Nynas news

24/02/2017 08:00

Nynas reports fourth quarter and full year results 2016

Nynas increased its sales volumes in the fourth quarter by 3 per cent compared to previous year. The operating result for the quarter (EBITDA) amounted to SEK 44 million (265) and for the full year to SEK 1009 million (1265). Net income for 2016 was positive with SEK 75 million (346). The key activity in 2016 was the takeover of Harburg Refinery North on January 1, with the distillation unit in operation since August.

“Sales performance was good in the fourth quarter with naphthenic sales 7 per cent above previous year and strong bitumen sales towards the end of year due to mild winter weather. Going into 2017 we need to stabilise production in Harburg and gradually increase inventories to achieve our targeted customer service levels,” commented Gert Wendroth, President and CEO of Nynas AB.

FOURTH QUARTER SUMMARY

  • Total product sales volumes increased by 3 per cent compared to previous year.
  • Net sales amounted to SEK 3,184 million (3,141).
  • Operating result before depreciation (EBITDA) decreased to SEK 44 million (265), including an unrealised open hedge position result of SEK -73 million (-8).
  • Nynas has signed a new long-term contract with PDVSA for purchase of Venezuelan crude.

FULL YEAR SUMMARY

  • Total product sales volumes increased by 1 per cent compared to previous year.
  • Net sales decreased to SEK 12,525 million (16,248), as a consequence of lower crude oil prices and to a lesser extent by the weaker British pound.
  • Operating result before depreciation (EBITDA) amounted to SEK 1009 million (1,265) including an unrealised hedge result of SEK -173 million (76).
  • Net income was positive with SEK 75 million (346).
  • Takeover of Harburg Refinery North on January 1, 2016, with the distillation unit in operation since August.
  • Nynas signed a five-year EUR 650 million unsecured bank credit agreement in April.

For further information, please contact:
Hans Östlin, Communications Director Nynas AB
Email: hans.ostlin@nynas.com
Tel.: +46 (0)708 93 19 75

Nynas Quarterly Report Q4 2016

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