PJSC “RussNeft” announces its IFRS results for 6M 2021

PJSC “RussNeft” (“RussNeft” or “Company”) (MOEX: RNFT) publishes unaudited interim abbreviated consolidated financial statements for 6M 2021 prepared in compliance with International Financial Reporting Standards (IFRS).

Highlights:

·         EBITDA grew more than 4.5x making up RUB 33.2 bn.

·         Oil production was 3.4[1] mln tons.

·         CAPEX recovered to RUB 9.3[2] bn.

·         Net debt/EBITDA ratio was at 1.2.

Key performance indicators

Financials                                                                                               

In H1 2021 RussNeft demonstrated significant revenue growth (+ RUB 64 bn) on the YoY basis. The growth of the factor is mainly associated with the rise in world oil prices and domestic market oil prices (Urals average price was $ 63.4/bbl in 6M 2021 versus $ 39.0/bbl in 6M 2020).

The profit attributable to the shareholders of the Parent company significantly exceeded the H1 2020 indicator, having reached RUB 13.6 bn against RUB 13.2 billion of loss last year.

Adjusted profit for the reporting period made up RUB 17.4 bn, driven mainly by oil prices recovery after oil shock in 2020.

EBITDA amounted to RUB 33.2 bn, a 4.5x YoY increase, exceeding the factors of pre-crisis period.

Operating results