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OAO Gazprom OGZD Gazprom 6 months IFRS financial results

  OAO Gazprom (OGZD) - Gazprom 6 months IFRS financial results

RNS Number : 1858Q
OAO Gazprom
02 November 2012




                                      

                                   RELEASE

02.10.2012









Gazprom reports its financial results under IFRS for six months ended June 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 six months  ended 
June 30, 2012.

The  table  below  presents  the  unaudited  consolidated  interim   condensed 
statement of comprehensive income prepared in accordance with IFRS for the six
months ended June 30, 2012 and 2011. All amounts are presented in millions of
Russian Rubles.

                                                Six  months ended
                                                            June  30,
                                                      2012           2011

Sales                                                2,230,366       2,347,071
Net gain (loss) from trading activity                    5,518           (236)
Operating expenses                                 (1,623,751)     (1,498,340)
Operating profit                                       612,133         848,495
Finance income                                         153,393         106,765
Finance expense                                      (182,063)        (44,675)
Share of net income of associated undertakings and
jointly controlled entities                             71,689          62,566
(Losses) gains on disposal of available-for-sale
financial

 assets                                           (78)      831
Profit before profit tax                               655,074         973,982
Current profit tax expense                           (139,132)       (170,346)
Deferred profit tax benefit (expense)               9,584       (18,434)
Profit tax expense                                   (129,548)       (188,780)
Profit for the period                                  525,526         785,202
Other comprehensive income
Losses  arising  from  change  in  fair  value  of 
available-for-sale financial assets, net of tax       (22,019)         (2,389)
Share of  other comprehensive  loss of  associated 
undertakings and jointly controlled entities           (5,039)         (6,352)
Translation differences                                  8,037        (25,034)
Losses from cash flow hedges, net of tax            (6,040)   -
Other comprehensive loss  for the  period, net  of 
tax                                                   (25,061)        (33,775)
Total comprehensive income for the period              500,465         751,427







Profit attributable to:
 owners of OAO Gazprom                                508,667         771,669
non-controlling interest                             16,859       13,533
                                                       525,526         785,202
Total comprehensive income attributable to:
 owners of OAO Gazprom                                482,933         739,777
non-controlling interest                             _ 17,532       _ 11,650
                                                       500,465         751,427

Sales (net of  VAT, excise tax  and customs duties)  decreased by RUB  116,705 
million, or 5%, to RUB 2,230,366 million in the six months ended June 30, 2012
compared to the six months ended  June 30, 2011. More detailed information  on 
our sales for the six months ended June 30, 2012 and 2011 is presented in  the 
table below.

                                                    Six months ended
in  millions  of   RUB  (unless   otherwise                                  
stated)                                                 June 30,
[]                                                    2012         2011     
Sales of gas                                                                 
    Europe and other countries
                                                                             
Net sales (net of customs duties)                        731,316     742,212
Volumes in bcm                                              77.9        86.6 
Average price, RUB/mcm (including customs duties)       11,657.9    10,356.0 
    FSU  (Former Soviet Union)                                               
Net sales (net of VAT and customs duties)                256,695     331,434 
Volumes in bcm                                              33.3        46.8 
Average price, RUB/mcm (including customs duties,                            
net of VAT)                                              9,137.9     7,630.5
    Russian Federation                                                       
Net sales (net of VAT)                                   389,301     398,630 
Volumes in bcm                                             144.3       154.2 
Average price, RUB/mcm (net of VAT)                      2,698.5     2,585.6 
    Total sales of gas                                                       
Effects of retroactive gas price adjustments           (133,186)           - 
Net sales (net of VAT and customs duties)              1,244,126   1,472,276 
Volumes in bcm                                             255.5       287.6 


Net sales of refined products (net of VAT, excise
tax and customs duties)                                  543,710     451,938
Net electric and heat energy sales (net of VAT)          177,136     180,215 
Net sales of crude oil and gas condensate (net of                            
VAT and customs duties)                                  129,334     117,293
Net gas transportation sales (net of VAT)                 60,279      55,500 
Other revenues (net of VAT)                         75,781  69,849 
Total sales (net of VAT, excise tax and customs                              
duties)                                                2,230,366   2,347,071
[]                                                                          

Net sales of gas decreased  by RUB 228,150 million,  or 15%, to RUB  1,244,126 
million in the six months ended June 30, 2012 compared to the six months ended
June 30, 2011.

For the six months ended  June 30, 2012 net sales  of gas to Europe and  other 
countries decreased  by RUB  10,896 million,  or 1%,  to RUB  731,316  million 
compared to the six months ended June 30, 2011. This change was primarily  due 
to decrease in  volumes of gas  sold by 10%  or 8.7 bcm,  which was  partially 
compensated by the increase of average realized prices in RUB terms (including
customs duties) by 13%.

Net sales of gas to FSU countries decreased by RUB 74,739 million, or 23%,  to 
RUB 256,695 million in the six months ended June 30, 2012 compared to the  six 
months ended June 30, 2011.
The decrease of sales in this segment is explained by the decrease of  volumes 
of gas  sold by  29%, or  13.5 bcm,  which was  partially compensated  by  the 
increase of  the  average realized  prices  in RUB  terms  (including  customs 
duties, net of VAT) by 20%.

Net sales of gas in the domestic market decreased by RUB 9,329 million, or 2%,
to RUB 389,301 million in the six  months ended June 30, 2012 compared to  the 
six months ended June 30, 2011. This is explained primarily by the decrease of
volumes of gas sold by 6%, or 9.9  bcm, in the six months ended June 30,  2012 
compared to the six months ended June 30, 2011 which was partially compensated
by the increase in the average domestic price for gas by 4%.

Net sales of refined products increased by RUB 91,772 million, or 20%, to  RUB 
543,710 million in  the six months  ended June  30, 2012 compared  to the  six 
months ended June 30, 2011.
The increase  was due  to the  increase  of prices  for refined  products  and 
increase of volumes sold.

Net electric and heat energy sales decreased  by RUB 3,079 million, or 2%,  to 
RUB 177,136 million in the six months ended June 30, 2012 compared to the  six 
months ended June 30, 2011.
The decrease in electric and heat  energy sales is explained by the  reduction 
of electricity prices at the day-ahead market and decrease in sales volumes of
electric and heat energy.

In the  six  months ended  June  30,  2012 net  sales  of crude  oil  and  gas 
condensate increased by  RUB 12,041 million,  or 10%, to  RUB 129,334  million 
compared to the six months ended June  30, 2011. The increase in net sales  of 
crude oil primarily resulted  from the Gazprom neft  activities: net sales  of 
crude oil increased by RUB 8,316 million, or 9%, to RUB 104,548 million in the
six months ended June 30, 2012 compared to the six months ended June 30,  2011 
mainly due to the  increase in oil  prices. In the six  months ended June  30, 
2012 net sales of gas  condensate increased by RUB  3,725 million, or 18%,  to 
RUB 24,786 million compared to the six months ended June 30, 2011.
The increase of gas condensate sales was primarily due to the increase in  the 
average realized prices and volumes of gas condensate sold.

In the six months ended June  30, 2012 net gas transportation sales  increased 
by RUB 4,779 million, or 9%, to RUB 60,279 million compared to the six  months 
ended June  30,  2011.  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 125,411  million, or 8%, to RUB  1,623,751 
million in the six months ended June 30, 2012 compared to the six months ended
June 30, 2011.

Major item in  the total amount  of operating expenses  is «Purchased gas  and 
oil» which decreased  by RUB40,545million, or  9%. The decrease  in cost  of 
purchased gas mainly  relates to  the decrease in  volumes and  prices of  gas 
purchased from third parties outside  the Russian Federation. The increase  in 
operating expenses was mostly influenced by the following items: «Taxes  other 
than on income»  (increase by RUB  90,688million), «Transit of  gas, oil  and 
refined products» (increase by  RUB 26,506million), «Depreciation»  (increase 
by RUB 24,939million), «Staff costs» (increase by RUB 14,970million),  «Cost 
of goods  for  resale, including  refined  products» (increase  by  RUB  9,671 
million).

In the six months ended  June 30, 2012 profit  for the period attributable  to 
owners  of   OAO   Gazprom   totaled  RUB   508,667million   which   is   RUB 
263,002million, or 34%, lower compared to the six months ended June 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) decreased  by  RUB  24,634million, or  2%,  from  RUB  1,034,941 
million as of December 31, 2011 to RUB 1,010,307million as of June 30,  2012. 
This decrease resulted mainly from  the repayment of long-term and  short-term 
borrowings and increase in cash and cash equivalents.

More detailed information on the IFRS consolidated interim condensed financial
information for the six months ended June 30, 2012 can be found on OAO Gazprom
web site (www.gazprom.ru).

INFORMATION DIRECTORATE, OAO GAZPROM







_____________________________________________________________________________________________

ContactphonenumbersformassmediaContactphonenumbersforinvestmentcompanies



+7 (495) 719-10-77 +7 (495)
719-34-83

+7 (495) 719-49-37

+7 (495) 719-47-36

+7 (495)
719-28-01

pr@gazprom.ru
ir@gazprom.ru



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IR BTBFTMBJMMPT -0- Nov/02/2012 07:00 GMT
 
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