Gazprom Posts Higher Sales in 2013

Russian gas giant Gazprom said it net sales of gas increased by RUB 314,716 million, or 12%, to RUB 2,971,823 million in 2013, compared with 2012.

Net sales of gas to Europe and other countries increased by RUB 213,306 million, or 15%, to RUB 1,682,761 million in 2013. The increase in net sales of gas was mainly driven by an increase in the volumes of gas sold by 15%, or 23.3 bcm, which was reinforced by the increase in average prices in RUB terms (including customs duties) by 1%, the company said in a statement.

Retroactive gas price adjustments were recognized in the financial statements for the year ended December 31, 2013 as an increase in sales in the amount of RUB 74,393 million reflecting a decrease in previously accrued liability. For the year ended December 31, 2012 the effect of retroactive gas price adjustments, related to gas deliveries in the years 2010 and 2011, was recognized as a decrease in sales in the amount of RUB 102,749 million.

Net sales of gas to FSU countries decreased by RUB 109,196 million, or 21%, to RUB 420,320 million in 2013. The change was due to a 10% decrease in average prices in RUB terms (including customs duties) and a 10%, or 6.7 bcm, decrease in the volumes of gas sold in the year ended December 31, 2013 as compared with the year ended December 31, 2012.

Net sales of gas in the Russian Federation increased by RUB 33,464 million, or 4%, and amounted RUB 794,349 million in 2013 as compared with the prior year mainly due to a 14% increase in the gross average domestic gas prices. This effect was partly offset by 8%, or 22.0 bcm, decrease of gas sold in the year ended December 31, 2013 as compared with the prior year.

Gazprom said its profit totaled RUB 1,139,261 million in 2013, which is RUB 85,213 million, or 7%, lower compared to the year ended December 31, 2012.

1 Russian ruble = 0.02797 U.S. dollars

 

Press Release, April 29, 2014; Image: Gazprom

 

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