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Annual Report 2020 2 the Borregaard Group Contents ANNUAL REPORT 2020 2 THE BORREGAARD GROUP CONTENTS The Borregaard Group .................................................................................4 Message from the CEO ...............................................................................6 The Board of Directors ................................................................................8 Report of the Board of Directors .............................................................10 Corporate governance ...............................................................................18 Sustainability and corporate responsibility ...........................................29 The Group Executive Management ........................................................76 Borregaard Group consolidated financial statements ........................79 Borregaard ASA financial statements ................................................. 127 Statement from the Board of Directors .............................................. 134 Auditor´s report ........................................................................................ 135 Historical key figures .............................................................................. 139 Independent accountant’s assurance report on Sustainability reporting ..................................................................... 140 Alternative performance measures ..................................................... 142 Group directory ........................................................................................ 143 4 THE BORREGAARD GROUP THE BORREGAARD GROUP Borregaard operates one of the world’s most advanced biorefineries. The Group provides sustainable products and solutions based on renewable raw materials and unique competence. BORREGAARD IN A NUTSHELL biochemicals and biomaterials that can replace oil-based • A biorefinery with high value-added products. Most of the remaining biomass is converted to • Specialisation in global niches energy used in production processes. • Strong innovation ability and continuous improvement • Competence as the main competitive advantage In addition to its biorefinery in Sarpsborg, Borregaard has five1 production sites outside Norway dedicated to A BIOREFINERY WITH HIGH VALUE-ADDED producing lignin-based products. The company also The Group’s business model is closely linked to the has sales offices in 13 countries in Europe, Asia and the integrated nature of its biorefinery in Norway, which utilises Americas serving its global customer base. At the end the three key components of wood – cellulose fibres, lignin of 2020, the Group had 1,0912 full-time equivalent (FTE) and sugars – to produce a diversified portfolio of products. employees. The biorefinery utilises 82 percent of the feedstock to make BioSolutions BioMaterials Fine Chemicals Largest supplier and technology Leading global speciality cellulose Leading producer of fine chemical leader in lignin-based biopolymers supplier. Pioneer in cellulose fibrils. intermediates for contrast agents, with global markets. Only producer of significant producer of 2nd generation wood-based vanillin. bioethanol. / 1 Not including LignoTech South Africa and LignoTech Ibérica / 2 See Note 6 to the Borregaard Group consolidated financial statements regarding treatment of the LignoTech South Africa joint venture. THE BORREGAARD GROUP 5 SUSTAINABILITY INTEGRATED IN STRATEGY COMPETENCE AS THE MAIN COMPETITIVE ADVANTAGE Borregaard provides sustainable products and solutions Borregaard is a competence-driven company with with a documented favourable environmental impact which production, research and development (R&D) and sales improve the customers’ climate footprint. Borregaard has and marketing as its core competencies. To maintain also committed to science-based targets (SBTi) to further its leading position, Borregaard has a strong focus on reduce greenhouse gas emissions and strengthen its training programmes and cooperation between the various sustainability platform. disciplines. Borregaard’s business model and products are well Borregaard has a leading research centre combining positioned to support delivery of the UN’s Sustainability various chemicals disciplines, biotechnology and micro Development Goals (SDGs). The company has prioritised biology, developing new or improved products, applications six SDGs based on its ability to contribute to solving these and production technologies. The Group had 89 employees global challenges (see pages 33-34). in R&D as of 31 December 2020. SPECIALISATION IN GLOBAL NICHES BORREGAARD’S THREE BUSINESS SEGMENTS Borregaard is a supplier of specialised biochemicals and BioSolutions develops, produces and sells biopolymers biomaterials to a global customer base. The Group’s and biovanillin from lignin. Biopolymers are used in a wide main products are biopolymers and biovanillin from range of end-market applications, such as agrochemicals, lignin, speciality cellulose, cellulose fibrils, fine chemical batteries, industrial binders and construction. Biovanillin is intermediates and second-generation bioethanol. The supplied to flavour and fragrance companies, as well as to products are used in a variety of applications in sectors the food and beverage industry. such as construction and building materials, feed and agriculture, food and pharma, personal care, batteries, BioMaterials develops, produces and sells speciality biofuel, textiles and various other industries. cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality The Group’s strong market positions have been developed products. BioMaterials also includes cellulose fibrils for through in-depth understanding of its markets, production industrial applications, which is in the commercialisation of advanced and specialised products and local presence phase. in the form of a global sales and marketing organisation. Fine Chemicals consists of fine chemical intermediates mainly for contrast agents and second-generation bioethanol. KEY FIGURES 3 3 EMISSIONS3 3 TO WATER 3 ENERGY3 CONSUMPTION EMISSIONSEMISSIONS TO WATER TO WATER ENERGYENERGY CONSUMPTION CONSUMPTION EBITDA ROCE OPERATING REVENUES EBITDAEBITDA ROCE ROCE OPERAOPTINGER ARTINGEVENU REEVS2ENUES 2ROCE 2 SARPSBORG SITE BORREGAARD GROUP ROCE SARPSBORGSARPSBORG SITE SITE BORREGAARDBORREGAARD GROUP GROUP ROCE NOK mill % % 5,328 NOK mill NOK mill % % % % NOK mill 5,328 5,328 NOK mill CAGR 4.4% mt/day kg/day GWh NOK mill CAGR 4.4% CAGR% 4.4% mt/day mt/day kg/day kg/day GWh GWh % % 5,063 5,063 5,063 1,200 22.8% 5,000 4,785 1,200 1,200 22.8% 22.8% 24% 5,000 5,000 4,785 4,785 22.7% 21.2% 24% 25 4,618 22.7%100 22.7% 21.2% 24%21.2% 12,525 25 2,000 4,618 4,61822 100 100 12,5 12,5 2,000 2,000 22 22 4,492 4,492 4,492 19.9% 21.7% 19.9% 19.9% 21.7% 21.7% 1,800 1,800 1,800 18.9% 1,000 18.9% 18.9% 20.5% 1,000 19.1% 4,000 1,000 19.1% 19.1% 4,000 4,000 20.5% 20.5% 20% 20 80 20% 20%1020 20 1,600 80 80 10 10 1,600 1,600 1,132 1,132 1,132 1,055 1,055 1,055 19.5% 19.5% 19.5% 1,021 20 1,021 1,021 20 20 1,007 800 1,007 800 800 1,007 1,400 1,400 1,400 903 903 903 3,000 16% 3,000 3,000 16% 15 60 16% 7,515 15 1,200 60 60 7,5 7,5 1,200 1,200 12.7% 12.7% 12.7% 600 11.4% 600 600 11.4% 11.4% 10.5% 1,000 10.5% 10.5% 18 1,000 1,000 18 18 2,000 8% 2,000 2,000 8% 10 40 8% 510 10 800 40 40 5 5 800 800 400 400 400 16.5% 16.5% 16.5% 600 16.9% 600 600 16.9% 16.9% 16 16 16 4% 1,000 4% 4% 5 1,000 1,000 200 5 200 200 20 2,55 400 20 20 2,5 2,5 400 400 15.6% 15.6% 15.6% 200 200 200 0 0% 0 0 0% 0% 0 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 14 14 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 20172016 20182017 20192018 20202019 2020 2016 20172016 20182017 20192018 20202019 2020 2016 20172016 20182017 20192018 20202019 2020 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 20122011 20132012 20142013 20152014 2015 EBITDA3 EBITDA margin3 (%) ROCE3 EBITDA3 EBITDA3 EBITDA marginEBITDA3 (%) margin3 (%) ROCE3 ROCE3 COD (mt/day – organic material) Electricity COD (mt/dayCOD – organic (mt/day material) – organic material) Electricity Electricity Minimum target over a business cycle Minimum targetMinimum over targeta business over cyclea business cycle Copper (kg/day) Heat Copper (kg/day)Copper (kg/day) Heat Heat / 3 Alternative performance measures, see page 142 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 SHARE BY GEOGRAPHICAL AREA 2020 FROM FROMOPERATINGBORREGAARD OPERATING ACTIVITIES GROUP ACTIVITIES EARNINGSEARNINGSSARPSBORG PER SHARE PER SHARE SITE BY GEOGRAPHICALBY GEOGRAPHICALBORREGAARD AREA 2020AREA GROUP 2020 BORREGAARDBORREGAARD GROUP GROUP SARPSBORGSARPSBORG SITE SITE BORREGAARDBORREGAARD GROUP GROUP NOK mill NOK RoW 1% NOK mill NOKmt/year mill NOK NOK mt/year mt/yearRoW 1% RoW 1% mt/year mt/year mt/year mt/year mt/year mt/year 1,200 8 1,200 1,200400 8 8 1,600 160,000 400 400 1,600 1,600 160,000 160,000 1,081 Americas 27% 1,081 1,081 Americas 27%Americas 27% 1,400 140,000 1,400 1,400 140,000 140,000 1,000 1,000 1,000 886 886 886 300 300 300 1,200 6 5.55 5.66 6 5.55 6 1,2005.665.55 5.66 OBS årstall 120,000 1,200 OBS årstallOBS årstall 120,000 120,000 780 780 780 800 800 800 i or i or i or 697
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