Annual report 2023

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Letter to the stakeholders

Well positioned to capture growth opportunities from the green transition

2023 was a year marked by the consequences of wars and macroeconomic uncertainty following the measures to curb the effects of inflation and rising interest rates. This led to challenging markets and a substantial decline in the activity in many industries. For BEWI, the downturn in the building and construction industry led to lower volumes and a reduced financial result. However, while effectively managing the slow markets in the short-term, we are even more confident about the long-term commercial opportunities arising from the green transition. We are well positioned to capture these opportunities with our solutions.

KEY FIGURES

2023

The opportunity - Climate change requires more energy efficient buildings

According to the European Commission, buildings account for around 40 per cent of the total energy consumption in EU. 85 per cent of the buildings were built before 2000, and of these, 75 per cent are considered inefficient in terms of energy. For the EU to reach the climate reduction targets, this will require energy renovation on a large scale.

Our contribution

BEWI offers energy efficient solutions for buildings – with potential savings of 63 million tonnes of CO2 over the lifetime of solutions sold in 2023

Thermomur for walls

Ringmur for foundations

Slimfix for roofs

PIR panels for buildings

Use ReUse – the BEWI way

In 2019, BEWI launched the initiative Use ReUse, to lead the change towards a circular economy for our industry with a purpose to raise awareness and increase knowledge about EPS as a recyclable resource.

Today, Use ReUse is the BEWI way. It is how we think and act. And it is our promise, describing how we innovate and how we continuously work to improve resource efficiency – for our customers and our own operations. It is about how we always strive to use less material, reuse products and recycle materials for reuse.

The opportunity - Climate change requires transition to a circular economy

To achieve net-zero emissions, we must rethink how we produce and consume goods. ~17% of the EPS in Europe are used for packaging. A recycling rate of ~37% means that ~132 000 tonnes is recycled each year. The European Commission adopted a Circular Economy Action Plan in 2020, and a package of Green Deal proposals in 2022. According to the Green Deal 55% of all plastic packaging must be recycled by 2030.

Our contribution

BEWI collects more used EPS than any other insulation company in Europe

saving ~36 000 tonnes of CO2 in 2023 through reduced consumption of virgin material. BEWI has a broad range of solutions for collection of used material from different sources

Collection points

Seafood processing facilities

Retail stores

Creating value from waste in Ethiopia

One of BEWI’s core values is to take responsibility, and we want to lead the change towards a circular economy. With this in mind, we launched our Value for Waste project together with the Norwegian Church Aid in May 2021 in the city of Shashemene in Ethiopia. The project was initially a two-year programme, with an ambition to reduce littering, facilitate recycling and create sustainable jobs for the local population. In addition to funding the project, BEWI contributed with knowledge and competences in handling plastics, and in setting up a sustainable business.

We are protecting people and goods for a better everyday

BEWI is leading the change towards a circular economy for its industry, creating value for society. We do business in a fnancially, environmentally and socially responsible manner, and we do it the BEWI way – creating long-term value for customers, society, employees, partners and shareholders.

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Annual report 2023 BEWI ASA…
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