Financial Information

Selected Financial Information

Year Ended December 31

Highlights

CHEMcentral & External Web

2021 was a year like no other in many ways. We continued to outperform our peers in EBITDA margin and experienced the strongest financial returns in company history. We made meaningful progress in our ambition to build a circular economy for plastics, launched our inclusion & diversity strategy, and focused in on our role in decarbonization. The construction of our AST2 Venture is now more than 85% complete and we’re looking forward to bringing new, premium-value plastics that support sustainable packaging solutions to the marketplace. We celebrated several safety milestones and tied with 2020 for our best year of safety performance, while identifying areas where we need to improve to meet our own expectations. In 2021, the Corunna cracker expansion project reached 1 million hours worked without a recordable injury. We achieved record financial performance in 2021 as our industry experienced very high demand paired with significant industry-wide supply disruptions. We made substantial progress in furthering a circular plastics economy while developing a more inclusive and diverse workplace for our employees.

  • This year, we generated EBITDA of $2,345 million and net income of $1,295 million. These were both record highs for NOVA and significant improvements over 2020.
  • Our EBITDA margin of 46% highlights our ability to capture strong margins and continues as the highest among the olefin and polymer segments of our peers.
  • We pivoted our attention to polyethylene sales supporting our North American customers. In total, we reduced our 2021 PE exports by 50% compared to 2020.
  • Our 2021 third-party ethylene and polyethylene sales volumes were 12% lower compared to 2020 because of planned turnarounds and unplanned outages in 2021.
  • We focused on Responsible Care performance of our employees and contractors as we collectively achieved a 2021 Total Recordable Case Rate of 0.27.
  • We continue to align with the growing market demand for products containing recycled materials. In November, we introduced railcar quantities of post-consumer resin to our portfolio of product offerings. This is a significant milestone in how we make a circular plastics business of scale.
  • We continue to demonstrate market leadership with highly differentiated product offerings as we are nearing commercial sales of our unique high density BOPE resin technology that allows for better quality, recyclable food packaging.
  • In Q4 2021, we established our first ever employee-driven Inclusion and Diversity Council to be a leading voice in shaping the future direction of our Inclusion & Diversity efforts.
  • We had liquidity of $2,039 million at December 31, 2021.
  • We distributed $1,000 million in 2021 as dividends to our shareholder utilizing cash on hand.
  • In Q2 2021, we reduced our annual interest expense and fees and lengthened the tenure of our debt profile by amending and extending our senior secured credit agreement and issuing new 2029 senior notes, while redeeming the 2023 senior notes. AST2, located at the new Rokeby Site and adjacent to the Corunna Site, will have a capacity of approximately 950 million pounds of polyethylene per year, and will allow us to continue growing our business by bringing new, premium-value plastics that support sustainable packaging solutions to the marketplace, while providing greater supply reliability for our customers. Start-up is expected in late 2022, after the Spring 2022 Corunna Site turnaround, subject to any future impacts of COVID-19. As of December 31, 2021, our total liquidity was $2,039 million, including $547 million of cash and cash equivalents. We were in compliance with our covenants at December 31, 2021 and 2020, which govern our senior secured credit agreement and our accounts receivable securitization programs. We define liquidity as total available capacity under our senior secured credit agreement, less utilization (including letters of credit), plus cash and cash equivalents, net of any limitations as a result of covenant compliance.


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 Kathy Kitko per the contact information provided below. Prior to providing log-in details, Ms. Kitko may require proof that you fall within one of the above categories and are entitled to access to the data site.

Kathy Kitko
Executive Administrative Assistant
E-mail: bondholder@novachem.com

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