Borouge Classification: Public
Market Announcement
BOROUGE REPORTS FIRST-HALF REVENUES OF $2.8 BILLION,
VALUE ENHANCEMENT PROGRAMME ACHIEVES $253 MILLION
IMPACT YTD
Despite a challenging market, Borouge achieves healthy sales
volumes and returns to full production capacity
Borouge maintains strong premia above benchmarks in a weak pricing
environment
Value Enhancement Programme delivers positive and material impact
of $253 million year to date
Board endorses $650 million interim dividend and reiterates
commitment to pay $1.3 billion in dividends for 2023
Abu Dhabi, UAE – 28 July 2023: Borouge Plc (“Borouge” or “the Company”) (ADX symbol: BOROUGE
/ ISIN: AEE01072B225), a leading petrochemical company that provides innovative and differentiated
polyolefin solutions, today announced its financial results for the three- and six-month periods ended
30 June 2023, with first-half revenues of $2.8 billion and adjusted EBITDA of $978 million. The
Company’s ambitious Value Enhancement Programme delivered a material $253 million impact in
efficiencies and revenue optimisation year to date and is a significant and positive contributor to
countering external market pressures.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented: “In a challenging
market environment, our results for the second quarter and first half of 2023 are a demonstration of our
resilience. Following the successful completion of the planned turnaround of our Borouge 2 facility, our
production is at a very high utilisation rate. In addition, we continue to achieve significant efficiencies
through our ambitious Value Enhancement Programme, which is assisting us in mitigating market
pressures and positions us for further growth.
“In view of our robust financial position and very strong cash conversion, we are pleased to announce
that our board has endorsed an interim dividend of $650 million to be approved by shareholders during
the second half of the year and reiterated our commitment to pay $1.3 billion in dividends for 2023. Our
commitment to creating value for our shareholders, while innovating and differentiating our solutions to
deliver the highest quality in the market, remains as strong as ever.”
Highlights for the three months ended 30 June 2023: Second-quarter revenue increased by 2.5%
quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis. Borouge reported net
income of $231 million in Q2 2023, increasing by 16% compared to the first quarter, supported by a 4%
increase in sales, but decreased compared to Q2 2022.
While top and bottom-line performance in Q2 faced year-on-year pricing challenges, Borouge delivered
a healthy EBITDA margin of 37%, up 10% compared to the previous quarter, reflecting improved
operational efficiencies. Cash conversion was very strong at 96%, with a healthy adjusted operating
free cash flow of $496 million, up 31% compared to the previous quarter.
Pressures from market weakness were partially offset by the positive impact of the Value Enhancement
Programme, as well as by healthy sales volumes and the resilience of the Company’s pricing premia
compared to benchmarks. Strong volumes for both polyethylene (PE) and polypropylene (PP) includedBorouge Classification: Public
Market Announcement
40% of total sales to the value-added infrastructure segment, representing a high premia end market
and strategic growth focus for Borouge. Meanwhile, production resumed at a high utilisation rate
following the successful completion of the planned turnaround of the Borouge 2 facility in Q1.
Pricing premia was maintained above management guidance for both PE ($249/t) and PP ($150/t)
despite softening benchmark prices and some compression driven by a challenging market
environment.
Highlights for the six months ended 30 June 2023: In the first half of 2023, sales volumes grew by
1.5% year-on-year to 2.4 million metric tonnes. Net profit for the period was impacted due to a sharp
22% decline in average selling prices compared to their peak levels in Q2 2022, when prices were
supported by a combination of high product benchmark rates and exceptional premia for PE and PP.
Value Enhancement Programme delivers $253 million material impact within this year
Borouge’s Value Enhancement Programme continues to successfully deliver cost efficiencies and
revenue optimisation. Tracking ahead of its target of $400 million, the programme has achieved a $253
million material impact within this year. This is the result of a stringent and detailed range of operational
improvement initiatives addressing fixed and variable costs.
In addition, Borouge’s cost-advantaged Olefins Conversion Unit (OCU) is operating at high utilisation,
bringing a cost benefit from propylene substitution and supporting margins. Owing to its competitive
feedstock contracts, economies of scale and young asset base, Borouge is positioned in the first quartile
of the global cost curve.
A strong balance sheet and high cash conversion support significant dividends and future
growth; Borouge 4 successfully concludes project funding
Borouge continues to manage a robust balance sheet and maintains a conservative leverage profile,
enabling significant dividend capacity and future growth. Borouge 4, which is being built by the
Company’s major shareholders, ADNOC and Borealis, has reached another important milestone in
completing project funding constituting of equity, shareholder loans and long-term external financing.
The Company continues to explore international expansion opportunities, focusing on geographies and
markets that are aligned with its strategic roadmap.
Driving innovation within the industry
Borouge continues to drive innovation, ensuring that its products are of the highest quality and
sustainability standards. As part of its strategy for innovation, Borouge recently launched a new
polypropylene infrastructure product to assist with the manufacturing of durable, corrosion-free
plumbing and heating pipe systems. With a longer lifetime and easy installation process, the product
provides several sustainability benefits and differentiates the Company’s overall PP product portfolio.
The new solution is expected to add significant value to Borouge’s hot and cold water pipe offering,
aiming to grow its market share of the segment to over 20%.
Outlook
Borouge’s strategy continues to focus on delivering value-added, differentiated products and innovative
solutions to its customers, capitalising on economic opportunities in its territories. While the polyolefin
markets remain challenging, with pricing expected to operate within a narrow band of volatility in 2023,
Borouge remains well positioned in its core territories to continue to deliver product premiaBorouge Classification: Public
Market Announcement
versus benchmarks over the cycle given the Company’s competitive and cost advantaged feedstock
position, economies of scale through one of the world’s largest integrated polyolefins complexes,
proprietary Borstar® technology and leading position in key growing and sustainable market
segments. The Company also expects to realise further material results from its Value Enhancement
Programme during the coming quarters.
Majority shareholder’s recent announcement on potential merger of polyolefins businesses
On 15 July 2023, Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”), Borouge’s majority
shareholder, and OMV AG (“OMV”), Borealis AG (“Borealis”) majority shareholder, announced that they
entered into formal negotiations regarding a potential merger of Borouge and Borealis. Any final
decision will be subject to the governance processes of Borouge and other relevant parties involved.
Borouge will make any necessary disclosures to the market, if and when required, in full compliance
with its regulatory obligations.
-ENDS-
About Borouge Plc
Borouge Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol “BOROUGE” / ISIN “AEE01072B225”), is
a leading petrochemical company that provides innovative and differentiated polyolefin solutions for the
infrastructure, energy, mobility, healthcare, agriculture and advanced packaging industries. ADNOC owns a
majority 54% stake and Borealis holds a 36% stake in Borouge. To find out more, visit: borouge.com
For further information, please contact:
Rehab Ateeq
VP, Global Communications
Media@borouge.com
Samar Khan
VP, Investor Relations
IR@borouge.com4)
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IINNSSPPIIRRIINNGG TTOOMMOORRRROOWW1. Summary of Operational & Financial Performance
Borouge PLC (Borouge) reported Q2 2023 revenue of $1,416 million, representing a quarter-on-quarter
increase of 2.5 percent, primarily due to a 4.2 percent increase in sales volume after the successful
completion of the planned B2 turnaround in the previous quarter. On a year-on-year basis, Q2 revenue
is down 24 percent, driven by a 25 percent reduction in average selling prices. On a half yearly basis,
revenue is down 19 percent to $2,798 million in H1 2023 versus $3,460 million in H1 2022, primarily
due to a 22 percent decline in average polyolefin prices during this period.
Despite a challenging pricing environment, in Q2 2023, Borouge achieved healthy premia over product
benchmark price of $249 per tonne for Polyethylene (PE) and $150 per tonne for Polypropylene (PP),
respectively. Premia achieved was above management’s through-the-cycle guidance of $200 per tonne
and $140 for tonne for PE and PP, respectively, owing to Borouge’s differentiated product range and
strong market positioning in key product segments.
Borouge reported Q2 2023 Adjusted EBITDA of $518 million, operating profit of $369 million, and net
profit of $231 million. Net profit declined 53 percent year-on-year, primarily owing to a 25 percent
decrease in average selling prices over the period, offset by a 9 percent reduction in the overall cost
base (equivalent to 16 percent reduction in costs per tonne) over the period.
On a half yearly basis, operating profit is down 43 percent to $696 million in H1 2023 versus $1,229
million in the same period last year. Adjusted EBITDA is down 35 percent to $978 million, and net profit
is down by 50 percent to $431 million. These declines are driven primarily by lower average selling
prices during the period.
The Value Enhancement Program has contributed $253 million to EBITDA in H1 2023.
Cash conversion in Q2 2023 increased to 96 percent versus 82 percent in the previous quarter due to
lower maintenance capex in Q2 2023, following the successful completion of the B2 turnaround in Q1
2023. Net debt as of 30 June 2023 is $3,167 million, versus $3,277 million as of 31 March 2023.
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
Total sales volumes (kt) 1,206 1,227 1,157 2,363 2,328
…Polyethylene 659 652 573 1,232 1,263
…Polypropylene 547 496 488 1,035 954
…Ethylene and others 0 79 96 96 111
Average selling price ($/t)
…Polyethylene 1,166 1,518 1,202 1,182 1,460
…Polypropylene 1,041 1,435 1,082 1,060 1,409
Product premia ($/t)
…Polyethylene 249 436 264 256 368
…Polypropylene 150 318 137 144 283
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
US$MM US$MM US$MM US$MM US$MM
Revenue 1,416 1,870 1,382 2,798 3,460
Cost of sales (899) (932) (914) (1,813) (1,800)
Gross profit 517 937 467 984 1,659
General and administrative
expenses (excluding D&A) (49) (31) (46) (95) (71)
Selling & distribution expense (105) (188) (100) (204) (362)
Other income and expenses 5 1 5 10 3
Operating profit 369 719 327 696 1,229
Profit for the period 231 490 199 431 853
Profit margin (%) 16% 26% 14% 15% 25%
2Total comprehensive income for
the period 226 485 201 427 848
Adjusted EBITDA(1) 518 868 460 978 1,512
Adjusted EBITDA margin (%) 37% 46% 33% 35% 44%
Basic earnings per share (US$) 0.01 0.02 0.01 0.01 0.03
Diluted earnings per share (US$) 0.01 0.02 0.01 0.01 0.03
Net debt 3,167 3,543 3,277 3,167 3,543
(1) Adjusted EBITDA is calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, plant and equipment.
2. Operational Review
In Q2 2023, production resumed at very high utilisation rates of 110 percent and 99 percent for PE and
PP, respectively, following the successful completion of the B2 turnaround in Q1 2023. Resultantly,
sales volumes picked up by 4 percent on a quarter-on-quarter basis.
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
Production capacity (kt) 1,242 1,242 1,228 2,470 2,470
…Polyethylene 686 686 678 1,364 1,364
…Polypropylene 556 556 550 1,106 1,106
Utilisation rate
…Polyethylene 110% 92% 78% 94% 87%
…Polypropylene 99% 87% 81% 90% 85%
The Olefin Conversion Unit (OCU), which allows Borouge to internally produce large amounts of
propylene from ethylene also operated at a high utilization rate in Q2. Ethylene is typically prioritized
for use in maximizing PE production and the additional quantities are sent to the OCU.
3. Revenue & Pricing
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
Sales volumes by product (kt)
…Polyethylene 659 652 573 1,232 1,263
…Polypropylene 547 496 488 1,035 954
…Ethylene and others 0 79 96 96 111
Polyethylene (US$ / t)
…Average sales prices 1,166 1,518 1,202 1,182 1,460
…Premia 249 436 264 256 368
...Benchmark 916 1,082 938 926 1,092
Polypropylene (US$ / t)
…Average sales prices 1,041 1,435 1,082 1,060 1,409
…Premia 150 318 137 144 283
…Benchmark 891 1,117 945 916 1,126
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
Revenue by product (US$MM) (US$MM) (US$MM) (US$MM) (US$MM)
…Polyethylene 820 1,049 758 1,578 1,953
…Polypropylene 591 734 555 1,145 1,386
…Ethylene and others 5 87 69 74 121
Total revenues 1,416 1,871 1,382 2,798 3,461
3(1) Benchmark prices represent HDPE Blow Molding NEA CFR and polypropylene Raffia NEA CFR prices as per IHS Markit data.
(2) Average sales prices are equal to revenue over sales volumes (including commissions).
(3) Premia is equal to the difference between average sales prices and the benchmark prices.
Q2 2023 sales volumes are up by 4.2 percent versus the prior quarter, mainly due to the resumption of
production following the B2 the successful completion of the planned Borouge 2 Turnaround. Sales
volumes from energy & infrastructure solutions represent c.40 percent of polyolefin sales volumes in
the second quarter. This is part of Borouge’s strategy to focus on durable products for industrial
applications. Specifically, sales volumes of PE100, a key premium product used in infrastructure
applications, have contributed positively to the overall sales mix outcome. The Asia Pacific market
continues to be the largest destination for polyolefin sales with 66 percent of total polyolefin sales
volumes followed by the Middle East and Africa with 27 percent of total polyolefin sales volumes.
On a year-on-year basis, blended average selling prices across PE and PP were down 25 percent from
the exceptionally high prices achieved in Q2 2022. On a sequential quarter-on-quarter basis, prices
were down 3 percent.
Despite a challenging pricing environment, Borouge was able to command high premia over benchmark
prices, reflecting Borouge’s strong market positioning in key market segments. Premia for PE and PP
were $249 per tonne (down 6 percent Q-o-Q basis) and $150 per tonne (up 9 percent Q-o-Q basis),
respectively.
Segmental revenue breakdown (includes polyolefins and olefins)
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
By product group
…Polyethylene 58% 56% 55% 56% 56%
…Polypropylene 42% 39% 40% 41% 40%
…Ethylene and others 0% 5% 5% 3% 4%
By end market
…Consumer solutions 52% 48% 45% 49% 48%
…Infrastructure solutions 45% 45% 48% 46% 46%
…Other 3% 6% 7% 5% 6%
By geography
…Asia Pacific 65% 57% 59% 62% 57%
…Middle East & Africa 28% 32% 29% 29% 32%
…Rest of World 6% 7% 7% 7% 7%
…Ethylene & others 0% 5% 5% 3% 3%
(1) Consumer Solutions includes sales to the agriculture sector.
(2) “Other” in “By End Markets” includes mobility and healthcare sectors and ethylene and other products.
Segmental volume breakdown (includes polyolefins and olefins)
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
By product group
…Polyethylene 55% 53% 50% 52% 54%
…Polypropylene 45% 40% 42% 44% 41%
…Ethylene and others 0% 6% 8% 4% 5%
By end market
…Consumer solutions 58% 50% 49% 53% 50%
…Infrastructure solutions 40% 42% 41% 40% 44%
…Other 2% 8% 10% 6% 7%
By geography
…Asia Pacific 66% 57% 56% 61% 58%
…Middle East & Africa 27% 30% 28% 28% 30%
…Rest of World 7% 6% 7% 7% 7%
…Ethylene & others 0% 6% 8% 4% 5%
(1) Consumer Solutions includes sales to the agriculture sector.
(2) “Other” in “By End Markets” includes mobility and healthcare sectors and ethylene and other products.
44. Costs
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
US$MM US$MM US$MM US$MM US$MM
Revenue 1,416 1,870 1,382 2,798 3,460
Cost of sales (excluding D&A) (750) (792) (781) (1,531) (1,528)
…Feedstock costs
(324) (320) (375) (699) (593)
…Other variable and fixed
production costs (426) (472) (406) (832) (935)
…as % of revenue 53% 42% 57% 55% 44%
General and administrative
expenses (excluding D&A) (49) (31) (46) (95) (71)
…as % of revenue 3% 2% 3% 3% 2%
Selling and distribution
expenses (105) (188) (100) (204) (362)
…as % of revenue 7% 10% 7% 7% 11%
Other income and expenses 5 1 5 10 3
Depreciation and amortization (149) (141) (133) (282) (272)
Operating profit 369 719 327 696 1,229
…as % of revenue 26% 38% 24% 25% 36%
The Value Enhancement Program continues to perform strongly, achieving a $253 million EBITDA
impact in H1 2023, comprising an approximate 70/30 split between cost efficiencies and revenue
enhancement, respectively. The overall cost base in Q2 is down 9 percent year-on-year and down 1
percent quarter-on-quarter. Total cost per tonne in Q2 2023 are down 16 percent year-on-year and 18
percent quarter-on-quarter. Cost of Sales are down 5 percent year-on-year and 4 percent quarter-on-
quarter, supported by a 14 percent decrease in feedstock costs.
General and admin expenses increased by 56 percent from $31 million to $49 million on a year-on-year
basis due to non-recurring one-off items such as bad debt provisions. Selling and distribution expenses
in Q2 2023 are down by 44 percent year-on-year primarily due to significant decreases in freight costs
versus the same period last year.
5. Cash Generation
Three Months Ended Six Months Ended
30 30 31 30 30
June June March June June
2023 2022 2023 2023 2022
US$MM US$MM US$MM US$MM US$MM
Profit for the period 231 490 199 431 853
Income tax expense 88 212 84 172 347
Net finance loss, including
foreign exchange loss 49 17 44 93 29
Depreciation of property, plant,
and equipment 139 135 126 265 259
Depreciation of right-of-use
assets 10 0.4 6 15 2
Amortisation of intangible assets 1 5 1 2 11
Impairment loss on property,
plant & equipment - 8 - - 10
Adjusted EBITDA (1) 518 868 460 978 1,512
5Capital expenditure (2) 22 (44) 83 105 84
Adjusted operating free cash flow
(3) 496 912 378 873 1,428
Cash conversion (%) 96% 105% 82% 89% 94%
(1) Adjusted EBITDA is calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, plant and equipment.
(2) Capital expenditure is calculated as additions to property, plant and equipment for the period.
(3) Adjusted Operating Free Cash Flow is calculated as Adjusted EBITDA less capital expenditure.
Adjusted EBITDA in Q2 2023 increased by 13 percent to $518 million versus the prior quarter, reflecting
the increased sales volumes and the positive impact of the Value Enhancement Program. On a half
yearly basis, adjusted EBITDA is down by 35 percent to $978 million reflecting a decrease in the top
line due to the challenging overall pricing environment.
Borouge generated $496 million of adjusted operating free cashflow during the second quarter at a
conversion rate of 96 percent versus 82 percent in the previous quarter due to lower maintenance
related capex in the period in Q2 2023 following the completion of the turnaround activities in the
previous quarter.
6. Current Trading & Outlook
The outlook for polyolefins in the remainder of 2023 remains cautious and market analysts anticipate
a narrow band of price volatility during this period. Market analysts expect a soft pricing environment in
Asia to remain, resulting from new polyolefin production capacities coming online and until the delayed
recovery in China and Asian demand materializes.
Borouge Management re-affirms the existing through-the-cycle premia guidance for PE and PP of $200
per tonne and $140 per tonne, respectively.
Management expects production volumes to remain strong and focused on more differentiated
products. Borouge’s core strategy of developing innovative products continues to support our premium
pricing.
Within our cost base, ethane costs will remain essentially fixed under our long-term pricing agreement
with ADNOC, which provides us with significant long-term feedstock security, a key competitive
advantage. Propylene costs, which broadly track oil prices, remain elevated. We anticipate continuing
to run our OCU at high rates in the coming quarter, generating cost effective propylene feedstock for
PP production. We also anticipate strong progress to continue to be made on the Value Enhancement
Program during the remainder of the year.
Management reiterates its commitment to pay $1.3 billion in dividends for the Financial Year 2023. In
relation to H1 2023, the Board has endorsed an interim dividend of $650 million to be approved by
shareholders during the second half of 2023.
The Company will announce its Q3 2023 results on 31 October 2023.
6BBOORROOUUGGEE PPLLCC
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JJuunnee 22002222 JJuunnee 22002233 MMaarrcchh 22002233 22002233 JJuunnee 22002222 QQ11 22002233
(%)
UUSSDD UUSSDD UUSSDD UUSSDD UUSSDD (%)
mmiilllliioonnss mmiilllliioonnss mmiilllliioonnss mmiilllliioonnss mmiilllliioonnss
RReevveennuuee 33,.446600 22,,779988 11,,338822 11,,441166 11887700 22%%
CCoosstt ooff ssaalleess ((eexxcclluuddiinngg
((11,,552288)) ((11,,553311)) ((778811)) ((775500)) ((779922)) 44 %%
ddeepprreecciiaattiioonn aanndd aammoorrttiissaattiioonn))
FFeeeeddssttoocckk ccoossttss...... ((559933)) ((669999)) ((337755)) ((332244)) ((332200)) 1144%%
OOtthheerr vvaarriiaabbllee aanndd ffiixxeedd
((993355)) ((883322)) ((440066)) ((442266)) ((447722)) ((55%%))
pprroodduuccttiioonn ccoossttss............
...... aass %% ooff r reevveennuuee 4444%% 5555%% 5566%% 5533%% 4422%%
SSeelllliinngg aanndd ddiissttrriibbuuttiioonn
((336633)) ((220044)) ((110000)) ((110055)) ((118888)) ((55%%))
eexxppeennsseess
...... aass %% ooff rreevveennuuee 1100%% 77%% 77%% 77%% 1100%%
GGeenneerraall aanndd aaddmmiinniissttrraattiivvee
((7711)) ((9955)) ((4466)) ((4488)) ((2299)) ((44%%))
eexxppeennsseess
...... aass %% ooff rreevveennuuee 22%% 44%% 33%% 44%% 22%%
OOtthheerr iinnccoommee aanndd
33 1100 55 55 11 00%%
eexxppeennsseess
...... aass %% ooff rreevveennuuee 00%% 00..44%% 00..44%% 00..44%% 00%%
DDeepprreecciiaattiioonn aanndd
((227722)) ((228822)) ((113333)) ((114499)) ((114422)) ((1122%%))
aammoorrttiizzaattiioonn
OOppeerraattiinngg 13%
11,,222299 669966 332277 336699 771199 13%
pprrooffiitt
...... aass %% ooff rreevveennuuee 3366%% 2255%% 2244%% 2266%% 3388%%
TToottaall ooppeerraattiinngg ccoossttss // ttoonnnnee ooff
995522 888866 998877 880044 992266
pprroodduuccttiioonn
22et
UUnnaauuddiitteedd eeaarrnniinnggss ppeerr sshhaarree
FFoorr tthhee FFoorr tthhee
ssiixx FFoorr tthhee FFoorr tthhee FFoorr tthhee tthhrreeee
mmoonntthhss ssiixx tthhrreeee tthhrreeee mmoonntthhss
eennddeedd 3300 mmoonntthhss mmoonntthhss mmoonntthhss eennddeedd 3300
JJuunnee eennddeedd 3300 eennddeedd 3311 eennddeedd 3300 JJuunnee JJuunnee
22002222 JJuunnee 22002233 MMaarrcchh 22002233 22002233 22002222
EEaarrnniinnggss ppeerr sshhaarree ((EEPPSS)) iinn UUSSDD 00..0033 00..0011 00..0011 00..0011 00..0022
DDiilluutteedd eeaarrnniinnggss ppeerr sshhaarree iinn UUSSDD 00..0033 00..0011 00..0011 00..0011 00..0022
UUnnaauuddiitteedd aaddjjuusstteedd EEBBIITTDDAA
FFoorr tthhee
ssiixx FFoorr tthhee FFoorr tthhee FFoorr tthhee
mmoonntthhss ssiixx tthhrreeee tthhrreeee
eennddeedd mmoonntthhss mmoonntthhss mmoonntthhss FFoorr tthhee tthhrreeee
3300 JJuunnee eennddeedd 3300 eennddeedd 3311 eennddeedd 3300 JJuunnee mmoonntthhss eennddeedd
22002222 JJuunnee 22002233 MMaarrcchh 22002233 22002233 3300 JJuunnee 22002222
UUSSDD mmiilllliioonnss
PPrrooffiitt ffoorr tthhee ppeerriioodd 885533 443311 119999 223311 449900
IInnccoommee ttaaxx eexxppeennssee 334477 117722 8844 8888 221122
NNeett ffiinnaannccee lloossss,, iinncclluuddiinngg ffoorreeiiggnn
3300 9933 4444 4499 1188
eexxcchhaannggee lloossss
DDeepprreecciiaattiioonn ooff pprrooppeerrttyy,, ppllaanntt aanndd
225599 226655 112266 113399 113355
eeqquuiippmmeenntt
DDeepprreecciiaattiioonn ooff rriigghhtt --ooff --uussee aasssseettss 22 1155 66 1100 -
AAmmoorrttiizzaattiioonn ooff iinnttaannggiibbllee aasssseettss 1111 22 1I 11 55
IImmppaaiirrmmeenntt lloossss oonn pprrooppeerrttyy,, ppllaanntt
1100 88
aanndd eeqquuiippmmeenntt
AAddjjuusstteedd EEBBIITTDDAA(('") 11,,551122 997788 446600 551188 886688
CCaappiittaall eexxppeennddiittuurree ((22)) 8844 110055 8833 2233 ((4444))
AAddjjuusstteedd OOppeerraattiinngg FFrreeee CCaasshh FFllooww
11,,442288 887733 337777 449966 991144
((33))
CCaasshh ccoonnvveerrssiioonn ((%%)) 9955%% 8899%% 8822%% 9966%% 110055%%
((11)) AAddjjuusstteedd EEBBIITTDDAA iiss ccaallccuullaatteedd aass EEBBIITTDDAA pplluuss aaddjjuussttmmeennttss oonn ffoorreeiiggnn eexxcchhaannggee ggaaiinn oorr lloossss aanndd iimmppaaiirrmmeenntt lloossss
oonn pprrooppeerrttyy,, ppllaanntt aanndd eeqquuiippmmeenntt..
((22)) CCaappiittaall eexxppeennddiittuurree iiss ccaallccuullaatteedd aass aaddddiittiioonnss ttoo pprrooppeerrttyy,, ppllaanntt aanndd eeqquuiippmmeenntt aanndd iinnttaannggiibbllee aasssseettss ffoorr tthhee ppeerriioodd..
((33)) AAddjjuusstteedd OOppeerraattiinngg FFrreeee CCaasshh FFllooww iiss ccaallccuullaatteedd aass AAddjjuusstteedd EEBBIITTDDAA lleessss ccaappiittaall eexxppeennddiittuurree..
33

Sentiment: positive