All-time high result for performance chemicals

Borregaard’s operating revenues totalled NOK 1,054 million (NOK 993 million)1 in the 2nd quarter of 2015. EBITA2 was NOK 131 million (NOK 130 million).

Performance Chemicals improved its EBITA, while there was a decline in Specialty Cellulose and Other Businesses. In total, costs were stable in local currencies. Currency developments, including negative hedging effects, contributed positively by approximately NOK 50 million. Hedging effects were NOK -54 million in the 2nd quarter.

EBITA in Performance Chemicals increased to an all-time high as positive currency effects, product mix and higher sales prices more than compensated for lower raw material supply. The reduction in Specialty Cellulose was mainly due to lower sales prices, a weaker product mix and lower contribution from bioethanol. EBITA in Other Businesses declined, primarily due to a higher activity level in the Exilva project.

Profit before tax was NOK 125 million (NOK 126 million) in the 2nd quarter. Earnings per share were NOK 0.92 (NOK 0.91).

We are pleased to deliver another all-time high result for Performance Chemicals. In addition, we reached important milestones in our strategic projects in the US and South Africa, both aimed at growing this business area furthersays President and CEO Per A. Sørlie.

 

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