8th Apr 2008 14:01
OJSC OC Rosneft08 April 2008 Rosneft's US GAAP results for the three and twelve months ended December 31, 2007 Rosneft (the "Company") today reported its consolidated financial results inaccordance with US GAAP for the three and twelve months ended December 31, 2007. Q4 2007 Q4 2006 Ch.yoy Q3 2007 Ch.qoq 12M 2007 12M 2006 Ch.yoy USDmillion Revenue 16,493 8,219 100.7% 13,718 20.2% 49,216 33,099 48.7%EBITDA 5,083 872 482.9% 3,999 27.1% 14,085 7,276 93.6%Net 2,976 603 393.5% 1,866 59.5% 12,862 3,533 264.1%Income In Q4 2007, EBITDA grew almost six times to USD 5,083 million compared to USD872 million in Q4 2006, and by 27.1% quarter-on-quarter (from USD 3,999 millionin Q3 2007). For the full year of 2007, EBITDA almost doubled to reach USD14,085 million, compared to USD 7,276 million for 2006. Net Income in Q4 2007grew almost five times to USD 2,976 million compared to USD 603 million in Q42006, and by 59.5% quarter-on-quarter (from USD 1,866 million in Q3 2007). Forthe full year of 2007, Net Income increased more than three times to USD 12,862million. Net Debt in Q4 2007 decreased by USD 1,557 million from USD 27,832million at September 30, 2007 to USD 26,275 million at December 31, 2007. Basedon preliminary (unaudited) management account estimates, Rosneft's Net Debtdecreased further during Q1 2008 by USD 2.4 billion to USD 23.8 billion as ofMarch 31, 2008. The total debt reduction of over USD 4 billion achieved duringQ4 2007 and Q1 2008 represents substantial progress towards the Company's targetleverage (Debt/EBITDA) ratio of approximately 1x by the end of 2010. At the same time, the Company remained the global leader in terms of growth incrude oil production in 2007. In Q4 2007, Rosneft's consolidated subsidiaries,including the Company's share in affiliates, increased crude output by 35.7% to205.47 million barrels (includes 100% of Tomskneft production from the date ofacquisition to December 26, 2007 and 50% from December 27, 2007 on), compared to151.47 million barrels in Q4 2006. The organic growth in crude output amountedto 7.8% net of new acquisitions, which is far above the average of Rosneft'sdomestic competitors. In twelve months of 2007, Rosneft's consolidatedsubsidiaries, including the Company's share in affiliates, produced 740 millionbarrels of crude oil, a 26.9% increase over 2006 (582.7 million barrels). In Q4 2007, Rosneft's consolidated subsidiaries, including the Company's sharein affiliates, produced 4.06 billion cubic meters of natural and associated gas,an increase of 17.2% compared to the same period of 2006. In twelve months of2007, Rosneft's production of natural and associated gas increased by 15.5% to15.7 billion cubic meters from 13.6 billion cubic meters in the respectiveprior-year period. In Q4 2007, the Company's petroleum products output increased by 104.7%year-on-year to 12.07 million tonnes from 5.90 million tonnes. In 2007, thetotal output of petroleum products from Rosneft's crude, including output atmini-refineries and refineries controlled by third parties, increased by 69.4%to 38.4 million tonnes from 22.7 million tonnes in twelve months of 2006. "The Company's Q4 and full year 2007 results are further confirmation of ourefforts to consistently implement our dynamic growth strategy while alsoimproving efficiency and profitability and strengthening our balance sheet. Wewill continue to focus and deliver on these priorities through 2008 and beyond,"- Rosneft President Sergey Bogdanchikov commented. Rosneft's US GAAP financial statements and management discussion and analysis(MD&A) for the three and twelve months ended December 31, 2007 and previousperiods will be made available for download at www.rosneft.com. Rosneft Information Division Tel.: +7 (495) 221-31-07 Fax: +7 (495) 411-54-21 n_manvelov@rosneft.ru April 8, 2008 These materials contain statements about future events and expectations that areforward-looking in nature. Any statement in these materials that is not astatement of fact is a forward-looking statement that involves known and unknownrisks, uncertainties and other factors which may cause actual results,performance or achievements expressed or implied by such forward-lookingstatements to differ. We assume no responsibility to update the forward-lookingstatements contained herein to reflect actual results, changes in underlyingassumptions or changes in factors affecting these statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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