Net profit of Rosneft on US GAAP for 2009 decreased by 36% to $ 6.514 billion

Net profit of Rosneft in 2009 by US GAAP decreased by 35.9% to $ 6.514 billion profit decline is partly due to an increase in the effective income tax rate from 15% in 2008 to 24% - in 2009, the company says.

Net income for the IV quarter of 2009 increased by 43,3%, to $ 1.674 billion compared with $ 1.168 billion in the III quarter of 2009.

Revenues from the IV quarter increased by 11.6% compared to III quarter of 2009, to $ 14.567 billion increase in revenues was due to rising oil prices and oil and increased oil production that was partially offset by lower volumes production and sales of petroleum products. In 2009 sales revenue was $ 46.826 billion, which is 32,1% lower than in 2008. Reduced earnings due to a reduction in prices for oil and petroleum products.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the IV quarter reached $ 4.014 billion, which is 9,7% higher than in III quarter. EBITDA growth was constrained by the strengthening of the ruble, the increase of export duties and mineral extraction. The EBITDA for 2009 totaled $ 13.565 billion, which is 20,7% lower than in 2008. The decrease is due, primarily, with a decrease in sales revenue due to lower than in the previous year, prices for oil and petroleum products.

In 2009, Rosneft has reduced the level of net debt to $ 2.794 billion, to $ 18.489 billion, and paid $ 622 million in dividends. Reduction of net debt was made possible through the generation of free cash flow of $ 3.4 billion, of which $ 1.2 billion were received in the IV quarter of 2009. In 2009, Rosneft has significantly improved its loan portfolio. Thus, the size of short-term debt decreased by $ 6.2 billion dollars, the share of long-term debt increased from 42% to 67% of the total debt, and the ratio of net debt to EBITDA was 1.36.

Average daily oil production in the IV quarter (including production by subsidiaries and share of production by affiliates) increased to 2 275 thousand barrels per day or 2.8% compared with the previous quarter. In 2009, the average daily oil production was 2 182 thousand barrels per day. That on 2,9% higher than in 2008. The main factor in production growth was Vankor field, which was officially put into operation in August 2009.f47In December, average daily production at the field was 205 thousand barrels per day. But at the end of January 2010 increased to 220 thousand

Production of oil company Rosneft in the IV quarter totaled 11.8 million tons, up 1.7% lower compared with the previous quarter. Decrease due to the scheduled repairs to the refinery company. In 2009, oil production increased to 47.1 million tons, or 1,3% compared with the previous year.

In the IV quarter of 2009 the company continued to implement measures to optimize costs. Unit cost of oil rose to $ 2.75 per barrel. The increase compared to III quarter was 5%, lower than the nominal appreciation of the ruble against the dollar. In 2009, the unit costs of oil production amounted to 2.57 dollars per barrel. That 24,6% lower than the 2008 figure. Despite the 8.8-percent inflation for 2009, reducing the unit cost of oil in ruble terms was 3.8%. Operating expenses refinery company in IV quarter of 2009 were at $ 13.3 per ton, which is 6,4% less than in the III quarter of 2009. Reduction of the activity to reduce costs and increase intra-petroleum stockpiles.
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