«SIBUR» LLC is the managing organization of PJSC «SIBUR Holding».
117218, Moscow, Krzhizhanovsky st., 16/1
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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 2017.
KEY HIGHLIGHTS
Three months ended 31 March |
Change
,
% |
||
---|---|---|---|
2017 | 2016 | ||
Revenue (RR millions) | |||
Total external revenue | 107,287 | 101,382 | 5.8% |
Feedstock & Energy | 41,282 | 41,132 | 0.4% |
Olefins & Polyolefins | 21,400 | 22,129 | (3.3%) |
Plastics, Elastomers & Intermediates | 38,233 | 33,481 | 14.2% |
Unallocated | 6,372 | 4,640 | 37.3% |
Processing and production volumes ( thousand tonnes, except as stated) | |||
APG processing (1) (million cubic metres) | 5,457 | 5,647 | (3.4%) |
APG processing, SIBUR's share (3) (million cubic metres) | 5,326 | 5,522 | (3.5%) |
Natural gas production (1) (million cubic metres) | 4,738 | 4,897 | (3.3%) |
Natural gas production, SIBUR's share (3) (million cubic metres) | 4,638 | 4,802 | (3.4%) |
Raw NGL fractionation (2) | 2,060 | 2,016 | 2.2% |
Raw NGL fractionation, SIBUR’s share | 1,760 | 1,716 | 2.6% |
Sales volumes ( thousand tonnes, except as stated) | |||
Natural gas (million cubic metres) | 4,437 | 4,575 | (3.0%) |
LPG | 1,067 | 1,144 | (6.7%) |
Naphtha | 207 | 344 | (39.9%) |
Petrochemical products, including | 932 | 889 | 4.8% |
Polyolefins (PP, PE, BOPP-films) | 245 | 241 | 1.6% |
Elastomers | 130 | 113 | 15.2% |
Plastics and organic synthesis products | 193 | 190 | 1.5% |
MTBE and fuel additives | 179 | 179 | (0.1%) |
OPERATIONAL HIGHLIGHTS
External Revenue
Three months ended 31 March |
Change,
% |
||
---|---|---|---|
RR millions, except as stated | 2017 | 2016 | |
External revenue (net of VAT and export duties) | |||
Feedstock & Energy | 41,282 | 41,132 | 0.4% |
Olefins & Polyolefins | 21,400 | 22,129 | (3.3%) |
Plastics, Elastomers & Intermediates | 38,233 | 33,481 | 14.2% |
Unallocated | 6,372 | 4,640 | 37.3% |
Total | 107,287 | 101,382 | 5.8% |
In the first quarter of 2017, our revenue increased by 5.8% to RR 107,287 million with elastomers being the key contributor to the growth. Average Russian rouble appreciation partially offset the growth in international benchmark prices across the product portfolio.
Key Feedstock Purchases
Three months ended 31 March |
Change,
% |
||
---|---|---|---|
RR millions, except as stated | 2017 | 2016 | |
NGLs | 8,861 | 6,283 | 41.0 % |
APG | 6,378 | 6,276 | 1.6 % |
Paraxylene | 1,974 | 1,863 | 6.0 % |
In the first quarter of 2017, we observed an increase in our expenses related to hydrocarbon feedstock purchases. This was largely attributable to higher feedstock purchase prices despite lower purchasing volumes.
Capital Expenditures
The following table presents data on financing of our key investment projects for the three months ended
31 March 2017 and 2016:
RR millions (net of VAT) | Three months ended 31 March | Completion | ||
---|---|---|---|---|
Location | Description | 2017 | 2016 | |
Tobolsk | ZapSibNeftekhim | 16,557 | 42,733 | 2019 |
Tobolsk / Central Federal District | Logistic hub for polymers distribution | 725 | 102 | 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.
Borrowings
Total Debt and Net Debt
RR millions, except as stated |
As of
31 March 2017 |
As of
31 December 2016 |
Changе, % |
---|---|---|---|
Total debt | 309,191 | 341,813 | (9.5%) |
Debt excluding related to ZapSibNeftekhim | 158,761 | 182,128 | (12.8%) |
ZapSibNeftekhim related debt | 150,429 | 159,68 5 | (5.8%) |
Cash and cash equivalents | 57,205 | 60,635 | (5.7%) |
Net debt | 251,985 | 281,178 | (10.4%) |
Net debt excluding related to ZapSibNeftekhim | 136,163 | 163,369 | (16.7%) |
ZapSibNeftekhim related net debt | 115,822 | 117,809 | (1.7%) |
Debt / EBITDA | 2.1x | 2.4x | |
Net debt (1) / EBITDA (2) , including | 1.7x | 2.0x | |
Net debt excluding related to ZapSibNeftekhim | 0.9x | 1.2x | |
ZapSibNeftekhim related net debt | 0.8x | 0.8x |
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 31 March 2017 | % of total borrowings | As of 31 December 2016 | % of total borrowings | Change, % |
---|---|---|---|---|---|
Due for repayment: | |||||
Within one year | 45,864 | 14.8% | 22,188 | 6.5% | 106.7% |
Between one and two years | 5,601 | 1.8% | 41,580 | 12.2% | (86.5%) |
Between two and five years | 129,421 | 41.9% | 135,411 | 39.6% | (4.4%) |
Between five and ten years | 18,965 | 6.1% | 25,540 | 7.5% | (25.7%) |
After ten years | 109,340 | 35.4% | 117,094 | 34.3% | (6.6%) |
Total debt | 309,191 | 100.0% | 341,813 | 100.0% | (9.5%) |
Debt Currency Structure
RR millions, except as stated | As of 31 March 2017 | % of total borrowings | As of 31 December 2016 | % of total borrowings | Change, % |
---|---|---|---|---|---|
Denominated in: | |||||
Russian rouble | 90,141 | 29% | 97,690 | 29% | (7.7%) |
Euro | 43,690 | 14% | 45,156 | 13% | (3.2%) |
US Dollar | 175,360 | 57% | 198,967 | 58% | (11.9%) |
Total debt | 309,191 | 100.0% | 341,813 | 100.0% | (9.5%) |
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.
(1) Net debt represents total debt less cash and cash equivalents and bank deposits.
(2) Unaudited data for the first quarter of 2017.
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