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2016-08-16 18:30:00

ROSNEFT NET INCOME UP BY 6.4 TIMES

РОСНЕФТЬ: РОСТ ЧИСТОЙ ПРИБЫЛИ В 6,4 РАЗ

ROSNEFT published Financial results for 2Q 2016 

  • Net income growth by x6.4 times to RUB 89 bln in 2Q 2016 
  • Increase in EBITDA by 27.5%, to RUB 348 bln; EBITDA margin above 27% 
  • Effective control of operating and SG&A costs 
  • Industry leadership in free cash flow generation 
  • Decrease in net debt by 41.4%, to USD 23.4 bln from 1H 2015

Consolidated IFRS financial results for 2Q 2016:

 

Q2

2016

Q1

2016

Change,

%

H1

2016

H1

2015

Change,

%

Financial results

RUB bln (except %)

Total  revenue and equity share in profits of   associates and joint ventures

1,232

1,048

17.6%

2,280

2,658

(14,2)%

EBITDA

348

273

27.5%

621

670

(7.3)%

EBITDA margin

27.6%

25.2%

2.4 pp.

26.5%

24.9%

1.6 pp.

Net income attributable to Rosneft   shareholders 

89

14

x6.4 times

103

190

(45.8)%

Net income margin

7.1%

1.3%

5.8 pp

4.4%

7.1%

(2.7) pp

Free cash flow1

61

80

(23.8)%

141

340

(58.5)%

Upstream operating expenses/boe

164

155

5.8%

160

157

1.9%

 

USD   bln2 (except %)

Total revenue and income of associates  and joint ventures

19.2

14.5

32.4%

33.7

47.2

(28.6)%

EBITDA

5.3

3.7

43.2%

9.0

11.8

(23.7)%

Net income   attributable to Rosneft shareholders

1.4

0.2

x7 times

1.6

3.5

(54.3)%

Gross debt

45.7

47.5

(3.8)%

45.7

54.3

(15.8)%

Net debt

23.4

23.9

(2.1)%

23.4

39.9

(41.4)%

Free cash flow

1.3

1.5

(13.3)%

2.8

6.7

(58.2)%

For reference

 

 

 

 

 

 

Average Urals price,  USD per bbl

43.8

32.2

36.2%

38.0

57.3

(33.7)%

Average Urals price, th. RUB per bbl

2.89

2.40

20.2%

2.67

3.29

(18.9)%

1Excluding the effect of interest expense and effect from prepayments
2Calculated 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 June, 30, 2016, March, 31, 2016 and June, 30, 2015, respectively. 

Commenting the results for 2Q 2016, Rosneft CEO Igor Sechin said: 

"With remaining volatility, the commodity markets showed some improvements in 2Q 2016, and average ruble crude oil price went up by 20% against 1Q 2016. The main strategic priorities in such difficult conditions remain control over operating and SG&A costs and raising investment program quality. I am glad to note that the dynamic of operating costs turned to be significantly lower than that of the consumer price index. Higher efficiency and some improvement in the market environment allowed substantially increasing net income in 2Q 2016, to RUB 89 bln (x6.4 times vs. 1Q 2016) and generating a consistently high cash flow for the shareholders. Rosneft keeps improving its leading position among global and Russian peers even in difficult market conditions – this highlights once again the quality of business and the Company's high efficiency.

-----

Earlier: 

ROSNEFT & PDVSA STRATEGIC PARTNERSHIP 

ROSNEFT HAS PAID $1 BLN 

RUSSIAN-CHINESE PROJECT 

ROSNEFT: STABILITY & GROWTH 

ROSNEFT SOLD VANKOR

 

 

 

 

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