|
(millions of
U.S. dollars, except per share amounts, ratios and miscellaneous data) |
2007 | 2006 | (1) | 2005 | (1) | 2004 | 2003 | 2002 | |||||||||||
| Operating Results | |||||||||||||||||||
| Revenue | $ | 6,732 | $ | 6,519 | $ | 5,616 | $ | 5,270 | $ | 3,949 | $ | 3,091 | |||||||
| Adjusted EBITDA (2) | $ | 885 | $ | 604 | $ | 461 | $ | 570 | $ | 219 | $ | 215 | |||||||
| Operating income (loss)(2) | $ | 553 | $ | (680 | ) | $ | 3 | $ | 265 | $ | (94 | ) | $ | (71 | ) | ||||
| Net income (loss) | $ | 347 | $ | (703 | ) | $ | (101 | ) | $ | 253 | $ | (14 | ) | $ | (112 | ) | |||
| Total assets | $ | 4,836 | $ | 4,077 | $ | 5,178 | $ | 5,047 | $ | 4,413 | $ | 4,154 | |||||||
| Capitalization | |||||||||||||||||||
| Current bank loans | $ | 3 | $ | 1 | $ | 1 | $ | — | $ | — | $ | 3 | |||||||
| Long-term debt(3) | 1,794 | 1,779 | 1,973 | 1,714 | 1,682 | 1,793 | |||||||||||||
| Less: Cash and cash equivalents and restricted cash and other assets | (122 | ) | (60 | ) | (166 | ) | (317 | ) | (284 | ) | (64 | ) | |||||||
| Net debt(2) | $ | 1,675 | $ | 1,720 | $ | 1,808 | $ | 1,397 | $ | 1,398 | $ | 1,732 | |||||||
| Shareholders’ equity | 1,101 | 546 | 1,215 | 1,484 | 1,301 | 980 | |||||||||||||
| Total capitalization net of cash and cash equivalents and restricted cash(3) | $ | 2,776 | $ | 2,266 | $ | 3,023 | $ | 2,881 | $ | 2,699 | $ | 2,712 | |||||||
| Cash Flow Data | |||||||||||||||||||
| Cash provided by (used in) operating activities | $ | 329 | $ | 350 | $ | 338 | $ | 335 | $ | (26 |
) |
$ | 314 | ||||||
| Capital expenditures (net of project advances) | $ | 156 | $ | 198 | $ | 419 | $ | 227 | $ | 119 | $ | 70 | |||||||
| Net debt (repayments) additions | $ | (13 | ) | $ | (195 | ) | $ | 317 | $ | 15 | $ | (157 | ) | $ | (307 | ) | |||
| Data per Common Share | |||||||||||||||||||
| Net income (loss) | |||||||||||||||||||
| — Basic | $ | 4.19 | $ | (8.52 | ) | $ | (1.22 | ) | $ | 2.92 | $ | (0.16 | ) | $ | (1.30 | ) | |||
| — Diluted | $ | 4.16 | $ | (8.52 | ) | $ | (1.22 | ) | $ | 2.72 | $ | (0.16 | ) | $ | (1.30 | ) | |||
| Common shareholders’ equity at year-end(2)(4) | $ | 13.3 | $ | 6.62 | $ | 14.76 | $ | 16.00 | $ | 13.60 | $ | 12.40 | |||||||
| Ratios | |||||||||||||||||||
| Return (loss) on average common equity(3)(6) | 43.2 | % | (55.6 | )% | (7.5 | )% | 19.2 | % | (0.8 | )% | (11.1 | )% | |||||||
| Net debt to total capitalization(2) | 60.3 | % | 75.9 | % | 59.8 | % | 48.5 | % | 51.8 | % | 63.9 | % | |||||||
| Miscellaneous Data | |||||||||||||||||||
| Employees at year-end (6) | 2,820 | 3,300 | 3,600 | 4,100 | 4,300 | 4,300 | |||||||||||||
| Closing share price | |||||||||||||||||||
| — TSX ($Cdn) | $ | 32.27 | $ | 32.50 | $ | 38.81 | $ | 56.70 | $ | 35.04 | $ | 28.89 | |||||||
| — NYSE ($U.S.) | $ | 32.40 | $ | 27.90 | $ | 33.40 | $ | 47.30 | $ | 26.95 | $ | 18.30 | |||||||
| Dividends and distributions | |||||||||||||||||||
| Common shares | $ | 31 | $ | 29 | $ | 27 | $ | 28 | $ | 25 | $ | 23 | |||||||
(1) In 2007, NOVA Chemicals changed
its accounting for its interest in the European accounts receivable
securitization program, undertaken by the European joint venture in 2006. Accounts
receivable securitization transactions are recorded as sales of assets based
on the transfer of control to the purchaser as opposed to financing. Also in
2007, NOVA Chemicals reclassified the current portion of stock-based
compensation and pension assets from Deferred credits and long-term
liabilities to Accounts payable and accrued liabilities and Investments and
other assets, respectively, in 2006 and 2005. In addition, $65 million was
reclassified from Restricted cash all other assets to Long-term debt in 2006 and 2005.
(2) In addition to providing measures
in accordance with Canadian GAAP, NOVA Chemicals presents certain
supplemental measures. These measures do not have any standardized meaning
prescribed by Canadian GAAP, and are, therefore, unlikely to be comparable to
measures provided by other companies. Certain of these measures are defined
on page 54 of the Management’s Discussion & Analysis.
(3) Long-term debt includes current
portion of long-term debt.
(4) Common shareholders’ equity
divided by outstanding common shares. Years prior to 2005 assume the
retractable preferred shares were exchanged for common shares to a maximum of
8.5 million. Effective September 2005, the preferred shares are no longer
convertible to common shares.
(5) Net income (loss) divided by
average common equity.
(6) Excludes approximately 450 NOVA Chemicals’ employees who have been transferred to INEOS NOVA.
