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The net profit of LUKoil has made USD 1 299 bln, what is by 23.1 per cent less as compared with the first quarter of 2006. The net profit has grown by 24.7 per cent as compared with the fourth quarter of 2006. EBITDA indicator (Earnings before interest, taxation, depreciation, amortization) has made USD 2.432 million (by 13.3 per cent less as compared with the first quarter of 2006 and 14.7 per cent more versus the fourth quarter).

The dynamics of the company performance was influenced by the drop of the world prices for oil and petroleum products, increased export taxes in Russia, strengthened RUR against USD and increased transport tariffs. However, the negative impact of those factors was partially adjusted by the increase in the scope and optimization of activities. Despite the decline of oil and oil products prices, the total tax payments of the company increased by 9.8 per cent as compared with the first quarter of 2006, i.e., by USD 5.6 billion 03.04.19.04.05.05.22.05.07.06.23.06.11.07.27.07.14.08.30.08.15.09.03.10.19.10.06.11.22.11.08.12.26.12.15.01.31.01.16.02.06.03.22.03.09.04.25.04.10.05.28.05.12.06.R Gazprom According to published on June 5 consolidated financial reporting, developed in accordance with US GAAP standards, the proceeds of Gazprom Neft in 2006 have grown by 38 % as compared with the previous year and amounted to USD 20.2 billion. Profit before tax, interest and depreciation (EBITDA) in increased by 27 % and amounted to USD 5.2 billion. Despite the increased tax burden by more than 41 %, the net profit of Gazprom Neft made in 206 USD 3.7 billion, which exceeds the level of 2005 by 31 %.

Norilsk Nickel On June 26 OAO Norilsk Nickel announced the receipt of all necessary regulatory approvals for the transaction on acquisition of LionOre Mining International Ltd. due to the agreement for the transaction from the Canadian government Investment Authority dated as of the June 25, 2007. D. Morozov, General Manager of OAO Norilsk Nickel announced that the company welcomed the completion of the transaction agreement with all regulating authorities in very a short time frames. It is anticipated that LionOre shareholders will offer their shares for sale before June 28, the validity term of our offer, after which Norilsk Nickel intends to complete the acquisition of all issued shares of LionOre .

On May 23, 2007 Norilsk Nickel has announced that it will increase the price of its offer to acquire all issued ordinary shares of LionOre for monetary assets for the total amount of about CAD 6.8 billion. The proposal will be valid for acceptance until 20:00 as of Toronto time, Thursday, June 28, 2007. The confirmation of this proposal should be received before the deadline.

Rosneft On June 18, the company has published consolidated financial reporting for three months of 2007, through March 31, developed in accordance with US GAAP. According to the presented reporting, the net profit in the first quarter of 2006 has grown by 12.2 per cent and accounted to USD 8.220 mln, what is by 0.1 per cent higher than in the fourth quarter of 2006, which made USD 8.213 million. The profit growth was based on increased sales of oil, gas and oil products. The EBITDA indicator (Earnings before interest, taxation, depreciation, amortization), adjusted to the amount of penalties and charges on tax debt of OAO Yugansk Neftegas" in the amount of USD 297 million, has decreased by 9.3 per cent, to USD 1.741mln in the first quarter of 2007 (from USD 1 920 million in the fourth quarter of 2006, when the EBITDA index made USD 880 mln). Net profit, adjusted for the tax penalties and fines for tax arrears of OAO Yugansk Neftegaz, in the amount of USD 332 million, as well as the change in the effective tax rate in the first quarter of 2007, has decreased by 24.9 per cent to USD 602 million as compared with the rate of the relevant period in 2006 (USD 802 million), and by 0.2 per cent versus the rate of the fourth quarter of 2006 (USD 603 million).

A decline in EBITDA and net income in the first quarter of 2007 as compared with the corresponding period of 2006 occurred primarily due to an increase of customs duties, which increased by 23.8 per cent, and due to strengthening of the RUR rate by 11.7 per cent in real terms.

Table 1.

Dynamics of international stock market indices Dynamics within the Dynamics since the Data as of June 24 Value month(%)F10F year beginning (%) RTS (Russia) 1897,3 5,71% 5,49% Dow Jones Industrial (USA) Average(USA (USA) (USA) 13337,66 -1,26% 7,02% NASDAQ Composite (USA) 2574,16 0,66% 6,58% S&P 500 (USA) 1492,89 -1,51% 5,26% FTSE 100 (UK) 6559,3 -0,17% 5,44% DAX-30 (Germany) 7860,52 1,57% 19,15% CAC-40 (France) 5953,36 -1,72% 7,43% Swiss Market (Switzerland) 9073,33 -3,28% 3,27% Nikkei-225 (Japan) 18066,11 3,35% 4,88% Bovespa (Brasil) 53851,68 4,33% 21,09% IPC (Mexico) 30744,71 0,15% 16,24% IPSA (Chile) 3418,25 6,48% 26,92% Straits Times (Singapore) 3525,1 1,10% 18,06% Seoul Composite (South Korea) 1749,55 6,38% 21,97% ISE National-100 (Turky) 46010,13 -0,40% 17,62% Morgan Stanley Emerging Markets Free Index 1 051,10 4,60% 15,16% PT TP Versus index indicator valid on September 27, 2006.

Foreign currency market As of results of the month, the re was observed stabilizations of the USD exchange rate against RUR, based on the situation in the foreign currency market. On the one hand, the United States has lowered the GDP forecast, on the other hand, a number of macroeconomic indicators demonstrated the stability of the US economy. within the second week of the month there was observed the strengthening of EURO against USD, which caused a similar trend in the dynamics of domestic currency market. This was associated with an increase of the base interest rate in the EURO zone up to 4 per cent per annum.

Early in the second half of June, USD initially was strengthened against EURO, but this was followed by its downfall. The growth of dollar took place against the background of expectations of increased interest rates in the United States. But then, after the publication of the data on basic inflation rates in the USA, the investors concerns have settled down, and EURO has recovered some of the decline. Towards the end of June the dynamics of USD/RUR was reflecting the situation in the world market, resulting in strengthening of RUR against USD. Also, the increase in the RF CB activities served for further RUR strengthening.

As of results of the month, from June 1 to 27, the USD official exchange rate against RUR has demonstrated some decline versus the level of the beginning of the month, having lost RUR 0.126 (- 0.49 per cent) and made RUR 25.78 to USD 1. The total volume of trading in USD on SELT in the period of June 1 to amounted to about USD 40.16 bln at an average daily turnover of USD 2.7 bln (about USD 77.52 bln at an average daily turnover of USD 4.6 in the relevant period of May). Therefore, trading activity of foreign currency in June has remarkably declined as compared with the preceding month. The largest amount of trading in USD was noted on June 8, when it amounted to about USD 4.4 bln, the minimum level of USD 380.5 mln was observed on June 9.

In the banking sector ruble liquidity in June of the current year has shown some decline against May indicators: the average balance of credit agencies correspondent accounts in the Bank of Russia in April was about RUR 468.03 bln, against May indicator of about RUR 438.12 bln.

FIG. 7.

Dynamics of the Official USD/RUR and EUR/RUR Exchange Rates in 2006-37.Official USD/RUR exchange rate 36.Official EUR/RUR exchange rate 35.34.33.32.31.30.29.28.27.26.25.From June 1 to 27 Euro rate in the world market has grown by USD 0,0019 (0,14 per cent) and reached the level of USD 1,3461 for EURO 1. Despite those indicators, some decline of EURO against RUR was observed. In the period from April 1 to 27, EURO has been decreased against RUR by 0,1309 ((-0,38 per cent), namely from RUR 34,816 to 34,682 for EURO 1. The total volume of trading in EURO on SELT in the period from April 1 to 22 amounted to about EURO 1.01 bln at an average daily turnover of EURO 67.12 mln (about EURO 940.67 mln at an average daily turnover of EURO 55.3 mln in the relevant period of May). Therefore, the trading activity of the European currency has been significantly increased as com roubles 01.04.16.04.01.05.16.05.31.05.15.06.30.06.15.07.30.07.14.08.29.08.13.09.28.09.13.10.28.10.12.11.27.11.12.12.27.12.11.01.26.01.10.02.25.02.12.03.27.03.11.04.26.04.11.05.26.05.10.06.25.06.pared with the preceding month. The largest amount of trading in EURO within the period under review was noticed on June 19 at the level of EURO 121.7 mln, the minimum level of EURO 31.74 mln was observed on June 4.

FIG. 8.

Dynamics of the Dollar/Euro Exchange Rate on the International Markets 1.1.1.1.1.1.D. Polevoy Real Economy Sector: Trends and Factors In 1 quarter 2007 the volume of the GDP in current prices was equal to RUR 6522.2 bln and increased by 7.9% as compared with 1 quarter 2006.

The growth of the production in the industry over January-May 2007 was 7.4% against 3.0% over the corresponding period of the previous year, workload in construction 25.4% against 6.4% and retail trade turnover 14.0% against 11.6%. The characteristic feature of 2007 has been an exceptionally high level of the investment activity. The growth of the investments in fixed assets reached 20.8% over January-May of the current year.

Federal State Statistics Service made the first estimation of the current year GDP. Anticipating growth of the domestic demand as compared with external demand was one of the factors of the change in the economy structure. It was the dynamic growth of the construction, processing industries, wholesale and retail trade as well as financial services that had positive impact on the dynamics of the produced GDP. The share of the construction in the GDP produced in 1 quarter 2007 went up to 4.7% against 4.0% in the corresponding period of the previous year, the share of processing industries grew by 1.2 p.p. and was equal to 20.5%, the contribution of extraction industries having reduced down to 7.6%, which is lower than the figure of quarter 2006 by 2.1 p.p.

Macroeconomic situation at the beginning of 2007 was formed under the influence of dynamic expansion of the domestic market, which was accounted for by cumulative effect of the domestic business activity factors and the growth of population monetary income. The increase of the production in industry over January-May 2007 was equal to 7.4% against 3.0% in 1 quarter of the last year, workload in construction to 25.4% against 6.4% and retail trade turnover to14.0% against 11.6%. The characteristic feature of has been an exceptionally high level of investment activity. The increase of the investments in the fixed assets over January-May was equal to 20.8%, exceeding by 11.0 p.p. the figure of the previous year. In the environment of investment demand rates acceleration the prospects of machine-building and construction USD/EURO 01.04.16.04.01.05.16.05.31.05.15.06.30.06.15.07.30.07.14.08.29.08.13.09.28.09.13.10.28.10.12.11.27.11.12.12.27.12.11.01.26.01.10.02.25.02.12.03.27.03.11.04.26.04.11.05.26.05.10.06.25.06.materials productions seem quite favorable in regard to the nearest future. Machinery and equipment production grew by 15.1% as compared with January-May 2006 and construction materials production by 21.1%.

Table Growth Rates of the Real Volume of GDP Produced by quarters in 2005-2007, as percentage to the corresponding period of the previous year 2006 . 2007 .

2005 .

I II III IV I II III IV I Gross domestic product 105.0 105.6 106.6 108.0 105.0 107.0 106.8 107.8 107.Minerals extraction 100.5 100.4 100.9 101.8 101.1 104.2 102.5 100.5 102.Processing industries 103.2 104.6 108.1 106.5 102.3 105.9 103.7 106.8 111.Electricity, gas and water production and distribution 100.8 99.6 102.4 102.6 104.7 103.4 101.1 100.8 94.Construction 107.5 107.7 111.3 114.4 101.1 110.1 115.1 123.9 123.Whole sale and retail trade, motor-vehicles, motorcycles, household appliances, and items of personal use repair 108.3 108.2 106.6 115.7 109.4 110.1 110.1 106.0 109.Transportation and communication 107.4 108.8 107.4 103.7 107.6 109.1 111.3 109.4 107.Net taxes for products 108.1 107.2 109.4 108.6 108.1 109.3 108.8 110.0 108.Source: Federal State Statistics Service It should be noted that macroeconomic situation at the beginning of the current year was characterized with the further weakening of external demand impact on the GDP dynamics. The dynamics of the external demand was considerably influenced by existing situation at the world markets of fuel and raw materials, on the one hand, and by increased demand of the domestic market for hydrocarbons and material and technical resources, on the other hand. In the environment of high world prices and continuing reduction in physical volumes of oil and gas sector products supply to the external market the total value of Russian export in monetary terms increased by 8.4% over January-April 2007 as compared with 30.4% in the corresponding period of the previous year.

Analyzing the dynamics of internal demand one should note the trend for import growth becoming stronger. High elasticity of import to domestic demand demonstrates that economy and population revenue growing and competitiveness of domestic production decreasing the shift of consumer preferences for import goods is intensifying. Over January-April 2007 increase in import was equal to 40.4%, exceeding by 20.7% the level of the last years similar figure. In the amount of the retail trade goods resources the share of import supply went up to 48%, including by foodstuffs up to 38% and non-food goods up to 56%.

In 2007 the positive trend for textile and clothing industry, leather and goods thereof, footwear and growth production, which appeared in 2006, has sustained. An important tool for production expansion was abolition of custom duties for import technological equipment. However since the production volumes in these fields of activity are about 2023% of the pre-reform level of 1991, this has but a small impact on domestic market. Russian textile and clothing industry, leather and footwear production are one of the least attractive for foreign investors.

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