24 October 2016
Perstorp Holding AB (Publ.), parent company for leading global vertically integrated chemicals company Perstorp, today announces preliminary financial results for its Q3 2016 interim period.
Based on preliminary management accounts, we estimate that organic volume-based sales growth was 13-15% in the third quarter. For the three months ended September 30, 2016 our net sales increased by approximately 1-3% compared to the three months ended September 30, 2015 to between SEK 2,800 million and SEK 2,850 million. The increase was driven by stable demand, the successful introduction of products from our Valerox facilities and a higher relative comparison due to reduced production at our Stenungsund facility in the prior comparable period caused by a scheduled triennial maintenance shutdown, with such increase partially offset by lower sales prices, primarily due to lower raw material prices and increased competition with respect to certain product lines. We estimate that organic volume-based sales growth was 5-7% in the first nine months. For the nine months ended September 30, 2016, our net sales decreased by approximately 5-7% to between SEK 8,150 million and SEK 8,200 million compared to net sales for the nine months ended September 30, 2015.
We estimate that for the three months ended on September 30, 2016, our EBITDA (excluding non-recurring items) increased by approximately 15-17% compared to the three months ended September 30, 2015 to between SEK 485 million and SEK 495 million. The increase was primarily attributable to higher sales volumes, driven in part by the reduced production at our Stenungsund facility in the year prior period caused by the scheduled maintenance shutdown, and positive foreign exchange effects, with such increase partially offset by a decline in unit margins. We estimate that for the nine months ended on September 30, 2016, our EBITDA (excluding non-recurring items) decreased by approximately 3% compared to EBITDA (excluding non-recurring items) for the nine months ended September 30, 2015 to between SEK 1,380 million and SEK 1,390 million.
“We are very pleased with the strong results in the third quarter, the second best quarter on record. The results in the quarter were also above the same period last year even when adjusting for the maintenance shutdown in Stenungsund. It’s a testament that the ongoing initiatives, where Perstorp continues to take deliberate, targeted actions across all aspects of its business to generate a resilient, profitable and growing company, is bearing fruit,” stated President & CEO Jan Secher.
The release of our Q3 2016 Interim report, which will include our final results for the period, has been changed from October 26, 2016 to a date in the latter part of November, which is to be announced.
Our final results for the nine-month period ended September 30, 2016 may differ from these preliminary estimates and expectations and remain subject to change.
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