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Bashneft

August 27, 2013

Bashneft’s net income for the first half of 2013 increases to 25.154 billion roubles

Today, Bashneft Group, which comprises JSOC Bashneft, its subsidiaries and affiliates, released its unaudited preliminary consolidated financial statements for the second quarter of 2013 and for the six months ended June 30, 2013 prepared in accordance with International Financial Reporting Standards (IFRS)

During the six months of 2013, the Group’s revenue from sales increased by 6.2% year-on-year to 260,483 million roubles due to an increase in oil production and refining. During the period from January through June 2013, adjusted EBITDA declined by 1.6% and amounted to 44,141 million roubles. During the six months of 2013, the Group’s net income less minority interest totalled 25,154 million roubles, which is 4.6% higher than in the first half of 2012.

In the second quarter of 2013, the Group’s revenue from sales amounted to 134,903 million roubles, which is 7.4% more than in the first quarter of 2013. During the period from April through June 2013, EBITDA totalled 22,730 million roubles, demonstrating a 7.1% quarter-on-quarter increase. In the second quarter of 2013, net income attributable to the shareholders of the parent company increased by 9.8% quarter-on-quarter and amounted to 13,162 million roubles.

A considerable increase in operating cash flow enabled the Company to allocate 14,373 million roubles for the investment programme scheduled for the second quarter of 2013, which included, among other things, capital investments in creating the infrastructure required for starting oil production at the R. Trebs and A. Titov fields and constructing a catalytic cracking gasoline hydrotreater at Bashneft-UNPZ and a hydrogen production unit at Bashneft-Novoil.

The increase in operating cash flow also enabled the Company to reduce the Group’s total debt in the form of short-term and long-term borrowings by 15.5% from 125,186 million roubles as of March 31, 2013 to 105,832 million roubles as of June 30, 2013.

During the first six months of 2013, oil production at the Company’s fields totalled 7,768 thousand tonnes, demonstrating a 1.5% year-on-year increase. During the first six months of 2013, average daily oil production added 2.1% compared to the first half of 2012, reaching 313.3 thousand bbl/d. The increase in production was related to geological and engineering operations and application of advanced technologies, including support of horizontal drilling.

In the first half of 2013, the Company continued to maintain an optimal level of refining: during the period from January through June 2013, Bashneft’s refineries in Ufa processed 10,501 thousand tonnes of oil, which is 4.2% more than in the same period in 2012 (10,074 thousand tonnes). The increase in refining was primarily related to a low base in the first half of 2012, when Ufimsky refinery plant was shut down for scheduled major overhaul.

During the period from January through June 2013, the output of commercial products totalled 9,611 thousand tonnes, demonstrating a 6.3% year-on-year increase (in the first half of 2012, this figure amounted to 9,043 thousand tonnes).

In the first half of 2013, the share of light products totalled 60.7%, which is 1.8 basis points higher than in 2012 (58.9%). The increase in the share of light products was possible as Bashneft proceeded with its refinery upgrade programme; for instance, at the end of 2012 and the beginning of 2013, two projects of the Bashneft-Ufaneftekhim Branch were completed: the capacity of a delayed coker was increased by one third to 1.6 million tonnes per year, and the capacity of a vacuum gas oil hydrocracker added 67% and reached 1.5 million tonnes per year due to upgrades.

In the second quarter of 2013, the share of Euro 4 and Euro 5 gasoline in the total gasoline output increased to 91.4% from 70.8% in the second quarter of 2012. In the second quarter of 2013, the share of Euro 4 and Euro 5 diesel fuel increased to 29.9% compared to 20.7% in the second quarter of 2012. One of the factors behind the increase in the production of gasoline meeting high environmental standards consisted in the fact that sulphuric acid alkylation and sulphuric acid regeneration units were commissioned at the Bashneft-Novoil Branch in the second quarter of 2013; this will enable the Company to increase the output of alkylate, an important component in the production of high-octane gasoline, fourfold.

KEY FINANCIAL AND OPERATING RESULTS
FOR THE SECOND QUARTER AND FOR THE SIX MONTHS OF 2013

2Q 2013

1Q 2013

Change

1H 2013

1H 2012

Change

Oil production (thousand tonnes)

3,924

3,844

2.1%

7,768

7,651

1.5%

Oil refining (thousand tonnes)

5,285

5,216

1.3%

10,501

10,074

4.2%

Sales revenue (million roubles)

134,903

125,580

7.4%

260,483

245,261

6.2%

EBITDA (million roubles)

22,730

21,223

7.1%

43,953

48,713

-9.8%

Adjusted EBITDA (million roubles)

23,044

21,097

9.2%

44,141

44,873

-1.6%

Operating income (million roubles)

18,006

16,812

7.1%

34,818

39,288

-11.4%

Net income excluding minority interest (million roubles)

13,162

11,992

9.8%

25,154

24,038

4.6%

Operating cash flow (million roubles)

19,816

2,941

573.8%

22,757

35,812

-36.5%

CAPEX (million roubles)

8,462

5,820

45.4%

14,282

13,352

7.0%

Net debt (million roubles)

77,839

81,804

-4.8%

77,839

68,990

12.8%

 

 

 

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