Rosneft Q2 sales $25.2 billion
Staff writer ▼ | September 2, 2015
Rosneft published its results for Q2 2015. In Q2 sales proceeds amounted to RUB 1,312 bln ($25.2 bln) and increased by 1.9% compared to Q1 2015.Article continues below
This is due to growth of crude oil export volumes and optimization of trading channels despite the decrease in crude oil prices in RUB terms.
In Q2 2015 the company remained influenced by negative effect from change in oil industry tax rates. Negative effect from increase in mineral extraction tax (RUB -236 bln) in H1 2015 compared with H1 2014 partially compensated by decrease in customs duties and increased domestic market prices.
Change in oil industry tax rates had impact totaling RUB 37 bln for the period.
Thanks to measures on cost optimization and control adjusted earnings before interests, tax and depreciation (EBITDA) amounted to RUB 326 bln ($6.3 bln) and increased by 14%, adjusted EBITDÐ margin reached 24.8% in Q2 2015 compared to Q1 2015.
Adjusted EBITDA for the H1 2015 increased by 3.2% compared to H1 2014 up to RUB 612 bln.
In Q2 2015 net income increased up to RUB 134 bln ($2.5 bln) and amounted to RUB 190 bln in H1 2015.
The positive free cash flow reached RUB 340 bln in H1 2015 increasing approx. by 1.5 times. This allowed the Company to reduce its debt burden and to pay dividends of 2014 in the amount of RUB 87 bln.
In Q2 2015 the Company made an early repayment of two syndicated loans, raised in 2011-2012 by the former TNK-BP Group, in the amount of RUB 30 bln, including interest. Net debt in dollar term decreased by 9.0% starting the year. ■ What to read next
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