Selected Financial Information
During the first half of 2016, we had record polyethylene sales volumes of almost 2 billion pounds, which exceeded the first half of 2015
Arnel Santos joined NOVA Chemicals' senior management team as Senior Vice President, Operations, effective April 18, 2016.
On May 10, 2016, we announced the grand opening of our expanded Centre for Performance Applications in Calgary. This facility is
dedicated to polyethylene resin testing and applications development - serving as a hub for NOVA Chemicals’ experts to support customers
in developing higher-value products and applications.
For the first half of 2016, we generated profit of $292 million, compared to $272 million for the first half of 2015. The increase was primarily
due to our victory in the U.S patent supplemental damages action, and our reversal of the related provision of approximately $31 million,
lower finance costs and lower income tax expense, somewhat offset by a decrease in our Olefins/Polyolefins business unit operating profit.
Capital spending in the first half of 2016, increased by 26%,compared the first half of 2015, primarily due to increased spending 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 June 30, 2016, our total liquidity was $1,122 million, including $615 million of cash and cash equivalents.
We have a $550 million senior secured revolving credit facility provided by a syndicate of lenders, which matures on December 16, 2020.
As of June 30, 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
June 30, 2016.
Our senior secured revolving credit facility and our accounts receivable securitization programs are governed by a maximum senior debtto-
cash flow financial covenant and a debt to capitalization financial covenant which require quarterly compliance. We were in compliance
with these covenants at June 30, 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