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Weaker global market environment softens Borealis result in the third quarter, while European business remains solid

photo: Alfred Stern, Borealis CEO

photo: © Borealis

Key figures and ratios Q3 2019 Q3 2018 YTD 2019 YTD
2018
Net SalesEUR million1,965 2,046 6,2446,246
Total Sales*EUR million2,399 2,5387,5267,386
Net Profit
EUR million207279734812
Reduction / (increase) in net interest-bearing debtEUR million121(282)(29)(666)
Gearing%20%23%

*Net sales of Borealis plus pro-rata sales of at equity consolidated companies

Borealis announces a net profit of EUR 207 million for the third quarter of 2019, compared to EUR 279 million in the same quarter of 2018. The lower result was driven by weak polyolefin prices in Asia affecting the contribution from Borouge. The integrated polyolefin margins in Europe remained solid and results of the fertilizer business further improved.

In the third quarter, net debt reduced by EUR 121 million on the back of the solid business performance in Europe and the dividend contribution from Borouge. The positive variance versus the same quarter last year was largely driven by the timing of the dividend payment to Borealis’ shareholders. This year, the dividend will be paid in the fourth quarter.

Borealis financial position remains healthy, with a net gearing ratio of 20% at the end of the third quarter of 2019.

Outlook

“Borealis has achieved an acceptable third quarter result which reinforces the solid performance of the first nine months,” comments Borealis CEO Alfred Stern. “For the fourth quarter of 2019, we expect continued pressure on the polyolefin market in Asia and weaker integrated polyolefin margins in Europe.”

END

For further information, please contact:

Virginia Mesicek
Senior Manager a.i., External Communications
tel.: +43 1 22 400 772 (Vienna, Austria)
e-mail: virginia.mesicek@borealisgroup.com

photo: Alfred Stern, Borealis CEO

photo: © Borealis

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2019 11 04 Q3 2019 Weaker global market environment softens Borealis result in the third quarter, while European business remains solid English, Dutch, Finnish, French, German, Swedish
photo: Alfred Stern, Borealis CEO photo: © Borealis
photo: Alfred Stern, Borealis CEO photo: © Borealis
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