Net sales of Gazprom IFRS 1 quarter 2009 net of excise taxes and duties increased by 3% year on year, reaching 931 billion rubles

Written by admin on August 26th, 2009

Retail Chain Magnet released the results of 1 half-year 2009, which exceeded market expectations. The company's revenues in ruble terms, grew up period of more than 33%, the result in terms of dollars as a result of weakening the national currency has shown some decline. The magnet continues to increase gross margin by optimizing work with suppliers, as well as increasing the share of purchases through its own logistics. We commend the results of the magnet and believe that the significant increase in profitability may have a short-term support quotes the company's shares. Nevertheless, we estimate that shares Magneto already fairly valued market (EV /EBITDA in 2009 at 10.5) compared with Russia and foreign counterparts retailer (EV /EBITDA 2009 - about8,6) - analyst of investment company Finam Sergey Filchenkov.

Gazprom issued unaudited consolidated interim statements according to IFRS for the first quarter of 2009. Net sales excluding excise taxes and duties increased by 3% year on year, reaching 931 billion rubles. The volume of gas sales fell 24% to 140 billion cubic meters. m. The average price of gas sales rose 34% primarily due to growth in export prices. The results were better than Gazprom's expectations as to revenues and EBITDA, and net income. A serious negative effect was the loss of 255 billion rubles. By exchange rate differences, which, however, were slightly lower than in the 4 th quarter of 2008. In Total, Gazprom lost in profitability due to the gas dispute in January, falling demand for gas prices and increased imports of Asian gas , - analyst IK Finam Alexander Eremin.

Veropharm published its financial results up to 1 half-year 2009, which were generally in line with expectations. Ruble-denominated revenues increased by 11%, against a background of slower growth in costs has allowed the company to increase the number of gross margin. We commend the results of neutral Veropharm up to 1 half-year. According to our estimates, the company is currently undervalued by the market, but growth factors, the company's shares in the short term is limited. Estimated fair value of shares Veropharm, according to our calculations, is $ 41.3, more than 80 % higher than current market quotation of the company, - said in a daily Finam .

controlling shareholder of OAO Mosenergosbyt - OJSC RAO ES of the East - sent to the sales company requirement to convene an extraordinary shareholders' meeting. At the meeting agenda, in particular, will the issue of payment of dividends on the results of the first half of 2009. RAO East operates as the holding company for which dividend payments are an important source of income. In this regard, we believe that there is a high probability that the company will initiate the payment of dividends and other marketing companies, which, like Mosenergosbyt were transferred to the holding company for the separation and balance are peripheral to its core business , - predicts Denis Kruglov of Finam.

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