CONSENSUS: Gazprom Neft sees IFRS net profit fall 7% in Q2
MOSCOW. Aug 10. (Interfax) - Gazprom Neft had net profit to International Financial Reporting Standards (IFRS) of 30.3 billion rubles in the second quarter of 2012, a 7% decline over the same period of last year, analysts believe.
According to the forecasts of analysts from investment companies and banks polled by Interfax, the company's net profit for the first half of 2012 grew 6% to 78.7 billion rubles.
Analysts think that changes in the exchange rate had a negative impact on Gazprom Neft's net profit in Q2. VTB Capital, for example, estimates the FX loss at $161 million, and Renaissance Capital puts it at $110 million. Analysts made their predictions about net profit taking the FX loss into account.
Revenue was up 13% to 364.1 billion rubles in Q2 and 5% to 642.1 billion rubles in H1, the analysts said.
The consensus for Gazprom Neft's earnings before taxes, depreciation and amortization (EBITDA, does not include the company's share of its affilitates' net profits) was 59.9 billion rubles in Q2 and 121 billion rubles in H1.
Gazprom Neft published its financial statement to International Financial Reporting Standards (IFRS) for the first time in Q1 2012. It previously published its reports to US GAAP (in U.S. dollars).
Gazprom Neft is expected to publish its financial statement to IFRS for Q2 and H1 on August 13.
Analyst forecasts for Gazprom Neft's financial results:
| Q2 2012 | bln rubles | $ bln | ||||
| Company | Revenue | EBITDA (ex. affiliates) | Net profit | Revenue | EBITDA (ex. affiliates) | Net profit |
| Nomos | 370,459 | 61,805 | 37,083 | 11,958 | 1,995 | 1,197 |
| Otkritie | 355,129 | 62,199 | 32,912 | 11,463 | 2,008 | 1,062 |
| VTB Capital | 380,899 | 65,244 | 32,281 | 12,295 | 2,106 | 1,042 |
| Uralsib | 370,180 | 60,411 | 30,484 | 11,949 | 1,950 | 0,984 |
| Alfa-Bank | 368,214 | 60,130 | 30,285 | 11,886 | 1,941 | 0,978 |
| Morgan Stanley | 373,132 | 60,590 | 29,928 | 12,044 | 1,956 | 0,966 |
| Renaissance Capital | 373,836 | 63,850 | 29,338 | 12,067 | 2,061 | 0,947 |
| Troika Dialog | 363,658 | 61,618 | 28,818 | 11,702 | 1,983 | 0,927 |
| Metropol | 366,029 | 58,211 | 28,718 | 11,815 | 1,879 | 0,927 |
| J.P. Morgan Cazenove | 350,415 | 52,666 | 28,192 | 11,311 | 1,700 | 0,910 |
| Deutsche Bank | 333,097 | 51,799 | 25,682 | 10,752 | 1,672 | 0,829 |
| Consensus | 364,095 | 59,866 | 30,338 | 11,749 | 1,932 | 0,979 |
| Q2 2011 to US GAAP | 321,213 | 59,255 | 32,664 | 11,476 | 2,117 | 1,167 |
| Change % | 13,3 | 1 | -7,1 | 2,4 | -8,7 | -16,1 |
| H1 2012 | bln rubles | $ bln | ||||
| Company | Revenue | EBITDA (ex. affiliates) | Net profit | Revenue | EBITDA (ex. affiliates) | Net profit |
| Nomos | 648,435 | 122,984 | 85,456 | 21,184 | 4,018 | 2,792 |
| Otkritie | 633,105 | 123,378 | 81,285 | 20,683 | 4,031 | 2,656 |
| VTB Capital | 658,875 | 126,423 | 80,654 | 21,525 | 4,130 | 2,635 |
| Uralsib | 648,156 | 121,590 | 78,857 | 21,175 | 3,972 | 2,576 |
| Alfa-Bank | 646,190 | 121,309 | 78,658 | 21,110 | 3,963 | 2,570 |
| Morgan Stanley | 651,108 | 121,769 | 78,301 | 21,271 | 3,978 | 2,558 |
| Renaissance Capital | 651,812 | 125,029 | 77,711 | 21,294 | 4,085 | 2,539 |
| Troika Dialog | 641,634 | 122,797 | 77,191 | 20,962 | 4,012 | 2,522 |
| Metropol | 644,005 | 119,390 | 77,091 | 21,039 | 3,900 | 2,519 |
| J.P. Morgan Cazenove | 628,391 | 113,845 | 76,565 | 20,529 | 3,719 | 2,501 |
| Deutsche Bank | 611,073 | 112,978 | 74,055 | 19,963 | 3,691 | 2,419 |
| Consensus | 642,071 | 121,045 | 78,711 | 20,976 | 3,954 | 2,571 |
| H1 2011 to US GAAP | 610,779 | 121,549 | 74,526 | 21,341 | 4,247 | 2,604 |
| Change % | 5,1 | -0,4 | 5,6 | -1,7 | -6,9 | -1,3 |
