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OJSC "Severneftegazprom” published financial statements for 3 months 2018 prepared in accordance with International Financial Reporting Standards

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OJSC "Severneftegazprom” (the "Company") issued unaudited interim condensed Financial Information for the 3 months 2018 prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IFRS (IAS 34)).

The comprehensive income of OJSC "Severneftegazprom” under IFRS based on the results of financial and economic activities for the reporting period amounted to RUB 1,341 million.

The change in comprehensive income for the three months of 2018 compared with the same period last year was mainly affected by a decrease in the tax burden on the mineral extraction tax (hereinafter - MET) by RUB 678 million, or by 10% as a result of components’ changes in the formula of the MET calculation for the natural gas, which entered into force on January 1, 2018.

The cost of sales of commercial gas for the reporting period amounted to RUB 9,093 million, which is lower than the same indicator in 2017 by RUB 352 million or 4%.

Revenue from gas sales amounted to RUB 11,334 million. The decrease in revenues from gas sales for the three months of 2018 by 2,040 million rubles, or 15% over the same period of last year, is due to a decrease in the gas price, determined by the formula in accordance with the Shareholders Agreement and gas supply contracts.

Full version of Financial Statements for the 3 months of 2018 ended March 31, 2018 prepared in accordance with IFRS is available at:
http://en.severneftegazprom.com/investors-and-shareholders/ris-disclosure/reports/