Gazprom announce financial statement for the six months ended June 30, 2014

Gazprom announce financial statement for the six months ended June 30, 2014

Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) for the six months ended June 30, 2014.
Highlights:
Sales (net of excise tax, VAT and customs duties) increased by RUB 305,810 million, or 12%, to RUB 2,873,932 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013.
Net sales of gas increased by RUB 98,254 million, or 7%, to RUB 1,586,671 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013.
For the six months ended June 30, 2014 net sales of gas to Europe and other countries increased by RUB 58,777 million, or 7%, to RUB 883,196 million compared to the six months ended June 30, 2013. This change was primarily due to an increase in average prices in RUB terms (including customs duties) by 7%.
Retroactive gas price adjustments were recognized in the consolidated interim condensed financial information for the six months ended June 30, 2013 as an increase in sales in the amount of RUB 73,430 million reflecting a decrease in previously accrued liability.
Net sales of gas to FSU countries increased by RUB 83,392 million, or 46%, to RUB 262,947 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013. The change was due to an increase in average prices in RUB terms (including customs duties) by 32% and an increase in volumes of gas sold by 12%, or 3.3 bcm.
Net sales of gas in the domestic market increased by RUB 29,515 million, or 7%, to RUB 440,528 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013. This is primarily explained by the increase in the average domestic price for gas by 14%, which was partially compensated by the decrease in volumes of gas sold by 6%, or 8.2 bcm.
Net sales of refined products increased by RUB 153,989 million, or 24%, to RUB 793,632 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013 due to an increase in volumes sold by Gazprom neft Group to customers in the Russian Federation as well as by an increase in prices. The increase in net sales of refined products was strengthen by an increase in net sales of crude oil and gas condensate by RUB 5,009 million, or 5%.
Net electric and heat energy sales increased by RUB 39,117 million, or 22%, to RUB 218,683 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013. The increase was mainly driven by inclusion of OAO Moscow Integrated Power Company (OAO MIPC) in the consolidated financial statements from September 2013.
Operating expenses increased by RUB 529,775 million, or 31%, to RUB 2,248,659 million in the six months ended June 30, 2014 compared to the six months ended June 30, 2013.
The major factor leading to an increase in operating expenses was accrual of provision for doubtful trade accounts receivable in the amount of RUB 215,832 million in the six months ended June 30, 2014, which was mostly related to doubtful trade accounts receivable of NAK Naftogaz Ukraine.
In the six months ended June 30, 2014 profit for the period attributable to owners of OAO Gazprom totaled RUB 450,578 million which is RUB 132,105 million, or 23%, lower compared to the six months ended June 30, 2013.
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, 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 RUB 218,251 million, or 20%, from RUB 1,112,798 million as of December 31, 2013 to RUB 894,547 million as of June 30, 2014. This decrease resulted from the increase in cash and cash equivalents, which was partially offset by appreciation of U.S. dollar and Euro against Russian Ruble.
For further information: unaudited consolidated interim condensed statement
Source:
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