Oxea Reports Robust Earnings and Strong Cash Flows

Oxea Reports Robust Earnings and Strong Cash Flows PR Newswire LUXEMBOURG, August 13, 2012 LUXEMBOURG, August 13, 2012 /PRNewswire/ -- Highlights Q2 2012: * Net sales were EUR380 million versus EUR391 million in the prior year period * Operating profit was EUR47 million versus EUR47 million in the prior year period * Net income was EUR23 million versus EUR16 million in the prior year period * EBITDA was EUR53 million versus EUR52 million in the prior year period * Adjusted EBITDA was EUR46 million versus EUR56 million in the prior year period Oxea, a leading global supplier of Oxo Intermediates and Oxo Derivatives, today announced robust earnings for the second quarter of 2012, with net sales of EUR380 million getting close to prior year's level. Margins in Q2 2012 were impacted by the Turnarounds at the plants in Oberhausen and Bay City and by the inventory carry over impact from the strong decrease in propylene prices. Therefore, adjusted EBITDA could not yet reach the level of the prior year period. On a quarter to quarter basis, Oxea was again able to increase revenue and adjusted EBITDA. Compared to the first quarter of 2012, revenues were up by 2% and adjusted EBITDA was up by 3%. This underpins the continuation of the positive earnings trend in the first half of 2012 after a softer second half of 2011. In the first half of 2012, Oxea generated strong cash flows, mainly due to a significant improvement of Trade Working Capital.