SIBUR's IFRS net profit plummets 26% to 26.8 bln rubles in Q1, net debt rises 1.2% to 267 bln rubles
MOSCOW. May 15 (Interfax) - SIBUR's net profit to International Financial Reporting Standards (IFRS) fell 26% year-on-year in Q1 2018 to 26.8 billion rubles, the petrochemicals company said in a financial report.
Net profit fell largely due to a "significant foreign exchange gain incurred last year due to the ruble's appreciation against euro and dollar and revaluation of debt denominated in these currencies," the company said.
Net profit attributed to shareholders of the parent company fell 27% to 26.16 billion rubles.
Sales revenue to IFRS rose 11.9% in Q1 to 120 billion rubles. EBITDA rose 4.8% thanks to strong Feedstock & Energy segment performance, which was somewhat counterbalanced by weaker EBITDA of the petrochemicals businesses, reflecting tighter spreads.
Capex grew 42.6% year-on-year to 31.9 billion rubles not including VAT due to increased financing for the ZapSib project, which was 77% complete at end-March 2018.
SIBUR's net debt to IFRS rose 1.2% during Q1 2018 to 267 billion rubles. Net debt raised for the ZapSib project grew 6.5% to 171.6 billion rubles.
Feedstock & Energy external revenue increased by 22.3% to 50.5 billion rubles primarily on the growth in LPG sales volumes on higher raw NGL fractionation volumes. "The increase in revenues from sales of liquid hydrocarbons was also attributable to favorable market conditions," SIBUR said.
Olefins & Polyolefins segment revenue increased by 4.7% to 22.4 billion rubles mostly due to the growth in polypropylene benchmark prices, which was partially offset by a downturn in polyethylene prices.
Plastics, Elastomers & Intermediates segment external revenue decreased by 4.9% to 36.3 billion rubles which was mainly attributable to decline in elastomers sales on lower prices as compared to the spiked level a year earlier. Decrease in revenue from MTBE and fuel additives was attributable to divestment of Uralorgsintez in April 2017. This was partially compensated by higher revenues from Plastics and organic synthesis products driven by positive price dynamics across the product group.
Unallocated revenue increased 70.6% to 10.9 billion rubles due to higher revenue from NIPIGAZ services. This revenue includes revenue from non-core segments like NIPIGAZ , electricity sales by the Tobolsk HPP and others.
SIBUR's gas processing plants (GPPs) processed 5.6 billion cubic meters of APG in Q1, an increase of 2.3% year-on-year. As a result, production of natural gas totaled 4.8 billion cubic meters. Raw NGL fractionation volumes increased by 9% year-on-year to 2.2 million tonnes.
Sales volumes of liquid hydrocarbons increased by 18.3% year-on-year to 1.5 million tonnes, while natural gas sales volumes increased by 1.9% year-on-year and totaled 4.5 billion cubic meter.
Polyolefin sales volumes increased by 3.2% to 210,000 tonnes, while sales of plastics and organic synthesis products increased by 2.2% to 197,000 tonnes year-on-year on higher capacity load.