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Borealis announces EUR 113 million Q1 net profit in 2007

  • Borealis announces EUR 113 million net profit for the first quarter, a 13% increase over previous quarter
  • Continued investments strengthen European asset base
  • USD 3 billion in new Borouge 2 contracts to support growth in the Middle East and Asia
Key figures and ratios

(Quarter ending March 31, 2007)

Q1 

2007

Q1

2006

Q4

2006

Q1-4

2006

Sales revenueEUR Million1,4811,3321,4235,742
Operating profit / (loss)EUR Million12736108353
Net profit / (loss) after taxEUR Million11331100327
Reduction / (increase) in
net interest-bearing debt
EUR Million61(79)13658
Gearing%30%49%34%34%

Borealis, a leading provider of innovative, value creating plastics solutions, announces a net profit of EUR 113 million for the first quarter of 2007, a 13% increase over the previous quarter. Net interest-bearing debt was reduced by EUR 61 million during the quarter, and the gearing ratio decreased from 34% in the fourth quarter of 2006 to 30%.

This performance was fuelled by strong market conditions, especially in the infrastructure sector, as well as by key market sales growth and operational excellence.

Commenting on the results, Chief Executive John Taylor said: "Our Value Creation through Innovation strategy and focus on specific market sectors continue to drive sales growth and to deliver results to the bottom line."

During the quarter, Borealis announced that it will invest EUR 370 million in its Stenungsund, Sweden, operation to supply the growing wire and cable market, and confirmed that it is also on track to complete the 330,000 t/y expansion of its polypropylene facilities in Germany based on Borstar technology by the end of this year.

In April, Borouge, the company's joint venture with the Abu Dhabi National Oil Company, awarded a further USD 3 billion in contracts for Borouge 2, the major expansion project in Ruwais, Abu Dhabi, in the United Arab Emirates, that will triple annual production capacity to two million tonnes of polyolefins.

END

For further information please contact:

Borealis: Craig Halgreen, Group Communications Director,
Tel. +43 122 400 334
Email: media@borealisgroup.com

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Borealis announces EUR 113 million Q1 net profit English, German
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