Continuing increase in free cash flow (by 7.4%). Gross debt down by 7.4% starting the year of 2015.
The Q1 2015 was characterized by drastically adverse influence of macroeconomic factors on activities of the Company: a record decrease in oil prices in USD terms by 30% was not sufficiently compensated by depreciation of rouble, demonstrating high volatility. As a result the market rouble cost of crude oil barrel fell below 3,300 roubles per barrel or by 8.1% compared to Q4 2014.
Additional costs of the Company due to the increase in tariffs of natural monopolies 1 amounted to RUB 11 bln in Q1 2015 in comparison with Q4 2014. Considerable increase in the key bank rate in Q4 2014 has led to increased funding costs in the economy which resulted in increased finance in rubles.
The changes in oil industry tax rates as of January 1, 2015 also had negative impact on the Company’s results. Negative effect from increase in mineral extraction tax, changes in customs duties and excises amounted to RUB 20 bln in Q1 2015. This impact includes negative effect of mineral extraction tax expenses (RUB 88 bln), which was not compensated in full by positive effects from decrease in customs duties (RUB 46 bln) and increased domestic market prices due to change in netbacks including decrease in excise duties (RUB 22 bln).
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