Profit “Gazprom” under IFRS in the I quarter amounted to 362 billion rubles

Profit “Gazprom” under IFRS in the I quarter amounted to 362 billion rubles

Moscow. August 10. Net profit of Gazprom according to international standards (IFRS) in the I quarter of 2016 decreased by 5.1% to 362,309 billion rubles, the company said.

Posted the result almost coincided with the average forecast of 357 billion).

The closest to reporting was forecast UBS.

Экономика09 Aug 2016Консенсус forecast determined the profit of “Gazprom” on the exchange rate resnitchaty read more

Revenue grew 5% to 1737,364 billion (forecast 1661 billion). Predictable EBITDA decreased by 24% to 443,921 billion (forecast to 410 billion roubles).

Free cash flow (adjusted for changes in working capital and income tax) amounted to 18,841 billion. That is, as noted by many analysts, it is almost zero. However, it remains in the positive zone for the third consecutive quarter.

Profit on exchange differences amounted to 162,367 billion rubles, which tends to the upper limit of analysts ‘ forecasts.

Contrary to expectations, Gazprom in the financial statements did not disclose the price of the transaction to repurchase 3.59% of its shares from VEB. “Currently, the group is assessing the financial impact of the agreement on the consolidated financial statements of the group,” – says the company.

On the eve of the consensus forecast conducted by the “Interfax” among 13 analysts estimated the net profit of “Gazprom” under IFRS)in the I quarter of 2016 357 billion, reduction by seven percent.

In addition, the forecast assumes revenue at the level of 1661 billion (+0,8%). It can be maintained at a high level (despite the completion of the effect of the devaluation of the ruble), due to the consolidation of the trading business after the purchase of Wingas 51% from Wintershall. However, analysts predicted revenue growth will be fully offset by the increase in operating expenses and EBITDA would have no effect.

EBITDA was expected to fall by 24.5% to 410 billion rubles.

Released on the morning of Wednesday the report of “Gazprom” for the first quarter according to IFRS, which turned a little better than average expectations, and supported the growth of the company’s shares.

On the Moscow stock exchange the shares of “Gazprom” to the 10:10 Moscow time has grown to 137,89 rubles (+0.4 percent).