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Borregaard Investor Presentation 2015

Oct 21, 2015

3562_rns_2015-10-21_93021b20-90c3-4fcf-8d18-b9b85aa01602.pdf

Investor Presentation

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3rd quarter 2015Oslo, 21 October 2015

Agenda

Per A Sørlie, President & CEO

  • •Highlights
  • •Business areas
  • •Outlook

Per Bjarne Lyngstad, CFO

•Financial performance

Highlights – 3rd quarter 2015

  • •EBITA 160 mNOK (165 mNOK)
  • •Positive FX impact in all business areas
  • • Lower sales volume and weaker product mix for Performance Chemicals
  • •Positive volume development in Fine Chemicals

Performance Chemicals – Q3 market development

•Lower sales volume and weaker product mix

  • −Reduced demand, primarily in Russia, China and Brazil
  • −Unchanged global lignin supply
  • −Stronger competition in some regions, especially within the construction sector
  • −Weaker product mix, mainly due to lower demand from the oil sector
  • •Positive FX impact and higher prices

1) Average sales price and sales volume reflect 100% of sales and volume from the J/V in South Africa. Average sales price is calculated using actual FX rates, excluding hedging impact.

Performance Chemicals Acquisition of lignin business in the USA

•Agreement signed with Flambeau Rivers Paper LLC for the acquisition of their lignin business

  • Acquisition of lignin business based at Flambeau's Park Falls operations in Wisconsin, USA
  • Long-term lignin raw material supply agreement
  • Approx. 40,000 metric tonnes dry substance
  • Products sold to the low and medium value segments in North America
  • Closing expected during Q4-15
  • Will be integrated into Borregaard's existing US operation

Specialty Cellulose – Q3 market development

  • • Lower sales prices and weaker product mix vs Q3- Lower sales prices Q3-14
  • Sales prices in line with expectations
  • Product mix affected by lower sales to the cellulose acetate market
  • •Increased deliveries of highly specialised grades vs Q2-15
  • •Positive FX impact

1)Average sales price is calculated using actual FX rates, excluding hedging impact.

Ingredients & Fine Chemicals – Q3 market development

56404246475560020406080Q1 Q2 Q3 Q4 mNOK Fine Chemicals – Fine sales revenues 2014 2015

Ingredients

  • •Market conditions remain challenging
  • •Positive FX impact

Fine Chemicals

  • • Increased sales of x-ray contrast media intermediates
  • •Positive FX impact

Outlook

•Performance Chemicals

  • Both total and high-value sales volume expected to be in line with Q3-15
  • Forecasts are uncertain due to low market visibility
  • Impact of weaker demand and increased competition in construction partly offset by reallocation to other regions and applications

•Specialty Cellulose

  • 2015 prices in sales currency approx. 7% below 2014 level
  • Weaker product mix in 2015 due to lower sales to the cellulose acetate market
  • Total sales volume and sales of highly specialised grades in Q4-15 expected to be below Q3-15

•Other Businesses

  • Market situation for Ingredients remains challenging
  • Positive development in Fine Chemicals expected to continue
  • Exilva project costs will continue at a high level

•Currency impact

  • Currency, including hedging impact, will contribute positively in all business areas in Q4-15
  • •Q4/Q1 EBITA normally lower than Q2/Q3

FINANCIAL PERFORMANCE Q3-15

Borregaard – Q3 key figures

  • •Revenues increased by 7% vs Q3-14
  • •EBITA decline in Performance Chemicals and Specialty Cellulose, increase in Other Businesses
  • •Positive FX impact in all business areas
  • •EPS at NOK 1.12 (NOK 1.10)

Performance Chemicals – Q3 key figures

  • •Top line +4% vs Q3-14
  • •12% lower sales volume

  • Positive FX impact

  • •Positive FX effects and higher prices

  • •Sales volume reduction and weaker product mix
  • •Stable costs in local currencies

2014 figures for Performance Chemicals are restated, including costs for the BALI project

Q1 Q2 Q3 Q4

05

Specialty Cellulose – Q3 key figures

  • •Top line +1% vs Q3-14

  • Positive FX impact, lower prices and weaker product mix

  • •Reduced sales prices and weaker product mix

  • •Highly specialised volume above Q2-15 level
  • •Lower contribution from bioethanol
  • Stable costs

•

•

37

18

62

56

2014

30

2015

34

0

25

50

75

100

8

  • •Margin close to Q3-14
  • •Adjusted for hedging effects, EBITA margin YTD is 15.1%

2014 figures for Specialty Cellulose are restated, excluding costs for the Exilva project

EBITA

Other Businesses – Q3 key figures

-14

-14

Q1 Q2 Q3 Q4

-21

  • • Fine Chemicals: Increased sales of x-ray contrast media intermediates and positive FX impact
  • • Exilva: Project costs continued at a high level due to business development activities

13

EBITA

-19

-30

-20

-10

-14

Currency impact

  • • Net FX EBITA impact approx. 70 mNOK vs Q3-14
  • Includes change in hedging effects and based on estimated Q3-15 currency exposure
  • • Net FX EBITA impact RoY estimated to be 65 mNOK vs same period last year
  • Assuming rates as of 20 October (USD 8.12 and EUR 9.24) and based on expected currency exposure
  • 1) Currency basket based on Borregaard's net exposure in 2014 (=100)
  • USD 69% (approximately 250 mUSD)
  • EUR 32% (approximately 89 mEUR)
  • Other -1% (GBP, BRL, JPY, SEK, ZAR)

14

Cash flow, capex and NIBD

  • •Cash flow from operations lower than Q3-14 due to increase in net working capital
  • • Expansion capex mainly related to the Exilva projec t
  • •Capex is expected to increase in Q4-15 vs Q3-15

  • •NIBD reduced by 109 mNOK in Q3

  • •Per A Sørlie, President & CEO

  • •Per Bjarne Lyngstad, CFO

APPENDIX

Borregaard – Key figures

A
i
N
O
K
i
l
l
i
t
m
o
u
n
s
n
m
o
n		 Q
3-
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1
5		 Q
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1
4		 h
C
a
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g
e		 Y
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2
0
1
5		 Y
T
D-
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1
4		 h
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a
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e
O
i
t
p
e
r
a
n
g
r
e
v
e
n
u
e
s		 0
6
9
1		 0
0
3
1		 %
7		 3
3
0
1		 2
9
8
8		 %
5
(
j
)
E
B
I
T
D
A
d
d
t
a
u
s
e		 2
2
5		 2
2
5		 0
%		 9
0
5		 3
5
7		 3
%
E
B
I
T
A
(
d
j
d
)
t
a
s
e
u		 1
6
0		 1
6
5		 -3
%		 3
9
6		 3
9
4		 1
%
A
i
i
i
i
b
l
t
t
t
m
o
r
s
a
o
n
n
a
n
g
e
s		 0 0 0 0
O
h
i
d
t
e
r
n
c
o
m
e
a
n
e
p
e
n
s
e
s
x		 0 0 0 0
E
B
I
T		 1
6
0		 1
6
5		 -3
%		 3
9
6		 3
9
4		 1
%
F
i
i
l
i
t
t
n
a
n
c
a
e
m
s,
n
e		 -9 -1
2		 -2
0		 -2
3
f
/
f
P
i
l
b
t
t
r
o
o
s
s
e
o
r
e
a
x
e
s		 1
5
1		 3
1
5		 %
-1		 3
6
7		 3
7
1		 %
1
T
a
e
s
x		 0
-4		 3
-4		 0
0
-1		 0
6
-1
P
f
i
/
l
f
h
i
d
t
t
r
o
o
s
s
o
r
e
p
e
r
o		 1
1
1		 1
1
0		 1
%		 2
7
6		 2
6
5		 4
%
P
f
i
/
l
i
b
b
l
l
l
i
i
t
t
t
t
t
t
t
t
r
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s
s
a
r
a
e
o
n
o
n-
c
o
n
r
o
n
g
n
e
r
e
s
s
u		 -1 0 -2 -1
P
f
i
/
l
i
b
b
l
f
h
t
t
t
t
t
t
t
r
o
o
s
s
a
r
a
e
o
o
n
e
r
s
o
e
p
a
r
e
n
u
w		 1
1
2		 1
1
0		 2
7
8		 2
6
6
C
h
f
l
f
i
i
i
i
(
I
F
R
S
)
t
t
t
a
s
o
w
r
o
m
o
p
e
r
a
n
g
a
c
v
e
s		 1
9
8		 2
2
7		 2
6
2		 3
5
5
E
i
h
(
N
O
K
)
a
r
n
n
g
s
p
e
r
s
a
r
e		 2
1,
1		 0
1,
1		 2
%		 2,
8
7		 2,
6
6		 %
5
A
d
j
d
E
B
I
T
D
A
i
t
u
s
e
m
a
r
g
n		 2
1,
0
%		 2
2,
4
%		 1
8,
8
%		 1
9,
2
%
A
d
j
d
E
B
I
T
A
i
t
u
s
e
m
a
r
g
n		 1
5,
0
%		 1
6,
5
%		 1
2,
7
%		 1
3,
2
%

Operating revenues and EBITA per segment

l
l
A
i
N
O
K
i
i
t
m
o
u
n
s
n
m
o
n		 l
l
A
i
N
O
K
i
i
t
m
o
u
n
s
n
m
o
n
i
O
t
p
e
r
a
n
g
r
e
v
e
n
u
e
s		 Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 h
C
a
n
g
e		 i
f
i
O
E
B
I
T
A
t
t -
p
e
r
a
n
g
p
r
o		 Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 h
C
a
n
g
e
d
B
o
r
r
e
g
a
a
r		 0
6
9
1		 0
0
3
1		 %
7		 d
B
o
r
r
e
g
a
a
r		 6
0
1		 6
1
5		 3
%
-
f
h
l
C
i
P
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 8
8
4		 6
4
7		 %
4		 f
h
l
C
i
P
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 1
1
1		 1
1
7		 %
-5
l
l
l
l
S
i
C
t
p
e
c
a
y
e
u
o
s
e		 3
8
9		 3
8
4		 1
%		 l
l
l
l
S
i
C
t
p
e
c
a
y
e
u
o
s
e		 5
6		 6
2		 -1
0
%
h
O
B
i
t
e
r
u
s
n
e
s
s
e
s		 1
9
9		 1
5
8		 2
6
%		 h
O
B
i
t
e
r
u
s
n
e
s
s
e
s		 -7 -1
4		 5
0
%
l
i
i
i
E
t
m
n
a
o
n
s		 -7 6
-
l
l
i
i
i
A
N
O
K
t
m
o
u
n
s
n
m
o
n		 l
l
i
i
i
A
N
O
K
t
m
o
u
n
s
n
m
o
n
O
i
t
p
e
r
a
n
g
r
e
v
e
n
u
e
s		 Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 h
C
a
n
g
e		 f
O
i
i
I
A
E
B
T
t
t -
p
e
r
a
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g
p
r
o		 Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 h
C
a
n
g
e
d
B
o
r
r
e
g
a
a
r		 1
0
6
9		 1
0
0
3		 7
%		 d
B
o
r
r
e
g
a
a
r		 1
6
0		 1
6
5		 3
%
-
f
h
l
P
C
i
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 4
8
8		 4
6
7		 %
4		 f
h
l
P
C
i
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 1
1
1		 1
1
7		 %
-5
l
l
l
l
i
S
C
t
p
e
a
e
o
s
e
c
y
u		 3
8
9		 3
8
4		 %
1		 l
l
l
l
i
S
C
t
p
e
a
e
o
s
e
c
y
u		 5
6		 6
2		 %
-1
0
h
O
i
B
t
e
r
u
s
n
e
s
s
e
s		 1
9
9		 1
8
5		 2
6
%		 h
O
i
B
t
e
r
u
s
n
e
s
s
e
s		 -7 -1
4		 0
%
5
l
l
A
i
N
O
K
i
i
t
m
o
u
n
s
n
m
o
n		 l
l
A
i
N
O
K
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m
o
u
n
s
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n
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r
a
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v
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n
u
e
s		 Y
T
D-
2
0
1
5		 Y
T
D-
2
0
1
4		 h
C
a
n
g
e		 f
i
i
O
E
B
I
T
A
t
t -
p
e
r
a
n
g
p
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o		 Y
T
D-
2
0
1
5		 Y
T
D-
2
0
1
4		 h
C
a
n
g
e
d
B
o
r
r
e
g
a
a
r		 3
3
0
1		 2
9
8
8		 %
5		 d
B
o
r
r
e
g
a
a
r		 3
9
6		 3
9
4		 %
1
f
h
l
P
C
i
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 1
5
0
6		 1
3
8
1		 9
%		 f
h
l
P
C
i
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 3
4
9		 3
0
5		 1
4
%
l
l
l
l
S
i
C
t
p
e
c
a
y
e
u
o
s
e		 1
0
9
0		 1
1
2
1		 3
%
-		 l
l
l
l
S
i
C
t
p
e
c
a
y
e
u
o
s
e		 8
2		 1
3
3		 3
8
%
-
h
O
B
i
t
e
r
u
s
n
e
s
s
e
s		 5
5
8		 5
0
4		 %
1
1		 h
O
B
i
t
e
r
u
s
n
e
s
s
e
s		 3
5
-		 -4
4		 %
2
0
l
i
i
i
E
t
m
n
a
o
n
s		 2
4
-		 -1
8
A
i
t
m
o
u
n
s		 l
l
N
O
K
i
i
n
m		 o
n
%

Cash flow

Amounts in NOK million

Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 Y
2
0
1
T
D-
5		 Y
2
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4
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F
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fo
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Pr
t
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s		 1
5
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1
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6
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7
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0
4
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io
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im
irm
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Am
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or
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1
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4
4
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(
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fro
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ro
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1		 -2 8 6
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4		 -7
8		 -1
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9
h
f
low
fro
Ca
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ie
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t
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6
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5
5		 6
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ip
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Inv
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ty
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ro
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p
n
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m
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ng
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se
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,		 -7
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-7		 -2
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3
1
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O
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ap
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f
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Ca
Inv
t
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s		 -6
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9		 -2
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6
0		 -3
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2
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9
ds
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Pr
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c
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p
ns		 0 4 0 4
4		 4
8
ba
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Bu
tre
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c
as
ur
y
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re
s		 0 -7 0 -6
2		 6
-7
/
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t
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ss
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1		 -5
0		 -4 -7
2
/
i
d
fro
ha
ho
l
de
Ne
t p
to
a
m
s
re
rs		 -4
0		 -1
4		 -1
7
4		 -1
3
1		 -2
0
9
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l
b
l
C
in
in
in
ia
i
i
ie
te
t-
t
ng
e
re
s
ar
g
s		 -2
3		 -1
3		 6
3		 -2
7		 6
ha
be
b
le
C
in
in
in
iva
te
t-
ng
e
re
s
ar
g
re
ce
s		 0 0 -2 -4 -3
ha
be
l
b
l
C
in
in
in
ia
i
ie
t
te
t-
t
ng
e
ne
re
s
ar
g
s		 -2
3		 -1
3		 6
1		 -3
1		 3
h
f
low
fro
f
in
in
iv
i
ie
Ca
t
t
s
m
an
c
g
ac
s		 -6
3		 -2
7		 -1
1
3		 -1
6
2		 -2
0
6
ha
in
h a
d c
h e
iva
le
C
ts
ng
e
ca
s
n
as
q
n
u		 6
6		 1
2
1		 -7
6		 3
3		 8
3
h a
d c
h e
le
f
be
f p
d
Ca
iva
in
in
io
ts
s
n
as
q
u
n
as
o
g
n
g
o
er		 3
6		 -4
4		 1
6
8		 3
9		 3
9
ha
h a
d c
h e
le
C
in
iva
ts
ng
e
ca
s
n
as
q
u
n		 6
6		 1
2
1		 -7
6		 3
3		 8
3
f
fe
Cu
h a
d c
h e
iva
le
ts
ts
rre
nc
e
c
ca
s
n
as
q
n
y
u		 2
3		 2 3
3		 7 6
4
h a
d c
h e
iva
le
he
lo
f
he
io
d
Ca
ts
t
t
t
s
n
as
q
u
n
a
c
se
o
p
er		 1
2
5		 7
9		 1
2
5		 7
9		 1
6
8

Balance sheet

Amounts in NOK million

3
0.
0
9.
2
0
1
5		 3
0.
0
6.
2
0
1
4		 3
1.
1
2.
2
0
1
4
As
ts
se
:
b
le
In
i
ta
ts
ng
as
se		 8
9		 7
5		 7
7
lan
d e
ip
Pr
ty
t a
t
op
er
p
n
q
m
en
u
,		 2
0
3
9		 2
0
3
7		 2
0
0
4
he
O
t
ts
r a
ss
e		 8
0		 8
8		 7
6
Inv
in
j
in
tm
ts
t v
tu
es
en
o
en
re		 1
0
3		 1
2
5		 1
0
6
No
t a
ts
n-
cu
rre
n
ss
e		 2
3
1
1		 2
3
2
5		 2
2
6
3
Inv
ie
to
en
r
s		 6
0
0		 6
1
3		 6
1
0
iva
b
le
Re
ce
s		 8
6
6		 8
6
0		 7
0
7
h a
d c
h
de
Ca
i
ts
s
n
as
p
os		 1
2
5		 5
1		 1
6
8
Cu
t a
ts
rre
n
ss
e		 1
5
9
1		 1
5
2
4		 1
4
8
5
l a
To
ta
ts
ss
e		 3
9
0
2		 3
8
9
4		 3
8
7
4
i
d
de
b
Eq
ty
t:
u
an
Gr
Eq
i
ty
ou
p
u		 2
0
0
0		 2
0
6
2		 1
9
4
1
l
l
No
in
in
tro
te
ts
n-
co
n
g
re
s		 6 6 8
i
Eq
ty
u		 2
0
0
6		 2
0
6
8		 9
9
1
4
d o
he
l
b
l
Pr
is
io
ia
i
i
ie
t
t
t
ov
ns
an
r n
on
-c
ur
re
n
s		 2
7
7		 1
9
9		 1
9
6
be
l
b
l
In
in
ia
i
i
ie
te
t-
t
re
s
ar
g
s		 8
5
0		 8
7
1		 7
8
4
l
ia
b
i
l
i
ie
No
t
t
n-
cu
rre
n
s		 1
1
2
7		 1
0
7
0		 9
8
0
be
l
b
l
In
in
ia
i
i
ie
te
t-
t
re
s
ar
g
s		 9 2
3		 8
he
l
ia
b
i
l
i
ie
O
t
t
r
s		 7
6
0		 6
8
8		 8
1
1
l
ia
b
i
l
i
ie
Cu
t
t
rre
n
s		 7
6
9		 7
1
1		 8
1
9
i
d
l
ia
b
i
l
i
ie
Eq
ty
t
u
an
s		 3
9
0
2		 3
8
4
9		 3
7
4
8
(
)
i
io
%
Eq
ty
t
u
ra
:		 1,
4
%
5		 3,
%
5
7		 2,
0
%
5

Net financial items & net interest-bearing debt

l
l
i
O
i
i
A
N
K
t
m
o
u
n
s
n
m
o
n
f
l
i
i
i
N
t
t
e
n
a
n
c
a
e
m
s		 Q
3-
2
0
1
5		 Q
3-
2
0
1
4		 2
0
Y
T
D
1
5
-		 2
0
Y
T
D
1
4
-
i
N
t
t
t
e
n
e
r
e
s
e
x
p
e
n
s
e
s		 4
-		 8
-		 1
7
-		 2
3
-
/
l
C
i
u
r
r
e
n
c
y
g
a
n
o
s
s		 4
-		 4
-		 1
-		 1
h
f
l
i
i
i
O
t
t
t
e
r
n
a
n
c
a
e
m
s,
n
e		 1
-		 0 2
-		 1
-
f
l
i
i
i
N
t
t
e
n
a
n
c
a
e
m
s		 9
-		 1
2
-		 2
0
-		 2
3
-

Amounts in NOK million

b
b
i
i
d
N
t
t
t-
t
e
n
e
r
e
s
e
a
r
n
g
e		 3
0.
0
9.
2
0
1
5		 3
0.
0
6.
2
0
1
5		 3
1.
1
2.
2
0
1
4
b
l
b
l
i
i
i
i
i
i
N
t
t
t-
t
o
n-
c
r
r
e
n
n
e
r
e
s
e
a
r
n
g
a
e
s
u		 8
5
0		 8
7
1		 7
8
4
b
l
b
l
C
i
i
i
i
i
i
t
t
t-
t
u
r
r
e
n
n
e
r
e
s
e
a
r
n
g
a
e
s		 9 2
3		 8
b
b
l
N
i
i
i
t
t
t-
o
n-
c
u
r
r
e
n
n
e
r
e
s
e
a
r
n
g
r
e
c
e
v
a
e
s		 1
8
-		 1
8
-		 1
6
-
h
d
h
d
i
C
t
a
s
a
n
c
a
s
e
p
o
s
s		 1
2
5
-		 5
1
-		 1
6
8
-
b
d
b
i
i
N
t
t
t-
t
e
n
e
r
e
s
e
a
r
n
g
e		 6
7
1		 8
2
5		 6
0
8

Currency hedging strategy

Purpose is to delay effects of currency fluctuations and secure competitiveness

  • • Hedging based on expected EBITA impact1)
  • Base hedge 75%/50% on a rolling basis for 6/9 months for major currencies
  • Extended hedge 75%/50% of the next 24/36 months if USD and EUR are above defined levels EUR; effective rate above 8.50
    • USD; gradually at effective rates between 7.50 and 8.50
  • Contracts 2) 100% hedged •
  • Balance sheet exposure hedged 100%
  • •Net investments in subsidiaries hedged up to 90% of book value in major currencies
U
S
D
i
l
l
i
m
o
n		 U
S
D
t
r
a
e		 E
U
R
i
l
l
i
m
o
n		 E
U
R
t
r
a
e
Q
4
2
0
1
5		 3
7		 7.
1
7		 1
7		 8.
5
3
2
0
1
6		 1
4
9		 7.
9
6		 7
2		 8.
5
6
2
0
1
7		 1
3
5		 7.
9
8		 6
5		 8.
7
8
L
t
a
e
r		 7
7		 7.
9
7		 3
8		 9.
1
6

Contracted FX hedges with EBITA impact Hedging eff

with EBITA impact effects by segmentects segment

N
O
K
i
i
l
l
l
l
i
i
m
m
o
o
n
n		 Q
Q
3-
3
1
5		 Q
3-
1
4		 Y
T
D-
1
5		 Y
T
D-
1
4
P
f
C
h
i
l
e
r
o
r
m
a
n
c
e
e
m
c
a
s		 -1
7		 -1 -5
7		 -3
S
i
l
C
l
lu
l
t
p
e
c
a
e
o
s
e
y		 -2
8		 -2 -9
7		 -1
2
O
h
Bu
i
t
e
r
s
n
e
s
s
e
s		 -1
0		 0 -2
5		 -3
B
B
d
d
g
g
o
o
r
r
r
r
e
e
a
a
a
a
r
r		 -5
5
-		 -3 -1
7
9		 -1
8

1)Hedging done mainly in the Norwegian company

Strict definitions for contracts applied for 100% hedging (mutually binding agreement in which price, currency, volume and time are defined)

2)

Debt, credit facilities and solidity

D
b
d
d
f
f
i
l
i
i
t
t
t
e
a
n
o
v
e
r
r
a
a
c
e
s
•
f
L
d
i
i
l
i
i
t
t
t
g
o
n
e
r
m
c
r
e
a
c
e
s
–
-
1
5
0
0
N
O
K
5
l
i
g
m
-y
e
a
r
r
e
v
o
v
n
•
,
f
2
0
1
9
d
i
i
l
i
i
i
t
t
t
t
c
r
e
a
c
e
s
m
a
r
u
y
,
4
0
0
N
O
K
5
b
d
i
r
•
m
-y
e
a
o
n
s
s
u
e
,
i
2
0
1
9
t
t
m
a
u
r
y
4
0
1
0
E
U
R
l
m
e
a
r
o
a
n
•
-y
,
i
2
0
2
4
t
t
m
a
u
r
y
O
f
f
d
i
l
i
i
t
t
e
r
r
a
a
c
e
s
v
–
2
9
5
N
O
K
m
•
S
l
i
d
i
(
)
t
t
o
y
c
o
v
e
n
a
n
s
•
E
i
i
5
1
4
%
(
2
5
%
)
t
t
>
q
r
a
o
u
y
–
0
9
6
3
2
L
i
L
T
M
(
5
)
t
g
<
e
e
r
a
e
r
a
o
v
–

Debt and undrawn facilities 30.09.2015

Important notice

  • • This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
  • • This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Borregaard Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.
  • • This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Borregaard Group's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Borregaard Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.
  • • Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although Borregaard believes that its expectations and the presentation are based upon reasonableassumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.
  • • Borregaard is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Borregaard nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
  • • This presentation was prepared for the interim results presentation for the third quarter of 2015, held on 21 October 2015. Information contained herein will not be updated. The slides should also be read and considered in connection with the information given orally during the presentation.

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