Bashneft increased net profit under IFRS by 12.9% in January-September

Olesya Seregina

UFA, 24 November 2015. /Bashinform News Agency, Olesya Seregina/. Net profit of the group of companies Bashneft, including PSJOC Bashneft, its subsidiaries and affiliates, for the first nine months of this year amounted to 51.28 billion rubles, which is 12.9% more than in the same period of 2014, the company reports. Revenues decreased by 2% - up to 463.3 billion rubles. At the same time, adjusted EBITDA rose by 17.3% to 100.06 billion rubles, operating profit - by 16.0% to 77.84 billion rubles.

The company explains the good financial results by increase in oil production, compared to the same period of 2014 by 12.1% (to 14.67 million tons) and the volume of its export and domestic market sales.

In the first nine months of 2015 the company increased retail sales of fuels by 6.6% (to 1.19 million tons) and revenues from retail sales by 12.8% (up to 43.19 billion rubles). This was due to the expansion of retail network and favourable market conditions.

The operating cash flow for January-September 2015 decreased by 9.6% (to 70.25 billion rubles) because of changes in a working capital and a high base during the nine months of 2014, when Bashneft received prepayment under a long-term contract for petroleum products supply totaling 17,347 million roubles.

Capital expenditures during the same period increased by 35.6% - to 42.86 billion rubles in connection with the development of Sorovskoye field in Western Siberia and an increase in the cost of brownfields in Bashkortostan.

The net debt of the group, as compared with January-September last year, decreased by 20.2% to 101.75 billion rubles.

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