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OJSC "Severneftegazprom” published financial statements for 6 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 6 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 2,258 million.

The change in comprehensive income for the reporting period compared to the same period of the last year was mainly affected by a decrease in the tax burden on the mineral extraction tax (hereinafter - MET) by RUB 1,047 million, or by 7%, 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 17,907 million, which is lower than the same indicator in 2017 by RUB 796 million or 4%.

Revenue from gas sales amounted to RUB 21, 856 million. The decrease in revenues from gas sales for the six months of 2018 by RUB 3,868 million, or 15% in comparison with 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 6 months of 2018 ended June 30, 2018 prepared in accordance with IFRS is available at:

http://en.severneftegazprom.com/investors-and-shareholders/ris-disclosure/reports/