ROSNEFT DOWN 62%
ROSNEFT published financial results for 3Q and 9M of 2016
- EBITDA margin is up to 25.4% for 9M 2016 (+1.3 bp Y-o-Y)
- Keeping 3Q upstream operating costs per boe unchanged q-o-q
- Maintaining industry leadership in free cash flow generation: RUB 48 bln in 3Q 2016
Consolidated IFRS financial results for 3Q 2016:
|
3Q 2016 |
2Q 2016 |
Change, % |
9M 2016 |
9M 2015 |
Change, % |
Financial results |
RUB bln (except %) |
|||||
Total revenue and equity share in profits of associates and joint ventures |
1,223 |
1,232 |
(0.7)% |
3,503 |
3,954 |
(11.4)% |
EBITDA |
292 |
348 |
(16.1)% |
913 |
967 |
(5.6)% |
EBITDA margin |
23.3% |
27.6% |
(4.3) bp |
25.4% |
24.1% |
1.3 bp |
Net income attributable to Rosneft shareholders |
26 |
89 |
(70.8)% |
129 |
302 |
(57.3)% |
Net income margin |
2.1% |
7.2% |
(5.1) bp |
3.7% |
7.6% |
(3.9) bp |
Capital expenditures |
167 |
154 |
8.4% |
475 |
409 |
16.1% |
Free cash flow |
48 |
61 |
(21.3)% |
189 |
517 |
(63.4)% |
Upstream operating expenses/boe |
164 |
164 |
- |
161 |
157 |
2.5% |
|
USD bln1 (except %) |
|||||
Total revenue and income of associates and joint ventures |
19.4 |
19.2 |
1.0% |
53.1 |
68.3 |
(22.3)% |
EBITDA |
4.5 |
5.3 |
(15.1)% |
13.5 |
16.5 |
(18.2)% |
Net income attributable to Rosneft shareholders |
0.4 |
1.4 |
(71.4)% |
2.0 |
5.3 |
(62.3)% |
Net debt |
26.1 |
23.4 |
11.5% |
26.1 |
24.5 |
6.5% |
Capital expenditures |
2.6 |
2.3 |
13.0% |
7.0 |
6.9 |
1.4% |
Free cash flow |
1.3 |
1.3 |
- |
4.1 |
9.7 |
(57.7)% |
For reference |
|
|
|
|
|
|
Average Urals price, USD per bbl |
44.0 |
43.8 |
0.5% |
40.0 |
54.6 |
(26.8)% |
Average Urals price, th. RUB per bbl |
2.85 |
2.89 |
(1.4)% |
2.74 |
3.24 |
(15.5)% |
1Calculated using average monthly Central Bank of Russia exchange rates for the reporting period. Gross debt and net debt are estimated using the closing exchange rate of Central Bank of Russia as of September, 30, 2016, June, 30, 2016 and September, 30, 2015, respectively.
Commenting the results for 3Q 2016, Rosneft CEO Igor Sechin said:
"In 3Q 2016 the environment on the commodity markets remained difficult. Additional pressure on the company's profitability was from considerable negative export duty lag effect. I would like to highlight positive results of Rosneft's management cost control and generation of positive free cash flow over the last years in conditions of high market volatility. This is a unique achievement among the peers. In October the Company acquired the state-owned stake in Bashneft. We will make our best efforts to maximize the synergy potential from this asset integration. The first important steps on its realization are being conducted already at early consolidation stage in 4Q 2016."
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