The cash flow of Gazprom turned out to be negative

The gas corporation spent all the proceeds on operating expenses and capital investments.
29.08.2018
Spletnik
Origin source
The budget of Gazprom continues to crack at the seams, despite the jump in gas prices in Europe and a sharp increase in supplies to all key markets.

In the first half of the year, the cash flow of the "national treasure" remained negative: receipts to the accounts did not cover all expenses, and net debt soared to a new historical record of 2.433 trillion rubles.

Although revenues from gas sales in the EU jumped 1.4 times (to 1.7 trillion rubles), and on the domestic market, thanks to the increase in tariffs, it was possible to collect 9% more (508 billion rubles), three quarters of total revenue (3.971 trillion rubles ) "ate" operating expenses, which soared by 14% and reached 3,035 trillion rubles.

As a result, operational activity brought Gazprom 947 billion rubles in cash flow, the company said in its IFRS report.

Of this amount, 83%, or 791 billion rubles, Gazprom spent on capital construction projects in the form of pipelines to China, Europe and bypassing Ukraine.

Another 135 billion rubles fell on financial outflows: after the decision of the Stockholm Arbitration, which awarded Naftogaz Ukraine 2.6 billion dollars, Gazprom was cut off from international capital markets.

Due to the threat of arrest of accounts, he was forced to freeze the program of external loans, unable to either refinance the old debt, or attract a new one.

For half a year the holding had to pay off almost 100 billion rubles of long-term loans and 14 billion rubles - short-term debt.

Nevertheless, the total debt of Gazprom increased by 101 billion rubles, to 3.366 trillion rubles, or 54.3 billion dollars at the current rate. The fall of the ruble, because of which the foreign currency debt became more expensive, has explained, "Gazprom" explains.

In total, according to the results of the first half of the year, the "hole" in the holding's budget amounted to 27 billion rubles - for this amount, expenses exceeded receipts to accounts.

Let's note, however, that in comparison with last year its size has shrunk by 4.5 times (124 billion rubles).

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