Company Presentation. December 2013
|
|
- Lenard Phelps
- 5 years ago
- Views:
Transcription
1 Company Presentation December 2013
2 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. 2
3 AGENDA 1. Business Overview 2. Investment Highlights 3. Strategy 4. Q3&9M 2013 Operational and Financial Results 5. Appendices 3
4 SIBUR AT A GLANCE Revenue, USD bln EBITDA, USD bln Petchem (2) EBITDA margin, % Net debt/ EBITDA 47 (2) (2) Other Financial Performance (1) % 1.6x SIBUR Revenue Breakdown (2012) By Product Energy products 31% 35% 30% 0.7x 0.8x By Region Other CIS Asia % 48 % Europe 1.0x Russia Unique integrated gas processing & petrochemicals company Leader in both gas processing and petrochemicals industries in Russia Diverse range of products sold to multiple geographies and customers Prudent and disciplined financial policy, sustained in the market downturn One of the highest rated private companies in the region Shareholders with established track record in international capital markets Key Facts 27 (3) production sites in Russia Over 28,000 employees Russia s largest APG processor with a 56% (4) share of total processed volumes Russia s largest LPG producer with a 32% (5) share of total country s production Russia s largest MTBE producer with a 36% share of total country s production (5) Share of Russia s synthetic rubbers production: BR 33%, SBR 61%, SBS 100% (5) 37% (5),(6) of polypropylene and 41% (5) of Russia s total LDPE production Currently rated Ba1 (Moody s) / BB+ (Fitch) with no history of downgrades throughout 2008/09 crisis Notes: (1) All financial figures for SIBUR in this presentation for the years of 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, for all reporting periods. (2) SIBUR s reporting currency is Russian rouble. Figures have been translated from RR to USD at average FX rates for the respective periods. (3) Including three gas processing plants (GPPs) operated by OOO Yugragazpererabotka, our JV with RN Holding (formerly TNK-BP Holding), which we do not consolidate from the second quarter of (4) Central Dispatch Department of the Fuel & Energy Complex, for FY (5) Petromarket, Kortes, Market Report, Alliance Analytics, Russian Association of Synthetic Rubbers Producers, company data, for FY (6) Including 100% of NPP Neftekhimia production. 4
5 SIBUR OPERATES A UNIQUE VALUE CHAIN Integrated Value Chain from Feedstock Sourcing to the Production of Petrochemicals Oil-based feedstock (APG) Gas-based feedstock (NGLs) FEEDSTOCK AND ENERGY Gas processing / Fractionation PETROCHEMICALS Intermediates Basic polymers Synthetic rubbers Plastics & organic synthesis products Oil-based feedstock (APG) By-product of oil production Sourced from oil companies Transported via pipelines Gas-based feedstock (NGLs) Sourced from gas and oil companies Transported via pipelines and rail Processing of APG into natural gas and NGLs Transportation of 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 Intermediates Basic polymers Synthetic rubbers Plastics and organic synthesis products 5
6 EXTENSIVE ASSET BASE THROUGHOUT RUSSIA Ust-Luga Transshipment Facility (1) SIBUR-PETF BIAXPLEN (Moscow region) Headquarters (Moscow) Plastic-Geosintetika Plastic BIAXPLEN (Kursk) NPP Neftekhimia BIAXPLEN (Nizhniy Novgorod region) SIBUR-Khimprom Uralorgsintez SIBUR- Kstovo Yuzhno-Priobskiy GPP (2) Nyagan GPP (4) SIBUR GEOSINT (Surgut) Gubkinskiy GPP Vyngapurovskiy GPP Muravlenkovskiy GPP Belozerniy GPP (4) Nizhnevartovskiy GPP (4) Yuzhno-Balykskiy GPP Western Siberia 48 bln bbl Proven oil reserves 22 tcm Proven gas reserves Voronezhsintezkauchuk RusVinyl (3) SIBUR-Neftekhim (6) BIAXPLEN (Samara region) Tobolsk Polymer Plant Polief Tobolsk-Neftekhim Krasnoyarskiy ZSK (5) Togliattikauchuk BIAXPLEN (Tomsk) Tomskneftekhim SIBUR GEOSINT (Kemerovo) Largest oil & gas reserves region in Russia Source: IEA As of 30 September 2013 Notes: (1) Investment project. (2) Investment project, JV with Gazprom Neft Group. (3) Investment project, JV with SolVin Holding Nederland B.V. (4) Part of OOO Yugragazpererabotka, JV with RN Holding. (5) Under JV with SINOPEC (6) Including three production sites. Feedstock & Energy segment Petrochemicals segment Production sites with joint operations of Feedstock & Energy and Petrochemicals segments SIBUR s JVs 6
7 AGENDA 1. Business Overview 2. Investment Highlights 3. Strategy 4. Q3&9M 2013 Operational and Financial Results 5. Appendices 7
8 INVESTMENT HIGHLIGHTS Advantageous access to feedstock and high barriers to entry Vertically integrated business model supporting earnings sustainability Leading market position in the attractive Russian petrochemicals market Highly diversified product portfolio Unique growth opportunities Strong management team and supportive shareholders 8
9 Advantageous access to feedstock and high barriers to entry UNIQUE LARGE-SCALE GAS PROCESSING INFRASTRUCTURE IN WESTERN SIBERIA Gas condensate pipeline Urengoy - Surgut (Gazprom) Purovskiy GCP Gubkinskiy PUROVSK GPP SIBUR owns and operates the largest and most extensive infrastructure for processing and transportation of feedstock in Western Siberia: Urengoy Center I, II gas pipeline (Gazprom) Nyagan GPP Yuzhno-Balykskiy GPP Urengoy - Chelyabinsk gas pipeline (Gazprom) Muravlenkovskiy GPP Kholmogorskaya CS Yuzhny CTF NOYABRSK Zapadno-Lovinskaya Surgutskiy GPP Surgutskiy ZSK CS Surgutskaya Power Severo-Danilovskaya Station CS NEFTEYUGANSK Pravdinskaya CTF PYT-YAKH Vyngapurovskiy CGTU GPP Bakhilovskaya Tyumen CS-3 CS CS MEGION Lokosovskiy GPP Vyngayakhinskaya CS Belozerniy GPP Nizhnevartovskiy GPP Nizhnevartovskaya Power Station Nizhnevartovsk Parabel Kuzbass gas pipeline (Gazprom) 7 (1) out of 9 gas processing plants (GPP) APG processing capacity of 23 bln cubic metres (2) p.a. Raw NGL processing capacity of 3.8 mln tonnes p.a. at flagship gas fractionation unit (GFU) in Tobolsk (out of 5.2 mln tonnes p.a. of the Company s total capacity) Pipeline network of 2,433 km (3) 4 railway loading racks (out of 6 operated by Feedstock & Energy segment) TOBOLSK Tobolsk production site (SIBUR flagship GFU) SIBUR NGL pipelines Gazprom condensate pipeline Gazprom UGSS SIBUR NGL pipelines under construction SIBUR APG pipelines SIBUR natural gas pipelines Third-party APG pipelines SIBUR compressor stations Third-party compressor stations SIBUR GPPs Third-party processing facilities SIBUR railway loading racks Truck transportation Tobolsk production site (SIBUR flagship GFU) Third-party power stations Economies of scale High barriers to entry Notes: (1) Nyagan GPP, Belozerniy GPP and Nizhnevartovskiy GPP are part of OOO Yugragazpererabotka, JV with RN Holding. (2) As of 31 December Including 100% of processing capacity of GPPs, which are controlled by OOO Yugragazpererabotka, JV with RN Holding. (3) Including APG, raw NGL and natural gas pipelines. 9
10 Advantageous access to feedstock and high barriers to entry FEEDSTOCK TRENDS SIBUR s Sourced Volumes Contract / Spot Split as of 30 September 2013 Outlook for Feedstock- Rich Gas Production in Russia (2) APG bcm (1) c.74% of APG supplies for 2013 guaranteed under multiyear contracts WA maturity of supply contracts years (3) Associated Petroleum Gas bcm (1) 2012 APG flaring c.24% (4) of produced volumes NGLs mln tonnes c.80% of NGLs supplies for 2013 guaranteed under multiyear contracts Unstable Gas Condensate mln tonnes WA maturity of supply contracts years (3) Notes: (1) Billion cubic metres. (2) IHS CERA. (3) Including all APG and NGL supplies from RN Holding under JV arrangements (OOO Yugragazpererabotka). (4) RUPEC. 10
11 Vertically integrated business model supporting earnings sustainability VERTICALLY INTEGRATED MODEL WITH MULTIPLE EMBEDDED EARNINGS SUSTAINABILITY DRIVERS (1) Oil producers Oil & Gas producers X% External sales represent c. 80% of Feedstock & Energy segment gross revenue Oil-based feedstock (APG) Gas-based feedstock (NGLs) - Share of available for sale volumes Feedstock & Energy segment 9 (2) production sites Gross sales: RR bln EBITDA margin: 44.5% Methanol NGLs 33% 100% 67% 100% Natural gas NGLs MTBE Dominant share of feedstock for petrochemicals segment is sourced internally Petrochemicals segment 18 production sites Gross sales: RR bln EBITDA margin: 11.9% Other third-party feedstock Basic polymers (PP, PE) Synthetic rubbers Plastics and organic synthesis Intermediates and other chemicals Earnings Sustainability Drivers Deep discount between natural gas selling price and APG purchasing price hedges economics of APG processing Economics of 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 Notes: (1) All figures based on FY 2012 financials. (2) Including three GPPs operated by OOO Yugragazpererabotka, JV with RN Holding. 11
12 Plastics and organic synthesis Basic polymers Synthetic rubbers Leading position in the attractive Russian petrochemicals market LEADING PLAYER IN THE HIGH-GROWTH DOMESTIC MARKET SIBUR s Share in Russia s Production Capacity LDPE Polypropylene % % Growth Fundamentals Kg per Capita Consumption of Basic Polymers Polypropylene Polyethylene (LDPE) Western Europe 18 Western Europe 9 Central Europe 13 Eastern Europe 6 BR SBR SBS 2012 China Russia 6 12 China Russia % % % % 100 Russia Consumption Growth Outlook CAGR, SBS (TEP) 10.0% MEG 10.0% MEG PET Expandable polystyrene 2012 LLDPE PET 4.5% 8.8% 66 % SIBUR s share % 54 Others 87 % 13 EPS PP HDPE IIR LDPE PVC 4.4% 4.2% 3.0% 2.8% 2.5% 2.4% Source: Petromarket, Kortes, Market Report, IHS Chemical, Nexant, Alliance Analytics, company data. 12
13 Highly diversified product portfolio MULTIPLE PRODUCTS, GEOGRAPHIES AND CUSTOMER GROUPS Total Group Sales Breakdown Intermediates and other chemicals Basic polymers Plastics and organic synthesis products Synthetic rubbers By product Processing services and other sales LPG % 10 Naphtha 9 Natural gas 7 1 MTBE and other fuels Raw NGL Europe Asia 29 By region CIS 9 Other 6 1 % 55 Russia 2012 Over 1,500 large customers from 60 countries representing diverse range of end-customer industries Customer Concentration Energy products Synthetic rubbers Intermediates and other chemicals Plastics and organic synthesis products Basic polymers 5% 4% 9% 12% Top-10 11% 30% 26% 38% 43% % Largest customer Contract / Spot Structure of Sales 31% 69% Energy 65% 35% Basic polymers Spot 40% 60% Synthetic rubbers Contract % 41% Plastics and organic synthesis with low customer concentration and balanced contract / spot sales structure 13
14 Highly diversified product portfolio DIVERSE DRIVERS AND END-MARKETS 2012 revenue (1), RR bln 84 LPG, naphtha, raw NGL Natural gas MTBE and other fuel additives Basic polymers Synthetic rubbers Plastics and OS products 23 Intermediates and other Domestic 2012 revenue structure 81% 19% 100% 21% 79% 29% 71% 59% 41% 25% 75% 20% 80% Export Key drivers Correlation with oil prices Commodity cycle, global oil prices Transportation costs and export duties Increase of regulated gas tariffs by Russia s Federal Tariff Service Domestic fuel additives market (refineries upgrade, introduction of Euro standards, car fleet) Import Development substitution of tyre & vehicle Demand/supply manufacturing in multiple endcustomer Natural rubber industries prices Demand/supply in multiple endcustomer industries Commodity cycle, demand/supply balance in respective petrochemical products S Key endmarkets Petrochemicals Refining Power & Utilities Power & Utilities Mineral fertilisers Gasoline production FMCG Construction Chemicals Automotive Construction Chemicals FMCG Construction Chemicals Notes: (1) External sales 14
15 Western Europe Tobolsk Unique growth opportunities PP price in Western Europe EFFICIENT MONETISATION OF STRANDED FEEDSTOCK FEEDSTOCK Significant export duties for naphtha and LPG in Russia Ample feedstock base Illustrative PP price build-up, as of September 2013 Propane price (1) Propane feedstock cost (2) PP production cost (3) Total cost for producers (3) 1,622 (1) Western Europe >4,000 km PETROCHEMICALS SIBUR s petrochemical hub in Tobolsk FEEDSTOCK Propane price in Europe (1) Transport & export duties (1) Propane price (1) Propane feedstock cost (2) PP production cost (3) Transportation to W.Europe (3) Total cost for producers (3) >6,000 km Long distances with infrastructural SIBUR s production assets constraints Notes: (1) USD per tonne. (2) USD per tonne of polypropylene, assuming LPG consumption ratio of 1.2x. (3) USD per tonne of polypropylene. PETROCHEMICALS AND END-PRODUCTS China and Northeast Asia 15
16 Unique growth opportunities STRONG POSITION ON THE GLOBAL PE AND PP COST CURVES Global Polyethylene Cost Curve Global Polypropylene Cost Curve bcm LDPE Delivered to Western European Customers (2013) (USD per tonne) Source: IHS Chemical ME avg. NA avg. SIBUR Russia avg. WE avg. NEA avg Cumulative capacity ( 000 tonnes) (USD per tonne) LDPE Delivered to China Port (2013) NA avg. SIBUR ME avg. Russia avg. ME Middle East, NA North America, NEA Northeast Asia, WE Western Europe ME Middle East, NA North America, NEA Northeast Asia, WE Western Europe NEA avg. WE avg Cumulative capacity ( 000 tonnes) (USD per tonne) PP Delivered to Western European Customers (2013) ME avg. SIBUR = Russia avg. WE avg. NEA avg. NA avg Cumulative capacity ( 000 tonnes) (USD per tonne) ME avg. SIBUR = Russia avg. ME Middle East, NA North America, NEA Northeast Asia, WE Western Europe PP Delivered to China Port (2013) ME Middle East, NA North America, NEA Northeast Asia, WE Western Europe NEA avg. NA avg. WE avg Cumulative capacity ( 000 tonnes) 16
17 Unique growth opportunities TOBOLSK-POLYMER 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 60 bln (excl. VAT) Project Description Construction completed, official opening in October 2013, at ramp-up stage Production Scheme 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 Raw NGL 3.8 mtpa (6.6 mtpa after 2014 ) GFU Propane 612 ktpa Dehydrogenation Propylene 510 ktpa TOBOLSK-POLYMER PP-500 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 17
18 Unique growth opportunities PUROVSK PYT-YAKH TOBOLSK PIPELINE FOR RAW NGL TRANSPORTATION Project Description Construction of a new 1,100 km raw NGL pipeline between Purovskiy gas condensate plant, Yuzhno-Balykskiy GPP (near Pyt- Yakh) and Tobolsk GFU Estimated 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) Section between Purovskiy GCP and Yuzhno-Balykskiy GPP: Construction completed and commissioning works started Launch of the section is scheduled for 2014 Estimated launch of the entire pipeline: 2015 Gas condensate pipeline Urengoy - Surgut (Gazprom) Purovskiy GCP Gubkinskiy PUROVSK GPP Completion Stage 30 September 13 Overall status: 57% completed Design Equipment & Procurement Construction 51% 80% 100% Urengoy Center I, II gas pipeline (Gazprom) Nyagan GPP Yuzhno-Balykskiy GPP Urengoy - Chelyabinsk gas pipeline (Gazprom) Muravlenkovskiy GPP Kholmogorskaya CS Yuzhny CTF NOYABRSK Surgutskiy GPP Zapadno-Lovinskaya Surgutskiy ZSK CS Surgutskaya Power Severo-Danilovskaya Station CS NEFTEYUGANSK Pravdinskaya CTF PYT-YAKH TOBOLSK Vyngapurovskiy CGTU GPP Bakhilovskaya Tyumen CS-3 CS CS MEGION Lokosovskiy GPP Vyngayakhinskaya CS Belozerniy GPP Nizhnevartovskiy GPP Nizhnevartovskaya Power Station Nizhnevartovsk Parabel Kuzbass gas pipeline (Gazprom) Tobolsk production site (SIBUR flagship GFU) 18
19 Strong management team and supportive shareholders ESTABLISHED GOVERNANCE PRACTICES AND BALANCED BOARD STRUCTURE Highest Corporate Governance Standards SIBUR s Board of Directors includes high profile independent members Institutionalized board committees in alignment with global best practices Internal processes are largely governed by specific and formalized regulation IFRS financial reporting since 2003 Shareholder Structure (3) Board of Directors (4) Board Committees (4) Current & former senior SIBUR managers 17.5 % 82.5 Leonid Mikhelson & Gennady Timchenko Leonid Mikhelson Member of the BOD, Chairman of the Management Board of OAO NOVATEK Gennady Timchenko Co-founder of Gunvor Alexander Dyukov CEO of OAO Gazprom Neft Vladimir Razumov Member of the Management Board, Deputy Chairman of the Management Board - Executive Director of OOO SIBUR Oleg Golounin Managing Director of OOO LEVIT Dmitry Konov Chairman of the Management Board, OAO SIBUR Holding, CEO of OOO SIBUR Ruben Vardanian (1) Managing Director and Chairman of the Board of Directors of ZAO Sberbank CIB Seppo Remes (1) General Director of KIURU OOO Ilya Tafintsev Director, Strategic Projects, OAO NOVATEK Audit Committee Human Resources & Remuneration Committee Strategy and Investments Committee Seppo Remes (1)(2) Oleg Golounin Ilya Tafintsev Ruben Vardanian (1)(2) Oleg Golounin Seppo Remes (1) Alexander Dyukov (2) Vladimir Razumov Ilya Tafintsev Gennady Timchenko Notes: (1) Independent Directors. (2) Chairmen of the Board Committees. (3) As of 5 July (4) As of 25 April
20 Strong management team and supportive shareholders HIGHLY EXPERIENCED MANAGEMNT TEAM WITH EXTENSIVE TRACK RECORD Dmitry Konov CEO Chairman of the Management Board Pavel Malyi CFO Deputy Chairman of the Management Board Vladimir Razumov Deputy Chairman of the Management Board Mikhail Karisalov Deputy Chairman of the Management Board Kirill Shamalov Deputy Chairman of the Management Board EXPERIENCE HIGHLIGHTS IMD MBA degree 9 years at SIBUR Former Managing Director at AKB Trust and Investment Bank MS from Chicago Law School 2 years at SIBUR Former Head of UBS Investment Bank, Russia and CIS Over 40 years in petrochemical industry 11 years at SIBUR Former USSR Deputy Minister of the Oil Refining and Petrochemicals Industry 9 years at SIBUR Former Head of Feedstock & Energy Division at SIBUR 4 years at SIBUR Former advisor to the Russian Government Former Chief Legal counsel for Foreign Economic Activity at OAO Gazprom 20
21 Strong management team and supportive shareholders SIBUR S EVOLUTION AS INDUSTRY LEADING PLAYER present Consistent strategy implementation Creating fundamentals for growth Feb-2003: Mr. Dyukov appointed CEO Core management team formed Production flow streamlined Number of efficiency initiatives realised (sales, procurement, operations) Development and implementation of centralised SCM system Organisational restructuring: creation of business units Asset consolidation Debt restructuring Emerging as industry-leading player Dec-2006: Mr. Konov appointed CEO Long-term development strategy formulated Formalized investment procedures and processes in place Development of capex execution capabilities Headcount optimization Successful navigation through global economic crisis Modernization and expansion of Feedstock & Energy segment assets JVs with TNK-BP (1) and SolVin created Selective M&A Mr. Mikhelson becomes controlling shareholder Substantial increase of organic investment activity in both segments in line with strategy Disposal of non-core assets (fertilizers and tyres businesses) Upgrade of SCM system Operational improvements Development and implementation of SIBUR production system ERP implementation and IT upgrade Establishment of international JVs (Reliance, Sinopec) Selective M&A Notes: (1) On 30 July 2013, TNK- BP was renamed to RN Holding following the acquisition by Rosneft. 21
22 AGENDA 1. Business Overview 2. Investment Highlights 3. Strategy 4. Q3&9M 2013 Operational and Financial Results 5. Appendices 22
23 STRATEGIC OBJECTIVES Cement longterm access to feedstock Strengthen cooperation with oil and gas companies by offering efficient by-product utilisation services through JVs and multi-year contracts Expand APG and NGLs processing capacity and infrastructure in Western Siberia Monetize stranded feedstock through petrochemicals Capture domestic growth opportunities Pursue operational excellence Develop large-scale petrochemicals production capacity close to feedstock base in Western Siberia to capitalise on strong cost advantage for basic polymers Achieve more balanced business model through reduction of exposure to volatile global energy markets Enhance position on the domestic petrochemicals market to benefit from Growth in per-capita consumption Replacement of conventional materials by petrochemical products Import substitution Cost control Streamline and integrate asset base Enhance business processes and functions, upgrade IT infrastructure Prioritisation of investment opportunities and focus on projects with best strategic fit and industryleading returns 23
24 Feedstock processing capacity Transportation infrastructure Petrochemicals Other TOTAL Feedstock processing capacity Transportation infrastructure Petrochemicals Other TOTAL INVESTMENT PROGRAMME DESIGNED TO MEET STRATEGIC GOALS A E (1) RR bln (excl. VAT) RR bln (excl. VAT) Construction and expansion of GPPs (Vyngapurovskiy, Yuzhno-Balykskiy) 22 Tobolsk-Polymer and multiple smaller scale projects Ust-Luga transshipment facility, railway loading racks, raw NGL pipelines Maintenance, R&D, IT, and other Second GFU at Tobolsk Purovsk-Pyt-Yakh- Tobolsk raw NGL pipeline 14 Tobolsk-Polymer, ZapSib-2 (2) FEED and other 60 Maintenance, R&D, IT and other RR 74 bln (excl. VAT) investment programme approved by SIBUR BoD for 2013 Source: Company data Notes: (1) Includes only investment projects approved by the Group s Investment Committee. In addition, SIBUR is evaluating a number of projects which are at various stages of review. Therefore, the actual amount of capital expenditure that the Group may incur may exceed the amounts that have been formally approved. (2) Decision on the ZapSib-2 project is expected after completion of the FEED stage, no earlier than the first half of
25 AGENDA 1. Business Overview 2. Investment Highlights 3. Strategy 4. Q3&9M 2013 Operational and Financial Results 5. Appendices 25
26 9M 2013 PERFORMANCE SUMMARY EXTERNAL ENVIRONMENT Macro and market turbulence prevailed in 9M 13 Slow-down in GDP growth in Russia; stable GDP growth in China; EU GDP continued to shrink Lower oil and naphtha prices and even weaker LPG prices Strong headwinds in synthetic rubbers Indexation of natural gas prices Growth in average 9M 13 price of 13.5% y-o-y Depreciation of RR against USD by approx. 2% Change in scope: ONE-OFF FACTORS 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 High base effect: trading activities in favour of the divested mineral fertilisers business continued in Q1 12 and were terminated from Q2 12 Caprolactam decommissioning completed in Q2 13 SIBUR: KEY DEVELOPMENTS Significant progress on multi-year investment programme Tobolsk-Polymer Plant: construction completed, now at rampup stage BOPP-films production facility in Tomsk launched Thermoplastic elastomers production facility in Voronezh launched Ust-Luga Transshipment Facility at commissioning stage, test loadings of LPG and naphtha tankers Memorandum of understanding between SIBUR and Rail Garant on the sale of LPG rail cars with the fleet to be made available to SIBUR under 6-year contracts. Deal closing expected in 2014 JV with SINOPEC for NBR production in Krasnoyarsk completed Controlling shareholders granted an additional 12% stake in the Company to the Group s directors and key managers Equity-settled share-based payments recorded as a non-cash charge in SIBUR s P&L International sales network expanded to 7 international sales desks in 4 countries outside Russia with focus on basic polymers 26
27 MACRO ENVIRONMENT Russian GDP Growth (1) Consumer Price Index (y-o-y) (1) Railway Tariffs Indexation (2) 4.0% 6.6% 6.1% 6.0% 7.0% 1.3% Average Exchange Rate (3) Exchange Rate (3) RR / USD RR / USD % 31.6 (4.0%) % Effective Average Electricity Tariffs RR per kw / hour % 31 Dec`11 30 Sep`12 31 Dec`12 30 Sep`13 Source: (1) Russian Federal State Statistics Service (2) Federal Tariff Service (3) CBR 27
28 MARKET ENVIRONMENT (1) Energy Products Basic Polymers 000 USD per tonne except as stated (avg. for the period) 000 USD per tonne (avg. for the period) (3.3%) (4.3%) % +9.8% (7.6%) (7.6%) (13.7%) Naphtha LPG DAF Brest LPG Sonatrach LPG CIF ARA (large) PP LDPE Brent, USD per bbl (RHS) Synthetic Rubbers Plastics & Organic Synthesis 000 USD per tonne (avg. for the period) 000 USD per tonne (avg. for the period) % % +15.5% +3.1% (20.6%) (32.6%) +0.8% (34.7%) +4.4% Natural rubber (USD) Styrene-butadiene rubber 2-ethylhexanol Expandable polystyrene MEG Butyl acrylate Butadiene Butyl rubber PET 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. 28
29 SIBUR Q3 & 9M 2013 FINANCIAL SUMMARY Revenue EBITDA RR bln RR bln EBITDA margin, % (0.7%) % 27.9% 30.3% 28.8% +8.9% % (5.4%) Q Q Q Q Net Profit OCF RR bln Net margin, % RR bln 25.0% 13.1% 22.7% 17.4% 15.5 (23.8%) +4.2% (42.9%) % Q Q Q Q
30 REVENUE STRUCTURE AND DYNAMICS Total Revenue Energy Products Petrochemical Products Other Revenue RR bln RR bln RR bln RR bln (0.7%) % (7.5%) (42.1%) Basic polymers Synthetic rubbers Plastics & organic synthesis products Revenue Split by Product Intermediates & other chemicals Raw NGL % 8 10 MTBE & other fuels Processing services, trading & other sales Naphtha LPG Natural gas Europe Revenue Split by Region By region 9M M Asia CIS Other % 58 Russia 30
31 PERFORMANCE BY PRODUCT GROUP LPG Natural gas Naphtha MTBE Raw NGL RR bln % 42.1 RR bln RR bln RR bln RR bln +10.0% % % % Basic Polymers Synthetic Rubbers Plastics & Organic Synthesis Intermediates & Other Other Revenue RR bln RR bln RR bln RR bln RR bln 17.1 (3.1%) (20.1%) % (15.8%) Trading and other sales Sales of processing services 12.0 (42.1%)
32 ENERGY PRODUCTS: SALES VOLUMES AND PRICE DYNAMICS LPG Sales volumes, 000 tonnes Change in effective avg. selling price, % Natural Gas Sales volumes, mln cubic metres Change in effective avg. selling price, % Naphtha Sales volumes, 000 tonnes Change in effective avg. selling price, % (0.6%) +10.0% 1,968 2,165 7,665 (5.6%) +16.5% 8,929 (1.9%) % MTBE Sales volumes, 000 tonnes Change in effective avg. selling price, % (6.4%) +14.6% Raw NGL Sales volumes, 000 tonnes Change in effective avg. selling price, % (14.4%) % 515 Key Factors Higher sales volumes in majority of the products Production growth Growth in raw NGL production on higher capacity utilisation; higher purchases from 3 rd parties Increase in natural gas sales volumes on inventory sales Lower selling prices across the product range largely following international market prices Decline in LPG export prices partially compensated by lower export duties and change in export geography in Q3 13 Lower raw NGL selling prices 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 12.0% y-o-y 32
33 PETROCHEMICALS: SALES VOLUMES AND PRICE DYNAMICS Basic Polymers Synthetic Rubbers Key Factors Sales volumes, 000 tonnes Change in effective avg. selling price, % (0.6%) (2.5%) Plastics & Organic Synthesis Sales volumes, 000 tonnes Change in effective avg. selling price, % +7.3% % Sales volumes, 000 tonnes Change in effective avg. selling price, % +0.9% Intermediates & Other 454 (20.9%) Sales volumes, 000 tonnes Change in effective avg. selling price, % +3.6% (18.7%) 369 Basic polymers: Lower sales volumes as a result of a decrease in production due to a biennial maintenance shutdown in Tomsk partially compensated by expanded PP trading activities Largely flat prices Synthetic rubbers: Largely flat sales volumes on focused inventory sales started in Q2 13 and continued in Q3 13, largely offset by lower 3 rd -party purchases Continuous downward pricing trend for all rubber grades but butyl rubber Plastics & organic synthesis: Higher sales volumes due to launch of the second EPS production line in Q3 12 and consolidation of BIAXPLEN from Q2 12 Largely resilient demand and prices Intermediates & other chemicals: Lower sales volumes due to Caprolactam decommissioning 33
34 NET OPERATING EXPENSES STRUCTURE AND DYNAMICS Net Operating Expenses (1) Feedstock & Materials Processing Services Y-o-Y dynamics RR bln 73% 75% +2.1% Structure Repairs & maintenance Goods for resale Depreciation & amortisation Staff costs Other Energy & utilities % 9M 2013 Feedstock & materials Transportation & logistics RR bln 21% 24% RR 5.0 bln % RR bln 0% 2% RR 2.8 bln % Growth Factors Transportation & Rent (2) Depreciation & Amortisation The increase attributable to Higher feedstock and materials on higher hydrocarbon feedstock purchasing volumes and APG purchase price Growth in processing services due to Yugragazpererabotka deconsolidation Higher D&A expenses due to commissioning of new production facilities, as well as consolidation of BIAXPLEN from Q2 12 Higher rent expenses on increase of leased rolling stock due to Russian Railways bottlenecks Increase in transportation & logistics costs on higher average railway tariff, longer delivery distances and higher transported volumes largely compensated by decline in natural gas transportation costs Note: (1) Operating expenses before equity-settled share-based payment plans. (2) Transportation and logistics, rent expenses. x% RR bln 16% 16% RR 1.7 bln % 32.6 Transportation & logistics Rent expenses % of revenue RR bln 4% 4% RR 1.3 bln %
35 NET OPERATING EXPENSES STRUCTURE AND DYNAMICS (CONT D) Y-o-Y dynamics RR bln 73% 75% +2.1% Net Operating Expenses (1) Structure Repairs & maintenance Goods for resale Depreciation & amortisation Staff costs Other Energy & utilities Feedstock & materials % 9M Transportation & logistics Energy & Utilities RR bln 11% 10% ( RR 2.9 bln) 22.1 (13.1%) 19.2 Goods for Resale RR bln 4% 3% ( RR 2.3 bln) 7.8 (30.3%) 5.5 Compensating Factors Staff Costs Other Items The increase in net OpEx partially compensated by: Lower energy and utilities costs primarily due to Yugragazpererabotka deconsolidation Lower purchases of goods for resale on discontinuation in Q2 12 of trading activities in favour of mineral fertilisers business divested in 2011 lower purchases of synthetic rubbers under 3 rd -party processing arrangements PP reclass Lower staff costs due to 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. Note: (1) Operating expenses before equity-settled share-based payment plans. x% RR bln 10% 10% ( RR 1.4 bln) 20.6 (6.7%) 19.2 % of revenue RR bln 7% 7% 14.6 ( RR 1.1 bln) 13.5 (7.5%) 35
36 CASH FLOW STATEMENT HIGHLIGHTS Key Developments Net cash from operating activities increased by 4.1% y-o-y primarily due to positive impact from WC changes partially offset by decline in EBITDA Net cash used in investing activities increased by 87.3% y-o-y on low base effect due to proceeds from disposals of non-core businesses in 2012 CapEx growth of 9.2% y-o-y low base effect due to switch from project to equity financing of RusVinyl Net cash used in financing activities decreased by 69.9% y-o-y due to semi-annual dividend in H1 13 vs. FY 11 dividend in H1 12 lower net debt repayment RR mln, except as stated Nine months ended 30 September Change % Net cash from operating activities 57,175 54, % Changes in working capital 8,930 1, % Net cash used in investing activities, including (55,642) (29,707) 87.3% PPE (52,605) (48,165) 9.2% Additional contribution to the share capital of joint ventures (3,200) - n/m Proceeds from disposal of non-core businesses (1) - 14,335 (100.0%) Net cash used in financing activities, including (9,194) (30,586) (69.9%) Dividends (7,625) (21,785) (65.0%) Effect of exchange rate changes on cash and cash equivalents Key Highlights (63) (398) (84.2%) Net decrease in cash and cash equivalents (7,724) (5,795) 33.3% 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. 36
37 DEBT STRUCTURE AND MATURITY PROFILE Key Highlights Total debt remained largely flat Net debt increased by 7.3% y-o-y due to lower cash and cash equivalents on CapEx financing and semi-annual dividend payment, primarily in Q2 13 RR 4.5 bln (1) in debt to RN Holding deconsolidated due to change in accounting treatment of Yugragazpererabotka As of 30 Sep 13, all of the debt was unsecured, except for RR 15.4 bln outstanding under the Tobolsk-Polymer project finance facility RR bln, except as stated Key Figures 30 Sep Jun Dec 2012 Change, % vs 31 Dec 2012 Debt (1.8%) Cash & cash equivalents (56.9%) Net debt % Average loan tenor (years) Available credit lines 71.8 (2) (3.1%) Debt / EBITDA 1.19x 1.21x 1.17x Net debt / EBITDA 1.12x 1.16x 1.00x EBITDA / Interest (3) 16x 16x 22x Debt Maturity Profile Debt Currency Split RR bln 30 Sep 13 RR 30 Sep EUR USD % <1y 1-2y 2-5y >5y 83 Notes: (1) Includes principal amounts of debt owed by SIBUR to RN Holding and debt owed by Yugragazpererabotka to RN Holding. Excludes accrued interest. (2) Of which an equivalent of RR 21,156 mln was committed. (3) Interest represents accrued interest, i.e. includes interest expense and capitalised interest. 37
38 FINANCIAL CALENDAR 2014 Event Date FY 2013 Operational and Financial Results Week of 17 March 2014 Q Operational and Financial Results Week of 16 June 2014 MAR 2014 M T W T F S S JUN 2014 M T W T F S S Q2 and H Operational and Financial Results Week of 8 September 2014 Q3 and 9M 2014 Operational and Financial Results Week of 8 December 2014 SEP 2014 M T W T F S S DEC 2014 M T W T F S S
39 AGENDA 1. Business Overview 2. Investment Highlights 3. Strategy 4. Q3&9M 2013 Operational and Financial Results 5. Appendices 39
40 MARKET PRICES Energy Products Basic Polymers Rebased to 100 Rebased to % 9M M M M % 100% 80% 100% 60% 40% Brent LPG DAF Brest LPG CIF ARA (large) Naphtha CIF NWE LPG Sonatrach 80% LDPE CFR China film, Spot PP rafia China Main Port, Spot Synthetic Rubbers Plastics & Organic Synthesis Products Rebased to % 9M 2012 Rebased to 100 9M % 9M M % 110% 100% 80% 60% 40% Styrene butadiene rubber, ESBR 1500 Spot, FD NWE Natural Rubber, NR SMR 20 Butadiene Contract, FD NWE Butyl rubber, IIR 1751 (Yanshan) 90% 70% 50% Polystyrene, EPS block FOB Korea 2-ethylhexanol Spot, FD NWE PET FOB China, Spot MEG Contract, FD NWE T2 Butyl acrylate Spot, FD NWE Source: Argus, Bloomberg, ICIS, Malaysian Rubber Board, Chemease 40
41 MARKET PRICES (CONT D) PRODUCT QUOTE SOURCE ENERGY PRODUCTS Oil Brent (USD per bbl) Bloomberg Naphtha Naphtha CIF NWE Argus LPG DAF Brest Argus LPG LPG Sonatrach Argus LPG CIF ARA (large) 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 41
42 UST-LUGA TRANSSHIPMENT FACILITY IN THE LENINGRAD REGION Project Description 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 year-end Completion Stage 30 September 13 Overall status: 97% completed Design Equipment & Procurement Construction 100% 100% 97% 42
43 ENVIRONMENT, HEALTH AND SAFETY 1.22 (34%) % LTIFR (1) Corporate Programme for Development of Safety Culture and IS (2) and OHS (3) Management Systems: Develop and introduce: safety standards OHS management system accident prevention system internal investigations system 000 tonnes (3%) +15% Air Pollution Air Resource Protection Programme ( ): Decrease emission of the pollutants Reduce SIBUR s industrial impact mln cubic metres 73.0 (4) 69.1 (5%) Wastewater Discharge 000 tonnes Water Resource Protection Programme ( ): (5%) (22%) +79% Build, renovate and reconstruct: treatment facilities water intake facilities disposal sewers for treated outflows 89.0 Sanitary Waste Generation Waste Management Programme ( ): Construct new waste storage facilities Decrease waste output Upgrade waste processing and utilisation equipment Notes: (1) Lost Time Injury Frequency Rate number of injured employees per million working hours. (2) Industrial Safety. (3) Occupational Health & Safety. (4) Calculation adjusted for new methodology
Company Presentation. October 2013
Company Presentation October 2013 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
More informationCompany Presentation. March 2014
Company Presentation March 2014 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,
More informationSIBUR s areas of interest. June 2017
SIBUR s areas of interest June 2017 SIBUR AT A GLANCE Net debt/ EBITDA (USD) 20% 4.0 0.8 31% 6.2 1.9 Financial Performance (1) Revenue, USD bln EBITDA, USD bln EBITDA margin, % (2) 35% 30% 29% 32% 36%
More informationCompany Presentation. February 2015
Company Presentation February 2015 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
More informationPetrochemistry: an island of growth in the ocean of crisis RusEnergy presentation Embassy of the Republic of Korea Moscow March 23, 2016
1 Petrochemistry: an island of growth in the ocean of crisis RusEnergy presentation Embassy of the Republic of Korea Moscow March 23, 2016 2 In 2015, Russia s petrochemistry developed defying the economy
More informationCHALLENGES FACING RUSSIA IN THE EFFORTS TO MODERNIZE THE PETROCHEMICAL AND GAS CHEMICAL INDUSTRY
OAO VNIPIneft CHALLENGES FACING RUSSIA IN THE EFFORTS TO MODERNIZE THE PETROCHEMICAL AND GAS CHEMICAL INDUSTRY V.M. Kapustin OAO VNIPIneft General Director, Gubkin Russian State Oil & Gas University, Head
More informationRosneft the Leader of the Russian Oil Industry. Eduard Khudainatov President of Rosneft New York, April 18, 2012
Rosneft the Leader of the Russian Oil Industry Eduard Khudainatov President of Rosneft New York, April 18, 2012 Post-IPO Dynamics (2006-2011) Reserve replacement Well above the industry average Discovery
More information1H18 results and strategic progress update
1 AUGUST 2018 1H18 results and strategic progress update Half year ended 30 June 2018 1 Introduction Chris Weston CEO 2 Agenda Headlines 1H18 results review Strategic priorities Financial performance drivers
More informationHAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION
HAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION CHEUVREUX GERMAN CORPORATE CONFERENCE FRANKFURT, 20 JANUARY 2010 Hamburger Hafen und Logistik AG DISCLAIMER The facts and information contained herein
More informationH Results Presentation 20 th August 2018
H1 2018 Results Presentation 20 th August 2018 Disclaimer This Presentation (the Presentation ) has been prepared and issued by Kenmare Resources plc (the Company or Kenmare ). While this Presentation
More information2014 Preliminary Results & Strategy Review Update March 12, 2015
2014 Preliminary Results & Strategy Review Update March 12, 2015 Agenda Highlights Richard Tyson, Chief Executive Officer Financial Review Mark Hoad, Chief Financial Officer Strategy Review - Update Richard
More informationHAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION
HAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION UNICREDIT GERMAN INVESTMENT CONFERENCE MUNICH, SEPTEMBER 2010 Hamburger Hafen und Logistik AG DISCLAIMER The facts and information contained herein
More informationQ1 Interim report 2018
Click to edit Master text styles Second level Third level Fourth level Fifth level Q1 Interim report 218 Lennart Evrell President & CEO Håkan Gabrielsson CFO Q1 Interim report 218 High grades in Aitik
More informationFIRST QUARTER RESULTS 2016 INVESTOR PRESENTATION
FIRST QUARTER RESULTS 2016 INVESTOR PRESENTATION THREE MONTH RESULTS 21 APRIL 2016 Highlights and key figures Operating and financial review Outlook and priorities Appendix FIRST QUARTER RESULTS 21 APRIL
More informationFY2015 Results Presentation CEO & Managing Director - Julian Ogrin CFO - Leanne Wolski
FY2015 Results Presentation CEO & Managing Director - Julian Ogrin CFO - Leanne Wolski 21 August 2015 Important notice and disclaimer This presentation includes information about the activities of amaysim
More informationRESULTS JANUARY JUNE 2008 ANALYST CONFERENCE CALL
RESULTS JANUARY JUNE 2008 ANALYST CONFERENCE CALL 14 AUGUST 2008 Hamburger Hafen und Logistik AG DISCLAIMER The facts and information contained herein are as up to date as is reasonably possible and are
More informationPolyethylene Europe Margin Report Methodology
Copyright 2018 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group Polyethylene Europe Margin Report Methodology 22 January 2018 This document is intended to provide methodology
More informationHealth Care Worldwide. Crédit Suisse Global Credit Products Conference October 1, Barcelona
Health Care Worldwide Crédit Suisse Global Credit Products Conference October 1, 2015 - Barcelona Safe Harbor Statement This presentation contains forward-looking statements that are subject to various
More informationASTARTA Results for the year 2015
ASTARTA Results for the year 2015 March 2016 Disclaimer 2 This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or
More informationICIS Margin Polystyrene (PS) Europe Methodology
Copyright 2014 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group ICIS Margin Polystyrene (PS) Europe Methodology This document is intended to provide methodology support for
More informationEmergence of the Arabian Gulf as a Global Petrochemical Hub. Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA
Emergence of the Arabian Gulf as a Global Petrochemical Hub Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA Agenda Early Petrochemical Production Key Enablers Growth Trajectory Organic Growth Inorganic
More informationQ /11/17. Jon Skule Storheill. Øyvind Ryssdal
Q3 2017 Jon Skule Storheill Øyvind Ryssdal 17/11/17 www.awilcolng.no - 1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and
More informationInvestment Community Conference Call. First Quarter, 2017 Earnings May 4, 2017
Investment Community Conference Call First Quarter, 2017 Earnings May 4, 2017 Use of Non-GAAP Financial Information Diebold Nixdorf has included non-gaap financial measures in this presentation to supplement
More informationFinancial Results of PGNiG SA Q August 13th 2008
Financial Results of PGNiG SA 28 August 13th 28 Financial Highlights PGNiG Group (PLN m) 27 28 change Sales revenue 3,392 3,929 16% EBIT 412 294 (29%) EBITDA 785 665 (15%) Net profit 326 28 (14%) Net margin
More informationRecommended acquisition of The BSS Group plc. 5 July 2010
Recommended acquisition of The BSS Group plc 5 July 2010 Important information This document is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49
More informationOur pursuit of continuous improvement
Western Australia Iron Ore Our pursuit of continuous improvement Mike Henry President HSE, Marketing and Technology 27 October 2014 Disclaimer Forward-looking statements This presentation contains forward-looking
More informationOIL & ENERGY MARKETS: SHIFTING LANDSCAPE, TRADING OPPORTUNITIES
OIL & ENERGY MARKETS: SHIFTING LANDSCAPE, TRADING OPPORTUNITIES Gunvor Integrated Global Trading 1 A Balanced Trading Portfolio Naphtha Naphtha LPG Biofuel Gasoline LPG Biofuel Gasoline Gasoil Coal Crude
More informationEnPro Industries Investor Presentation. Engineered Products for a Demanding and Safer World
EnPro Industries Investor Presentation Engineered Products for a Demanding and Safer World Q1 2018 1 Forward-Looking Statements Statements in presentation that express a belief, expectation or intention,
More informationCompany Presentation. 15 th May Delivery Hero AG. Company Presentation.
Company Presentation 15 th May 2018 1 Our Clear Vision AMAZING FOOD Create an amazing takeaway experience AMAZING ORDERING AMAZING SERVICE 2 We Are an Online Food Ordering and Delivery Marketplace USER
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION SWISS EQUITIES CONFERENCE BAADER HELVEA R. ERNI, CFO BAD RAGAZ 12 JANUARY 2018 Panalpina Biz Model / Strategy Achievements and key figures Operating and financial review Appendix
More informationsecond QUARTER 2016 July 19, 2016
second QUARTER 2016 July 19, 2016 HELENA NORRMAN Senior Vice President Chief Marketing and Communications Officer SECOND QUARTER 2016 July 19, 2016 This presentation contains forward-looking statements.
More informationRUSSIAN PETROCHEMICAL INDUSTRY - GROWTH POTENTIAL OF GLOBAL COMPETITIVNESS
RUSSIAN PETROCHEMICAL INDUSTRY - GROWTH POTENTIAL OF GLOBAL COMPETITIVNESS Alexey Shakhov Deputy Director, Government Relations SIBUR LLC Conference «CIS PETCHEM 2014» Moscow, 16 April 2014 CONTENTS Petrochemicals
More informationOpportunities and Challenges from New Chemical and Plastics Investment
LSU Energy Summit 26 October 2016 Opportunities and Challenges from New Chemical and Plastics Investment Martha Gilchrist Moore Sr. Director, Policy Analysis and Economics Shifting Competitive Dynamics
More informationThe Role of Gas in Decarbonizing Europe. Keith Martin, Chief Commercial Officer, Uniper SE The European Gas Conference, Vienna January 31 st, 2018
The Role of Gas in Decarbonizing Europe Keith Martin, Chief Commercial Officer, Uniper SE The European Gas Conference, Vienna January 31 st, 2018 Uniper at a glance Our operations Power Generation Commodity
More informationFULL YEAR 2017 RESULTS PRESENTATION
FULL YEAR 2017 RESULTS PRESENTATION February 27 th 2018 Juan Lladó CEO 1 DISCLAIMER This document has been prepared by Técnicas Reunidas S.A. (the Company) solely for use at presentations held in connection
More informationEnPro Industries Investor Presentation. Engineered Products for a Demanding and Safer World
EnPro Industries Investor Presentation Engineered Products for a Demanding and Safer World Q2 2018 1 Forward-Looking Statements Statements in presentation that express a belief, expectation or intention,
More informationPreliminary Results January September 2014
Creating the Leading Digital Telco Preliminary Results January September 2014 November 10, 2014 Disclaimer This document contains statements that constitute forward-looking statements and expectations
More informationPresentation for Deutsche Bank Swiss Equities Conference
Zurich Airport, 19 th May 2010 Monika Ribar, CEO Presentation for Deutsche Bank Swiss Equities Conference 19 th May 2010 2 Panalpina at a glance Comprehensive global network Among top 5 globally in air
More informationFull year 2014 results
Listen-only live audio webcast available from www.gemalto.com/investors Full year 2014 results March 5, 2015 Olivier Piou, CEO Jacques Tierny, CFO Disclaimer This communication does not constitute an offer
More informationSolution for the Feedstock Reshuffle: Technology & Economic Analyzer
Solution for the Feedstock Reshuffle: Technology & Economic Analyzer Special Report Prospectus IHS Chemical Prospectus Contents Contents 2 Study Objective 3 Study Scope 4 Sample questions the model can
More information2004 Full-Year Results Briefing
Venture Corporation Limited 2004 Full-Year Results Briefing 21 February 2005 FY04 Performance Review Group Revenue S$million 3,500 FY04 vs. FY03 : 1% 3,170 3,194 3,000 2,367 2,500 2,000 1,431 1,500 1,000
More informationAmpco-Pittsburgh Corporation. Boston, MA September 6, 2017 Hosted by Janney Montgomery Scott LLP
Ampco-Pittsburgh Corporation Boston, MA September 6, 2017 Hosted by Janney Montgomery Scott LLP The Private Securities Litigation Reform Act of 1995 (the Act ) provides a safe harbor for forward-looking
More information2015 Annual Results. Innovation Integration Growth
2015 Annual Results Innovation Integration Growth March 2016 Disclaimer This presentation and the accompanying slides (the Presentation ) have been prepared by WH Group Limited ("WH Group " or the "Company")
More informationNet income of $7.2 million, or $0.04 per share, compared to net loss of $43.2 million, or
NEWS RELEASE Trading Symbol: TSX: SVM NYSE: SVM SILVERCORP FISCAL 2015 Q2 RESULTS: SILVER PRODUCTION UP 32%, NET INCOME OF $7.2 MILLION ($0.04 PER SHARE), CASH FLOW FROM OPERATIONS OF $20.1 MILLION ($0.12
More informationDP WORLD LIMITED ANNOUNCEMENT OF INTERIM RESULTS For the six months ended 30 June 2011
DP WORLD LIMITED ANNOUNCEMENT OF INTERIM RESULTS For the six months ended 30 June 2011 Reported Results (1) before separately disclosed items (2) USD million H1 2011 H1 2010 % change Underlying change
More informationFull year results Amsterdam, 5 February 2015
Full year results 2014 Amsterdam, 5 February 2015 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise
More informationSolid start into the year
Deutsche Post DHL Group results Q 203 Solid start into the year Larry Rosen, CFO Bonn, 4 May 203 Q 203 Highlights (/2) Delivering solid results in still challenging macro-environment EBIT increase reflects
More informationSwedish Chamber of Commerce for Russia & CIS. AGM & Seminar. 14 April 2016
Swedish Chamber of Commerce for Russia & CIS AGM & Seminar 1 14 April 2016 Disclaimer These materials may not be copied, published, distributed, transmitted or disclosed to third parties. In addition,
More informationThis document is intended to provide methodology support for customers receiving the ICIS Weekly Margin Styrene Europe report
STYRENE EUROPE ICIS Weekly Margin Styrene Europe Methodology This document is intended to provide methodology support for customers receiving the ICIS Weekly Margin Styrene Europe report THE BUSINESS MODEL.
More informationYara International ASA 2016 first quarter results
Yara International ASA 216 first quarter results 21 April 216 Safe operations is our first priority 14. 12. TRI 1 1. 8. 6. 4. 2.. 1988 199 1992 1994 1996 1998 2 22 24 26 28 21 212 214 Mar-16 2 1) TRI:
More informationFor personal use only
23 November 2016 Dear Shareholders, Our Journey from Pastoral Company to a Luxury Brand Business You would notice a lot of change if you first invested in AACo 5 years ago. We are still the leading beef
More informationCopyright CEMEX Holdings Philippines, Inc. and its subsidiaries
1 This presentation contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as may, should, could, anticipate, estimate, expect,
More informationHimanshu Raja CFO May 2014
Himanshu Raja CFO May 2014 Legal Disclaimer Certain statements in this document are forward-looking statements. These forward-looking statements speak only as at the date of this document. These statements
More informationDelivering Innovative Solutions for our Customers. Spectris plc Half Year Results. 24 July Spectris plc
Delivering Innovative Solutions for our Customers Spectris plc 2018 Half Year Results 24 July 2018 Agenda 2018 Highlights Financial Performance Business Update and Strategic Progress Summary and Outlook
More informationStyrene Europe Margin Report Methodology
Copyright 2015 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group Styrene Europe Margin Report Methodology 30 September 2015 This document is intended to provide methodology support
More informationStyrene Europe Margin Report Methodology
Copyright 2018 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group Styrene Europe Margin Report Methodology 22 January 2018 This document is intended to provide methodology support
More informationINTERIM FINANCIAL REPORT
INTERIM FINANCIAL REPORT HALF YEAR 2016 0 Interim Financial Report Half Year 2016 HIGHLIGHTS Positive trend in financials for H1 2016 Profit year to date 2016 6% decrease in revenuee to EUR 25.3M 7% increase
More informationResults Briefing FY2017
Securities Code: 6770 Results Briefing FY2017 Thursday, April 26, 2018 Contents FY2017 Consolidated Financial Results P3~14 FY2018 Consolidated Financial Results Forecast P15~19 Dividend Forecast P20~21
More informationEconomic Overview. Liquidity Position
H1 2018 2 Economic Overview 1 GR Today 3 Financial Results 4 Liquidity Position 2 Economic Overview GR Today Financial Results Liquidity Position 3 Company Financial Highlights Revenue Q2 2018 6M 2018
More informationCopyright CEMEX Holdings Philippines, Inc. and its subsidiaries
This presentation contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as may, should, could, anticipate, estimate, expect, plan,
More informationQuarterly Financial Report of Fresenius Group
Quarterly Financial Report of Fresenius Group applying International Financial Reporting Standards (IFRS) 1 st Quarter 2015 2 TABLE OF CONTENTS 3 Fresenius Group figures at a glance 5 Fresenius share 6
More informationSteelcase Inc. Reports Third Quarter Fiscal 2002 Results; Declares Quarterly Dividend of Six Cents Per Share
Steelcase Inc. Reports Third Quarter Fiscal 2002 Results; Declares Quarterly Dividend of Six Cents Per Share GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Dec. 19, 2001--Steelcase Inc. (NYSE:SCS) today reported
More informationQ2 & H1 FY2014/15 Financial Results. Quarter July September 2014 Financial year ending 31 March November 2014
& FY2014/15 Financial Results Quarter July September 2014 Financial year ending 31 March 2015 6 November 2014 Agenda Executive Summary Group Financials ecommerce Business Momentum Building Our Capabilities
More informationICIS Margin Polyethylene (PE) Asia Methodology
Copyright 2015 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group ICIS Margin Polyethylene (PE) Asia Methodology This document is intended to provide methodology support for customers
More informationDP World Limited and its subsidiaries
Condensed consolidated income statement For the six months ended 30 June 2013 Period ended 30 June 2013 Period ended 30 June 2012 (Restated *) Before separately disclosed items Separately disclosed items
More informationAcquisition of Performance Fibers
Acquisition of Performance Fibers 8 December 2014 Indorama Ventures has reached a definitive agreement to acquire one of the world s premier automotive fibers businesses, Performance Fibers Asia, including
More informationQ /08/18. Jon Skule Storheill. Øyvind Ryssdal
Q2 2018 Jon Skule Storheill Øyvind Ryssdal 30/08/18-1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding
More informationNEWS RELEASE Trading Symbol: TSX: SVM
NEWS RELEASE Trading Symbol: TSX: SVM SILVERCORP REPORTS Q3 FISCAL 2016 FINANCIAL AND OPERATING RESULTS AND FISCAL 2017 GUIDANCE ISSUED VANCOUVER, British Columbia February 5, 2016 Silvercorp Metals Inc.
More informationSILVERCORP REPORTS Q3 FISCAL 2016 FINANCIAL AND OPERATING RESULTS AND FISCAL 2017 GUIDANCE ISSUED
NEWS RELEASE Trading Symbol: TSX: SVM SILVERCORP REPORTS Q3 FISCAL 2016 FINANCIAL AND OPERATING RESULTS AND FISCAL 2017 GUIDANCE ISSUED VANCOUVER, British Columbia February 5, 2016 Silvercorp Metals Inc.
More informationQ2 Interim report 2018
Click to edit Master text styles Second level Third level Fourth level Fifth level Q2 Interim report 218 Mikael Staffas President & CEO Håkan Gabrielsson CFO Q2 Interim report 218 Strong results due to
More informationAlumina Refining Under Review Analysis of Global Supply and Demand
Alumina Refining Under Review Analysis of Global Supply and Demand 2015 Metal Bulletin International Aluminium Conference Simon Storesund, SVP Commercial, B&A 23 September 2015 (1) Cautionary note Certain
More informationSummary of analyst presentation 24 July Dialight plc. Half year results 2017
Dialight plc Half year results 2017 Summary of analysts presentation by: Michael Sutsko, Chief Executive Fariyal Khanbabi, Chief Financial Officer Page 1 Positioned for long-term sustainable growth Michael
More informationHAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION
HAMBURGER HAFEN UND LOGISTIK AG COMPANY PRESENTATION CHEUVREUX GERMAN CORPORATE CONFERENCE FRANKFURT, JANUARY 2011 Hamburger Hafen und Logistik AG DISCLAIMER The facts and information contained herein
More informationForward-Looking statement
Forward-Looking statement This presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time
More informationSasol Limited Group. Production and sales metrics. Overview. for the period ended 30 September 2018
and sales metrics for the period ended 30 September 2018 Overview Sasol benefited from higher Brent crude oil and product prices during the quarter and a weaker average rand exchange rate against major
More informationAegis Logistics Limited
Aegis Logistics Limited Result Presentation Q2 FY16 1 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics Limited (the Company ),
More informationPolystyrene Asia Margin Report Methodology
Copyright 2017 Reed Business Information Ltd. ICIS is a part of the Reed Elsevier plc group Polystyrene Asia Margin Report Methodology 7 December 2017 This document is intended to provide methodology support
More informationFor personal use only
Annual General Meeting 21 May 2013 - Melbourne Western Australia 2013 Boart Longyear. All rights reserved. Important Notice and Disclaimer This presentation has been prepared by Boart Longyear Limited,
More informationDuluxGroup. Full Year Results Announcement. 8 November 2010
DuluxGroup Full Year Results Announcement 8 November 2010 Important Note: Impact of demerger from Orica on DuluxGroup s FY10 Results Effective 9 July 2010, DuluxGroup Limited ceased to be a subsidiary
More informationAmpco-Pittsburgh Corporation. East Coast IDEAS Investor Conference Boston, MA May 18, 2017
Ampco-Pittsburgh Corporation East Coast IDEAS Investor Conference Boston, MA May 18, 2017 2 The Private Securities Litigation Reform Act of 1995 (the Act ) provides a safe harbor for forwardlooking statements
More informationFiscal year ending March 2007 Third Quarter Financial Results (cumulative)
Fiscal year ending March 2007 Third Quarter Financial Results (cumulative) January 2007 Osaka Gas Co., Ltd 1 1 I. Consolidated results for third quarter and full year forecast Management information is
More informationInvestor Presentation
Investor Presentation Michael Willome, Group CEO Baader Helvea Swiss Equities Conference Content Group overview & priorities Page 3 Segment performance, sales trend & outlook Page 10 Appendix: Leadership
More informationCloetta Roadshow November 2018 Henri de Sauvage-Nolting, President and CEO
Cloetta Roadshow November 2018 Henri de Sauvage-Nolting, President and CEO This is Cloetta 2 3 We bring a smile to your Munchy Moments Strong portfolio of local heritage brands 4 1909 1920 1928 1937 1941
More informationLinde plc Investor Update
Linde plc Investor Update March 1 st 2019 Making our world more productive Forward Looking Statement Linde plc has not yet completed the preparation of its financial statements for the fiscal year ended
More informationGrindrod Limited Additional information for analysts
www.grindrod.com Grindrod Limited Additional information for analysts for the year ended 31 December 2017 MANAGEMENT SEGMENTAL BALANCE SHEETS AS AT 31 DECEMBER 2017 R000 PORTS TERMINALS MARINE FUELS AGRICULTURAL
More informationMigros Ticaret A.Ş. 1H 2018 Financial Results
Migros Ticaret A.Ş. 1H 2018 Financial Results Disclaimer Statement Migros Ticaret A.Ş. (the Company ) has prepared this presentation for the sole purpose of providing information about its business, operations
More informationLUIS HENRIQUE GUIMARÃES
LUIS HENRIQUE GUIMARÃES DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such information is mainly based on our
More informationInterim Results Presentation
Interim Results Presentation 26 weeks ended 29 September 2018 Helen Connolly Stephen Alldridge CEO CFO Agenda Highlights Financial results Operational update Summary & outlook 2 Financial highlights Total
More informationCapital Markets Day 2013 Contract Logistics. Detlef Trefzger Chief Executive Officer, Kuehne + Nagel International AG September 18, 2013
Capital Markets Day 2013 Contract Logistics Detlef Trefzger Chief Executive Officer, Kuehne + Nagel International AG September 18, 2013 Stagnating Revenue and Margins Over the Last Years 5000 4500 4000
More informationFinancial Report for FY (April 2015 March 2016)
Financial Report for FY2016.3 (April 2015 March 2016) April 2016 Osaka Gas Co., Ltd. 1 I. Business Results for FY2016.3 and Forecasts for FY2017.3 Management information is available on Osaka Gas websites.
More informationEnergy Aerospace & Defense Industrial. First Quarter Investor Review
Energy Aerospace & Defense Industrial First Quarter 2018 Investor Review Presented May 2, 2018 1 Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27 A of
More informationPETRONAS Group Financial Results Announcement
EMBARGO The information contained herein may only be released after 5.30pm on 27 February 2015 PETRONAS Group Financial Results Announcement and Year End FY 2015 PETROLIAM NASIONAL BERHAD (PETRONAS) All
More informationTelenav Reports Second Quarter Fiscal 2017 Financial Results
January 31, 2017 Telenav Reports Second Quarter Fiscal 2017 Financial Results SANTA CLARA, Calif., Jan. 31, 2017 (GLOBE NEWSWIRE) -- Telenav, Inc. (NASDAQ:TNAV), a leader in connected car services, today
More informationPBF Energy (NYSE: PBF) & PBF Logistics (NYSE: PBFX)
PBF Energy (NYSE: PBF) & PBF Logistics (NYSE: PBFX) Wells Fargo Energy Symposium December 2014 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. and PBF
More informationAmpco-Pittsburgh Corporation. March 29, 2017 Sidoti & Company Spring Convention New York, NY
Ampco-Pittsburgh Corporation March 29, 2017 Sidoti & Company Spring Convention New York, NY 2 The Private Securities Litigation Reform Act of 1995 (the Act ) provides a safe harbor for forwardlooking statements
More informationABB LTD, ZURICH, SWITZERLAND, APRIL 19, 2018 Profitable growth. Q results. Ulrich Spiesshofer, CEO; Timo Ihamuotila, CFO
ABB LTD, ZURICH, SWITZERLAND, APRIL 9, 208 Profitable growth Q 208 results Ulrich Spiesshofer, CEO; Timo Ihamuotila, CFO Important notices This presentation includes forward-looking information and statements
More informationMacquarie Securities Conference Australia
Macquarie Securities Conference Australia Greg Hunt Managing director and chief executive officer Wednesday, 3 May 2017 Disclaimer General This presentation has been prepared by Nufarm Limited. The information
More informationFor personal use only
BIGTINCAN HOLDINGS LIMITED FULL YEAR RESULTS PRESENTATION AUGUST 2018 1 2017 BIGTINCAN 2018 BIGTINCAN I SEPTEMBER 11, 2017 FY18 Financial Highlights ARR* $15.4m REVENUE $13.1m LOSS ($6.8m) 41% 42% 15%
More information