Income Statement
Income Statement Borregaard Group Q4 2022
1.10-31.12 1.1-31.12
Amounts in NOK million 2022 2021 2022 2021
Operating revenues 1,770 1,446 6,881 5,805
Operating expenses -1,406 -1,183 -5,238 -4,433
EBITDA 364 263 1,643 1,372
Depreciation property, plant and equipment -114 -106 -444 -416
Amortisation intangible assets -2 -1 -5 -4
Other income and expenses -20 0 -8 0
Operating profit 228 156 1,186 952
Financial items, net -18 -24 -68 -79
Profit before taxes 210 132 1,118 873
Income tax expence -47 -39 -267 -213
Profit for the period 163 93 851 660
Profit attributable to non-controlling interests -21 -9 -41 -32
Profit attributable to owners of the parent 184 102 892 692
Earnings per share (NOK) 1.85 1.02 8.95 6.95
EBITDA margin 20.6 % 18.2 % 23.9 % 23.6 %
Balance Sheet
Interim condensed statement of financial position Borregaard Group
31/12/ 30/9/ 31/12/
Amounts in NOK million 2022 2022 2021
Assets:
Intangible assets 82 84 89
Property, plant and equipment 4,371 4,339 4,191
Right-of-use assets 345 342 351
Other assets 254 240 339
Investments in joint venture/associate company 142 143 173
Non-current assets 5,194 5,148 5,143
Inventories 1,299 1,230 792
Receivables 1,387 1,495 1,107
Cash and cash deposits 234 167 124
Current assets 2,920 2,892 2,023
Total assets 8,114 8,040 7,166
Equity and debt:
Group equity 4,394 3,929 4,222
Non-controlling interests 51 79 84
Equity 4,445 4,008 4,306
Provisions and other liabilities 295 438 257
Interest-bearing liabilities 1,370 1,523 1,320
Non-current liabilities 1,665 1,961 1,577
Interest-bearing liabilities 702 641 224
Other current liabilities 1,302 1,430 1,059
Current liabilities 2,004 2,071 1,283
Equity and liabilities 8,114 8,040 7,166
Equity ratio (%): 54.8 % 49.9 % 60.1 %
Cashflow
Interim condensed cash flow statement Borregaard Group Q4 2022
1.10-31.12 1.1-31.12
Amounts in NOK million 2022 2021 2022 2021
Profit before taxes 210 132 1,118 873
Amortisation, depreciation and impairment charges 116 107 449 420
Change in net working capital, etc 55 174 -658 256
Dividend/share of profit from JV & associate company 3 6 34 6
Taxes paid -71 -63 -208 -124
Cash flow from operating activities 313 356 735 1,431
Investments property, plant and equipment and intangible assets * -212 -227 -464 -556
Investment in associate company 0 -35 0 -145
Other capital transactions 4 4 9 9
Cash flow from Investing activities -208 -258 -455 -692
Dividends 0 0 -499 -249
Proceeds from exercise of options/shares to employees 7 4 41 59
Buy-back of shares -45 -7 -68 -118
Gain/(loss) on hedges for net investments in subsidiaries 77 -25 -79 -14
Net paid to/from shareholders 39 -28 -605 -322
Proceeds from interest-bearing liabilities 0 0 837 300
Repayment of interest-bearing liabilities -43 -146 -512 -814
Change in interest-bearing receivables/other liabilities -41 4 78 -1
Change in net interest-bearing liablities -84 -142 403 -515
Cash flow from financing activities -45 -170 -202 -837
Change in cash and cash equivalents 60 -72 78 -98
Cash and cash equivalents at beginning of period 76 76 5 96
Change in cash and cash equivalents 60 -72 78 -98
Currency effects cash and cash equivalents -25 1 28 7
Cash and cash equivalents at the end of the period 111 5 111 5
* Investment by category:
Replacement investments 172 190 359 398
Expansion investments including investment in associate company 40 72 105 303
Total investments including investment in associate company 212 262 464 701
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 1.1-31.3 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
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard 4,785 5,063 1,372 1,358 1,260 1,338 5,328 1,419 1,511 1,429 1,446 5,805 1,615 1,744 1,752 1,770 6,881
BioSolutions 2,775 2,982 797 819 733 733 3,082 812 885 838 934 3,469 948 1,098 1,007 997 4,050
BioMaterials 1,661 1,712 454 417 403 458 1,732 523 482 468 405 1,878 532 540 558 620 2,250
Fine Chemicals 374 406 128 131 131 153 543 90 155 132 114 491 143 119 200 170 632
Eliminations -25 -37 -7 -9 -7 -6 -29 -6 -11 -9 -7 -33 -8 -13 -13 -17 -51
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 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard 903 1 007 242 361 266 263 1 132 302 416 391 263 1,372 400 445 434 364 1,643
BioSolutions 499 647 170 193 132 137 632 205 272 251 214 942 261 305 261 159 986
BioMaterials 312 234 46 101 91 80 318 64 102 91 27 284 97 91 101 138 427
Fine Chemicals 92 126 26 67 43 46 182 33 42 49 22 146 42 49 72 67 230
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 1.7-30.9 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard -323 -418 -109 -112 -112 -110 -443 -106 -101 -103 -106 -416 -108 -110 -112 -114 -444
BioSolutions -113 -183 -51 -51 -53 -51 -206 -48 -45 -47 -49 -189 -50 -53 -54 -55 -212
BioMaterials -189 -203 -50 -52 -51 -50 -203 -50 -47 -47 -49 -193 -49 -48 -49 -49 -195
Fine Chemicals -21 -32 -8 -9 -8 -9 -34 -8 -9 -9 -8 -34 -9 -9 -9 -10 -37
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 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard -4 -4 -1 -1 -1 -2 -5 -1 -1 -1 -1 -4 -1 -1 -1 -2 -5
BioSolutions -4 -4 -1 -1 -1 -2 -5 -1 -1 -1 -1 -4 -1 -1 -1 -2 -5
BioMaterials 0 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 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 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard 0 -27 0 -96 0 -20 -116 0 0 0 0 0 0 12 0 -20 -8
BioSolutions 0 -16 0 -90 0 -7 -97 0 0 0 0 0 0 12 0 -6 6
BioMaterials 0 -11 0 -6 0 -12 -18 0 0 0 0 0 0 0 0 -12 -12
Fine Chemicals 0 0 0 0 0 -1 -1 0 0 0 0 0 0 0 0 -2 -2
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 1.7-30.9 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard 576 558 132 152 153 131 568 195 314 287 156 952 291 346 321 228 1,186
BioSolutions 382 444 118 51 78 77 324 156 226 203 164 749 210 263 206 96 775
BioMaterials 123 20 -4 43 40 18 97 14 55 44 -22 91 48 43 52 77 220
Fine Chemicals 71 94 18 58 35 36 147 25 33 40 14 112 33 40 63 55 191
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 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard - EBITDA hedging gains & losses -11 -76 -62 -84 -51 -44 -241 -15 -4 -16 6 -29 10 -3 -23 -34 -50
BioSolutions 3 -33 -26 -38 -21 -18 -103 -5 -1 -6 1 -11 3 -5 -19 -23 -44
BioMaterials -3 -37 -30 -39 -25 -22 -116 -8 -3 -8 4 -15 5 1 -4 -9 -7
Fine Chemicals -11 -6 -6 -7 -5 -4 -22 -2 0 -2 1 -3 2 1 0 -2 1
Borregaard - USD EBITDA currency exposure (approx) 194 203 177 198 197
Borregaard - EUR EBITDA currency exposure (approx) 84 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 1.7-30.9 1.10-31.12 1.1-31.12
Amounts in NOK million 2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Borregaard 4 705 4 951 1 347 1 337 1 229 1 314 5 227 1,394 1,491 1,406 1,424 5,715 1,591 1,720 1,723 1,742 6,776
BioSolutions 2 708 2 873 775 800 706 714 2 995 793 865 819 915 3,392 929 1,072 979 966 3,946
BioMaterials 1 630 1 679 445 407 395 448 1 695 513 472 457 398 1,840 521 530 546 608 2,205
Fine Chemicals 369 400 127 130 128 153 538 88 154 131 112 485 141 118 198 168 625
Eliminations -2 -1 0 0 0 -1 -1 0 0 -1 -1 -2 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 1.10-31.12 1.1-31.12
2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Average gross sales price NOK per mtds 5 654 6 166 6 885 7 431 6 701 6 756 6 951 7,838 7,709 7,761 9,244 8,106 9,780 10,150 10,479 11,104 10,369
Volume (`000 mtds) 468 470 115 106 99 96 416 90 100 92 84 366 81 90 84 79 334
Specialities volume (`000 mtds) 86 86 88 89 84
Contruction volume (`000 mtds) 212 209 178 131 117
Industrial volume (`000 mtds) 170 175 150 146 133
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 1.7-30.9 1.10-31.12 1.1-31.12
2018 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022
Average gross sales price NOK per mt 10 337 10 665 11 382 12 579 11 780 11 128 11 678 10 641 10 754 10 972 10 911 10 807 12 595 13 656 14 880 16 179 14 283
Volume (`000 mt) 150.1 153.1 40.0 33.9 34.2 40.3 148.4 47.5 42.4 40.2 34.3 164.4 39.4 36.6 34.7 36.3 147.0
High specialised as % of total cellulose product sales volum 62% 73% 77% 79% 85%

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Borregaard ASA published this content on 02 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 08:39:09 UTC.