Earnings Release • Apr 24, 2024
Earnings Release
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| Income Statement Borregaard Group Q1 2024 | |||
|---|---|---|---|
| 1.1-31.3 | 1.1-31.12 | ||
| Amounts in NOK million | 2024 | 2023 | 2023 |
| Operating revenues | 1 975 | 1 850 | 7 132 |
| Operating expenses | -1 533 | -1 415 | -5 351 |
| EBITDA | 442 | 435 | 1 781 |
| Depreciation property, plant and equipment | -133 | -114 | -485 |
| Amortisation intangible assets | -1 | -1 | -5 |
| Operating profit | 308 | 320 | 1 291 |
| Financial items, net | -47 | -28 | -167 |
| Profit before taxes | 261 | 292 | 1 124 |
| Income tax expence | -61 | -71 | -268 |
| Profit for the period | 200 | 221 | 856 |
| Profit attributable to non-controlling interests | 0 | -10 | -14 |
| Profit attributable to owners of the parent | 200 | 231 | 870 |
| Earnings per share (NOK) | 2,01 | 2,32 | 8,73 |
| EBITDA margin | 22,4 % | 23,5 % | 25,0 % |
| Interim condensed statement of financial position Borregaard Group | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31.3. | 31.12. | |||||||
| Amounts in NOK million | 2024 | 2023 | ||||||
| Assets: | ||||||||
| Intangible assets | 82 | 84 | ||||||
| Property, plant and equipment | 4 728 | 4 661 | ||||||
| Right-of-use assets | 524 | 527 | ||||||
| Other assets | 362 | 437 | ||||||
| Investments in joint venture/associate companies | 286 | 289 | ||||||
| Non-current assets | 5 982 | 5 998 | ||||||
| Inventories | 1 348 | 1 447 | ||||||
| Receivables | 1 753 | 1 201 | ||||||
| Cash and cash deposits | 200 | 469 | ||||||
| Current assets | 3 301 | 3 117 | ||||||
| Total assets | 9 283 | 9 115 | ||||||
| Equity and debt: | ||||||||
| Group equity | 4 835 | 4 855 | ||||||
| Non-controlling interests | 42 | 39 | ||||||
| Equity | 4 877 | 4 894 | ||||||
| Provisions and other liabilities | 441 | 401 | ||||||
| Interest-bearing liabilities | 2 043 | 2 016 | ||||||
| Non-current liabilities | 2 484 | 2 417 | ||||||
| Interest-bearing liabilities | 330 | 246 | ||||||
| Other current liabilities | 1 592 | 1 558 | ||||||
| Current liabilities | 1 922 | 1 804 | ||||||
| Equity and liabilities | 9 283 | 9 115 | ||||||
| Equity ratio (%): | 52,5 % | 53,7 % | ||||||
| Interim condensed cash flow statement Borregaard Group Q1 2024 | |||
|---|---|---|---|
| 1.1-31.3 | 1.1-31.12 | ||
| Amounts in NOK million | 2024 | 2023 | 2023 |
| Profit before taxes | 261 | 292 | 1 124 |
| Amortisation, depreciation and impairment charges | 134 | 115 | 490 |
| Change in net working capital, etc | -466 | -193 | 205 |
| Dividend/share of profit from JV & associate companies | 3 | 6 | 9 |
| Taxes paid | -115 | -109 | -265 |
| Cash flow from operating activities | -183 | 111 | 1 563 |
| Investments property, plant and equipment and intangible assets * | -115 | -107 | -667 |
| Investment in associate companies & bio-based start-ups | 0 | 0 | -171 |
| Other capital transactions | 3 | 2 | 9 |
| Cash flow from Investing activities | -112 | -105 | -829 |
| Dividends | 0 | 0 | -324 |
| Proceeds from exercise of options/shares to employees | 35 | 41 | 49 |
| Buy-back of treasury shares | -28 | -41 | -92 |
| Gain/(loss) on hedges for net investments in subsidiaries | -50 | -58 | -38 |
| Net paid to/from shareholders | -43 | -58 | -405 |
| Proceeds from interest-bearing liabilities | 0 | 0 | 800 |
| Repayment of interest-bearing liabilities | -67 | -14 | -843 |
| Change in interest-bearing liabilities/other instruments | 36 | 41 | 33 |
| Change in net interest-bearing liablities | -31 | 27 | -10 |
| Cash flow from financing activities | -74 | -31 | -415 |
| Change in cash and cash equivalents | -369 | -25 | 319 |
| Cash and cash equivalents at beginning of period | 429 | 111 | 111 |
| Change in cash and cash equivalents | -369 | -25 | 319 |
| Currency effects cash and cash equivalents | 21 | 19 | -1 |
| Cash and cash equivalents at the close of the period | 81 | 105 | 429 |
| * Investment by category: | |||
| Replacement investments | 95 | 87 | 550 |
| Expansion investments including investment in associate companies and bio-based start-ups | 20 | 20 | 288 |
| Total investments including investment in associate companies and bio-based start-ups | 115 | 107 | 838 |
| Quarterly segment information Borregaard Group | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 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 |
| BioSolutions | 3 082 | 3 469 | 948 | 1098 | 1007 | 997 | 4 050 | 995 | 1 087 | 956 | 906 | 3 944 | 1 088 |
| BioMaterials | 1 732 | 1 878 | 532 | 540 | 558 | 620 | 2 250 | 684 | 661 | 568 | 526 | 2 439 | 704 |
| Fine Chemicals | 543 | 491 | 143 | 119 | 200 | 170 | 632 | 180 | 227 | 199 | 180 | 786 | 192 |
| Eliminations | - 29 | - 33 | - 8 | - 13 | - 13 | - 17 | - 51 | -9 | -12 | -9 | -7 | -37 | -9 |
| 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard | 1 132 | 1 372 | 400 | 445 | 434 | 364 | 1 643 | 435 | 537 | 482 | 327 | 1 781 | 442 |
| BioSolutions | 632 | 942 | 261 | 305 | 261 | 159 | 986 | 224 | 284 | 235 | 172 | 915 | 264 |
| BioMaterials | 318 | 284 | 97 | 91 | 101 | 138 | 427 | 127 | 143 | 161 | 103 | 534 | 111 |
| Fine Chemicals | 182 | 146 | 42 | 49 | 72 | 67 | 230 | 84 | 110 | 86 | 52 | 332 | 67 |
| 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard | - 443 | - 416 | - 108 | - 110 | - 112 | - 114 | - 444 | -114 | -116 | -121 | -134 | -485 | -133 |
| BioSolutions | - 206 | - 189 | - 50 | - 53 | - 54 | - 55 | - 212 | -56 | -56 | -60 | -71 | -243 | -69 |
| BioMaterials | - 203 | - 193 | - 49 | - 48 | - 49 | - 49 | - 195 | -49 | -49 | -51 | -51 | -200 | -53 |
| Fine Chemicals | - 34 | - 34 | - 9 | - 9 | - 9 | - 10 | - 37 | -9 | -11 | -10 | -12 | -42 | -11 |
| 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard | - 5 | - 4 | - 1 | - 1 | - 1 | - 2 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 |
| BioSolutions | - 5 | - 4 | - 1 | - 1 | - 1 | - 2 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 |
| 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 | 1.1-31.3 | 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard | -116 | 0 | 0 | 12 | 0 | -20 | -8 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioSolutions | -97 | 0 | 0 | 12 | 0 | -6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioMaterials | -18 | 0 | 0 | 0 | 0 | -12 | -12 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fine Chemicals | - 1 | 0 | 0 | 0 | 0 | - 2 | - 2 | 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard | 568 | 952 | 291 | 346 | 321 | 228 | 1 186 | 320 | 419 | 360 | 192 | 1 291 | 308 |
| BioSolutions | 324 | 749 | 210 | 263 | 206 | 96 | 775 | 167 | 226 | 174 | 100 | 667 | 194 |
| BioMaterials | 97 | 91 | 48 | 43 | 52 | 77 | 220 | 78 | 94 | 110 | 52 | 334 | 58 |
| Fine Chemicals | 147 | 112 | 33 | 40 | 63 | 55 | 191 | 75 | 99 | 76 | 40 | 290 | 56 |
| 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 |
| Borregaard - EBITDA hedging gains & losses | -241 | -29 | 10 | -3 | -23 | -34 | -50 | -48 | -65 | -62 | -93 | -268 | -89 |
| BioSolutions | -103 | -11 | 3 | -5 | -19 | -23 | -44 | -25 | -29 | -31 | -44 | -129 | -44 |
| BioMaterials | -116 | -15 | 5 | 1 | -4 | -9 | -7 | -19 | -26 | -22 | -37 | -104 | -34 |
| Fine Chemicals | -22 | -3 | 2 | 1 | 0 | -2 | 1 | -4 | -10 | -9 | -12 | -35 | -11 |
| Borregaard - USD EBITDA currency exposure (approx) | 177 | 198 | 197 | 232 | |||||||||
| Borregaard - EUR EBITDA currency exposure (approx) | 112 | 139 | 147 | 149 | |||||||||
| 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 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 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 |
| BioSolutions | 2 995 | 3 392 | 929 | 1 072 | 979 | 966 | 3 946 | 973 | 1 062 | 934 | 880 | 3 849 | 1 066 |
| BioMaterials | 1 695 | 1 840 | 521 | 530 | 546 | 608 | 2 205 | 674 | 649 | 557 | 515 | 2 395 | 693 |
| Fine Chemicals | 538 | 485 | 141 | 118 | 198 | 168 | 625 | 178 | 226 | 197 | 179 | 780 | 189 |
| Eliminations | - 1 | - 2 | 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 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 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 |
| Volume (`000 mtds) | 416 | 366 | 81 | 90 | 84 | 79 | 334 | 74 | 86 | 76 | 72 | 308 | 81 |
| Specialities volume (`000 mtds) | 88 | 89 | 84 | 73 | |||||||||
| Contruction volume (`000 mtds) | 178 | 131 | 117 | 100 | |||||||||
| Industrial volume (`000 mtds) | 150 | 146 | 133 | 135 | |||||||||
| 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 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | |
| Average gross sales price NOK per mt Volume (`000 mt) |
11 678 148,4 |
10 807 164,4 |
12 595 39,4 |
13 656 36,6 |
14 880 34,7 |
16 179 36,3 |
14 283 147,0 |
16 449 40,0 |
17 551 36,8 |
15 786 34,9 |
16 260 32,6 |
16 527 144,3 |
15 700 44,5 |
| High specialised as % of total cellulose product sales volum | 77 % | 79 % | 85 % | 81 % | |||||||||
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