* Gazprom 2007 IFRS results
* Expected on or after Friday, June 27
* Net profit seen at 635.6 billion roubles ($24.88 billion
as calculated by last year's rate)
MOSCOW, June 25 Russian gas export monopoly
Gazprom (GAZP.MM) is expected to report near-flat profit and a
10 percent rise in revenue in 2007 later this week or next week,
a Reuters poll of ten analysts showed on Wednesday.
Net profit at the world's largest gas firm, which supplies
Europe with a quarter of its gas needs, is seen at 635.6 billion
roubles, a notch up from 2006, which stood at 634 billion.
"Costs... are difficult to forecast as Gazprom makes
customary year-end adjustments which can be in either
direction," Troika Dialog said in a research note, adding that
external transit costs shot up in the fourth quarter.
Sales, however, are expected to rise 9.9 percent to 2.4
trillion roubles ($101.6 billion) on the back of increased
deliveries to Europe.
"The reason is not so much higher purchases, but the
draining of stored reserves that had piled up in the first nine
months of last year during unusually weak demand," Troika Dialog
said, adding that high numbers will spill over into the first
quarter of this year.
Growing demand for fuel means European deliveries will
continue to rise throughout this year and last week Gazprom said
its export revenues to Europe would soar by 62 percent to $64
billion compared to 2007.
Gazprom is expected to report its results, calculated to
International Financial Reporting Standards (IFRS) on or after
the firm's annual general meeting (AGM) on Friday June 27.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) is seen hitting 979 billion roubles, up from around 954
billion the year before, and is expected to keep rising on the
back of sustained record high oil prices.
"Similar to oil companies, Gazprom's EBITDA rises some 7
percent for each $5 increase in oil price assumptions for a
given period," Alfa Bank said in a research note. The bank
predicts EBITDA in 2008 to rise to $62.5 billion, up from $39.1
billion this year.
Gazprom produced 548.6 bcm of gas last year, down 1.3
percent year-on-year, and owns Russia's fifth-largest oil firm,
Gazprom Neft (SIBN.MM).
It will decide who will be its new chairman at its AGM on
Dmitry Medvedev recently stepped down as chairman when he
took up his new role as Russian President. It is widely expected
that the current first deputy prime minister, Viktor Zubkov,
will be elected in his place.
Following is a table showing forecasts in billions of
roubles by ten analysts.
Revenue EBITDA Net profit
Troika Dialog 2,378 979 642
*Dresdner Kleinwort 2,269 965 675
UniCredit Aton 2,305 903 592
Deutsche Bank 2,377 953 611
Goldman Sachs 2,394 994 602
*BCS 2,433 1,007 641
Alfa Bank 2,459 1,043 661
Solid 2,361 999 631
*Sobinbank 2,304 948 648
UBS 2,403 998 653
Average 2,368 979 636
*These banks gave forecasts in dollars, which were
calculated into roubles using the Russian central bank's average
rate for 2007, which was 25.55 roubles per dollar.
In 2006, the average rouble/dollar rate was 27.14.
(Reporting by Vladimir Soldatkin; Writing by Amie