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Borealis announces net profit and positive results

April 19/2010

(Borealis) -- Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 38 million for the full year 2009, compared to EUR 239 million in 2008. The company ended 2009 with a return on capital employed (ROCE) after tax of 2%, down from 9% in 2008. Despite its ongoing significant investments, Borealis net interest-bearing debt decreased by EUR 55 million due to a significant focus on working capital management and specific cost reduction measures. Borealis financial position remains solid with a gearing ratio of 43% at the end of 2009, compared to 47% at year-end 2008.

 

Borealis performance was affected by the economic crisis, which hit with full force in 2009, causing a significant downturn in consumer and industry demand and placing polyolefin margins under pressure, as well as costs incurred due to the start-up of the LDPE plant in Stenungsund, Sweden. Borouges contribution in 2009 was also impacted by the economic crisis and costs related to the upcoming start-up of Borouge 2. In order to stay competitive Borealis had to take difficult decisions, one of them being the closure of its high-density PE plant in Beringen, Belgium, by March 2010.

 

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MRC Reference

Borealis. The share in the Russian market in 2008:

 polyethylene - 4.1% (including HDPE - 4.7%, LLDPE - 8.7%);
 polypropylene - 3.2% (PP-impact - 7.5%).

 

Annual sales growth in Russia over the last 5 years:
 polyethylene - 11%;
 polypropylene - 6%.

 

Leader in polymers processing technologies:
 extrusion coating;
 cable extrusion;
 injection molding.

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