Nynas news

26/08/2016 08:00

Nynas reports second quarter 2016

In the second quarter, sales volumes for naphthenic specialty oils and bitumen increased with 4 percent compared to last year. Net sales for the second quarter were SEK 3,318 million (4,907) as a consequence of primarily lower oil price levels and a weaker British pound. The majority of our activities focused on the Harburg refinery conversion project.

"A project such as the Harburg conversion always comes with a number of risks. During the first half of the year we discovered some unforeseen challenges and we could not complete the work for a start-up in time for the summer bitumen season, leading also to some supply shortages for individual specialty oil products. However, the distillation unit in Harburg is now up and running since the first week of August and we expect product supply to gradually normalise," commented Gert Wendroth, President and CEO of Nynas AB.

SECOND QUARTER SUMMARY

  • Net sales decreased to SEK 3,318 million (4,907), as a consequence of lower crude oil prices and a weaker British pound.
  • Operating result before depreciation (EBITDA) amounted to SEK 111 million (260).
  • Net income amounted to SEK -64 million (47).
  • Decision taken to open a new sales company in Colombia as well as a new depot in US to further expand service level and delivery performance.
  • Nynas signed a new five-year unsecured EUR 650 million credit facility agreement with a consortium of six Nordic and international banks to refinance an existing credit.
  • Harburg North side distillation unit in operation first week of August.

Nynas Quarterly Report Q2 2016

Contact Investor relations

Hans Östlin

Communications Director

mobile number +46 708 93 19 75
email number hans.ostlin@nynas.com

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