Borregaard ASA: EBITDA1 of NOK 364 million in the 4th quarter

02 Feb 2023 07:00 CET

Borregaard's operating revenues reached NOK 1,770 million (NOK 1,446 million)(2)
in the 4(th) quarter of 2022. EBITDA(1) increased to NOK 364 million (NOK 263
million). BioMaterials and Fine Chemicals had significant result improvements
while BioSolutions had a decrease. The net currency impact on EBITDA(1) was
positive compared with the 4(th) quarter of 2021.

Increased sales prices in addition to a higher volume and a favourable product
mix were the main reasons for the EBITDA(1) improvement in BioMaterials. The
result improvement in Fine Chemicals was due to increased sales prices and a
higher bioethanol sales volume. Reduced margin and volume for traded vanillin
products were the main reasons for the EBITDA(1) decrease in BioSolutions. Cost
increases affected all business areas.

Operating profit reached NOK 228 million (NOK 156 million). Net financial items
were NOK -18 million (NOK -24 million). Profit before tax was NOK 210 million
(NOK 132 million). Earnings per share were NOK 1.85 (NOK 1.02).

Borregaard will invest NOK 230 million to reduce CO(2) emissions and increase
energy flexibility at the biorefinery in Norway. This investment will allow for
a 30,000 tonnes annual reduction of CO(2) emissions by replacing liquified
natural gas (LNG) with electricity and by improved energy efficiency. In
addition, there is a significant cost reduction potential by removing absolute
dependency on LNG and introducing more options to switch between alternative
energy sources.

Full year 2022
Operating revenues increased to NOK 6,881 million (NOK 5,805 million). EBITDA(1)
increased to an all-time high of NOK 1,643 million (NOK 1,372 million). Profit
before tax was NOK 1,118 million (NOK 873 million). Earnings per share were NOK
8.95 (NOK 6.95).

- We are pleased with the strong performance and improved results in all
business areas in 2022. Borregaard's specialisation strategy and diversified
market positions, have proven its resilience in the face of significant cost
inflation, says President and CEO Per A. Sørlie.

Contacts:
Director Investor Relations, Knut-Harald Bakke, +47 905 79 164
Director Communication, Tone Horvei Bredal, +47 924 67 711

1. Operating profit before depreciation, amortisation and other income and
expenses
2. Figures in parentheses are for the corresponding period in the preceding year

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

581188_Quarterly and accounting figures 4th quarter 2022.pdf
581188_4th quarter 2022 report.pdf
581188_4th quarter 2022 presentation.pdf