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Gazprom’s Financial Information Under International Financial Reporting Standards (IFRS) for the Nine Months Ended September 30, 2018


PJSC Gazprom has issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) for the nine months ended September 30, 2018.

The table below presents the unaudited consolidated interim condensed statement of comprehensive income for the nine months ended September 30, 2018 and for the nine months ended September 30, 2017. All amounts are presented in millions of the Russian Rubles.

 

Nine months ended
September 30,

20182017

Sales

5,901,591

4,641,596

Net gain (loss) from trading activity

7,048

(14,409)

Operating expenses

(4,450,034)

(3,876,133)

Impairmеnt loss on finаnсial assеts

(73,654)

(55,020)

Operating profit

1,384,951

696,034

 

 

 

Finance income

416,893

338,349

Finance expense

(635,122)

(318,337)

Share of profit of associates and joint ventures

149,180

83,830

Profit before profit tax

1,315,902

799,876

 

 

 

Current profit tax expense

(181,390)

(130,819)

Deferred profit tax expense

(70,426)

(53,432)

Profit tax

(251,816)

(184,251)

 

 

 

Profit for the period

1,064,086

615,625

 

 

 

Other comprehensive income (loss):

 

 

Items that will not be reclassified to profit or loss:

 

 

Gain (loss) arising from changes in fair value of financial
 assets measured at fair value through other comprehensive
 income, net of tax

154,315

(33,089)

Remeasurement of provision for post-employment benefits

84,316

(58,751)

Total other comprehensive income (loss) that will not be 

 reclassified to profit or loss

238,631

(91,840)

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

Share of other comprehensive income of associates and
joint ventures

3,315

2,481

Translation differences

148,670

21,741

Gain (loss) from hedging operations, net of tax

35,292

 (3,624)

Total other comprehensive income that may be 

reclassified subsequently to profit or loss

187,277

20,598

Total other comprehensive income (loss) for the period,

net of tax

425,908

(71,242)

Comprehensive income for the period

1,489,994

544,383

 

 

 

Profit for the period attributable to:

 

 

Owners of PJSC Gazprom

1,017,250

581,834

Non-controlling interest

46,836

33,791

 

1,064,086

615,625

 

 

 

Comprehensive income for the period attributable to:

 

 

Owners of PJSC Gazprom

1,434,403

504,183

Non-controlling interest

55,591

40,200

 

1,489,994

544,383

Total sales (net of excise tax, VAT and customs duties) increased by RUB 1,259,995 million, or 27%, to RUB 5,901,591 million for the nine months ended September 30, 2018 compared to the same period of the prior year. The increase in sales was mainly due to an increase in sales of gas, refined products, crude oil and gas condensate.

More detailed information concerning the main items of the sales structure for the nine months ended September 30, 2018 and September 30, 2017 is presented below.

in RUB million (unless indicated otherwise)

Nine months ended
September 30,

20182017

Sales of gas

 

 

Europe and other countries

 

 

Net sales (net of excise tax and customs duties)

2,140,525

1,547,315

Volumes in bcm

185.4

173.8

Average price, RUB per mcm (including excise tax and customs duties)

14,647.3

11,233.1

Former Soviet Union countries

 

 

Net sales (net of customs duties)

235,608

202,166

Volumes in bcm

27.1

24.1

Average price, RUB per mcm (including customs duties)

9,635.4

9,259.2

Russian Federation

 

 

Net sales (net of VAT)

636,873

587,978

Volumes in bcm

163.0

157.0

Average price, RUB per mcm (net of VAT)

3,906.5

3,746.2

Total sales of gas

 

 

Retroactive gas price adjustments

37,686

(5,228)

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

3,050,692

2,332,231

Volumes in bcm

375.5

354.9

 

 

 

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

1,586,225

1,226,810

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

550,711

387,953

Electric and heat energy net sales (net of VAT)

361,769

349,599

Gas transportation net sales (net of VAT)

168,292

174,528

Other sales (net of VAT)

183,902

170,475

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

5,901,591

4,641,596

Net sales of gas increased by RUB 718,461 million, or 31%, to RUB 3,050,692 million for the nine months ended September 30, 2018 compared to the same period of the prior year that was mainly due to an increase in average prices (including excise tax and customs duties) in the Europe and other countries and an increase in volumes of gas sold in all geographic segments for the nine months ended September 30, 2018 compared to the same period of the prior year.

Net sales of gas to Europe and other countries increased by RUB 593,210 million, or 38%, to RUB 2,140,525 million for the nine months ended September 30, 2018 compared to the same period of the prior year. The change was due to the increase in average Russian Ruble prices (including excise tax and customs duties) by 30% and the increase in volumes of the gas sold by 7% or 11.6 bcm.

Net sales of gas to Former Soviet Union countries increased by RUB 33,442 million, or 17%, to RUB 235,608 million for the nine months ended September 30, 2018 compared to the same period of the prior year. The change was mainly due to the increase in volumes of gas sold by 12%, or 3.0 bcm, and the increase in average Russian Ruble prices (including customs duties) by 4%.

Net sales of gas in the Russian Federation increased by RUB 48,895 million, or 8%, to RUB 636,873 million for the nine months ended September 30, 2018 compared to the same period of the prior year. This change is explained by the increase in volumes of gas sold by 4%, or 6.0 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 359,415 million, or 29%, to RUB 1,586,225 million for the nine months ended September 30, 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 the Gazprom neft Group's sales volumes.

Net sales of crude oil and gas condensate (net of VAT and customs duties) increased by RUB 162,758 million, or 42%, to RUB 550,711 million for the nine months ended September 30, 2018 compared to the same period of the prior year. The increase in sales of crude oil was mainly due to an increase in average prices.

Operating expenses increased by RUB 573,901 million, or 15%, to RUB 4,450,034 million for the nine months ended September 30, 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 274,954 million, or 33% for the nine months ended September 30, 2018 compared to the same period of the prior year. The change was due to an increase in average gas and oil prices and an increase in volumes of gas purchased from external suppliers.

The item “Taxes other than on profit” increased by RUB 185,223 million, or 21%, for the nine months ended September 30, 2018 compared to the same period of the prior year that was mainly due to the increase in mineral extraction tax by RUB 176,003 million, or 28%, for the nine months ended September 30, 2018 compared to the same period of the prior year.

For the nine months ended September 30, 2018 the balance of foreign exchange rate differences reflected within “Net finance income (expense)” produced the loss in the amount of RUB 234,374 million compared to the loss of RUB 6,670 million for the same period of the prior year.

Profit attributable to the owners of PJSC Gazprom for the nine months ended September 30, 2018 totalled RUB 1,017,250 million which is by RUB 435,416 million, or 75%, more than for the same period of the prior year.

Net debt balance (defined as the sum of short-term borrowings, current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable, net of cash and cash equivalents) increased by RUB 229,095 million, or 10%, from RUB 2,397,511 million as of December 31, 2017 to RUB 2,626,606 million as of September 30, 2018. This change was mainly due to an increase in the amount of long-term borrowings denominated in the Russian Ruble caused by the appreciation of US Dollar and Euro against the Russian Ruble.

More detailed information on the IFRS consolidated interim condensed financial information for the nine months ended September 30, 2018 can be found here.


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