Financial Results for the First Quarter

Rusneftegaz can publish results for the first quarter of the year as of and for the three months ended 31 March. These statements were prepared in accordance with International Financial Reporting Standards, otherwise known as IFRS, and have not been audited. The full results are disclosed in the financial section of the Group's website.
 
Overall, total revenues during the quarter rose to $130.5m, an increase of 13.6%, and can report pre-tax profits of $57.0m, representing a year-on-year deflation of 6.6%. After the period ended, the Group also published its consolidated financial statements for the last financial year, showing revenue of $537.8m and a total profit of $230.5m, both up significantly from the prior year. The current forecast for this year is generally positive, as evidenced by the financial performance in the first quarter. As such, management has elected to escalate petroleum production whilst commodity prices are favourable, although the continued enervation in the value of the Ruble has continued to restrain the Group's growth. During the period, management has undertaken a minor restructuring of its subsidiaries and affiliate entities, as well as investing $129.8m in Rusneftegaz's considerable infrastructure. The outlook for the immediate future is wholly positive, with commodity prices remaining buoyant and the Board of Directors looking to expand internationally.
 
The financial details in this article are current at the date of this report, and believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be complete. The data that this commentary is dependent on is obtained from sources believed to be reliable, but the Group, nor any of the directors, officers, employees, agents, subsidiaries or affiliates, can wholly guarantee the accuracy or completeness of such information.