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SIBUR reports H1 2020 IFRS results

August 05/2020

MOSCOW (MRC) -- PJSC SIBUR Holding, the largest integrated petrochemicals company in Russia, today publishes its operational and financial results for the three and six months ended 30 June 2020 in accordance with International Financial Reporting Standards (IFRS), said the company.

ZapSibNeftekhim continues to increase production volumes. In the first half of 2020, the complex produced 206 thousand tonnes of polypropylene and 507 thousand tonnes of polyethylene. Sales of polypropylene grew by 81.6% compared to the first half of 2019, and sales of polyethylene increased by more than 100%.

Revenue decreased by 11.6% year-on-year on the back of negative price dynamics in most product groups, which was partially offset by a 58.2% increase in the Olefins & Polyolefins segment due to increased sales of polypropylene and polyethylene.

EBITDA decreased by 14.2% year-on-year as the spreads of most product groups narrowed due to negative price dynamics. The EBITDA of Olefins & Polyolefins segment increased by 37.2% as a result of growth in sales volumes of polypropylene and polyethylene from ZapSibNeftekhim which was partially offset by lower prices in the period.

EBITDA margin was 31.4%, remaining at a consistently high level relative to the industry average.

Net cash flow from operating activities amounted to RUB 60.1 billion, up 8.9% compared to the first half of 2019 due to a significant reduction in income tax expenses as a result of a loss on exchange differences stemming from the weakening of the RUB exchange rate.

As it was written earlier, SIBUR diversified its export supplies of polypropylene and polyethylene to China by leveraging Russias rail transportation infrastructure. Until 2020, the Company mainly relied on sea transportation to ship its products to the region.

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:PP, PE, Sibur Holding.
Category:General News
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