Net profit of “Gazprom” for the half year fell by almost 23%. This is mainly due to the redundant assets for the debts of Ukrainian “Naftogaz”. Experts warn that the profit for the year of the Russian monopoly will decrease by almost 40%, and only because of Ukraine “Gazprom” will lose about $ 10 billion.
According to the report of “Gazprom” for the first half 2014 in accordance with IFRS, the company’s revenue increased compared to the same period last year, 305 billion rubles. (About 12%) and amounted to 2.873 trillion rubles. Most of the increase due to the increase in revenue from the sale of gas to the countries of the former Soviet Union (46%, or 83.392 billion rubles.) And other countries (7%, or 58.777 billion rubles.).
However, net profit attributable to equity holders of “Gazprom” has noticeably decreased. In the first half of 2014 it amounted to 450.578 billion rubles. compared to 582.683 billion rubles. six months of 2013. Fall, so was 22,7%.
The decline in profits due to an increase in operating expenses, which in the first half of this year increased by 31% and amounted to 2.248 trillion rubles. The share of operating expenses in sales revenue increased from 67% for the six months in 2013 to 78%. In particular, the increased tax deductions (other than income tax), amounting in the first half of 2014 394 392 000 000 rubles. (+15%), And transit costs (+12% to 191.41 billion rubles.), But the main factor that influenced the growth of spending, was accrued provision for impairment of trade receivables in the amount of 215.832 billion rubles. for six months in 2014.
As stated in the release of “Gazprom” accrual of provision for impairment, in turn, is related to the provision for doubtful trade receivables “Naftogaz of Ukraine».
«Because of the large debt of Ukraine,” Gazprom “reserve funds, and they do not go to the accounting profit” – explains the analyst GC “Alpari” Anna Kokoreva.
Ukraine owes to “Gazprom” for a total of $ 5.3 billion (with a portion of that amount – this is last year’s debts), so that on June 16 the Russian company has translated “Naftogaz of Ukraine” for prepaid supply chain, and from that moment Kiev Russian gas is not getting. By the way, it also plays a role in the formation of profit of “Gazprom”, as Ukraine is one of the largest of its counterparties.
At present, negotiations are under way for the resumption of supplies. However, if Russia wants first partially repay the debt ($ 1.451 billion over the past year, the rest to be paid in equal installments until March next year), and then promises to begin delivery, the Ukraine, by contrast, wants to go first gas, and only then intends to pay the debts.
In the first quarter of 2014 “Gazprom” has already demonstrated a sharp decline in profits due to Ukrainian factor. For the three months profit attributable to shareholders of the company, compared to the same period in 2013 decreased by 41% and amounted to 223 billion rubles.
Then “Gazprom” also noted that the increase in operating costs ( they rose by 15% to 1.089 trillion rubles.) is mainly due to the accrual of allowance of 71.298 billion rubles. for doubtful debts “Naftogaz».
According to the expert UBS Maxim Moshkova total profit “Gazprom” on the basis of 2014 will decrease by approximately 39%.
«In the past year it was $ 39.652 billion in 2014, according to our forecasts, will be $ 24 , 37 billion – says Moshkov. – And about $ 10 billion – losses due to Ukraine (for about $ 5 billion due to the termination of supply and reserve funds for the debts of “Naftogaz») ».
The rest of the fall in profit, According to the analyst, is due to an increase in tax deductions, lower prices and a drop in gas production.
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