Naftogaz reports operating and UAS-based financial results for 2012

Naftogaz of Ukraine (NAFTO), the state natural gas production and delivery monopoly, reported a 0.5% yoy increase in 2012 gas production (including Ukrnafta statistics) to 18.2 bcm. Its oil and gas condensate output remained broadly flat yoy at 3.00 mmt. The holding reported a 5.5% yoy increase in well drilling operations to a total of 323 km.

Naftogaz also reported a 19.2% yoy decline in gas transit volumes to 83.8 bcm, including a 19.7% yoy drop in transit to EU countries to 81.2 bcm in 2012.

Its Ukrainian Accounting Standard (UAS)-based revenue declined 10% yoy to USD 12.1 bln, which was a result of an 8% drop in gas transit revenue and 12% revenue decrease from its gas trading operations.

The holding’s LBITDA increased 1.7x yoy to USD 117 mln, and net loss amounted to USD 1.28 bln for the year (vs. USD 0.97 bln profit in 2011). The company’s total debt increased 15% yoy to USD 7.4 bln and its debt/equity ratio stood at 1.45x as of end-2012 (vs. 1.13x a year before).