Date: 7 months ago   Category: Energy

Aton: the report of BP for the III quarter doesn't allow to judge net proceeds of Rosneft — Rambler News Service


The report of the British oil and gas company BP for the third quarter doesn't allow to judge net proceeds of Rosneft for the same period as in him the depreciation of goodwill in a segment of processing, commerce and logistics (downstream) expected in the third quarter isn't considered. "Prime" with reference to Aton reports about it. "Today BP has reported that her profit in earnings of Rosneft makes $835 million. On the basis of average ruble exchange rate we have 277 billion rubles — very good figure if to compare from 228 billion рубю the net profit of Rosneft in the second quarter 2018. Nevertheless, we pay your attention to the footnote in the reporting of BP: in the third quarter special adjustments in IFRS have led to the fact that lower sum, belonging to losses from depreciation of goodwill, than the equivalent sums which, as expected, will be presented by Rosneft is presented in the report of BP" — experts of the analytical company consider. Analysts Aton have added that BP is a shareholder of the Russian company, and her reporting appears earlier that usually allows investors to draw some conclusions on indicators of Rosneft. However in this case it not so as in the report of BP depreciation of goodwill in a segment of processing, commerce and logistics (downstream) which will be reflected in the reporting of the Russian oil company isn't considered. "In other words, it is worth expecting recognition of depreciation of goodwill in a daunstrim which we consider more than probable in the third quarter. In the second quarter this indicator was 47 billion rubles Besides, in connection with the further growth of disproportions between netbacks of export of motor fuel and toughening of internal price control, we consider, the company has to recognize additional depreciation of goodwill in a downstream segment" — have added in Aton. Experts of the analytical company predict that the revenue of Rosneft following the results of the third quarter will turn out at the level of 2,23 trillion rub that is 49% more, than for the same period of last year. Profit is expected at the level of 148 billion rubles taking into account depreciation, or is 215% more, than in the third quarter of last year, but is 35% lower, than in the second quarter. Despite it the company has to receive quite strong free cash flow at the level of 492 billion rubles that will allow the company to reduce a debt.

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