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GAZPROM

October 20, 2005

Gazprom reports its consolidated interim condensed financial results under International Financial Reporting Standards (IFRS) for the three months ended 31 March 2005

On 20 October 2005 OAO 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 31 March 2005.

During the period from December 2003 to March 2005, the International Accounting Standards Board (“IASB”) revised 17 of its standards and issued 5 new standards. The financial information was prepared in accordance with all the new and revised IFRS standards effective 1January 2005, which are relevant to its operations. In addition, effective 1 January 2005 the Group early adopted IFRS 6 “Exploration for and Evaluation of Mineral Resources”.

The table below presents the unaudited consolidated interim condensed statement of income for the three months ended 31 March 2005 and 2004. All amounts are presented in million Russian Roubles, unless otherwise stated.

 

Three months ended

31 March

2005

2004

Sales (net of excise tax, VAT and customs duties)

339,181

255,845

Operating expenses

(220,414)

(181,928)

Operating profit

118,767

73,917

 

 

 

Finance income

14,969

24,174

Finance expenses

(14,252)

(11,521)

Share of net income of associated undertakings

4,214

2,847

Gains on available-for-sale investments

815

2,634

Profit before profit tax

124,513

92,051

 

 

 

Current profit tax expense

(28,568)

(15,471)

Deferred profit tax expense

(3,548)

(7,645)

Profit tax expense

(32,116)

(23,116)

Profit for the period

92,397

68,935

 

 

 

Profit for the period attributable to:

 

 

Equity holders of OAO Gazprom

91,628

68,353

Minority interest

769

582

 

92,397

68,935

 

Sales (net of excise, VAT and customs duties) increased by RR83,336 million, or 33%, to RR339,181 million in the three months ended 31 March 2005 compared to the three months ended 31 March 2004. More detailed information on our sales for the three months ended 31March 2005 and 2004 is presented in the table below.

 

in million RR (unless otherwise stated)

Three months ended 31March

Sale of gas

2005

2004

Europe

 

 

Net sale (net of excise tax and customs duties)

152,572

108,796

Volumes in bcm

43.9

41.8

Average price, RR/mcm (including excise tax and customs duties)

4,739.6

3,627.6

FSU

 

 

Net sales (net of excise tax, VAT and customs duties)

24,182

14,365

Volumes in bcm

19.2

14.1

Average price, RR/mcm (including excise tax and customs duties, net of VAT)

1,520.2

1,423.1

Russia

 

 

Net sales (net of excise tax and VAT)

105,396

85,505

Volumes in bcm

106.2

105.3

Average price, RR/mcm (including excise tax and net of VAT)

1,003.1

824.7

Total sales of gas

 

 

Net sales (net of excise tax, VAT and customs duties)

282,150

208,666

Volumes in bcm

169.3

161.2

 

 

 

Sales of gas condensate and other oil and gas products (net of excise tax, VAT and customs duties)

36,032

27,323

Gas transportation sales (net of VAT)

6,601

9,528

Other sales (net of VAT)

14,398

10,328

Total sales (net of excise tax, VAT and customs duties)

339,181

255,845

 

Net sales of natural gas increased by RR73,484 million, or 35%, to RR282,150 million in the three months ended 31 March 2005 compared to the three months ended 31 March2004. This increase was primarily due to the increase in prices of gas sales in Europe and in the Russian Federation and due to the increase in volumes of gas sales.

Net sales of natural gas to Europe increased by RR43,776million, or 40%, to RR152,572million in the three months ended 31 March 2005 compared to the three months ended 31 March 2004. This was primarily due to the increase in average prices of gas sales to the customers in European countries and a 5% increase in sale volumes.

Net sales of natural gas to FSU countries increased by RR9,817 million, or 68%, to RR24,182 million in the three months ended 31 March 2005 compared to the three months ended 31March 2004. This is primarily due to a temporary reduction in sales volumes to Belarus in the three months ended 31 March 2004.

Net sales of natural gas in the domestic market increased by RR19,891 million, or 23%, to RR105,396 million in the three months ended 31 March 2005 compared to the three months ended 31March2004. This was primarily due to the increase in average domestic prices for gas sales set up by the Federal Tariff Service.

Sales of gas condensate and oil and gas products increased by RR8,709 million, or 32%, primarily due to the increase in market prices of oil and gas products in the three months ended 31March of 2005 compared to the three months ended 31 March 2004.

Operating expenses increased by RR38,486 million, or 21%, to RR220,414 million in the three months ended 31 March 2005 compared to the three months ended 31March 2004.

This increase in operating expenses was primarily due to the increase in taxes other than on income (RR6,878 million), purchased gas (RR5,894 million) and repairs and maintenance (RR5,276 million). The increase in taxes other than on income was primarily due to changes in tax legislation related to natural resources production tax, which became effective 1 January 2005. The increase in cost of purchased gas was primarily due to increased volumes of gas purchases, both in Central Asia and in Europe, for resale to customers in Western Europe and the FSU. The increase in repairs and maintenance expenses is primarily due to an increase in the volume of repairs and maintenance services rendered by external providers primarily in the transportation segment.

Profit tax increased by RR9,000 million, or 39%, to RR32,116 million in the three months ended 31 March 2005 as compared to the three months ended 31 March 2004. Our overall effective profit tax rate was 25.8% in the three months ended 31 March 2005 compared to 25.1% in the three months ended 31 March 2004.

In the three months ended 31 March 2005 our profit for the period attributable to equity holders of OAO Gazprom totaled RR91,628 million, which is RR23,275 million, or 34%, higher compared to the three months ended 31 March 2004.

Our 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 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) decreased by RR68,340million, or 14%, from RR499,855million as of 31December 2004 to RR431,515million as of 31 March 2005. This was primarily due to increased balance of cash and cash equivalents, resulting primarily from an increase in cash inflows from operating activities.

More detailed information on the IFRS consolidated interim condensed financial information for the three months ended 31 March 2005 can be found here.

 

 

 

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