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IFRS Results Q4 and 12M 2015 – Rosneft Oil Company

Rosneft Oil Company · Mar 31, 2016 · 34 slides

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Slides

  1. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q4 and 12M 2015 March 2016
  2. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 2
    Macroeconomic Environment Indicator 2015 2014 % Q4 15 Q3 15 % Urals, /bbl 51.4 97.6 (47.3)% 41.9 49.4 (15.1)% Urals, th. RUB/bbl 3.14 3.75 (16.3)% 2.76 3.11 (11.1)% Naphtha, th. RUB/t 26.86 31.36 (14.3)% 26.06 25.78 1.1% Gasoil…
  3. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 3
    Overview of Key Developments Record high exploration drilling success rate at 84%1, 7 fields and 117 new deposits discovered2 Exploration & with 232 mmtoe of total 1+2 reserves HC Reserves ABC1 hydrocarbon reserves replacement ratio at…
  4. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 4
    Key Operating Indicators Indicator 2015 2014 % Comment SEC proven hydrocarbon reserves 34,465 33,977 +1.4% Stable reserve replacement. RRR of 124%1 mmboe Hydrocarbon production, incl. 5,159 5,106 +1.0% Record high average daily…
  5. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 5
    Key Financial Indicators (RUB bln) Indicator 2015 2014 % Q4 15 Q3 15 % Revenues, 5,150 5,503 (6.4)% 1,196 1,296 (7.7)% RUB bln EBITDA, 1,245 1,057 +17.8% 278 297 (6.4)% RUB bln Net profit attributable to shareholders, 355 348…
  6. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 6
    Key Financial Indicators ( bln) Indicator 2015 2014 % Q4 15 Q3 15 % Revenues, 86.9 146.7 (40.8)% 18.6 21.1 (11.8)% bln EBITDA, 20.8 29.0 (28.3)% 4.3 4.7 (8.5)% bln Net profit attributable to shareholders, 6.1 9.3 (34.4)% 0.8 1.8…
  7. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 7
    Operating Results
  8. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 8
    Exploration & Reserves Reserves1 Key achievements for 2015 mmboe 2D seismic tripled y/y with unprecedented work scope in the Arctic offshore Record high exploration drilling success rate of 84% 1,244 (1,843) 7 fields and 117 new…
  9. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 9
    Development Drilling Development drilling Key achievements for 2015 th. m Development drilling up 36% +36% The share of production drilling performed by the internal service units exceeded 50% Record high number of new oil wells…
  10. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 10
    Hydrocarbon Production kboed +1.0% 96 (42) (32) 22 9 (21) (7) 33 (10) 12 (7) 5,159 5,106 Brownfields: Greenfields: -107 kboed; -2.1% +64 kboed; +1.3% 2014 Yugansk Orenburg Samotlor Varyogan Purneftegas Samara Other…
  11. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 11
    Progress in Key Projects in NAO Labagan Naul Commercial production started in 3Q 2015 Commercial production to start in Q3 2016 The first start-up complex launched at Labaganskoye 2016 construction facilities: 2 pads with utilties,…
  12. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 12
    Progress in Key Projects in Yamalo-Nenets AD and North of Krasnoyarsk region Suzun East-Messoyakha1 Field development in 2 stages: Field to be brought into development in Q4 2016 Stage 1 - delivery of the key oil treatment and…
  13. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 13
    Upstream Portfolio Optimization Bringing partners to the existing projects Russkoe Vankor Vankor Partner: Sinopec (up to 49%) Partner: ONGC (15%, up to 26%), group of Indian companies (up to 23.9%) - Activities to finalize the…
  14. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 14
    Gas Business: organic production growth and efficient monetization Key achievements for 2015 Gas production 10% organic production growth bcm 62.54 APG utilization increase to 87.9% in 2015 (80.9% in 56.73 +10% 2014) mainly due to…
  15. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 15
    Refining: conversion to Euro-5 product quality Processing and production of motor fuels Key achievements for 2015 Refining throughput in Russia, mmt Light product yield improve from 54.8% to 55.3%, refining Euro 4/5 gasoline share,%…
  16. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 16
    Crude Oil and Petroleum Products Sales Netbacks of the main oil monetization channels Oil monetization structure (Q4 15) Refining Domestic market Export Refing capacity utilization rate 400.0 90% 100% 87% 89% 88% 88% 87% 41% 350.0…
  17. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 17
    Financial Results
  18. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 18
    Revenue 2015 vs 2014 RUB bln External factors: Company controlled factors: RUB -698 bln; -13% RUB +345 bln; +7% 1,621 (2,328) 21 304 (6) 261 (87) 96 5,503 5,150 2014 Exchange rate Crude oil price Exchange rate effects…
  19. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 19
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe RUB/bbl 200 Costs 60% 180 Costs 60% 2015 average 2015 average % YoY 159 % YoY 165 135 153 150 162 158 40% 40% 157 156 120 132 134 133 19.8% 121 20.9%…
  20. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 20
    EBITDA and Net Profit EBITDA 2015 vs 2014 RUB bln External factors: Company controlled factors: RUB +168 bln; +16% RUB +31 bln; +3% (566) 721 129 (71) (45) 62 (52) 21 (11) 1,245 1,057 2014 Exchange rate Crude oil price…
  21. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 21
    CAPEX CAPEX and production 11.6% CAPEX growth in 2015 due to: RUB bln kboed 5,600 Development drilling ramp-up at mature fields 900 Infrastructure setup and development of new fields: 4,200 Suzun, Northern Chayvo, Yurubcheno- 560…
  22. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 22
    Sources and Uses of Cash Q4 2015 FY 2015 RUB bln RUB bln Asset disposal 145 Prepayments under long-term crude oil supply contracts Operating cash flow 938 1,397 Increase of funds available for debt management Acquisition…
  23. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 23
    Financial Stability Debt and net debt dynamics bln1 Net debt Gross debt for 12M 2015 decreased by 14.9 bln1 70 8.0 (24.6%) to 45.6 bln1 (RUB 3,323 bln), net debt was Cash & equivalents, ST financial assets and other down 20.6 bln1…
  24. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 24
    Appendix
  25. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 25
    Revenue Q4 15 vs Q3 15 RUB bln External factors: Company controlled factors: RUB -129 bln; -10% RUB +29 bln; +2% 48 (172) (5) 6 (3) 261 1,296 1,196 Q3 15 Exchange rate Crude oil price Exchange rate effects on Volume and…
  26. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 26
    Changes in Expenses 2015 vs 2014 Lifting costs Lifting costs growth due to increased workovers, RUB bln natural watercut growth at brownfields, and power 9 7 5 3 tariff increase 254 278 From April 1, 2015, wages of subsidiaries…
  27. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 27
    EBITDA and Net Profit EBITDA Q4 15 vs Q3 15 RUB bln Positive effect of export duty lag External factors: Company controlled factors: RUB +9 bln; +3% RUB -17 bln; -6% RUB depreciation partially offset negative effect of crude oil…
  28. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 28
    FX Exchange Risk Hedge 2015, RUB bln 2014, RUB bln Net of income Net of income Before tax Profit tax Before tax Profit tax tax tax Recognized as a part of other comprehensive income/(loss) (498) 100 (398) as for the beginning of the…
  29. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 29
    Change of EBITDA Calculation Old methodology Current methodology 12M 2015, 12M 2015, Indicator Indicator RUB bln RUB bln 1 Revenues, incl. 5,027 1 Revenues 5,150 Effect from hedge operations (123) 2 Costs & Expenses, incl.…
  30. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 30
    Adjusted Operating Cash Flow Calculation Profit and Loss Statement Cash flow statement 2015, 2015, Indicator Indicator bln bln 6,1 Net profit 1 1 Revenues, incl. 86,9 Adjustments to reconcile net income 13,0 to net cash…
  31. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 31
    Export Duty Lag RUB bln (11) 3 (35) (129) (43) 23 (62) (31) 362 351 359 317 319 328 300 289 301 304 311 297 309 276 278 188 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Normalized EBITDA Actual EBITDA Note: Export…
  32. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 32
    Financial Costs, RUB bln Indicator Q4 15 Q3 15 % 2015 2014 % 1. Interest accrued1 32 35 (8.6)% 139 96 44.8% 2. Interest paid 31 39 (20.5)% 137 96 42.7% 3. Change in interest payable (1-2) 1 (4) 2 4. Capitalized interest2 13 13…
  33. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 33
    EBITDA and Net Profit Sensitivity Urals price Exchange rate RUB bln -11.5 /bbl +11.5 /bbl RUB bln -9 RUB/ +9 RUB/ EBITDA EBITDA (200) 200 (225) 225 Net income Net income (160) 160 (180) 180 Average Urals price in 2015…
  34. IFRS Results Q4 and 12M 2015 – Rosneft Oil Company – slide 34
    Questions and Answers

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