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1 the Borregaard Group THE BORREGAARD GROUP 1 2 THE BORREGAARD GROUP THE BORREGAARD GROUP 3 Contents The Borregaard Group ................................................... 4 Message from the CEO .................................................. 6 The Board of Directors ................................................... 8 Report of the Board of Directors .................................. 10 Sustainability and corporate responsibility .................... 16 Corporate governance ................................................. 50 The Group Executive Management .............................. 60 Consolidated financial statements ................................ 62 Borregaard ASA – Financial statements ...................... 106 Statement from the Board of Directors ....................... 114 Auditor´s report ......................................................... 115 Historical key figures .................................................. 120 Alternative Performance Measures ............................. 121 Group directory ......................................................... 123 4 THE BORREGAARD GROUP THE BORREGAARD GROUP Borregaard operates one of the world’s most advanced biorefineries. By using natural, sustainable raw materials, the Group produces advanced and environmentally friendly biochemicals that can replace oil-based products. BORREGAARD IN A NUTSHELL of the feedstock to make biochemicals, while most of • A biorefinery with high value-added the remaining biomass is used to produce energy for its • Specialisation in global niches production processes. • Strong innovation ability and continuous improvement • Competence as the main competitive advantage In addition to its biorefinery in Sarpsborg, Borregaard has seven production sites outside Norway dedicated to A BIOREFINERY WITH HIGH VALUE-ADDED producing lignin-based products. The company also has The Group’s business model is closely linked to the sales offices in 16 countries in Europe, Asia, Africa and integrated nature of its biorefinery in Norway, which utilises the Americas serving its global customer base. At the end the three key components of wood – cellulose fibres, of 2018, the Group had 1,0971 full-time equivalent (FTE) lignin and sugars – to produce a diversified portfolio of employees. products. The biorefinery utilises more than 85 percent Performance Chemicals Speciality Cellulose Other Businesses Global market leader in lignin-based Leading global speciality cellulose Only producer of wood-based vanillin. products with unique technology and supplier. Large producer of second Largest producer of intermediates for in-depth application competence. generation bioethanol. non-ionic contrast agents. Pioneer in cellulose fibrils. 1 See Note 6 to the Consolidated Financial Statements regarding treatment of the joint venture in South Africa. THE BORREGAARD GROUP 5 SPECIALISATION IN GLOBAL NICHES BORREGAARD’S THREE BUSINESS SEGMENTS Borregaard is a supplier of specialised biochemicals to Performance Chemicals develops, produces and sells lignin- a global customer base. The Group’s main products are based products used as binding and dispersing agents in a lignin-based products and speciality cellulose, but the wide range of end-market applications, such as construction, product portfolio also includes vanillin, second generation industrial binders, agrochemicals and batteries. In addition, bioethanol, fine chemicals and cellulose fibrils. Performance Chemicals has trading activities in chemicals which are either linked to lignin-based products or have Borregaard’s niche products serve applications in a wide previously been produced by Borregaard. range of end-markets including construction, agriculture, food and beverages, transportation and pharmaceuticals. Speciality Cellulose develops, produces and sells speciality The Group’s strong market positions have been developed cellulose mainly for use as a raw material in the production through in-depth understanding of its markets, production of of cellulose ethers, cellulose acetate and other speciality advanced and specialised products and local presence in the products. The second generation bioethanol business is also form of a global sales and marketing organisation. part of the Speciality Cellulose segment. COMPETENCE AS THE MAIN COMPETITIVE ADVANTAGE Other Businesses consists of Ingredients, Fine Chemicals Borregaard is a competence-driven company with and Cellulose Fibrils. Borregaard supplies vanillin products production, research and development (R&D) and sales to flavour and fragrance companies, as well as to the food and marketing as its core competencies. To maintain and beverage industry. The Group is the only producer of its leading position, Borregaard has a strong focus on wood-based vanillin in the world. Borregaard supplies fine training programmes and cooperation between the various chemicals to the pharmaceutical industry and is the world’s disciplines. largest supplier of intermediates for non-ionic contrast agents. Cellulose Fibrils consists of two product ranges. Borregaard has a leading research centre combining wood Exilva microfibrillar cellulose for industrial applications is in chemistry and fine chemistry, focusing on the development the market introduction phase, whereas SenseFi advanced of new or improved products, applications and production texture systems for the food and beverage industry is in technologies. The Group had 97 employees in R&D as of the demonstration phase. Other Businesses also includes 31 December 2018. sales of basic chemicals from the chlor-alkali production in Sarpsborg and unallocated corporate costs. KEY FIGURES 2 2 EMISSIONS2 2 TO WATER 2 ENERGY2 CONSUMPTION EMISSIONSEMISSIONS TO WATER TO WATER ENERGYENERGY CONSUMPTION CONSUMPTION EBITA adj. ROCE OPERATING REVENUES EBITA adj.EBITA adj. ROCE ROCE OPERAOPTINGER ARTINGEVENU R2EEVSENUES 2 ROCE2 SARPSBORG SITE BORREGAARD GROUP ROCE SARPSBORGSARPSBORG SITE SITE BORREGAARDBORREGAARD GROUP GROUP ROCE NOK mill % % NOK mill NOK mill % % % % NOK mill NOK mill mt/day kg/day GWh NOK mill % mt/day mt/day kg/day kg/day GWh GWh % % 1,000 5,000 4,785 1,000 1,000 5,000 5,000 4,785 4,785 16.6% 18% 25 4,618 100 16.6% 16.6% 18% 12,518%25 252,000 22 4,618 4,618 100 100 12,5 12,52,000 2,000 22 22 16.2% 4,492 16.2% 16.2% 4,492 4,492 21.7% 21.7% 21.7% 4,164 800 1,800 4,164 4,164 1,800 1,800 800 800 3,939 747 749 15% 3,939 747 749747 749 15% 15% 19.1% 3,939 20.5% 20.5% 20.5% 11.9% 19.1% 4,000 11.9% 11.9% 19.1% 4,000 4,000 20 80 1020 201,600 80 80 10 10 1,600 1,600 12.3% 12.1% 12.3% 12.3% 12.1% 12.1% 19.5% 15.6% 700 15.6% 15.6% 20 19.5% 20 20 19.5% 700 16.5% 700 16.5% 16.5% 12% 12% 12% 1,400 1,400 1,400 580 3,000 580 580 15 3,000 3,000 600 15 600 60060 7,515 1,200 60 60 7,5 7,5 1,200 1,200 9% 497 9% 9% 486 497 12.7% 486 497486 1,000 12.7% 12.7% 18 1,000 1,000 18 18 500 500 500 2,000 10 2,000 2,000 10 40 5 10 800 40 40 5 5 800 800 6% 6% 6% 16.5% 16.5% 16.5% 400 400 400 600 16.9% 600 600 16.9% 16.9% 16 16 16 1,000 5 1,000 1,000 5 20 2,53%5 400 20 20 2,5 2,5 400 400 300 3% 300 300 3% 15.6% 15.6% 15.6% 200 200 200 200 0% 200 200 0% 0% 0 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 14 14 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2014 20162015 20172016 20182017 2018 2014 2015 2014 20162015 20172016 20182017 2018 2014 2015 2014 20162015 20172016 20182017 2018 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2013 20142013 20152014 20162015 20172016 2017 2013 20142013 20152014 20162015 20172016 2017 2011 2012 2011 20132012 20142013 20152014 2015 EBITA adj.2 EBITA adj. margin2 (%) ROCE2 EBITA adj.2 EBITA adj.EBI2 TA adj. marginEBITA2 (%)adj. margin2 (%) ROCE2 ROCE2 OD Electricity OD OD Electricity Electricity Minimum target over a business cycle Minimum targetMinimum over a targetbusiness over cycle a business cycle Copper (kg/day) Heat Copper (kg/day)Copper (kg/day) Heat Heat 2 Alternative Performance Measures, see page 121 for definition. CASH FLOW SALES REVENUES NOx AND SO EMISSIONS SO EMISSIONS CO EMISSIONS CASH FLOW SALES REVENUES CASH FLOWNOx AND SO2 EMISSIONS SO2 EMISSIONS SALES REVENUESCO2 EMISSIONS NOx AND SO2 EMISSIONS2 SO2 EMISSIONS2 CO2 EMISSIONS2 FROM OPERATING ACTIVITIES EARNINGS PER SHARE2 BY GEOGRAPHICAL AREA 2018 FROM FROMOPERATINGBORREGAARD OPERATING ACTIVITIES GROUP ACTIVITIES EARNINGSEARNINGSSARPSBORG PER SHARE PER SITESHARE2 2 BY GEOGRAPHICALBY GEOGRAPHICALBORREGAARD AREA GROUP 2018AREA 2018 BORREGAARDBORREGAARD GROUP GROUP SARPSBORGSARPSBORG SITE SITE BORREGAARDBORREGAARD GROUP GROUP NOK mill NOK RoW 1% NOK mill NOKmt/year mill NOK NOKmt/year mt/yearRoW 1% RoW 1% mt/year mt/year mt/year mt/year mt/year mt/year 1,400 6 1,400 1,400400 6 1,6006 160,000 400 400 1,600 1,600 160,000 160,000 5.66 5.665.55 5.66 5.55 Americas 28% 5.55 Americas 28%Americas 28% 1,200 1,400 140,000 1,400 1,400 140,000 140,000 1,200 1,200 4.76 1,081 5 4.76 1,081 1,081 5 5 4.76 300 1,200 OBS årstall 120,000 300 300 1,200 1,200 OBS årstall OBS årstall 120,000 120,000 1,000 1,000 1,000 3.86 4 3.86 4 4 3.86 i or i or i or 1,000 100,000 1,000 1,000 100,000 100,000 780 3.34 780 780 3.34 3.34 800 Europe 50% 800 800 Europe 50%Europe 50% 3 200 3 3 800 80,000 200 200 800 800 80,000 80,000 600 600 600 563 600 563 563 600 558 600 558 558 600 60,000 600 600 60,000 60,000 2 Asia 21% 2 2 Asia 21% Asia 21% 400 400 400 100 400 40,000 100 100 400 400 40,000 40,000 1 200 1 1 200 200 200 20,000 200 200 20,000 20,000 0 0 0 00 0 0 0 0 0 0 0 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 201520142013 201620152014 201720162015 201820172016 20182017 2014 2015201495 972016201599 01 201703201605 072018201709 11 13201815 17 2013 2014 2015 2016 2017 2013 20142013 20152014 20162015 20172016 2017 95 97 99 9501 9703 9905 0107 0309 0511 0713 0915 1117 13 15 17 2013 20142013 20152014 20162015 20172016 2017 Cash flow from operating activities Cash flow fromNOxCash operatingemissions flow from activities operating activities NOx emissionsNOx emissions 2 2 EBITDA adj.2 SO emissions EBITDA adj.
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