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2018-03-21 12:10:00

ROSNEFT: +27%

РОСНЕФТЬ: +27%

ROSNEFTFinancial results for 4Q 2017 and 12М 2017

  • 2017 revenue growth by 20.6% YoY in RUB terms to RUB 6 trillion
  • 2017 EBITDA increase by 9.8% YoY in RUB terms to RUB 1.4 trillion and by 24.4% YoY in USD terms to USD 24 billion
  • 2017 net income growth by 27.6% in RUB terms and by 40.7% in USD terms to RUB 222 billion (USD 3.8 billion)
  • Maintaining leadership in hydrocarbons production efficiency - operating expenses at 3 USD/boe in 2017
  • Sustaining strong cash flow with planned capex growth

 

Consolidated IFRS financial results for 4Q 2017 and 12M 2017:

 

4Q

2017

3Q

2017

Change,

%

12M

2017

12M

2016

Change,

%

 

Financial results

RUB bln (except %)

Revenues and equity share in profits of associates and joint ventures

1,709

1,496

14.2%

6,014

4,988

20.6%

EBITDA

393

371

5.9%

1,403

1,278

9.8%

EBITDA margin

22.4%

24.0%

(1.6) p.p.

22.6%

25.0%

(2.4) p.p.

Net income attributable to Rosneft shareholders 

100

47

>100%

222

1741

27.6%

Net income margin

5.9%

3.1%

2.8 p.p.

3.7%

3.5%

0.2 p.p.

Capital expenditures

292

223

30.9%

922

709

30.0%

Free cash flow (RUB equivalent)2

44

15

>100%

245

439

(44.2)%

Upstream operating expenses RUB/boe

199

189

5.3%

1773

1633

8.6%

 

 

USD bln4 (except %)

Revenues and  equity share in profits of associates and joint ventures

30.1

26.2

14.9%

106.4

77.2

37.8%

EBITDA

6.7

6.3

6.3%

24.0

19.3

24.4%

Net income attributable to Rosneft shareholders

1.8

0.7

>100%

3.8

2.7

40.7%

Capital expenditures

5.0

3.8

31.6%

15.8

10.7

47.7%

Free cash flow

0.7

0.3

>100%

4.1

6.4

(35.9)%

Upstream operating expenses USD/boe

3.4

3.2

6.3%

3.03

2.53

20.0%

For reference

 

 

 

 

 

 

Average Urals price,  USD per bbl

60.5

50.8

19.0%

53.1

42.1

26.2%

Average Urals price, th. RUB per bbl

3.53

3.0

17.8%

3.10

2.82

9.9%

1The Company recognized final purchase price allocation of Bashneft and Targin assets acquired and liabilities assumed as of the acquisition dates in 2016 accounting report.
2 The calculation includes interest expense on the prepayments on the long-term oil and petroleum products supply agreements.
3 Excluding the expenses of Bashneft assets acquired in October 2016.
4 Calculated using average monthly Central Bank of Russia exchange rates for the reporting period.

 

Commenting the results for 4Q 2017 and 12M 2017, Rosneft Chairman of the Management Board and Chief Executive Officer Igor Sechin said:

"The Company continued to improve considerably its operating and financial performance, integrating efficiently the acquired assets and improving profitability across the business value chain. With 2017 daily hydrocarbon production growth at 6.5% YoY, revenue increased by 20.6% and EBITDA - by 9.8%.

Entering the new markets in Egypt and in India will substantially accelerate the Company's international business platform development, strengthening Rosneft's leadership position on global commodities markets. Gas production start at the Zohr field and acquiring a stake in Essar Oil has already improved the business financial performance.

At the end of 2017 the Board of Directors approved the new "Rosneft-2022" strategy, focusing on structural quality changes in the Company's business by implementing the progressive management standards, applying new technologies and improving existing assets profitability."

Financial performance

Revenues and equity share in profits of associates and joint ventures

4Q 2017 revenue rose to RUB 1,709 bln (USD 30.1 bln), or up by 14.2% QoQ, driven mainly by higher crude oil price and increased sales volumes of hydrocarbons and petroleum products.

12M 2017 revenue amounted to RUB 6,014 bln, rising by 20.6% YoY (106.4 bln in USD terms, or up by 37.8%) on the back of the new assets integration, positive implications from macro-economic indicators, improving the sales mix and expanding trading activity with significantly faster growth in domestic oil and oil products supplies.

EBITDA

4Q 2017 EBITDA increased by 5.9% QoQ up to RUB 393 bln (USD 6.7 bln) driven by revenue growth despite a tax burden increase and seasonal cost growth.

12M 2017 EBITDA increased by 9.8% YoY in RUB terms to RUB 1,403 bln (USD 24 bln, or up by 24.4% YoY), demonstrating the efficient synergies realization from integrating new assets, a positive contribution from participating in the global joint projects, and in terms of strong operating cost control, all this despite the increasing tax burden.

The Company succeeded in considerable market expansion in Russia, Asia and Europe, material strengthening the position in refining and trading, contributing positively to the financial results in conditions of tax maneuver and export duty lag.

Excluding the new assets acquisition operating expenses remain the lowest among public oil companies at 177 RUB/boe (or 3.0 USD/boe).

Net income attributable to Rosneft shareholders

Net income attributable to Rosneft shareholders reached RUB 100 bln in 4Q 2017, more than doubling QoQ. In 12M 2017 it amounted to RUB 222 bln, exceeding the 2016 level by 27.6%.

Capital expenditures

Capital expenditures were RUB 292 bln (USD 5.0 bln) in 4Q 2017. In 12M 2017 capital expenditures reached RUB 922 bln, rising by 30.0% YoY. The Company raised the investments according to the plan in the most efficient segments. The growth of capital expenditures was mainly driven by the drilling increase at Brownfields (Yuganskneftegaz, Samotlorneftegaz), the new upstream projects development (Vankor, Rospan, Taas-Yuryah and Russkoe field), the acquired Russian upstream assets integration and participation in the international projects.

Free cash flow

Taking into account the investments into certain projects development, 2017 free cash flow amounted to RUB 245 bln (USD 4.1 bln). Despite the growth of business scale and the participation in strategic projects, free cash flow remains positive and represents a major source for meeting all the financial liabilities and the dividend payments to the Company's shareholders.

Dividends payout

In 2017 the Dividend policy was improved. The minimum dividend payout ratio was raised from 35% to 50% of IFRS net income.

In 12M 2017 the dividend payment to the shareholders was RUB 104 bln, including RUB 63.4 bln for 2016 and RUB 40.6 bln for 1H 2017.

-----

Earlier:

 ESSAR БОЛЬШЕ НА 20%
2018, March, 11, 11:05:00

ESSAR UP BY 20%

ROSNEFT - Essar Oil Limited (EOL) owned by the Consortium of International Investors led by Rosneft, since March 2017 to date has expanded the retail network Essar-branded fuel stations by 20% reaching 4,200.

 EXXON ПОКИДАЕТ РОССИЮ
2018, March, 4, 11:20:00

EXXON LEAVES RUSSIA

ROSNEFT - The decisions of ExxonMobil to abandon certain projects that fall under the legislative limitations once again imposed by the US government despite their successful development fully comply with the position of the American regulator that changed the way we collaborate on these projects.

 СВЕРХГЛУБОКАЯ СКВАЖИНА РОСНЕФТИ
2017, December, 25, 20:20:00

ROSNEFT'S ULTRA-DEEPWATER WELL

ROSNEFT - Rosneft has spudded the Maria-1 exploration well offshore in the Black Sea. Forecasted oil in place for Zapadno-Chernomorskaya licence area is estimated to exceed 570 million tons.

 РОСНЕФТЬ И BP РЕАЛИЗУЮТ
2017, December, 25, 20:15:00

ROSNEFT - BP DEVELOPMENT

ROSNEFT - Rosneft and BP have agreed to develop subsoil resources within the Kharampurskoe and Festivalnoye licence areas of the Yamalo-Nenets Autonomous Okrug in northern Russia, with total geological reserves exceeding 880 bcm of gas.

 РОСНЕФТЬ И PERTAMINA ДЛЯ ИНДОНЕЗИИ
2017, December, 4, 22:45:00

ROSNEFT & PETRAMINA FOR INDONESIA

ROSNEFT - Rosneft and Indonesian state-owned oil and gas company Pertamina completed the establishment of the joint venture for the development of Tuban grass root refinery and petrochemical complex (TGRR) in Tuban in the East Java province of Indonesia.

 МИРОВОЙ РЕКОРД РОСНЕФТИ: 15000 М
2017, November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

 РОСНЕФТЬ: ЧИСТАЯ ПРИБЫЛЬ НИЖЕ НА 3,9%
2017, November, 15, 15:00:00

ROSNEFT NET INCOME DOWN 3.9%

Financial results for 3Q 2017 and 9М 2017: - 9M 2017 revenue growth by 22.9% in RUB terms and by 43.7% in USD terms YoY - 9M 2017 EBITDA exceeded RUB 1 trln, growth by 10.6% YoY - 3Q 2017 EBITDA margin improvement - Successful timely close of strategic deals with potential breakthrough growth in shareholder value - Approval of the first interim dividend with 50% payout ratio of net income under IFRS

Tags: РОСНЕФТЬ, ROSNEFT

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