Gazprom Reports Its Consolidated Interim Condensed Financial Results

Source: www.gulfoilandgas.com 12/30/2008, Location: Asia

On 30 December 2008, OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) for the six months ended 30 June 2008.

The deconsolidation of the Gazprombank Group as of 30 June 2008 had the most significant impact on this financial information. OAO Gazprombank’s general meeting of shareholders on 24 June 2008 elected a new Board of Directors. The new Board of Directors has 5 representatives of the Group out of its 12 members. As a result, the Group lost its ability to control the financial and operational policies of OAO Gazprombank and its subsidiaries, including OAO Sibur Holding and its subsidiaries as well as entities of Gazprom-Media Group, and terminated consolidation of Gazprombank Group entities as subsidiaries. Given the fact that the Group continues to significantly influence Gazprombank Group, it is included in the financial information as an associated company. This change impacted the consolidated interim condensed balance sheet as of the reporting date but did not have a significant impact on the consolidated interim condensed statement of income.

Sales (net of excise tax, VAT and customs duties) increased by RR 599,302 million, or 52%, to RR 1,743,196 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007.

Net sales of gas increased by RR 331,171 million, or 44%, to RR 1,089,464 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007. This increase was primarily due to the increase of the volume of gas sold to Far Abroad countries and higher prices of gas sold in each geographical segment.

For the six months ended 30 June 2008 net sales of gas to Far Abroad countries increased by RR 251,348 million, or 61%, to RR 661,554 million compared to the six months ended 30 June 2007. This mainly results from the increase of the volume of sold gas by 26%, or 20.3 bcm, and the growth of average prices.

Net sales of gas to FSU countries increased by RR 29,850 million, or 22%, to RR 163,637 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007. The increase of sales in this segment is explained by higher average realized prices, which was compensated by the decrease of the volume of sold gas by 2%, or 0.9 bcm.

Net sales of gas in the domestic market increased by RR 49,973 million, or 23%, to RR 264,273 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007. This is explained primarily by increased average domestic price for gas set up by the Federal Tariffs Service.

Net sales of refined products increased by RR 131,540, or 59%, in the six months ended 30 June 2008. The increase was mainly due to the increase of refined products prices.

Net sales of crude oil and gas condensate increased by RR 59,622 million, or 80%, in the six months ended 30 June 2008. The increase of net sales of crude oil and gas condensate primarily resulted from the Gazprom Neft activities: net sales of crude oil increased by RR 55,277 million, or 85%, to RR 120,081 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007.

Other revenues increased by RR 66,980 million, or 99%, to RR 134,744 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007. The increase of other revenues was primarily due to the consolidation of OAO Mosenergo as a subsidiary starting from June 2007. Net sales of OAO Mosenergo for the six months ended 30 June 2008, included in the Group’s Other revenues category, amounted to RR 47,978 million.

Operating expenses increased by RR 234,361 million, or 30%, to RR 1,026,576 million in the six months ended 30 June 2008 com?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????


Iraq >>  4/13/2021 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 54.0 million net to the Company from the Kurdistan Regional Government (KRG...
United States >>  4/13/2021 - Stabilis Solutions, Inc., a leading provider of energy transition services including hydrogen and liquified natural gas ("LNG") fueling solutions, has...

Iraq >>  4/12/2021 - Gulf Keystone confirms that a gross payment of $29.4 million ($23.0 million net to GKP) has been received from the Kurdistan Regional Government ('KRG...
Cameroon >>  4/8/2021 - Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A . ("GDC"), the onshore gas producer and distributor with operations locate...

United States >>  4/8/2021 - Diversified Gas & Oil PLC (DGOC), is pleased to announce that the Company's bank lending group, led by KeyBank National Association (the "Bank Group")...
United States >>  4/8/2021 - Occidental (OXY) will announce its first quarter 2021 financial results after close of market on Monday, May 10, 2021, and will hold a conference call...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.