INEOS Full-Year Report 2023

Based on unaudited management information, INEOS Quattro reports that EBITDA for the fourth quarter of 2023 was €149 million, compared to €455 million for Q4, 2022 and €166 million for Q3, 2023. Full year EBITDA was €909 million compared to €2,572 million for 2022.

Highlights

In response to the challenging market conditions the Group has implemented a number of measures to conserve cash during this period, including policies to control all discretionary fixed costs across the businesses and a review of all capital projects.

• Styrolution reported EBITDA of €43 million compared to €132 million in Q4, 2022. Full year EBITDA was €200 million compared to €749 million for 2022.
  • Styrene monomer demand reduced in line with weaker polymer demand. EBITDA for Q4, 2022 included a one-off license revenue of €68 million for the sale of intellectual property to the newly created joint venture with Sinopec.
  • The fourth quarter result included a non-cash inventory holding gain of approximately €7 million due to an increase in raw material prices 
• INOVYN reported EBITDA of €85 million compared to €328 million in Q4, 2022. Full year EBITDA was €589 million compared to €1,176 million for 2022.
  • The results in the quarter were impacted by general purpose and specialty PVC margin reductions and lower caustic soda pricing.
  •  Export general purpose PVC margins deteriorated to bottom-of-cycle levels with reduced domestic demand in China forcing product normally consumed domestically to be sold into export markets at very low prices.
• Acetyls reported EBITDA of €46 million compared to €35 million in Q4, 2022. Full year EBITDA was €108 million compared to €363 million for 2022.
  • The Chinese economy showed no signs of improvement, with excess capacity weighing heavily on the entire Asian region and steady demand on slim margins.
• Aromatics reported EBITDA of €(25) million compared to €(40) million in Q4, 2022. Full year EBITDA was €12 million compared to €284 million for 2022.
  •  PTA sales volumes improved in the quarter compared to the prior year, largely due to a planned turnaround in 2022 reducing production volumes.