2019-05-02 16:15:00
GAZPROM'S PROFIT: TWICE
GAZPROM - April 29, 2019, PJSC Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2018.
The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the years ended December 31, 2018 and December 31, 2017. All amounts are presented in millions of the Russian Rubles.
|
|
Year ended December 31, | |
|---|---|---|
|
2018 |
2017 | |
|
|
|
|
|
Sales |
8,224,177 |
6,546,143 |
|
Net gain (loss) from trading activity |
18,015 |
(16,352) |
|
Operating expenses |
(6,181,191) |
(5,697,056) |
|
(Impairment loss) reversal of impairment loss on financial assets |
(130,971) |
38,670 |
|
Operating profit |
1,930,030 |
871,405 |
|
|
|
|
|
Finance income |
503,091 |
426,705 |
|
Finance expense |
(813,042) |
(407,044) |
|
Share of profit of associates and joint ventures |
232,483 |
126,940 |
|
Profit before profit tax |
1,852,562 |
1,018,006 |
|
|
|
|
|
Current profit tax expense |
(278,233) |
(241,817) |
|
Deferred profit tax expense |
(45,333) |
(9,310) |
|
Profit tax |
(323,566) |
(251,127) |
|
|
|
|
|
Profit for the year |
1,528,996 |
766,879 |
|
|
|
|
|
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, |
148,963 |
(30,404) |
|
Remeasurement of provision for post-employment benefits |
19,854 |
(5,064) |
|
Total other comprehensive income (loss) that will not be reclassified to profit or loss |
168,817 |
(35,468) |
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
Share of other comprehensive income of associates and |
13,923 |
2,967 |
|
Translation differences |
222,221 |
23,290 |
|
Gain from hedging operations, net of tax |
10,082 |
13,601 |
|
Total other comprehensive income that may be reclassified subsequently to profit or loss |
246,226 |
39,858 |
|
Total other comprehensive income for the year, net of tax |
415,043 |
4,390 |
|
Comprehensive income for the year |
1,944,039 |
771,269 |
|
|
|
|
|
Profit for the year attributable to: |
|
|
|
Owners of PJSC Gazprom |
1,456,270 |
714,302 |
|
Non-controlling interest |
72,726 |
52,577 |
|
|
1,528,996 |
766,879 |
|
|
|
|
|
Comprehensive income for the year attributable to: |
|
|
|
Owners of PJSC Gazprom |
1,858,486 |
710,840 |
|
Non-controlling interest |
85,553 |
60,429 |
|
|
1,944,039 |
771,269 |
Sales (net of excise tax, VAT and customs duties) increased by RUB 1,678,034 million, or 26%, to RUB 8,224,177 million for the year ended December 31, 2018 compared to the year ended December 31, 2017. The increase in sales was mainly due to an increase in sales of gas, refined products, crude oil and gas condensate.
Operating expenses increased by RUB 484,135 million, or 8%, to RUB 6,181,191 million for the year ended December 31, 2018 compared to the year ended December 31, 2017.
The change in operating expenses is primarily caused by an increase in the item "Taxes other than on profit" by RUB 252,219 million, or 20%, for the year ended December 31, 2018 compared to the year ended December 31, 2017. The increase is due to an increase in mineral extraction tax (MET) by RUB 248,654 million, or 27%, mainly as a result of a rise in crude oil prices, an increase in the adjusting coefficient in the MET formula for crude oil and an increase in coefficient values in the MET formula for gas.
The item "Purchased gas and oil" increased by RUB 232,684 million, or 19%, for the year ended December 31, 2018 compared to the year ended December 31, 2017, that was mainly due to an increase in average gas and oil prices.
The balance of foreign exchange rate differences reflected within the item "Net finance income (expense)" produced the loss in the amount of RUB 332,225 million for the year ended December 31, 2018 compared to the loss of RUB 10,728 million for the year ended December 31, 2017. There were the appreciation of US Dollar and Euro against the Russian Ruble by 21 % and 15 %, respectively, for the reporting year compared to the depreciation of US Dollar against the Russian Ruble by 5% and the appreciation of Euro against the Russian Ruble by 8% for the prior year.
Profit attributable to the owners of PJSC Gazprom for the year ended December 31, 2018 amounted to RUB 1,456,270 million which is by RUB 741,968 million, or 104 %, more than for the year ended December 31, 2017.
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 616,892 million, or 26%, from RUB 2,397,511 million as of December 31, 2017 to RUB 3,014,403 million as of December 31, 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.
-----
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