Income Statement
Income 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
Operating revenues 1,429 1,260 4,359 3,990 5,328
Operating expenses -1,038 -994 -3,250 -3,121 -4,196
EBITDA 391 266 1,109 869 1,132
Depreciation property, plant and equipment -103 -112 -310 -333 -443
Amortisation intangible assets -1 -1 -3 -3 -5
Other income and expenses 0 0 0 -96 -116
Operating profit 287 153 796 437 568
Financial items, net -18 -20 -55 -60 -72
Profit before taxes 269 133 741 377 496
Income tax expence -64 -34 -174 -109 -117
Profit for the period 205 99 567 268 379
Profit attributable to non-controlling interests -6 -13 -23 -47 -57
Profit attributable to owners of the parent 211 112 590 315 436
Earnings per share (NOK) 2.12 1.12 5.93 3.15 4.36
EBITDA margin 27.4 % 21.1 % 25.4 % 21.8 % 21.2 %
Balance Sheet
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 %
Cashflow
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
Segment
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
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%

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Borregaard ASA published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 07:53:07 UTC.