OREANDA-NEWS. November 17, 2011. Gazprom Neft publishes its consolidated financial results in accordance with US GAAP for 9M 2011.

Increased sales volumes and higher crude and petroleum prices drove the Company’s revenue up by 39% to USD 32,908 mln in 9M 2011 compared to 9M 2010 (Q3 2011 revenue of USD 11,567 mln is 38% higher than in Q3 2010).

Earnings before interest, income tax, depreciation and amortization (Adjusted EBITDA)* in 9M 2011 comprised USD 7,704 mln or 50% higher than in 9M 2010 due to an increase in refining throughput (+10.8%), growth in premium channel sales and improved market conditions. In Q3 2011 Adjusted EBITDA increased by 37% to USD 2,759 mln compared to Q3 2010.

Net income attributable to Gazprom Neft in 9M 2011 increased by 64% to USD 3,875 mln versus 9M 2010 driven primarily by growth in EBITDA. Q3 2011 resulted in USD 1,271 mln in net income (47% higher than in Q3 2010).

The increase in net income resulted in a 14% growth in net cash provided by operating activities 9M 2011 compared to the same period of 2010 or USD 4,942 mln. Net cash provided by operating activities reached USD 2,430 mln in Q3 2011 or 24% higher than in Q3 2010.

 

3Q
2011

3Q
2010

∆, %

9M
2011

9M
2010

∆, %
2011-2010

Revenue

11,567

8,387

38

32,908

23,709

39

Adjusted EBITDA*

2,759

2,011

37

7,704

5,147

50

Cash flow from operating activities

2,430

1,955

24

4,942

4,319

14

Net income attributable to Gazprom Neft

1,271

865

47

3,875

2,366

64

Adjusted EBITDA/boe

26.6

20.5

30

24.9

17.8

40

* Adjusted EBITDA is defined as Earnings before Interest, Income Tax, Depreciation, Amortization, non-controlling interest, foreign exchange gain, other non-operating expenses and includes the Company share in EBITDA of equity affiliates.