Rosneft IFRS net profit drops 79% to 147 bln rbl in 2020

MOSCOW, Feb 12 (PRIME) -- The net profit attributable to shareholders of Russian oil major Rosneft dropped by 79.1% to 147 billion rubles in 2020, as calculated under International Financial Reporting Standards (IFRS), due to the impact of exchange rate differences, the company said on Friday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 42.6% to 1.209 trillion rubles.

Rosneft also said it had a record high net profit of 324 billion rubles in October–December due to the effect of transactions on the Vostok Oil project and non-monetary factors.

Free cash flow fell 54.8% to 425 billion rubles in 2020. Capital expenditures decreased 8.1% to 785 billion rubles.

The size of the company’s financial debt fell by U.S. $9.7 billion in 2020. The net debt/EBITDA ratio stood at 2.3 as of the end of the year, which is a comfortable level for the company, it said.

(73.7579 rubles – U.S. $1)

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