Borealis Publishes Annual Results 2013
Borealis AG, Vienna, Austria, 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%.
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.
“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.”
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