Moscow. The company has to perform IPO while the market positively expects decrease in production and oil prices growth.
Shortly before IPO RussNeft disclosed its shareholders’ structure, debts and financial indicators for 2015 and H1 2016. Glencore share in the charter capital was reduced to 23.5% as a result of secondary offering. Other shares were consolidated by Mikhail Gutseriev. RussNeft RAS net profit reached 8.6 bn Rub. in January-June 2016 against 1.7 bn Rub. loss of the last year. Its debt to VTB makes up $1.264 bn, the company also owes 16.7 bn rub. to its Russneft UK structure.
RussNeft published issue prospectus, as well as disclosed IFS and RAS statements for 2015 and H1 2016 shortly before primary offering of 10% of its shares which is scheduled for November. The documents show that following recent secondary offering Glencore share in the company was reduced from 46% to 23.5% (31.28% of ordinary shares). Glencore owns Russneft through Rambero Holdings AG. Other shares are owned by Mikhail Gutseriev, the company’s founder, through six companies.
The company’s RAS net profit in H1 made up 8.6 bn Rub. against 1.7 bn Rub. loss of the last year. The revenue decreased by 17.5%, to 45.4 bn Rub., the sales net cost fell by 15%, to 37.5 bn Rub. RussNeft IFS net profit related to the shareholders, grew fivefold up to 9.2 bn Rub. in January-June 2016. The revenue amounted to 49.9 bn Rub. (decline by 14.5%). The company decreased its IFS net loss by half, to 27.65 bn Rub., the revenue of the company fell 8%, to 104.8 bn Rub. Russneft disclosed in the prospectus that its debt to VTB made up $1.264 bn. The report says RussNeft restructured the long term debt to the major creditors in 2015. Specifically they agreed to extend the redemption dates of the loans till 2023-2024. In particular, they approved quarterly $10 mln payments for 2015-2017, and equal $110 mln payments starting from Q1 2018 through the final redemption date. RussNeft made early redemption of the $700 mln loan to VTB. The company informs that VTB has pledged shares of RussNeft and its structures.
