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Russia's Rosneft increases IFRS net profit by 51% y/y in 2013.

February 5, 2014

Russia's largest oil company Kremlin-controlled Rosneft increased its net profit under IFRS by 51% y/y to RUB 551bn ( USD 15.5bn ) in 2013. This is above company's target of RUB 439bn profit for 2013. The company's revenues rose by 52% y/y to RUB 4 .69tn. The results were higher than the anyalysts expectations of RUB 511bn profit and RUB 4 .68tn revenues (Reuters survey). The company's EBITDA in 2013 increased by 53% to RUB 947bn . Free cash flow amounted to RUB 201bn in 2013, increasing almost five-fold y/y. Rosneft's net debt as of end of 2013 stood at RUB 1 .86tn (down by 2.6% q/q). Company's capex increased by 18.4% y/y to RUB 560bn in 2013. In 2013 Rosneft acquired Russia's third largest oil producer TNK-BP for USD 44.4bn in cash and 12.84% of own shares. This made the company country's largest oil producer accounting for about 40% of crude output and world's largest traded oil company in terms of output. Rosnet also actively expanded overseas and particularly in China and Asia overall. The company also became active in the domestic natural gas market, becoming country's third largest gas producer after Gazprom and Novatek.

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Source: IntelliNews - Weekly Reports

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