Sibur reports FY 2013 IFRS results

ERJ staff report (TP)

Moscow – OAO SIBUR Holding, an integrated gas processing and petrochemicals company, published its operational and financial results on 18 March for the year ended 31 December 2013 in accordance with International Financial Reporting Standards (IFRS).

Operational and financial highlights were as follows:

Associated petroleum gas (APG) processing volumes increased by 4.8 percent year-on-year.

Raw natural gas liquids (raw NGL) production increased by 13.6 percent year-on-year.

Natural gas sales volumes increased by 12.0 percent year-on-year.

Revenue remained flat compared to 2012.

An increase in revenue from sales of energy products, basic polymers, plastics and organic synthesis products compared to declining revenue from sales of synthetic rubbers, intermediates & other chemicals.

EBITDA decreased by 4.2 percent year-on-year.

Net cash from operating activities increased by 16.1 percent year-on-year.

Adjusted profit decreased by 15.2 percent year-on-year.

In 2013, Sibur’s revenue “remained largely flat” at RR 269,814m (€5.316bn) compared to RR 271,330m (€5.348bn) in 2012.

Its energy product group delivered a “strong performance” on higher sales volumes. Revenue from sales of energy products increased by 11.8 percent year-on-year to RR 144,716m (€2.852bn) from RR 129,409m (€2.551bn) in 2012, which was primarily attributable to higher sales volumes of the vast majority of products despite flat average selling prices.

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More details in press release from Sibur