Quarterly Report • Oct 30, 2024
Quarterly Report
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| Income Statement Borregaard Group Q3 2024 | |||||
|---|---|---|---|---|---|
| 1.7-30.9 | 1.1-30.9 | 1.1-31.12 | |||
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Operating revenues | 1 949 | 1 714 | 5 873 | 5 527 | 7 132 |
| Operating expenses | -1 425 | -1 232 | -4 397 | -4 073 | -5 351 |
| EBITDA | 524 | 482 | 1 476 | 1 454 | 1 781 |
| Depreciation property, plant and equipment | -138 | -121 | -405 | -351 | -485 |
| Amortisation intangible assets | -1 | -1 | -4 | -4 | -5 |
| Operating profit | 385 | 360 | 1 067 | 1 099 | 1 291 |
| Financial items, net | -59 | -42 | -158 | -110 | -167 |
| Profit before taxes | 326 | 318 | 909 | 989 | 1 124 |
| Income tax expence | -78 | -76 | -216 | -238 | -268 |
| Profit for the period | 248 | 242 | 693 | 751 | 856 |
| Profit attributable to non-controlling interests | -2 | 5 | -1 | 0 | -14 |
| Profit attributable to owners of the parent | 250 | 237 | 694 | 751 | 870 |
| Earnings per share (NOK) | 2,51 | 2,38 | 6,96 | 7,54 | 8,73 |
| EBITDA margin | 26,9 % | 28,1 % | 25,1 % | 26,3 % | 25,0 % |
| Interim condensed statement of financial position Borregaard Group | |||
|---|---|---|---|
| 30.9. | 30.6. | 31.12. | |
| Amounts in NOK million | 2024 | 2024 | 2023 |
| Assets: | |||
| Intangible assets | 76 | 76 | 84 |
| Property, plant and equipment | 4 801 | 4 782 | 4 661 |
| Right-of-use assets | 483 | 497 | 527 |
| Other assets | 354 | 390 | 437 |
| Investments in joint venture/associate companies | 424 | 278 | 289 |
| Non-current assets | 6 138 | 6 023 | 5 998 |
| Inventories | 1 360 | 1 356 | 1 447 |
| Receivables | 1 563 | 1 494 | 1 201 |
| Cash and cash deposits | 172 | 311 | 469 |
| Current assets | 3 095 | 3 161 | 3 117 |
| Total assets | 9 233 | 9 184 | 9 115 |
| Equity and debt: | |||
| Group equity | 5 098 | 4 907 | 4 855 |
| Non-controlling interests | 39 | 42 | 39 |
| Equity | 5 137 | 4 949 | 4 894 |
| Provisions and other liabilities | 400 | 366 | 401 |
| Interest-bearing liabilities | 1 938 | 2 005 | 2 016 |
| Non-current liabilities | 2 338 | 2 371 | 2 417 |
| Interest-bearing liabilities | 309 | 478 | 246 |
| Other current liabilities | 1 449 | 1 386 | 1 558 |
| Current liabilities | 1 758 | 1 864 | 1 804 |
| Equity and liabilities | 9 233 | 9 184 | 9 115 |
| Equity ratio (%): | 55,6 % | 53,9 % | 53,7 % |
| Interim condensed cash flow statement Borregaard Group Q3 2024 | |||||
|---|---|---|---|---|---|
| 1.7-30.9 | 1.1-30.9 | 1.1-31.12 | |||
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Profit before taxes | 326 | 318 | 909 | 989 | 1 124 |
| Amortisation, depreciation and impairment charges | 139 | 122 | 409 | 355 | 490 |
| Change in net working capital, etc | -69 | 87 | -341 | -87 | 205 |
| Dividend/share of profit from JV & associate companies | 6 | 1 | 16 | 9 | 9 |
| Taxes paid | -11 | -2 | -239 | -218 | -265 |
| Cash flow from operating activities | 391 | 526 | 754 | 1 048 | 1 563 |
| Investments property, plant and equipment and intangible assets * | -137 | -130 | -424 | -374 | -667 |
| Investment in associate companies & bio-based start-ups* | -150 | 0 | -150 | -124 | -171 |
| Other capital transactions | 3 | 2 | 10 | 7 | 9 |
| Cash flow from Investing activities | -284 | -128 | -564 | -491 | -829 |
| Dividends | 0 | 0 | -374 | -324 | -324 |
| Proceeds from exercise of options/shares to employees | 1 | 0 | 51 | 45 | 49 |
| Buy-back of treasury shares | -3 | 0 | -59 | -49 | -92 |
| Gain/(loss) on hedges for net investments in subsidiaries | 5 | 12 | -35 | -76 | -38 |
| Net paid to/from shareholders | 3 | 12 | -417 | -404 | -405 |
| Proceeds from interest-bearing liabilities | 0 | 0 | 500 | 800 | 800 |
| Repayment of interest-bearing liabilities | -270 | -28 | -694 | -488 | -843 |
| Change in interest-bearing liabilities/other instruments | -3 | -9 | 27 | 51 | 33 |
| Change in net interest-bearing liablities | -273 | -37 | -167 | 363 | -10 |
| Cash flow from financing activities | -270 | -25 | -584 | -41 | -415 |
| Change in cash and cash equivalents | -163 | 373 | -394 | 516 | 319 |
| Cash and cash equivalents at beginning of period | 212 | 278 | 429 | 111 | 111 |
| Change in cash and cash equivalents | -163 | 373 | -394 | 516 | 319 |
| Currency effects cash and cash equivalents | -4 | -6 | 10 | 18 | -1 |
| Cash and cash equivalents at the close of the period | 45 | 645 | 45 | 645 | 429 |
| * Investment by category: | |||||
| Replacement investments | 122 | 110 | 354 | 300 | 550 |
| Expansion investments including investment in associate companies and bio-based start-ups | 165 | 20 | 220 | 198 | 288 |
| Total investments including investment in associate companies and bio-based start-ups | 287 | 130 | 574 | 498 | 838 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 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 | 1 949 | 1 949 | 5 873 |
| BioSolutions | 3 082 | 3 469 | 948 | 1098 | 1007 | 997 | 4 050 | 995 | 1 087 | 956 | 906 | 3 944 | 1 088 | 1 117 | 1 031 | 3 236 |
| BioMaterials | 1 732 | 1 878 | 532 | 540 | 558 | 620 | 2 250 | 684 | 661 | 568 | 526 | 2 439 | 704 | 622 | 683 | 2 009 |
| Fine Chemicals | 543 | 491 | 143 | 119 | 200 | 170 | 632 | 180 | 227 | 199 | 180 | 786 | 192 | 223 | 246 | 661 |
| Eliminations | - 29 | - 33 | - 8 | - 13 | - 13 | - 17 | - 51 | -9 | -12 | -9 | -7 | -37 | -9 | -13 | -11 | -33 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 |
| Borregaard | 1 132 | 1 372 | 400 | 445 | 434 | 364 | 1 643 | 435 | 537 | 482 | 327 | 1 781 | 442 | 510 | 524 | 1 476 |
| BioSolutions | 632 | 942 | 261 | 305 | 261 | 159 | 986 | 224 | 284 | 235 | 172 | 915 | 264 | 318 | 271 | 853 |
| BioMaterials | 318 | 284 | 97 | 91 | 101 | 138 | 427 | 127 | 143 | 161 | 103 | 534 | 111 | 90 | 131 | 332 |
| Fine Chemicals | 182 | 146 | 42 | 49 | 72 | 67 | 230 | 84 | 110 | 86 | 52 | 332 | 67 | 102 | 122 | 291 |
| Depreciations and write downs | ||||||||||||||||
| Amounts in NOK million | 1.1-31.12 2020 |
1.1-31.12 2021 |
1.1-31.3 2022 |
1.4-30.6 2022 |
1.7-30.9 2022 |
1.10-31.12 2022 |
1.1-31.12 2022 |
1.1-31.3 2023 |
1.4-30.6 2023 |
1.7-30.9 2023 |
1.10-31.12 2023 |
1.1-31.12 2023 |
1.1-31.3 2024 |
1.4-30.6 2024 |
1.7-30.9 2024 |
1.1-30.9 2024 |
| Borregaard | - 443 | - 416 | - 108 | - 110 | - 112 | - 114 | - 444 | -114 | -116 | -121 | -134 | -485 | -133 | -134 | -138 | -405 |
| BioSolutions | - 206 | - 189 | - 50 | - 53 | - 54 | - 55 | - 212 | -56 | -56 | -60 | -71 | -243 | -69 | -69 | -74 | -212 |
| BioMaterials | - 203 | - 193 | - 49 | - 48 | - 49 | - 49 | - 195 | -49 | -49 | -51 | -51 | -200 | -53 | -54 | -54 | -161 |
| Fine Chemicals | - 34 | - 34 | - 9 | - 9 | - 9 | - 10 | - 37 | -9 | -11 | -10 | -12 | -42 | -11 | -11 | -10 | -32 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 |
| Borregaard | - 5 | - 4 | - 1 | - 1 | - 1 | - 2 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 | -2 | -1 | -4 |
| BioSolutions | - 5 | - 4 | - 1 | - 1 | - 1 | - 2 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 | -2 | -1 | -4 |
| BioMaterials | 0 | 0 | 0 | 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 | 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 |
| Borregaard | -116 | 0 | 0 | 12 | 0 | -20 | -8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioSolutions | -97 | 0 | 0 | 12 | 0 | -6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioMaterials | -18 | 0 | 0 | 0 | 0 | -12 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fine Chemicals | - 1 | 0 | 0 | 0 | 0 | - 2 | - 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit (EBIT) | ||||||||||||||||
| Amounts in NOK million | 1.1-31.12 2020 |
1.1-31.12 2021 |
1.1-31.3 2022 |
1.4-30.6 2022 |
1.7-30.9 2022 |
1.10-31.12 2022 |
1.1-31.12 2022 |
1.1-31.3 2023 |
1.4-30.6 2023 |
1.7-30.9 2023 |
1.10-31.12 2023 |
1.1-31.12 2023 |
1.1-31.3 2024 |
1.4-30.6 2024 |
1.7-30.9 2024 |
1.1-30.9 2024 |
| Borregaard | 568 | 952 | 291 | 346 | 321 | 228 | 1 186 | 320 | 419 | 360 | 192 | 1 291 | 308 | 374 | 385 | 1 067 |
| BioSolutions | 324 | 749 | 210 | 263 | 206 | 96 | 775 | 167 | 226 | 174 | 100 | 667 | 194 | 247 | 196 | 637 |
| BioMaterials | 97 | 91 | 48 | 43 | 52 | 77 | 220 | 78 | 94 | 110 | 52 | 334 | 58 | 36 | 77 | 171 |
| Fine Chemicals | 147 | 112 | 33 | 40 | 63 | 55 | 191 | 75 | 99 | 76 | 40 | 290 | 56 | 91 | 112 | 259 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 |
| Borregaard - EBITDA hedging gains & losses | -241 | -29 | 10 | -3 | -23 | -34 | -50 | -48 | -65 | -62 | -93 | -268 | -89 | -97 | -86 | -272 |
| BioSolutions | -103 | -11 | 3 | -5 | -19 | -23 | -44 | -25 | -29 | -31 | -44 | -129 | -44 | -47 | -38 | -129 |
| BioMaterials | -116 | -15 | 5 | 1 | -4 | -9 | -7 | -19 | -26 | -22 | -37 | -104 | -34 | -38 | -36 | -108 |
| Fine Chemicals | -22 | -3 | 2 | 1 | 0 | -2 | 1 | -4 | -10 | -9 | -12 | -35 | -11 | -12 | -12 | -35 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| Amounts in NOK million | 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 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 | 1 923 | 1 921 | 5 792 |
| BioSolutions | 2 995 | 3 392 | 929 | 1 072 | 979 | 966 | 3 946 | 973 | 1 062 | 934 | 880 | 3 849 | 1 066 | 1 090 | 1 004 | 3 160 |
| BioMaterials | 1 695 | 1 840 | 521 | 530 | 546 | 608 | 2 205 | 674 | 649 | 557 | 515 | 2 395 | 693 | 611 | 673 | 1 977 |
| Fine Chemicals | 538 | 485 | 141 | 118 | 198 | 168 | 625 | 178 | 226 | 197 | 179 | 780 | 189 | 222 | 244 | 655 |
| Eliminations | - 1 | - 2 | 0 | 0 | 0 | 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 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 | 11 862 | 11 877 | 12 100 |
| Volume (`000 mtds) | 416 | 366 | 81 | 90 | 84 | 79 | 334 | 74 | 86 | 76 | 72 | 308 | 81 | 88 | 81 | 250 |
| 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 | 1.4-30.6 | 1.7-30.9 | 1.1-30.9 | |
| 2020 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | |
| Average gross sales price NOK per mt | 11 678 | 10 807 | 12 595 | 13 656 | 14 880 | 16 179 | 14 283 | 16 449 | 17 551 | 15 786 | 16 260 | 16 527 | 15 700 | 16 126 | 16 591 | 16 128 |
| Volume (`000 mt) | 148,4 | 164,4 | 39,4 | 36,6 | 34,7 | 36,3 | 147,0 | 40,0 | 36,8 | 34,9 | 32,6 | 144,3 | 44,5 | 38,6 | 41,4 | 124,5 |
| High specialised as % of total cellulose product sales volum | 77 % | 79 % | 85 % | 81 % | ||||||||||||
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