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GAZPROM

April 30, 2013

Gazprom reports its 2012 financial results under IFRS

Today OAO Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2012.

The table below presents the audited consolidated statement of comprehensive income prepared in accordance with IFRS for the year ended December 31, 2012 and 2011. All amounts are presented in millions of Russian Rubles.

 

Year ended

December 31,

2012

 

2011

Sales

4,764,411

 

4,637,090

Net gain from trading activity

2,821

 

2,791

Operating expenses

(3,481,264)

 

(2,942,181)

Reversal of (charge for) impairment and other provisions, net

3,208

 

(40,857)

Operating profit

1,289,176

 

1,656,843

Finance income

307,871

 

190,488

Finance expense

(247,138)

 

(267,823)

Share of net income of associated undertakings and jointly controlled entities

161,500

 

99,049

Gains on disposal of available-for-sale financial assets

546

 

1,379

Profit before profit tax

1,511,955

 

1,679,936

Current profit tax expense

(276,045)

 

(279,216)

Deferred profit tax expense

(25,344)

 

(58,278)

Profit tax expense

(301,389)

 

(337,494)

Profit for the year

1,210,566

 

1,342,442

Other comprehensive income

 

 

 

Losses arising from change in fair value of available-for-sale financial assets, net of tax

(17,499)

 

(7,669)

Share of other comprehensive income (loss) of associated undertakings and jointly controlled entities

1,885

 

(19,302)

Translation differences

(32,366)

 

19,342

Gains from cash flow hedges, net of tax

806

 

Other comprehensive loss for the year, net of tax

(47,174)

 

(7,629)

Total comprehensive income for the year

1,163,392

 

1,334,813

Profit attributable to:

 

 

 

owners of OAO Gazprom

1,182,625

 

1,307,018

non-controlling interest

27,941

 

35,424

 

1,210,566

 

1,342,442

Total comprehensive income attributable to:

 

 

 

owners of OAO Gazprom

1,137,257

 

1,297,891

non-controlling interest

26,135

 

36,922

 

1,163,392

 

1,334,813

Sales (net of VAT and customs duties) increased by RUB 127,321 million, or 3%, to RUB 4,764,411 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. More detailed information on sales for the years ended December 31, 2012 and 2011 is presented in the table below.

In millions of RUB (unless otherwise stated)

Year ended

December 31,

 

2012

2011

Sales of gas

 

 

Europe and other countries

 

 

Net sales (net of customs duties)

1,469,455

1,439,069

 

Volumes in bcm

151.0

156.6

 

Average price, RUB/mcm (including customs duties)

11,969.8

11,259.1

 

Effects of retroactive gas price adjustments

(102,749)

 

FSU (Former Soviet Union)

 

Net sales (net of customs duties)

529,516

637,178

 

Volumes in bcm

66.1

81.7

 

Average price, RUB/mcm (including customs duties)

9,489.5

8,509.3

 

Russian Federation

 

Net sales (net of VAT)

760,696

738,601

 

Volumes in bcm

264.9

280.7

 

Average price, RUB/mcm (net of VAT)

2,871.4

2,631.7

 

Total sales of gas

 

Net sales (net of VAT and customs duties)

2,656,918

2,814,848

 

Volumes in bcm

482.0

519.0

 

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

1,208,153

973,026

 

Net sales of crude oil and gas condensate (net of VAT and customs duties)

275,307

235,432

 

Net electric and heat energy sales (net of VAT)

343,509

344,551

 

Net gas transportation sales (net of VAT)

125,386

112,995

 

Other revenues (net of VAT)

155,138

156,238

 

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

4,764,411

4,637,090

 

Net sales of gas decreased by RUB 157,930 million, or 6%, to RUB 2,656,918 million in the year ended December 31, 2012 compared to the year ended December 31, 2011.

For the year ended December 31, 2012 net sales of gas to Europe and other countries increased by RUB 30,386 million, or 2%, to RUB 1,469,455 million compared to the year ended December 31, 2011. This change was primarily due to increase in average realized prices in RUB terms (including customs duties) by 6%, which was partially compensated by decrease in volumes of gas sold by 4%, or 5.6 bcm.

Net sales of gas to FSU countries decreased by RUB 107,662 million, or 17%, to RUB 529,516 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. The decrease of sales in this segment is explained by the decrease of volume of gas sold by 19%, or 15.6 bcm, which was partially compensated by the increase of the average realized prices in RUB terms (including customs duties) by 12%.

Net sales of gas in the domestic market increased by RUB 22,095 million, or 3%, to RUB 760,696 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. This is explained primarily by the increase in the average domestic price for gas by 9%, which was partially compensated by the decrease of volume of gas sold by 6%, or 15.8 bcm.

Net sales of refined products increased by RUB 235,127 million, or 24%, to RUB 1,208,153 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. The increase was due to the increase of prices for refined products and increase of volumes sold by the companies of Gazprom neft Group to customers, located in the Russian Federation, as well as due to inclusion of OAO Gazprom neftekhim Salavat sales due to the fact that the Group obtained control over operating and financial activities of the company in 2012.

Net sales of crude oil and gas condensate increased by RUB 39,875 million, or 17%, to RUB 275,307 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. The increase in net sales of crude oil and gas condensate primarily resulted from Gazprom neft Group activities: net sales of crude oil increased by RUB 44,272 million, or 23%, to RUB 234,217 million in the year ended December 31, 2012 compared to the year ended December 31, 2011, mainly due to the increase in oil prices and volumes of oil sold.

Net sales of electric and heat energy decreased by RUB 1,042 million, or 0,3%, to RUB 343,509 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. The decrease is mainly related to decrease of revenues from electric and heat energy sales of energy sector companies due to reduction of electricity prices at the day-ahead market and decrease in sales volumes of electric and heat energy.

Net gas transportation sales increased by RUB 12,391 million, or 11%, to RUB 125,386 million in the year ended December 31, 2012 compared to the year ended December 31, 2011. The increase in net gas transportation sales was primarily due to the increase in volumes of gas transportation services rendered to independent gas suppliers as well as increase of tariffs for gas transportation services for independent gas suppliers.

Operating expenses increased by RUB 539,083 million, or 18%, to RUB 3,481,264 million in the year ended December 31, 2012 compared to the year ended December 31, 2011.

Major item in the total amount of operating expenses is “Purchased gas and oil” which increased by RUB 82,009 million, or 10%. Cost of purchased gas decreased by RUB 21,824 million, or 4%. This decrease mainly relates to the decrease in volumes of gas purchased from third parties outside the Russian Federation. The cost of purchased oil included in the cost of purchased gas and oil increased by RUB 103,833 million, or 41%, and amounted to RUB 354,378 million in the year ended December 31, 2012 in comparison with RUB 250,545 million in the year ended December 31, 2011 due to increase in both, volumes and prices of oil purchased.

The increase in operating expenses was mostly influenced by the following items: “Taxes other than on income” (increase by RUB 160,483 million), “Materials” (increase by RUB 79,443 million), “Staff costs” (increase by RUB 73,223 million), “Depreciation” (increase by RUB 58,978 million), “Transit of gas, oil and refined products” (increase by RUB 39,193 million).

In the year ended December 31, 2012 profit for the year attributable to owners of OAO Gazprom totaled RUB 1,182,625 million, which is RUB 124,393 million, or 10%, lower compared to the year ended December 31, 2011.

Net debt balance (defined as the sum of short-term borrowings and 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) increased by RUB 46,606 million, or 5%, from RUB 1,034,941 million as of December 31, 2011 to RUB 1,081,547 million as of December 31, 2012. This can be explained by the decrease in cash and cash equivalents.

More detailed information on the IFRS consolidated financial statements for the year ended December 31, 2012, can be found here.

 

 

 

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