Rosneft sees Q3 net debt grow 16.2% to 1.772 trln rubles
MOSCOW. Oct 29 (Interfax) - Rosneft posted net debt of 1.772 trillion rubles for the third quarter, 16.2% more than at the end of the first half of 2014, according to management commentary in the company's report to International Financial Reporting Standards (IFRS).
Capex was 370 billion rubles for the 9M, down 2.1% from 378 billion rubles a year prior.
Adjusted free cash flow for the 9M was 404 billion rubles, up from 152 billion rubles a year ago. This figure was adjusted for the amount of traded securities, as well as for advance payments on long-term oil supply contracts totaling 497 billion rubles for the nine months of this year (including 66 billion rubles in Q3) and 307 billion rubles for 9M 2013.
Rosneft said in a presentation that it paid off more than $12 billion (452 billion rubles) in debt in the 9M, including $5.5 billion (193 billion rubles) in scheduled and early bridge loan repayments.
The company plans to pay off $10.2 billion in debt in Q4 2014, $19.5 billion in 2015, $8.4 billion in 2016 and $8.1 billion in 2017.
The outstanding $14 billion (552 billion rubles) on bridge loans should be paid off in December 2014 and February 2015.
