3 Sep 2013 07:07
RELEASE
03.09.2013
GAZPROM'S FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR THE THREE MONTHS ENDED MARCH 31, 2013
Today Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34) for the three months ended March 31, 2013.
The table below presents the unaudited consolidated interim condensed statement of comprehensive income prepared in accordance with IFRS for the three months ended March 31, 2013 and 2012. All amounts are presented in millions of Russian Rubles.
Three months ended | |||||
March 31, | |||||
2013 | 2012 | ||||
| |||||
Sales | 1,461,441 | 1,225,278 | |||
Net gain from trading activity | 4,592 | 1,490 | |||
Operating expenses | (950,052) | (917,575) | |||
Operating profit | 515,981 | 309,193 | |||
Finance income | 27,366 | 139,474 | |||
Finance expense | (51,292) | (30,079) | |||
Share of net (loss) income of associated undertakings and joint ventures | (2,158) | 42,983 | |||
Gains (losses) on disposal of available-for-sale financial assets | _ 22 | _ (200) | |||
Profit before profit tax | 489,919 | 461,371 | |||
Current profit tax expense | (6,705) | (102,682) | |||
Deferred profit tax (expense) benefit | (95,062) | 12,488 | |||
Profit tax expense | (101,767) | (90,194) | |||
Profit for the period | 388,152 | 371,177 | |||
Other comprehensive income (loss):
| |||||
Items that will not be reclassified to profit or loss: | |||||
Remeasurements of post employment benefit obligations | 753 | (1,081) | |||
Total items that will not be reclassified to profit or loss | 753 | (1,081) | |||
Items that will be reclassified to profit or loss: | |||||
(Losses) gains arising from change in fair value of available-for- sale financial assets, net of tax | (12,174) | 3,551 | |||
Share of other comprehensive gain (loss) of associated undertakings and joint ventures | 1,178 | (2,758) | |||
Translation differences | 7,439 | (51,238) | |||
Gains from cash flow hedges, net of tax | 1,037 | 6,218 | |||
Total items that will be reclassified to profit or loss | (2,520) | (44,227) | |||
Other comprehensive loss for the period, net of tax | (1,767) | (45,308) | |||
Total comprehensive income for the period | 386,385 | 325,869 | |||
Profit attributable to: | |||||
owners of OAO Gazprom | 380,665 | 361,403 | |||
non-controlling interest | 7,487 | 9,774 | |||
388,152 | 371,177 | ||||
Total comprehensive income attributable to: | |||||
owners of OAO Gazprom | 378,647 | 318,894 | |||
non-controlling interest | 7,738 | _ 6,975 | |||
386,385 | 325,869 | ||||
Sales (net of VAT, excise tax and customs duties) increased by RUB 236,163 million, or 19%, to RUB 1,461,441 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012. More detailed information on our sales for the three months ended March 31, 2013 and 2012 is presented in the table below.
in millions of RUB (unless otherwise stated) | Three months ended March 31, | ||
| 2013 | 2012 | |
Sales of gas | |||
| Europe and other countries Net sales (net of customs duties) | 428,314 | 386,600 | |
Volumes in bcm | 45.4 | 42.7 | |
Average price, RUB/mcm (including customs duties) | 11,862.8 | 11,525.7 | |
Retroactive gas price adjustments | 73,430 | (78,505) | |
| FSU (Former Soviet Union) | |||
Net sales (net of customs duties) | 121,777 | 144,325 | |
Volumes in bcm | 18.2 | 20.0 | |
Average price, RUB/mcm (including customs duties) | 8,066.0 | 8,633.4 | |
| Russian Federation | |||
Net sales (net of VAT) | 280,298 | 269,070 | |
Volumes in bcm | 90.3 | 99.6 | |
Average price, RUB/mcm (net of VAT) | 3,104.5 | 2,701.3 | |
| Total sales of gas | |||
Net sales (net of VAT and customs duties) | 903,819 | 721,490 | |
Volumes in bcm | 153.9 | 162.3 | |
| |||
Net sales of refined products (net of VAT, excise tax and customs duties) | 319,178 | 255,971 | |
Net sales of crude oil and gas condensate (net of VAT and customs duties) | 52,280 | 65,651 | |
Net electric and heat energy sales (net of VAT) | 106,851 | 111,601 | |
Net gas transportation sales (net of VAT) | 41,232 | 32,059 | |
Other revenues (net of VAT) | 38,081 | 38,506 | |
Total sales (net of VAT, excise tax and customs duties) | 1,461,441 | 1,225,278 | |
| |||
Net sales of gas increased by RUB 182,329 million, or 25%, to RUB 903,819 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.
For the three months ended March 31, 2013 net sales of gas to Europe and other countries increased by RUB 41,714 million, or 11%, to RUB 428,314 million compared to the three months ended March 31, 2012. This change was primarily due to increase in volumes of gas sold by 6%, or 2.7 bcm, which was reinforced by the increase of average realized prices in RUB terms (including customs duties) by 3%.
Retroactive gas price adjustments were recognized in the consolidated interim condensed financial information for the three months period ended March 31, 2013 as an increase of sales in the amount of RUB 73,430 million reflecting a decrease in previously accrued liability. In the consolidated interim condensed financial information for the three months ended March 31, 2012 effect of retroactive gas price adjustment, related to gas deliveries in the years 2010 and 2011, amounted to RUB 78,505 million. This change resulted in increase in sales by RUB 151,935 million.
Net sales of gas to FSU countries decreased by RUB 22,548 million, or 16%, to RUB 121,777 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.The decrease of sales in this segment is explained by the decrease of volumes of gas sold by 9%, or 1.8 bcm, which was partially reinforced by the decrease of the average realized prices in RUB terms (including customs duties) by 7%.
Net sales of gas in the domestic market increased by RUB 11,228 million, or 4%, to RUB 280,298 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012. This is explained primarily by the increase in the average domestic price for gas by 15%, which was partially compensated by the decrease of volumes of gas sold by 9%, or 9.3 bcm.
Net sales of refined products increased by RUB 63,207 million, or 25%, to RUB 319,178 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012. The increase in net sales of refined products was partially compensated by a decrease in net sales of crude oil and gas condensate by RUB 13,371 million, or 20%. Reallocation of sales between operating segments is related to inclusion of OAO Gazprom neftekhim Salavat's results in consolidated interim condensed financial information in June 2012. Moreover, increase in net sales of refined products is related to an increase in volumes sold by Gazprom neft Group to customers in Europe and other countries and an increase of prices for refined products in Russia and FSU countries (other than Russia).
Net electric and heat energy sales decreased by RUB 4,750 million, or 4%, to RUB 106,851 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.The decrease is mainly caused by the decrease of OAO Mosenergo's heat energy sales due to a decrease in heat supply as well as the changes in the scheme of payments for heat energy since October 1, 2012 after consolidation of OAO "MOEK" and OAO "MTK".
In the three months ended March 31, 2013 net gas transportation sales increased by RUB 9,173 million, or 29%, to RUB 41,232 million compared to the three months ended March 31, 2012. The increase in net gas transportation sales was primarily due to an increase in volumes of gas transportation services rendered to independent gas suppliers and an increase in gas transportation tariffs.
Operating expenses increased by RUB 32,477 million, or 4%, to RUB 950,052 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.
Major item in the total amount of operating expenses is «Purchased gas and oil» which increased by RUB 10,047 million or 6%. Cost of purchased gas, included in «Purchased gas and oil», increased by RUB 9,593 million, or 8%. This increase mainly relates to the growth in prices of gas purchased from third parties outside of the Russian Federation. Cost of purchased oil, included in «Purchased gas and oil», increased by RUB 454 million, or 1%, to RUB 50,107 million in the three months ended March 31, 2013 compared to RUB 49,653 million in the three months ended March 31, 2012.
In the three months ended March 31, 2013 profit for the period attributable to owners of OAO Gazprom totaled RUB 380,665 million which is RUB 19,262 million, or 5%, higher compared to the three months ended March 31, 2012.
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 98,784 million, or 9%, from RUB 1,071,214 million as of December 31, 2012 to RUB 972,430 million as of March 31, 2013. This decrease resulted from increase in cash and cash equivalents.
More detailed information on the IFRS consolidated interim condensed financial information for the three months ended March 31, 2013 can be found on OAO Gazprom web site (www.gazprom.ru).
Information Directorate, OAO Gazprom
www.gazprom.ru
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