Selected Financial Information

Selected financial information, in millions of U.S. dollars, is provided below.

 

2015 YTD
through Q3

2014 YTD
through Q3

2014

2013

Revenue

$   2,788

$      4,096

$      5,159

$      5,278

Operating profit – Olefins/Polyolefins

$      757

$      1,066

$      1,119

$      1,124

Operating profit – Expandable Styrenics

$        18

$             8

$             8

$             5

Profit

$      441

$         671

$          614

$         658

Cash provided by operating activities

$      767

$         789

$       1,204

$         954

Capital expenditures

$      325

$         403

$          595

$         487


 

September 30, 2015

December 31, 2014

December 31, 2013

Total assets

$     6,297

$      6,328

$       6,205

Total debt

$        998

$      1,000

$          862

Equity

$     3,552

$      3,345

$       3,521

During the first nine months of 2015, we sold a record volume of polyethylene, exceeding the first nine months of 2014 by 7%.

Construction for the PE1 Expansion Project has passed 50% completion, and the project is on track for startup in the fourth quarter of 2016.

For the nine months ended September 30, 2015 we generated profit of $441 million, compared to profit of $671 million for the nine months ended September 30, 2014. The decrease was primarily due to lower operating income in our Olefins/Polyolefins business unit, somewhat offset by lower income tax expense.

The Olefins/Polyolefins business unit generated $757 million of operating profit in the first nine months of 2015, compared to operating profit of $1,066 million in the first nine months of 2014. The decrease for the first nine months of 2015 was primarily due to lower selling prices for all products, which more than offset higher ethylene and polyethylene sales volumes and lower feedstock costs.

The Expandable Styrenics segment generated $18 million of operating profit in the first nine months of 2015, compared to operating profit of $8 million in the first nine months of 2014. The increase for the first nine months of 2015 was primarily due to lower feedstock costs, which more than offset lower selling prices.

During the first nine months of 2015, our capital expenditures were $325 million; almost 20% lower than the first nine months of 2014, and primarily spent on NOVA 2020 growth projects. We expect our 2015 capital expenditures to reach $550 million.

Liquidity and Credit Facilities
We define liquidity as total available capacity under revolving credit facilities, less utilization (including letters of credit), plus cash and cash equivalents. As of September 30, 2015, our total liquidity was $1,408 million.

At September 30, 2015, we had one revolving credit facility totaling $550 million:

  • $550 million senior secured revolving credit facility provided by a syndicate of lenders, which matures on December 17, 2018. As of September 30, 2015, we had utilized $41 million
  • Our $100 million unsecured bilateral credit facility, which was undrawn, expired on September 20, 2015.

We also have two accounts receivable securitization programs (one in the U.S. and one in Canada) with maximum funding of $225 million. The U.S. program expires in January 2017 and the Canadian program expires in February 2018. The programs were undrawn at September 30, 2015.

Our senior secured revolving credit facility and our accounts receivable securitization programs are governed by a maximum senior debt-to-cash flow financial covenant and a debt-to-capitalization financial covenant. We were in compliance with these financial covenants at September 30, 2015.

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NOVA Chemicals Corporation (the “Company”) no longer makes its financial statements available to the general public. However, (1) holders of notes of the Company, (2) bona fide prospective investors who are either qualified institutional buyers or are non-US persons, (3) securities analysts, or (4) market makers in Company notes, can access Company information through the Company’s password-protected online data system. If you are included in any one of the above categories and wish to view Company information, please contact Carolyn Rose per the contact information provided below. Prior to providing log-in details, Ms. Rose may require proof that you fall within one of the above categories and are entitled to access to the data site.

Carolyn Rose
Senior Corporate Paralegal
E-mail: bondholder@novachem.com

Contact Us:

Investor inquiries, please contact:
Tracey Simpson
Leader, External Financial Reporting

Media inquiries, please contact:
Pace Markowitz
Director, Communications