Borregaard

Borregaard ASA: EBITA adj. NOK 73 million (NOK 94 million) in the 4th quarter

Borregaard's operating revenues increased to NOK 1,234 million (NOK 1,219

million)¹ in the 4(th) quarter of 2019. EBITA adj.² was NOK 73 million (NOK 94

million). Other Businesses improved its result, whereas Performance Chemicals

and Speciality Cellulose had a decline. The operational incidents affecting

production at the Sarpsborg site had a negative impact on EBITA adj.² of about

NOK 35 million.

Performance Chemicals had a favourable product mix, but reduced sales volume and

higher costs and depreciation. Speciality Cellulose was negatively affected by

the operational incidents at the Sarpsborg site. Other Businesses improved as a

result of higher sales in Ingredients. The net currency impact was positive.

Profit before tax was NOK 30 million (NOK 84 million). Earnings per share were

NOK 0.38 (NOK 0.80).

Full year 2019

Operating revenues in 2019 reached NOK 5,063 million (NOK 4,785 million). EBITA

adj.² was NOK 589 million (NOK 580 million). Profit before tax was NOK 467

million (NOK 562 million). Earnings per share were NOK 4.17 (NOK 4.76).

- 2019 marked the completion of a strategic investment programme that will lay

the foundation for future growth and development. We are pleased to see product

mix improvements in most business areas and a continued strong result in wood

based vanillin. The financial result was also affected by increased costs and

depreciation, as well as the operational incidents at the Sarpsborg site, says

President and CEO Per A. Sørlie.

Contacts:

CFO, Per Bjarne Lyngstad, +47 952 44 515

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 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.

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