Rosneft reported 50% profit decrease in Q4 2015 due to the low oil prices and delay of Chinese economy. However, the largest crude oil producer in Russia succeeded to post minimal growth of annual net profit in 2015. Rosneft reported that net profit in Q4 2015 dropped by 52.7% to 53 billion rubles (about 782.3 million USD), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 6.4% to 278 billion rubles (4.15 billion USD). However, the company succeeded to reduce the gross debt by 4.0% to 45.6 billion USD, as well as the net debt dropped to 23.2 billion USD, after the company succeeded to pay significant portion of its short-term obligations. The free cash flows of Rosneft dropped by 20.9% at the end of Q4 2015, pushed by increased operating expenses.
For the whole 2015 net profit of Rosneft increased by 2% to 355 billion rubles, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 17.8% to 1.245 trillion rubles
In dollar terms the financial results of Rosneft is not so bright. In 2015 net profit fell by 34.4% to 6.1 billion USD, reflecting the devaluation of the ruble as a result of the decline in oil prices. Earnings before interest, taxes, depreciation and amortization (EBITDA) declined by 28.3% to 20.8 billion USD.