«SIBUR» LLC is the managing organization of PJSC «SIBUR Holding».
117218, Moscow, Krzhizhanovsky st., 16/1
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Moscow, 10 June 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 months ended 31 March 2015.
KEY HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
Energy Products Sales RevenueRR millions, except as stated | Three months ended 31 March | Change % | |||
2015 | % of energy products sales revenue(2) |
2014 |
% of energy products sales revenue(2) | ||
LPG | 19,629 | 44.9% | 18,993 | 44.9% | 3.4% |
Natural gas | 9,916 | 22.7% | 7,095 | 17.2% | 39.8% |
Naphtha | 8,176 | n/m | 15,188 | n/m | (46.2%) |
Naphtha (excl. trading operations) | 7,602 | 17.4% | 6,857 | 16.6% | 10.9% |
MTBE | 5,148 | 11.8% | 4,372 | 10.6% | 17.8% |
Raw NGL | 547 | 1.3% | 2,859 | 6.9% | (80.9%) |
Other fuels and fuel additives | 920 | 2.1% | 1,115 | 2.7% | (17.5%) |
Total energy products sales revenue | 44,336 | n/m | 49,622 | n/m | (10.6%) |
Total energy products sales revenue (excl. trading operations) | 43,762 | 100.0% | 41,291 | 100.0% | 6.0% |
In the first quarter of 2015, our revenue from sales of energy products(2) increased by 6.0% year-on-year to RR 43,762 million on higher revenue from sales of natural gas and marginal increase in MTBE, naphtha(2) and LPG revenue, which was partially offset by lower revenue from raw NGL sales. The increase in natural gas revenue was a result of the terms of cooperation with Rosneft and the full consolidation of Yugragazpererabotka from March 2014. LPG and naphtha revenue remained largerly at the previous year’s level despite collapsed pricing in international markets due to higher production and sales volumes, alleviation of export duties and the Russian rouble depreciation. The decrease in raw NGL revenue was a result of increased internal use for the production of higher value-added products.
RR millions, except as stated | Three months ended 31 March | Change, % | |||
2015 | % of petrochemical products sales revenue | 2014 | % of petrochemical products sales revenue | ||
Basic polymers | 12,186 | 29.6% | 7,396 | 26.2% | 64.8% |
Synthetic rubbers | 9,104 | 22.1% | 6,739 | 23.9% | 35.1% |
Plastics and organic synthesis products | 14,538 | 35.3% | 9,781 | 34.6% | 48.6% |
Intermediates and other chemicals | 5,389 | 13.1% | 4,317 | 15.3% | 24.8% |
Total petrochemical products sales revenue | 41,217 | 100.0% | 28,233 | 100.0% | 46.0% |
In the first quarter of 2015, our revenue from sales of petrochemical products increased by 46.0% year-on-year to RR 41,217 million on strong sales of basic polymers and plastics and organic synthesis products as a result of capacity expansions and support from Russian rouble depreciation, while synthetic rubbers were slowly recovering benefiting from lower feedstock costs.
RR millions, except as stated | Three months ended 31 March | ||
2015 | 2014 | Change, % | |
APG | 5,533 | 3,006 | 84.1% |
NGLs | 5,002 | 7,254 | (31.0%) |
Paraxylene | 1,579 | 1,268 | 24.5% |
In the first quarter of 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. We also observed a decline in our average purchase prices versus the fourth quarter of 2014.
RR millions (excl. VAT) | Three months ended 31 March |
Completion |
||
Location | Description | 2015 | 2014 | |
Feedstock and Energy | ||||
Transportation infrastructure development | ||||
Western Siberia | Nyagan GPP - Urengoy (Gazprom) natural gas pipeline | 277 | 14 | 2015 |
Tobolsk | Expansion of railway infrastructure | 163 | 499 | 2015 |
Gas fractionation capacity modernisation and expansion | ||||
Yamal-Nenets Autonomous Area | APG processing capacity expansion at Vyngapurovskiy GPP | 1,657 | 2,031 | 2015 |
Petrochemicals | ||||
Tobolsk | ZapSibNeftekhim (“ZapSib-2”) | 7,371 | 336 | 2020 |
Tomsk | Expansion of PP and LDPE production | 627 | 115 | 2016 |
BORROWINGS
Total Debt and Net Debt
RR millions, except as stated |
As of 31 March 2015 |
As of 31 December 2014 |
Change % |
Total debt | 265,559 | 206,294 | 28.7% |
Cash and cash equivalents | 44,824 | 27,667 | 62.0% |
Net debt | 220,735 | 175,627 | 23.6% |
Debt Maturity Profile
RR millions, except as stated |
As of 31 March 2015 |
% of total borrowings |
As of 31 December 2014 |
% of total borrowings |
Change % |
Due for repayment: | |||||
Within one year | 71,078 | 26.8% | 56,240 | 27.3% | 26.4% |
Between one and two years | 37,631 | 14.2% | 31,500 | 15.3% | 19.5% |
Between two and five years | 138,211 | 52.0% | 105,062 | 50.9% | 31.6% |
After five years | 18,639 | 7.0% | 13,492 | 6.5% | 38.1% |
Total debt | 265,559 | 100.0% | 206,294 | 100.0% | 28.7% |
Debt Currency Structure
RR millions, except as stated |
As of 31 March 2015 |
% of total borrowings |
As of 31 December 2014 |
% of total borrowings |
Change % |
Denominated in: | |||||
Russian rouble | 70,217 | 26.4% | 39,030 | 18.9% | 79.9% |
Euro | 13,976 | 5.3% | 8,112 | 3.9% | 72.3% |
US Dollar | 181,366 | 68.3% | 159,152 | 77.2% | 14.0% |
Total debt | 265,559 | 100.0% | 206,294 | 100.0% | 28.7% |
CORPORATE HIGHLIGHTS
The published data may be revised when we publish the IFRS unaudited consolidated interim condensed financial information as of and for the three and six months ended 30 June 2015 and supporting MD&A.
(1) Including fractionation volumes under processing arrangements.
(2) Revenue adjusted for naphtha trading operations via Ust-Luga, ceased in 2015.
(3)Adjusted for naphtha trading operations via Ust-Luga, ceased in 2015.
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