Gazprom Neft (GZPFY: OTC Link) | Gazprom Neft reports 9M 2011 financial results


Gazprom Neft reports 9M 2011 financial results

Nov 11, 2011

OTC Disclosure News Service

Moscow, Russian Federation –

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 $32,908 mln in 9M 2011 compared to 9M 2010 (Q3 2011 revenue of $11,567 mln is 38% higher than in Q3 2010).

Earnings before interest, income tax, depreciation and amortization (Adjusted EBITDA)* in 9M 2011 comprised $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 $2,759 mln compared to Q3 2010.

Net income attributable to Gazprom Neft in 9M 2011 increased by 64% to $3,875 mln versus 9M 2010 driven primarily by growth in EBITDA. Q3 2011 resulted in $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 $4,942 mln. Net cash provided by operating activities reached $2,430 mln in Q3 2011 or 24% higher than in Q3 2010.

* 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.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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