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29 Apr 2010 09:00
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Ā
Ā RELEASE
29.04.2010
MoscowĀ
Gazprom reports its consolidated financial results under International Financial Reporting Standards (IFRS) for the year ended 31Ā December 2009
OnĀ 29Ā AprilĀ 2010Ā OAO Gazprom issued its audited consolidated financial statements prepared inĀ accordance with International Financial Reporting Standards for the year ended 31Ā December 2009.
Primary factors which influence these financial statements are:
- decrease of volumes of gas sold in all geographic segments;
- purchase of additional 20% interest in OAO Gazprom neft, change in subsidiaries of Gazprom neft Group (acquisition of controlling interest in Sibir Energy plc and Naftna Industrija Srbije), acquisition of 51% interest in OOO SeverEnergiya, which controls ŠŠŠ Arkticheskaya gazovaya kompaniya, ZAO Urengoil Inc. and OAO Neftegastehnologiya, acquisition of controlling interest in OAOĀ TGC-1 and closing the swap agreement with E.ON Ruhrgas AG.
The table below presents the consolidated statement ofĀ comprehensive income prepared inĀ accordance with IFRS for the year ended 31Ā DecemberĀ 2009Ā and 2008. All amounts are presented inĀ millions ofĀ Russian Roubles. Ā
Ā
|
|
|
Year ended |
||
|
|
|
31 December |
||
|
|
2009 |
|
2008 |
|
|
|
|
|
|
|
|
Sales (net of excise tax, VAT and customs duties) |
|
2,990,971 |
|
3,285,486 |
|
Net gain from trading activity |
|
8,295 |
|
4,221 |
|
Operating expenses |
|
(2,096,926) |
|
(1,930,437) |
|
Impairment provision and other provisions |
|
Ā (45,428) |
|
(98,964) |
|
|
|
|
|
|
|
Operating profit |
|
856,912 |
|
1,260,306 |
|
|
|
|
|
|
|
Purchase of non-controlling interest in OAO Gazprom neft |
|
13,865 |
|
- |
|
Loss from change in fair value of call option |
|
- |
|
(50,738) |
|
Gain from swap of assets transaction |
|
105,470 |
|
- |
|
Finance income |
|
375,799 |
|
165,603 |
|
Finance expense |
|
(441,487) |
|
(341,179) |
|
Share of net income (loss) of associated undertakings and jointly controlled entities |
|
62,557 |
|
(16,686) |
|
Gains on disposal of available-for-sale financial assets |
|
6,319 |
|
Ā 14,326 |
|
|
|
|
|
|
|
Profit before profit tax |
|
979,435 |
|
1,031,632 |
|
|
|
|
|
|
|
Current profit tax expense |
|
(182,255) |
|
(307,094) |
|
Deferred profit tax (expense) benefit |
|
(3,387) |
|
46,842 |
|
Profit tax expense |
|
(185,642) |
|
(260,252) |
|
|
|
|
|
|
|
Profit for the year |
|
793,793 |
|
771,380 |
|
|
|
|
|
|
|
|
|
|
|
|
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Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) arising from change in fair value of available-for-sale financial assets, net of tax |
|
32,193 |
|
(58,105) |
|
Share of other comprehensive income (losses) of associated undertakings and jointly controlled entities |
|
7,098 |
|
(4,972) |
|
Translation differences |
|
1,704 |
|
20,340 |
|
Revaluation of equity interest |
|
9,911 |
|
- |
|
Other comprehensive income (loss) for the year, net of tax |
|
50,906 |
|
(42,737) |
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
844,699 |
|
728,643 |
|
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
owners of OAO Gazprom |
|
779,585 |
|
742,928 |
|
non-controlling interest |
|
14,208 |
|
28,452 |
|
|
|
793,793 |
|
771,380 |
|
Total comprehensive income attributable to: |
|
|
|
|
|
owners of OAO Gazprom |
|
835,182 |
|
699,071 |
|
non-controlling interest |
|
9,517 |
|
29,572 |
|
|
|
844,699 |
|
728,643 |
|
|
|
|
|
|
Sales (net of excise tax, VAT and customs duties) decreased by RR 294,515 million, or 9%, to RRĀ 2,990,971 million in the year ended 31Ā DecemberĀ 2009 compared to the year ended 31Ā DecemberĀ 2008. More detailed information on our sales for the years ended 31 December 2009 and 2008 is presented in the table below.
|
in millions of RR (unless otherwise stated) |
Year ended 31 December |
|
|
|
2009 |
2008 |
|
|
|
|
|
Sales of gas |
|
|
|
Europe and other countries |
|
|
|
Net sales (net of excise tax and customs duties) |
1,102,996 |
1,260,645 |
|
Volumes in bcm |
152.8 |
167.6 |
|
Average price, RR/mcm (including excise tax and customs duties) |
9,120.3 |
10,125.4 |
|
|
|
|
|
FSU |
|
|
|
Net sales (net of excise tax, VAT and customs duties) |
309,929 |
356,514 |
|
Volumes in bcm |
56.7 |
96.5 |
|
Average price, RR/mcm (including excise tax, customs duties and net of VAT) |
6,411.1 |
3,956.9 |
|
|
|
|
|
Russia |
|
|
|
Net sales (net ofĀ excise tax and VAT) |
503,121 |
479,387 |
|
Volumes in bcm |
273.5 |
292.2 |
|
Average price, RR/mcm (including excise tax and net of VAT) |
1,839.5 |
1,640.6 |
|
|
|
|
|
Total sales of gas |
|
|
|
Net sales (net of excise tax, VAT and customs duties) |
1,916,046 |
2,096,546 |
|
Volumes in bcm |
483.0 |
556.3 |
|
|
|
|
|
Net sales of refined products (net of excise tax, VAT and customs duties) |
540,505 |
652,956 |
|
Net sales of electric and heat energy (net of VAT) |
195,040 |
134,335 |
|
Net sales of crude oil and gas condensate (net of excise tax, VAT and customs duties) |
176,403 |
214,955 |
|
Gas transportation sales (net of VAT) |
65,563 |
70,685 |
|
Other revenues (net of VAT) |
__97,414 |
_116,009 |
|
Total sales (net of excise tax, VAT and customs duties) |
2,990,971 |
3,285,486 |
|
|
|
|
Ā
Net sales of gas decreased by RR 180,500 million, or 9%, compared to the year ended 31Ā DecemberĀ 2008 to RRĀ 1,916,046 million in the year ended 31Ā DecemberĀ 2009. This decrease was primarily due toĀ decrease of volume of gas sold inĀ all geographical segments. With that, there was an increase of average realized gas prices to Russia and FSU countries compared to the year ended 31Ā DecemberĀ 2008.
For the year ended 31Ā DecemberĀ 2009Ā net sales ofĀ gas toĀ Europe and other countries decreased byĀ RRĀ 157,649 million, or 13%, toĀ RRĀ 1,102,996 million compared toĀ the year ended 31Ā DecemberĀ 2008. This mainly results from the decrease ofĀ average realized prices inĀ RRĀ terms (including excise tax and customs duties) byĀ 10% which was aggravated byĀ the decrease ofĀ the volume ofĀ gas sold byĀ 9%, orĀ 14.8Ā bcm.
Net sales ofĀ gas toĀ FSU countries decreased byĀ RRĀ 46,585 million, orĀ 13%, toĀ RRĀ 309,929 million inĀ the year ended 31Ā December 2009 compared toĀ the year ended 31 December 2008. The decrease ofĀ sales inĀ this segment isĀ explained by the decrease ofĀ the volume ofĀ gas sold by 41%, orĀ 39.8 bcm, which was compensated byĀ the increase of average realized prices in RR terms (including excise tax and customs duties, net of VAT) by 62%.
Net sales ofĀ gas inĀ the domestic market increased byĀ RRĀ 23,734 million, or 5%, toĀ RRĀ 503,121 million inĀ the year ended 31Ā December 2009 compared toĀ the year ended 31Ā December 2008. This isĀ explained primarily by theĀ increase inĀ the average domestic price for gas set upĀ byĀ the Federal Tariffs Service, which was partially compensated byĀ the decrease ofĀ the volume ofĀ gas sold byĀ 6%, orĀ 18.7Ā bcm.
Net sales ofĀ refined products decreased byĀ RRĀ 112,451 million, or 17%, compared to the year ended 31Ā DecemberĀ 2008 to RR 540,505 million. The decrease was primarily due to theĀ deconsolidation ofĀ the Sibur Group and the decline inĀ prices for refined products.
Net sales of electric and heat energy increased byĀ RRĀ 60,705 million, orĀ 45%, to RR 195,040 million inĀ the year ended 31Ā DecemberĀ 2009. The increase inĀ electric and heat energy sales mainly resulted from consolidation asĀ subsidiaries ofĀ ŠŠŠ WGC-2Ā and ŠŠŠ WGC-6Ā and operations ofĀ OAO Mosenergo.
InĀ the year ended 31Ā December 2009Ā net sales ofĀ crude oil and gas condensate decreased byĀ RRĀ 38,552 million, orĀ 18%, to RRĀ 176,403 million. The decrease ofĀ net sales ofĀ crude oil and gas condensate primarily resulted from the activity of OAO Gazprom neft: net sales ofĀ crude oil decreased byĀ RRĀ 33,456 million, orĀ 17%, toĀ RRĀ 157,874 million inĀ the year ended 31Ā DecemberĀ 2009 compared toĀ the year ended 31 December 2008.
Operating expenses increased byĀ RRĀ 166,489 million, orĀ 9%, toĀ RRĀ 2,096,926 million inĀ the year ended 31Ā December 2009 compared toĀ the year ended 31Ā December 2008.
Major item whose growth resulted inĀ the increase ofĀ the total amount ofĀ operating expenses is purchased oil and gas (RRĀ 77,771 million). The cost ofĀ purchased gas increased byĀ RRĀ 71,370 million, orĀ 19%, and the cost ofĀ purchased oil increased byĀ RRĀ 6,401 million, orĀ 4%. The increase inĀ cost ofĀ purchased gas was mainly caused byĀ the increase inĀ prices for gas from Central Asia. The increase was also driven by increase of the following expenses: Transit of gas, oil and refined products (RRĀ 53,058Ā million), Depreciation (RRĀ 26,181Ā million), Staff costs (RRĀ 15,370Ā million), Other operating expenses (RRĀ 35,152Ā million). This increase was partially compensated byĀ the cost reduction within the following items: Cost of goods for resale, including refined products (RRĀ 17,371Ā million), Taxes other than onĀ income (RRĀ 14,223Ā million), Repairs and maintenance (RRĀ 13,455Ā million), Materials (RRĀ 7,146Ā million), Electricity and heating expenses (RRĀ 5,316Ā million).
InĀ the year ended 31Ā December 2009Ā our profit for the period attributable toĀ owners ofĀ OAO Gazprom totaled RRĀ 779,585 million which isĀ RRĀ 36,657 million, orĀ 5%, higher compared toĀ the year ended 31Ā December 2008.
Our net debt balance (defined asĀ the sum ofĀ short-term borrowings, including current portion ofĀ long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities, net ofĀ cash and cash equivalents and balances ofĀ cash and cash equivalents restricted asĀ toĀ withdrawal under the terms ofĀ certain borrowings and other contractual obligations) increased byĀ RRĀ 353,961Ā million, orĀ 35%, from RRĀ 1,018,346Ā million asĀ of 31Ā DecemberĀ 2008Ā to RRĀ 1,372,307 million asĀ ofĀ 31Ā December 2009. This can beĀ explained primarily by the increase in long-term borrowings.Ā
More detailed information onĀ the IFRS consolidated financial statements for the year ended 31Ā DecemberĀ 2009Ā can beĀ found on www.gazprom.ru.
Ā Ā Information Directorate, OAO GazpromĀ
_____________________________________________________________________________________________
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+7 (495) 719-28-01
pr@gazprom.ru ir@gazprom.ru
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