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SIBUR reported H1 2019 IFRS results

SIBUR reported H1 2019 IFRS results


Moscow, July 31 - Neftegaz.RU.
SIBUR Holding, an integrated petrochemicals company, on July 30 published its operational and financial results for the 3 and 6 months ended 30 June 2019 in accordance with International Financial Reporting Standards (IFRS).

Highlights:
  •     Revenue increased by 3.3% year-on-year to RUB 266.3 billion due to an increase in all reporting segments.
  •     EBITDA decreased by 3.4% year-on-year to RUB 86.1 billion mainly due to a decrease in Plastics, Elastomers and Intermediates EBITDA.
  •     EBITDA margin totaled 32.3%, remaining at a consistently high level relative to industry average.
  •     Net profit increased by 69.2% to RUB 77.6 billlion, largely on the back of the revaluation of the Company’s FX-denominated debt.
  •     Total debt increased by 10.6% to RUB 367.6 billion with Net debt/EBITDA ratio standing at 1,76х.
  •     At the ZapSibNeftekhim complex, the main construction and installation works have been completed, commissioning is in progress: test volumes of polypropylene are being supplied to customers, the first batches of polyethylene have been received.
  •     Fitch Ratings has upgraded SIBUR’s long-term issuer default rating (IDR) to ‘BBB-’ from ‘BB+’. The Outlook is Stable.
  •     In July, SIBUR and Gazprom Neft have consolidated 100% of the authorized capital in Poliom, a polypropylene plant in Omsk
  •     SIBUR and Sinopec signed a distribution agreement to supply polyethylene to China from SIBUR’s ZapSibNeftekhim plant, and a Term Sheet regulating key principals of a potential joint venture (JV) for development and operations of the Amur Gas Chemical Complex (AGCC). Subject to SIBUR's final investment decision, Sinopec is expected to participate at a 40% share stake in the JV (June 2019).
Dmitry Konov, SIBUR’s CEO said: “SIBUR maintains a consistently high EBITDA margin outperforming its peers, while revenue continues to grow and the leverage remains comfortable. The completion of ZapSibNeftekhim ahead of schedule and the launch of production will contribute to SIBUR’s financial and operating performance in the near future. The project commissioning will greatly boost our sales, thus highlighting the paramount importance of deals with our Chinese partners for ZapSibNeftekhim’s products to access the world’s largest market.”

To read the article in Russian.