Rosneft's IFRS net profit falls 29% to 190 bln rubles, above forecast
MOSCOW. Aug 31 (Interfax) - The net profit of Rosneft to International Financial Reporting Standards (IFRS) was 190 billion rubles in H1 2015, which is 19% less than in the same period of last year, the company said in a report.
Analysts questioned by Interfax expected this figure at 148 billion rubles. Deutsche Bank had the most accurate forecast at 191 billion rubles.
The company's revenue for the reporting period fell 7.5% to 2.6 trillion rubles.
Rosneft's net debt fell by 11.9% to $39.9 billion.
In Q2 Rosneft's net profit fell by 23% to 134 billion rubles, this is much higher than the forecast by analysts who expected this figure at 92 billion rubles. Again, Deutsche Bank had the most accurate forecast at 135 billion rubles.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) in H1 fell 2.9% to 576 billion rubles.
In Q2 revenue was 1.312 trillion rubles, EBITDA - 326 billion rubles. The company continued to experience the negative effect of the tax maneuver.
The company maintained positive free cash flow of 210 billion rubles in Q2 and 340 billion rubles for H1 (up 45.9% year-on-year).
In H1 2015 the company raised other short-term financing as repo operations at a floating interest rate in ruble equivalent of 463 billion rubles (at the official exchange rate of the Central Bank on June 30, 2015). The company's own exchange-traded bonds were used as an instrument for these operations.
"In Q2 2015 production of hydrocarbons reached 63.3 million tonnes of oil equivalent (5.15 million barrels of oil equivalent a day average daily production of hydrocarbons) that enabled production growth in H1 2015 by 2.0% compared to H1 2014. Increased production of hydrocarbons was achieved by additional wellworks, drilling of new wells and implementation of new technologies with simultaneous optimization of expenses," the company said.
"For H1 2015, the Company increased its production drilling meterage by more than 30% compared to H1 2014 and put into use more than 800 new wells. The drilling structure becomes more complex, in that way the number of horizontal wells in H1 2015 exceeded 30% of the total volume of production drilling (over 260 wells). As of current mid-year in-house rigs fleet achieved 215 units and workover crews - 203," Rosneft said.
"Based on performance in H1 2015 production of gas reached 31.09 bcm, having increased by 16.4% compared to H1 2014. The level of utilization of accompanying petroleum gas reached 87% in H1 2015 compared to 77% in H1 2014," the statement said.
"In H1 2015, Russian and foreign refineries of the Company have refined 48.09 million tonnes of crude oil. Slight decrease in processing level (by 0.8%) compared to H1 2014 was due to temporary cease of processing at Mozyr refinery under processing agreement in Q1 2015 accompanied by re-allocation of crude oil to higher marginal trading channels in Q1 2015," Rosneft said.
"In H1 2015 sales volumes of crude oil and petroleum products increased by 1.5% compared to H1 2014 up to 106.2 million tonnes including suppliers under long-term contracts providing for long-term prepayments in the amount of 12.8 million tonnes," the company said.
"Growth of gas sales volumes of 13.4% in H1 2015 compared with H1 2014 was due to increased suppliers under new long-term contracts. The average selling price increased by 4.7% compared with H1 2014," Rosneft said.
