Bashneft boosts Q3 IFRS net profit 46% to $407 mln, below forecast
MOSCOW. Dec 8 (Interfax) - Bashneft boosted net profit to International Financial Reporting Standards (IFRS) 46% year-on-year in Q3 2011 to $407 million, the oil producer said in a statement.
This was below the $458 million that analysts predicted in a consensus forecast for Interfax.
Net profit grew 52.7% year-on-year to $1.309 billion in January-September. The analysts forecast $1.36 billion.
Revenue in Q3 2011 fell by 1.4% q-o-q to $4.458 billion from $4.522 billion in Q2 2011. Revenues in 9M 2011 rose by 45.2% y-o-y to $12.466 billion from $8.584 billion in 9M 2010.
EBITDA in Q3 2011 fell by 23.6% q-o-q to $720 million from $942 million in Q2 2011. Earnings before taxes, depreciation and amortization (EBITDA) in 9M 2011 increased by 31.6% y-o-y to $2.368 billion from $1.799 billion in 9M 2010.
Bashneft showed steady growth of crude oil production for the tenth consecutive quarter: output rose by 3.1% q-o-q in Q3 2011 to 3.826 million tonnes. Oil production in 9M 2011 was 11.215 million tonnes compared with 10.489 million tonnes in 9M 2010.
Growth of crude oil output was achieved through greater efficiency of geological and technical measures (secondary and tertiary recovery techniques), carried out in order to raise average flow rates per well. At the same time, overall volume of secondary and tertiary interventions was lower than in previous periods.
Refining volumes declined by 2.5% q-o-q in Q3 2011 to 5.299 million tonnes. Refining volumes in 9M 2011 were 15.729 million tonnes compared with 15.939 million tonnes in 9M 2010.
Refining depth in Q3 2011 was 87.1%, which is 0.6p.p. more than in Q2 2011. Light product yield rose by 1.2p.p. q-o-q in Q3 2011 to a level of 58.9%. Greater refining depth and light product yield in Q3 compared with Q2 2011 were due to reduction of refining volumes and improvement of the market environment (increased output of deep-refining products).
Refining depth in 9M 2011 was unchanged y-o-y at 86.8%.
Light product yield fell by 3.2p.p. in 9M 2011 to 59.3% compared with 62.5% in 9M 2010. The decline was due to increase in the share of Bashkir crude in refining from 46.3% in 9M 2010 to 48.2% in 9M 2011, as well as overhaul of the catalytic cracking facility at JSOC Ufaneftekhim in Q3 2011.
Capital expenditures in Q3 2011 were $221 million compared with $200 million in Q2 2011. Capex in the E&P segment increased from $102 million in Q2 2011 to $146 million in Q3 2011. Refining capex in Q3 2011 was $74 million compared with $78 million in Q2 2011.
Capex in 9M 2011 was $595 million compared with $230 million in 9M 2010. Capex in the E&P segment rose from $94 million in 9M 2010 to $343 million in 9M 2011. Refining capex in 9M 2011 was $202 million compared with $64 million in 9M 2010.
Total debt of the Group at the end of Q3 2011 (short-term and long-term loans and credits) was $3.377 billion compared with $4.22 billion at the end of Q2 2011. A large part of the debt portfolio consists of interest-bearing non-convertible ruble bonds to the value of 50 billion rubles issued in December 2009 for a period of 7 years with a 3-year option. The interest rate on the first six coupons of all 3 series of bonds is 12.5% annualized.