Gazprom Neft reports unaudited IFRS financial results for the first 9 months of 2014

12 November 2014

JSC 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.

 

Key financial data

Q3
2014
Q2
2014
Δ, %9
months
2014
9
months
2013
Δ, %
431 647429 3380.5Sales* (revenue before
export duties and
similar payments, RUB
million)
1 246 1551 117 34611.5
107 15394 35013.6Adjusted EBITDA
(RUB million)
285 536251 91913.3
94 72081 12716.8EBITDA (RUB million)(net of JV's results)251 594226 39711.1
51 93249 7834.3Profit attributable to
the shareholders of
Gazprom Neft (RUB
million)
139 531135 1543.2
82 61774 58210.8Cash flow from
Operations
228 176219 9123.8

 

Key operational data

Q3
2014
Q2
2014
Δ, %9
months
2014
9
months
2013
Δ, %
122.85117.434.6Hydrocarbon
production including
share in joint
ventures (mmboe)

357.03

339.045.3
11.4611.152.8Refining throughput at
own refineries and joint
ventures (million
tonnes)
33.4632.094.2
7.236.609.5Sales volume through
premium channels
(million tonnes)
17.7517.149.5
2.592.398.4Sales via petrol
stations (million
tonnes)
6.685.897.8

 

* 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