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M&A: Bashneft to be restructured

The Board of Directors JSOC Bashneft made a decision to restructure the company by taking over CJSC Bashneft-Invest, a spin-off from CJSC Sistema-Invest, Bashneft informed.

Sistema Invest currently owns a 25.2% equity stake in Bashneft.

"The objective of the reorganization is to unwind Bashnefts circular shareholder structure and to finalize the disposal of non-core assets, both of which will increase the transparency of the companys ownership structure and its investment potential", said Felix Evtushenkov, Chairman of the Board of Directors of Bashneft.

As a result of this restructuring, CJSC Sistema-Invest will own 20.2% of Bashneft's common shares (16.8% of the share capital). CJSC Bashneft-Invest will also assume Bashneft's receivables from CJSC Sistema-Invest in the amount of ca. RUB 36 billion.

The shareholders of Bashneft will consider the company's restructuring at their extraordinary meeting on February 3, 2014. The record date for participation in the meeting is December 23, 2013.

The Board of Directors also set the prices at which, pursuant to Russian law, the common and preferred shares of JSOC Bashneft shall be bought back as requested by the companys shareholders who do not vote or vote against the reorganization: RUB 1,983 per share of common stock, RUB 1,403 per preferred share.

The preferred shares bought out from the shareholders are expected to be canceled.

Bashneft (tax number: 0274051582) is the leading enterprise of Bashkortostan's fuel and energy industry. The company is engaged in the oil recovery in Republic Bashkortostan, regions of West Siberia and in Orenburg region. As of December 31, 2012, Bashneft's proven oil reserves as per PRMS amounted to 2.007 billion barrels of oil.

IFRS net profit of Bashneft for 9 months 2013 decreased by 21.3% to RUB 32.542 billion from RUB 41.347 billion for the same period in 2012. Revenue increased by 6.2% to RUB 417.054 billion from RUB 392.688 billion, adjusted EBITDA by 1.1% to RUB 76.981 billion from RUB 76.119 billion, operating profit decreased by 4.8% to RUB 61.952 billion from RUB 65.072 billion, net debt by 18.6% to RUB 57.504 billion from RUB 70.651 billion.

According to the information and retrieval system DataCapital, RAS net profit of JSOC Bashneft for H1 2013 grew by 59% to RUB 30.886 billion from RUB 19.389 billion the year before. Revenue increased by 1% to RUB 231.703 billion from RUB 228.325 billion, GP to RUB 110.442 billion from RUB 88.559 billion.

"AK&M", 19.12.2013


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