Borealis delivers strong second quarter results despite a softening market environment
1 Borealis recorded a net profit of EUR 168 million in the second quarter of 2011. This results in a net profit of EUR 341 million for the first half of 2011 compared to EUR 146 million during the same period in 2010 2 The Base Chemicals business continued its strong performance whilst the Polyolefins business experienced lower margins towards the end of the quarter due to softening market conditions 3 Borouge, Borealis’ joint venture in Abu Dhabi, contributed significantly to the results 4 The expansion of the petrochemical plant in Abu Dhabi – the ‘Borouge 3’ project - continues to be on track with start-up planned by end of 2013 and being fully operational mid 2014. Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 168 million for the second quarter of 2011, an increase of EUR 76 million compared to the second quarter of 2010. Net profit for the first half of 2011 reached EUR 341 million compared to EUR 146 million during the same period last year. Net debt decreased during the second quarter, resulting in a gearing of 41%, reflecting the company’s overall strong financial position. Polyolefins and Base Chemicals The second quarter of 2011 was impacted by continued high volatility in feedstock prices. Borealis’ Polyolefins business delivered a lower profit in the second quarter of 2011 compared to the first quarter of 2011 and the same period last year, as the European market conditions became increasingly challenging, leading to lower volumes and decreasing margins. The Base Chemicals business continued the strong performance of the first quarter of 2011, driven by a high margin environment, improving the results versus same period last year.