Exchange revaluation resulted in “Gazprom” to the net loss of RUB 116 billion, compared with a profit of 536 billion rubles a year earlier, follows from the statements under IFRS for the first quarter. Revenue also fell from 25% to 1.7 trillion rubles due to the reduction in sales of gas to Europe and global reduction of prices for hydrocarbons.”Gazprom” has received a loss in the first quarter of 2020 in the amount of 116,2 billion rubles against a net profit of 536 billion rubles a year earlier, follows from the company reporting under IFRS. The main role was played by exchange revaluation caused by the weakening of the ruble. Thus, “Gasprom” estimates the loss due to exchange rate differences in 551,4 billion.”It (the loss.— “B”) primarily due to significant negative exchange rate differences caused by the sharp depreciation of the ruble in March at the background of the gaining momentum of the pandemic, as well as famous developments in the world oil market”,— said the Deputy Chairman of the Board of Famil Sadigov, whose words are included in the company message. At a loss, the company goes for the first time since the third quarter of 2015, when the indicators also significantly influence the exchange rate difference.”Taking into account these adjustments, the… in the calculation of dividends for the year 2020 will be taken into account, the profit of the first quarter of $ 288 billion rubles. it is Clear that the total amount of the dividend base will be determined based on the profit for the entire 2020″,— he said. During the second and third quarters, according to the dynamics of gas prices, the results of “Gazprom” can be much worse.The revenue of “Gazprom” in January—March because of lower prices for oil and gas fell by 24% to RUB 1.7 trillion in Revenues from sales of gas to Europe, in particular, fell from 45% to 459,48 billion rubles. Average gas prices are denominated in dollars, according to the company, decreased by 37%, gas sales decreased by 10.8 billion cubic meters. A similar situation in the CIS market, where the revenue of “Gazprom” for three months fell by 26% to 87 billion rubles in gas Sales in the CIS fell by 24%, prices 13% higher. On the Russian gas market, the revenue of “Gazprom” fell not so dramatic — on 7%, to 322,76 billion. the decline in sales (8%) managed to compensate for rising prices — on the average on 1%. We will remind, in the domestic market, the company sells gas at regulated prices.EBITDA of “Gazprom” amounted to 493 billion rubles, Adjusted net debt to EBITDA, denominated mostly in foreign currency, grew in the first quarter to 1.5 x from 1.4 x in the fourth quarter of 2019. Gazprom is also kept free cash flow positive.Tatiana Woodpecker
