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Gazprom has announced unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) for the first quarter of 2013.
Sales (net of VAT, excise tax and customs duties) increased by RUB 236,163 million, or 19%, to RUB 1,461,441 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.
Net sales of gas increased by RUB 182,329 million, or 25%, to RUB 903,819 million in the three months ended March 31, 2013 compared to the three months ended March 31, 2012.
For the three months ended March 31, 2013 net sales of gas to Europe and other countries increased by RUB 41,714 million, or 11%, to RUB 428,314 million compared to the three months ended March 31, 2012. This change was primarily due to increase in volumes of gas sold by 6%, or 2.7 bcm, which was reinforced by the increase of average realized prices in RUB terms (including customs duties) by 3%.
Retroactive gas price adjustments were recognized in the consolidated interim condensed financial information for the three months period ended March 31, 2013 as an increase of sales in the amount of RUB 73,430 million reflecting a decrease in previously accrued liability. In the consolidated interim condensed financial information for the three months ended March 31, 2012 effect of retroactive gas price adjustment, related to gas deliveries in the years 2010 and 2011, amounted to RUB 78,505 million. This change resulted in increase in sales by RUB 151,935 million.
Net debt balance (defined as the sum of short-term borrowings, current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings and long-term promissory notes payable, net of cash and cash equivalents and balances of cash and cash equivalents restricted as to withdrawal under the terms of certain borrowings and other contractual obligations) decreased by RUB 98,784 million, or 9%, from RUB 1,071,214 million as of December 31, 2012 to RUB 972,430 million as of March 31, 2013. This decrease resulted from increase in cash and cash equivalents.
