In very unfavorable situation on the market of the largest Russian oil company was able to reduce debt and increase revenue, should be published in its financial statements for the III quarter and 9 months of 2016.
Competitors behind
Despite all the negative macroeconomic trends, including lower oil prices and a tax increase “Rosneft” has worked in the profit. The most important EBITDA, that is earnings before the deduction of expenses on interest, taxes, depreciation and amortization, in the third quarter increased by 9% compared to the same period last year. For 9 months he was 13.5 billion.
Higher EBITDA only Shell — 21,1 billion. Other foreign competitors far behind: Chevron — 11.7 billion dollars, at Statoil — 9.1 billion dollars.
Revenue for the current year increased steadily by 1% in dollar terms from quarter to quarter and amounted for 9 months to 19.4 billion dollars. Compared to the same period of 2015 it was down too significantly — by 11.4%, but it has not affected the negative effect of the exchange rate, and it is 95 billion rubles.
Which reduces the net profit?
Well, net profit for 9 months of 2016 amounted to 352 billion rubles, having decreased to the same period last year to 13.1 per cent. If you consider that the price of oil over this time fell by 15.5% (Urals in ruble terms) and the tariffs of natural monopolies increased, it is very good. Indeed, in January tariffs for services “Transneft” indexed by 5.76%, and the average for the transportation of petroleum products — by 12%. Indexation of tariffs of JSC “RZD” amounted to 9%.
So-called effect of time lag (from the English. lag — lag) in export duties has resulted in minus 58 billion rubles. Without it, the decrease in net income would be insignificant. And payment deferred taxes (RUB 21 billion), mainly completed in the IV quarter of the sales of shares in the extractive “daughter” of the company also reduced net income.
But in General, decline — of course, the General industry trend. At ExxonMobil he fell by 54%, Chevron — 118%, the company is now in loss. BP and Statoil also reported a net loss for 9 months of the year. In order to appease their shareholders and pay them dividends, global competitors, Rosneft had to borrow.
If you estimate the volume of another important economic indicator — free cash flow (PSD), the Russian company can be called absolute world leader. She is positive for the 9 months amounted to 4.1 billion.
ExxonMobil PSD is almost twice less — only 2.4 billion dollars, and other oil and gas giants he is negative in General. Shell amounted to -5 billion dollars, BP -3,8 billion., at Statoil -1,4 billion. Plus, “Rosneft” is the highest in the industry yield of PSD — 11,5%.
Which means?
As achieved optimistic financial indicators, it can be understood by analyzing the other sections of the financial statements of Rosneft. Operating costs on production it does not grow, and production is increased. Specific processing costs even lower — at 3% of the corresponding period last year.
the Company has not stopped making capital investments necessary for development. It has increased its capital expenditure by 1.4% in dollar terms during the first 9 months of the year. But the solution to this issue is reasonable, and in the end cost her the lowest among competitors — $ 7 billion. vs 12.3 billion at ExxonMobil, 16.4 billion — Shell, 12 billion from BP, 17,4 billion from PetroChina.
Thus, the purposeful work of the Russian oil to compensate for the negative factors of the external environment, effective cost control, optimization of technological processes, the revision of the areas of marketing, sales and building sales volumes, including gas segment, allow the company to maintain efficiency in difficult macroeconomic conditions.
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