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Annual Report for 2012

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Annual Report for 2012 Annual Review SIBUR-KHIMPROM VORONEZHSINTEZKAUCHUK VYNGAPUROVSKIY GAS PROCESSING PLANT WWW.SIBUR.COM Content ANNUAL REVIEW SIBUR 2012 REVIEW ANNUAL 2012 HIGHLIGHTS 4 CHAIRMAN AND CEO STATEMENTS 6 Chairman’s Message ................................................................................................ 6 CEO Letter .................................................................................................................. 7 SIBUR AT A GLANCE 10 What We Do .............................................................................................................12 How We Do It .......................................................................................................... 18 Where We Do It ....................................................................................................... 20 Why We Do It .......................................................................................................... 22 STRATEGY 26 Our Strategy ............................................................................................................ 28 Investment Programme ........................................................................................... 30 Partnership with Leading World Producers ............................................................ 35 BUSINESS 36 Products and Markets ............................................................................................. 38 Production Capacity and Utilisation ........................................................................ 48 Transportation and Logistics ................................................................................... 52 Feedstock Sourcing ................................................................................................. 54 SUSTAINABILITY 56 Our Approach ........................................................................................................... 58 Environment ............................................................................................................. 59 Health and Safety ...................................................................................................... 62 Employees ................................................................................................................ 63 Communities and Society .......................................................................................... 67 CORPORATE GOVERNANCE 70 Corporate Governance .............................................................................................. 72 Board of Directors ..................................................................................................... 73 Board Committees..................................................................................................... 80 Management Board .................................................................................................. 82 Share Capital ............................................................................................................. 87 Code of Corporate Conduct....................................................................................... 87 Dividends .................................................................................................................. 88 Key Risk Factors ......................................................................................................... 89 FINANCIAL INFORMATION 96 Management’s Discussion and Analysis of Financial Condition and Results of Operations ......................................................................... 98 IFRS Combined Financial Information and Independent Auditor’s Report ...................................................................................................... 146 ADDITIONAL INFORMATION 200 WWW.SIBUR.COM SIBUR 2012 2012 Highlights ANNUAL REVIEW ANNUAL FINANCIAL PERFORMANCE Solid results in a tough macro and market environment Vertically integrated business model supported margins and generated strong cash flow Revenue increased by 9% y-o-y to RR 271 bln EBITDA margin exceeded 30% Cash flow from operations increased by 16% y-o-y to RR 63 bln Net Debt to EBITDA at 1.00x as of 31 December 2012 OPERATIONAL PERFORMANCE APG processing volumes increased by 2%(1) y-o-y Raw NGL fractionation volumes increased by 3% y-o-y Natural gas sales volumes increased by 16% y-o-y NGLs sales volumes increased by 2% y-o-y Petrochemical products sales volumes increased by 5% y-o-y STRATEGIC EXECUTION Long-term partnership with oil and gas companies strengthened advantageous feedstock access y Weighted average maturities of multi-year supply contracts increased to exceed 11 years for APG and 12 years for NGLs Significant progress on multi-year investment programme y Completion of investment projects in feedstock processing and petrochemicals y Major expansion of our transportation and logistics infrastructure y Capital expenditures increased 34% y-o-y to RR 74 bln JVs with international producers y SINOPEC, nitrile-butadiene rubber production in Krasnoyarsk, Russia y Solvay SA, specialty chemicals production in Dzerzhinsk, Russia y Reliance Industries, butyl rubber production in Jamnagar, India (1) Excluding TNK-BP’s share in processing/production volumes of Yugragazpererabotka. 4 REVENUE EBITDA 2012 HIGHLIGHTS RR bln RR bln EBITDA margin,% 34.9% 271.3 30.9% 248.7 30.3% CEO STATEMENTS 188.6 CHAIRMAN AND 86.7 82.3 58.2 A GLANCE 2010 2011 2012 2010 2011 2012 SIBUR AT STRATEGY BUSINESS NET PROFIT OPERATING CASH FLOW(1) RR bln RR bln 62.8 60.1 62.7 54.2 51.4 40.7 SUSTAINABILITY 2010 2011 2012 2010 2011 2012 GOVERNANCE CORPORATE CAPITAL EXPENDITURES NET DEBT/EBITDA RR bln INFORMATION FINANCIAL FINANCIAL 74.3 1.00x 55.6 0.74x 0.78x 39.4 INFORMATION ADDITIONAL ADDITIONAL 2010 2011 2012 2010 2011 2012 (1) Net cash from operating activities. 5 Chairman’s SIBUR 2012 Message ANNUAL REVIEW ANNUAL Leonid Mikhelson Chairman of the Board of Directors SIBUR reported solid financial performance and SIBUR’s debut in the international bond markets delivered on its strategic priorities in 2012. was an important milestone for increasing external recognition of our strengths and future prospects. The Company is at the forefront of Russia’s efforts to build a modern and efficient industrial base. We On behalf of the Board, I would like to thank process natural resources in an environmentally SIBUR’s management team and employees for sustainable way to produce technologically their hard work and strategic progress in a tough advanced industrial materials that benefit Russian market environment. Their passion for success and manufacturers and consumers. At the same time, achievement of results gives us confidence about the we are enhancing international competitiveness future. and growth opportunities by building a leading petrochemicals business that leverages SIBUR’s feedstock advantages and strong partnerships with oil and gas producers. SIBUR continues to implement best practices to create a strong, sustainable enterprise. Our contributions to Russian regional economic development, technological innovation, professional training and environmental responsibility are a source of pride for our people and for us as shareholders. We are driving operational excellence within our business and increasing transparency for our stakeholders. 6 CEO Letter 2012 HIGHLIGHTS CEO STATEMENTS CHAIRMAN AND Dmitry Konov CEO and Chairman of the Management Board A GLANCE SIBUR AT STRATEGY BUSINESS I am pleased to report that SIBUR delivered solid Second, the Russian demand outlook adds a unique financial performance in 2012 despite a challenging dimension to our growth prospects. The country’s macro and market environment. Our vertically industrial and transportation infrastructure is integrated business model held up well and our being modernised and expanded. Manufacturers balance of gas processing and petrochemicals drove are upgrading their technologies and materials profit margins and cash generation well above global applications in order to deliver high-quality goods SUSTAINABILITY petrochemicals industry averages. We also made demanded by businesses and consumers. SIBUR substantial progress in executing our growth strategy, plays a key role in this transformation, producing the and entered the new year with steadfast confidence materials required to support end-market customers. in our business. I would like to focus on a few key Our leading position in Russia helped performance points for our investors and other stakeholders. in 2012 as the economy grew faster than most GOVERNANCE CORPORATE international markets. First, SIBUR is in an excellent strategic position with advantageous access to Western Siberian feedstock. Third, our vertical integration provides the We provide oil and gas companies with an efficient foundations for a growing petrochemicals business solution for monetising the by-products of their with a globally-competitive cost position. The INFORMATION extraction activities, and this partnership in turn ramp-up of production at our new flagship Tobolsk- FINANCIAL provides SIBUR with a unique competitive advantage. Polymer Plant will enable us to efficiently monetise In 2012, we further strengthened our cooperation SIBUR’s feedstock access, displace imports and take with oil and gas companies to cement long-term domestic market share, while also building strong access to feedstock and increase feedstock flows. international presence. INFORMATION ADDITIONAL ADDITIONAL 7 WWW.SIBUR.COM SIBUR
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