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Nynas reports fourth quarter and full year results 2016

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Nynas increased its sales volumes in the fourth quarter by 3 per cent compared to previous year. The operating result for the quarter (EBITDA) amounted to SEK 44 million (265) and for the full year to SEK 1009 million (1265). Net income for 2016 was positive with SEK 75 million (346). The key activity in 2016 was the takeover of Harburg Refinery North on January 1, with the distillation unit in operation since August.

“Sales performance was good in the fourth quarter with naphthenic sales 7 per cent above previous year and strong bitumen sales towards the end of year due to mild winter weather. Going into 2017 we need to stabilise production in Harburg and gradually increase inventories to achieve our targeted customer service levels,” commented Gert Wendroth, President and CEO of Nynas AB.

FOURTH QUARTER SUMMARY

  • Total product sales volumes increased by 3 per cent compared to previous year.
  • Net sales amounted to SEK 3,184 million (3,141).
  • Operating result before depreciation (EBITDA) decreased to SEK 44 million (265), including an unrealised open hedge position result of SEK -73 million (-8).
  • Nynas has signed a new long-term contract with PDVSA for purchase of Venezuelan crude.

FULL YEAR SUMMARY

  • Total product sales volumes increased by 1 per cent compared to previous year.
  • Net sales decreased to SEK 12,525 million (16,248), as a consequence of lower crude oil prices and to a lesser extent by the weaker British pound.
  • Operating result before depreciation (EBITDA) amounted to SEK 1009 million (1,265) including an unrealised hedge result of SEK -173 million (76).
  • Net income was positive with SEK 75 million (346).
  • Takeover of Harburg Refinery North on January 1, 2016, with the distillation unit in operation since August.
  • Nynas signed a five-year EUR 650 million unsecured bank credit agreement in April.
     

For further information, please contact:
Hans Östlin, Communications Director Nynas AB
Email: hans.ostlin@nynas.com
Tel.: +46 (0)708 93 19 75

www.nynas.com

The information is submitted for publication on February 24, 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.

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