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BRENT 59.59

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AI-92 42.26

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AI-95 46.04

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AI-98 51.73

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Diesel 45.96

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4

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.

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

in millions of RUB (unless otherwise stated)

Six months ended

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 RUB 40,545 million, 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 90,688 million), «Transit of gas, oil and refined products» (increase by
RUB 26,506 million), «Depreciation» (increase by RUB 24,939 million), «Staff costs» (increase by
RUB 14,970 million), «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 508,667 million which is RUB 263,002 million, 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 24,634 million, or 2%, from RUB 1,034,941 million as of December 31, 2011 to
RUB 1,010,307 million 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.

Source : Neftegaz.RU