17th Jan 2013 07:04
RELEASE
17.01.2013
Gazprom reports its financial results under IFRS for the nine months ended September 30, 2012
Today OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34) for the nine months ended September 30, 2012.
The table below presents the unaudited consolidated interim condensed statement of comprehensive income prepared in accordance with IFRS for the nine months ended September 30, 2012 and 2011. All amounts are presented in millions of Russian Rubles.
Nine months ended | |||||
September 30, | |||||
2012 | 2011 | ||||
| |||||
Sales | 3,351,303 | 3,296,656 | |||
Net gain (loss) from trading activity | 5,798 | (837) | |||
Operating expenses | (2,491,733) | (2,119,289) | |||
Operating profit | 865,368 | 1,176,530 | |||
Finance income | 252,733 | 117,012 | |||
Finance expense | (204,539) | (192,323) | |||
Share of net income of associated undertakings and jointly controlled entities | 126,690 | 71,779 | |||
(Losses) gains on disposal of available-for-sale financial assets |
(35) | 841 | |||
Profit before profit tax | 1,040,217 | 1,173,839 | |||
Current profit tax expense | (208,974) | (198,969) | |||
Deferred profit tax benefit (expense) | 1,882 | (34,043) | |||
Profit tax expense | (207,092) | (233,012) | |||
Profit for the period | 833,125 | 940,827 | |||
Other comprehensive income | |||||
Losses arising from change in fair value of available-for-sale financial assets, net of tax | (13,424) | (20,100) | |||
Share of other comprehensive loss of associated undertakings and jointly controlled entities | (8,919) | (6,854) | |||
Translation differences | (20,679) | 23,373 | |||
Losses from cash flow hedges, net of tax | (2,518) |
| |||
Other comprehensive loss for the period, net of tax | (45,540) | (3,581) | |||
Total comprehensive income for the period | 787,585 | 937,246 | |||
| |||||
Profit attributable to: | |||||
owners of OAO Gazprom | 813,721 | 923,647 | |||
non-controlling interest | 19,404 | 17,180 | |||
833,125 | 940,827 | ||||
Total comprehensive income attributable to: | |||||
owners of OAO Gazprom | 769,160 | 918,731 | |||
non-controlling interest | 18,425 | 18,515 | |||
787,585 | 937,246 | ||||
Sales (net of VAT, excise tax and customs duties) increased by RUB 54,647 million, or 2%, to RUB 3,351,303 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. More detailed information on our sales for the nine months ended September 30, 2012 and 2011 is presented in the table below.
in millions of RUB (unless otherwise stated) | Nine months ended September 30, |
| ||
| 2012 | 2011 |
| |
Sales of gas |
| |||
| Europe and other countries Net sales (net of customs duties) | 1,068,815 | 1,026,451 |
| |
Volumes in bcm | 111.4 | 114.8 |
| |
Average price, RUB/mcm (including customs duties) | 11,781.1 | 10,815.6 |
| |
| FSU (Former Soviet Union) |
| |||
Net sales (net of customs duties) | 385,644 | 458,608 |
| |
Volumes in bcm | 47.9 | 62.5 |
| |
Average price, RUB/mcm (including customs duties) | 9,531.0 | 7,942.5 |
| |
| Russian Federation |
| |||
Net sales (net of VAT) | 508,123 | 502,271 |
| |
Volumes in bcm | 183.0 | 194.5 |
| |
Average price, RUB/mcm (net of VAT) | 2,776.5 | 2,583.0 |
| |
| Total sales of gas |
| |||
Effects of retroactive gas price adjustments | (133,186) | - |
| |
Net sales (net of VAT and customs duties) | 1,829,396 | 1,987,330 |
| |
Volumes in bcm | 342.3 | 371.8 |
| |
Net sales of refined products (net of VAT, excise tax and customs duties) | 873,583 | 717,723 | ||
Net sales of crude oil and gas condensate (net of VAT and customs duties) | 200,269 | 164,438 |
| |
Net electric and heat energy sales (net of VAT) | 243,745 | 237,545 |
| |
Net gas transportation sales (net of VAT) | 90,314 | 82,501 |
| |
Other revenues (net of VAT) | 113,996 | 107,119 |
| |
Total sales (net of VAT, excise tax and customs duties) | 3,351,303 | 3,296,656 |
| |
|
| |||
Net sales of gas decreased by RUB 157,934 million, or 8%, to RUB 1,829,396 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.
For the nine months ended September 30, 2012 net sales of gas to Europe and other countries increased by RUB 42,364 million, or 4%, to RUB 1,068,815 million compared to the nine monthsended September 30, 2011. This change was primarily due to increase of average realized prices in RUB terms (including customs duties) by 9%, which was partially compensated by decrease in volumes of gas sold by 3%, or 3.4 bcm.
Net sales of gas to FSU countries decreased by RUB 72,964 million, or 16%, to RUB 385,644 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The decrease of sales in this segment is explained by the decrease of volumes of gas sold by 23%, or 14.6 bcm, which was partially compensated by the increase of the average realized prices in RUB terms (including customs duties) by 20%.
Net sales of gas in the domestic market increased by RUB 5,852 million, or 1%, to RUB 508,123 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. This is explained primarily by the increase in the average domestic price for gas by 7%, which was partially compensated by the decrease of volumes of gas sold by 6%, or 11.5 bcm.
Net sales of refined products increased by RUB 155,860 million, or 22%, to RUB 873,583 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The increase was due to the increase of prices for refined products and increase of volumes sold.
In the nine months ended September 30, 2012 net sales of crude oil and gas condensate increased by RUB 35,831 million, or 22%, to RUB 200,269 million compared to the nine months ended September 30, 2011. The increase in net sales of crude oil primarily resulted from Gazprom neft activities: net sales of crude oil increased by RUB 34,211 million, or 26%, to RUB 167,579 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 mainly due to the increase in oil prices and volumes of oil sold.
Net electric and heat energy sales increased by RUB 6,200 million, or 3%, to RUB 243,745 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The increase in electric and heat energy sales was mainly caused by expanding of Gazprom Group's scope of consolidation, which was partially compensated by decrease in revenues from electric and heat energy sales due to reduction of electricity prices at the day-ahead market and decrease in sales volumes of electric and heat energy during six months ended June 30, 2012.
In the nine months ended September 30, 2012 net gas transportation sales increased by RUB 7,813 million, or 9%, to RUB 90,314 million. The increase in net gas transportation sales was primarily due to the increase in volumes of gas transportation services rendered to independent gas suppliers.
Operating expenses increased by RUB 372,444 million, or 18%, to RUB 2,491,733 million in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.
Major item in the total amount of operating expenses is «Purchased gas and oil» which increased by RUB 38,393 million, or 6%. Cost of purchased gas decreased by RUB 35,030 million, or 8%. This decrease mainly relates to the decrease in volumes of gas purchased and prices for gas purchased from third parties outside the Russian Federation. The cost of purchased oil included in the cost of purchased gas and oil increased by RUB 73,423 million, or 39%, and amounted to RUB 259,932 million in the nine months period ended September 30, 2012 in comparison with RUB 186,509 million in the nine months period ended September 30, 2011 due to increase both in volumes and prices of oil purchased.
The increase in operating expenses was mostly influenced by the following items: «Taxes other than on income» (increase by RUB 123,811 million), «Depreciation» (increase by RUB 40,463 million), «Transit of gas, oil and refined products» (increase by RUB 40,062million),«Staff costs» (increase by RUB 38,137 million), «Materials» (increase by RUB 23,739 million), «Cost of goods for resale, including refined products» (increase by RUB 9,333 million).
In the nine months ended September 30, 2012 profit for the period attributable to owners of OAO Gazprom totaled RUB 813,721 million, which is RUB 109,926 million, or 12%, lower compared to the nine months ended September 30, 2011.
Net debt balance (defined as the sum of short-term borrowings, current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings and long-term promissory notes payable, net of cash and cash equivalents and balances of cash and cash equivalents restricted as to withdrawal under the terms of certain borrowings and other contractual obligations) increased by RUB 122,819 million, or 12%, from RUB 1,034,941 million as of December 31, 2011 to RUB 1,157,760 million as of September 30, 2012. This increase resulted mainly from raising of new long-term borrowings and decrease in cash and cash equivalents.
More detailed information on the IFRS consolidated interim condensed financial information for the nine months ended September 30, 2012 can be found on OAO Gazprom web site (www.gazprom.ru).
OAO GAZPROM INFORMATION DIVISION
_____________________________________________________________________________________________
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