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GAZPROM

April 29, 2010

Gazprom reports its consolidated financial results under International Financial Reporting Standards (IFRS) for the year ended 31 December 2009

On 29 April 2010 OAO Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended 31 December 2009.

Primary factors which influence these financial statements are:

- decrease of volumes of gas sold in all geographic segments;

- purchase of additional 20% interest in OAO Gazprom neft, change in subsidiaries of Gazprom neft Group (acquisition of controlling interest in Sibir Energy plc and Naftna Industrija Srbije), acquisition of 51% interest in OOO SeverEnergiya, which controls Arkticheskaya gazovaya kompaniya, ZAO Urengoil Inc. and OAO Neftegastehnologiya, acquisition of controlling interest in OAO TGC-1 and closing the swap agreement with E.ON Ruhrgas AG.

The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the year ended 31 December 2009 and 2008. All amounts are presented in millions of Russian Roubles.

 

 

Year ended

 

 

31 December

 

2009

 

2008

Sales (net of excise tax, VAT and customs duties)

 

     2,990,971

 

       3,285,486

Net gain from trading activity

 

            8,295

 

              4,221

Operating expenses

 

(2,096,926)

 

(1,930,437)

Impairment provision and other provisions

 

 (45,428)

 

  (98,964)

Operating profit

 

856,912

 

1,260,306

Purchase of non-controlling interest in OAO

   Gazprom neft

 

          13,865

 

-

Lossfrom change in fair value of call option

 

                  - 

 

(50,738)

Gain from swap of assets transaction

 

        105,470

 

-

Finance income

 

        375,799

 

165,603

Finance expense

 

(441,487)

 

(341,179)

Share of net income (loss) of associated undertakings and jointly controlled entities

 

          62,557

 

(16,686)

Gains on disposal of available-for-sale financial assets

 

     6,319

 

     14,326

Profit before profit tax

 

979,435

 

1,031,632

Current profit tax expense

 

(182,255)

 

(307,094)

Deferred profit tax (expense) benefit

 

   (3,387)

 

     46,842

Profit tax expense

 

(185,642)

 

(260,252)

Profit for the year

 

793,793

 

771,380

Other comprehensive income

 

 

 

 

Gains (losses) arising from change in fair value of  available-for-sale financial assets, net of tax

 

32,193

 

(58,105)

Share of other comprehensive income (losses) of associated undertakings and jointly controlled entities

 

7,098

 

(4,972)

Translation differences

 

1,704

 

             20,340

Revaluation of equity interest

 

  9,911

 

             -

Other comprehensive income (loss) for the year,

   net of tax

 

50,906

 

(42,737)

Total comprehensive income for the year

 

844,699

 

           728,643

Profit attributable to:

 

 

 

 

   owners of OAO Gazprom

 

779,585

 

742,928

   non-controlling interest

 

   14,208

 

   28,452

 

 

793,793

 

771,380

Total comprehensive income attributable to:

 

 

 

 

   owners of OAO Gazprom

 

835,182

 

699,071

   non-controlling interest

 

    9,517

 

   29,572

 

 

844,699

 

728,643

Sales (net of excise tax, VAT and customs duties) decreased by RR 294,515 million, or 9%, to RR 2,990,971 million in the year ended 31 December 2009 compared to the year ended 31 December 2008. More detailed information on our sales for the years ended 31 December 2009 and 2008 is presented in the table below.

in millions of RR (unless otherwise stated)

    Year ended      

31 December

 

2009

2008

Sales of gas

 

 

Europe and other countries

 

 

Net sales (net of excise tax and customs duties)

1,102,996

1,260,645

Volumes in bcm

152.8

167.6

Average price, RR/mcm (including excise tax and customs duties)

9,120.3

10,125.4

FSU

 

 

Net sales (net of excise tax, VAT and customs duties)

309,929

356,514

Volumes in bcm

56.7

96.5

Average price, RR/mcm (including excise tax, customs duties and net of VAT)

6,411.1

3,956.9

Russia

 

 

Net sales (net of excise tax and VAT)

503,121

479,387

Volumes in bcm

273.5

292.2

Average price, RR/mcm  (including excise tax and net of VAT)

1,839.5

1,640.6

Total sales of gas

 

 

Net sales (net of excise tax, VAT and customs duties)

1,916,046

2,096,546

Volumes in bcm

483.0

556.3

Net sales of refined products (net of excise tax, VAT and customs duties)

540,505

652,956

Net sales of electric and heat energy (net of VAT)

195,040

134,335

Net sales of crude oil and gas condensate (net of excise tax, VAT and customs duties)

176,403

214,955

Gas transportation sales (net of VAT)

65,563

70,685

Other revenues (net of VAT)

__97,414

_116,009

Total sales (net of excise tax, VAT and customs duties)

2,990,971

3,285,486

Net sales of gas decreased by RR 180,500 million, or 9%, compared to the year ended 31 December 2008 to RR 1,916,046 million in the year ended 31 December 2009. This decrease was primarily due to decrease of volume of gas sold in all geographical segments. With that, there was an increase of average realized gas prices to Russia and FSU countries compared to the year ended 31 December 2008.

For the year ended 31 December 2009 net sales of gas to Europe and other countries decreased by RR 157,649 million, or 13%, to RR 1,102,996 million compared to the year ended 31 December 2008. This mainly results from the decrease of average realized prices in RR terms (including excise tax and customs duties) by 10% which was aggravated by the decrease of the volume of gas sold by 9%, or 14.8 bcm.

Net sales of gas to FSU countries decreased by RR 46,585 million, or 13%, to RR 309,929 million in the year ended 31 December 2009 compared to the year ended 31 December 2008. The decrease of sales in this segment is explained by the decrease of the volume of gas sold by 41%, or 39.8 bcm, which was compensated by the increase of average realized prices in RR terms (including excise tax and customs duties, net of VAT) by 62%.

Net sales of gas in the domestic market increased by RR 23,734 million, or 5%, to RR 503,121 million in the year ended 31 December 2009 compared to the year ended 31 December 2008. This is explained primarily by the increase in the average domestic price for gas set up by the Federal Tariffs Service, which was partially compensated by the decrease of the volume of gas sold by 6%, or 18.7 bcm.

Net sales of refined products decreased by RR 112,451 million, or 17%, compared to the year ended 31 December 2008 to RR 540,505 million. The decrease was primarily due to the deconsolidation of the Sibur Group and the decline in prices for refined products.

Net sales of electric and heat energy increased by RR 60,705 million, or 45%, to RR 195,040 million in the year ended 31 December 2009. The increase in electric and heat energy sales mainly resulted from consolidation as subsidiaries of  WGC-2 and WGC-6 and operations of OAO Mosenergo.

In the year ended 31 December 2009 net sales of crude oil and gas condensate decreased by RR 38,552 million, or 18%, to RR 176,403 million. The decrease of net sales of crude oil and gas condensate primarily resulted from the activity of OAO Gazprom neft: net sales of crude oil decreased by RR 33,456 million, or 17%, to RR 157,874 million in the year ended 31 December 2009 compared to the year ended 31 December 2008.

Operating expenses increased by RR 166,489 million, or 9%, to RR 2,096,926 million in the year ended 31 December 2009 compared to the year ended 31 December 2008.

Major item whose growth resulted in the increase of the total amount of operating expenses is purchased oil and gas (RR 77,771 million). The cost of purchased gas increased by RR 71,370 million, or 19%, and the cost of purchased oil increased by RR 6,401 million, or 4%. The increase in cost of purchased gas was mainly caused by the increase in prices for gas from Central Asia. The increase was also driven by increase of the following expenses: Transit of gas, oil and refined products (RR 53,058 million), Depreciation (RR 26,181 million), Staff costs (RR 15,370 million), Other operating expenses (RR 35,152 million). This increase was partially compensated by the cost reduction within the following items: Cost of goods for resale, including refined products (RR 17,371 million), Taxes other than on income (RR 14,223 million), Repairs and maintenance (RR 13,455 million), Materials (RR 7,146 million), Electricity and heating expenses (RR 5,316 million).

In the year ended 31 December 2009 our profit for the period attributable to owners of OAO Gazprom totaled RR 779,585 million which is RR 36,657 million, or 5%, higher compared to the year ended 31 December 2008.

Our net debt balance (defined as the sum of short-term borrowings, including current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities, 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 RR 353,961 million, or 35%, from RR 1,018,346 million as of 31 December 2008 to RR 1,372,307 million as of 31 December 2009. This can be explained primarily by the increase in long-term borrowings.

More detailed information on the IFRS consolidated financial statements for the year ended 31 December 2009 can be found on www.gazprom.ru.

 

 

 

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