(Adds details, background)
MOSCOW, March 4 (Reuters) - Rosneft, Russia's topoil producer, said on Wednesday that its 2014 net profit was 350billion roubles ($5.7 billion), down 10 percent year-on-year,due to unfavourable economic conditions.
Rosneft said its 2014 revenues were 5.5 trillion roubles, up17 percent, while earnings before interest, taxes, depreciationand amortization (EBITDA) were 1.06 trillion roubles, up 11.6percent from 2013, the company said.
In its presentation, Rosneft said its oil production was at205 million tonnes last year (4.1 million barrels per day). Inits 2013 results presentation last year, Rosneft said its oilproduction was at 4.2 million barrels per day.
Rosneft's net debt was at $43.8 billion at the end of lastyear, down from $57.4 billion at the end of 2013. This year, thecompany has to repay $23.5 billion, Rosneft said in thepresentation on its website.
Rosneft, which changed the way it accounts for foreignexchange fluctuations, a move that avoids the cost of billionsof dollars of debt hitting profits, said its managementrecommended its board paying 8.2 roubles per share in 2014dividends.
CEO Igor Sechin said in a statement: "Despite negativechanges in macroeconomic environment dividend payout ratioremains 25 percent of net income."
The state-controlled company, along with Gazprom,is one of two key contributors to the Russian budget. Russianeconomy, including Rosneft and its CEO Sechin, were hit byWestern sanctions over Moscow's role in the Ukraine's crisis.
Sanctions have significantly limited Russian companies'ability to borrow on the Western markets and have preventedWestern companies from helping Rosneft develop shale oil, Arcticoil or deep water prospects.
Rosneft had asked for more than 2 trillion roubles from theNational Wealth Fund, one of two Russian rainy day funds, tofinance some of its projects, but had to adjust its requestgiven the difficult economic situation.
Russian Energy Minister Alexander Novak said last monthRosneft may get 300 billion roubles from the Fund to financefive projects, both upstream and downstream.
($1 = 61.8950 roubles) (Reporting by Katya Golubkova; Editing by Alexander Winning andJane Merriman)