Bashneft's IFRS net income increased to 58.2 billion roubles in 2015

Olesya Seregina

UFA, 14 March 2016. /Bashinform News Agency, Olesya Seregina/. Net income of Bashneft Group of Companies owned by the shareholders of the parent company amounted to 58,175 million roubles. It increased by 34.8% compared with the year of 2014. The company’s activity results according to IFRS are published on the website of Bashneft.

The main positive factors of the company’s financial performance in 2015 included an increase in oil production, optimization of refining volumes aimed at maximization of light product output, and favourable conditions in the domestic market of petroleum products and petrochemicals.

Domestic sales of crude oil increased by 95.6% year compared with 2014 to 2.6 million tons, while revenue from sales soared by 107.0% (to 32,565 million roubles). This growth partially offset a 6.7% decrease in revenue from crude oil exports (to 126,459 million roubles) and a 14.0% fall in revenue from export sales of petroleum products (to 187,196 million roubles) outside the Customs Union.

In 2015 domestic sales of petroleum products and petrochemicals decreased by 5.6% (to 9.8 million tons) as a result of a planned reduction in refining, while revenue from sales grew by 0.7% year on year to 240,962 million roubles. This result was achieved due to optimization of the petroleum product mix and an increase in fuel sales via Bashneft’s own retail network. Thus, in 2015 retail sales of fuel grew by 4.3% to 1.6 million tons, while revenue from retail sales gained 10.1% (reaching 58,184 million roubles).

In 2015 adjusted EBITDA increased by 27.1% to 130,286 million roubles. The operating cash flow dropped by 13.0% to 92,313 million roubles. Capital expenditure increase of 27.6% in 2015 to 61,695 million roubles was related mainly to a rise in investment in the Sorovskoye field development and growing capital expenditure on brownfields in the Republic of Bashkortostan. The adjusted net debt was down by 13.7% and amounted to 98,052 million roubles, the company reports.

#bashneft #financial results

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