AI Terminal
Borregaard
Quarterly Report • Jan 29, 2025
3562_rns_2025-01-29_75b742e4-94df-491e-bd9d-f9edfffb5066.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
4TH QUARTER 2024 INTERIM REPORT
| The Group 03 | |
|---|---|
| Business areas 05 | |
| Foreign exchange and hedging 09 |
|
| Cash flow and financial situation 09 |
|
| Dividend 10 | |
| Sustainability 10 | |
| Share information 11 |
|
| Other matters and subsequent events 11 | |
| Outlook 12 |
|
| The Group's interim condensed financial statement | 13 |
| Alternative performance measures 22 |
- EBITDA1 NOK 398 million (NOK 327 million) 2
- Increased sales and strong result in BioSolutions
- Higher deliveries and improved product mix, offset by increased wood costs in BioMaterials Positive net currency effects 4TH QUARTER IN BRIEF
- Lower deliveries in Fine Chemicals
- •
CONTENTS
327
398
0
3
6
9
12
18
21
27
30
33
24
%
1,963
1,714 1,605
1,850 1,744
OPERATING REVENUES EBITDA MARGIN1 EBITDA1 EARNINGS PER SHARE CUMULATIVE
NOK mill
Q1 Q2 Q3 Q4
2,500
2,000
0
500
1,000
1,500
1,975 1,949 1,949
OPERATING REVENUES EBITDA MARGIN1 EBITDA1 OPERATING REVENUES EBITDA MARGIN1 EBITDA1
482
1 Alternative performance measure, see page 22 for definition.
THE GROUP
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| Amounts in NOK million | Note | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | 2 | 1,744 | 1,605 | 7,617 | 7,132 |
| EBITDA1 | 398 | 327 | 1,874 | 1,781 | |
| Operating profit | 216 | 192 | 1,283 | 1,291 | |
| Profit/loss before taxes | 2 | 170 | 135 | 1,079 | 1,124 |
| Earnings per share (NOK) | 1.30 | 1.20 | 8.25 | 8.73 | |
| Net interest-bearing debt1 | 11 | 2,240 | 1,791 | 2,240 | 1,791 |
| Equity ratio1 (%) |
53.1 | 53.7 | 53.1 | 53.7 | |
| Leverage ratio1 | 1.20 | 1.01 | 1.20 | 1.01 | |
| Return on capital employed1 (%) |
17.1 | 18.3 | 17.1 | 18.3 |
FOURTH QUARTER
Operating revenues were NOK 1,744 million (NOK 1,605 million)2 in the 4th quarter of 2024. EBITDA1 reached NOK 398 million (NOK 327 million). The result in BioSolutions increased compared with the 4th quarter of 2023. BioMaterials remained at the same level, while there was a decrease in Fine Chemicals.
Increased sales were the main reason for the strong result in BioSolutions. For BioMaterials, higher sales volume and an improved product mix of speciality cellulose were offset by increased wood costs. Lower deliveries were the main reason for the weaker result in Fine Chemicals. The net currency effects were positive.
Other income and expenses1 were NOK -30 million in the 4th quarter of 2024. This accrual was for remediation of contaminated soil related to previously phased-out chlor-alkali technology at the Sarpsborg site.
Operating profit was NOK 216 million (NOK 192 million). Net financial items were NOK -46 million (NOK -57 million). Profit before tax was NOK 170 million (NOK 135 million). Tax expense of NOK -34 million (NOK -30 million) gave a tax rate of 20% (22%) in the quarter.
Earnings per share were NOK 1.30 (NOK 1.20).
Cash flow from operating activities was NOK 314 million (NOK 515 million). A less favourable development in net working capital, partly offset by the cash effect from a higher EBITDA1 ,
was the main reason for the reduction in cash flow from operating activities.
FULL YEAR
Borregaard's operating revenues increased to NOK 7,617 million (NOK 7,132 million) in 2024. EBITDA1 reached an all-time high of NOK 1,874 million (NOK 1,781 million). Results improved in both BioSolutions and Fine Chemicals while BioMaterials had a decrease compared with 2023.
The increased result in BioSolutions was due to higher sales, reduced energy costs and improved product mix. In BioMaterials, total sales volume was 11% higher than in 2023. However, higher wood costs, lower sales prices and an increase in other operating expenses were the main reasons for the reduced EBITDA1 . Fine Chemicals' result was largely in line with 2023. The net currency effects were slightly negative for the Group.
Other income and expenses1 were NOK -30 million in 2024. This accrual was for remediation of contaminated soil related to previously phased-out chlor-alkali technology at the Sarpsborg site.
Operating profit was NOK 1,283 million (NOK 1,291 million). Net financial items amounted to NOK -204 million (NOK -167 million). Profit before tax was NOK 1,079 million (NOK 1,124 million). Tax expense was NOK -250 million (NOK -268 million), giving a tax rate of 23% (24%).
Earnings per share were NOK 8.25 (NOK 8.73).
In 2024, cash flow from operating activities was NOK 1,068 million (NOK 1,563 million). Increased net working capital was the main reason for the reduction in the cash flow from operating activities.
Investments totalled NOK 861 million (NOK 838 million). The largest expenditures were related to an upgrade of the wood conveyor belt and the investment to reduce CO2 emissions, improve energy efficiency, and increase energy flexibility at the biorefinery in Norway. Additionally, funds were allocated to specialisation projects within BioSolutions and participation in two capital raises in the marine biotech company Alginor ASA.
1Alternative performance measure, see page 21 for definition. 2Figures in parentheses are for the corresponding period in the previous year.
CASH FLOW FROM OPERATING ACTIVITIES
Cash flow from operating activites Q4'23 Q4'24 NOK mill 0 100 200 300 -200 -100 400 600 500 EBITDA1 Q1'24 Q2'24 515 546 391 314 -183 Q3'24
BIOSOLUTIONS BUSINESS AREAS
FOURTH QUARTER
Operating revenues in BioSolutions reached NOK 1,005 million (NOK 906 million). EBITDA1 increased to NOK 251 million (NOK 172 million).
A 7% increase in sales volume was the main reason for the strong result, mainly due to higher sales to agriculture. The net currency impact was positive.
The average price in sales currency was in line with the same quarter in 2023.
| Amounts in NOK million | 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Operating revenues | 1,005 | 906 | 4,241 | 3,944 | |
| EBITDA1 | 251 | 172 | 1,104 | 915 | |
| EBITDA margin1 (%) |
25.0 | 19.0 | 26.0 | 23.2 |
Sales price and sales volume include lignin-based biopolymers and biovanillin.
AVERAGE GROSS SALES PRICE3
SALES VOLUME
50
100
75
25
0
'000 mtds4
Q1 Q2 Q3 Q4
74
2023 2024
86 88
81 76 72 77 81
AVERAGE GROSS SALES PRICE3
14,000
13,000
11,000
12,000
10,000
9,000
NOK per mtds4
12,402
Q1'23 Q2'23 Q3'23
11,319 11,609 11,756 11,862 11,877
11,866
12,582
'000 mtds4
Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
3Average sales price is calculated using actual FX rates, excluding hedging impact. 4 Metric tonne dry solid.
FULL YEAR
BioSolutions' operating revenues increased to NOK 4,241 million (NOK 3,944 million) in 2024. EBITDA 1 reached NOK 1,104 million (NOK 915 million).
The increased result was due to higher sales, reduced energy costs and improved product mix. These effects were partly offset by cost inflation. The net currency impact was insignificant.
6 Q4 2024 BORREGAARD CONTENTS PREVIOUS NEXT
Specialisation through market development and innovation has improved the product mix and contributed to the strong result. The average price in sales currency for BioSolutions was 1% higher than in 2023, and total sales volume was 6% higher. Higher demand for lignin-based biopolymers for agriculture was the main reason for the increased sales volume and the top-line growth in 2024. The growth within agriculture was broad-based and supported applications like crop protection, plant nutrition and animal feed. In addition, sales to batteries and oil field chemicals showed good growth.
The biovanillin market continued to be impacted by the high global supply of synthetic vanillin products.
1Alternative performance measure, see page 22 for definition.
2Figures in parentheses are for the corresponding period in the previous year.
BIOMATERIALS
FOURTH QUARTER
Operating revenues in BioMaterials reached NOK 613 million (NOK 526 million). EBITDA1 was NOK 102 million (NOK 103 million).
Higher sales volume, in addition to price increases and improved product mix for speciality cellulose, were offset by increased wood costs. The higher sales volume was driven by increased sales of high-purity cellulose grades. Net currency effects were insignificant.
The average price in sales currency was 4% higher compared with the 4th quarter of 2023, due to both price increases and improved product mix.
FULL YEAR
Operating revenues increased to NOK 2,622 million (NOK 2,439 million). EBITDA1 was NOK 434 million (NOK 534 million).
1Alternative performance measure, see page 22 for definition.
2Figures in parentheses are for the corresponding period in the previous year.
5Average sales price is calculated using actual FX rates, excluding hedging impact. 6 Metric tonne.
| 1.1 - 31.12 | ||
|---|---|---|
| 2024 | 2023 | |
| 2,622 | 2.439 | |
| 434 | 534 | |
| 16.6 | 21.9 |
Total sales volume was 11% higher than in 2023. However, higher wood costs, lower sales prices and an increase in other operating expenses were the main reasons for the reduced EBITDA1 . The average price in sales currency was 3% lower than in 2023. Net currency effects were negative. 17,551 17,098 AVERAGE GROSS SALES PRICE5 16,000 17,000 18,000 NOK per mt6
SALES VOLUME
2023 2024
40
20
30
10
0
'000 mt6
50
Q1 Q2 Q3
44.5
38.6
Q4
40.0 36.8 34.9 32.6
35.4
BioMaterials had significantly higher deliveries of speciality cellulose in 2024, driven by increased sales to high-purity casings and cellulose ether grades to regulated applications for food and pharma. The closure of Georgia Pacific's plant in Foley, Florida in the autumn of 2023 and the suspension of RYAM's plant in Temiscaming, Quebec in the summer of 2024, contributed to Borregaard's growth in these applications. 15,786 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 16,260 15,700 16,126 16,591 14,000 15,000 12,000 13,000 11,000 10,000
41.4
SALES VOLUME
2023 2024
40
20
30
10
0
'000 mt6
50
Q1 Q2 Q3
44.5
38.6
Q4
40.0 36.8 34.9 32.6
35.4
AVERAGE GROSS SALES PRICE5 SALES VOLUME
AVERAGE GROSS SALES PRICE5
41.4
Sales price include speciality cellulose and cellulose fibrils.
Sales volume include speciality cellulose and cellulose fibrils
16,449
16,449 15,786
Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24
17,551
16,260 15,700 16,126 16,591
AVERAGE GROSS SALES PRICE5
20,000
22,000
NOK per mt6
16,000
18,000
12,000
14,000
10,000
8,000
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 | |
| Operating revenues | 613 | 526 | 2,622 | 2,439 | |
| EBITDA1 | 102 | 103 | 434 | 534 | |
| EBITDA margin1 (%) |
16.6 | 19.6 | 16.6 | 21.9 |
FINE CHEMICALS
FOURTH QUARTER
Fine Chemicals' operating revenues were NOK 138 million (NOK 180 million). EBITDA1 was NOK 45 million (NOK 52 million).
Lower deliveries of both fine chemical intermediates and bioethanol were the main reasons for the weaker result. For fine chemical intermediates, product mix contributed positively.
The net currency impact in Fine Chemicals was positive.
FULL YEAR
Operating revenues in Fine Chemicals increased to NOK 799 million (NOK 786 million). EBITDA1 was NOK 336 million (NOK 332 million). NOK million 160 140 139 139 160 146
The result for fine chemical intermediates improved compared with 2023, mainly due to higher sales volume. Sales prices for key products were reduced as a result of price reductions for the main raw material. The result for bioethanol was lower than in 2023, as increased sales volume was more than offset by higher costs. The market conditions for advanced biofuels continued to be favourable in several European countries throughout most of 2024. 80 40 60 20 0 Q3 100 120 130 Q1 Q4 Q2
The net currency impact in Fine Chemicals was slightly positive.
INGREDIENTS – SALES REVENUES FINE CHEMICALS – OPERATING REVENUES
2019 2020
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 | |
| Operating revenues | 138 | 180 | 799 | 786 | |
| EBITDA1 | 45 | 52 | 336 | 332 | |
| EBITDA margin1 (%) |
32.6 | 28.9 | 42.1 | 42.2 |
FOREIGN EXCHANGE AND HEDGING
CASH FLOW AND FINANCIAL SITUATION
1Alternative performance measure, see page 22 for definition.
Borregaard has significant currency exposure, which is managed according to the company's hedging strategy. This strategy delays the impact of currency rate fluctuations. In comparison with the 4th quarter of 2023, the net impact of foreign exchange on EBITDA1 , including hedging effects, was NOK 20 million. Hedging effects amounted to NOK -93 million (NOK -93 million) for the quarter.
FOURTH QUARTER
Cash flow from operating activities was NOK 314 million (NOK 515 million). A less favourable development in net working capital, partly offset by the cash effect from a higher EBITDA1 , was the main reason for the reduction in cash flow from operating activities. High deliveries and strong production output towards the end of the quarter were the main reasons for the less favourable development in net working capital.
FULL YEAR
In 2024, cash flow from operating activities was NOK 1,068 million (NOK 1,563 million). Increased net working capital was the main reason for the reduction in the cash flow from operating In 2024, the net impact of foreign exchange on EBITDA1 , including hedging effects, was NOK -10 million. Hedging effects amounted to NOK -365 million (NOK -268 million).
Assuming currency rates as of 28 January 2025 (USD 11.30 and EUR 11.78) and based on currency exposure forecasts, Borregaard expects a net impact of foreign exchange on
activities. Increased accounts receivable from higher sales affected net working capital negatively. In addition, financial costs were higher compared with 2023.
Investments amounted to NOK 861 million (NOK 838 million). Replacement investments were NOK 598 million (NOK 550 million), where the largest expenditures were related to an upgrade of the wood conveyor belt and the investment to reduce CO2 emissions, improve energy efficiency, and increase energy flexibility at the biorefinery in Norway. Expansion investments1 totalled NOK 263 million (NOK 288 million), where the largest expenditures were related to participation in two capital raises in Alginor ASA and specialisation projects within BioSolutions.
EBITDA1 of approximately NOK 50 million in the 1st quarter of 2025 and NOK 220 million for the full year of 2025, compared with the corresponding periods in 2024.
Dividend of NOK 374 million (NOK 324 million) was paid out in the 2nd quarter. In 2024, the Group has sold and repurchased treasury shares with net proceeds of NOK -46 million (NOK -43 million). Realised effect of hedging of net investments in subsidiaries was NOK -109 million (NOK -38 million).
On 31 December 2024, the Group had net interest-bearing debt1 totalling NOK 2,240 million (NOK 1,791 million), an increase of NOK 449 million from year-end 2023.
At the end of December, the Group was well capitalised with an equity ratio1 of 53.1% (53.7%) and a leverage ratio1 of 1.20 (1.01).
DIVIDEND
SUSTAINABILITY
| All figures are rolling 12 months | 31.12.2024 | 31.12.2023 | Target 2024 | Target 2030 |
|---|---|---|---|---|
| Greenhouse gas emissions (Scope 1 and 2, `000 tonnes) | 185 | 197 | < 197 | 42% reduction from 2020 |
| COD (organic material) in process water discharged | 53 t/day | 46 t/day | 49 t/day | 40 t/day |
| Total recordable injuries per million hours worked | 7.9 | 5.3 | <3.5 | - |
| Sick leave % | 4.0 % | 3.9 % | < 4% | < 3% |
* Emission figures as of 31.12.2024 are based on best estimate at the time of reporting.
The Board of Directors of Borregaard ASA will propose an ordinary dividend for 2024 of NOK 4.25 (NOK 3.75) per share to the General Meeting, corresponding to 52% of net profit and a 13% increase
from the dividend for 2023. Dividend payment is estimated at NOK 423 million. The exact amount will depend on the number of treasury shares held at the date of the General Meeting.
Environment, health and safety (EHS) are integral parts of Borregaard's business model.
Greenhouse gas emissions (Scope 1 and 2) decreased by 6% in 2024, mainly due to energy conservation and electrification of spraydryers which led to lower use of fossil fuel for heat energy. The emissions of organic material (COD) increased by 9% in
2024 compared with the all-time-low level in 2023. The increase is mainly due to lower performance in the wastewater treatment system. Improvements are expected in 2025.
There were no fatal or high consequence work-related injuries in 2024. The total recordable injuries per million hours worked (TRIF) were 7.9 (5.3). The number of lost time injuries was two (one). The sick leave was relatively stable with 4.0% absence in 2024 (3.9%).
The table below shows key sustainability measures and targets.
SHARE INFORMATION
OTHER MATTERS AND SUBSEQUENT EVENTS
During the 4th quarter, 10,000 share options were exercised at a strike price of NOK 87.60 per share. In the quarter, Borregaard repurchased a total of 208,579 treasury shares at an average price of NOK 184.60.
ENVIRONMENTAL INVESTMENT AT THE BIOREFINERY IN NORWAY
Borregaard will invest NOK 55 million to upgrade an existing bioboiler with air preheater technology at the biorefinery in Norway. This investment is part of the investment plan announced at the Capital Markets Day. The upgrade is expected to enhance efficiency and reduce dependency on liquefied natural gas.
The investment is projected to reduce energy costs and lower CO2 emissions, making it highly profitable with an internal rate of return well above 15%. CO2 emissions are expected to drop by over 7,000 tonnes per annum, with effects from the 4th quarter 2025.
This initiative is a significant step in Borregaard's transition plan to reduce CO2 emissions towards 2030.
Total number of shares outstanding on 31 December 2024 was 100 million, including 448,779 treasury shares. Total number of shareholders was 8,940. Borregaard ASA's share price was NOK 182.40 at the end of the 4th quarter (NOK 171.40 at the end of 2023).
OUTLOOK
Sarpsborg, 28 January 2025 The Board of Directors of Borregaard ASA
The total sales volume for BioSolutions in 2025 is forecast to be approximately 330,000 tonnes with continued strong sales to agriculture. The total sales volume in the 1st quarter is expected to be approximately 80,000 tonnes. In January, US authorities announced preliminary antidumping duties on vanillin from China. Borregaard expects a positive but limited impact from these duties.
For BioMaterials, the total sales volume is forecast to be 150,000-155,000 tonnes in 2025. Sales volume of highly specialised grades is expected to be higher than in 2024. In the 1st half of 2025, the average price in sales currency is expected to be 8-10% higher than in the 1st half of 2024. In the 1st quarter, sales volume for BioMaterials is expected to be approximately 38,000 tonnes.
Favourable incentives for advanced bioethanol in Europe have recently triggered substantial new supply from agricultural waste and other sources. Therefore, sales prices for Borregaard's bioethanol are expected to be lower than in 2024, and more
in line with prices achieved for 2022. Sales volume for fine chemical intermediates is expected to increase compared with 2024.
Borregaard's wood costs in the 1st half of 2025 are expected to be largely in line with the cost level in the 2nd half of 2024. The full year impact from recent investments in CO2 reduction and energy efficiency will have a positive impact on energy costs at the biorefinery in Sarpsborg.
War and conflicts in Ukraine and the Middle East as well as uncertainty in the global economy may impact Borregaard's markets and costs. Borregaard will continue to closely monitor markets and costs development and implement relevant measures if required.
| The Group's interim condensed income statement | 14 |
|---|---|
| Interim earnings per share | 14 |
| The Group's interim condensed comprehensive income statement | 14 |
| The Group's interim condensed statement of financial position | 15 |
| Interim condensed changes in equity | 15 |
| The Group's interim condensed cash flow statement | 16 |
| Notes | 17 |
| Alternative performance measures | 22 |
FINANCIAL STATEMENTS CONTENTS
THE GROUP'S INTERIM CONDENSED INCOME STATEMENT
INTERIM EARNINGS PER SHARE
| 1.10 - 31.12 | 1.1 - 31.12 | |||||
|---|---|---|---|---|---|---|
| Amounts in NOK | Note | 2024 | 2023 | 2024 | 2023 | |
| Earnings per share | 6 | 1.30 | 1.20 | 8.25 | 8.73 | |
| Diluted earnings per share | 6 | 1.30 | 1.19 | 8.25 | 8.71 |
| 1.10 - 31.12 | 1.1 - 31.12 | 1.10 - 31.12 | 1.1 - 31.12 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in NOK million | Note | 2024 | 2023 | 2024 | 2023 | Amounts in NOK million | Note | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | 2 | 1,744 | 1,605 | 7,617 | 7,132 | Profit for the period | 136 | 105 | 829 | 856 | |
| Operating expenses | -1,346 | -1,278 | -5,743 | -5,351 | |||||||
| Depreciation property, plant and equipment | -151 | -134 | -556 | -485 | Items not to be reclassified to P&L | ||||||
| Amortisation intangible assets | -1 | -1 | -5 | -5 | Actuarial gains and losses (after tax) | 28 | 46 | 28 | 46 | ||
| Other income and expenses1 | 3 | -30 | - | -30 | - | Total items not to be reclassified to P&L | 28 | 46 | 28 | 46 | |
| Operating profit | 216 | 192 | 1,283 | 1,291 | |||||||
| Financial items, net | 4 | -46 | -57 | -204 | -167 | Items to be reclassified to P&L | |||||
| Profit before taxes | 170 | 135 | 1,079 | 1,124 | Change in hedging-reserve after tax (cashflow) | 8 | -203 | 214 | -296 | -129 | |
| Income tax expense | 5 | -34 | -30 | -250 | -268 | Change in hedging-reserve after tax | 8 | -60 | 31 | -89 | -25 |
| Profit for the period | 136 | 105 | 829 | 856 | (net investment in subsidiares) | ||||||
| Profit attributable to non-controlling interests | 7 | -14 | 6 | -14 | Translation effects | 86 | -47 | 124 | 45 | ||
| Profit attributable to owners of the parent | 129 | 119 | 823 | 870 | Total items to be reclassified to P&L | -177 | 198 | -261 | -109 | ||
| EBITDA1 | 398 | 327 | 1,874 | 1,781 | The Group's comprehensive income | -13 | 349 | 596 | 793 | ||
| Comprehensive income non-controlling interests | 10 | -16 | 10 | -12 | |||||||
| Comprehensive income to owners of the parent | -23 | 365 | 586 | 805 |
1Alternative performance measure, see page 22 for definition.
THE GROUP'S INTERIM CONDENSED COMPREHENSIVE INCOME STATEMENT
THE GROUP´S INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
| Amounts in NOK million | Note | 31.12.2024 | 31.12.2023 | 1.1 - 31.12.2024 | 1.1 - 31.12.2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | 13 | 88 | 84 | Non | Non | ||||||
| Property, plant and equipment | 13 | 5,026 | 4,661 | Controlling | controlling | Total | Controlling | controlling | Total | ||
| Right-of-use assets | 508 | 527 | Amounts in NOK million | Note | interests | interests | equity | interests | interests | equity | |
| Other assets | 9 | 524 | 437 | Equity 1 January | 4,855 | 39 | 4,894 | 4394 | 51 | 4,445 | |
| Investments in joint venture/associate companies | 4 | 417 | 289 | Profit/loss for the period | 823 | 6 | 829 | 870 | -14 | 856 | |
| Non-current assets | 6,563 | 5,998 | Items in Comprehensive Income | 8 | -237 | 4 | -233 | -65 | 2 | -63 | |
| Inventories | 1,498 | 1,447 | The Group's Comprehensive income | 8 | 586 | 10 | 596 | 805 | -12 | 793 | |
| Receivables | 9 | 1,441 | 1,201 | ||||||||
| Cash and cash deposits | 11 | 82 | 469 | Paid dividend | -374 | - | -374 | -324 | - | -324 | |
| Current assets | 3,021 | 3,117 | Buy-back of treasury shares | -98 | - | -98 | -92 | - | -92 | ||
| Total assets | 9,584 | 9,115 | Exercise of share options | 31 | - | 31 | 32 | - | 32 | ||
| Shares to employees | 28 | - | 28 | 30 | - | 30 | |||||
| Group equity | 10 | 5,041 | 4,855 | Option costs (share based payment) | 13 | - | 13 | 10 | - | 10 | |
| Non-controlling interests | 49 | 39 | Transactions with non-controlling interests | - | - | - | - | - | - | ||
| Equity | 5,090 | 4,894 | Equity at the end of the period | 5,041 | 49 | 5,090 | 4,855 | 39 | 4894 | ||
| Provisions and other liabilities | 591 | 401 | |||||||||
| Interest-bearing liabilities | 9, 11 | 2,035 | 2,016 | ||||||||
| Non-current liabilities | 2,626 | 2,417 | |||||||||
| Interest-bearing liabilities | 9, 11 | 288 | 246 | ||||||||
| Other current liabilities | 9 | 1,580 | 1,558 | ||||||||
| Current liabilities | 1,868 | 1,804 | |||||||||
| Equity and liabilites | 9,584 | 9,115 | |||||||||
| Equity ratio1 | 53.1 % | 53.7 % |
INTERIM CONDENSED CHANGES IN EQUITY
1Alternative performance measure, see page 22 for definition.
THE GROUP'S INTERIM CONDENSED CASH FLOW STATEMENT
| 1.10 - 31.12 | 1.1 - 31.12 | 1.10 - 31.12 | 1.1 - 31.12 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in NOK million | Note | 2024 | 2023 | 2024 | 2023 | Amounts in NOK million | Note | 2024 | 2023 | 2024 | 2023 |
| Profit before taxes | 170 | 135 | 1,079 | 1,124 | Cash and cash equivalents at beginning of period | 45 | 645 | 429 | 111 | ||
| Amortisation, depreciation and impairment charges | 152 | 135 | 561 | 490 | Change in cash and cash equivalents | -59 | -197 | -453 | 319 | ||
| Changes in net working capital, etc. | 15 | 292 | -326 | 205 | Currency effects cash and cash equivalents | 11 | -19 | 21 | -1 | ||
| Dividend/share of profit from JV & associate company | 4 | 6 | - | 22 | 9 | Cash and cash equivalents at the close of the period | 11 | -3 | 429 | -3 | 429 |
| Taxes paid | -29 | -47 | -268 | -265 | |||||||
| Cash flow from operating activities | 314 | 515 | 1,068 | 1,563 | *Investment by category | ||||||
| Investments property, plant and equipment | -287 | -293 | -711 | -667 | Replacement investments | 244 | 250 | 598 | 550 | ||
| and intangible assets * | Expansion investments1 including investment |
||||||||||
| Investments in associate companies* | 4 | - | -47 | -150 | -171 | in associate companies and bio-based start-ups | 43 | 90 | 263 | 288 | |
| and bio-based start-ups Other capital transactions |
9 | 2 | 19 | 9 | Total investments including investment in | 287 | 340 | 861 | 838 | ||
| associate companies and bio-based start-ups | |||||||||||
| Cash flow from investing activities | -278 | -338 | -842 | -829 | |||||||
| Dividends | - | - | -374 | -324 | |||||||
| Proceeds from exercise of options/shares to employees | 10 | 1 | 4 | 52 | 49 | ||||||
| Buy-back of treasury shares | 7 | -39 | -43 | -98 | -92 | ||||||
| Gain/(loss) on hedges for net investments in subsidiaries | -74 | 38 | -109 | -38 | |||||||
| Net paid to/from shareholders | -112 | -1 | -529 | -405 | |||||||
| Proceeds from interest-bearing liabilities | 11 | - | - | 500 | 800 | ||||||
| Repayment from interest-bearing liabilities | 11 | -30 | -355 | -724 | -843 | ||||||
| Change in interest-bearing liabilities/other instruments | 11 | 47 | -18 | 74 | 33 | ||||||
| Change in net interest-bearing liabilities | 17 | -373 | -150 | -10 | |||||||
| Cash flow from financing activities | -95 | -374 | -679 | -415 | |||||||
| Change in cash and cash equivalents | -59 | -197 | -453 | 319 |
THE GROUP'S INTERIM CONDENSED CASH FLOW STATEMENT cont.
1Alternative performance measure, see page 22 for definition.
NOTE 02 Segments
There is limited intercompany sales between the different segments and eliminations consist essentially of allocations from the corporate headquarter.
OPERATING REVENUES
| 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 |
| Borregaard | 1,744 | 1,605 | 7,617 | 7,132 |
| BioSolutions | 1,005 | 906 | 4,241 | 3,944 |
| BioMaterials | 613 | 526 | 2,622 | 2,439 |
| Fine Chemicals | 138 | 180 | 799 | 786 |
| Eliminations | -12 | -7 | -45 | -37 |
EBITDA1
| 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 |
| Borregaard | 398 | 327 | 1,874 | 1,781 |
| BioSolutions | 251 | 172 | 1,104 | 915 |
| BioMaterials | 102 | 103 | 434 | 534 |
| Fine Chemicals | 45 | 52 | 336 | 332 |
| Reconciliation against operating profit & profit before tax | ||||
| EBITDA1 | 398 | 327 | 1,874 | 1,781 |
| Depreciations and write downs | -151 | -134 | -556 | -485 |
| Amortisation intangible assets | -1 | -1 | -5 | -5 |
| Other income and expenses1 | -30 | - | -30 | - |
| Operating profit | 216 | 192 | 1,283 | 1,291 |
| Financial items, net | -46 | -57 | -204 | -167 |
| Profit before taxes | 170 | 135 | 1,079 | 1,124 |
1Alternative performance measure, see page 22 for definition.
Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
SALES REVENUES
| 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 |
| Borregaard | 1,710 | 1,574 | 7,502 | 7,024 |
| BioSolutions | 972 | 880 | 4,132 | 3,849 |
| BioMaterials | 602 | 515 | 2,579 | 2,395 |
| Fine Chemicals | 136 | 179 | 791 | 780 |
| Eliminations | - | - | - | - |
GENERAL INFORMATION
Borregaard ASA is incorporated and domiciled in Norway. The address of its registered office is Hjalmar Wessels vei 6, Sarpsborg.
Basis for preparation
These unaudited Interim Condensed Consolidated Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting. Borregaard ASA is the parent company of the Borregaard Group presented in these Interim Condensed Consolidated Financial Statements.
NOTE 01 Organisation and basis for preparation
The same accounting principles and methods of calculation have been applied as in the Consolidated Financial Statements for 2023 for the Borregaard Group.
Use of estimates
The same use of estimates has been applied as in the Consolidated Financial Statements for 2023.
NOTES
The tax rate of 23.2% (23.8%) for 2024 is a compilation of the tax rates in the various countries in which Borregaard operates and has taxable income. The corporate income tax rate in Norway is 22%.
In addition to the compilation of the tax rates in the various countries in which Borregaard operates and has taxable income, the income tax rate for the Group is also impacted by the following: LignoTech Florida is a limited liability company (LLC) which is taxed on the owners'
The share capital consists of 100 million shares. The company holds 448,779 treasury shares. As of 31 December 2024, there are 99,598,058 diluted hand. Profit before tax is 100% consolidated in the Borregaard Group, whereas the tax expense is calculated based on Borregaard's 55% ownership. Consequently, profit attributable to non-controlling interests for LignoTech Florida (45%) is calculated on profit before tax. Share of profit after tax from the associated companies, Alginor ASA and Kaffe Bueno ApS, is accounted for as part of operating profit and profit before tax. There are carry forward losses in the Group which will not be recognised as deferred tax assets, and hence increase the Group's tax rate.
shares (99,753,4595 as of 31 December 2023). Earnings per diluted share were NOK 1.30 in the 4th quarter (NOK 1.19 in the 4th quarter of 2023).
NOTE 05 Income tax expense
NOTE 06 Earnings per share (EPS)
NOTE 04 Financial items
NET FINANCIAL ITEMS
| 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|
| Amounts in NOK million | 2024 | 2023 | 2024 | 2023 |
| Net interest expenses | -39 | -40 | -160 | -141 |
| Currency gain/loss | -6 | -16 | -17 | -15 |
| Share of profit/-loss from associates | -6 | -4 | -22 | -9 |
| Other financial items, net | 5 | 3 | -5 | -2 |
| Net financial items | -46 | -57 | -204 | -167 |
As of 31 December 2024, Borregaard holds 35% of the shares in Alginor ASA on a fully diluted basis. Borregaard also holds 12% of the shares in Kaffe Bueno ApS.
Other financial items, net includes changes in committed return on the Group's unfunded pension plan.
1Alternative performance measure, see page 22 for definition.
NOTE 03 Other income and expenses1
Other income and expenses1 were NOK -30 million in the 4th quarter of 2024. This accrual was for remediation of contaminated soil related to
previously phased-out chlor-alkali technology at the Sarpsborg site.
NOTE 07 Stock options NOTE 08 Statement of comprehensive income
During the 4th quarter, 10,000 share options at a strike price of NOK 87.60 per share were exercised. The statement of comprehensive income shows changes in the value of hedging instruments, both cash flow hedges and hedges of net investments in subsidiaries (hedging reserve).
These figures are presented after tax.
The Group Executive Management and other key employees hold a total of 1,119,000 stock options in five different share option programmes in Borregaard.
| Stock options | Issued 2020 | Issued 2021 | Issued 2022 | Issued 2023 | Issued 2024 |
|---|---|---|---|---|---|
| Number of stock options | 55,000 | 243,000 | 200,000 | 250,000 | 371,000 |
| Strike price (NOK)* | 87.60 | 168.70 | 216.75 | 187.00 | 195.35 |
| Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years |
| Expiry date | 13 February 2025 | 16 February 2026 | 17 February 2027 | 1 March 2028 | 27 February 2029 |
* Strike prices have been adjusted for dividend paid since issuance of stock options.
| 31.12.2024 | 31.12.2023 | ||||
|---|---|---|---|---|---|
| Amounts in NOK million | Cash flow hedges |
Hedges of net investments in subsidiares |
Cash flow hedges |
Hedges of net investments in subsidiares |
|
| Tax effect year-to-date | -153 | -97 | -69 | -72 | |
| Hedging reserve after tax | -541 | -310 | -245 | -221 |
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
| Amounts in NOK million | Level 1 | Level 2 | Level 3 | |
|---|---|---|---|---|
| Financial instruments 31.12.2024 | -2,798 | - | -2,298 | -500 |
| Financial instruments 31.12.2023 | -2,358 | 28 | -1,886 | -500 |
FINANCIAL ASSETS
| 31.12.2024 | 31.12.2023 | ||||||
|---|---|---|---|---|---|---|---|
| Amounts in NOK million | Level | Carrying amount |
Fair value | Carrying amount |
Fair value | ||
| Non-current financial receivables | 2 | 192 | 192 | 185 | 185 | ||
| Non-current derivatives | 2 | 1 | 1 | 93 | 93 | ||
| Share investment | 1 | 28 | 28 | ||||
| Share investment | 2 | 28 | 28 | ||||
| Current derivatives | 2 | 5 | 5 | 31 | 31 | ||
| Total financial assets | 226 | 226 | 337 | 337 | |||
| FINANCIAL LIABILITIES | |||||||
| Non-current financial liabilities | 2, 3 | 2,037 | 2,037 | 2,018 | 2,018 | ||
| Non-current derivatives | 2 | 336 | 336 | 176 | 176 | ||
| Current financial liabilities | 2 | 288 | 288 | 246 | 246 | ||
| Current derivatives | 2 | 363 | 363 | 255 | 255 | ||
| Total financial liabilities | 3,024 | 3,024 | 2,695 | 2,695 | |||
NOTE 09 Fair value hierarchy
For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period.
The following measurement levels are used for determining the fair value of financial instruments:
- Level 1 Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities
- Level 2 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable)
- Level 3 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable)
There were transfer of financial instruments from level 1 to level 2 from 2023 to the 1st quarter of 2024. There have been no transfers from the 1st to the 4th quarter of 2024. Borregaard consequently has no items defined as level 1. The bond is determined as measurement level 3. The fair value of the bond is deemed to equal its book value.
Set out below is a comparison of the carrying amount and the fair value of financial instruments as of 31 December 2024:
The financial instruments are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies.
NOTE 10 Compilation of Equity NOTE 12 Related parties
NOTE 13 Assessments relating to impairment
NOTE 11 Net interest-bearing debt1
As of 31 December 2024, the company held 448,779 treasury shares at an average cost of NOK 187.71.
| Amounts in NOK million | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Share capital | 100 | 100 |
| Treasury shares | - | - |
| Share premium | 1,346 | 1,346 |
| Other paid-in capital | 1,025 | 953 |
| Translation effects | 371 | 251 |
| Hedging reserve (after tax) | -851 | -466 |
| Actuarial gains/Losses | 116 | 88 |
| Retained earnings | 2,934 | 2,583 |
| Group equity (controlling interests) | 5,041 | 4,855 |
The various elements of net interest-bearing debt are shown in the following table:
| Amounts in NOK million | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Non-current interest-bearing liabilities | 2,035 | 2,016 |
| Current interest-bearing liabilities including overdraft of cashpool | 288 | 246 |
| Non-current interest-bearing receivables (included in "Other Assets") | -1 | -2 |
| Cash and cash deposits | -82 | -469 |
| Net interest-bearing debt1 | 2,240 | 1,791 |
| - of which impact of IFRS 16 Leases | 554 | 563 |
| 023 | The members |
|---|---|
| 100 | of Borregaard |
| 346 | in the Compan |
| 953 | |
| 251 | |
| 466 | NOTE 13 Asse |
| 88 | |
| 583 | No impairmen |
| 855 | in the Borrega: |
| equipment or i | |
The members of the Group Executive Management of Borregaard held a total of 507,000 stock options in the Company as of 31 December 2024.
No impairment indicators have been identified in the Borregaard Group's property, plant and equipment or intangible assets in the 4th quarter of 2024.
1Alternative performance measure, see page 22 for definition.
NOTE 14 Other matters and subsequent events
Environmental investment at the biorefinery in Norway
Borregaard will invest NOK 55 million to upgrade an existing bio-boiler with air preheater technology at the biorefinery in Norway. This investment is part of the investment plan announced at the Capital Markets Day. The upgrade is expected to enhance efficiency and reduce dependency on liquefied natural gas.
The investment is projected to reduce energy costs and lower CO2 emissions, making it highly profitable with an internal rate of return above 15%. CO2 emissions are expected to drop by over 7,000 tonnes per annum, with effects from the 4th quarter of 2025.
This initiative is a significant step in Borregaard's transition plan to reduce CO2 emissions towards 2030.
In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these Alternative Performance Measures and is of the opinion that this information, along with comparable GAAP
ALTERNATIVE PERFORMANCE MEASURES
measures, is useful to investors who wish to evaluate the company's operating performance, ability to repay debt and capability to pursue new business opportunities. Such Alternative Performance Measures should not be viewed in isolation or as an alternative to the equivalent GAAP measures.
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| EBITDA | 2024 | 2023 | 2024 | 2023 | |
| Operating profit | 216 | 192 | 1,283 | 1,291 | |
| Other income and expenses | 30 | - | 30 | - | |
| Amortisation intangible assets | 1 | 1 | 5 | 5 | |
| Depreciation and impairment property, plant and equipment |
151 | 134 | 556 | 485 | |
| EBITDA | 398 | 327 | 1,874 | 1,781 | |
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| EBITDA MARGIN | 2024 | 2023 | 2024 | 2023 | |
| EBITDA | 398 | 327 | 1,874 | 1,781 | |
| Operating revenues | 1,744 | 1,605 | 7,617 | 7,132 | |
| EBITDA margin (%) (EBITDA/operating revenues) | 22.8 | 20.4 | 24.6 | 25.0 | |
EBITDA
EBITDA MARGIN
EQUITY RATIO
Description
EBITDA is defined by Borregaard as operating profit before depreciation, amortisation and other income and expenses.
Description EBITDA margin is defined by Borregaard as EBITDA divided by operating revenues.
Description
23 Q4 2024 BORREGAARD FINANCIAL STATEMENTS CONTENTS PREVIOUS NEXT
Equity ratio is defined by Borregaard as equity (including non-controlling interests) divided by equity and liabilities.
Reason for including
Shows performance regardless of capital structure, tax situation and adjusted for income and expenses related transactions and events not considered by management to be part of operating activities. Management believes the measure enables an evaluation of operating performance.
Reason for including Shows the operations' performance regardless of capital structure and tax situation as a ratio to operating revenues.
Reason for including
Equity ratio is an important measure in describing the capital structure.
| EQUITY RATIO | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Total equity | 5,090 | 4,894 |
| Equity & liabilities | 9,584 | 9,115 |
| Equity ratio (%) (total equity/equity & liabilities) | 53.1 | 53.7 |
EXPANSION INVESTMENTS
OTHER INCOME AND EXPENSES
Description
Borregaard's investments are either categorised as replacement or expansion. Expansion investments are defined by Borregaard as investments made in order to expand production capacity, produce new products or to improve the performance of existing products. Such investments include business acquisitions, investments in bio-based start-ups, pilot plants, capitalised research and development costs and new distribution set-ups.
Description
Other income and expenses are defined by Borregaard as non-recurring items or items related to other periods or to a discontinued business or activity. These items are not viewed as reliable indicators of future earnings based on the business areas' normal operations. These items will be included in the Group's operating profit.
Reason for including
Borregaard's strategic priorities are specialisation and diversification, increase value added from the biorefinery, develop business areas and to continue emphasis on ESG along the entire value chain. To be able to deliver on those priorities, expansion investments are needed. As such, expansion investments are important information for investors. One of Borregaard's financial objectives is to have an internal rate of return >15% pre-tax for expansion investments.
Reason for including
To be able to compare the EBITDA of different reporting periods, significant non-recurring items not directly related to operating activities, are included in Other income and expenses.
| 1.10 - 31.12 | 1.1 - 31.12 | ||||
|---|---|---|---|---|---|
| EXPANSION INVESTMENTS | 2024 | 2023 | 2024 | 2023 | |
| Total investments including investment in associate companies and bio-based start-ups |
287 | 340 | 861 | 838 | |
| Replacement investments | -244 | -250 | -598 | -550 | |
| Expansion investments including investment in associate companies and bio-based start-ups |
43 | 90 | 263 | 288 |
| 1.10 - 31.12 | 1.1 - 31.12 | |||
|---|---|---|---|---|
| OTHER INCOME & EXPENCES | 2024 | 2023 | 2024 | 2023 |
| Other income & expences | -30 | - | -30 | - |
NET INTEREST-BEARING DEBT
LEVERAGE RATIO
Description
Net interest-bearing debt is defined by Borregaard as interest-bearing liabilities minus interest-bearing assets.
Description
Leverage ratio is defined by Borregaard as net interest bearing debt divided by last twelve months' (LTM) EBITDA.
Reason for including
Net interest-bearing debt provides an indicator of the net indebtedness and an indicator of the overall strength of the statement of financial position. Net interest-bearing debt is part of Borregaard's financial covenants (leverage ratio) and is important in understanding the capital structure.
Reason for including
Leverage ratio is an indicator of the overall strength of the statement of financial position. Borregaard has a targeted leverage ratio between 1.0 and 2.25 over time. Leverage ratio is Borregaard's financial covenant on long-term credit facilities.
25 Q4 2024 BORREGAARD FINANCIAL STATEMENTS CONTENTS PREVIOUS NEXT
| NET INTEREST-BEARING DEBT | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Non-current interest-bearing liabilities | 2,035 | 2,016 |
| Current interest-bearing liabilities including overdraft of cashpool | 288 | 246 |
| Non-current interest-bearing receivables (included in "Other assets") | -1 | -2 |
| Cash and cash deposits | -82 | -469 |
| Net interest-bearing debt | 2,240 | 1,791 |
| LEVERAGE RATIO | 31.12.2024 | 31.12.2023 | |
|---|---|---|---|
| Net interest-bearing debt | 2,240 | 1,791 | |
| EBITDA | 1,874 | 1,781 | |
| Leverage ratio (net interest-bearing debt/EBITDA) | 1.20 | 1.01 | |
CAPITAL EMPLOYED
Description
Capital employed is defined by Borregaard as the total of net working capital, intangible assets, property, plant and equipment, right-of-use assets minus net pension liabilities.
Reason for including Borregaard uses capital employed as basis for calculating ROCE.
| CAPITAL EMPLOYED (END OF PERIOD) | 31.12.2024 | 31.12.2023 | |
|---|---|---|---|
| Capital employed (end of period) | 8,172 | 7,142 |
| RETURN ON CAPITAL EMPLOYED (ROCE) | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Capital employed end of: | ||
| Q4, 2022 | - | 6,802 |
| Q1, 2023 | - | 7,142 |
| Q2, 2023 | - | 7,216 |
| Q3, 2023 | - | 7,191 |
| Q4, 2023 | 7,142 | 7,142 |
| Q1, 2024 | 7,789 | - |
| Q2, 2024 | 7,582 | - |
| Q3, 2024 | 7,813 | - |
| Q4, 2024 | 8,172 | - |
| Average capital employed | 7,700 | 7,099 |
| CAPITAL CONTRIBUTION | 31.12.2024 | 31.12.2023 |
| Operating profit | 1,283 | 1,291 |
| Other income and expenses | 30 | - |
| Amortisation intangible assets | 5 | 5 |
| Capital contribution | 1,318 | 1,296 |
| RETURN ON CAPITAL EMPLOYED (ROCE) | 31.12.2024 | 31.12.2023 |
| Capital contribution | 1,318 | 1,296 |
| Average capital employed | 7,700 | 7,099 |
| Return on capital employed (ROCE) (%) (capital contribution/average capital employed) |
17.1 | 18.3 |
RETURN ON CAPITAL EMPLOYED (ROCE)
Description
Return on capital employed (ROCE) is defined by Borregaard as last twelve months' (LTM) capital contribution (operating profit before amortisation and other income and expenses) divided by average capital employed based on the ending balance of the last five quarters.
Reason for including
ROCE is an important financial ratio to assess Borregaard's profitability and capital efficiency. One of Borregaard's financial objectives is to have ROCE >15% pre-tax over a business cycle.
Q4 2024
Borregaard ASA P.O. Box 162, NO-1701 Sarpsborg, Norway Telephone: (+47) 69 11 80 00 Fax: (+47) 69 11 87 70 E-mail: [email protected] www.borregaard.com