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OJSC Severneftegazprom published the financial statements for 6 months 2020 prepared in accordance with the International Financial Reporting Standards

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OJSC Severneftegazprom (the Company) issued the unaudited interim condensed Financial Information for 6 months 2020 ended June 30, 2020 prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting (IFRS (IAS 34)).

Revenue from gas sales for the reporting period amounted to RUB 24 209 million. The decrease in revenue by RUB 2 267 million, or 8,56% in comparison with the same period of the 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.

The cost of sales of commercial gas for the reporting period amounted to RUB 20 467 million, which is lower than the same indicator in 2019 by RUB 685 million or 3,24%. Comparing to the same period of the last year, the decrease was caused mainly by the reduction of mineral extraction tax (MET) by RUB 1 949 million or by 12,0%.

For six months 2020, net assets decreased by 3,9% and amounted to RUB 55 127 million.

The comprehensive income of OJSC Severneftegazprom under IFRS for the reporting period amounted to RUB 2 166 million, which is 34,1% lower than the figure compared to the same period 2019 is due to a decrease in revenue.

Full version of Financial Statements for the six months of 2020 ended June 30, 2020 prepared in accordance with IFRS is available at: Reports.

 2020 OJSC Severneftegazprom