NOVA Chemicals Reports 2012 Third Quarter Results

FSC / Press Release 
NOVA Chemicals Reports 2012 Third Quarter Results 
Continued Solid Earnings; Debt Reduction and Additional Ethane Supply 
Calgary, Alberta CANADA, November 01, 2012 /FSC/ - NOVA Chemicals Corporation 
2012 Third Quarter Results 
In the third quarter of 2012, we generated profit of $107 million compared to
profit of $150 million for the third quarter of 2011. The quarter-over-quarter
decline was primarily due to a reduction in margins in our Olefins/Polyolefins
business unit. For the nine months ended September 30, 2012, we generated profit
of $487 million, compared to profit of $538 million for the nine months ended
September 30, 2011. The year-over-year decline for the nine month periods was
primarily due to a reduction in margins in our Olefins/Polyolefins business
unit, an increase in depreciation expense and a decline in the mark-to-market
values of our open feedstock derivatives. 
The Olefins/Polyolefins business unit generated $226 million of operating profit
in the third quarter of 2012 versus operating profit of $287 million in the
third quarter of 2011.  For the nine months ended September 30, 2012, the
business unit generated operating profit of $874 million, compared to operating
profit of $935 million for the nine months ended September 30, 2011.  The
declines were due to lower margins and an increase in depreciation expense. 
The Performance Styrenics segment reported operating profit from continuing
operations of $2 million in the third quarter of 2012 versus operating profit
from continuing operations of $1 million in the third quarter of 2011.  For the
nine months ended September 30, 2012, the segment generated operating profit
from continuing operations of $8 million compared to $6 million for the nine
months ended September 30, 2011.  The improvements were primarily due to reduced
depreciation expense. 
Highlights 
In September 2012, we called our $400 million floating rate senior notes due in
November 2013 early and on October 25, 2012, we repaid them using cash-on-hand. 
In addition, as of September 30, 2012, we repaid the outstanding balances under
our accounts receivable securitization programs.  Our total debt as of September
30, 2012 was $1,194 million, a reduction of $175 million from the end of the
second quarter of 2012, and the pro forma total debt after repaying the 2013
notes is $794 million. 
In September 2012, we signed a memorandum of understanding with Paramount
Resources Ltd. for a long-term ethane purchase agreement sourced primarily from
Paramount's new deepcut facility, Musreau, in Alberta. 
Financial Highlights 
These highlights should be read in conjunction with our unaudited interim
condensed consolidated financial statements, as at and for the period ended
September 30, 2012, our other 2012 unaudited interim condensed consolidated
financial statements and our annual audited consolidated financial statements as
at and for the year ended December 31, 2011 contained in our annual report on
Form 20-F. 
-***- 
(millions of U.S. dollars) 
Three Months Ended        Nine Months Ended 
----------------------------------------------------- 
September 30 September 30 September 30  September 30 
2012         2011         2012          2011
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Revenue                  $ 1,189      $ 1,448      $ 3,951       $ 4,139 
Operating profit from
the businesses           $   228      $   288      $   882       $   941
from continuing operations
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Corporate costs              (33)         (34)        (106)          (78)
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Operating profit from    $   195      $   254      $   776       $   863
continuing operations
-------------------------------------------------------------------------
Profit for the period    $   107      $   150      $   487       $   538
-------------------------------------------------------------------------
Cash provided by         $   265      $   451      $   898       $   709
operating activities
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NOVA Chemicals' 2012 third quarter earnings report can be viewed on the System
for Electronic Document Analysis and Retrieval (SEDAR), at www.sedar.com, 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, November 1, 2012 at 11:30
a.m. ET (9:30 a.m. MT).  The dial-in number for this call is (416) 406-6419
(Passcode 4125079) and the replay number is (905) 694-9451 (Passcode 4125079). 
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: markowp@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(r). NOVA Chemicals is a
wholly owned subsidiary of International Petroleum Investment Company ("IPIC")
of the Emirate of Abu Dhabi, United Arab Emirates. 
NOVA Chemicals is a registered trademark of NOVA Brands Ltd.; authorized use. 
Responsible Care(r) is a registered trademark of the Chemistry Industry
Association of Canada ("CIAC") in Canada and is a registered service mark of the
American Chemistry Council ("ACC") in the United States.  ARCEL(r) is a
registered trademark of NOVA Chemicals Inc. 
NOVA Chemicals Corporation,
1000 Seventh Avenue S.W.,
Calgary, Alberta, Canada T2P 5L5
www.novachemicals.com
403.750.3600 tel
403.269.7410 fax 
To view this press release as a web page, click onto the link below:
http://www.usetdas.com/pr/nova01112012.htm 
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