USD 96.0649

+1.19

EUR 105.3069

+0.56

Brent 77.55

-3.48

Natural gas 2.708

-0.03

122

Gazprom's Q1 2018 profits rise on export push

Profit attributable to the owners of Gazprom for the Q1 2018 totalled RUB 371,623 million which is by RUB 38,170 million, or 11%, more than for the same period of the prior year.

Gazprom's Q1 2018 profits rise on export push

Profit attributable to the owners of Gazprom for the Q1 2018 totalled RUB 371,623 million which is by RUB 38,170 million, or 11%, more than for the same period of the prior year.

Gazprom issued its unaudited consolidated interim condensed financial information for Q1 2018 prepared in accordance with IFRS, on May 31, 2018.

Total sales (net of excise tax, VAT and customs duties) increased by RUB 323,030 million, or 18%, to RUB 2,138,331 million for the Q1 2018 compared to the same period of the prior year.

The increase in sales revenues was mainly due to an increase in sales of gas and refined products.

Net sales of gas increased by RUB 212,505 million, to RUB 1,220,525 million for Q1 2018 compared to the same period of the prior year.

The change was mainly due to the growth in average US Dollar prices (including excise tax and customs duties) in the Europe and Other countries and the growth in volumes of gas sold in all geographic segments Q1 2018 compared to the same period of the prior year.

Net sales of gas to Europe and Other countries increased by RUB 164,428 million, or 28%, to RUB 758,307 million for Q1 2018 compared to the same period of the prior year.

The change was mainly due to the increase in average Russian Ruble prices (including excise tax and customs duties), by 17% and the increase in volumes of the gas sold by 9%, or 5.9 bcm.

Net sales of gas to Former Soviet Union countries increased by RUB 9,344 million, or 9%, to RUB 111,479 million for Q1 2018 compared to the same period of the prior year.

The change was due to the increase in volumes of gas sold by 13%, or 1.6 bcm, that was partially compensated by the decrease in average Russian Ruble prices (including customs duties) by 3%.

Net sales of gas in the Russian Federation increased by RUB 38,292 million, or 12%, to RUB 350,547 million for the Q1 2018 compared to the same period of the prior year.

This change is explained by the increase in volumes of gas sold by 8%, or 6.5 bcm, and the increase in average Russian Ruble prices (net of VAT) by 4%.

Net sales of refined products (net of excise tax, VAT and customs duties) increased by RUB 75,881 million, or 19%, to RUB 469,544 million for Q1 2018 compared to the same period of the prior year.

The increase in sales of refined products was mainly due to an increase in average prices in all geographic segments and an increase in volumes sold by the Gazprom neft Group to customers in the Russian Federation and Former Soviet Union countries.

Operating expenses increased by RUB 173,484 million, or 12%, to RUB 1,651,346 million Q1 2018 compared to the same period of the prior year.

The change in operating expenses is primarily explained by an increase in the item “Purchased gas and oil” by RUB 81,871 million, or 26% for Q1 2018 compared to the same period of the prior year.

The change was mainly due to an increase in volumes of gas purchased from external suppliers and an increase in average gas and oil prices.

The line item “Taxes other than on income” increased by RUB 27,594 million, or 9%, for Q1 2018 compared to the same period of the prior year.

The increase is mainly due to an increase in mineral extraction tax by RUB 15,391 million, or 7%, for Q1 2018 compared to the same period of the prior year.

For Q1 2018 the balance of foreign excange differences reflected in “Net finance income (loss)” produced the loss in the amount of RUB 21,098 million compared to the gain of RUB 123,205 million for the same period of the prior year, which decreased the profit attributable to owners of Gazprom.

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) increased by RUB 12,190 million, or 1%, from RUB 2,397,511 million as of December 31, 2017 to RUB 2,409,701 million as of March 31, 2018.

The change was mainly due to an increase in the amount of long-term borrowings that was partially compensated by an increase in cash and cash equivalents balances.

To read this news in Russian.


Follow us on Facebook
Advertising at neftegaz.ru

Subscribe to our newsletter

of the best materials Neftegaz.RU

* Incorrect E-Mail Address

By clicking the "Subscribe" button I accept the "Agreement on the processing of personal data"


Advertising at neftegaz.ru