«SIBUR» LLC is the managing organization of PJSC «SIBUR Holding».
117218, Moscow, Krzhizhanovsky st., 16/1
Stay up to date
Subscribe to news2 December 2015 PAO SIBUR Holding, an integrated gas processing and petrochemicals company and a leader in the Russian petrochemicals industry, today publishes limited operational update for the three and nine months ended 30 September 2015.
Key highlites | ||||||
---|---|---|---|---|---|---|
Three months ended 30 September | Change | Nine months ended 30 September | Change | |||
Tonnes, except as stated | 2015 | 2014 | % | 2015 | 2014 | % |
Processing and production volumes | ||||||
APG processing(1) (thousand cubic metres) | 5,431,379 | 5,010,127 | 8.4% | 15,856,036 | 15,367,259 | 3.2% |
APG processing, SIBUR's share(4) (thousand cubic metres) | 5,302,532 | 5,005,764 | 5.9% | 15,603,020 | 13,947,193 | 11.9% |
Natural gas production(1) (thousand cubic metres) | 4,588,440 | 4,332,741 | 5.9% | 13,495,487 | 13,328,927 | 1.2% |
Natural gas production, SIBUR's share(4) (thousand cubic metres) | 4,584,519 | 4,328,974 | 5.9% | 13,468,650 | 11,966,174 | 12.6% |
Raw NGL fractionation(2)(5) | 1,945,773 | 1,544,309 | 26.0% | 5,726,113 | 4,533,876 | 26.3% |
Raw NGL fractionation, SIBUR’s share | 1,645,773 | 1,342,059 | 22.6% | 4,826,113 | 4,204,696 | 14.8% |
Sales volumes | ||||||
Natural gas sales volumes (thousand cubic metres) | 4,409,848 | 4,137,438 | 6.6% | 12,961,544 | 11,491,642 | 12.8% |
LPG sales volumes | 1,092,246 | 798,470 | 36.8% | 3,122,273 | 2,551,384 | 22.4% |
MTBE, other fuels & fuel additives sales volumes | 140,896 | 155,613 | (9.5%) | 439,402 | 448,127 | (1.9%) |
Petrochemical products sales volumes | 608,787 | 559,445 | 8.8% | 1,950,430 | 1,591,136 | 22.6% |
Plastics and organic synthesis products | 223,234 | 201,605 | 10.7% | 695,803 | 573,220 | 21.4% |
Basic polymers | 146,789 | 155,728 | (5.7%) | 522,285 | 460,195 | 13.5% |
Synthetic rubbers | 100,328 | 88,644 | 13.2% | 312,804 | 266,925 | 17.2% |
Intermediates and other chemicals | 138,437 | 113,468 | 22.0% | 419,538 | 290,796 | 44.3% |
Revenue | ||||||
Total energy products sales revenue | 46,918 | 56,063 | (16.3%) | 134,377 | 163,457 | (17.8%) |
Total energy products sales revenue (excl. trading operations)(3) | 46,918 | 42,336 | 10.8% | 133,842 | 130,954 | 2.2% |
Total petrochemical products sales revenue | 43,887 | 32,920 | 33.3% | 133,842 | 130,954 | 2.2% |
Other revenue | 4,329 | 3,157 | 37.1% | 11,426 | 7,545 | 51.4% |
Total revenue | 95,134 | 92,140 | 3.2% | 276,531 | 263,852 | 4.8% |
Total revenue (excl. trading operations)(3) | 95,134 | 78,413 | 21.3% | 275,996 | 231,349 | 19.3% |
Energy Products Sales Revenue | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Three months ended 30 September | Change | Nine months ended 30 September | Change | |||||||
RR millions, except as stated | 2015 | % of energy products sales revenue(3) | 2014 | % of energy products sales revenue(3) | % | 2015 | % of energy products sales revenue(3) | 2014 | % of energy products sales revenue(3) | % |
LPG | 19,627 | 41.8% | 17,994 | 42.5% | 9.1% | 58,861 | 44.0% | 57,365 | 43.8% | 2.6% |
Natural gas | 11,112 | 23.7% | 9,771 | 23.1% | 13.7% | 31,221 | 23.3% | 27,361 | 20.9% | 14.1% |
Naphtha | 8,108 | 17.3% | 19,754 | 46.7% | (59.0%) | 23,177 | 17.3% | 53,973 | 41.2% | (57.1%) |
Naphtha (excl. trading operations) | 8,108 | 17.3% | 6,027 | 14.2% | 34.5% | 22,642 | 16.9% | 21,470 | 16.4% | 5.5% |
MTBE | 5,773 | 12.3% | 4,997 | 11.8% | 15.5% | 15,964 | 11.9% | 13,995 | 10.7% | 14.1% |
Raw NGL | 1,342 | 2.9% | 2,456 | 5.8% | (45.4%) | 2,244 | 1.7% | 7,663 | 5.9% | (70.7%) |
Other fuels and fuel additives | 957 | 2.0% | 1,091 | 2.6% | (12.3%) | 2,909 | 2.2% | 3,100 | 2.4% | (6.2%) |
Total energy products sales revenue | 46,918 | n/m | 56,063 | n/m | (16.3%) | 134,377 | n/m | 163,457 | n/m | (17.8%) |
Total energy products sales revenue (excl. trading operations)(3) | 46,918 | 100.0% | 42,336 | 100.0% | 10.8% | 133,842 | 100.0% | 130,954 | 100.0% | 2.2% |
In the nine months ended 30 September 2015, our revenue from sales of energy products adjusted for estimated value of naphtha trading operations via Ust-Luga increased by 2.2% year-on-year to RR 133,842 million. Without such adjustment, in the nine months ended 30 September 2015, our revenue from sales of energy products decreased by 17.8% year-on-year to RR 134,377 million on lower revenue from sales of naphtha and raw NGL, partially compensated by an increase in revenue from sales of natural gas, MTBE and LPG. The decrease in revenue from sales of naphtha was attributable to lower sales volumes, as we ceased trading operations via the Ust-Luga transshipment facility. The decrease in raw NGL revenue was a result of increased internal use for the production of higher value-added products. The increase in natural gas revenue was a result of changes in the terms of cooperation with Rosneft and the full consolidation of Yugragazpererabotka in March 2014. Revenue from sales of MTBE increased on higher average selling price; the increase in revenue from sales of LPG was a result of higher production and sales volumes. Collapsed pricing in international markets was largely compensated by alleviation of export duties and the Russian rouble depreciation.
Petrochemical Products Sales Revenue | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Three months ended 30 September | Change | Nine months ended 30 September | Change | |||||||
RR millions, except as stated | 2015 | % of petchem sales revenue(3) | 2014 | % of petchem sales revenue(3) | % | 2015 | % of petchem sales revenue(3) | 2014 | % of petchem sales revenue(3) | % |
Plastics and organic synthesis products | 16,696 | 38.0% | 11,661 | 35.4% | 43.2% | 47,723 | 36.5% | 33,012 | 35.6% | 44.6% |
Basic polymers | 11,225 | 25.6% | 9,440 | 28.7% | 18.9% | 36,705 | 28.1% | 26,135 | 28.1% | 40.4% |
Synthetic rubbers | 9,147 | 20.8% | 6,636 | 20.2% | 37.8% | 26,573 | 20.3% | 20,124 | 21.7% | 32.0% |
Intermediates and other chemicals | 6,819 | 15.5% | 5,182 | 15.7% | 31.6% | 19,727 | 15.1% | 13,578 | 14.6% | 45.3% |
Total petrochemical products sales revenue | 43,887 | 100.0% | 32,920 | 100.0% | 33.3% | 130,728 | 100.0% | 92,849 | 100.0% | 40.8% |
In the nine months ended 30 September 2015, our revenue from sales of petrochemical products increased by 40.8% year-on-year to RR 130,728 million on higher sales of basic polymers, plastics and organic synthesis products, as well as certain intermediates and other chemicals as a result of capacity expansions and support from Russian rouble depreciation. Synthetic rubbers showed slight recovery as compared to a low base of 2014 benefiting from lower feedstock costs.
Decline in international market prices in USD terms was at a lower rate compared to the collapse in hydrocarbon feedstock pricing, while Russian rouble depreciation was a natural hedge to our effective average selling prices despite declined market prices for most products.
Key Feedstock Purchases | ||||||
---|---|---|---|---|---|---|
Three months ended 30 September | Change | Nine months ended 30 September | Change | |||
RR millions, except as stated | 2015 | 2014 | % | 2015 | 2014 | % |
APG | 5,668 | 5,560 | 1.9% | 16,337 | 14,231 | 14.8% |
NGLs | 6,515 | 6,477 | 0.6% | 18,696 | 19,081 | (2.0%) |
Paraxylene | 1,829 | 1,165 | 57.0% | 4,836 | 3,678 | 31.5% |
Polypropylene | 552 | 1,991 | (72.3%) | 1,458 | 4,309 | (66.2%) |
In the nine months ended 30 September 2015, our hydrocarbon feedstock purchases were impacted by the full consolidation of Yugragazpererabotka from March 2014, when we changed approach to the treatment of APG and NGLs, while there were no changes to the available volumes at operational level.
The following table presents data on financing of our key investment projects for the three and nine months ended 30 September 2015 and 2014:
Capital expenditures | ||||||
---|---|---|---|---|---|---|
RR millions, except as stated | Three months ended 30 September | Nine months ended 30 September | ||||
Location | Description | 2015 | 2014 | 2015 | 2014 | Completion |
Feedstock and Energy | ||||||
Gas fractionation / gas processing capacity modernisation and expansion | ||||||
Tobolsk | Second GFU expansion | 790 | 26 | 1,849 | 150 | 2016 |
Yamal-Nenets Autonomous Area | APG processing capacity expansion at Vyngapurovskiy GPP | 1,647 | 1,151 | 5,260 | 4,006 | 2015 |
Petrochemicals | ||||||
Tobolsk | ZapSibNeftekhim (ZapSib-2) | 5,303 | 12,083 | 18,219 | 12,876 | 2020 |
Tomsk | Expansion of PP and LDPE production | 1,015 | 940 | 2,689 | 1,496 | 2016 |
Total Debt and Net Debt | ||||||
---|---|---|---|---|---|---|
Change, % | ||||||
RR millions, except as stated | As of 30 September 2015 | As of 30 June 2015 | As of 31 December 2014 | Change, % vs 30 Jun 2015 | 30 Sept 2015 vs 31 Dec 2014 | |
Total debt | 278,174 | 254,067 | 206,294 | 9.5% | 34.8% | |
Cash and cash equivalents | 6,297 | 9,897 | 27,667 | (36.4%) | (77.2%) | |
Bank deposits | 8,600 | 8,967 | - | (4.1%) | n/m | |
Net debt | 263,277 | 235,203 | 178,627 | 11.9% | 47.4% |
Debt Maturity Profile | |||||||
---|---|---|---|---|---|---|---|
RR millions, except as stated | As of 30 September 2015 | % of total borrowings | As of 30 June 2015 | % of total borrowings | As of 31 December 2014 | % of total borrowings |
Change, % 30 Sept 2015 to 31 Dec 2014 |
Due for repayment: | |||||||
Within one year | 85,722 | 30.8% | 92,983 | 36.6% | 56,240 | 27.3% | 52.4% |
Between one and two years | 30,986 | 11.1% | 18,448 | 7.3% | 31,500 | 15.3% | (1.6%) |
Between two and five years | 141,884 | 51.0% | 125,114 | 49.2% | 105,062 | 50.9% | 35.0% |
After five years | 19,582 | 7.0% | 17,522 | 6.9% | 13,492 | 6.5% | 45.1% |
Total debt | 278,174 | 100.0% | 254,067 | 100.0% | 206,2944 | 100.0% | 34.8% |
Debt Currency Structure | |||||||
---|---|---|---|---|---|---|---|
RR millions, except as stated | As of 30 September 2015 | % of total borrowings | As of 30 June 2015 | % of total borrowings | As of 31 December 2014 | % of total borrowings |
Change, % 30 Sept 2015 to 31 Dec 2014 |
Denominated in: | |||||||
Russian rouble | 59,182 | 21.3% | 65,293 | 25.7% | 39,030 | 18.9% | 51.6% |
Euro | 17,037 | 6.1% | 13,340 | 5.3% | 8,112 | 3.9% | 110.0% |
US Dollar | 201,954 | 72.6% | 175,434 | 69.1% | 159,152 | 77.1% | 26.9% |
Total debt | 278,174 | 100.0% | 254,067 | 100.0% | 206,2944 | 100.0% | 34.8% |
The published data may be revised when we publish the IFRS audited consolidated financial information as of and for the year ended 31 December 2015 and supporting MD&A.
(1) Including Rosneft’s share in the processing / production volumes of OOO Yugragazpererabotka in the first quarter of 2014.
(2) Including fractionation volumes under processing arrangements.
(3) Revenue adjusted for estimated value of naphtha trading operations via Ust-Luga, ceased in 2015.
(4) Excluding Rosneft’s share in the processing / production volumes of OOO Yugragazpererabotka in the first quarter of 2014.
(5) Following the acquisition of control in OOO Yugragazpererabotka, we changed our approach to the treatment of raw NGL production and fractionation volumes at Nyagan GPP.
(6) As part of the tax maneuver in the Russian oil industry, starting 2015 an excise duty was set for paraxylene, while previously it was not subject to it, which resulted in a 21.1% increase year-on-year in the effective average purchase price. However, SIBUR is eligible for an offsetting tax deduction, as we process paraxylene into non-excisable petrochemical products. The related reverse will be reflected as recoverable excise in our operating expenses.
Press Office