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Company Presentation
March 2016
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DISCLAIMER
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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4.0
6.2
8.5 8.7 8.5 9.4
3.2
0.8 1.9
2.9 2.6 2.5 2.7 1.1
20%
31%
35%
30% 29% 32%
36%
2009 2010 2011 2012 2013 2014 H1 2015
Revenue, USD blnEBITDA, USD blnEBITDA margin, %
(2)
SIBUR AT A GLANCE
Notes: (1) SIBUR’s reporting currency is Russian rouble. Figures have been translated from RR to USD at average and end-of-period FX rates for the respective periods.
All financial figures for SIBUR in this presentation for the years of 2009-2012 are based on combined financial information, which excludes the results of the mineral fertilisers and tyres businesses, which were divested by SIBUR in December 2011.
(2) Estimated EBITDA margin excluding naphtha trading via Ust-Luga transshipment facility.
Naphtha trading operations via Ust-Luga, ceased in 2015
Financial Performance(1)
1.6x 0.7x 0.7x 1.0x 1.1x
Net debt/
EBITDA
(USD) 1.2x
SIBUR is a unique integrated gas processing &
petrochemicals company
Vertically integrated business model supporting
resilient business performance
Advantageous access to feedstock and high barriers
to entry
Highly diversified product portfolio
Leading market position in the attractive Russian
petrochemicals market
Unique growth opportunities
One of the highest rated companies in the region:
Ba1/Moody‟s (affirmed in December 2015) and
BB+/Fitch (affirmed in March 2016) with no history of
downgrades throughout 2008/09 crisis
SIBUR Advantage
Ba2 Ba2 Ba2 Ba1 Ba1 Ba1
BB BB BB BB+ BB+ BB+
Key Facts
26 production sites in Russia
Over 25,000 employees
Over 1,400 large customers from 75 countries representing
diverse range of end-customer industries
Revenue by Product (2014)
60
37
3
Energy
products
Petchem
% 49 36
8 6 1
Asia
CIS
Europe
Russia
%
Revenue by Region (2014)
1
2
3
4
5
Other revenue Other
1.8x
Ba1
BB+
3
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SIBUR OPERATES A UNIQUE VALUE CHAIN
Notes:
(1) Associated petroleum gas.
(2) Natural gas liquids include raw NGL, LPG (liquefied petroleum gas), naphtha.
(3) Estimated EBITDA margin excludes naphtha trading via the Ust-Luga transshipment facility, ceased in 2015.
Oil-based
feedstock
(APG)
Gas-based
feedstock
(NGLs)
Gas processing /
Fractionation Intermediates
Basic
polymers
Synthetic
rubbers
Plastics & organic
synthesis products
Processing of APG into natural gas
and NGLs
Fractionation of NGLs into
marketable energy products
Sale of energy products to external
customers and SIBUR‟s
petrochemicals segment
Production and sale of four categories of
petrochemical products
Dominant share of feedstock sourced
internally
Oil-based feedstock (APG(1))
By-product of oil production
Sourced from oil companies
Gas-based feedstock (NGLs(2))
Sourced from gas and oil
companies
EXTERNAL SOURCING
OF HYDROCARBON
FEEDSTOCK
FEEDSTOCK AND ENERGY
(3)
PETROCHEMICALS
Integrated Value Chain from Feedstock Sourcing to the Production of Petrochemicals
2014 H1 2015
EBITDA, USD mln 2,299 663
EBITDA margin 41.8% 37.4%
2014 H1 2015
EBITDA, USD mln 542 504
EBITDA margin 14.6% 31.4%
4
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EXTENSIVE ASSET BASE THROUGHOUT RUSSIA
Salekhard ●
Kemerovo ●
Tyumen ●
Omsk ●
Samara ● ● Ufa
Voronezh ●
● Saint-Petersburg
Tver●
Tula●
●
Nizhniy Novgorod
Kursk●
● Tomsk Krasnoyarsk ●
● Purovsk Moscow●
Tobolsk ●
WESTERN SIBERIA
WESTERN SIBERIA
Largest oil & gas
reserves region in
Russia
22 tcm
48 bln bbl
Proven oil reserves
Proven gas reserves
Joint Ventures
facilities operated under JVs
Energy Products
gas processing &
fractionation,
MTBE & other fuel
additives
Petrochemicals
basic polymers
synthetic rubbers
plastics & organic synthesis
intermediates
other chemicals
Logistics
raw NGL pipeline
transshipment facility in
Ust-Luga operated by SIBUR
Khanty-Mansiysk ●
● Perm
5
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Plastics and
organic synthesis
Basic polymers
(PP, PE)
Synthetic rubbers
VERTICALLY INTEGRATED MODEL WITH MULTIPLE
EMBEDDED EARNINGS SUSTAINABILITY DRIVERS(1)
Feedstock &
Energy
segment
Petrochemicals
segment
Methanol
NGLs
Other third-party
feedstock
100%
100%
MTBE
NGLs
Natural gas
Oil & Gas
producers
9 production sites
Gross sales:
RR 211.2 bln(2)
EBITDA margin(3):
41.8%
17 production sites
Gross sales:
RR 142.3 bln
EBITDA margin:
14.6%
Gas-based
feedstock
(NGLs)
Intermediates and
other chemicals
Oil producers
External sales represent c.
86% of Feedstock & Energy
segment gross revenue(2)
Dominant share of feedstock
for petrochemicals segment is
sourced internally
Oil-based
feedstock
(APG)
- Share of available for sale volumes X%
Notes:
(1) All figures based on FY 2014 financials.
(2) Excludes naphtha trading volumes.
(3) Estimated EBITDA margin excludes naphtha trading via the Ust-Luga transshipment facility.
Earnings Sustainability Drivers
Deep discount between
natural gas selling price and
APG purchasing price hedges
economics of APG processing
Economics of raw NGL
fractionation limits exposure to
oil & oil derivative price
volatility
Net seller position of energy
products hedges against
increases in prices for
petrochemical feedstock
Prices for petrochemical
products are only partially
correlated with oil & oil
derivative prices
30%(2)
1. Vertically integrated business model supporting resilient business performance
70%(2)
6
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YAMAL-NENETS
AUTONOMOUS AREA
KHANTY-MANSI
AUTONOMOUS AREA
Purovsky GCP
(NOVATEK)
Gubkinskiy
GPP
Muravlenkovskiy
GPP
Vyngapurovskiy
GPP
Nyagan GPP
Nizhnevartovskiy
GPP
Belozerniy
GPP
Yuzhno-Balykskiy GPP
Tobolsk-Neftekhim
Tobolsk-Polymer
PYT-YAKH
TOBOLSK
PUROVSK
NOYABRSK
TYUMEN REGION
UNIQUE LARGE-SCALE TRANSPORTATION AND FEEDSTOCK PROCESSING
INFRASTRUCTURE IN WESTERN SIBERIA
2. Advantageous access to feedstock and high barriers to entry
SIBUR / third-party gas processing plant (GPP)
SIBUR / third-party compressor station
third-party gas condensate plant
SIBUR gas fractionation unit (GFU)
SIBUR propane dehydrogenation facility (PDH)
SIBUR polymers production
SIBUR loading rack
SIBUR owns and operates the largest and most
extensive infrastructure for processing and
transportation of feedstock in Western Siberia:
8(1) out of 10 gas processing plants (GPP)
APG processing capacity of 23 bcm p.a.
Raw NGL processing capacity of
6.6 mmtpa at flagship gas fractionation unit
(GFU) in Tobolsk (out of 8 mmtpa of the
Company‟s total capacity)
Pipeline network of 2,995 km
4 railway loading racks (out of 6 operated by
Feedstock & Energy segment)
ECONOMIES OF SCALE
INTEGRATED INFRASTRUCTURE
HIGH BARRIERS TO ENTRY
third-party power plant
SIBUR / third-party APG pipeline
Gazprom condensate pipeline
SIBUR / Gazprom natural gas pipeline
SIBUR old raw NGL pipeline
SIBUR newly constructed raw NGL pipeline
truck transportation
7 Notes:
(1) Including one GPP in JV.
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Hyd
rocarb
on
Feed
sto
ck
Pu
rch
asin
g E
xp
en
ses
SECURED ACCESS TO FEEDSTOCK
Notes:
(1) Billion cubic metres.
(2) 49% of APG supplied by Rosneft to the GPPs of its JV with SIBUR. In March 2014, SIBUR gained full control over the JV via acquisition of a 49% stake from Rosneft.
(3) 49% of raw NGL produced at the GPPs of the JV between SIBUR and Rosneft. These volumes were obtained by Rosneft and sold to SIBUR. In March 2014, SIBUR gained full control over
the JV via acquisition of a 49% stake from Rosneft.
(4) IHS CERA.
(5) CDU TEK.
12.4 13.0 12.7 13.0 13.9 19.4
10.3
16.8 17.5 18.0 18.7 19.6 20.8
2009 2010 2011 2012 2013 2014 H1 2015
0
10
20
30
40
50
60
2005 2010 2015 2020 2025 2030
0
20
40
60
80
100
2005 2010 2015 2020 2025 2030
1.1 1.5 2.0 1.9 2.1 2.2
1.3
2.4 2.8
3.3 3.4 3.6
2.6
2009 2010 2011 2012 2013 2014 H1 2015
6.3 14.2
22.9 24.7 25.6 25.8 12.2
4.0 4.7
5.3 7.3 9.4 20.5
10.7 10.3
18.8
28.2 32.0
35.0
46.4
22.9
2009 2010 2011 2012 2013 2014 H1 2015
Outlook for Feedstock-Rich Gas Production in Russia(4)
91% of APG supplies for
2016 guaranteed under
multi-year contracts
WA maturity of supply
contracts – 15.7 years
NOVATEK Gazprom Rosneft
Gazprom Neft
RussNeft
Key Supply Contracts as of 31 December 2015
APG NGLs
94% of NGLs supplies for
2016 guaranteed under
multi-year contracts
WA maturity of supply
contracts – 17.3 years
SIBUR’s Feedstock Purchases
Associated Petroleum Gas Unstable Gas Condensate
mln tonnes 2014 APG flaring –
c.16%(5) of
produced volumes
bcm(1)
mln tonnes
bcm(1)
SIBUR‟s purchases Purchases from Rosneft in JV(3)
SIBUR‟s purchases Rosneft‟s share in APG purchases(2)
RR bln
APG NGLs
AP
G
NG
Ls
2. Advantageous access to feedstock and high barriers to entry
8
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DIVERSE DRIVERS AND END-MARKETS
2014
revenue(1),
RR bln
2014
revenue(1)
structure
Notes:
(1) External sales.
(2) Primarily LPG and naphtha.
Correlation
with oil
prices S
Key drivers
Commodity cycle, global oil prices
Transportation costs and export duties
Changes of regulated gas tariffs by Russia‟s Federal Tariff Service
Domestic fuel additives market (refineries upgrade, introduction of Euro standards, car fleet)
Import substitution
Demand/supply in multiple end-customer industries
Development of tyre & vehicle manufacturing
Natural rubber prices
Commodity cycle, demand/supply balance in respective petrochemical products
Demand/ supply in multiple end-customer industries
Domestic
Export
19%
81%
23%
77% 64%
36% 11%
89% 100% 37%
63% 13%
87%
Naphtha trading operations via Ust-Luga, ceased in 2015
43% 10% 6% 11% 8% 13% 6%
156
38 23 38
28 46 20
x% Share in
total revenue
Currency
nature
US dollar
Russian rouble
Key end-
markets
Liquids(2) Natural gas MTBE & other fuel additives
Basic polymers
Synthetic rubbers
Plastics & organic synthesis
Intermediates & other chemicals
Petrochemicals, fractionation
FMCG, construction
Automotive, construction
FMCG, chemicals,
construction Fuels
Chemicals, petrochemicals
Residential applications
Power, utilities
3. Highly diversified product portfolio
9
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54 46
LDPE
65
35
Ba
sic
po
lym
ers
S
yn
the
tic
ru
bb
ers
P
lasti
cs a
nd
org
an
ic s
yn
the
sis
LEADING PLAYER IN THE HIGH-GROWTH DOMESTIC MARKET
2014
2014
2014
%
%
MEG
Russia Consumption Growth Outlook
CAGR, 2013-2020
Others SIBUR‟s share
Growth Fundamentals
Kg per Capita Consumption of Basic Polymers
Polypropylene Polyethylene (LDPE)
Source: IHS, Market Report, IISPR.
SIBUR’s Share in Russia’s Production Capacity
1.5%
2.4%
3.1%
3.7%
3.9%
4.1%
4.9%
5.0%
9.7%
LDPE
PET
HDPE
PP
EPS
MEG
IIR
PVC
LLDPE
4
4
6
8
Russia
China
Eastern Europe
Western Europe
7
14
13
18
Russia
China
Central Europe
Western Europe
72
28
BR
47 53
SBR SBS
% % %
100
%
4. Leading market position in the attractive Russian petrochemicals market
44 56
Polypropylene
%
17
83 55
45 %
PET
%
Expandable
polystyrene
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Europe
PETROCHEMICALS
FEEDSTOCK
PETROCHEMICALS
AND END-PRODUCTS
FEEDSTOCK
>6,000 km
>4,000 km
Long distances with
infrastructural
constraints
Significant export
duties for naphtha and
LPG in Russia Ample feedstock
base
Significant export
duties for naphtha and
LPG in Russia
SIBUR‟s production assets China and Northeast Asia
EFFICIENT MONETISATION OF STRANDED FEEDSTOCK
5. Unique growth opportunities
SIBUR’s
petrochemical hub
in Tobolsk
Naphtha price(1)
Notes:
(1) USD per tonne.
(2) USD per tonne of polyethylene, assuming naphtha consumption ratio of 2.2x, and net of by-product credits.
(3) USD per tonne of polyethylene.
(4) USD per tonne of LPG-mix (propane and butane).
(5) USD per tonne of olefins, assuming LPG-mix consumption ratio of 1.35x.
Transportation to W.Europe(3)
PE
price i
n W
este
rn E
uro
pe
Illustrative HDPE price build-up
LPG price in Europe(4)
Transport &
export duties(4)
LPG price in Tobolsk(4)
LPG feedstock cost
in Tobolsk(5)
HDPE production cost
net of by-product credits(3)
Weste
rn E
uro
pe
To
bo
lsk
Naphtha feedstock cost(2)
Total cost for producers(3)
HDPE production cost (3)
Total cost
for producers(3)
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ME Avg NA Avg
NEA Avg WE Avg
0
500
1,000
1,500
2,000
2,500
0.0 50.0 100.0 150.0 200.0
1. Zapsibneftekhim
2. Tobolsk-Polymer
3. Sibur-Kstovo
4. Tomskneftekhim
ME – Middle East, NA – North America,
NEA – Northeast Asia, WE – Western Europe
Ethylene
(1) National Wealth Fund.
(2) Source: IHS 2015, SIBUR estimates.
ZAPSIBNEFTEKHIM (ZAPSIB-2):
EXPANSION OF POLYOLEFINS PRODUCTION IN TOBOLSK
Production Scheme
Propane
Ethylene
1,500 Ethylene
cracking
unit (ECU)
‟000 tonnes
Ethane
N-Butane
HDPE - 350
HDPE - 350
LLDPE / HDPE - 400
LLDPE / HDPE - 400
PP - 500 Propylene
525
Strong Position on the Global Cost Curve (2019)(2)
5. Unique growth opportunities
(USD per tonne)
Cumulative capacity („000 000 tonnes)
Propylene
Project Overview
Greenfield construction of ethylene cracking unit and polyolefin
production complex in Tobolsk within the SIBUR‟s Tobolsk
petrochemical hub
Configuration:
Cracking unit: 1.5 mtpa of ethylene, 500 ktpa of propylene,
100 ktpa of crude C4 (Linde AG, Germany)
PE production units: 1.5 mtpa of PE (INEOS, the UK)
PP production unit: 0.5 mtpa of PP (LyondellBasell,
the Netherlands)
Russian State support for the project expected through investment
agreements with the Tobolsk regional Government and City
Administration
Status as of 1 November 2015
1 1
2 3 3
4 4
NA Avg
NEA Avg
ME Avg
WE Avg
Completed most preparation works, civil works started
FEED for ECU, PP and PE units completed
Overall completion 13.0%, including FEED stage
EUR 1,676 mln Hermes ECA-backed committed credit line with a tenor of
15 yrs opened to fund German EP contracts; EUR 115 mln drawndown
EUR 412 mln Coface ECA-backed term loan with a tenor of 15 yrs to fund
contracts with Technip France signed and drawdown subject to conditions
USD 1.75 bln with a tenor of 15 yrs from the NWF(1) – placement
announced
Major EP contractors engaged (Linde, Technip, ThyssenKrupp Industrial
Solutions)
12
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1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
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ENERGY PRODUCTS
C1 C2
Methane (gas) Ethane (gas)
C3-4 C5-6 C7+
Propane (gas / liquid)
Butane (gas / liquid)
Isobutane (gas / liquid)
Pentane (liquid)
Isopentane (liquid)
Hexane (liquid)
Heavy
fractions
Liquefied Petroleum
Gas (LPG) Naphtha
Raw Natural Gas Liquids (Raw NGL)
Oil
Natural Gas
Associated Petroleum Gas (APG)
fractions can be used as petrochemical feedstock
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MULTIPLE PRODUCTS, GEOGRAPHIES AND CUSTOMER GROUPS
Over 1,400 large
customers…
…from 75 countries
…representing diverse
range of end-customer
industries
…with low customer
concentration
…and balanced contract /
spot sales structure
Customer Concentration(1) Contract / Spot Structure of Sales(1)
3%
6%
8%
10%
13%
18%
28%
40%
41%
54%
Basic polymers
Plastics and organicsynthesis products
Intermediates andother chemicals
Synthetic rubbers
Energy products
Top-10 Largest customer
2014 2014
67%
37%
57% 39%
33%
63%
43% 61%
Energy Basicpolymers
Syntheticrubbers
Plastics andorganic
synthesisSpot Contract
49
36
8 6 1
21
19
10 6 3
13
11
8
6 3
Total Group Sales Breakdown
Other
Asia
CIS
Europe
Russia
Intermediates and
other chemicals
%
LPG
Naphtha
Natural gas
Basic polymers
Synthetic
rubbers
Plastics and
organic
synthesis
products
MTBE and
other fuels
Processing services
and other sales
Raw
NGL
2014
%
By product By region
Naphtha trading operations via Ust-Luga, ceased in 2015
(1) Excluding naphtha trading operations. 15
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1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
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Continued macroeconomic storm in H1‟15
Collapsed prices for oil (-46.8% y-o-y) and majority of derivative
products (in USD terms)
3.5% y-o-y GDP decline in Russia; decelerating GDP growth in
China (7.0% y-o-y); resumed growth in EU GDP (1.4% y-o-y) and
optimistic growth in US GDP (2.8% y-o-y)
Accelerating inflation in Russia (CPI of 15.3% y-o-y and PPI of
13.1% y-o-y in H1‟15)
Substantial RR depreciation against USD and EUR
RR on average lost 39.1% and 25.4% y-o-y of its value relative to
USD and EUR, respectively
Indexation of railway tariffs in Russia
10% tariff indexation by FTS(1) effective January 2015
13.4% increase in tariffs for LPG deliveries to export markets
effective August 2014
13.4% increase in tariffs for export deliveries for all types of products
effective January 2015
China Petrochemical Corporation (“Sinopec Group”) agreed to
acquire a strategic stake in SIBUR (September 2015)
Material progress on ZapSibNeftekhim (ZapSib-2) funding:
EUR 1,575 mln Hermes ECA-backed committed credit lines with a
tenor of 15 yrs opened to fund German EP contracts; EUR 115 mln
drawndown (March 2015)
EUR 412 mln Coface ECA-backed term loan with a tenor of 15 yrs
to fund contracts with Technip France signed and drawdown
subject to conditions (September 2015)
USD 1.75 bln may be raised from the NWF(2) within RDIF‟s quota in
NWF
Additional tranche to be provided by RDIF, international co-
investors and commercial banks
SIBUR ratings affirmed
Ba1/Moody‟s (March 2015)
BB+/Fitch (February 2015)
Tobolsk-Polymer (500 ktpa of PP) ramp-up: average capacity load at
86% in H1‟15
Gazprom Neft and SIBUR commissioned Yuzhno-Priobskiy GPP,
(900 mcmpa of APG) (September 2015)
BoD approval of SIBUR 2015 CapEx plan at RR 64.7 bln (March
2015)
KEY HIGHLIGHTS
March 2014: acquisition of a 49% stake in Yugragazpererabotka and
new commercial agreements with Rosneft
RR 52,773 million in non-cash gain
Increase in debt to fund the transaction
The final USD 1.0 bln paid in H1‟15; USD 0.6 bln paid in March 2014
Simultaneous decrease in naphtha revenues and goods for resale in
OpEx on termination of trading operations via Ust-Luga in 2015
External Environment SIBUR Key Developments
One-off Factors
(1) Federal Tariff Service, which functions were transferred to the Federal Antimonopoly Service as of 21 July 2015.
(2) National Wealth Fund. 17
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208. 208.208
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192.0.0
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178.210.216
H1 2015 KEY OPERATIONAL AND FINANCIAL HIGHLIGHTS
Raw NGL fractionation volumes increased by 26.5% y-o-y to 3.8 mt(1)
LPG production volumes increased by 35.4% y-o-y to 3.2 mt(1)
LPG sales volumes increased by 15.8% y-o-y to 2.0 mt
Petrochemical products sales volumes increased by 30.0% y-o-y to 1.3 mt
PP production increased by 69.5% y-o-y to 285.2 kt
Synthetic rubber production increased by 20.4% y-o-y to 221.4 kt
Operational
Results
Financial
Results
Revenue increased by 5.6% y-o-y to RR 181.4 bln
EBITDA increased by 30.6% y-o-y to RR 64.6 bln, for an EBITDA margin of 35.6%
Petchem EBITDA increased 4.9x y-o-y, for petchem EBITDA margin up to 31.4%
Operating cash flows before working capital changes increased by 28.8%
CapEx increased by 15.1% y-o-y to 30.5 bln
Net Debt to EBITDA at 1.99x as of 30 Jun’15 (1.76x in USD terms) vs. 1.74x as of 31 Dec’14
Notes:
(1) Including volumes under processing arrangements.
18
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0.6%
(3.5%)
35.0
57.4
H1 2014 H1 2015
10.0%
24.7%
H1 2014 H1 2015
9.2%
13.1%
H1 2014 H1 2015
7.8%
15.3%
H1 2014 H1 2015
MACRO ENVIRONMENT
Russian GDP Growth(1) Consumer Price Index (y-o-y)(1) Producer Price Index (y-o-y)(1)
Average Exchange Rate(2) Transportation Tariffs Indexation
Source:
(1) Russian Federal State Statistics Service
(2) CBR
+64.1%
RR / USD
32.7 33.6
31 Dec'13 30 Jun'14
EOP Exchange Rate(2)
RR / USD
56.3 55.5
31 Dec'14 30 Jun'15
(1.3%)
H1 2014 H1 2015
2.8%
Domestic deliveries
Export deliveries
19
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0.8
1.0
1.2
1.4
1.6
1.8
2.0
H1 2014 H1 20152-ethylhexanol Expandable polystyrene
MEG Butyl acrylate
PET
0.4
0.8
1.2
1.6
2.0
2.4
2.8
H1 2014 H1 2015Styrene-butadiene rubber Natural rubber
Butadiene Nitrile butadiene rubber
Styrene
0.04
0.05
0.06
0.07
0.08
0.09
0.10
0.2
0.4
0.6
0.8
1.0
1.2
H1 2014 H1 2015Brent NaphthaLPG CIF ARA (large) MTBELPG DAF Brest Natural gas (RHS)
(24.1%)
(48.0%)
(22.0%)
(31.5%)
0.8
1.1
1.4
1.7
H1 2014 H1 2015
PP LDPE
Energy Products Basic Polymers
(46.8%) (45.7%)
(17.9%)
(22.2%)
Synthetic Rubbers Plastics & Organic Synthesis
(37.5%)
(23.5%)
(18.4%) (35.3%)
(21.7%)
(31.7%)
‟000 USD per tonne (avg. for the period)
‟000 USD per thousand cubic metres of natural gas (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)
(23.3%)
(6.5%)
(51.2%) (53.4%)
MARKET ENVIRONMENT(1)
Source: Argus, Platts, Bloomberg, ICIS, Chemease, Malaysian Rubber Board, Federal Tariff Service of Russian Federation
Notes:
(1) For detailed market data statistics please refer to Appendix. Prices quoted in EUR or RR are converted to USD at average FX rates for the respective periods. 20
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1.5 1.8
H1 2014 H1 2015
+20.2%
(35.6%)
3.8
2.3
H1 2014 H1 2015
(39.9%)
1.4 1.1
H1 2014 H1 2015
(20.4%) 1.1 1.0
H1 2014 H1 2015
(4.6%)
SIBUR FINANCIAL SUMMARY(1)
EBITDA
EBITDA
Operating Cash Flow
Operating Cash Flow
Revenue Investing Cash Flow(3)
Investing Cash Flow(3)
49.5 64.6
H1 2014 H1 2015
+30.6%
RR bln
USD bln
171.7 181.4
H1 2014 H1 2015
RR bln
+5.6%
4.9
3.2
H1 2014 H1 2015
USD bln USD bln USD bln USD bln
133.6 131.7
H1 2014 H1 2015
(1.4%)
RR bln
37.1 58.1
H1 2014 H1 2015
+56.6%
RR bln
(1) Values in USD estimated based on average RR/USD rate of 57.3968 and 34.9796 in H1 2015 and H1 2014, respectively.
(2) Operating expenses before equity-settled share-based payment plans.
(3) Includes CapEx and M&A.
Ru
ssia
n R
ou
ble
s
US
D E
qu
iva
len
ts (
illu
str
ati
ve
)
51.4
H1 2014 H1 2015
+97.3%
RR bln
Revenue
Net Operating Expenses(2)
Net Operating Expenses(2)
– Naphtha trading operations via Ust-Luga – Payments for Yugragazpererabotka acquisition – Placement of deposits
101.5
21
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22
11
8 7
17
14
10
7 4
REVENUE STRUCTURE AND DYNAMICS
52
32
9 5 2
Asia
Europe
CIS Other
Russia
%
By region Revenue Split by Region Revenue Split by Product
H1 2015
%
H1 2015
171.7 181.4
H1 2014 H1 2015
RR bln
Total Revenue
+5.6%
59.9
86.8
H1 2014 H1 2015
107.4 87.5
H1 2014 H1 2015
(18.6%) +44.9%
RR bln
Energy Products Petrochemical Products
RR bln
Intermediates and
other chemicals
LPG
Naphtha
Natural gas
Basic polymers
Synthetic rubbers
Plastics and organic
synthesis products
MTBE and
other fuels
Processing services
and other sales
– Trading operations via Ust-Luga
22
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REVENUE DYNAMICS BY PRODUCT GROUP
9.0 10.2
H1 2014 H1 2015
8.4 12.9
H1 2014 H1 2015
21.4
31.0
H1 2014 H1 2015
13.5 17.4
H1 2014 H1 2015
17.6 20.1
H1 2014 H1 2015
39.4 39.2
H1 2014 H1 2015
16.7
25.5
H1 2014 H1 2015
Natural gas
Synthetic Rubbers Plastics & Organic
Synthesis
MTBE
Intermediates & Other
RR bln
(0.3%)
+14.3% +13.3%
+29.2%
+45.3%
+53.7%
LPG
Basic Polymers
5.2 0.9
H1 2014 H1 2015
Raw NGL
(82.7%)
H1 2014 H1 2015
Other Revenue
+61.7%
4.4 7.1
RR bln RR bln RR bln
RR bln RR bln RR bln RR bln RR bln
+52.6%
34.2
15.1
H1 2014 H1 2015
Naphtha
(56.0%)
RR bln
– Trading operations via Ust-Luga
23
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1,151
581
H1 2014 H1 2015
Sales volumes, ‟000 tonnes
Change in effective avg. selling price, %
1,753 2,030
H1 2014 H1 2015
KEY ENERGY PRODUCTS: SALES VOLUMES AND PRICE DYNAMICS
LPG
+15.8%
(14.0%)
Sales volumes,‟000 tonnes
Change in effective avg. selling price, %
Key Factors
LPG:
Higher sales volumes on
organic growth in production following the launch of integrated feedstock
processing and transportation infrastructure
…despite lower selling prices largely attributable to
lower market prices for majority of products (in USD terms)
…partially compensated by substantial RR depreciation, longer delivery
basis for trading volumes and zeroed export duties
Natural gas:
Increase in natural gas sales volumes due to consolidation of 100%
production at GPPs of Yugragazpererabotka following its acquisition
Naphtha:
Lower sales volumes on termination of trading activities via Ust-Luga in 2015
Lower selling prices attributable to lower market prices for majority of
products (in USD terms), partially compensated by lower export duties
Naphtha
(12.7%)
(49.6%)
Trading operations via Ust-Luga
7,354 8,552
H1 2014 H1 2015
(1.7%)
Natural Gas
+16.3%
Sales volumes, mln cubic metres
Change in effective avg. selling price, %
24
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192.0.0
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Key Factors
Intermediates & Other
177
281
H1 2014 H1 2015
+58.5%
(3.0%)
PETROCHEMICALS: SALES VOLUMES AND PRICE DYNAMICS
Sales volumes, ‟000 tonnes
Change in effective avg. selling price, %
Change in effective avg. selling price, %
Basic Polymers
304 375
H1 2014 H1 2015
+23.3%
Sales volumes, ‟000 tonnes
+23.8%
Synthetic Rubbers
178 212
H1 2014 H1 2015
+8.4%
Sales volumes, ‟000 tonnes
Change in effective avg. selling price, %
+19.2%
Plastics & organic synthesis:
Higher sales volumes largely due to
higher PET and BOPP-film production following
capacity expansions and…
…increase in glycols production from a low base
of H1‟14 resulted from lengthy shutdowns in
Kstovo and Dzerzhinsk
Decline in international market prices for majority of
products mitigated by substantial RR depreciation
Basic polymers:
Higher sales volumes due to growth in PP
production thanks to Tobolsk-Polymer ramp-up
Higher PP and LDPE prices largely attributable to
weak RR despite lower international market prices
Synthetic rubbers:
Increase in sales volumes primarily due to
higher capacity load on improved economics
attributable to RR depreciation and lower
feedstock prices…
…despite continuous negative pricing trend
Intermediates & other chemicals:
Increase in sales volumes due to
higher ethylene, propylene and ethylene oxide
production following capacity expansions…
…and launch of ethylene sales to RusVinyl…
…as compared to low base of H1‟14 due to
lengthy shutdowns in Kstovo and Dzerzhinsk
372
473
H1 2014 H1 2015
Plastics & Organic Synthesis
+27.2%
+14.3%
Change in effective avg. selling price, %
Sales volumes, ‟000 tonnes
25
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192.0.0
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Decrease in goods for resale purchases on the termination of trading
activities via the Ust-Luga transshipment facility in 2015
Higher transportation & rent expenses due to railway tariff indexation,
RR depreciation, longer delivery distances and higher transported volumes
Higher D&A expenses due to
commissioning of new large-scale facilities and amortisation of intangible
assets related to APG supply contracts between SIBUR and Rosneft
Increase in staff costs on change of perimeter
Increase in energy & utilities expenses due to Yugragazpererabotka
consolidation from March 2014
Higher feedstock & materials on growth in APG purchases following the
acquisition of Yugragazpererabotka and new terms of contracts with
Rosneft, partially compensated by lower PP purchases and recoverable
excise on paraxylene
(1) Operating expenses before equity-settled share-based payment plans.
(2) Transportation, logistics and rent.
NET OPERATING EXPENSES STRUCTURE AND DYNAMICS
Net Operating Expenses(1)
Y-o-Y dynamics
133.6 131.7
H1 2014 H1 2015
RR bln
31
21
3 13
12
11
5 2 2
Feedstock &
materials
Transportation &
logistics Energy &
utilities
Staff costs
Depreciation &
amortisation
%
Goods for resale
Structure
78% 73%
(1.4%)
Key Factors
– % of revenue x%
H1 2015
Repairs & maintenance Other
Rent
Depreciation & Amortisation
RR bln
11.3 14.9
H1 2014 H1 2015
+31.6%
7% 8%
38.9 39.4
H1 2014 H1 2015
Feedstock & Materials and
Recoverable Excise RR bln
+1.3%
23% 22%
15.0 16.8
H1 2014 H1 2015
Energy & Utilities
+11.9%
9% 9%
RR bln
H1 2014 H1 2015
32.3 24.3
Rent expenses
Transportation & logistics
Transportation & Rent(2)
RR bln
+32.8%
14% 18%
22.0
6.0
H1 2014 H1 2015
Goods for Resale
RR bln
(72.8%)
13% 3%
– Naphtha trading operations via Ust-Luga, ceased in 2015
13.1 15.4
H1 2014 H1 2015
Staff Costs
RR bln
+18.1%
8% 9%
+4.5%
Feedstock & Materials
Recoverable Excise
26
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EBITDA STRUCTURE AND DYNAMICS
EBITDA Dynamics
Increase in EBITDA by 30.6% y-o-y to RR 64.6 bln on
a fivefold increase in petchem segment EBITDA due to
(i) launch of Tobolsk-Polymer
(ii) lower feedstock costs for petchem production on the back of
declining prices for energy products
(iii) expanded production compared to lengthy maintenance
shutdowns in H1‟14
…partially offset by lower Feedstock & Energy EBITDA due to
collapsed prices for oil derivative products
EBITDA margin of 35.6% in H1‟15
EBITDA and EBITDA Margin by Segment
38.1
28.9
(2.4)
64.6
47.4
5.9
(3.8)
49.5
Feedstock &Energy
Petchem
Unallocated
Total EBITDA
RR bln
49.5 (9.3)
23.0 1.4 64.6
EBITDAH1 2014
F&E Petchem Unallocated EBITDAH1 2015
37.4%
44.4%(1)
31.4%
9.1%
35.6%
32.4%(1)
H1 2015 H1 2014
– EBITDA margin x% (1) Adjusted for low-marginal naphtha trading operations via Ust-Luga transshipment facility, ceased in 2015.
27
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192.0.0
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178.210.216
Net cash from operating activities increased
by 56.6% y-o-y on
higher EBITDA
lower income tax paid as we have utilised
prepayments accumulated during 2014…
…partially offset by negative impact from
WC changes
Net cash used in investing activities
increased by 98.9% y-o-y on
final tranche payment for the acquisition
of Rosneft‟s 49% stake in
Yugragazpererabotka
higher CapEx
Net cash received from financing activities
increased by 35.9% y-o-y on
new borrowings to fund the final tranche
for the acquisition of a 49% stake in
Yugragazpererabotka and continuing
CapEx
CASH FLOW STATEMENT HIGHLIGHTS
Six months ended
30 June Change
% RR mln, except as stated 2015 2014
Net cash from operating activities 58,059 37,071 56.6%
Operating cash flows before WC changes 63,460 49,281 28.8%
Changes in working capital (3,341) (2,413) 38.5%
Income tax paid (2,060) (9,797) (79.0%)
Net cash used in investing activities, including (102,288) (51,420) 98.9%
Purchase of PPE (30,537) (26,520) 15.1%
Acquisition of interest in subsidiaries, net of cash
acquired (61,727) (20,666) 198.7%
Placement of deposits (8,520) - n/m
Net cash from financing activities, including 28,750 21,156 35.9%
Net proceeds from debt 52,458 24,898 110.7%
Dividends (9,629) (6,383) 50.9%
Payment of bank fees (7,964) (115) n/m
Effect of exchange rate changes on cash and cash
equivalents (2,291) 26 n/m
Net (decrease) / increase in cash and cash
equivalents (17,770) 6,833 n/m
Key Developments Key Highlights
28
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21
6
73 23.9
76.3
43.1
73.1
48.2
27.0
2015 2016 2017 2018 2019 After2019
1 Sep‟15 RR bln
Debt Maturity Profile(2)(3) Debt Currency Split(3)
1 Sep‟15
%
DEBT STRUCTURE AND MATURITY PROFILE Key Highlights
Notes:
(1) Interest represents accrued interest, i.e. includes interest expense and capitalised interest.
(2) Loans denominated in USD and EUR are converted into RR at RR/USD and RR/EUR FX rates
as of the respective date.
(3) Unaudited data, excluding non-market debt.
USD RR EUR
Total debt increased by 23.2% YTD primarily due to
new borrowings to fund the acquisition of a 49% stake in
Yugragazpererabotka
Decrease in cash balances accumulated for the repayment of
USD 1 bln for Yugragazpererabotka acquisition
(fully paid in April 2015)
Net debt increased by 31.7%
As of 30 June 2015, all of the debt was unsecured
RR bln, except as stated 1 Sep 2015(2)(3) 30 Jun 2015
Change, %
1 Sep vs 30 Jun
Total debt 291.6 254.1 14.8%
Maturity profile
Short-term 93.4 93.0 0.4%
Long-term 198.2 161.1 23.0%
Currency split
USD 213.6 175.4 21.8%
RR 60.0 65.3 (8.1%)
EUR 18.0 13.3 35.3%
Credit lines 241.6 209.2 15.5%
Committed 136.1 116.8 16.5%
Uncommitted 105.5 92.4 14.2%
RR bln, except as stated 30 Jun 2015 31 Dec 2014 Change, %
Debt 254.1 206.3 23.2%
Cash & cash equivalents 9.9 27.7 (64.2%)
Bank deposits 9.0 - n/m
Net debt 235.2 178.6 31.7%
Average loan tenor (years) 2.5 2.5
Available credit lines 209.2 135.3 54.6%
Debt / EBITDA 2.15x 2.01x
Net debt / EBITDA 1.99x 1.74x
Net debt / EBITDA (in $) 1.76x 1.19x
EBITDA / Interest(1) 9x 16x
Key Figures
29
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229.242.242
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1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
30
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192.0.0
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255.192.0
229.242.242
178.210.216
Continued macroeconomic storm in 9M‟15
Collapsed prices for oil (-48.2% y-o-y) and majority of derivative
products (in USD terms)
3.7% y-o-y GDP decline in Russia; decelerating GDP growth in
China (6.9% y-o-y); resumed growth in EU GDP (1.7% y-o-y) and
optimistic growth in US GDP (2.5% y-o-y)
Accelerating inflation in Russia (CPI of 15.7% y-o-y and PPI of
12.6% y-o-y in 9M‟15)
Substantial RR depreciation against USD and EUR
RR on average lost 40.3% and 27.6% y-o-y of its value relative to
USD and EUR, respectively
Indexation of railway tariffs in Russia
10% tariff indexation by FTS(1) effective January 2015
13.4% increase in tariffs by the Russian Railways for LPG deliveries
to export markets effective August 2014
13.4% increase in tariffs by the Russian Railways for export
deliveries for all types of products effective January 2015
7.5% indexation of natural gas prices by FTS(1) effective July 2015
SIBUR sold a terminal in the commercial port of Ust-Luga on the
Baltic Sea to a consortium comprising RDIF and international
investors; ceased consolidating in November 2015
China Petrochemical Corporation (“Sinopec Group”) agreed to
acquire a strategic stake in SIBUR
Material progress on ZapSibNeftekhim (ZapSib-2) funding:
EUR 1,676 mln Hermes ECA-backed committed credit line with a
tenor of 15 yrs opened to fund German EP contracts; EUR 115 mln
drawndown
EUR 412 mln Coface ECA-backed term loan with a tenor of 15 yrs
to fund contracts with Technip France signed and drawdown
subject to conditions
USD 1.75 bln with a tenor of 15 yrs from the NWF(2) – placement
announced
Gazprom Neft and SIBUR commissioned Yuzhno-Priobskiy GPP,
(900 mcmpa of APG)
KEY HIGHLIGHTS
External Environment SIBUR Key Developments
(1) Federal Tariff Service, which functions were transferred to the Federal Antimonopoly Service as of 21 July 2015.
(2) National Wealth Fund.
31
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9M 2015 KEY OPERATIONAL HIGHLIGHTS
APG processing volumes increased by 3.2%(1) y-o-y to 15.9 bcm
Raw NGL fractionation volumes(2) increased by 26.3% y-o-y to 5.7 mt
LPG production volumes(2) increased by 32.4% y-o-y to 4.8 mt
LPG sales volumes increased by 22.4% y-o-y to 3.1 mt
Petrochemical products sales volumes increased by 22.6% y-o-y to 2.0 mt
PP production increased by 45.8% y-o-y to 361.1 kt
Synthetic rubber production increased by 16.3% y-o-y to 306.1 kt
Operational
Results
Financial
Results
Notes:
(1) Including Rosneft’s share in the processing / production volumes of OOO Yugragazpererabotka in the first quarter of 2014.
(2) Including fractionation / production volumes under processing arrangements.
(3) Adjusted for estimated value of naphtha trading operations via Ust-Luga, ceased in 2015.
(4) 4.8% y-o-y increase to RR 276.5 bln, including naphtha trading operations.
(5) 17.8% y-o-y decrease to RR 134.4 bln, including naphtha trading operations.
Estimated(3) total revenue increased by 19.3%(4) y-o-y to RR 276.0 bln
Estimated(3) revenue from sales of energy products increased by 2.2%(5) y-o-y to RR 133.8 bln
Revenue from sales of petrochemical products increased by 40.8% y-o-y to RR 130.7 bln
Plastics and organic synthesis sales revenue increased by 44.6% y-o-y to RR 47.7 bln
Basic polymers sales revenue increased by 40.4% y-o-y to RR 36.7 bln
Synthetic rubbers sales revenue increased by 32.0% y-o-y to RR 26.6 bln
32
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0.7%
(3.7%)
35.4
59.3
9M 2014 9M 2015
3.5%
12.6%
9M 2014 9M 2015
8.0%
15.7%
9M 2014 9M 2015
MACRO ENVIRONMENT
Russian GDP Growth(1) Consumer Price Index (y-o-y)(1) Producer Price Index (y-o-y)(1)
Average Exchange Rate(2) Tariffs Indexation
Source:
(1) Russian Federal State Statistics Service
(2) CBR
+67.5%
RR / USD
32.7 39.4
31 Dec'13 30 Sep'14
EOP Exchange Rate(2)
RR / USD
56.3 66.2
31 Dec'14 30 Sep'15
9M 2014 9M 2015
+20.3%
+17.7% Indexation
Rate
Effective
Date
Description
13.4% Aug 2014 Railroad transportation
tariffs for LPG export
deliveries
10.0% Jan 2015 Railway Tariff
13.4% Jan 2015 Railroad transportation
tariffs for all export
deliveries
7.5% Jul 2015 Regulated natural gas
price
33
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
MARKET ENVIRONMENT(1)
Source: Argus, Platts, Bloomberg, ICIS, Chemease, Malaysian Rubber Board, Federal Tariff Service of Russian Federation
Notes:
(1) Prices quoted in EUR or RR converted to USD at average FX rates for the respective periods.
0.02
0.04
0.06
0.08
0.3
0.6
0.9
1.2
9M 2014 9M 2015Brent NaphthaLPG CIF ARA (large) MTBELPG DAF Brest Natural gas (RHS)
(30.3%)
Energy Products
(48.2%) (47.5%)
1.0
1.1
1.2
1.3
1.4
1.5
1.6
9M 2014 9M 2015
PP LDPE
Basic Polymers
‟000 USD per tonne (avg. for the period)
(19.1%)
(24.9%)
(24.4%)
(16.4%)
(30.1%)
(23.9%)
(31.0%)
‟000 USD per tonne (avg. for the period)
‟000 USD per thousand cubic metres of natural gas (avg. for the period)
0.5
1.0
1.5
2.0
9M 2014 9M 2015
2-ethylhexanol Expandable polystyreneMEG Butyl acrylatePET
Plastics & Organic Synthesis
‟000 USD per tonne (avg. for the period)
(35.8%)
0.4
0.8
1.2
1.6
2.0
2.4
2.8
9M 2014 9M 2015Styrene-butadiene rubber Natural rubber
Butadiene Nitrile butadiene rubber
Styrene
Synthetic Rubbers
‟000 USD per tonne (avg. for the period)
(24.8%)
(43.9%)
(20.9%) (34.8%)
(11.2%)
(53.0%) (54.2%)
34
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
40
50
60
70
80
90
9M 2014 9M 2015
2-ethylhexanol Expandable polystyreneMEG Butyl acrylatePET
Plastics & Organic Synthesis
‟000 RR per tonne (avg. for the period)
MARKET ENVIRONMENT IN RR TERMS(1)
Source: Argus, Platts, Bloomberg, ICIS, Chemease, Malaysian Rubber Board, Federal Tariff Service of Russian Federation
Notes:
(1) Prices quoted in EUR or USD converted to RR at average FX rates for the respective periods.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
15
25
35
45
9M 2014 9M 2015Brent NaphthaLPG CIF ARA (large) MTBELPG DAF Brest Natural gas (RHS)
+16.7%
Energy Products
(13.3%)
(12.1%)
20
40
60
80
100
9M 2014 9M 2015
PP LDPE
Basic Polymers
‟000 RR per tonne (avg. for the period)
+35.6%
+25.7%
+26.6%
+40.0%
+17.1%
+27.4%
+15.6%
‟000 RR per tonne (avg. for the period)
‟000 RR per thousand cubic metres of natural gas (avg. for the period)
+7.5%
20
40
60
80
100
120
140
160
9M 2014 9M 2015Styrene-butadiene rubber Natural rubber
Butadiene Nitrile butadiene rubber
Styrene
Synthetic Rubbers
‟000 RR per tonne (avg. for the period)
+25.9%
(6.0%)
+32.5% +9.3%
+48.7%
(21.2%) (23.2%)
35
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
Notes:
(1) Values in USD estimated based on average RR/USD rate of 59.2777 and 35.3878 in 9M 2015 and 9M 2014, respectively.
9M 2014 9M 2015
(50.9%)
USD mln
(39.0%)
4,619.0
3,700.5
USD Equivalents(1) (illustrative)
ENERGY PRODUCTS:
SALES REVENUE
27.4 31.2
9M 2014 9M 2015
Natural gas
+14.1%
RR bln
7.7
2.2
9M 2014 9M 2015
Raw NGL
(70.7%)
RR bln
14.0 16.0
9M 2014 9M 2015
MTBE
+14.1%
RR bln
57.4 58.9
9M 2014 9M 2015
RR bln
+2.6%
LPG
21.5
9M 2014 9M 2015
Naphtha
(57.1%)
RR bln
+5.5%
Revenue excluding naphtha trading operations
131.0
9M 2014 9M 2015
(17.8%)
RR bln
+2.2%
Russian Roubles
163.5
134.4
54.0
23.2
2,266.9
36
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
9M 2014 9M 2015
9M 2014 9M 2015
+26.3%
4,534
5,726
9M 2014 9M 2015
+12.6%
9M 2014 9M 2015
+2.2%
ENERGY PRODUCTS:
PRODUCTION AND SALES VOLUMES, PRICE DYNAMICS
LPG
9M 2014 9M 2015
+22.4%
(16.2%)
Natural Gas
Naphtha
Volumes excl. naphtha
trading operations
(13.2%)
(50.6%)
+17.1%
9M 2014 9M 2015
+18.6%
3,290 3,900
Raw NGL
9M 2014 9M 2015
+1.2%
+12.8% 11,492
12,961
mln cubic metres
9M 2014 9M 2015
+12.6%
3,438 3,871
Change in effective average selling price (RR), %
11,966 13,469
Production Sales Production Sales
Production Sales Production Fractionation
‟000 tonnes ‟000 tonnes
‟000 tonnes Excl. fractionation volumes
under processing arrangements
+6.4%
3,122
2,551
1,105 1,081
1,817
899
37
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
LPG DAF Brest LPG price net of duty Brent (RHS)
Market prices vs. oil price
Oil price and export duties impact on product price
LOWER EXPORT DUTIES AND RR DEPRECIATION SUPPORT ENERGY
PRODUCTS REVENUES ON DECREASING OIL
Oil price and export duties impact on product price
LPG DAF Brest case
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
LPG CIF ARA (large) LPG price net of duty Brent (RHS)
Oil price and export duties impact on product price
LPG CIF ARA case
Naphtha CIF ARA case
USD per bbl USD per tonne
USD per tonne USD per bbl USD per bbl USD per tonne
Rebased to 100
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
Naphtha CIF NWE Naphtha price net of duty Brent (RHS)
20%
60%
100%
140%
180%
220%
260%Brent Naphtha CIF NWE
LPG CIF ARA (large) LPG DAF Brest
MTBE Natural gas
USD / RR
38
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
26.1
36.7
9M 2014 9M 2015
PETROCHEMICALS:
SALES REVENUE
92.8
130.7
9M 2014 9M 2015
+40.8% 2,623.8
2,205.3
9M 2014 9M 2015
(15.9%)
33.0
47.7
9M 2014 9M 2015
Plastics & Organic Synthesis
+44.6%
RR bln
13.6 19.7
9M 2014 9M 2015
Intermediates & Other
+45.3%
RR bln
Basic Polymers
RR bln
+40.4%
20.1 26.6
9M 2014 9M 2015
Synthetic Rubbers
+32.0%
RR bln
Notes:
(1) Values in USD estimated based on average RR/USD rate of 59.2777 and 35.3878 in 9M 2015 and 9M 2014, respectively.
RR bln
Russian Roubles
USD mln
USD Equivalents(1) (illustrative)
39
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
PETROCHEMICALS:
PRODUCTION AND SALES VOLUMES, PRICE DYNAMICS
Change in effective average selling price (RR), %
Basic Polymers
439 541
9M 2014 9M 2015
+23.2% 460
522
9M 2014 9M 2015
+13.5%
+23.7%
Production Sales ‟000 tonnes
Synthetic Rubbers
267 313
9M 2014 9M 2015
263 306
9M 2014 9M 2015
+16.3%
Production Sales
‟000 tonnes
+17.2%
+12.7%
573 696
9M 2014 9M 2015
Plastics & Organic Synthesis
+21.4%
+19.1%
645 769
9M 2014 9M 2015
+19.2%
Production Sales ‟000 tonnes
40
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
MARKET PRICES FOR PETROCHEMICAL PRODUCTS
Plastics & Organic Synthesis Products
Rebased to 100
Source: Argus, Platts, Bloomberg, ICIS, Malaysian Rubber Board, Chemease, Federal Tariff Service of Russian Federation
Basic Polymers
Rebased to 100
20%
40%
60%
80%
100%
120%
LDPE CFR China film, Spot
PP rafia China Main Port, Spot
Brent
Synthetic Rubbers Rebased to 100
20%
40%
60%
80%
100%
120%
Styrene butadiene rubber
Natural Rubber
Butadiene
Styrene
Brent
20%
40%
60%
80%
100%
120%
Polystyrene, EPS block FOB KoreaMEG Contract, FD NWE T22-ethylhexanol Spot, FD NWEButyl acrylate Spot, FD NWEPET FOB China, SpotBrent
41
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
KEY FEEDSTOCK PURCHASES
14.2 16.3
9M 2014 9M 2015
+14.8%
RR bln
APG Purchases
19.1 18.7
9M 2014 9M 2015
RR bln
NGLs Purchases
APG Purchasing Volumes NGLs Purchasing Volumes
1,940 1,992
9M 2014 9M 2015
+2.6% 13,947
15,603
9M 2014 9M 2015
+11.9%
mln cubic metres ‟000 tonnes
(2.0%)
42
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
21
6
73 10.7
74.0
41.6
70.6
48.1
26.1
2015 2016 2017 2018 2019 After2019
1 Nov‟15 RR bln
Debt Maturity Profile(1) Debt Currency Split(1)
1 Nov‟15
%
RR bln, except as stated
1 Nov
2015(1) 1 Sep
2015(1)
30 Jun
2015
Change, %
1 Nov 2015 vs
30 Jun 2015
Total debt 271.1 291.6 254.1 6.7%
Maturity profile
Short-term 84.4 93.4 93.0 (9.2%)
Long-term 186.7 198.2 161.1 15.9%
Currency split
USD 198.2 213.6 175.4 13.0%
RR 55.6 60.0 65.3 (14.9%)
EUR 17.3 18.0 13.3 30.1%
Credit lines 240.4 241.6 209.2 14.9%
Committed 150.9 136.1 116.8 29.2%
Uncommitted 89.5 105.5 92.4 (3.1%)
DEBT STRUCTURE AND MATURITY PROFILE
Key Highlights
Notes:
(1) Unaudited data. Loans denominated in USD and EUR are converted into RR at RR/USD and
RR/EUR FX rates as of the respective date.
(2) Last available 12-months EBITDA (30 Jun 2014 – 30 Jun 2015).
RR bln, except as stated
30 Sep
2015(1)
30 Jun
2015
31 Dec
2014
Change, %
30 Sep 2015 vs
31 Dec 2014
Total debt 278.2 254.1 206.3 34.8%
Cash, cash equivalents, bank
deposits 14.9 18.9 27.7 (46.2%)
Net debt 263.3 235.2 178.6 47.4%
Average loan tenor (years) 2.4 2.5 2.5
Available credit lines 255.3 209.2 135.3 88.7%
Net debt / LTM EBITDA 2.23x 1.99x 1.74x
Net debt / LTM EBITDA (in $) 1.66x 1.76x 1.19x
Key Figures
USD RR EUR
Net debt increased by 47.4% vs. 31 December 2014 in
RR terms (+25.2% in USD terms) due to cash outflow for
the acquisition of a 49% stake in Yugragazpererabotka and
substantial RR depreciation
Net debt increased by 11.9% vs. 30 June 2015 in RR terms
(-6.2% in USD terms)
Total debt increased by 34.8% vs. 31 December 2014
(+14.5% in USD terms)
Proceeds from sale of Ust-Luga sea terminal received in
November 2015 to reduce net debt
As of 30 September 2015, all of the debt was unsecured (2)
(2)
43
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
FINANCIAL CALENDAR – 2016:
BACK TO REGULAR REPORTING SCHEDULE
Event Date
FY 2015 Operational and Financial Results March 2016
Q1 2016 Operational and Financial Results June 2016
H1 2016 Operational and Financial Results September 2016
9M 2016 Operational and Financial Results December 2016
44
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
2
4
Skovorodino
Chayandinskoye
Kovyktinskoye
Blagoveshchensk Irkutsk
Amur GPP
(Gazprom) Amur Chemical
Plant (SIBUR)
WESTERN SIBERIA
EASTERN SIBERIA
Svobodny
Power of Siberia
Gas Pipeline
GAZPROM AND SIBUR – JOINT INVESTMENT PROJECT ON
CONSTRUCTION OF GAS PROCESSING AND CHEMICAL HUB IN AMUR
REGION
Notes: (1) Billion cubic metres. (2) Million cubic metres.
60 mcm(2)
48 bcm(1) Gas processing capacity
Helium production capacity
Products: methane, ethane,
propane, butane, pentane-
hexane fraction
45
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
46
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
Currency
Nature
Currency
Nature
EXPOSURE TO OIL PRICES AND FX
H1 2015
RR bln
LPG: negative impact of lower oil prices…
somewhat compensated by lower
export duty…
and RR depreciation
Naphtha: negative impact of lower oil
prices, somewhat compensated by lower
export duty and RR depreciation
Natural gas
MTBE, raw NGL and other fuels
Plastics & organic synthesis
Basic polymers
Synthetic rubbers
Intermediates & other chemicals
Processing services & other sales
22%
Feedstock & materials: APG: indexed in line with FTS, some
contracts account for changes in
NGLs netbacks
NGLs priced at netbacks
Goods for resale: PP, LPG
Transportation, logistics & rent
Energy & utilities
Staff costs
D&A
Repairs & maintenance
Correlation
with Oil
Correlation
with Oil
US dollar Russian rouble
ILLUSTRATIVE
Revenue Categories Revenue Net OpEx Categories
3%
Net OpEx(1)
(1) Operating expenses before equity-settled share-based payment plans.
8%
11%
7%
17%
14%
10%
7%
4%
181.4
131.7
31%
25%
13%
12%
11%
5% 2%
47
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
LPG CIF ARA (large) LPG price net of duty Brent (RHS)
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
LPG DAF Brest LPG price net of duty Brent (RHS)
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
Naphtha CIF NWE Naphtha price net of duty Brent (RHS)
RR / USD – oil price negative correlation
Oil price and export duties impact on product price
LOWER EXPORT DUTIES AND RR DEPRECIATION SUPPORT ENERGY
PRODUCT REVENUES ON DECREASING OIL
Oil price and export duties impact on product price
LPG DAF Brest case
Oil price and export duties impact on product price
LPG CIF ARA case
Naphtha CIF ARA case
USD per bbl USD per tonne
USD per tonne USD per bbl USD per bbl USD per tonne
40
60
80
100
120
28
33
38
43
48
53
58
63
68
RR/USD (LHS) Brent (RHS)
USD per bbl
48
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
0%
20%
40%
60%
80%
100%
120%
Polystyrene, EPS block FOB KoreaMEG Contract, FD NWE T22-ethylhexanol Spot, FD NWEButyl acrylate Spot, FD NWEPET FOB China, SpotBrent
0%
20%
40%
60%
80%
100%
120%
Styrene butadiene rubber Natural Rubber
Butadiene Styrene
Brent
0%
20%
40%
60%
80%
100%
120%
LDPE CFR China film, Spot
PP rafia China Main Port, Spot
Brent0%
20%
40%
60%
80%
100%
120%
Brent Naphtha CIF NWE
LPG CIF ARA (large) LPG DAF Brest
MTBE Natural gas
Energy Products
MARKET PRICES VS OIL PRICE
Rebased to 100
Synthetic Rubbers
Rebased to 100
Plastics & Organic Synthesis Products
Rebased to 100
Basic Polymers
Rebased to 100
Source: Argus, Platts, Bloomberg, ICIS, Malaysian Rubber Board, Chemease, Federal Tariff Service of Russian Federation
49
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
MARKET PRICES
PRODUCT QUOTE SOURCE
ENERGY PRODUCTS
Oil Brent (USD per bbl) Bloomberg
Naphtha Naphtha CIF NWE Argus
LPG LPG CIF ARA (large) Argus
LPG DAF Brest Argus
MTBE MTBE FOB Rotterdam / FOB ARA Platts
Natural gas Natural gas wholesale price (for population) Federal Tariff Service of Russian Federation(1)
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
Nitrile-butadiene rubber NBR Lanzhou N41 Chemease
Butadiene Butadiene Contract, FD NWE ICIS
Styrene-butadiene rubber ESBR 1500 Spot, FD NWE ICIS
Styrene Styrene Spot, FOB Rotterdam 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
(1) Federal Tariff Service, which functions were transferred to the Federal Antimonopoly Service as of 21 July 2015.
50
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
51
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
Fe
edsto
ck p
rocessin
gcapacity, T
ransport
ation
infr
astr
uctu
re
Petr
och
em
icals
Oth
er
TO
TA
L
INVESTMENT PROGRAMME
RR bln (excl. VAT)
2009 – 2014A(1)
337 in 6yrs
Transportation
infrastructure
Feedstock
processing
capacity
Petrochemicals Maintenance,
R&D, IT,
and other
TOTAL
35
152
149
Source: Company data
Notes:
(1) CapEx includes purchase of property, plant and equipment, as well as purchase of intangible assets and other non-current assets.
RR 65 bln (excl. VAT) investment programme approved by SIBUR BoD for 2015
52
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
2014
STRATEGY IMPLEMENTATION: ACHIEVED RESULTS
Throughput capacity: up to 4.8 mtpa up to 8.0 mtpa
Fractionation capacity: 3.8 mtpa 6.6 mtpa (up to 8.8 mtpa)
Polymers capacity: – 500 ktpa
Raw NGL pipeline: 1,168 km 2,268 km
Monomers(1) capacity: 423 ktpa 995 ktpa
2007
Notes:
(1) Includes butadiene, isobutylene, IIF (Isobutane-isobutylene fraction), propylene.
APG processing capacity: 15 bcm 23 bcm
53
0.128.128
153.204.0
128.128.128
208. 208.208
245.138.31
192.0.0
242. 242. 242
255.192.0
229.242.242
178.210.216
STRATEGY IMPLEMENTATION RESULTS: EXTENSIVE TRANSPORTATION
INFRASTRUCTURE SUPPORTING EFFICIENT FEEDSTOCK SUPPLIES
Old Raw NGL Pipeline
Total length: 1,168 km
Total throughput capacity: up to 4.8 mtpa
Two detached sections:
Northern: connection between Gubkinskiy GPP(1) ,
Muravlenkovskiy GPP, Vyngapurovskiy GPP and Noyabrsk
loading rack
Southern: connection between Belozerniy GPP,
Nizhnevartovskiy GPP, Yuzhno-Balykskiy GPP and Tobolsk
GFU
New 1,100 km raw NGL pipeline between Purovskiy GCP(2),
Noyabrsk loading rack, Yuzhno-Balykskiy GPP (near Pyt-Yakh)
and Tobolsk GFU
Throughput capacity:
c.4 mtpa (Purovskiy GCP – Noyabrsk loading rack)
c.5.5 mtpa (Noyabrsk loading rack – Yuzhno-Balykskiy GPP)
c.8.0 mtpa (Yuzhno-Balykskiy GPP – Tobolsk GFU)
CapEx: ~RR 63 bln (excl. VAT)
Newly Constructed Raw NGL Pipeline
Notes: (1) Gas processing plant. (2) Gas condensate plant.
SIBUR old raw NGL pipeline
SIBUR newly constructed raw NGL pipeline
Commissioning date
YAMAL-NENETS
AUTONOMOUS AREA
KHANTY-MANSI
AUTONOMOUS AREA
Purovsky GCP
(NOVATEK) Gubkinskiy
GPP
Muravlenkovskiy
GPP Vyngapurovskiy
GPP
Nyagan GPP
Nizhnevartovskiy
GPP
Belozerniy
GPP
Yuzhno-Balykskiy
GPP
Tobolsk-Neftekhim
Tobolsk-Polymer
PYT-YAKH
TOBOLSK
PUROVSK
NOYABRSK
TYUMEN REGION
2005
2011
1989
2009
2009
2001 2009
1981
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STRATEGY IMPLEMENTATION RESULTS:
NEW GAS FRACTIONATION UNIT (GFU) AT TOBOLSK-NEFTEKHIM
Gas fractionation unit (GFU-1):
Processing capacity of 3.8 mtpa of raw NGL
Commissioned in 1984
Latest modernisation in 2011
Feedstock supplies via Purovsk – Pyt-Yakh – Tobolsk raw
NGL pipeline, inter alia from Yuzhno-Balykskiy GPP
MTBE production unit:
Capacity of 150 ktpa
Commissioned in 1997
Latest modernisation in 2011
Production of intermediate chemicals:
Butadiene production capacity of 207 ktpa
Isobutylene production capacity of 83 ktpa
Isobutane-isobutylene fraction (IIF) production capacity of
195 ktpa, latest modernisation in 2013
Key Existing Facilities
Launches in 2014
Second GFU (GFU-2):
Expansion of raw NGL fractionation capacity to 6.6 mtpa
Support growing volumes of raw NGL supplies through the
new pipeline
CapEx: ~ RR 14 bln (excl. VAT)
Launched in Q1‟14
Propane purification facility
Railway infrastructure expansion
Production Scheme
Isobutane
Raw NGL
Butane
MTBE
Butadiene
Isobutylene
IIF
150
195
207
6.6 mtpa
Dehydro-
genation
Dehydro-
genation
MTBE
Production
83
GFU
LPG, naphtha
Methanol
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STRATEGY IMPLEMENTATION RESULTS:
TOBOLSK-POLYMER POLYPROPYLENE PLANT
Design capacity:
Propane dehydrogenation: 510,000 tonnes p.a. of propylene
Polypropylene (PP) production: 500,000 tonnes p.a.
Leading global players involved:
Licensors: UOP, INEOS
EPC contactors: Tecnimont, LINDE
CapEx: ~RR 64 bln (excl. VAT)
Production Scheme
Propane Raw NGL Propylene
510 ktpa
Dehydro-
genation PP-500
TOBOLSK-POLYMER
Project Description Strategic Importance for SIBUR
Advantageous feedstock access
Growing supplies of raw NGL virtually stranded in the region
Efficient feedstock delivery via own raw NGL pipeline
Monetisation of stranded feedstock through petrochemicals
production
Infrastructural synergies
Infrastructure shared with existing production site
(Tobolsk-Neftekhim)
Close proximity to Tobolsk GFU – SIBUR`s main feedstock
processing facility
Market potential
PP demand growth in Russia and CIS; import substitution
Access to key export markets: Europe and Asia
Strategic Importance for Russia
Contribution to the development of Russian economy, inter alia
through production of high-quality materials needed to upgrade
and modernise the country‟s infrastructure
Contribution to the development of the region`s economy,
including creation of approximately 1,000 new jobs (incl. vendors
and contractors)
Tobolsk-Polymer is on the government‟s top-priority project list in
the region
Part of the government‟s APG utilisation programme
GFU
6.6 mtpa 612 ktpa
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1. Business Description: Additional Details
2. H1 2015 Operational and Financial Results
3. 9M 2015 Limited Operational Update
4. Exposure to Oil Prices & FX, Market Prices
5. Investment Programme Results
6. Yugragazpererabotka Transaction
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SIBUR AND ROSNEFT –
NEW FRAMEWORK FOR LONG-TERM COOPERATION
Acquisition of Control in Yugragazpererabotka New Contracts
Increase in guaranteed APG supplies to 10 bcm p.a.
from 6.6 bcm p.a.
Increase in guaranteed sales of natural gas(1)
Tenors for APG supplies and natural gas sales
extended to 2032 (inclusive) from 2026
Rosneft„s commitment to NGLs content in APG
supplied to Yugragazpererabotka
Acquisition of a 49% interest in Yugragazpererabotka
from Rosneft Group completed on 6 March 2014
Deal value of USD 1.567 bln in cash
USD 0.567 bln paid in March 2014
USD 0.5 bln paid in January 2015
USD 0.5 bln paid in March-April 2015
Strategic Importance for SIBUR
SIBUR gains full control over 3 GPPs with
processing capacity of 13.4 bcm p.a. and related
infrastructure
Cementing long-term access to feedstock
Operational and strategic synergies
Notes:
(1) Natural gas produced at Nizhnevartovskiy GPP and Belozerniy GPP.
Consolidation as a wholly owned subsidiary from
6 March 2014
Overall improvement in SIBUR results
Non-cash gain on equity interest (to be excluded from
dividend base)
Impact on SIBUR Financials
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YUGRAGAZPERERABOTKA TRANSACTION IMPLICATIONS
SIBUR purchases 51% of volumes supplied
to Yugragazpererabotka GPPs, primarily
from Rosneft
Rosneft is responsible for the remaining
49% of volumes
APG
SIBUR purchases 100% of volumes supplied
to Yugragazpererabotka GPPs, primarily
from Rosneft
Rosneft sells all volumes to SIBUR
APG purchasing volumes and costs
Pre Transaction Post Transaction Impact on SIBUR
SIBUR obtains 51%, purchases 49% from
Rosneft
Rosneft obtains 49%, sells 49% to SIBUR
SIBUR retains 100% Raw NGL production
Raw NGL purchasing volumes and
costs Raw NGL
SIBUR obtains 51%, sells 51% to Rosneft
Rosneft obtains 49%, purchases 51% from
SIBUR
SIBUR obtains 100%, sells all volumes from
Nizhnevartovskiy and Belozerniy GPPs to
Rosneft
Natural gas production
Sales volumes and revenue from
sales of natural gas Natural Gas
OpEx (other than feedstock)
Processing fee
Non-cash gain on equity interest(2)
SIBUR pays to Yugragazpererabotka a
processing fee reflected in OpEx as 3rd
party processing
100% OpEx consolidated
P&L(1)
CF SIBUR finances its share of
Yugragazpererabotka CapEx via
loans issued / investments in JVs
100% CapEx consolidated CapEx
Loans issued / investments in JVs
SIBUR’s 51% interest is accounted for as
Investment in JV
100% consolidated PP&E, goodwill, other non-current assets
Accounts payable, total debt
BS
Notes:
(1) Items other than revenue and feedstock costs.
(2) For the purpose of dividends calculation net profit will be adjusted for this charge.
Outstanding amount fully paid in H1’15
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INVESTOR RELATIONS CONTACTS
Phone: +7 (495) 777-55-00 (*39-47)
www.investors.sibur.com
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