Q2, 2007 Trading Statement
INEOS Group Holdings PLC (‘IGH’ or ‘INEOS’) confirms second quarter trading for 2007 has continued at a strong level after encouraging results in quarter one. The Group’s favourable performance was driven particularly by the results of the Refining and Chemical Intermediates segments.
INEOS Group Holdings PLC trading statement second quarter 2007
INEOS Group Holdings PLC (‘IGH' or ‘INEOS') confirms second quarter trading for 2007 has continued at a strong level after encouraging results in quarter one. The Group's favourable performance was driven particularly by the results of the Refining and Chemical Intermediates segments.
Refining saw a significant improvement compared to the first quarter. Overall market conditions were good and operating margins returned to normal levels with good availability during the quarter.
O&P Europe's performance was not as strong as the exceptional first quarter largely due to scheduled and exceptional outages at the ethylene crackers in Grangemouth and Lavera. Additionally, rising feedstock prices impacted cracker margins. However this was partially offset by continued strong results in polyolefins where market conditions have remained encouraging. The unplanned outages have now been resolved and the plants are either running or being restarted.
The O&P North America segment saw a slightly improved performance compared to quarter one although the depreciation of the $ against the euro has had an impact on their reported results.
Chemical Intermediates continued to make good progress with performance ahead of quarter one. Phenol, Nitriles, Oligomers and ChlorVinyls all delivered improved performance with good market conditions and improved margins.
Second quarter numbers will be available in August 2007. Based on management information INEOS expects that EBITDA for the second quarter will be in the region of €665million.