Borregaard : Quarterly and accounting figures 2nd quarter 2023

Income Statement Borregaard Group Q2 2023

			1.4-30.6		1.1-30.6		1.1-31.12
		Amounts in NOK million	2023		2022	2023		2022	2022
		Operating revenues	1 963		1 744	3 813		3 359	6 881
		Operating expenses	-1 426		-1 299	-2 841		-2 514	-5 238
		EBITDA	537		445	972		845	1 643
		Depreciation property, plant and equipment	-116		-110	-230		-218	-444
		Amortisation intangible assets	-2		-1	-3		-2	-5
		Other income and expenses	0		12	0		12	-8
		Operating profit	419		346	739		637	1 186
		Financial items, net	-40		-24	-68		-38	-68
		Profit before taxes	379		322	671		599	1 118
		Income tax expence	-91		-78	-162		-146	-267
		Profit for the period	288		244	509		453	851
		Profit attributable to non-controlling interests	5		-8	-5		-16	-41
		Profit attributable to owners of the parent	283		252	514		469	892
		Earnings per share (NOK)	2,84		2,53	5,16		4,71	8,95
		EBITDA margin	27,4 %		25,5 %	25,5 %		25,2 %	23,9 %

Interim condensed statement of financial position Borregaard Group

			30.6.	31.3.		31.12.
		Amounts in NOK million	2023	2023		2022
		Assets:
		Intangible assets	80	82		82
		Property, plant and equipment	4 502	4 436		4 371
		Right-of-use assets	403	350		345
		Other assets	226	217		254
		Investments in joint venture/associate company	258	136		142
		Non-current assets	5 469	5 221		5 194
		Inventories	1 318	1 373		1 299
		Receivables	1 576	1 560		1 387
		Cash and cash deposits	365	217		234
		Current assets	3 259	3 150		2 920
		Total assets	8 728	8 371		8 114
		Equity and debt:
		Group equity	4 083	4 260		4 394
		Non-controlling interests	51	44		51
		Equity	4 134	4 304		4 445
		Provisions and other liabilities	479	435		295
		Interest-bearing liabilities	2 038	1 490		1 370
		Non-current liabilities	2 517	1 925		1 665
		Interest-bearing liabilities	547	657		702
		Other current liabilities	1 530	1 485		1 302
		Current liabilities	2 077	2 142		2 004
		Equity and liabilities	8 728	8 371		8 114
		Equity ratio (%):	47,4 %	51,4 %		54,8 %

Interim condensed cash flow statement Borregaard Group Q2 2023

		1.4-30.6		1.1-30.6		1.1-31.12
	Amounts in NOK million	2023		2022	2023		2022	2022
	Profit before taxes	379		322	671		599	1 118
	Amortisation, depreciation and impairment charges	118		111	233		220	449
	Change in net working capital, etc	19		-221	-174		-602	-658
	Dividend/share of profit from JV & associate company	2		31	8		31	34
	Taxes paid	-107		-61	-216		-138	-208
	Cash flow from operating activities	411		182	522		110	735
	Investments property, plant and equipment and intangible assets *	-137		-81	-244		-168	-464
	Investment in associate company	-124		0	-124		0	0
	Other capital transactions	3		4	5		6	9
	Cash flow from Investing activities	-258		-77	-363		-162	-455
	Dividends	-324		-499	-324		-499	-499
	Proceeds from exercise of options/shares to employees	4		7	45		34	41
	Buy-back of shares	-8		-19	-49		-23	-68
	Gain/(loss) on hedges for net investments in subsidiaries	-30		-111	-88		-80	-79
	Net paid to/from shareholders	-358		-622	-416		-568	-605
	Proceeds from interest-bearing liabilities	800		737	800		837	837
	Repayment of interest-bearing liabilities	-446		-339	-460		-353	-512
	Change in interest-bearing receivables/other liabilities	19		70	60		68	78
	Change in net interest-bearing liablities	373		468	400		552	403
	Cash flow from financing activities	15		-154	-16		-16	-202
	Change in cash and cash equivalents	168		-49	143		-68	78
	Cash and cash equivalents at beginning of period	105		-16	111		5	5
	Change in cash and cash equivalents	168		-49	143		-68	78
	Currency effects cash and cash equivalents	5		27	24		25	28
	Cash and cash equivalents at the end of the period	278		-38	278		-38	111
	* Investment by category:
	Replacement investments	103		57	190		128	359
	Expansion investments including investment in associate company	158		24	178		40	105
	Total investments including investment in associate company	261		81	368		168	464

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	1.4-30.6	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	5 063	5 328	1 419	1 511	1 429	1 446	5 805	1 615	1 744	1 752	1 770	6 881	1 850	1 963	3 813
	BioSolutions	2 982	3 082	812	885	838	934	3 469	948	1 098	1 007	997	4 050	995	1 087	2 082
	BioMaterials	1 712	1 732	523	482	468	405	1 878	532	540	558	620	2 250	684	661	1 345
	Fine Chemicals	406	543	90	155	132	114	491	143	119	200	170	632	180	227	407
	Eliminations	- 37	- 29	- 6	- 11	- 9	- 7	- 33	-8	-13	-13	-17	-51	-9	-12	-21
	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	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	1 007	1 132	302	416	391	263	1 372	400	445	434	364	1 643	435	537	972
	BioSolutions	647	632	205	272	251	214	942	261	305	261	159	986	224	284	508
	BioMaterials	234	318	64	102	91	27	284	97	91	101	138	427	127	143	270
	Fine Chemicals	126	182	33	42	49	22	146	42	49	72	67	230	84	110	194
	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	1.4-30.6	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	- 418	- 443	- 106	- 101	- 103	- 106	- 416	-108	-110	-112	-114	-444	-114	-116	-230
	BioSolutions	- 183	- 206	- 48	- 45	- 47	- 49	- 189	-50	-53	-54	-55	-212	-56	-56	-112
	BioMaterials	- 203	- 203	- 50	- 47	- 47	- 49	- 193	-49	-48	-49	-49	-195	-49	-49	-98
	Fine Chemicals	- 32	- 34	- 8	- 9	- 9	- 8	- 34	-9	-9	-9	-10	-37	-9	-11	-20
	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	1.1-30.6
	Amounts in NOK million		2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	- 4	- 5	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-2	-5	-1	-2	-3
	BioSolutions	- 4	- 5	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-2	-5	-1	-2	-3
	BioMaterials	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
	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	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	-27	-116	0	0	0	0	0	0	12	0	-20	-8	0	0	0
	BioSolutions	-16	-97	0	0	0	0	0	0	12	0	-6	6	0	0	0
	BioMaterials	-11	-18	0	0	0	0	0	0	0	0	-12	-12	0	0	0
	Fine Chemicals	0	- 1	0	0	0	0	0	0	0	0	-2	-2	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	1.4-30.6	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	558	568	195	314	287	156	952	291	346	321	228	1 186	320	419	739
	BioSolutions	444	324	156	226	203	164	749	210	263	206	96	775	167	226	393
	BioMaterials	20	97	14	55	44	- 22	91	48	43	52	77	220	78	94	172
	Fine Chemicals	94	147	25	33	40	14	112	33	40	63	55	191	75	99	174

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	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard - EBITDA hedging gains & losses	-76	-241	-15	-4	-16	6	-29	10	-3	-23	-34	-50	-48	-65	-113
	BioSolutions	-33	-103	-5	-1	-6	1	-11	3	-5	-19	-23	-44	-25	-29	-54
	BioMaterials	-37	-116	-8	-3	-8	4	-15	5	1	-4	-9	-7	-19	-26	-45
	Fine Chemicals	-6	-22	-2	0	-2	1	-3	2	1	0	-2	1	-4	-10	-14
	Borregaard - USD EBITDA currency exposure (approx)	203	177					198					197
	Borregaard - EUR EBITDA currency exposure (approx)	98	112					139					147
	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	1.1-30.6
	Amounts in NOK million	2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Borregaard	4 951	5 227	1 394	1 491	1 406	1 424	5 715	1 591	1 720	1 723	1 742	6 776	1 825	1 937	3 762
	BioSolutions	2 873	2 995	793	865	819	915	3 392	929	1 072	979	966	3 946	973	1 062	2 035
	BioMaterials	1 679	1 695	513	472	457	398	1 840	521	530	546	608	2 205	674	649	1 323
	Fine Chemicals	400	538	88	154	131	112	485	141	118	198	168	625	178	226	404
	Eliminations	- 1	- 1	0	0	- 1	- 1	- 2	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	1.1-30.6
			2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Average gross sales price NOK per mtds		6 166	6 951	7 838	7 709	7 761	9 244	8 106	9 780	10 150	10 479	11 104	10 369	12 402	11 319	11 820
	Volume (`000 mtds)		470	416	90	100	92	84	366	81	90	84	79	334	74	86	160
	Specialities volume (`000 mtds)		86	88					89					84
	Contruction volume (`000 mtds)		209	178					131					117
	Industrial volume (`000 mtds)		175	150					146					133
	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	1.1-30.6
			2019	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022	2023	2023	2023
	Average gross sales price NOK per mt		10 665	11 678	10 641	10 754	10 972	10 911	10 807	12 595	13 656	14 880	16 179	14 283	16 449	17 551	16 977
	Volume (`000 mt)	153,1	148,4	47,5	42,4	40,2	34,3	164,4	39,4	36,6	34,7	36,3	147,0	40,0	36,8	76,8
	High specialised as % of total cellulose product sales volum	73 %	77 %					79 %					85 %