Mainly due to exchange rate differences when translating debt denominated in foreign currency, SIBUR has received a net loss under IFRS in Q1 of 2020 at 52.3 billion, said SIBUR. By the end of the January-March period, the loss on exchange differences amounted to 84.5 billion rubles.
The debt of the company relates to Zapsibneftekhim project amounted to 493 billion. In the statement of profit and loss, the operating results of Zapsibneftekhim project have not reflected. However, the release of the Zapsibneftekhim project expected to improve the production capacity of SIBUR’s leverage.
Due to greater internal consumption of raw materials and increased production volumes of polymers, a new project Zapsibneftekhim will compensate for the negative effects of the coronavirus pandemic, said SIBUR. EBITDA year-on-year decreased in Q1 by 15 percent to 37.4 billion rubles.
