USD 64.2237

0

EUR 70.7296

0

BRENT 60.26

-0.4

AI-92 42.1

-0.01

AI-95 45.88

-0.01

AI-98 51.85

+0.01

Diesel 45.94

+0.03

15

Gazprom Neft reports H1 2011 financial results

Gazprom Neft publishes today on its website (ir.gazprom-neft.com) its consolidated financial results in accordance with US GAAP for H1 2011.

Gazprom Neft publishes today on its website (ir.gazprom-neft.com) its consolidated financial results in accordance with US GAAP for H1 2011.
Increased sales volumes and higher crude and petroleum prices drove the Company’s revenue up by 39% to $21,341 mln in H1 2011 compared to H1 2010 (Q2 2011 revenue of $11,476 mln is 43% higher than in Q2 2010).
Earnings before interest, income tax, depreciation and amortization (EBITDA)* in H1 2011 comprised $4,945 mln or 58% higher than in H1 2010 due to an increase in refining throughput, product mix optimization and improved market conditions. In Q2 2011 EBITDA increased by 60% to $2,478 mln compared to Q2 2010.
Net income in H1 2011 increased by 74% to $2,604 mln versus H1 2010 driven primarily by growth in EBITDA. Q2 2011 resulted in $1,167 mln in net income (56% higher than in Q2 2010).
The increase in net income resulted in a 6% growth in net cash provided by operating activities H1 2011 compared to the same period of 2010 or $2,512 mln. Net cash provided by operating activities reached $1,891 mln in Q2 2011 or 28% higher than in Q2 2010. 
                            2 Q         2 Q                     1 H                      Δ, %
                            2011       2010      Δ, %       2011       2010      2011-2010
Revenue                 11 476    8 026     43,0        21 341    15 322    39,3
EBITDA*                  2 478    1 550      59,9         4 945     3 136    57,7
Cash flow from
Operating activities    1 891    1 483     27,5         2 512     2 364     6,3
Net income               1 167      747      56,2         2 604     1 501     73,5
EBITDA/Bbl                 24,0     16,2      48,4         24,1        16,5     46,4

*EBITDA is defined as Earnings before Interest, Income Tax, Depreciation, Amortization, non-controlling interest, foreign exchange gain, other non-operating expenses and includes the Company share in EBITDA of equity affiliates.

Source : Neftegaz,RU