Selected Financial Information
Q1 2016 Highlights
In April 2016, Arnel Santos joined NOVA Chemicals Corporation as our Senior Vice President of Operations. Arnel previously served
as Regional Vice President of Manufacturing for Shell in South East Asia and brings his extensive background in operational
excellence, capital investment, health and safety, and business leadership. He is part of our senior management team and will
succeed Bill Greene, who earlier this year, announced his retirement effective the end of May 2016.
During the first quarter of 2016, we had record polyethylene sales volumes of over 1 billion pounds, which exceeded the first quarter of 2015 by 5%.
For the first quarter of 2016, we generated profit of $100 million, compared to profit of $124 million for the first quarter of 2015. The
quarter-over-quarter decrease was primarily due to lower selling prices for most products, which more than offset higher ethylene,
polyethylene and Expandable Styrenics sales volumes and lower feedstock costs.
During the first quarter of 2016 our capital expenditures were $110 million; almost 50% higher than the first quarter of 2015, and
primarily spent on NOVA 2020 growth projects. We expect our 2016 capital expenditures to be around $625 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 March 31, 2016, our total liquidity was $1,510 million, including $1,003 million of cash and cash
We have a $550 million senior secured revolving credit facility provided by a syndicate of lenders, which matures on December 16,
2020. As of March 31, 2016, we had utilized $43 million.
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 March 31, 2016.
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 which require quarterly compliance. We were
in compliance with these covenants at March 31, 2016.
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.
Senior Corporate Paralegal