Borregaard reports fourth quarter 2021 results

2022-03-11

Mar. 1, 2022 - Borregaard’s operating revenues reached NOK 1,446 million (NOK 1,338 million)2 in the 4th quarter of 2021. EBITDA was NOK 263 million (NOK 263 million). BioSolutions’ result improved significantly, while BioMaterials and Fine Chemicals had weaker results. The net currency impact on EBITDA was slightly positive compared with the 4th quarter of 2020.

A favourable product mix was the main reason for the significant EBITDA improvement in BioSolutions. Lower deliveries of speciality cellulose and increased energy spot prices affected BioMaterials negatively. For Fine Chemicals, the EBITDA decrease was mainly due to lower deliveries, weaker product mix and increased raw material costs for fine chemical intermediates. High spot prices for liquefied natural gas and electricity led to increased energy costs in all business areas. Production output from the Sarpsborg site was below normal levels, partly due to an extended annual maintenance stop, which also affected manufacturing costs negatively.

Profit before tax was NOK 132 million (NOK 119 million). Earnings per share was NOK 1.02 (NOK 1.22).

Full year 2021

Operating revenues in 2021 increased to NOK 5,805 million (NOK 5,328 million). EBITDA increased to an all-time high of NOK 1,372 million (NOK 1,132 million). Profit before tax was NOK 873 million (NOK 496 million). Earnings per share was NOK 6.95 (NOK 4.38).

- We are pleased with the overall strong performance in 2021 driven by increased specialisation and the significant improvement in BioSolutions, says President and CEO Per A. Sørlie.