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Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company

Rosneft Oil Company · Aug 1, 2012 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 1
    ROSNEFT Q2 and 1H 2012 IFRS Financial Results August 1, 2012
  2. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 2
    Q212 and 1H12 Highlights Positives Challenges, Priorities Key financial results in 1H12: Q212 challenges Revenue 1,466 RUB bln Weak prices for crude and petroleum products EBITDA 254 RUB bln Negative export duty lag effect Net…
  3. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 3
    Macroeconomic Environment Q212 Q112 , % 1H12 1H11 , % Average USD/RUB exchange rate 31.01 30.26 2.5% 30.64 28.62 7.1% Inflation for the period, % 1.7% 1.5% 3.2% 5.0% Urals FOB Primorsk, th. RUB/bbl 3.25 3.50 (7.1)% 3.38 3.06…
  4. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 4
    Q212 and 1H12 Results Overview Q212 Q112 , % 1H12 1H11 , % Hydrocarbon production, th. boe per day 2,621 2,634 (0.5)% 2,628 2,565 2.5% Crude oil production, th. barrels per day 2,413 2,408 0.2% 2,410 2,362 2.0% Gas production,…
  5. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 5
    Daily Crude Oil Production mlnCrude Daily bbl Oil Production Reconciliation, 1H12 vs. 1H11 000 bpd 12 1 50 (8) (3) (2) (2) 2,430 2,410 2,362 +2.0% 1H'2011 Far East Southern Russia Timan-Pechora Western Siberia…
  6. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 6
    Daily Crude Oil Production (continued) Daily Crude Oil Production in Russia, 1H12 vs. 1H11 Gazprom Neft* 3.8% Daily crude oil output in Russia, 000 bpd Rosneft 2.0% 10,500 10,400 TNK-BP 1.8% 37 10,309 10,300 18 48…
  7. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 7
    Yugansk: 2% ahead of plan in 1H12 Yuganskneftegaz Daily Crude Oil Production, 000 bpd Strategic goal to keep plateau production for a maximum period of time 1,350 1H12 highlights: Crude oil production 33.2 mln t, or 2% higher…
  8. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 8
    Vankor: 6% ahead of plan in 1H12 Vankor crude oil production, 000 bpd Reaching full project capacity in 2013 500 1H12 highlights: Gradual launch of the Central oil treatment unit Crude production 8.4 mln t, or 6% higher started…
  9. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 9
    Revenues Reconciliation, RUB bln 748 (36) 26 (24) 3 2 2 718 Q212 vs. Q112 (19) 16 -4.0% Q1'12 Oil exports price Oil exports volume Product exports Product exports Product domestic Bunker fuel sales to Petrochemicals Other…
  10. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 10
    Crude Oil Sales Crude Oil and Condensate Sales Volumes, mln bbl Average Prices, th. RUB/bbl Production by subsidiaries Sales 160 200.4 200.7 197.6 210 140 125.1 180 115.1 116.2 120 150 100 120 80 90 60 60 40 Q211 Q112…
  11. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 11
    Gas Production and Sales Gas Sales vs. Production, bcm Gas Sales Prices, th. RUB per 1,000 cubic meters 5.0 3 Production by subsidiaries 4.5 Sales 4.0 3.5 3.30 2 1.92 2.99 1.78 3.0 2.88 2.76 2.66 2.5 2.45 1.43 2.0 1 1.5 1.0…
  12. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 12
    Non-controlled Expenses Q212 Q112 , % 1H12 1H11 , % Urals FOB Novorossiysk USD/bbl 105.4 116.0 (9.1)% 110.7 107.1 3.4% Urals FOB Novorossiysk th.RUB/t 23.91 25.68 (6.9)% 24.81 22.43 10.6% Export customs duty th.RUB/t 13.74 12.13…
  13. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 13
    Upstream Margins, RUB/bbl RUB/bbl 4,000 3,500 3,000 1,608 1,650 1,712 1,857 2,500 1,642 1,875 1,597 1,565 1,887 2,000 1,500 727 741 698 663 704 635 635 1,149 670 1,000 996 601 761 1,201 1,200 500 1,045 905 1,020…
  14. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 14
    Export Duty Lag Effect, RUB bln 180 18 150 120 -37 165 90 147 126 60 89 30 Q1'12 Q2'12 Normalized EBITDA Actual EBITDA Lag effect 15
  15. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 15
    Petroleum Product Prices & Refining Margin Petroleum product prices*, RUB per tonne Net Refining margin, RUB per bbl 750 21,000 650 18,000 550 450 15,000 375 350 250 12,000 150 9,000 50 -50 -42 6,000 Jan-12 Feb-12…
  16. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 16
    Netback Ladder*, RUB/bbl I . Q112 2012 II . Q212 2012 Domestic sales 1,489; 1% 1,279; 1% 1,650 5% CIS Transneft export 5% 1,188 S a l 1,594 44% e Rosneft refineries 40% 1,472 s v o l u 1,667 48% m Transneft exports…
  17. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 17
    Crude Oil Netbacks, RUB/bbl 4,000 4,000 3,000 3,000 2,000 1,824 1,818 2,000 1,710 1,677 1,706 1,425 1,441 1,251 1,246 1,124 1,065 1,000 879 1,000 0 0 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 netback (Primorsk and…
  18. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 18
    Expenses Dynamics Upstream Operating Expenses, RUB/bbl of oil produced Refining Operating Expenses, RUB/bbl of oil processed 100 89 93 94 120 88 88 104 79 100 80 85 89 81 80 71 60 62 60 40 40 20 20 0 0 Q1'11 Q2'11 Q3'11…
  19. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 19
    Interest Expense RUB bln Q212 Q112 Q2'11 Q111 1. Interest accrued according to loan agreements 7.0 5.7 4.9 5.1 2. Interest paid (cash) 6.6 5.6 4.9 8.1 3. Change in interest payables (1-2) 0.4 0.1 0.0 (3.0) 4. Interest…
  20. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 20
    FX (loss)/gain Average 31 Mar.12 30 Jun.12 FX gain, monetary USD mln USD mln RUB bln position Cash in foreign currencies 2,384 2,255 2,319 9 Accounts receivable and payable and other monetary items in 7,910 5,729 6,819 24 foreign…
  21. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 21
    EBITDA and Net Income per bbl Reconciliation Q212 vs. Q112 823 EBITDA, RUB/bbl (155) (172) 26 10 (79) 443 (10) -46.2% Q1'12 Revenue Taxes Crude oil and petroleum Transport OPEX Other Q2'12 product purchases 559…
  22. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 22
    Sources and Uses of Cash, RUB bln 1H12 Q212 Acquisition and sale of assets Decrease in cash and Acquisition and ST investments sale of assets Decrease in cash and other ST investments 38 4 19 80 Shares buyback Net increase of…
  23. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 23
    Q212 vs Q112 Operating Cash Flow Reconciliation, RUB bln (1) 69 86 (83) 145 74 Q1'12 Increase in WC in Q1'12 Change in NI, adjusted for Decrease in WC in Q2'12 Result from operations with Q2'12 non-cash items trading…
  24. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 24
    Capital Expenditures RUB bln RUB bln USD mln 480 389 133 271 80 121 97 2011 118 2010 2011 2012 2012 81 Upstream Vankor Other Upstream Refining Marketing Other* Q1 Q2 Q3 Q4 * Other includes net change in…
  25. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 25
    Net Debt Reconciliation RUB bln 22 38* 68 251 658 (218) 497 Adjusted net debt as of Adjusted operating cash CAPEX and interest paid Cash paid for acquisition of Acquisitions of share Forex effect and Adjusted net debt as…
  26. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 26
    Credit Profile Jun. 30, Dec. 31, Repayment profile, RUB bln 2012 2011 Total debt, RUB bln 825 748 516.1 Net debt, RUB bln 658 497 Long-term debt, % 83.5% 79.7% USD denominated debt, % 82.3% 84.5% Gearing 24.2% 19.4% (Net Debt to…
  27. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 27
    Cash Management Rosnefts total cash position including cash and equivalents and short-term investments related to cash management was RUB 200.3 bln as of June 30, 2012 Cash management is based on analysis of different alternatives…
  28. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 28
    Q212 and 1H12 IFRS Financial Results Appendix 29
  29. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 29
    EBITDA and Net Income per bbl Reconciliation EBITDA, RUB/bbl 1H12 vs. 1H11 496 (466) 882 (179) 633 (14) (50) (26) (10) -28.2% 1H'11 Revenue Taxes Purchases Transport OPEX SG&A Other 1H'12 Net Income, RUB/bbl 484…
  30. Q2 AND 1H 2012 IFRS FINANCIAL RESULTS – Rosneft Oil Company – slide 30
    Transportation Costs Q212 vs. Q112 Total Transportation Costs, RUB bln Transportation Costs for Crude Exports, RUB bln 27 60 25 58 Seasonal turnarounds at refineries Seasonal increase in FCA sales Q1'12 Volume Mix Q2'12…

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