In response to recent media speculation, INEOS today pointed out that it has never breached any of its banking covenants. The company has significantly reduced its borrowings over the last three years and has no significant debt maturing in the short term.
INEOS has adequate liquidity. Since acquiring Innovene in 2005 it has reduced its debt by over €1bn. Cash balances at 30th September amounted to €1.3bn.
The company also operates all its businesses to be profitable at the bottom of the chemicals cycle. However, in view of the current economic climate and in line with many other companies, INEOS is prioritising cash generation and reviewing its non-essential capital expenditure programme.
INEOS has significantly improved the cost base and efficiency of all its businesses to enable it to compete effectively in global markets.
INEOS - Adapting in turbulent times
