Gazprom Neft reports unaudited IFRS financial results for the first 9 months of 2013

12 November 2013

Gazprom Neft today announces its unaudited consolidated financial results for 9M 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

An increase in production and sales of petroleum products via premium distribution channels (retail and the Company’s own chain of petrol stations, sales of kerosene and bunkerage) led to an improved adjusted EBITDA* (earnings before interst, taxes, depreciation and amortisation) for the first 9 months of 2013, which rose by 2.9% Y-o-Y to 251.92 billion rubles. Net profit growth was up 0.4% to 135.15 billion rubles during the same period, constrained by losses from exchange rate differences caused primarily by a revaluation of the credit portfolio.

Hydrocarbon production in the first 9 months of 2013 reached 339.04 mmboe (46.15 mmtoe), a 4% increase Y-o-Y due to continued production growth at the Priobskoye field, deposits in the Orenburg region and SeverEnergia, and the successful application of hi-tech operations at mature fields. Refining throughput decreased 1.8% Y-o-Y to 32.09 million tonnes in the first 9 months of 2013 due to planned maintenance at Company refineries. Sales in premium distribution segments reached 17.75 million tonnes and average petrol station sales in Russia grew by 8.1% to 18.6 tonnes per day.

CAPEX** increased by 11.4% Y-o-Y driven mainly by new project development and the use of new technology to maintain production at mature fields.

 

Key financial data

Q3
2013
Q2
2013
Δ, %9
months
2013
9
months
2012
Δ, %
402 312359 08012.0Sales (revenue before
export duties and
similar payments, RUB
million)
1 117 3461 125 533(0.7)
96 11668 52640.3EBITDA (RUB million)236 280230 3332.6
101 35273 87437.2Adjusted EBITDA*
(RUB million)
251 919244 8942.9
57 53338 05451.2Profit attributable to
the shareholders of
Gazprom Neft (RUB
million)
135 154134 6770.4
94 02781 95714.7Cash flow from
Operations
219 912179 43222.6
0.460.445.0Net Debt / EBITDA0.460.56(17.9)

 

Key operational data

Q3
2013
Q2
2013
Δ, %9
months
2013
9
months
2012
Δ, %
114.17113.110.9Hydrocarbon
production including
our share in joint
ventures (mmboe)

339.04

326.004.0
10.9010.830.6Refining throughput at
own refineries and joint
ventures (million
tonnes)
32.0932.67(1.8)
6.775.8615.5Sales volume through
premium channels
(million tonnes)
17.7517.143.6
2.382.365.5Sales via petrol
stations (million
tonnes)
6.685.8913.4

 

* adjusted EBITDA includes the EBITDA share of associated and jointly controlled companies recorded by the equity accounting method

** Capital expenditure does not include changes in amounts advanced or construction materials