Moscow – August 18, 2010 – JSC Gazprom Neft has published on its official web site (ir.gazprom-neft.com) the Company's consolidated financial statements for Q2 2010 and H1 2010, which have been prepared in compliance with US GAAP standards.
Revenues in Q2 2010 rose 52% to USD 8,026 mln (Q2 2009: USD 5,269 mln). Growth was driven by an 8,3% increase in production volumes and rising oil and oil products prices. Revenues for the H1 2010 were $15 322 mln. - 61% up from the corresponding period of 2009.
Earnings before interest, taxes, depreciation and amortisation (EBITDA)* for Q2 2010 was up 3% to USD 1,550 mln (Q2 2009: USD 1,501 mln). The rise in EBITDA was partly offset by a higher tax burden and an increase in natural monopolies tariffs. H1 2010 EBITDA was $3 136 mln, 28% higher than in H1 2009.
Net income in Q2 2010 and H1 2010 increased by 3% and by 42% to USD 747 mln and 1,501 mln respectively as compared to net income adjusted for the one-off gain following the Sibir Energy acquisition in Q2 2009 (USD 725 mln) and in H1 2009 (USD 1,060 mln).
|Q2 2010||Q2 2009||%||1H 2010||1H 2009||%|
|Cash flow received from operations||1,483||994||51||2,364||1,648||43|
|Adjusted Net Income**||747||725||3||1,501||1,060||42|
*EBITDA is defined as Earnings before Interest, Taxes, Depreciation, Amortisation, minority interest, foreign exchange gain, other non-operating expenses and includes JSC Gazprom Neft's share of EBITDA in affiliated companies.
**Net Income for 2Q09 and 1H09 is adjusted for one-off gain following Sibir Energy acquisition
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