Bashneft Releases Its Financial Statements for 2014
OREANDA-NEWS. Bashneft Group, which comprises JSOC Bashneft, its subsidiaries and affiliates, has released its audited consolidated financial statements for the fourth quarter and the twelve months ended December 31, 2014 prepared in accordance with International Financial Reporting Standards (IFRS).
'In 2014 the Company demonstrated remarkable operating performance once again and achieved impressive financial results despite unfavourable external factors,' commented Bashneft's President Alexander Korsik. 'The Company achieved the strongest production growth in the Russian oil industry once again by boosting production both at brownfields and at new fields. Strong growth of operating cash flow in 2014 enabled us to increase capital investment, complete a number of large-scale refinery upgrade projects and acquire new promising assets.'
In 2014 the Company's financial performance was influenced significantly by an increase in crude oil production and sales, growing exports of petroleum products and a rise in retail sales of fuel.
Thus, as crude oil sales increased by 38.8% in 2014 (to 7.1 million tonnes), revenue from oil sales added 40.3% and reached 159,488 million roubles. A 25.2% increase in crude oil exports outside the Customs Union in 2014 (to 5.2 million tonnes) resulted in a 33.4% year-on-year increase in revenue to 135,469 million roubles. In addition, in 2014 the Company's domestic sales of crude oil almost tripled (reaching 1.3 million tonnes) and generated revenue amounting to 15,735 million roubles.
In the fourth quarter of 2014, the Company boosted crude oil sales by 7.3% quarter-on-quarter to 2 million tonnes; however, the fourth quarter of 2014 saw a 3.1% decline in revenue from sales of crude oil to 40,738 million roubles.
In 2014 revenue from exports of petroleum products and petrochemical outside the Customs Union grew by 4.8% to 217,692 million roubles. 2014 saw a 10.6% reduction in exports of petroleum products to the Customs Union, while revenue increased by 20.8% to 14,303 million roubles.
In the fourth quarter of 2014, revenue from sales of petroleum products outside the Customs Union decreased by 3.9% quarter-on-quarter; revenue from sales of petroleum products to the Customs Union almost tripled, reaching 8,069 million roubles.
In 2014 domestic sales of petroleum products and petrochemicals remained almost flat year-on-year (10.4 million tonnes), while sales revenue increased by 9.1% to 239,301 million roubles. This result was influenced considerably by growing sales of fuel via Bashneft's own retail network, which added 8.6% and reached 1.5 million tonnes. In 2014 revenue from retail sales gained 15.7% (reaching 52,832 million roubles).
In 2014 adjusted EBITDA edged down by 1.4%; at the same time, in the fourth quarter of 2014, adjusted EBITDA fell by 43.1% quarter-on-quarter. This was caused by a fall in prices on the global market (with exports accounting for a large share in Bashneft's sales) combined with a time lag in calculation and payment of export duties.
In 2014 net income attributable to the shareholders of the parent company fell by 6.5% to 43,146 million roubles. In the fourth quarter of 2014, the Company reported a loss totalling 2,279 million roubles due to impairment of a number of historical financial investments caused by unfavourable macroeconomic conditions. In addition, in the fourth quarter of 2014, this indicator was affected by a write-down following the analysis of geological data on a number of exploration assets, including the rights to exploration and development at the Tortasinskoye field, which formed an integral part of the acquisition of LLC Burneftegaz in March 2014.
A 58.8% increase in capital expenditure in 2014 (to 48,344 million roubles) was caused by a rise in investment in the development of the R. Trebs and A. Titov fields, development of the Sorovskoye field and growing capital expenditure on brownfields in the Republic of Bashkortostan. A 30.2% quarter-on-quarter increase in capital expenditure in the fourth quarter of 2014 was related, among other things, to construction of process lines of the elemental sulphur production unit at the Company's refinery.
As of December 31, 2014, the Group's total debt amounted to 167,785 million roubles, up by 0.8% compared to September 30, 2014 (166,436 million roubles). As of December 31, 2014, adjusted net debt amounted to 113,637 million roubles, down by 10.9% compared to September 30, 2014 (127,577 million roubles).
Комментарии