Home / Knowledge / News / Textiles / Ineos Q2 EBITDA boosts 22.4% to €447mn
Ineos Q2 EBITDA boosts 22.4% to €447mn
18
Jul '14
INEOS Group Holdings S.A. announces its trading performance for the second quarter of 2014. 
 
Based on unaudited management information INEOS reports that EBITDA for the second quarter of 2014 was €447 million, compared to €365 million for Q2, 2013 and €401 million for Q1, 2014. 
 
North American markets have continued to be strong, taking full benefit from their current feedstock advantage.  Market conditions in Europe have shown further signs of improvement in the quarter. In contrast, markets in Asia have generally remained soft. 
 
O&P North America reported EBITDA of €236 million compared to €221 million in Q2, 2013. The business has continued to benefit from its flexibility to be able to utilise cheaper NGL feedstocks to maintain healthy margins.  The US cracker business environment was strong with top of cycle margins and high operating rates throughout the quarter.  Polymer demand was very robust, with tight markets and high margins supported by an improving US economy. 
 
Chemical Intermediates reported EBITDA of €132 million compared to €104 million in Q2, 2013.  Chemical Intermediates experienced an improved performance across all of the businesses in the quarter. The overall demand trend in the Oligomers business was strong in most sectors, with robust demand in the polyethylene co-monomer and drilling segments. The Oxide business had a stable performance for the quarter with solid EO and ethanolamine demand, together with improved demand for solvents.  
 
The Antwerp plant had a scheduled turnaround in the quarter.  Supply side restrictions due to a number of competitor turnarounds, together with some improvements in BPA demand have improved the performance of the Phenol business in the quarter.  The market for the Nitriles business has shown some signs of improvement, with firmer demand in the US and Europe. O&P Europe reported EBITDA of €79 million compared to €40 million in Q2, 2013.  
 
Demand for olefins in the quarter was balanced, with industry cracker operating rates remaining trimmed. Margins were relatively steady in the quarter, with a solid aromatics performance offset by weak butadiene margins.  Polymer demand was firm with good volumes and stable margins in the quarter.  The partial closure of the cracker in Lavera during Q2, 2013 adversely impacted the results for that quarter.  The results for Q2, 2013 were also adversely impacted by the poor performance at O&P UK.  The Group disposed of the O&P UK business on October 1, 2013. 
 
The Group has continued to focus on cash management and liquidity.  Net debt was approximately €6.2 billion at the end of June 2014.  Cash balances at the end of the quarter were €1,087 million, and availability under undrawn working capital facilities was €271 million. Net debt leverage was approximately 4.0 times as at the end of June 2014. 
 

INEOS Technologies

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search