SIBUR reports H1 2013 IFRS results
OAO SIBUR Holding, a unique integrated gas processing and petrochemicals company, today published its operational and financial results for the three and six months ended 30 June 2013 in accordance with International Financial Reporting Standards (IFRS).
In the first half of 2013, SIBUR’s gas processing plants (GPPs), including GPPs operated by OOO Yugragazpererabotka, processed 9.6 billion cubic metres of associated petroleum gas (APG), an increase of 5.4% year-on-year. As a result, production of natural gas rose 4.2% year-on-year to 8.3 billion cubic metres. Raw natural gas liquids (raw NGL) production increased by 14.6% year-on-year to 2.6 million tonnes.
In the first half of 2013, SIBUR increased sales volumes in majority of its energy products primarily due to higher hydrocarbon feedstock processing. Our natural gas sales volumes increased by 18.4% year-on-year to 6.2 billion cubic metres. External sales of natural gas liquids (NGLs), including liquefied petroleum gases (LPG), naphtha and raw NGL, rose 17.1% year-on-year to 2.3 million tonnes. Sales volumes of petrochemical products totaled 1.1 million tonnes, a decrease of 7.8% year-on-year.
In the first half of 2013, SIBUR’s revenue decreased by 5% year-on-year to RR 130 billion. The decrease was largely attributable to three key factors. First, our synthetic rubber business continued to be under significant pressure due to weak demand on our key markets and persisting price correction for majority of synthetic rubber grades. Second, in the first quarter of 2012, we continued trading activities in favour of the mineral fertilisers business, which had been divested at the end of 2011.
The EBITDA for the first half of 2013 amounted to RR 38,117 million, a year-on-year decline of 10.4%. Our EBITDA margin totaled 29.3%. The year-on-year decrease in EBITDA was primarily attributable to tighter spreads between feedstock and end-product prices, particularly in synthetic rubber product group.
Net profit for the first half of 2013 totaled RR 25,545 million, a decrease of 13.9% year-on-year. The decline was largely attributable to lower EBITDA and the foreign exchange loss on the revaluation of our USD-denominated debt, which was materially higher than a year earlier.
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