1 Feb 2010 17:15

Rosneft sees 2009 GAAP earnings fall 36% to $6.514 bln, below forecast

MOSCOW. Feb 1 (Interfax) - Rosneft saw its net profit to US GAAP fall 36% in 2009 to $6.514 billion, the Russian oil major said in an earnings report.

Analysts told Interfax in a consensus forecast that they thought net profit would be $6.684 billion in the year.

Sales revenue fell 32.1% to $46.826 billion on the back of the drop in oil and petroleum product prices.

Earnings before taxes, depreciation and amortization (EBITDA) fell 20.7% in 2009 to $13.565 billion due mainly to lower sales revenue, the company said.

Q4 2009 net profit fell 55% year-on-year to $1.674 billion, which was below the median $1.803 billion forecast by analysts. Earnings fell 43.3% in Q4 compared with Q3 2009.

Net debt decreased by $2.794 billion during 2009 to $18.489 billion. Rosneft paid $622 million in dividends. Net debt fell due to $3.4 billion in free cash flow generated in the year, including $1.2 billion in Q4 2009.

Short-term debt decreased by $6.2 billion in 2009, long-term debt increased to 67% from 42% of total debt and the EBITDA/debt ratio was 1.36.