SC Gazprom Neft has published its 2007 US GAAP financial accounts

In 4Q 2007 net income grew by 58.6% to $1 324 million vs. $834 million in 4Q 2006. For the full year of 2007, net income reached a record of $4 143 million, that is 13.2% higher compared to $3 661 for 2006.

Earnings before interest, income tax, depreciation and amortization (EBITDA) in 4Q 2007 increased by 40% to $1 669 million compared to 4Q 2006. For the full year of 2007 EBITDA was $5 828 million, that is 12.8% higher y-o-y.

Revenues in 4Q 2007 rose by 47.2% to $6 423 million vs. $4 363 million in 4Q 2006. For the full year of 2007 Company’s revenues was $21 100 million, that is 6.1% higher compared to FY2006. Net cash flow from operating activities for the full year of 2007 increased by 59.7% to a record of $5 271 million.

Key figures 2007:

(mln. $)Q4 2007Q4 2006Change, %20072006Change, %
Revenues6 4234 36347,2%21 10019 8946,1%
EBITDA 1 6691 19240,0%5 8285 16812,8%
Net income1 324834 58,6%4 1433 66113,2%

The increase of net income and EBITDA was due to favorable market conditions, increase in refining throughputs (+ 7.4%), high refining margins as well as due to redistribution of oil and oil products in favor of more effective destinations.

Gazprom Neft Chairman of the Board Alexander Dyukov stated: "The 2007 Gazprom Neft financial results show positive dynamics, that gives us support in a view for further growth of the business. Our main objective for 2007 was to beat the 2006 results, and we can certainly say that we have succeeded. Our target for 2008 is to consolidate the success and continue stable growth of the business".