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NOVA Chemicals Reports 2013 Third Quarter Results

ID: 1278200
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(Thomson Reuters ONE) -





NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada
T2P 5L5
www.novachemicals.com | 403.750.3600 tel | 403.269.7410 fax

NOVA Chemicals Reports 2013 Third Quarter Results
For immediate release, Thursday, October 31, 2013, Calgary, Alberta, Canada

Profit Growth Quarter-over-quarter and Year-to-date

Third Quarter 2013 Results
For the third quarter of 2013, we generated profit of $120 million compared to
profit of $104 million for the third quarter of 2012. The quarter-over-quarter
increase was primarily due to increased operating profit in the Polyethylene
segment, offset by decreases in operating profit in the Joffre Olefins and
Corunna Olefins segments. For the nine months ended September 30, 2013, we
generated profit of $506 million, compared to profit of $478 million for the
nine months ended September 30, 2012. The year-over-year increase was primarily
due to increased operating profit in the Corunna Olefins and Polyethylene
segments, partially offset by lower operating profit in the Joffre Olefins
segment.

The Olefins/Polyolefins business unit generated $245 million of operating profit
in the third quarter of 2013, compared to operating profit of $222 million in
the third quarter of 2012. The increase for the third quarter of 2013 was
primarily due to higher margins and  sales volumes in the Polyethylene segment,
offset somewhat by lower margins in the Joffre Olefins and Corunna Olefins
segments. For the nine months ended September 30, 2013, the business unit
generated operating profit of $909 million compared to operating profit of $865
million for the nine months ended September 30, 2012. The increase was primarily
due to higher margins in the Corunna Olefins and Polyethylene segments, and
increased sales volumes in the Polyethylene segment, partially offset by lower


margins in the Joffre Olefins segment.

The Performance Styrenics segment generated operating profit from continuing
operations of $2 million in the third quarter of both 2013 and 2012. For the
nine months ended September 30, 2013, the segment generated operating profit
from continuing operations of $2 million compared to $7 million for the nine
months ended September 30, 2012. The year-over-year decline was primarily due to
higher operating costs that were somewhat offset by higher margins.

Highlights
On July 30, 2013, we closed our offering of $500 million 5.25% senior notes due
2023. The net proceeds of the offering were used primarily to purchase or redeem
all of our $350 million 8.375% senior notes due 2016 and pay related transaction
fees and expenses. The remainder was used for general corporate purposes.

Financial Highlights
These highlights should be read in conjunction with our unaudited interim
consolidated financial statements as of and for the three and nine months ended
September 30, 2013 and our audited consolidated financial statements and
management discussion and analysis for the year ended December 31, 2012
contained in our annual report on Form 20-F. On January 1, 2013, we adopted
certain new and amended International Financial Reporting Standards ("IFRS"),
which were required to be applied retrospectively. Refer to Note 2 of our
unaudited interim condensed consolidated financial statements as of and for the
three and nine ended September 30, 2013 for details of the new and amended IFRSs
and impacts to our consolidated financial statements.

  Three Months Ended   Nine Months Ended
----------------------------- ----------------------------
September 30 September 30 September 30 September 30
(millions of U.S. dollars) 2013   2012   2013   2012
----------------------------------------- -------------- -------------- -------------
Restated Restated
      ((1))       ((1))
-------------- -------------- -------------
Revenue $ 1,263     $ 1,189     $ 3,884     $ 3,951



Operating profit from the
businesses from continuing
operations $ 247   $ 224   $ 911   $ 872

Corporate costs (40 )   (33 )   (127 )   (108 )
-------------- -------------- -------------- -------------
Operating profit from
continuing operations $ 207   $ 191   $ 784   $ 764
-------------------------------------------------------------------------------------


Profit for the period $ 120     $ 104     $ 506     $ 478



Cash provided by operating
activities $ 221   $ 264   $ 638   $ 896
-------------------------------------------------------------------------------------
1. Restated for new and amended IFRSs adopted January 1, 2013.
NOVA Chemicals' 2013 third quarter earnings report can be viewed on the
Electronic Data Gathering Analysis and Retrieval System (EDGAR) at
www.sec.gov/edgar.shtml or on NOVA Chemicals' website at www.novachemicals.com.

NOVA Chemicals will host a conference call, Thursday, October 31, 2013 at 11:30
a.m. ET (9:30 a.m. MT). The dial-in number for this call is (416) 340-8061
(passcode 4171853) and the replay number is (905) 694-9451 (passcode 4171853).
The call is available on the internet at
http://www.novachem.com/pages/financials-investor/financials-investor.aspx.

Media and Investor inquiries, please contact:
Pace Markowitz
Director, Communications
Tel: 412.490.4952
E-mail: Pace.Markowitz(at)novachem.com

About NOVA Chemicals
NOVA Chemicals develops and manufactures chemicals, plastic resins and end-
products that make everyday life safer, healthier and easier. Our employees work
to ensure health, safety, security and environmental stewardship through our
commitment to sustainability and Responsible Care(®). NOVA Chemicals is a wholly
owned subsidiary of International Petroleum Investment Company ("IPIC") of the
Emirate of Abu Dhabi, United Arab Emirates.

NOVA Chemicals' logo is a registered trademark of NOVA Brands Ltd.; authorized
use.
Responsible Care(®) is a registered trademark of the Chemistry Industry
Association of Canada.





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originality of the information contained therein.

Source: NOVA Chemicals Corporation via Thomson Reuters ONE
[HUG#1739458]






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Date: 10/31/2013 - 13:46
Language: English
News-ID 1278200
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