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Gazprom reports Q1 financial results

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Today PJSC Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) for the three months ended March 31, 2018.

The table below presents the unaudited consolidated interim condensed statement of comprehensive income prepared in accordance with IFRS for the three months ended March 31, 2018 and for the three months ended March 31, 2017. All amounts are presented in millions of the Russian Rubles.

  Three months ended
March 31,
  2018 2017
Sales 2,138,331 1,815,301
Net gain (loss) from trading activity 7,001 (14,203)
Operating expenses (1,651,346) (1,477,862)
Impairment loss on financial assets (26,405) (29,187)
Operating profit 467,581 294,049
     
Finance income 91,380 183,132
Finance expense (107,423) (52,688)
Share of net income of associates and joint ventures 43,680 29,555
Profit before profit tax 495,218 454,048
     
Current profit tax expense (46,842) (67,080)
Deferred profit tax expense (56,207) (36,581)
Profit tax (103,049) (103,661)
     
Profit for the period 392,169 350,387
     
Other comprehensive income (loss):

 

   
Items that will not be reclassified to profit or loss:    
Gain (loss) arising from change in fair value of financial assets
at fair value through other comprehensive income, net of tax
28,077 (26,807)
Remeasurements of post-employment benefit obligations (11,363) (36,570)
Total items that will not be reclassified to profit or loss 16,714 (63,377)
     
Items that may be reclassified subsequently to profit or loss:    
Share of other comprehensive income of associates and
joint ventures
1,488 447
Translation differences 12,463 (81,672)
Gain (loss) from cash flow hedges, net of tax 7,084 (2,214)
Total items that may be reclassified subsequently to profit or loss 21,035 (83,439)
Other comprehensive income (loss) for the period,
net of tax
37,749 (146,816)
Total comprehensive income for the period 429,918 203,571
     
Profit for the period attributable to:    
Owners of PJSC Gazprom 371,623 333,453
Non-controlling interest 20,546 16,934
  392,169 350,387
     
Total comprehensive income for the period attributable to:    
Owners of PJSC Gazprom 406,874 191,166
Non-controlling interest 23,044 12,405
  429,918 203,571

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 three months ended March 31, 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.

More detailed information concerning the main items of the sales structure for the three months ended March 31, 2018 and March 31, 2017 is presented in the table below.

RUB million (unless indicated otherwise) Three months ended
March 31,
  2018 2017
Sales of gas    
Europe and Other countries    
Net sales (net of excise tax and customs duties) 758,307 593,879
Volumes in bcm 71.5 65.6
Average price, RUB per mcm (including excise tax and customs duties) 13,155.2 11,226.3
Former Soviet Union countries    
Net sales (net of customs duties) 111,479 102,135
Volumes in bcm 14.1 12.5
Average price, RUB per mcm (including customs duties) 8,809.8 9,089.7
Russian Federation    
Net sales (net of VAT) 350,547 312,255
Volumes in bcm 88.2 81.7
Average price, RUB per mcm (net of VAT) 3,974.2 3,819.9
Total sales of gas    
Retroactive gas price adjustments 192 (249)
Net sales (net of excise tax, VAT and customs duties) 1,220,525 1,008,020
Volumes in bcm 173.8 159.8
     
Net sales of refined products (net of excise tax, VAT and customs duties) 469,544 393,663
Electric and heat energy net sales (net of VAT) 175,486 159,990
Net sales of crude oil and gas condensate (net of VAT and customs duties) 150,472 138,837
Gas transportation net sales (net of VAT) 58,653 58,587
Other revenues (net of VAT) 63,651 56,204
Total sales (net of excise tax, VAT and customs duties) 2,138,331 1,815,301

Net sales of gas increased by RUB 212,505 million, to RUB 1,220,525 million for the three months ended March 31, 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 for the three months ended March 31, 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 the three months ended March 31, 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 the three months ended March 31, 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 three months ended March 31, 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 the three months ended March 31, 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 for the three months ended March 31, 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 the three months ended March 31, 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 the three months ended March 31, 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 the three months ended March 31, 2018 compared to the same period of the prior year.

For the three months ended March 31, 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 PJSC Gazprom.

Profit attributable to the owners of PJSC Gazprom for the three months ended March 31, 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.com

 

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