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2006-08-09 News Headlines

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Borealis profits, packaging market, new plastics grades

Borealis profits up in 2nd quarter with Borstar expansion strengthening position in the flexible packaging market and introduces eleven new plastics grades.

Borealis announces a net profit of EUR 92 million for the second quarter, compared to EUR 31 million in the previous quarter, and EUR 51 million for the same period last year. Chief Executive John Taylor commented:

“On the back of reasonable demand, our solid financial results benefited from the consistent delivery of our value creation strategy driving improvements in our asset configuration and product portfolio.”

 Find Information and Suppliers of flexible packaging.

Borealis’ investment in its leading proprietary technology, Borstar*, continues to pay off with the second quarter results being favourably impacted by the successful commercialisation of new Borstar capacity. This started to come on stream in Austria in the fourth quarter of 2005 through a new 350,000 tonnes Borstar polyethylene (PE) plant and a 90,000 tonnes expansion of the existing Borstar polypropylene (PP) plant. The investment has significantly strengthened Borealis’ position in the flexible packaging market, particularly in the fast growing LLDPE segment. Simultaneously, 100,000 tonnes of HDPE capacity was closed in Austria. In addition, Borealis recently announced the decision to close a further 110,000 tonnes of HDPE capacity in Norway by the end of the year, enabling a stronger focus on target market segments.

The improved financial results were achieved despite pressure from high and volatile feedstock and energy prices, demonstrating Borealis’ reinforced financial discipline to add value through the supply chain. Net interest-bearing debt grew by EUR 36 million, influenced by higher raw material prices driving up working capital value. Even so, the gearing ratio dropped slightly to 48% due to the increase in retained earnings.

Borouge, Borealis’ joint venture with the Abu Dhabi National Oil Company (ADNOC), continued to contribute to the improved results, demonstrating the success of the companies’ shared strategy.

Borealis is a leading provider of innovative, value creating plastics solutions, with experience in the polyethylene (PE) and polypropylene (PP) business, focusing on pipe systems, energy and communications cables, automotive and advanced packaging markets.

Find Information about the Borealis Group.

Looking ahead, John Taylor stated:
“As we progress the implementation of our value creation strategy we will announce further steps to improve our competitiveness and our ability to provide innovative solutions to our customers.”

Read a recent press release from Borealis about - 'Borealis, the leading provider of innovative value creating plastics solutions, will present the greater use of plastics pipe at the Plastics Pipes conference.'

* Borstar is a registered trademark of Borealis AG.

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