Nynas reported on February 26 that it increased sales volumes by 8 percent in 2015. Net income in 2015 increased to SEK 346 million compared to SEK 279 million in 2014.

The key activity in the fourth quarter was the turnaround of the southern part of the Harburg refinery and the final takeover of the northern part, with another 157 employees joining Nynas.

For the fourth quarter, total sales volumes increased by 3 percent for comparable units compared to previous year's similar quarter. Net sales decreased to SEK 3,141 million compared to SEK 4,985 million as a consequence of 43 percent lower crude oil prices compared to last year. Operating result (EBITDA) excluding non-recurring items amounted to SEK 265 million compared to SEK 345 million, including unrealized hedge result of SEK -8 million (compared to SEK 488 million in 2014) and inventory write down of SEK -41 million (compared to SEK -219 million).

For the full year, total sales volumes increased by 8 percent for comparable units compared to previous year. Net sales decreased to SEK 16,248 million compared to SEK 22,522 million in 2014, as a consequence of 47 percent lower crude oil price compared to last year. Operating result (EBITDA) excluding non-recurring items amounted to SEK 1,265 million (compared to SEK 1,336 million), including unrealised hedge result of SEK 76 million (compared to SEK 510 million) and inventory write down of SEK -41 million (compared to SEK -219 million). Cash flow from operating activities increased to SEK 1,763 million (compared to SEK 534 million) mainly as an effect of lower crude oil price.

"The final quarter showed a healthy performance with continued volume growth in both business areas. The full year result is mirroring the operational improvements done and confirming the 2014 turnaround," commented Gert Wendroth, President and CEO of Nynas AB.

Naphthenic segment sales volume in Q4 2015 grew over 5 per cent compared to the level in the same period in 2014. Overall 2015 sales grew almost 4 per cent above the level in 2014, with good growth in Europe, record sales achieved in the AMEA region and sales maintained in the Americas. European sales in the fourth quarter and for the whole year increased in all countries, except Russia and the Ukraine, compared to the same periods in 2014. Sales in the Americas in the fourth quarter increased significantly while overall 2015 sales were at a similar level compared to 2014, mainly due to the impact of the economic recession in Brazil. AMEA (Asia, Middle East and Africa) sales in the fourth quarter and for the whole year increased significantly compared to the same periods in the previous year, setting a new record for total sales in the region. Quarter four net sales decreased to SEK 1,685 million (from SEK 2,335 million) as a consequence of lower crude oil price levels, partially offset by increasing volumes and currency. Operating result before depreciation (EBITDA) decreased to SEK 180 million (from SEK 349 million), including unrealised oil and currency hedge results of SEK 48 million (compared to SEK 298 million) and an inventory write-down of SEK -13 million (compared to SEK -77 million). 2015 full year net sales decreased to SEK 8,364 million (compared to SEK 9,876 million) as a consequence of 47 per cent lower crude oil price levels, partially offset by increasing volumes and positive currency impact from a weaker Swedish krona. Operating result before depreciation (EBITDA) decreased to SEK 642 million (from SEK 961 million), including an unrealised hedge result of SEK -170 million (compared to SEK 308 million) and an inventory write-down of SEK -13 million (compared to SEK -77 million), negatively impacted by the high cost of goods sold from high priced inventory mainly in the first half of the year.