Beginning March 12, 2015, NOVA Chemicals Corporation (the “Company”) will no longer make 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

Selected Financial Information

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


Q1 2015

Q1 2014




$      926

$      1,379

$      5,159

$      5,278

Operating profit – Olefins/Polyolefins

$      212

$         377

$      1,119

$      1,124

Operating profit – Expandable Styrenics

$        (6)

$             3

$             8

$             5


$      124

$         245

$          614

$         658

Cash provided by operating activities

$        89

$         109

$       1,204

$         954

Capital expenditures

$        74

$           77

$          595

$         487


March 31, 2015

December 31, 2014

December 31, 2013

Total assets

$     6,159

$      6,328

$       6,205

Total debt

$        999

$      1,000

$          862


$     3,470

$      3,345

$       3,521

During the first quarter of 2015, strong production at all of our Canadian manufacturing facilities supported PE sales of almost 1 billion pounds – a new quarterly record – and an increase of 16% from the first quarter of 2014. Contributing to this milestone was record production during March at our Corunna Olefins facility and record quarterly sales at both our Joffre PE2 facility and Moore LDPE facility.

First quarter 2015 operating profit for our Olefins/Polyolefins business decreased by 44% as compared to the first quarter of 2014, as lower sales prices on all products, driven by lower crude oil prices, more than offset record polyethylene sales volumes and lower feedstock and operating costs in the first quarter of 2015. In addition the first quarter of 2014 included a $40 million insurance settlement.

The Expandable Styrenics segment generated an operating loss of $6 million during the first quarter of 2015, compared to operating profit of $3 million in the first quarter of 2014. The decrease was primarily due to lower polymer sales prices, which more than offset an increase in sales volumes and lower feedstock costs.

During the first quarter of 2015, our capital expenditures were $74 million, consistent with the prior year and primarily spent on NOVA 2020 growth projects. Our 2015 capital expenditure forecast has been reduced to approximately $775 million, as certain non-growth projects have been removed from the forecast along with the benefit we are realizing from the lower Canadian dollar.

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, 2015, our total liquidity was $1,371 million.

At March 31, 2015, we had two revolving credit facilities totaling $650 million:

  • $550 million senior secured revolving credit facility provided by a syndicate of lenders, which matures on December 17, 2018. As of March 31, 2015, we had utilized $42 million; and
  • $100 million unsecured bilateral credit facility, which is undrawn and expires 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 March 31, 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 March 31, 2015.


Pursuant to the Arrangement, a wholly-owned subsidiary of IPIC acquired all of NOVA Chemicals issued and outstanding common shares for US $6.00 per share on July 6, 2009.

Any questions and requests for assistance in surrendering certificates representing shares of NOVA Chemicals in order to receive consideration for such shares may be directed to the office of the depositary:

CIBC Mellon Trust Company
c/o Canadian Stock Transfer Company Inc.
320 Bay Street, Basement Level (B1)
Toronto, Ontario, M5H 4A6;
1-800-387-0825 (Canada/US) or 
                  1-416-682-3860 (outside Canada/US)

Non-registered shareholders should contact their broker or other intermediary for details.

If any holder of common shares fails to surrender to the depositary the certificates formerly representing common shares, together with such other documents required to entitle the holder to receive payment for his/her/its common shares, on or before July 6, 2015, such certificates will cease to represent a claim by or interest of any kind of a holder, and the payment to which the former holder was entitled will be deemed to have been surrendered and forfeited to IPIC for no consideration.

Contact Us:

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

Media inquiries, please contact:
Pace Markowitz
Director, Communications