On April 27, 2012 OAO Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2011.
The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the year ended December 31, 2011 and 2010. All amounts are presented in millions of Russian Rubles.
|
|
Year ended December 31, |
|
2011 |
|
2010 |
|
Sales |
4,637,090 |
|
3,597,054 |
|
Net gain from trading activity |
2,791 |
|
6,256 |
|
Operating expenses |
(2,942,181) |
|
(2,440,777) |
|
Impairment provision and other provisions |
(40,857) |
|
(48,711) |
|
Operating profit |
1,656,843 |
|
1,113,822 |
|
Finance income |
190,488 |
|
171,841 |
|
Finance expense |
(267,823) |
|
(169,147) |
|
Share of net income of associated undertakings and jointly controlled entities |
99,049 |
|
76,520 |
|
Gains on disposal of available-for-sale financial assets |
1,379 |
|
3,292 |
|
Gain from disposal of interest in OAO NOVATEK |
– |
|
77,375 |
|
Profit before profit tax |
1,679,936 |
|
1,273,703 |
|
Current profit tax expense |
(279,216) |
|
(249,387) |
|
Deferred profit tax expense |
(58,278) |
|
(26,323) |
|
Profit tax expense |
(337,494) |
|
(275,710) |
|
Profit for the year |
1,342,442 |
|
997,993 |
|
Other comprehensive income |
|
|
|
|
(Losses) gains arising from change in fair value of available-for-sale financial assets, net of tax |
(7,669) |
|
18,904 |
|
Share of other comprehensive (loss) income of associated undertakings and jointly controlled entities |
(19,302) |
|
4,100 |
|
Translation differences |
19,342 |
|
(9,407) |
|
Other comprehensive (loss) income for the year, net of tax |
(7,629) |
|
13,597 |
|
Total comprehensive income for the year |
1,334,813 |
|
1,011,590 |
|
Profit attributable to: |
|
|
|
|
owners of OAO Gazprom |
1,307,018 |
|
968,557 |
|
non-controlling interest |
35,424 |
|
29,436 |
|
|
1,342,442 |
|
997,993 |
|
Total comprehensive income attributable to: |
|
|
|
|
owners of OAO Gazprom |
1,297,891 |
|
981,280 |
|
non-controlling interest |
36,922 |
|
30,310 |
|
|
1,334,813 |
|
1,011,590 |
Sales (net of VAT and customs duties) increased by RUB 1,040,036 million, or 29%, to RUB 4,637,090 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. More detailed information on our sales for the years ended December 31, 2011 and 2010 is presented in the table below.
|
In millions of RUB (unless otherwise stated) |
Year ended December 31, |
|
|
2011 |
2010 |
|
Sales of gas |
|
|
|
Europe and other countries |
|
|
|
Net sales (net of customs duties) |
1,439,069 |
1,099,225 |
|
|
Volumes in bcm |
156.6 |
148.1 |
|
|
Average price, RUB/mcm (including customs duties) |
11,259.1 |
9,166.6 |
|
|
FSU (Former Soviet Union) |
|
|
Net sales (net of VAT and customs duties) |
637,178 |
450,137 |
|
|
Volumes in bcm |
81.7 |
70.2 |
|
|
Average price, RUB/mcm (including customs duties, net of VAT) |
8,509.3 |
7,039.0 |
|
|
Russian Federation |
|
|
Net sales (net of VAT) |
738,601 |
636,843 |
|
|
Volumes in bcm |
280.7 |
277.3 |
|
|
Average price, RUB/mcm (net of VAT) |
2,631.7 |
2,296.8 |
|
|
Total sales of gas |
|
|
Net sales (net of VAT and customs duties) |
2,814,848 |
2,186,205 |
|
|
Volumes in bcm |
519.0 |
495.6 |
|
|
Net sales of refined products (net of VAT and customs duties) |
973,026 |
709,062 |
|
|
Net electric and heat energy sales (net of VAT) |
344,551 |
288,655 |
|
|
Net sales of crude oil and gas condensate (net of VAT and customs duties) |
235,432 |
196,074 |
|
|
Net gas transportation sales (net of VAT) |
112,995 |
92,631 |
|
|
Other revenues (net of VAT) |
156,238 |
124,427 |
|
|
Total sales (net of VAT and customs duties) |
4,637,090 |
3,597,054 |
|
Net sales of gas increased by RUB 628,643 million, or 29%, to RUB 2,814,848 million in the year ended December 31, 2011 compared to the year ended December 31, 2010.
For the year ended December 31, 2011 net sales of gas to Europe and other countries increased by RUB 339,844 million, or 31%, to RUB 1,439,069 million compared to the year ended December 31, 2010. This mainly results from the increase of average realized prices in RUB terms (including customs duties) by 23% which was enhanced by the increase of volume of gas sold by 6%, or 8.5 bcm.
Net sales of gas to FSU countries increased by RUB 187,041 million, or 42%, to RUB 637,178 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. The increase of sales in this segment is explained by the increase of average realized prices in RUB terms (including customs duties, net of VAT) by 21%, which was enhanced by the increase of volume of gas sold by 16%, or 11.5 bcm.
Net sales of gas in the domestic market increased by RUB 101,758 million, or 16%, to RUB 738,601 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. This is explained primarily by the increase in the average domestic price for gas established by the Federal Tariffs Service.
Net sales of refined products increased by RUB 263,964 million, or 37%, to RUB 973,026 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. The increase was due to the increase of prices for refined products and increase of volumes sold.
Net sales of electric and heat energy increased by RUB 55,896 million, or 19%, to RUB 344,551 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. The increase in electric and heat energy sales is explained by the increase in tariffs for electric and heat energy and the increase in volumes.
Net sales of crude oil and gas condensate increased by RUB 39,358 million, or 20%, to RUB 235,432 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. The increase related mainly to activities of Gazprom neft Group: sales of crude oil increased by RUB 20,752 million, or 12%, to RUB 189,945 million in the year ended December 31, 2011 compared to the year ended December 31, 2010, mainly due to the increase in oil prices. Sales of gas condensate increased by RUB 18,606 million, or 69%, to RUB 45,487 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. Increase of gas condensate sales was due to the increase of average realized prices and volumes of gas condensate sold.
Net gas transportation sales increased by RUB 20,364 million, or 22%, to RUB 112,995 million in the year ended December 31, 2011 compared to the year ended December 31, 2010. The increase was mainly due to increase in tariffs and volumes of gas transported for independent gas suppliers.
Operating expenses increased by RUB 501,404 million, or 21%, to RUB 2,942,181 million in the year ended December 31, 2011 compared to the year ended December 31, 2010.
The major item in the total amount of operating expenses is “Purchased gas and oil” which increased by RUB 222,715 million. The increase in cost of purchased gas relates to the increase in volumes and prices of gas purchased from third parties within Russian Federation and abroad.
In the year ended December 31, 2011 our profit for the year attributable to owners of OAO Gazprom totaled RUB 1,307,018 million which is RUB 338,461 million, or 35%, higher compared to the year ended December 31, 2010.
Our net debt balance (defined as the sum of short-term borrowings, including current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities, 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) increased by RUB 163,948 million, or 19%, from RUB 870,993 million as of December 31, 2010 to RUB 1,034,941 million as of December 31, 2011. This can be explained by the raising of new long-term and short-term borrowings, the appreciation of USD and Euro against RUB and decrease in cash and cash equivalents.
More detailed information on the IFRS consolidated financial statements for the year ended December 31, 2011, can be found here.
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