Rosneft publishes its accountsincluding BP-TNK: the state company assesses effect of the asset acquisition

Rosneft has published its first account under IAS after the BP-TNK consolidation. The company increased all the principal rates, although the growth of its net profit proved to be less that it was expected. As of end of the first six months, the synergistic effect of the BP-TNK purchase made up 93 billion rubles.

On results of the first six months of 2013, the Rosneft’s net profit made up 137 billion rubles, the state company reported yesterday. This is by 18.1% more than in the same period of 2012. At the same time, in the second quarter after the BP-TNK consolidation Rosneft’s net profit was 35 billion rubles against the loss in the amount of 8 billion rubles in the previous year. As the state company notes, “the effect of foreign exchange losses andan  increase in financial costs, connected with the fulfillment of obligations on loans attraction influenced the profit”. In the first six months,Rosneft’s proceeds grew by 34% and made up almost 2 trillion rubles. Rosneft explained the proceeds growth by “the extension of the company’s activity at the domestic and international markets that was partially limited by the deterioration of conditions at world markets of oil and oil products”. In the second quarter, the company’s proceeds grew 1.6 times to 1.176 billion rubles. In the second quarter, the EBITDA rate increased 2.4 times as compared with the last year to 215 billion rubles. At the same time, in the first six months of the current year it reached 371 billion rubles that is by 36.4% more than in the previous year.