Nynas reports second quarter 2016
In the second quarter, sales volumes for naphthenic specialty oils and bitumen increased with 4 percent compared to last year. Net sales for the second quarter were SEK 3,318 million (4,907) as a consequence of primarily lower oil price levels and a weaker British pound. The majority of our activities focused on the Harburg refinery conversion project.
“A project such as the Harburg conversion always comes with a number of risks. During the first half of the year we discovered some unforeseen challenges and we could not complete the work for a start-up in time for the summer bitumen season, leading also to some supply shortages for individual specialty oil products. However, the distillation unit in Harburg is now up and running since the first week of August and we expect product supply to gradually normalise,” commented Gert Wendroth, President and CEO of Nynas AB.
SECOND QUARTER SUMMARY
- Net sales decreased to SEK 3,318 million (4,907), as a consequence of lower crude oil prices and a weaker British pound.
- Operating result before depreciation (EBITDA) amounted to SEK 111 million (260).
- Net income amounted to SEK -64 million (47).
- Decision taken to open a new sales company in Colombia as well as a new depot in the US to further expand service level and delivery performance.
- Nynas signed a new five-year unsecured EUR 650 million credit facility agreement with a consortium of six Nordic and international banks to refinance an existing credit.
- Harburg North side distillation unit in operation first week of August.
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 26 August 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.