Rosneft record EBITDA of RUB 2.3b in 2021
Revenues and equity share in profits of associates and joint ventures
4Q 2021 revenues and equity share in profits of associates and joint ventures amounted to RUB 2,537 bln (USD 35.2 bln). The increase in revenues quarter-on-quarter was attributable to the higher volumes of crude oil exports (+11.5%) and rise of crude oil price (+ 8.9% in RUB terms).
In 12M 2021, revenues increased by 52.2% compared to 12M 2020.
EBITDA
4Q 2021 EBITDA amounted to RUB 676 bln (USD 9.3 bln).
EBITDA in 2021 amounted to RUB 2,330 bln and was the highest on record in the Company’s history. The increase in EBITDA (+92.7% in RUB terms) compared to 2020 was mainly due to higher prices and a positive effect of the reverse excise tax as well as the constant control over the costs. As a result of ongoing measures to improve the efficiency and optimize the portfolio of assets, in 2021 unit upstream operating costs stayed at a minimum level of 2.7 USD/boe, which is 3.6% lower than the level of 2020.
Net income attributable to Rosneft shareholders
In 4Q 2021, the Company’s net income attributable to the shareholders amounted to RUB 187 bln (USD 2.5 bln). In 2021, the net income attributable to the shareholders reached RUB 883 bln (USD 11.9 bln), which is a record amount in the Company’s history. The significant growth in the Net income compared to 2020 was driven by the higher operating income and the lower negative impact of non-monetary items.
Capital expenditures
In 4Q 2021, capital expenditures amounted to RUB 360 bln, an increase of 58.6% compared to 3Q 2021. In 2021, capital expenditures were RUB 1,049 bln, an increase of 33.6% y-o-y. The growth was mainly a result of implementation of the Vostok Oil project and execution of the development programme at the Company’s assets.
Free cash flow
In 2021, Free cash flow amounted to RUB 1,044 bln (USD 14.3 bln), a nearly 2.5-fold increase y-o-y. The increase in the Free cash flow compared to 2020 was driven by the material increase in the operating income.
Financial stability
The implementation of measures aimed at further improvement of the financial stability enabled the reduction of the Net financial debt and trading liabilities by USD 5.5 bln in 2021. Net debt/EBITDA reached 1.3x, which implies an almost two-fold reduction since the beginning of the year. The high level of financial stability was supported by the considerable liquid financial assets of the Company and the available amount of credit lines, which exceeded the short-term debt by several fold.
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