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Q2&H1 2013 Operational and Financial Results
12 September 2013
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DISCLAIMER
2
The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation. By attending this
presentation, or by reading these presentation slides, you agree to be bound by the limitations set out below. This presentation does not constitute or form part of,
and should not be construed as, an offer, solicitation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the
Company, nor shall any part of it nor the fact of its distribution form part of, or be relied on in connection with, any contract or investment decision relating thereto.
No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or
reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. The Company accepts
no responsibility for any losses howsoever arising, directly or indirectly, from this presentation or its contents. The material contained in this presentation is
presented solely for information purposes and is not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives,
financial situation or particular needs of any recipient. There may be material variances between estimated data set forth in this presentation and actual results, and
between the data set forth in this presentation and corresponding data previously published by or on behalf of the Company.
This presentation contains forward-looking statements, including (without limitation) statements containing the words "anticipates," "expects," "intends," "may,"
"plans," “forecasts,” "projects," "will," "would", "targets,“ “believes” and similar words. These statements are based on the current expectations and projections of the
Company about future events and are subject to change without notice. All statements, other than statements of historical fact, contained herein are forward-looking
statements. Forward-looking statements are subject to inherent risks and uncertainties, such that future events and actual results may differ materially from those
set forth in, contemplated by or underlying such forward-looking statements. The Company may not actually achieve or realize its plans, intentions or expectations.
There can be no assurance that the Company's actual results will not differ materially from the expectations set forth in such forward-looking statements. Factors
that could cause actual results to differ from such expectations include, but are not limited to, the state of the global economy, the ability of the petrochemical sector
to maintain levels of growth and development, risks related to petrochemical prices and regional political and security concerns. The above is not an exhaustive list
of the factors that could cause actual results to differ materially from the expectations set forth in such forward-looking statements. The Company and its Affiliates
are under no obligation to update the information, opinions or forward-looking statements in this presentation.
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AGENDA
1. H1 2013: Key Developments
2. Operational and Financial Results
3. Questions and Answers
4. Appendix
3
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Growth in processing and production volumes y-o-y
New long-term arrangements with RN Holding
(formerly TNK-BP(1)) on the format of cooperation within our JV
Yugragazpererabotka
Weighted average maturities of multi-year supply contracts
increased to exceed 12 years both for APG and NGLs
Significant progress on multi-year investment programme
Tobolsk-Polymer Plant: Construction completed. PP
production on delivered propylene. Commissioning works
focused on propane dehydrogenation unit
Ust-Luga Transshipment Facility at commissioning stage,
test loadings of LPG and naphtha tankers
Thermoplastic elastomers production facility in Voronezh
launched
International sales network expanded with focus on basic
polymers ahead of Tobolsk-Polymer launch
New trading subsidiaries registered in Turkey and Ukraine
As of 30 Jun’13 SIBUR had 7 international sales desks
in 4 countries outside Russia
Increase in management’s stake to 17.5%
JV with SINOPEC for NBR production in Krasnoyarsk completed
USD 1 bln debut 5-year Eurobond due 2018 placed
at 3.914% pa
KEY H1 2013 DEVELOPMENTS
High base effect: trading activities in favour of the
divested mineral fertilisers business continued
in Q1’12 and were terminated from Q2’12
Change in scope:
Deconsolidation of Yugragazpererabotka from Q2’13
Consolidation of BIAXPLEN from Q2’12
Change in natural gas delivery basis to “ex-field”
from 1 Jan’13
ONE-OFF FACTORS
EXTERNAL ENVIRONMENT
4
SIBUR: KEY DEVELOPMENTS
Macro and market turbulence prevailed in H1’13
Slow-down in GDP growth both globally and in Russia
Lower oil, LPG and naphtha prices
Continuing price correction for synthetic rubbers on
weak demand
Tighter spreads between feedstock and end-product
prices, especially in synthetic rubbers
Indexation of natural gas prices
Growth in average H1’13 price of 13% y-o-y
(increase by 15% in Jul’12, decrease by 3% in Apr’13)
Depreciation of RR against USD
Average RR/USD rate up by 1.2% y-o-y
RR/USD as of 30 Jun’13 up by 7.7% vs 31 Dec’12;
RR/USD as of 30 Jun’12 up by 1.9% vs 31 Dec’11
Notes:
(1) Renamed RN Holding as of 30 July 2013 following the acquisition by Rosneft.
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Project Description
Production Scheme
Propane
612
Raw NGL Propylene
510
Dehydro-
genation
TOBOLSK
Gas Fractionation Unit
PP-500
Mln tonnes p.a.
5
TOBOLSK-POLYMER: LARGE SCALE PP PRODUCTION CLOSE TO
FEEDSTOCK BASE
TOBOLSK-POLYMER
Status Highlights
Construction completed
Commissioning in progress
PP production in a test mode
Tests on shipping, packaging and extrusion facilities
successfully completed
Commissioning works focused on propane
dehydrogenation unit
In July 2013, the urban planning authority of Tobolsk issued
its permission to commission TP
Earlier, a positive opinion was received from Rostekhnadzor
confirming that TP meets relevant technical criteria and fully
complies with design documentation
Design capacity:
Propane dehydrogenation: 510,000 tonnes p.a. of propylene
Polypropylene production: 500,000 tonnes p.a.
Leading global players involved:
Licensors: UOP, INEOS
EPC contactors: Tecnimont, LINDE
Expected launch in 2013
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LPG and light oils transshipment facility at Ust-Luga sea port
in the Leningrad region
Estimated storage and loading capacity:
LPG: 1.5 mln tonnes p.a.
Light oils: 2.5 mln tonnes p.a.
The project is aimed to support growth in LPG exports to
premium W. European markets
Currently at commissioning stage
Test loadings of LPG and naphtha tankers began in May’13
Expected launch in 2013
Project Description
UST-LUGA TRANSSHIPMENT FACILITY IN THE LENINGRAD REGION
95%
99%
100%
Construction
Equipment &Procurement
Design
Completion Stage
6
30 June’13 Overall status: 97% completed
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AGENDA
1. H1 2013: Key Developments
2. Operational and Financial Results
3. Questions and Answers
4. Appendix
7
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1.00x 0.98x
1.16x
31 Dec'12 31 Mar'13 30 Jun'13
38.8 37.0
H1 2012 H1 2013
29.7 25.5
H1 2012 H1 2013
42.6 38.1
H1 2012 H1 2013
136.9 130.0
H1 2012 H1 2013
SIBUR H1 2013 FINANCIAL SUMMARY
8
RR bln
EBITDA margin, %
31.1% 29.3%
RR bln
RR bln
(5.0%)
(10.4%)
(4.8%)
Revenue EBITDA
OCF Net Debt / EBITDA
0.49x 0.46x 0.44x
31 Dec'12 31 Mar'13 30 Jun'13
RR bln
(13.9%)
Net Profit
Debt / Equity
Net margin, %
19.6% 21.7%
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6.0% 7.0%
2012 2013
4.5%
1.4%
H1 2012 H1 2013
4.3%
6.9%
H1 2012 H1 2013
MACRO ENVIRONMENT
Russian GDP Growth(1) Consumer Price Index (y-o-y)(1) Railway Tariffs Indexation(2)
9
Average Exchange Rate(3) Exchange Rate(3)
RR / USD RR / USD
Average Electricity Tariffs
RR per kw / hour
1.8 2.0
H1 2012 H1 2013
+9.8%
Source:
(1) Russian Federal State Statistics Service
(2) Federal Tariff Service
(3) CBR
32.2 32.8
31 Dec`11 30 Jun`12 31 Dec`12 30 Jun`13
+1.9% 30.4 32.7 30.6 31.0
H1 2012 H1 2013
+1.2% +7.7%
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30.0
50.0
70.0
90.0
110.0
0.6
0.7
0.8
0.9
1.0
1.1
H1 2012 H1 2013Naphtha LPG DAF Brest
LPG Sonatrach Brent, USD per bbl (RHS)
1.2
1.4
1.6
1.8
2.0
H1 2012 H1 2013
2-ethylhexanol Expandable polystyrene
MEG Butyl acrylate
PET
1.3
1.4
1.5
H1 2012 H1 2013
PP LDPE
MARKET ENVIRONMENT(1)
Source: Argus, Bloomberg, ICIS, Chemease, Malaysian Rubber Board
Notes:
(1) For detailed market data statistics please refer to Appendix. Prices quoted in EUR are converted to USD at average EUR / USD FX rates for the respective periods.
Energy Products Basic Polymers
10
(5.1%)
(6.2%)
(17.0%)
+4.4%
+3.0%
1.5
2.0
2.5
3.0
3.5
4.0
H1 2012 H1 2013
Natural rubber Styrene-butadiene rubber
Butadiene Butyl rubber
Synthetic Rubbers Plastics & Organic Synthesis
(32.4%)
(23.0%)
(32.4%)
+15.0%
+4.2%
(2.5%)
(1.2%)
+2.1%
’000 USD per tonne except as stated (avg. for the period) ’000 USD per tonne (avg. for the period)
’000 USD per tonne (avg. for the period)
’000 USD per tonne (avg. for the period)
(13.4%)
10.4%
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REVENUE STRUCTURE AND DYNAMICS
11
21
10
9 8 3
16
13
8 8 4
%
LPG
Naphtha
Natural
gas
MTBE & other
fuels
Basic polymers
Synthetic
rubbers
Plastics &
organic
synthesis
products
Processing services,
trading & other sales
Intermediates & other
chemicals
Raw NGL Total H1 2013 revenue of RR 130.0 bln
58
27
8 6 1
Asia
Europe
CIS Other
Russia %
By region
63.4 67.2
H1 2012 H1 2013
64.4 58.0
H1 2012 H1 2013
+6.0% (10.0%)
RR bln
9.1 4.8
H1 2012 H1 2013
(46.7%)
Revenue Split by Region Revenue Split by Product
H1 2013 H1 2013
Energy Products Petrochemical Products Other Revenue
RR bln
136.9 130.0
H1 2012 H1 2013
RR bln
Total Revenue
RR bln (5.0%)
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PERFORMANCE BY PRODUCT GROUP
12
9.2 9.7
H1 2012 H1 2013
11.6 9.8
H1 2012 H1 2013
18.9 20.7
H1 2012 H1 2013
12.8 11.9
H1 2012 H1 2013
22.3
16.9
H1 2012 H1 2013
11.5 12.7
H1 2012 H1 2013
26.7 27.1
H1 2012 H1 2013
11.7 10.6
H1 2012 H1 2013
Natural gas
Synthetic Rubbers
Naphtha
Plastics & Organic Synthesis
MTBE
Intermediates & Other
RR bln
RR bln
RR bln
RR bln
RR bln
RR bln
+1.5%
+10.8% (7.0%) +4.8%
(9.4%)
(24.3%) +9.9%
(15.4%)
LPG
Basic Polymers
RR bln
RR bln
1.6 4.5
H1 2012 H1 2013
Raw NGL
+179.2%
RR bln
H1 2012 H1 2013
Other Revenue
(46.7%)
RR bln
9.1
4.8
Trading and other sales
Sales of processing services
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5,244 6,212
H1 2012 H1 2013
1,333 1,445
H1 2012 H1 2013
ENERGY PRODUCTS: SALES VOLUMES AND PRICE DYNAMICS
LPG
+8.4%
(6.3%) (6.4%)
13
Sales volumes,’000 tonnes
Change in effective avg. selling price, %
Key Factors
Higher sales volumes in majority of the products
Increase in natural gas sales volumes on
inventory sales
Lower selling prices across the product range
following price correction on international markets
Decline in LPG export prices partially offset by
lower export duty
Lower raw NGL selling prices also reflect
increased supply in Russia, particularly in
Western Siberia
Natural gas selling price affected by a one-off
change in the delivery basis to “ex-field”
Net of this effect selling price for natural gas
increased by 11.4% y-o-y
Natural Gas
+18.4%
Sales volumes, mln cubic metres
Change in effective avg. selling price, %
Raw NGL
104
352
H1 2012 H1 2013
(17.3%)
+237.7%
Change in effective avg. selling price, %
Sales volumes, ’000 tonnes
225 248
H1 2012 H1 2013
+10.4%
MTBE
(5.0%)
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
Naphtha
555 537
H1 2012 H1 2013
(3.9%)
(3.2%)
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
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H1 2012 H1 2013
Basic Polymers Synthetic Rubbers Key Factors
Plastics & Organic Synthesis Intermediates & Other
223 211
H1 2012 H1 2013
239 214
H1 2012 H1 2013
313
250
H1 2012 H1 2013
(20.3%)
(10.4%)
+3.1%
(5.7%)
+6.2%
+1.1%
+6.6%
(19.8%)
14
PETROCHEMICALS: SALES VOLUMES AND PRICE DYNAMICS
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
Sales volumes, ’000 tonnes
Change in effective avg. selling price, %
Basic polymers:
Lower sales volumes despite higher
production and third-party purchases due to
inventory accumulation ahead of biennial
maintenance shutdown in Tomsk
partial reclassification of PP sales to
intercompany on BIAXPLEN consolidation
Largely flat prices
Synthetic rubbers:
Lower sales volumes due to weak demand,
partially compensated by focused inventory
sale in Q2’13
Continuous price correction for all rubber
grades but butyl rubber
Plastics & organic synthesis:
Higher sales volumes due to organically
expanded production and consolidation of
BIAXPLEN from Q2’12
Largely resilient demand and prices on the
domestic market
Intermediates & other chemicals:
Lower sales volumes on increased internal
processing of styrene, propylene and
isobutylene & Caprolactam
decommissioning
Resilient price performance
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14.5 13.0
H1 2012 H1 2013
14.2 12.9
H1 2012 H1 2013
6.7
3.1
H1 2012 H1 2013
OPERATING EXPENSES STRUCTURE AND DYNAMICS
Energy & Utilities
Staff Costs
Goods for Resale
RR bln
RR bln
RR bln
(10.3%)
(9.1%)
(53.9%)
5% 2%
10% 10%
11% 10%
x% – % of revenue 15
Operating Expenses
Key Factors
Y-o-Y dynamics
99.1 97.3
H1 2012 H1 2013
(1.8%)
RR bln
34
20 13
13
5
3 3
8
Feedstock &
materials
Transportation &
logistics
Energy & utilities
Staff costs
Depreciation &
amortisation
Other
%
Repairs & maintenance
Goods for resale
Structure
72% 75%
The decline attributable to
Lower purchases of goods for
resale (partially offset by higher
feedstock & materials on PP
reclass)
Lower staff costs due to a one-
off charge in Q2’12
Net effect of
Yugragazpererabotka
deconsolidation, since
higher third-party processing
services…
…offset by deconsolidation of
energy & utilities, staff costs,
repairs & maintenance, etc.
Partially offset by
Higher feedstock and
materials (inter alia due to PP
reclass)
Higher transportation &
logistics on
higher tariffs and volumes
by rail and higher truck
transportation…
…despite lower natural gas
transportation via UGSS
Feedstock & Materials
Transportation & Logistics
RR bln
RR bln
28.2 33.3
H1 2012 H1 2013
+17.7%
18.3 19.4
H1 2012 H1 2013
+5.8%
13% 15%
21% 26%
0.3 1.6
H1 2012 H1 2013
Processing Services
RR bln
+506.7%
0% 1%
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Net cash from operating activities
decreased by 4.8% y-o-y primarily
due to
decline in EBITDA…
…partially offset by WC changes
Net cash used in investing activities
increased by 132.1% y-o-y on
CapEx growth of 11.8% y-o-y
proceeds from disposals in 2012
Net cash used in financing activities
decreased by 71.7% y-o-y due to
semi-annual dividend in H1’13 vs.
FY’11 dividend in H1’12
lower net debt repayment
CASH FLOW STATEMENT HIGHLIGHTS
Six months ended
30 June Change
%
RR mln, except as stated 2013 2012
Net cash from operating activities 36,995 38,847 (4.8%)
Changes in working capital 4,956 1,140 334.7%
Net cash used in investing activities, including (36,717) (15,821) 132.1%
PPE (36,004) (32,226) 11.8%
Proceeds from disposal of non-core businesses(1) - 13,673 (100.0%)
Net cash used in financing activities, including (9,600) (33,888) (71.7%)
Dividends (7,625) (21,786) (65.0%)
Effect of exchange rate changes on cash and cash
equivalents 12 (154) n/m
Net increase in cash and cash equivalents (9,310) (11,016) (15.5%)
Notes:
(1) Includes proceeds from disposal of the mineral fertilisers business net of related income tax of RR 900 mln, as well as proceeds from the disposal of Voronezh Tyre Plant and
Kirov Tyre Plant.
Key Developments Key Highlights
16
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27.1
14.8
43.7
8.8
RR bln, except as stated
30 June
2013
31 Mar
2013
31 Dec
2012
Change, %
vs 31 Dec 2012
Debt 94.4 96.1 96.0 (1.7%)
Cash & cash equivalents 4.3 18.2 13.6 (68.6%)
Net debt 90.1 77.9 82.4 9.4%
Average loan tenor (years) 3.1 3.1 1.8 –
Available credit lines 69.0(2) 72.5 74.0 (6.8%)
Debt / EBITDA 1.21x 1.21x 1.17x –
Net debt / EBITDA 1.16x 0.98x 1.00x –
EBITDA / Interest(3) 16x 16x 22x –
Key Figures
14 2
84
DEBT STRUCTURE AND MATURITY PROFILE
17
30 Jun’13 RR bln
Debt Maturity Profile Debt Currency Split
RR
EUR
USD
30 Jun’13
%
Key Highlights
Total debt remained largely flat
Net debt increased by 9.4% y-o-y due to lower cash and
cash equivalents on CapEx financing and semi-annual
dividend payment
RR 4,5 bln(1) in debt to RN Holding deconsolidated due to
deconsolidation of Yugragazpererabotka
As of 30 Jun’13, all of the debt was unsecured, except for
RR 16.6 bln outstanding under the Tobolsk-Polymer project
finance facility
<1y 1-2y 2-5y >5y
Eurobond Placement
On 31 Jan’13, SIBUR placed debut 5-year USD 1 bln
Eurobond at 3.914% pa
Short-term debt refinanced, average tenor improved to
3.1 as of 30 Jun’13 from 1.8 years as of 31 Dec’12
Fixed / floating rate ratio changed to 48 / 52% as of
30 Jun’13 from 29 / 71% as of 31 Dec’12
USD debt share increased to 84% as of 30 Jun’13 from
79% as of 31 Dec’12
Notes:
(1) Includes principal amounts of debt owed by SIBUR to RN Holding and debt owed by Yugragazpererabotka to TNK-BP. Excludes accrued interest.
(2) Of which an equivalent of RR 21,023 mln was committed.
(3) Interest represents accrued interest, i.e. includes interest expense and capitalised interest. SIBUR changed its approach to reporting interest coverage ratio, as previously interest included only
interest expense and excluded accrued interest. We believe that the new approach is more conservative and provides the reader with more accurate metrics.
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FINANCIAL CALENDAR – 2013
18
Event Date
FY 2012 Operational and Financial Results 3 April 2013
Q1 2013 Operational and Financial Results 18 June 2013
Q2 and H1 2013 Operational and Financial Results 12 September 2013
Q3 and 9M 2013 Operational and Financial Results Week of December 16th (TBC)
SEP 2013
M T W T F S S
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30
DEC 2013
M T W T F S S
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31
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19
Questions and Answers
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AGENDA
20
1. H1 2013: Key Developments
2. Operational and Financial Results
3. Questions and Answers
4. Appendix
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H1 2013 H1 2012
Energy Products
MARKET PRICES
21
Rebased to 100
Synthetic Rubbers
Rebased to 100
Plastics & Organic Synthesis Products
Rebased to 100
Basic Polymers
Rebased to 100
Source: Argus, Bloomberg, ICIS, Malaysian Rubber Board, Chemease
H1 2012 H1 2013
H1 2012 H1 2013
H1 2012 H1 2013
40%
60%
80%
100%
120%
Brent Naphtha CIF NWE
LPG DAF Brest LPG Sonatrach
40%
60%
80%
100%
120%
140%
Styrene butadiene rubber, ESBR 1500 Spot, FD NWE
Natural Rubber, NR SMR 20
Butadiene Contract, FD NWE
Butyl rubber, IIR 1751 (yanshan)50%
70%
90%
110%
130%
Polystyrene, EPS block FOB Korea MEG Contract, FD NWE T2
2-ethylhexanol Spot, FD NWE Butyl acrylate Spot, FD NWE
PET FOB China, Spot
80%
100%
120%
LDPE CFR China film, Spot
PP rafia China Main Port, Spot
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255.192.0
229.242.242
178.210.216
MARKET PRICES (CONT’D)
22
PRODUCT QUOTE SOURCE
ENERGY PRODUCTS
Oil Brent (USD per bbl) Bloomberg
Naphtha Naphtha CIF NWE Argus
LPG LPG DAF Brest Argus
LPG Sonatrach Argus
BASIC POLYMERS
LDPE LDPE CFR China film, Spot ICIS
PP PP rafia China Main Port, Spot ICIS
SYNTHETIC RUBBERS
Natural rubber NR SMR 20 Malaysian Rubber Board
Butyl rubber IIR 1751 (yanshan) Chemease
Butadiene Butadiene Contract, FD NWE ICIS
Styrene-butadiene rubber ESBR 1500 Spot, FD NWE ICIS
PLASTICS & ORGANIC SYNTHESIS PRODUCTS
PET PET FOB China, Spot ICIS
Monoethylene glycol (MEG) MEG Contract, FD NWE T2 ICIS
2-ethylhexanol (alcohol) 2-ethylhexanol Spot, FD NWE ICIS
Butyl acrylate Butyl acrylate Spot, FD NWE ICIS
Expandable polystyrene Polystyrene, EPS block FOB Korea ICIS
