Nynas reports first quarter 2016
Nynas sales of naphthenic specialty oils increased in Europe and in the Americas in the first quarter of 2016. Net income amounted to SEK 96 million (-110) while lower crude oil prices explained the net sales decrease to SEK 2,210 million (3,208). The takeover of the Harburg refinery was completed, with 157 employees joining Nynas.
“Good demand for naphthenic specialty oils and a slower start into the bitumen season marked the normal seasonally weak first quarter. With bitumen volumes in the first three months only representing around 10 percent of the yearly volume, the first quarter results provide only limited information regarding Nynas’ underlying performance,” commented Gert Wendroth, President and CEO of Nynas AB.
FIRST QUARTER SUMMARY
- Net sales decreased to SEK 2,210 million (3,208), as a consequence of lower crude oil prices compared to the first quarter 2015.
- Operating result before depreciation (EBITDA) amounted to SEK 313 million (14), including an income compensation of SEK 262 million (0) for a discontinued tolling agreement.
- Net income amounted to SEK 96 million (-110).
- Successful completion of the takeover of the Harburg refinery, 1st of January 2016.
- At the end of April Nynas signed a new five-year un-secured EUR 650 million credit facilities agreement with a consortium of six Nordic and international banks.
For further information, please contact:
Hans Östlin, Communications Director Nynas AB
Tel.: +46 (0)708 93 19 75
The information is submitted for publication on 13 May 08:00 CET.
Nynas is a different kind of oil company – we want to use oil, not burn it.
With around 1000 employees, production facilities in Europe and South America as well as offices in over 30 countries, Nynas is dedicated to researching, producing and supplying specialty naphthenic oils and bitumen for a growing global market. Together with our customers, we have the know-how to find new applications and meet new challenges that can help shape society.
We take oil further to bring value to customers and the world we live in.