«SIBUR» LLC is the managing organization of PJSC «SIBUR Holding».
117218, Moscow, Krzhizhanovsky st., 16/1
Stay up to date
Subscribe to news9 November 2017
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 nine months ended 30 September 2017.
KEY HIGHLIGHTS
Nine months ended 30 September | Change, % | ||
---|---|---|---|
2017 | 2016 | ||
Revenue (RR millions) | |||
Total external revenue |
326,259 |
300,243 |
8.7% |
Feedstock & Energy |
127,529 |
123,218 |
3.5% |
Olefins & Polyolefins |
64,350 |
62,474 |
(3.0%) |
Plastics, Elastomers & Intermediates |
110,161 |
98,384 |
12.0% |
Unallocated |
24,219 |
16,167 |
49.8% |
Processing and production volumes ( thousand tonnes, except as stated) | |||
APG processing (1) (million cubic metres) |
16,862 |
16,812 |
(0.3%) |
APG processing, SIBUR's share (3) (million cubic metres) |
16,489 |
16,458 |
(0.2%) |
Natural gas production (1) (million cubic metres) |
14,613 |
14,571 |
(0.3%) |
Natural gas production, SIBUR's share (3) (million cubic metres) |
14,330 |
14,298 |
(0.2%) |
Raw NGL fractionation (2) | 6,392 |
5,960 |
7.3% |
Raw NGL fractionation, SIBUR’s share |
5,492 |
5,329 |
3.1% |
Sales volumes ( thousand tonnes, except as stated) | |||
Natural gas (million cubic metres) |
13,678 |
13,685 |
(0.1%) |
LPG | 3,542 | 3,488 | (1.6%) |
Naphtha | 669 | 993 | (32.6%) |
Petrochemical products, including | 2,695 | 2,517 | 7.1% |
Polyolefins (PP, PE, BOPP-films) | 573 | 663 | 13.7% |
Elastomers | 361 | 335 | 7.7% |
Plastics and organic synthesis products | 583 | 588 | (0.9%) |
MTBE and fuel additives | 501 | 491 | (2.0%) |
OPERATIONAL HIGHLIGHTS
External Revenue
In the nine months ended 30 September 2017, our revenue increased by 8.7% to RR 326,259 million on higher revenue across all segments.
Key Feedstock Purchases
Nine months ended 30 September |
Change, % |
||
---|---|---|---|
RR millions, except as stated | 2017 | 2016 | |
NGLs |
23,864 |
17,351 |
37.5% |
APG |
19,070 |
16,662 |
14.5% |
Paraxylene |
5,079 |
5,152 | (1.4%) |
In the nine months ended 30 September 2017, we observed an increase in our expenses related to hydrocarbon feedstock purchases. This was mainly attributable to higher feedstock purchase prices despite lower purchasing volumes for NGLs and flat APG purchasing volumes.
Capital Expenditures
The following table presents data on financing of our key investment projects for the nine months ended
30 September 2017 and 2016:
RR millions, except as stated | Nine months ended 30 September | Completion | ||
---|---|---|---|---|
Location | Description | 2017 | 2016 | |
Tobolsk | ZapSibNeftekhim |
68,780 |
96,698 |
2019 |
Tobolsk / Kaluga region | Logistic hub for polymers distribution |
5,136 |
929 |
2019 |
Perm | New DOTP production | 312 | 273 | 2019 |
The decrease in ZapSibNeftekhim financing was attributable to substantial advances paid in the first quarter of 2016 ahead of equipment deliveries under contract terms and shifts in payment schedule with our EP-contractors in 2017.
Borrowings
Total Debt and Net Debt
RR millions, except as stated |
As of 30 September 2017 |
As of 30 June 2017 |
As of 31 December 2016 |
Changе, % 30 Sep 2017 vs 30 Jun 2017 |
Changе, % 30 Sep 2017 vs 31 Dec 2016 |
---|---|---|---|---|---|
Total debt | 299,995 | 302,399 | 341,813 | (0.8%) | (12.2%) |
Debt excluding related to ZapSibNeftekhim | 133,745 | 134,693 | 182,128 | (0.7%) | (26.6%) |
ZapSibNeftekhim related debt | 166,250 | 167,706 | 159,68 5 | (0.9%) | (4.1%) |
Cash and cash equivalents | 45,657 | 41,216 | 60,635 | 10.8% | (24.7%) |
Net debt | 254,338 | 261,183 | 281,178 | 2.6% | (9.5%) |
Net debt excluding related to ZapSibNeftekhim | 103,247 | 118,989 | 163,369 | 13.2% | (36.8%) |
ZapSibNeftekhim related net debt | 151,091 | 142,194 | 117,809 | 6.3% | (28.3%) |
Debt / EBITDA | 2.0x | 2.0x | 2.4x | ||
Net debt (4) / EBITDA (5) , including | 1.7x | 1.7x | 2.0x | ||
Net debt excluding related to ZapSibNeftekhim | 0.7x | 0.8x | 1.2x | ||
ZapSibNeftekhim related net debt | 1.0x | 0.9x | 0.8x | ||
Net debt / EBITDA (in USD) | 1.7x | 1.8x | 2.2x |
Debt Maturity Profile
The following table presents scheduled maturities of our outstanding debt as of the dates indicated:
RR millions, except as stated | As of 30 September 2017 | % of total borrowings | As of 30 June 2017 | % of total borrowings | As of 31 December 2016 | % of total borrowings | Change, % |
---|---|---|---|---|---|---|---|
Due for repayment: | |||||||
Within one year | 38,711 | 12.9% | 39,594 | 13.1% | 22,188 | 6.5% | 74.5% |
Between one and two years | 32,879 | 11.0% | 7,456 | 2.5% | 41,580 | 12.2% | (20.9%) |
Between two and five years | 68,088 | 22.7% | 115,522 | 38.2% | 135,411 | 39.6% | (49.7%) |
Between five and ten years | 46,914 | 15.6% | 24,764 | 8.2% | 25,540 | 7.5% | (83.7%) |
After ten years | 113,404 | 37.8% | 115,062 | 38.0% | 117,094 | 34.3% | (3.2%) |
Total debt | 299,995 | 100.0% | 302,397 | 100.0% | 341,813 | 100.0% | (12.2%) |
Debt Currency Structure
RR millions, except as stated | As of 30 September 2017 | % of total borrowings | As of 30 June 2017 | % of total borrowings | As of 31 December 2016 | % of total borrowings | Change, % |
---|---|---|---|---|---|---|---|
Denominated in: | |||||||
Russian rouble | 74,851 | 25.0% | 74,432 | 24.6% | 97,690 | 28,6% | (23.4%) |
Euro | 56,450 | 18.8% | 56,168 | 18.6% | 45,156 | 13.2% | (25.0%) |
US Dollar | 168,694 | 56.2% | 171,799 | 56.8% | 198,967 | 58.2% | (15.2%) |
Total debt | 299,995 | 100.0% | 302,399 | 100.0% | 341,813 | 100.0% | (12.2%) |
The published data may be revised when we publish the IFRS unaudited consolidated interim condensed financial information for the first half of 2017 and supporting MD&A.
(1) Including JVs’ share in the processing / production volumes.
(2) Including fractionation volumes under processing arrangements.
(3) Excluding JVs’ share in the processing / production volumes.
(4) Net debt represents total debt less cash and cash equivalents.
(5) Unaudited data.
Press Office