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ANNUAL REPORT - Borregaard

2020 ANNUAL REPORT2 THE Borregaard GROUPThe 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 CONTENTSTHE Borregaard GROUP54 THE Borregaard GROUPTHE Borregaard GROUPB orregaard operates one of the world s most advanced biorefineries. The Group provides sustainable products and solutions based on renewable raw materials and unique competence.

4 THE BORREGAARD GROUP THE BORREGAARD GROUP 5 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.

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