Rosneft Oil Company  |
|
| Compilation Date: | 16 May 08 |
Company Overview
 General Info | |
| Full Company Name | JSC "Rosneft Oil Company" |
| Industrial Group | Oil & Gas |
| Number of Employees | 74,000 |
| Registration Date | 12 Aug 02 |
| Registered Address | 26/1, Sofiyskaya Naberegnaya, Moscow, Moscow Region, 115035 |
| Main Office | 26/1, Sofiyskaya Naberegnaya, Moscow, Moscow Region, 115035 |
| Telephone / Fax | (495) 777-4422, 777-4438, 987-3060. / (495) 777-4444, 777-4443 |
| 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 | 11.518112 |
| YTD Price Change, % | 22.79 |
| P/E Ratio | 7.7293 |
| Market Capitalization, USD | 123,649,179,050 |
| Common Shares in Free Float, % | 15.40 |
| 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 operates ten oil and gas producing enterprises across Russia and is involved in over ten world-class exploration projects. The company also owns four main oil export terminals, a nationwide network of over 600 service stations, and two refineries, which have a combined capacity of 10 million tons per year.Over the past six years, Rosneft has pursued a strategy of reducing costs, implementing new technologies, and developing a highly diverse asset portfolio by exploiting exploration licenses and making promising new acquisitions. The result has been significantly increased oil production, from approximately 260,000 barrels per day in 2000 to over 1.5 million barrels per day in 2005.The scale of Rosneft’s business was transformed at the end of 2004 following the USD9.3 billion purchase of a controlling interest in Yuganskneftegaz, one of the country’s largest hydrocarbon producers.In order to create an optimal management structure, Rosneft has decided to embark on a consolidation program involving the company's main subsidiaries. According to this program, the company plans to consolidate 12 of its subsidiaries into Rosneft, including seven production enterprises and three marketing enterprises. At the company’s EGM in June 2006, almost all of the company’s subsidiaries approved merging into their parent company.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 largest in Russia. Rosneft sold USD10.4 billion in shares at a price that values the company at USD79.8 billion dollars. In 2006 capital expenditures increased by 78% to USD3,462 million from USD 1,944 million in 2005. Rosneft has ratings by Standard & Poor's (BB), Fitch Rating (BB+), and Moody’s Investors Service (Baa1)
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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 | | RN-Razvitie Ltd. | 9.44 | 9.44 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| RN-Krasnodarneftegaz Ltd. | 100.00 | | RN-Purneftegaz Ltd. | 100.00 | | RN-Stavropolneftegaz Ltd. | 100.00 | | RN-Sakhalinmorneftegaz Ltd. | 100.00 | | RN-Bunker Ltd. | 100.00 | | RN-Yuganskneftegaz Ltd. | 100.00 | | RN-Vostoknefteproduct Ltd. | 100.00 | | RN-Nakhodkanefteproduct Ltd. | 100.00 | | RN-Tuapsenefteproduct Ltd. | 100.00 | | RN-North Neft Ltd. | 100.00 | | RN-Arkhangelsknefteproduct Ltd. | 100.00 | | RN-Tuapse Oil Refinery Ltd. | 100.00 | | RN-Komsomolsk Oil Refinery Ltd. | 100.00 | | FTT Service Ltd. | 100.00 | | JSC "Uchet & Otchetnost" | 100.00 | | RN-Krasnoyarsknefteproduct Ltd. | 100.00 | | Closed JSC "Ordaliya 2000" | 100.00 | | JSC "NC Rosneft-Stavropolye" | 99.26 | | JCS "Nakhodka Oil Sea Trade Port" | 97.51 | | JSC "Rosneft-Dagneft" | 91.60 | | JSC "Okhinskaya TETS" | 91.04 | | JSC "Rosneft-Kubannefeproduct" | 89.50 | | JSC "Rosneft-Kabardino-Balkarskaya Fuel Company" | 88.66 | | JSC "Rosneft-Karachaevo-Cherkessknefteproduct" | 85.99 | | JSC "Rosneft-Kurgannefteproduct" | 83.32 | | 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 | | JSC "Moscow Gaz Company" | 50.00 | | Company Polyarnoe Siyanie Ltd. | 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 |
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 | 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 | OJS1 | US67812M2070 | XETRA |
| Price Chart |
|
|
| 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 | 9.70 | 21 Sep 06 | | | RusIndex 100 | 8.99 | 21 Sep 06 | | | RusIndex Fuel & Energy Complex | 14.42 | 21 Sep 06 | | | RusIndex Industrials | 10.94 | 21 Sep 06 | | | RusIndex Oil & Gas | 17.44 | 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 |
|---|
| No bonds issued. |
| 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 |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 28.79 | 26.35 | 24.54 |
| ASSETS, of which | 864,267.2 | 1,232,938.08 | 1,835,705.52 | 30,016 | 46,790 | 74,805 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 692,139.36 | 983,610.01 | 1,468,392.64 | 24,038 | 37,328 | 59,837 |
|---|
| | Fixed Assets | 661,359.06 | 936,943.35 | 1,268,368.1 | 22,969 | 35,557 | 51,686 |
| | Intangible Assets | 1,007.77 | 4,242.42 | 99,975.46 | 35 | 161 | 4,074 |
| | Other Assets | 29,772.53 | 42,424.24 | 100,049.08 | 1,034 | 1,610 | 4,077 |
| Current Assets, of which | 172,127.84 | 249,328.06 | 367,312.88 | 5,978 | 9,462 | 14,968 |
|---|
| | Inventories | 23,437.95 | 15,942.03 | 47,263.8 | 814 | 605 | 1,926 |
| | Accounts Receivable | 82,291.97 | 127,509.88 | 240,122.7 | 2,858 | 4,839 | 9,785 |
| | Cash | 33,774.83 | 13,306.98 | 24,490.8 | 1,173 | 505 | 998 |
| | Other Current Assets | 32,623.09 | 92,569.17 | 55,435.58 | 1,133 | 3,513 | 2,259 |
| OWNER'S EQUITY, of which | 267,578.46 | 582,345.19 | 704,711.66 | 9,293 | 22,100 | 28,717 |
|---|
| | Charter Capital | 575.87 | 527.01 | 490.8 | 20 | 20 | 20 |
| | Reserves | 54,103.08 | 305,059.29 | 143,092.02 | 1,879 | 11,577 | 5,831 |
| | Retained Earnings | 212,899.51 | 276,758.89 | 561,128.83 | 7,394 | 10,503 | 22,866 |
| LIABILITIES, of which | 596,688.74 | 650,592.89 | 1,130,993.87 | 20,723 | 24,690 | 46,088 |
|---|
| | Long-Term Debt | 236,049.52 | 195,046.11 | 287,680.98 | 8,198 | 7,402 | 11,723 |
| | Short-Term Debt | 115,318.17 | 169,354.41 | 381,595.09 | 4,005 | 6,427 | 15,550 |
| | Accounts Payable | 39,101.64 | 52,648.22 | 99,018.4 | 1,358 | 1,998 | 4,035 |
| | Other Liabilities | 206,219.41 | 233,544.14 | 362,699.39 | 7,162 | 8,863 | 14,780 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 28.30 | 27.16 | 25.58 |
| Sales | 677,559.51 | 898,660.21 | 1,258,175.7 | 23,951 | 33,099 | 49,216 |
| Production Costs | 521,317.14 | 746,507.82 | 984,100.16 | 18,428 | 27,495 | 38,495 |
| Operating Profit | 156,242.38 | 152,152.39 | 274,075.54 | 5,523 | 5,604 | 10,721 |
| Other Income | 19,915.74 | -39,069.82 | 180,688.92 | 704 | -1,439 | 7,068 |
| Income Before Taxes | 175,790.36 | 113,082.56 | 454,764.46 | 6,214 | 4,165 | 17,789 |
| Net Income | 117,655.63 | 95,923.34 | 328,808.84 | 4,159 | 3,533 | 12,862 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | n.a. | 4.42 | 3.46 |
| P/S | n.a. | 2.95 | 2.02 |
| P/E | n.a. | 27.67 | 7.73 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 347.12 | 447.28 | 665.08 |
| Net Profit Margin, % | 17.36 | 10.67 | 26.13 |
| ROA, % | 14.85 | 9.20 | 21.16 |
| ROE, % | 65.87 | 23.93 | 50.85 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 6.26 | 8.60 | 6.73 |
| Assets Turnover | 0.85 | 0.86 | 0.81 |
| Inventory Turnover | 35.99 | 46.65 | 34.77 |
| Liabilities Turnover | 1.17 | 1.46 | 1.39 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.31 | 0.47 | 0.38 |
| Debt Ratio | 0.69 | 0.53 | 0.62 |
| Equity/Debt | 0.45 | 0.90 | 0.62 |
| Current Liquidity | 0.73 | 0.87 | 0.68 |
| Quick Liquidity | 0.63 | 0.81 | 0.59 |
Production Overview
| Production |
| Product | Measure | 2005 | 2006 | 2007 | Units |
|---|
| Crude oil | 1,000,000 | 74.6 | 80 | 101 | tons | | Natural gas | 1,000,000,000 | 13.1 | 13.65 | 15.7 | cub meters |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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