-16	0	0	-16
BioMaterials	46	37	0	0	0	0	0	0	0	0	0	-11	-11
Fine Chemicals	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating profit (EBIT)
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	533	756	736	176	163	144	93	576	156	162	179	61	558
BioSolutions	424	499	438	124	115	79	64	382	126	131	107	80	444
BioMaterials	65	181	222	28	32	48	15	123	-4	11	44	-31	20
Fine Chemicals	44	76	76	24	16	17	14	71	34	20	28	12	94

Hedging effects & currency exposure
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard - EBITDA hedging gains & losses	-241	-115	-72	3	-6	-7	-1	-11	-8	-13	-23	-32	-76
BioSolutions	-97	-41	-22	3	1	0	-1	3	-4	-6	-9	-14	-33
BioMaterials	-128	-59	-36	2	-2	-2	-1	-3	-3	-7	-11	-16	-37
Fine Chemicals	-16	-15	-14	-2	-5	-5	1	-11	-1	0	-3	-2	-6
Borregaard - USD EBITDA currency exposure (approx)	215	209	207					194					203
Borregaard - EUR EBITDA currency exposure (approx)	79	92	84					84					98
Sales revenues
	1.1-31.12	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
Amounts in NOK million	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Borregaard	4 075	4 391	4 522	1 195	1 179	1 131	1 200	4 705	1 222	1 311	1 214	1 204	4 951
BioSolutions	2 358	2 485	2 524	670	677	674	687	2 708	728	753	697	695	2 873
BioMaterials	1 410	1 543	1 634	424	417	371	418	1 630	385	465	422	407	1 679
Fine Chemicals	307	363	365	102	85	87	95	369	109	94	95	102	400
Eliminations	0	0	- 1	- 1	0	- 1	0	- 2	0	-1	0	0	-1
BioSolutions
	1.1-31.12	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
	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Average gross sales price NOK per mtds	5 866	5 684	5 618	5 966	5 455	5 455	5 783	5 654	6 385	5 999	5 865	6 455	6 166
Volume (`000 mtds)	411	444	450	107	122	122	117	468	115	125	119	111	470
Specialities volume (`000 mtds)	77	80	83					86					86
Contruction volume (`000 mtds)	213	214	210					212					209
Industrial volume (`000 mtds)	121	150	157					170					175
BioMaterials
	1.1-31.12	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
	2015	2016	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019
Average gross sales price NOK per mt	9 554	9 992	10 589	10 129	10 202	10 532	10 528	10 337	10 724	10 561	10 982	10 417	10 665

Volume (`000 mt) 153,6 152,3 150,7 40,0 39,1 33,3 37,7 150,1 34,5 42,4 37,6 38,6 153,1 High specialised as % of total cellulose product sales volum 57 % 64 % 72 % 62 % 73 %