Yesterday, PJSC Gazprom published its unaudited consolidated condensed interim financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) for the three months ended March 31, 2021.
The following table shows the unaudited consolidated condensed statement of comprehensive income for the three months ended March 31, 2021 and for the three months ended March 31, 2020. All amounts in the table are in millions of Russian rubles.
In the three months to March 31, 2021, gas sales rose by RUB 374,980 million or 43% to RUB 1,240,586 million compared to the same period of the previous year.
Net sales of gas to Europe and other countries increased by RUB 270,145 million or 59% to RUB 729,629 million in the three months ended March 31, 2021 compared to the same period of the previous year. The change is mainly due to the increase in average prices (including excise taxes and duties) in Russian rubles by 33% and the increase in the volume of gas sold by 25%, or 12.9 billion cubic meters. At the same time, average prices denominated in US dollars rose by 20%.
Net sales of gas to the countries of the former Soviet Union increased by RUB 26,150 million or 30% to RUB 113,269 million in the three months to March 31, 2021 compared to the same period of the previous year. The change is due to the increase in gas sales volumes by 28% or 2.6 billion m³ and the increase in average prices (including customs duties) in Russian rubles by 2%. At the same time, average prices denominated in US dollars fell by 9%.
Gas sales in the Russian Federation rose by RUB 74,918 million or 23% to RUB 397,683 million in the three months ended March 31, 2021 compared to the same period in the previous year. This change was explained by the increase in the volume of gas sold by 19% or 14.5 billion m³ and the increase in the average price in the Russian ruble (excluding VAT) by 4%.
In the three months ended March 31, 2021, net sales of refined products (excluding excise taxes, VAT and customs duties) increased by RUB 76,720 million or 16% to RUB 549,679 million compared to the same period in the previous year. The increase in net sales of refined products is mainly due to an increase in average prices in Russian rubles across all geographic segments.
Net sales of crude oil and gas condensate (excluding VAT and customs duties) increased by RUB 61,143 million or 51% to RUB 182,004 million in the three months ended March 31, 2021 compared to the same period of the previous year. The change is mainly due to an increase in net sales of crude oil, which is mainly due to an increase in average crude oil prices.
Operating expenses increased by RUB 327,152 million or 23% to RUB 1,766,853 million in the three months ended March 31, 2021 compared to the same period of the previous year.
The increase in operating expenses was mainly caused by the change in currency differences on operating items. The currency loss from operating items for the three months ended March 31, 2021 was RUB 26,524 million, compared to a currency gain of RUB 115,584 million for the same period last year. This change was mainly due to the revaluation of receivables from overseas customers and loans issued, caused by the depreciation of the euro against the Russian ruble by 2% in the three months ended March 31, 2021 compared to the appreciation of the US dollar and euro against the Russian ruble by 26% and 24% respectively in the same period last year.
The increase in expenses in the “Acquired gas and oil” item by RUB 53,556 million or 19% for the three months ended March 31, 2021 compared to the same period in the previous year was caused by an increase in the average price of gas and oil.
The increase in the “Taxes other than profit” item by RUB 40,095 million or 12% for the three months ended March 31, 2021 compared to the same period in the previous year was mainly due to an increase in mineral extraction tax costs, which were partially offset by a decrease in excise tax expenses . The increase in mineral extraction tax expense is mainly due to an increase in crude oil prices and a higher tax rate as a result of tax maneuvers.
The balance of the currency differences reported in the item “Financial result (expense)” resulted in a profit of RUB 16,300 million for the three months ended March 31, 2021 compared to a loss of RUB 551,396 million for the same period of Previous year.
The profit attributable to the owners of PJSC Gazprom for the three months ended March 31, 2021 was RUB 447,263 million.
Adjusted EBITDA (calculated as the sum of operating profit, depreciation, impairment losses or reversals of impairment losses on financial assets and non-financial assets, minus changes in the allowance for expected credit losses on receivables and allowances for advance payments and advance payments) increased by RUB 193,649 million or 38% in March 2021 compared to the same period last year and amounted to RUB 700,596 million. This change is mainly due to an increase in sales.
Net debt (defined as the sum of short-term financial liabilities and the short-term portion of long-term financial liabilities, short-term borrower’s note loans, long-term financial liabilities, long-term borrower’s note loans minus cash and cash equivalents) decreased by 135,308 million RUB or 3% from 3,872,695 million RUB as of December 31, 2020 RUB 3,737,387 million as of March 31, 2021. This change is mainly due to an increase in cash and cash equivalents.
More detailed information on the abridged IFRS consolidated interim financial statements for the three months ended March 31, 2021 can be found here.
Source: Gazprom