Borregaard’s 4th quarter results

Strong result in Performance Chemicals and favourable currency effects

Borregaard’s operating revenues increased to NOK 1,034 million (NOK 951 million)¹ in the 4th quarter of 2015. EBITA² was NOK 101 million (NOK 92 million).

There was an improvement in Performance Chemicals and Other Businesses, while Specialty Cellulose was somewhat weaker. Currency developments contributed positively across all business areas, but the impact was partly delayed by hedging.

EBITA in Performance Chemicals increased as a lower sales volume was more than offset by a positive currency impact. Weaker demand and increased price competition in the construction sector led to lower sales in some regions. The new Flambeau lignin volume has been included in the reported figures from 23 October 2015. The decline in Specialty Cellulose was primarily due to lower sales prices and a weaker product mix. EBITA in Other Businesses improved due to progress in the Ingredients and Fine Chemicals segments, partly offset by increased Exilva costs.

Profit before tax was NOK 130 million (NOK 59 million) in the 4th quarter. Earnings per share were NOK 1.08 (NOK 0.68).

Full year 2015
Operating revenues in 2015 increased to NOK 4,164 million (NOK 3,939 million). EBITA was NOK 497 million (NOK 486 million). Profit before tax was NOK 506 million (NOK 430 million). Earnings per share were NOK 3.86 (NOK 3.34).

- We are pleased with the strong result in Performance Chemicals and the progress made on our strategic expansion projects, says President and CEO Per A. Sørlie

Contacts
Director Investor Relations, Jørn Syvertsen, +47 958 36 335
SVP Organisation and Public Affairs, Dag Arthur Aasbø, +47 918 34 108

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