Borregaard : Quarterly and accounting figures 3rd quarter 2021

Income Statement Borregaard Group Q3 2021

			1.7-30.9		1.1-30.9
		Amounts in NOK million	2021		2020	2021		2020
		Operating revenues	1 429		1 260	4 359		3 990
		Operating expenses	-1 038		-994	-3 250		-3 121
		EBITDA	391		266	1 109		869
		Depreciation property, plant and equipment	-103		-112	-310		-333
		Amortisation intangible assets	-1		-1	-3		-3
		Other income and expenses	0		0	0		-96
		Operating profit	287		153	796		437
		Financial items, net	-18		-20	-55		-60
		Profit before taxes	269		133	741		377
		Income tax expence	-64		-34	-174		-109
		Profit for the period	205		99	567		268
		Profit attributable to non-controlling interests	-6		-13	-23		-47
		Profit attributable to owners of the parent	211		112	590		315
		Earnings per share (NOK)	2,12		1,12	5,93		3,15
		EBITDA margin	27,4 %		21,1 %	25,4 %		21,8 %

Interim condensed statement of financial position Borregaard Group

			30.9.	30.6.		31.12.
		Amounts in NOK million	2021	2021		2020
		Assets:
		Intangible assets	90	93		86
		Property, plant and equipment	4 052	4 009		3 973
		Right-of-use assets	358	369		381
		Other assets	277	272		380
		Investments in joint venture and associate company	147	39		38
		Non-current assets	4 924	4 782		4 858
		Inventories	799	769		887
		Receivables	1 180	1 273		1 051
		Cash and cash deposits	184	246		207
		Current assets	2 163	2 288		2 145
		Total assets	7 087	7 070		7 003
		Equity and debt:
		Group equity	4 023	3 875		3 668
		Non-controlling interests	92	96		110
		Equity	4 115	3 971		3 778
		Provisions and other liabilities	305	321		291
		Interest-bearing liabilities	1 351	1 346		1 381
		Non-current liabilities	1 656	1 667		1 672
		Interest-bearing liabilities	313	508		623
		Other current liabilities	1 003	924		930
		Current liabilities	1 316	1 432		1 553
		Equity and liabilities	7 087	7 070		7 003
		Equity ratio (%):	58,1 %	56,2 %		53,9 %

Interim condensed cash flow statement Borregaard Group Q3 2021

		1.7-30.9		1.1-30.9		1.1-31.12
	Amounts in NOK million	2021		2020	2021		2020	2020
	Profit before taxes	269		133	741		377	496
	Amortisation, depreciation and impairment charges	104		113	313		336	449
	Change in net working capital, etc	8		-57	82		-221	-21
	Dividend (share of profit) from JV	0		0	0		63	51
	Taxes paid	-3		-36	-61		-85	-89
	Cash flow from operating activities	378		153	1 075		470	886
	Investments property, plant and equipment and intangible assets *	-219		-99	-439		-312	-503
	Other capital transactions	2		-3	5		2	14
	Cash flow from Investing activities	-217		-102	-434		-310	-489
	Dividends	0		0	-249		-229	-229
	Proceeds from exercise of options/shares to employees	9		5	55		34	35
	Buy-back of shares	-23		-11	-111		-61	-62
	Gain/(loss) on hedges for net investments in subsidiaries	-6		-2	11		-49	10
	Net paid to/from shareholders	-20		-8	-294		-305	-246
	Proceeds from interest-bearing liabilities	0		400	300		1 350	1 550
	Repayment of interest-bearing liabilities	-212		-516	-668		-1 446	-1 703
	Change in interest-bearing receivables/other liabilities	1		4	-5		30	18
	Change in net interest-bearing liablities	-211		-112	-373		-66	-135
	Cash flow from financing activities	-231		-120	-667		-371	-381
	Change in cash and cash equivalents	-70		-69	-26		-211	16
	Cash and cash equivalents at beginning of period	143		-59	96		81	81
	Change in cash and cash equivalents	-70		-69	-26		-211	16
	Currency effects cash and cash equivalents	3		1	6		3	-1
	Cash and cash equivalents at the end of the period	76		-127	76		-127	96
	* Investment by category:
	Replacement investments	56		52	208		191	344
	Expansion investments	163		47	231		121	159

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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	4 618	4 785	1 250	1 340	1 239	1 234	5 063	1 372	1 358	1 260	1 338	5 328	1 419	1 511	1 429	4 359
	BioSolutions	2 594	2 775	755	781	720	726	2 982	797	819	733	733	3 082	812	885	838	2 535
	BioMaterials	1 672	1 661	394	472	430	416	1 712	454	417	403	458	1 732	523	482	468	1 473
	Fine Chemicals	370	374	110	96	96	104	406	128	131	131	153	543	90	155	132	377
	Eliminations	- 18	- 25	- 9	- 9	- 7	- 12	- 37	-7	-9	-7	-6	-29	-6	-11	-9	-26
	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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	1 055	903	255	283	286	183	1 007	242	361	266	263	1 132	302	416	391	1 109
	BioSolutions	545	499	168	192	156	131	647	170	193	132	137	632	205	272	251	728
	BioMaterials	414	312	45	64	94	31	234	46	101	91	80	318	64	102	91	257
	Fine Chemicals	96	92	42	27	36	21	126	26	67	43	46	182	33	42	49	124
	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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	- 306	- 323	- 98	- 104	- 106	- 110	- 418	-109	-112	-112	-110	-443	-106	-101	-103	-310
	BioSolutions	- 94	- 113	- 41	- 44	- 48	- 50	- 183	-51	-51	-53	-51	-206	-48	-45	-47	-140
	BioMaterials	- 192	- 189	- 49	- 53	- 50	- 51	- 203	-50	-52	-51	-50	-203	-50	-47	-47	-144
	Fine Chemicals	- 20	- 21	- 8	- 7	- 8	- 9	- 32	-8	-9	-8	-9	-34	-8	-9	-9	-26
	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	1.1-31.1	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		2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	- 4	- 4	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-2	-5	-1	-1	-1	-3
	BioSolutions	- 4	- 4	- 1	- 1	- 1	- 1	- 4	-1	-1	-1	-2	-5	-1	-1	-1	-3
	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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	-9	0	0	-16	0	-11	-27	0	-96	0	-20	-116	0	0	0	0
	BioSolutions	-9	0	0	-16	0	0	-16	0	-90	0	-7	-97	0	0	0	0
	BioMaterials	0	0	0	0	0	-11	-11	0	-6	0	-12	-18	0	0	0	0
	Fine Chemicals	0	0	0	0	0	0	0	0	0	0	-1	-1	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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	736	576	156	162	179	61	558	132	152	153	131	568	195	314	287	796
	BioSolutions	438	382	126	131	107	80	444	118	51	78	77	324	156	226	203	585
	BioMaterials	222	123	- 4	11	44	- 31	20	-4	43	40	18	97	14	55	44	113
	Fine Chemicals	76	71	34	20	28	12	94	18	58	35	36	147	25	33	40	98

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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard - EBITDA hedging gains & losses	-72	-11	-8	-13	-23	-32	-76	-62	-84	-51	-44	-241	-15	-4	-16	-35
	BioSolutions	-22	3	-4	-6	-9	-14	-33	-26	-38	-21	-18	-103	-5	-1	-6	-12
	BioMaterials	-36	-3	-3	-7	-11	-16	-37	-30	-39	-25	-22	-116	-8	-3	-8	-19
	Fine Chemicals	-14	-11	-1	0	-3	-2	-6	-6	-7	-5	-4	-22	-2	0	-2	-4
	Borregaard - USD EBITDA currency exposure (approx)	207	194						203					177
	Borregaard - EUR EBITDA currency exposure (approx)	84	84						98					112
	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	1.1-31.1	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	2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Borregaard	4 522	4 705	1 222	1 311	1 214	1 204	4 951	1 347	1 337	1 229	1 314	5 227	1 394	1 491	1 406	4 291
	BioSolutions	2 524	2 708	728	753	697	695	2 873	775	800	706	714	2 995	793	865	819	2 477
	BioMaterials	1 634	1 630	385	465	422	407	1 679	445	407	395	448	1 695	513	472	457	1 442
	Fine Chemicals	365	369	109	94	95	102	400	127	130	128	153	538	88	154	131	373
	Eliminations	- 1	- 2	0	- 1	0	0	- 1	0	0	0	-1	-1	0	0	-1	-1
	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	1.1-31.1	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
			2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Average gross sales price NOK per mtds		5 618	5 654	6 385	5 999	5 865	6 455	6 166	6 885	7 431	6 701	6 756	6 951	7 838	7 709	7 761	7 767
	Volume (`000 mtds)		450	468	115	125	119	111	470	115	106	99	96	416	90	100	92	282
	Specialities volume (`000 mtds)		83	86						86					88
	Contruction volume (`000 mtds)		210	212						209					178
	Industrial volume (`000 mtds)		157	170						175					150
	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	1.1-31.1	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
			2017	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020	2021	2021	2021	2021
	Average gross sales price NOK per mt		10 589	10 337	10 724	10 561	10 982	10 417	10 665	11 382	12 579	11 780	11 128	11 678	10 641	10 754	10 972	10 780
	Volume (`000 mt)	150,7	150,1	34,5	42,4	37,6	38,6	153,1	40,0	33,9	34,2	40,3	148,4	47,5	42,4	40,2	130,1
	High specialised as % of total cellulose product sales volum	72 %	62 %						73 %					77 %