Gazprom Neft reports IFRS financial results for 1Q 2014
Gazprom Neft reports IFRS financial results for 1Q 2014
16 May 2014, press releaseGazprom Neft today announces its consolidated financial results for 1Q 2014, prepared in accordance with International Financial Reporting Standards (IFRS).
A stronger financial performance in 1Q 2014 compared with 1Q 2013 was driven by increased hydrocarbon production volumes and a rise in product sales via premium channels. These factors led to a 9.6% Y-o-Y increase in adjusted EBITDA* (84.03 RUB bln). Net profit attributable to Gazprom Nefts shareholders was 37.82 RUB bln, a 4.4% decrease, mainly due to foreign exchange losses associated with the revaluation of the loan portfolio. Operational cash flow reached 70.98 RUB bln in 1Q 2014, an increase of 61.6% Y-o-Y.
Hydrocarbon production volumes in 1Q 2014 increased 4.5% Y-o-Y to 116.75 mmboe (15.88 mmtoe), due to the application of new technology at mature fields, continued production growth at the Orenbrug region and Yuzhno-Priobskoye fields as well as Gazprom Neft’s increased effective stake in Sever Energia.
Refining throughput in 1Q 2014 reached 10.84 million tonnes, showing growth of 4.6% Y-o-Y, supported by increased condensate refining at the Omsk refinery and higher bitumen output and the completion of maintenance work on a diesel hydrotreater at the Moscow refinery in 2Q 2013.
Sales via premium channels rose 9.4% to 5.6 million tonnes. Average daily throughput via Company retail sites in Russia grew 4.8% to 18.4 tonnes/day.
* Adjusted EBITDA includes the EBITDA share of associated and jointly controlled companies recorded by the equity accounting method.
Key Financial Data
| Q1 2014 | Q1 2013 | ∆,% | |
| Sales (RUB million) | 385,170 | 355,954 | 8.2 |
| Adjusted EBITDA* ( RUB million) | 84,033 | 76,693 | 9.6 |
| Profit attributable to the shareholders of Gazprom Neft (RUB million) | 37,816 | 39,567 | (4,4) |
| Cash flow from operations | 70,977 | 43,928 | 61.6 |
| Net Debt / EBITDA | 0.56 | 0.52 | 8.7 |
Key Operational Data
| Q1 2014 | Q1 2013 | ∆,% | |
| Hydrocarbon production including our share of joint ventures (Mmboe) | 116.75 | 111 .76 | 4.5 |
| Refining throughput at own refineries and joint ventures (MMtonnes) | 10.84 | 10.36 | 4.6 |
| Sales volumes via premium channels (MMtonnes) | 5.60 | 5.12 | 9.4 |
| Sales volume via retail network (MMtonnes) | 2.22 | 2.04 | 8.8 |
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
