AFK Sistema has evaluated its reduction in revenue from loss of Bashneft
Edited by Rhod Mackenzie / 2014-11-27 01:09:55
The de-consolidation of Bashneft and United Oil Chemical Company JSC in the accounting of AFK Sistema reduces the company’s net profit by 5.2 times in January – September 2014, AFK Sistema reports in the accounting for Q3 by US GAAP. Without the Bashkir fuel and energy complex, the net profit of System AFK would be $239.8 million instead of $1.25 billion.
Revenue reduced by more than 2 times, from $25.9 billion to $12.7 billion. Corrected EBITDA reduced by 37.5% to $3.9 billion.
The debt reduced by 29.8% to $9.9 billion without the Bashkir fuel and energy complex, and the assets reduced by 31.5% to $27.4 billion.
