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.
