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10 Aug 2015 08:35
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RELEASE
10.08.2015
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Gazprom's financial information under International Financial Reporting Standards (IFRS) for the three months ended March 31,ย 2015
Today PJSC Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IASย 34) for the three months ended March 31,ย 2015.
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,ย 2015 and for the three months ended Marchย 31,ย 2014. All amounts are presented in millions of the Russianย Rubles.
Three months ended | |||
Marchย 31, | |||
2015 | 2014 | ||
Sales | 1,648,253 | 1,558,737 | |
Net (loss) gain from trading activity | (18,013) | 3,802 | |
Operating expenses | (1,171,585) | (1,089,749) | |
Operating profit | 458,655 | 472,790 | |
Finance income | 683,675 | 27,310 | |
Finance expense | (683,588) | (203,087) | |
Share of net incomeย of associated undertakings and joint ventures | 37,314 | 20,907 | |
Gains on disposal of available-for-sale financial assets | 38 | 30 | |
Profit before profit tax | 496,094 | 317,950 | |
Current profit tax expense | (74,584) | (62,599) | |
Deferred profit tax expense | (31,892) | (23,687) | |
Profit tax expense | (106,476) | (86,286) | |
Profit for the period | 389,618 | 231,664 | |
Other comprehensive income (loss): ย | |||
Loss that will not be reclassified to profit or loss: | |||
Remeasurements of post-employment benefit obligations | (54,348) | (6,159) | |
Total loss that will not be reclassified to profit or loss | (54,348) | (6,159) | |
Income (loss) that will be reclassified to profit or loss: | |||
Gains (losses) arising from change in fair value of available-for-sale financial assets, net of tax | 598 | (18,604) | |
Share of other comprehensiveย income (loss) of associated undertakings and joint ventures | 4,117 | (2,373) | |
Translation differences | (10,826) | 73,684 | |
Gainsย (losses) from cash flow hedges, net of tax | 2,770 | (10,387) | |
Total (loss) income that will be reclassified to profit or loss | (3,341) | 42,320 | |
Other comprehensive (loss) incomeย for the period, net of tax | (57,689) | 36,161 | |
Total comprehensive income for the period | 331,929 | 267,825 | |
Profit attributable to: | |||
Owners of PJSC Gazprom | 382,112 | 223,007 | |
Non-controlling interest | 7,506 | ย 8,657 | |
389,618 | 231,664 | ||
Total comprehensive income attributable to: | |||
Owners of PJSC Gazprom | 328,199 | 255,860 | |
Non-controlling interest | 3,730 | ย ย 11,965 | |
331,929 | 267,825 | ||
Total sales (net of excise tax, VAT and customs duties) increased by RUBย 89,516ย million, or 6ย %, to RUBย 1,648,253ย million in the three months ended March 31,ย 2015 compared toย the three months ended Marchย 31,ย 2014. The increase in sales is mainly driven by the increase in gas sales to Europe and other countries and Former Soviet Union countries (excluding the Russian Federation). More detailed information concerning the main items of the sales' structure for the three months ended March 31,ย 2015 and 2014 is presented inย the table below.
ย | inย millions ofย RUB (unless otherwise stated) | Three months ended | |
Marchย 31, | |||
2015 | 2014 | ||
Salesย ofย gas | |||
| Europe and other countries | |||
Net sales (net ofย excise tax and customs duties) | 542,993 | 484,379 | |
Volumes inย bcm | 39.1 | 46.7 | |
Average price, RUBย /ย mcm (including excise tax and customs duties) | 17,959.1 | 13,087.3 | |
| FSU (Former Soviet Union) countries | |||
Net sales (net ofย customs duties) | 155,638 | 126,759 | |
Volumes inย bcm | 12.9 | 16.3 | |
Average price, RUBย /ย mcm (including customs duties) | 13,427.7 | 8,479.0 | |
| Russian Federation | |||
Net sales (net ofย VAT) | 286,553 | 298,814 | |
Volumes inย bcm | 80.3 | 84.5 | |
Average price, RUBย /ย mcm (net ofย VAT) | 3,567.7 | 3,534.8 | |
| Total sales ofย gas | |||
Retroactive gas price adjustments | 16,425 | - | |
Net sales (net ofย VAT, excise tax and customs duties) | 1,001,609 | 909,952 | |
Volumes inย bcm | 132.3 | 147.5 | |
Net sales ofย refined products (net ofย excise tax, VAT and customs duties) | 364,681 | 380,658 | |
Net electric and heat energy sales (net ofย VAT) | 133,204 | 134,614 | |
Net sales ofย crude oil and gas condensate (net ofย VAT and customs duties) | 59,511 | 49,339 | |
Net gas transportation sales (net ofย VAT) | 44,507 | 40,301 | |
Other revenues (net ofย VAT) | 44,741 | 43,873 | |
Total sales (net ofย excise tax, VAT and customs duties) | 1,648,253 | 1,558,737 | |
Net sales of gas increased by RUBย 91,657ย million, orย 10ย %, toย RUBย 1,001,609ย million in the three months ended March 31,ย 2015 compared to the three months ended Marchย 31,ย 2014.
In the three months ended March 31,ย 2015 net sales of gas to Europe and other countries increased by RUBย 58,614ย million, orย 12ย %, to RUBย 542,993ย million compared to the three months ended Marchย 31,ย 2014. This is primarily explained by the increase in average prices in RUB terms (including excise tax and customs duties) byย 37ย %. The change is primarily due to increase in exchange rate, which is partially compensated by the decrease in volumes of gas sold by 16ย %, or 7.6ย bcm.
Net sales of gas to FSU countries increased by RUBย 28,879ย million, or 23ย %, to RUBย 155,638ย million in the three months ended March 31,ย 2015 compared to the three months ended Marchย 31,ย 2014. This is primarily explained by the increase in average prices in RUBย terms (including customs duties) byย 58ย %.The change is primarily due to increase in exchange rate, which is partially compensated by the decrease in volumes of gas sold by 21ย %, or 3.4ย bcm.
Net sales of gas in the Russian Federation decreased by RUBย 12,261ย million, or 4ย %, to RUBย 286,553ย million in the three months ended March 31,ย 2015 compared to the three months ended Marchย 31,ย 2014. This is primarily explained by the decrease in volumes of gas sold by 5ย %, or 4.2ย bcm.
Operating expenses increased by RUBย 81,836ย million, or 8ย %, to RUBย 1,171,585ย million in the three months ended March 31,ย 2015 compared to the three months ended Marchย 31,ย 2014.
The major factors leading to an increase in operating expenses were:
an increase in purchased gas (by RUBย 41,100ย million) mainly due to an increase in cost of gas purchased from third parties abroad;
an increase in taxes due to an increase in mineral extraction tax and property tax (by RUBย 34,693ย million).
Profit attributable to the owners of PJSCย Gazprom for the three months ended March 31,ย 2015 totaled RUBย 382,112ย million which is RUBย 159,105ย million, or 71ย %, higher compared to the three months ended Marchย 31,ย 2014.
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, 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 RUBย 202,367ย million, or 12ย %, from RUBย 1,650,633ย million as of Decemberย 31,ย 2014 to RUBย 1,448,266ย million as of March 31,ย 2015. This decrease resulted from the increase inย cash and cash equivalents.
More detailed information on the IFRS consolidated interim condensed financial information for the three months ended March 31,ย 2015 can be found on the PJSCย Gazprom's site (www.gazprom.ru).
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INFORMATION DIRECTORATE, PJSCย GAZPROM
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www.gazprom.ru
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