Gazprom Neft today announces its unaudited consolidated financial results for 9M 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS).
An increase in production and sales of petroleum products via premium distribution channels (retail and the Company’s own chain of petrol stations, sales of kerosene and bunkerage) led to an improved adjusted EBITDA* (earnings before interst, taxes, depreciation and amortisation) for the first 9 months of 2013, which rose by 2.9% Y-o-Y to 251.92 billion rubles. Net profit growth was up 0.4% to 135.15 billion rubles during the same period, constrained by losses from exchange rate differences caused primarily by a revaluation of the credit portfolio.
Hydrocarbon production in the first 9 months of 2013 reached 339.04 mmboe (46.15 mmtoe), a 4% increase Y-o-Y due to continued production growth at the Priobskoye field, deposits in the Orenburg region and SeverEnergia, and the successful application of hi-tech operations at mature fields. Refining throughput decreased 1.8% Y-o-Y to 32.09 million tonnes in the first 9 months of 2013 due to planned maintenance at Company refineries. Sales in premium distribution segments reached 17.75 million tonnes and average petrol station sales in Russia grew by 8.1% to 18.6 tonnes per day.
CAPEX** increased by 11.4% Y-o-Y driven mainly by new project development and the use of new technology to maintain production at mature fields.
* adjusted EBITDA includes the EBITDA share of associated and jointly controlled companies recorded by the equity accounting method
** Capital expenditure does not include changes in amounts advanced or construction materials