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Bashneft

June 10, 2013

Bashneftís net income under IFRS for the first quarter of 2013 totals 11.992 billion roubles

Today, Bashneft Group, which comprises JSOC Bashneft, its subsidiaries and affiliates, released its audited consolidated financial statements for the first quarter of 2013 prepared in accordance with International Financial Reporting Standards (IFRS)

In the first quarter of 2013, the Groupís revenue from sales increased by 5.8% year-on-year and totalled 125,580 million roubles. The growth of revenue is primarily related to a 75.7% year-on-year increase in exports of petroleum products to countries outside the CIS, as well as the 5.2% growth of the volume and a 15.9% rise in revenue from retail sales of petroleum products on the domestic market. During the period from January through March 2013, sales revenue decreased by 10.2% compared to the fourth quarter of 2012, which is primarily related to a seasonal decrease in demand and a reduction in wholesale prices for petroleum products on the domestic market.

During the period from January through March 2013, EBITDA increased by 9.2% quarter-on-quarter and totalled 21,223 million roubles. In the first quarter of 2013, net income attributable to the shareholders of the parent company increased by 11.5% quarter-on-quarter and amounted to 11,992 million roubles. Bashneft Groupís EBITDA decreased by 14.9% year-on-year, while net income attributable to the shareholders of the parent company declined by 10.1% year-on-year in the first quarter of 2013.

The key factors in the year-on-year decrease in income included higher costs related to an increase in exports of petroleum products to countries outside the CIS (higher export duties and transportation costs), as well as an increase in production and operating costs, which was mainly related to a rise in heat and electricity prices.

During the period from January through March 2013, capital expenditure totalled 5,820 million roubles. Capital expenditure increased by 18.4% year-on-year as large-scale investment projects were implemented in the refining segment.

In the first quarter of 2013, Bashneft Groupís net cash from operating activities amounted to 2,941 million roubles, which is 80% less than in the fourth quarter of 2012. The decrease in operating cash flow was mainly due to changes in working capital, including a seasonal increase in inventories.

As of the end of the first quarter of 2013, the Groupís net debt exceeded the level of the fourth quarter of 2012 by 4.9% and reached 81,804 million roubles.

In the first quarter of 2013, oil production at the Groupís fields totalled 3,844 thousand tonnes, which was slightly (0.1%) higher than in the same period in 2012. At the same time, in the first quarter of 2013, Bashneftís average daily production reached a 17-year maximum of 42.7 thousand tonnes per day.

During the period from January through March, crude oil distillation at the Groupís refineries totalled 5,216 thousand tonnes, which is 1.9% more than in the first quarter of 2012. In the first quarter of 2013, the output of commercial products added 2.8%, amounting to 4,696 thousand tonnes. A year-on-year increase in the production of commercial gasoline totalled 4.4%. At the same time, the share of Euro 4 and Euro 5 gasoline increased to 94.7% compared to 43.2% in the first quarter of 2012.

Key financial and operating results for the first quarter of 2013

 

1Q

4Q

Change

1Q

1Q

Change

2013

2012

2013

2012

Oil production (thousand tonnes)

3,844

3,908

-1.6%

3,844

3,840

0.1%

Oil refining (thousand tonnes)

5,216

5,376

-3.0%

5,216

5,120

1.9%

Sales revenue (million roubles)

125,580

139,814

-10.2%

125,580

118,737

5.8%

EBITDA (million roubles)

21,223

19,427

9.2%

21,223

24,933

-14.9%

Adjusted EBITDA (million roubles)*

21,223

23,620

-10.1%

21,223

22,669

-6.4%

Operating income (million roubles)

16,812

15,256

10.2%

16,812

20,501

-18.0%

Net income excluding minority interest (million roubles)

11,992

10,756

11.5%

11,992

13,333

-10.1%

Operating cash flow (million roubles)

2,941

14,737

-80.0%

2,941

5,819

-49.5%

CAPEX (million roubles)

5,820

11,197

-48.0%

5,820

4,914

18.4%

Net debt (million roubles)

81,804

78,018

4.9%

81,804

68,816

18.9%

*- The adjusted EBITDA does not include the impact of one-time operations related to creating the provision for impairment of fixed assets and recovering the provision for litigation.

 

 

 

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