Net profit of Bashneft under IFRS in 2015 has increased by 34.8%

Net profit of Bashneft under IFRS in 2015 has increased by 34.8%


The company’s revenue in the reporting period decreased to 611,274 billion. Analysts had previously forecast growth of net profit of “Bashneft” by the end of 2015 under IFRS of up to 69,426 billion.

MOSCOW, 14 Mar. Net profit of Bashneft under IFRS attributable to the shareholders of “Bashneft” by the end of 2015 increased compared with 2014 34.8% to 58,175 billion roubles, is spoken in the message of the company.

Analysts polled by had forecast growth of net profit of “Bashneft” by the end of 2015 under IFRS in 1,6 times — up to 69,426 billion.

The company’s revenue in the reporting period decreased by 4.1% to 611,274 billion. This change was due to the decline in world prices and the decrease in volume of export deliveries of oil products and petrochemicals. Adjusted EBITDA grew 27.1% to 130,286 billion. Operating cash flow decreased by 13% to 92,313 billion, mainly due to high base of 2014, when “Bashneft” has received an advance payment under long-term supply contract of petroleum products in the amount of 500 million dollars, as well as to changes in working capital.

For the fourth quarter, Bashneft’s profit 6,897 billion rubles against a loss of 2,279 billion in the same period of 2014. Revenue decreased by 10.1% to 147,970 billion rubles, which is associated with the worsening of price conjuncture in foreign markets, which led to lower revenues from oil exports outside the Customs Union.

The decrease in operating cash flow in the fourth quarter compared with the third quarter of 2015 by 37.5% to 22,065 billion rubles due to the decrease in operating profit and changes in working capital. Adjusted EBITDA increased by 75.4 per cent to 30.2 billion rubles.

Total debt of Bashneft as of December 31, 2015 $ 136,007 billion rubles, which is 10% lower than on September 30, 2015. Adjusted net debt as at 31 December 2015 $ 98,052 billion rubles, which is 13.7% lower than at 31 December 2014 and 3.6% lower than on September 30, 2015.