Gazprom Neft reports IFRS financial statements for 9M 2014
Gazprom Neft reports IFRS financial statements for 9M 2014
12 November 2014, press releaseJSC Gazprom Neft has published its unaudited consolidated financial results, in accordance with International Financial Reporting Standards for 9M 2014.
The increase in crude oil production and product sales, including sales through premium channels (small wholesale and Company retail network, aviation refueling and bunkering) drove a rise in sales* and adjusted EBITDA** for 9M 2014, with an increase of 11.5% (1,246.2 RUB bln) and 13.3% (285.5 RUB bln) respectively.
Net income attributable to the shareholders of JSC Gazprom Neft rose by 3.2% to 139.5 RUB bln due to the moderating effect of foreign exchange losses on the revaluation of the loan portfolio in foreign currency. Operating cash flow for 9M 2014 reached 228.2 RUB bln, an increase of 3.8 Y-o-Y.
Hydrocarbon production volumes in 9M 2014 increased by 5.3% Y-o-Y to over 357 mmboe (48.5 mmtoe), due to continued growth in production at Orenburg region and Priboskoye field, increased stakes in SeverEnergia and Nortgaz, an increase in natural gas production and the rate of associated gas utilization, as well as the growing use of new technologies at brownfields.
Refining throughput for 9M 2014 reached 33.5 million tonnes, up 4.2% Y-o-Y, due to an increase of gas condensate share in refining at Omsk refinery and higher level of maintenance in 2013.
Sales via premium channels rose by 9.5% to reach 19.4 million tonnes, with sales via Company retail sites rising 7.8% to 7.2 million tones.
* Sales revenue before deducting export duties and similar payments.
** Adjusted EBITDA includes share of EBITDA from associated and jointly controlled companies recorded by equity accounting method.
Key Financial Data
| 3Q 2014 | 2Q 2014 | ∆,% | 9M 2014 | 9M 2013 | ∆, % | |
| 431,647 | 429,338 | 0.5 | Sales* (RUBmillion) | 1,246,155 | 1,117,346 | 11.5 |
| 107,153 | 94,350 | 13.6 | AdjustedEBITDA** (RUB million) | 285,536 | 251,919 | 13.3 |
| 94,720 | 81,127 | 16.8 | EBITDA (RUB million) (net of JVs results) | 251,594 | 226,397 | 11.1 |
| 51,932 | 49,783 | 4.3 | Profit attributable to the shareholders of Gazprom Neft (RUB million) | 139,531 | 135,154 | 3.2 |
| 82,617 | 74,582 | 10.8 | Cash flow from operations (RUB million) | 228,176 | 219,912 | 3.8 |
Key Operational Data
| 3Q 2014 | 2Q 2014 | ∆,% | 9M 2014 | 9M 2013 | ∆,% | |
| 122.85 | 117.43 | 4.6 | Hydrocarbon production including share in joint ventures production (Mmboe) | 357.03 | 339.04 | 5.3 |
| 11.46 | 11.15 | 2.8 | Refiningthroughput at own refineries and joint ventures (MMtonnes) | 33.45 | 32.09 | 4.2 |
| 7.23 | 6.60 | 9.5 | Sales volumes via premium channels (MMtonnes) | 19.43 | 17.75 | 9.5 |
| 2.59 | 2.39 | 8.4 | Sales volume via retail network (MMtonnes) | 7.20 | 6.68 | 7.8 |
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