Bashneft net income decreased in accordance with IFRS by 11,7 percent to 46,17 billion rubles in 2013
Net profit of JSOC Bashneft at the end of 2013 amounted to 46,170 million rubles, which is by 11.7 percent less than in 2012. Financial results of the year 2013 according to IFRS are published on the website of the oil company on Wednesday.
"The reduction in net income was related to impairment of the Group's financial investments in OJSC Belkamneft", Bashneft reports. On September 30, 2013, JSOC Bashneft sold its stake in the share capital of OJSC Belkamneft (38.46%) to a group of private investors for 6,469 million rubles.
The revenue from sales increased by 5.8% year-on-year to 563,296 million rubles. Adjusted EBITDA increased by 3.6% to 103,972 million rubles. The growth of these indexes is explained by the company by increased extraction of hydrocarbons and exports of oil products, as well as growing product sales in premium market segments.
YTD total debt of Bashneft group of companies in the form of short-term and long-term borrowings decreased by 17,6 percent — to 90,816 million rubles, that was supported by operating cash flow which increased by 16.2% year-on -year to 82,693 million rubles.
Bashneft's capital expenditure amounted to 30,441 million rubles by 1.1% less than the year 2012 level.