Rosneft Oil Company  |
|
| Compilation Date: | 29 Jul 10 |
Company Overview
 General Info | |
| Full Company Name | JSC "Rosneft Oil Company" |
| Industrial Group | Oil & Gas |
| Number of Employees | 170,900 |
| Registration Date | 12 Aug 02 |
| Registered Address | 26/1, Sofiyskaya Naberezhnaya, Moscow, Moscow Region, 115035 |
| Main Office | 26/1, Sofiyskaya Naberezhnaya, Moscow, Moscow Region, 115035 |
| Telephone / Fax | (495) 777-4422, 987-3060, 221-3555 / (495) 777-4444, 987-3024, 225-9724 |
| e-mail | postman@rosneft.ru shareholders@rosneft.ru |
| Internet Home Page | www.rosneft.ru |
| Registrar | Reestr-RN Ltd. |
| Auditor | Ernst &Young, Closed JSC "Development Business Systems Auditing Consultation Group" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Igor Sechin | | President | Sergey Bogdanchikov |
| Price Highlights | |
| Price per Common Share, USD | 6.677825 |
| YTD Price Change, % | -20.63 |
| P/E Ratio | 12.3851 |
| Market Capitalization, USD | 70,772,777,841 |
| Common Shares in Free Float, % | 15.00 |
| Operations Summary | |
JSC "Rosneft Oil Company" was formed in 1995. Today, Rosneft is a state vertically-integrated oil and gas company with upstream and downstream operations in each of Russia’s oil-producing regions. Rosneft, headquartered in Moscow, is the world’s second largest company in terms of proved SPE oil reserves and Russia’s second-largest hydrocarbon producer compared to public companies. Rosneft is widely engaged in exploration and production across all key hydrocarbon regions of Russia: Western Siberia, Southern and Central Russia, Timan-Pechora, Eastern Siberia and the Far East. In addition, the company participates in several exploration projects in Kazakhstan and Algeria. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.3 bln barrels of oil equivalent – among the best indicators for a global publicly traded oil and gas company. The company’s proved reserve-to-production ratio is 26 years. Rosneft operates ten oil and gas producing enterprises across Russia and is involved in several world-class exploration projects. The company also owns four main oil export terminals, a retail network of over 1,683 service stations in 38 regions of Russia, seven large refineries, which have a combined capacity of 1.1 million barrels per day and three mini-refineries. Rosneft has been successfully implementing its strategy of steady production growth, supported by constant monitoring and adoption of innovative technology. Rosneft is also one of the leading independent gas producers in Russia, with an annual output of natural and associated gas exceeding 12.4 billion cubic meters. The company intends to increase annual oil production to 1,300 mln barrels (3,600 th. barrels per day) by 2030, output of gas to 55 billion cubic meters by 2020. Rosneft’s strategic goals are to produce engine fuels, which meet Euro-5 standards, to raise the light product yield to at least 78% by 2015 and to increase annual refining volume to 585 mln barrels (1,600 th. barrels per day) by 2020. The company plans to increase capital investments to USD 8 billion in 2009. In July 2006, Rosneft made an initial public offering (IPO) on London Stock Exchange, RTS and MICEX. The IPO became the fifth largest in the world and the second largest in Russia. Rosneft’s market capitalization at the IPO was USD 79.8 billion. The company has ratings by Standard & Poor's (BBB-), Fitch Rating (BBB-) and Moody’s Investors Service (Baa1). |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 10,598,177,817 | 0.01 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| JSC "Rosneftegaz" | 75.16 | 75.16 | | JS Bank "Savings Bank of Russia" | 13.48 | 13.48 | | RN-Razvitie Ltd. | 9.44 | 9.44 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| RN-Sakhalinmorneftegaz Ltd. | 100.00 | | RN-Stavropolneftegaz Ltd. | 100.00 | | RN-Severnaya Neft Ltd. | 100.00 | | JSC "NK Rosneft-Stavropolye" | 100.00 | | RN-Tuapse Oil Refinery Ltd. | 100.00 | | Uchet & Otchetnost Ltd. | 100.00 | | RN-Vostoknefteproduct Ltd. | 100.00 | | Closed JSC "Vostokshelf" | 100.00 | | RN-Yuganskneftegaz Ltd. | 100.00 | | Rosneft-Mongolia Ltd. | 100.00 | | RN-Tuapsenefteproduct Ltd. | 100.00 | | RN-Arkhangelsknefteproduct Ltd. | 100.00 | | RN-Bunker Ltd. | 100.00 | | RN-Chelyabinsknefteproduct Ltd. | 100.00 | | FTT Service Ltd. | 100.00 | | RN-Kayganneftegaz Ltd. | 100.00 | | RN-Komsomolsk Oil Refinery Ltd. | 100.00 | | RN-Krasnodarneftegaz Ltd. | 100.00 | | Closed JSC "Ordaliya 2000" | 100.00 | | RN-Nakhodkanefteproduct Ltd. | 100.00 | | RN-Ekaterinburgnefteproduct Ltd. | 100.00 | | RN-Krasnoyarsknefteproduct Ltd. | 100.00 | | RN-Purneftegaz Ltd. | 100.00 | | JSC "Rosneft-Kabardino-Balkarskaya Fuel Company" | 99.81 | | JSC "Rosneft-Kubannefeproduct" | 89.50 | | JSC "Rosneft-Karachaevo-Cherkessknefteproduct" | 85.99 | | JSC "Rosneft-Kurgannefteproduct" | 83.32 | | JSC "Okhinskaya HPS" | 81.99 | | JSC "Rosneft-Dagneft" | 68.70 | | JSC "Rosneft-Smolensknefteprodukt" | 66.67 | | JSC "Moskovskiy Zavod "Nefteproduct" | 65.42 | | JSC "Rosneft-Altaynefteproduct" | 64.18 | | JSC "Rosneft-Sakhalin" | 55.00 | | JSC "Grozneftegaz" | 51.00 | | Closed JSC "Rosnefteflot" | 51.00 | | Company Polyarnoe Siyanie Ltd. | 50.00 | | JSC "Moscow Gaz Company" | 50.00 | | JSC "Rosneft-Yamalnefteproduct" | 49.52 | | JSC "Rosneft-Murmansknefteprodukt" | 45.38 | | JSC "Dagneftegaz" | 40.00 | | JSC "Rosneft-Artag" | 38.00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2001 / com | 0.384363 | 88,733,312 | n. a. | 01 Oct 02 | 7.101022 | n. a. | | 2001 / pref | 0.381888 | 1,446,047 | n. a. | 31 Dec 02 | 0.114977 | n. a. | | 2002 / com | 0.5443 | 88,733,312 | n. a. | 01 Oct 03 | 12.712657 | n. a. | | 2002 / pref | 0.5443 | 1,446,047 | n. a. | 01 Oct 03 | 0.207172 | n. a. | | 2003 / com | 0.594825 | 89,475,693 | n. a. | 31 Dec 04 | 7.65349 | n. a. | | 2003 / pref | 0.594825 | 1,446,047 | n. a. | 31 Dec 04 | 0.123691 | n. a. | | 2004 / com | 0.670636 | 90,921,740 | n. a. | 31 Dec 05 | 7.282725 | n. a. | | 2005 / com | 0.047264 | 9,092,174,000 | 21 Apr 06 | 31 Dec 06 | 10.33249 | n. a. | | 2006 / com | 0.054197 | 10,598,177,817 | 22 May 07 | 31 Dec 07 | 16.257989 | 0.005876 | | 2007 / com | 0.054464 | 10,598,177,817 | 15 Apr 08 | 31 Dec 08 | 4.487787 | 0.005806 | | 2008 / com | 0.063475 | 10,598,177,817 | 29 Apr 09 | 31 Dec 09 | 6.071493 | 0.016907 | | 2009 / com | 0.073761 | 10,598,177,817 | 28 Apr 10 | 31 Dec 10 | 12.000801 | 0.008854 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| Rosneft Oil Company | ROSN | RU000A0J2Q06 | MICEX | | Rosneft Oil Company | ROSN | RU000A0J2Q06 | RTS Classic | | Rosneft Oil Company | ROSNS | RU000A0J2Q06 | RTS Standard | | Rosneft Oil Company | ROSNG | RU000A0J2Q06 | RTS T+0 | | Rosneft Oil Company GDR | OJS1 | US67812M2070 | Frankfurt SE | | Rosneft Oil Company GDR | ROSN | US67812M2070 | London SE | | Rosneft Oil Company GDR | rosn070 | US67812M2070 | RTS Global | | Rosneft Oil Company GDR | OJS1 | US67812M2070 | XETRA |
| Price Chart |
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|
| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S sponsored | 19 Jul 06 | 1: 1 | 67812M207 | J. P. Morgan | | GDR 144 A sponsored | 19 Jul 06 | 1: 1 | 67812M108 | J. P. Morgan |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| MT-RusIndex | 10.44 | 21 Sep 06 | | | RusIndex 100 | 9.66 | 21 Sep 06 | | | RusIndex Fuel & Energy Complex | 16.32 | 21 Sep 06 | | | RusIndex Industrials | 12.24 | 21 Sep 06 | | | RusIndex Oil & Gas | 20.28 | 21 Sep 06 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| 1 | 4-01-00122-A | 13 Nov 07 | 0 | 1,000 | 15,000,000 | 10 | 182 | Vostokshelf | | 2 | 4-02-00122-A | 13 Nov 07 | 0 | 1,000 | 15,000,000 | 10 | 182 | Vostokshelf | | 3 | 4-03-00122-A | 13 Nov 07 | 0 | 1,000 | 15,000,000 | 14 | 182 | Vostokshelf |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| 1 | | | 100.00 | | | | 100.00 | annuled | | | 2 | | | 100.00 | | | | 100.00 | annuled | | | 3 | | | 100.00 | | | | 100.00 | annuled | |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 29.38 | 30.25 | 29.50 |
| ASSETS, of which | 2,277,115.16 | 2,517,604.36 | 2,514,424.78 | 77,513 | 83,232 | 85,239 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 1,900,881.32 | 2,058,771.93 | 2,029,174.04 | 64,706 | 68,063 | 68,789 |
|---|
| | Fixed Assets | 1,621,739.13 | 1,745,432.55 | 1,724,955.75 | 55,204 | 57,704 | 58,476 |
| | Intangible Assets | 152,350.18 | 160,859.04 | 156,401.18 | 5,186 | 5,318 | 5,302 |
| | Other Assets | 126,792.01 | 152,480.34 | 147,817.11 | 4,316 | 5,041 | 5,011 |
| Current Assets, of which | 376,233.84 | 458,832.43 | 485,250.74 | 12,807 | 15,169 | 16,450 |
|---|
| | Inventories | 41,921.27 | 57,047.79 | 63,156.34 | 1,427 | 1,886 | 2,141 |
| | Accounts Receivable | 185,047 | 195,341.8 | 255,781.71 | 6,299 | 6,458 | 8,671 |
| | Cash | 40,217.39 | 60,405.32 | 40,766.96 | 1,369 | 1,997 | 1,382 |
| | Other Current Assets | 109,048.18 | 146,037.51 | 125,545.72 | 3,712 | 4,828 | 4,256 |
| OWNER'S EQUITY, of which | 1,163,278.5 | 1,377,404.72 | 1,416,991.15 | 39,598 | 45,537 | 48,036 |
|---|
| | Charter Capital | 587.54 | 604.96 | 589.97 | 20 | 20 | 20 |
| | Reserves | 183,372.5 | 189,564.43 | 186,873.16 | 6,242 | 6,267 | 6,335 |
| | Retained Earnings | 979,318.45 | 1,187,235.33 | 1,229,528.02 | 33,336 | 39,250 | 41,681 |
| LIABILITIES, of which | 1,113,836.66 | 1,140,199.64 | 1,097,433.63 | 37,915 | 37,695 | 37,203 |
|---|
| | Long-Term Debt | 296,151.59 | 473,956.44 | 435,811.21 | 10,081 | 15,669 | 14,774 |
| | Short-Term Debt | 413,748.53 | 237,084.09 | 219,410.03 | 14,084 | 7,838 | 7,438 |
| | Accounts Payable | 90,951.82 | 111,826.98 | 117,876.11 | 3,096 | 3,697 | 3,996 |
| | Other Liabilities | 312,984.72 | 317,332.12 | 324,336.28 | 10,654 | 10,491 | 10,995 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 24.87 | 31.75 | 29.88 |
| Sales | 1,709,238.76 | 1,480,495.83 | 440,945.65 | 68,991 | 46,826 | 14,761 |
| Production Costs | 1,387,042.39 | 1,191,896.21 | 346,967.26 | 55,986 | 37,698 | 11,615 |
| Operating Profit | 322,196.37 | 288,599.62 | 93,978.39 | 13,005 | 9,128 | 3,146 |
| Other Income | 1,833.34 | -19,254.73 | -29.87 | 74 | -609 | -1 |
| Income Before Taxes | 324,029.71 | 269,344.89 | 93,948.52 | 13,079 | 8,519 | 3,145 |
| Net Income | 274,504.87 | 205,952.89 | 72,619.66 | 11,080 | 6,514 | 2,431 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 1.00 | 1.94 | 1.78 |
| P/S | 0.58 | 1.89 | 1.60 |
| P/E | 3.59 | 13.55 | 12.39 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 403.69 | 274.00 | 312.01 |
| Net Profit Margin, % | 16.06 | 13.91 | 12.91 |
| ROA, % | 14.55 | 8.10 | 8.17 |
| ROE, % | 32.57 | 15.43 | 14.83 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 8.58 | 7.34 | 7.05 |
| Assets Turnover | 0.91 | 0.58 | 0.63 |
| Inventory Turnover | 41.15 | 28.27 | 26.48 |
| Liabilities Turnover | 1.64 | 1.24 | 1.42 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.51 | 0.55 | 0.56 |
| Debt Ratio | 0.49 | 0.45 | 0.44 |
| Equity/Debt | 1.04 | 1.21 | 1.29 |
| Current Liquidity | 0.68 | 1.13 | 1.20 |
| Quick Liquidity | 0.61 | 0.99 | 1.04 |
Production Overview
| Production |
| Product | Measure | 2008 | 2009 | 1Q10 | Units |
|---|
| Crude oil | 1,000,000 | 106.12 | 108.87 | 28.15 | tons | | Natural gas | 1,000,000,000 | 12.38 | 12.68 | 3.27 | cub meters |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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