Borealis AG

EANS-Tip Announcement: Borealis AG
Yearly Report

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  Tip announcement for financial statements transmitted by euro adhoc. The
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Borealis delivers solid results in a year of transformation


The company  Borealis AG is declaring the following financial reports below: 


Report Type: Yearly Report
German:
Publication Date    : 18.03.2014
Publication Location:
http://www.borealisgroup.com/news-and-events/financial-news/investor-information/
English:
Publication Date    : 18.03.2014
Publication Location:
http://www.borealisgroup.com/news-and-events/financial-news/investor-information/

COMMENT: Borealis delivers solid results in a year of transformation

- Borealis announces a net profit of EUR 423 million in 2013, compared to EUR
480 million in 2012
- Full year sales in excess of EUR 8,000 million for the first time
- 2013: A year of transformation for Borealis
- Continued fertilizer expansion: Borealis and First Energy Bank of Bahrain
acquired 20.3% of Neochim AD

Borealis, a leading provider of innovative solutions in the fields of
polyolefins, base chemicals and fertilizers, announces a net profit of EUR 148
million for the fourth quarter of 2013, compared to EUR 100 million in the same
quarter of 2012. For the first time in its history, Borealis recorded full year
net sales in excess of EUR 8000 million. For the full year 2013 the company
recorded a net profit of EUR 423 million, compared to EUR 480 million in 2012.
The decline in net profit in 2013 was due to a softening fertilizer market while
the polyolefins business improved. Borouge delivered a lower result in 2013
compared to 2012 due to the major turnaround in the first quarter of 2013 and
costs incurred for the finalisation and preparation for start-up of the Borouge
3 project. In 2013, net debt increased by EUR 225 million due to the
acquisitions made. Borealis' financial position remains strong with a gearing of
45%.

Maintaining a world class safety performance

As in 2012, Borealis reports a Total Recordable Injuries (TRI) frequency of 1.5
per million hours worked in 2013. Although a TRI frequency below two is
world-class in the industry, Borealis maintains even more ambitious targets and
will continue to work towards the ultimate goal of zero injuries.
 
Borouge, Borealis' joint venture in Abu Dhabi

Borouge's operations performed well during 2013. Supported by increased
commercial activities, profits, whilst down versus 2012, exceeded expectations
for the year. During the last quarter of 2013, Borouge inaugurated a new
Training Centre in Ruwais to support the development of its technical workforce
and is now well on track to start-up the Borouge 3 plants during 2014. 

2013: A year of transformation for the Borealis Group

A year of transformation for the Borealis Group began with the March acquisition
of Dutch speciality plastics producer DEXPlastomers, now renamed Borealis
Plastomers. 

Demonstrating commitment to growth in all its core businesses, Borealis acquired
fertilizer manufacturers GPN SA (now Borealis Chimie) and 56.86% of Rosier SA in
June. Today, Borealis holds 77.47% of the shares of Rosier. The name of Linzer
Agro Trade was changed to Borealis L.A.T to align with the expanding European
focus of Borealis' Fertilizer Business Unit.
 
In addition to acquisitions, major European investment projects will help expand
Borealis offerings: in January, Borealis announced the Borstar® 3G upgrade in
Porvoo, Finland, and the C4 upgrade project in Stenungsund, Sweden. In June,
Borealis celebrated the inauguration of the Borealis Sirius catalyst plant in
Linz, Austria.
 
The USD 4.5 billion Borouge 3 expansion project in Abu Dhabi, UAE is proceeding
with start-up activities. The cracker start-up is scheduled for the end of the
first quarter of 2014. Borouge 3 will deliver an additional 2.5 million tonnes
of capacity when fully ramped up, bringing the total Borouge capacity to 4.5
million tonnes. 

"Open Your Mind": the high-impact presence at the K 2013 in October in
Düsseldorf, Germany allowed Borealis, Borouge and NOVA Chemicals to showcase
innovative polyolefin-based applications for the automotive, healthcare,
appliance and extrusion coating industries.
 
In November, Martijn van Koten joined the Borealis Executive Board as Executive
Vice President Operations. In this capacity he succeeds Herbert Willerth who
will forthwith, as Deputy CEO, focus on Borealis' Middle East and Asia
activities.
 
In December, Borealis and First Energy Bank of Bahrain formed FEBORAN AD, a
joint venture in Bulgaria. On December 21, 2013, FEBORAN purchased 20.3% of the
shares of Neochim AD. Neochim is Bulgaria's leading producer and distributor of
fertilizers and accounts for a significant share of Bulgaria's ammonium nitrate
output.
 
Expecting another challenging year ahead

"At the beginning of 2013 we knew it was going to be a challenging year, given
the transformational activity ongoing within the company and the continuing
difficult market environment in Europe," states Mark Garrett, Borealis Chief
Executive. "Although profits are lower in 2013, they have exceeded our
expectations as the organisation was able to optimise performance across the
businesses."
 
"In the past years, Borealis has moved from a largely European Polyolefins-based
company to a company built on a foundation of Polyolefins, Fertilizers & Base
Chemicals, and Borouge," says His Excellency, Khadem Al Qubaisi, Chairman of
Borealis' Supervisory Board and Managing Director of IPIC (Abu Dhabi based
International Petroleum Investment Company). "Borealis has continuously been
developing new approaches, technologies and products for 20 years. I am
confident that the company will continue to focus on creating even more value
for its customers and partners by successfully taking on today's challenges."

END

end of announcement                               euro adhoc 
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issuer:      Borealis AG
             Wagramerstrasse  17-19
             A-1220 Wien
phone:       +43 1 22 400
FAX:         43 1 22400 333
mail:     info@borealisgroup.com
WWW:      www.borealisgroup.com
sector:      Chemicals
ISIN:        AT0000A0H0V3
indexes:     
stockmarkets: Regulated free trade: Wien 
language:   English
 

Original-Content von: Borealis AG, übermittelt durch news aktuell

Weitere Meldungen: Borealis AG

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