Consolidated IFRS
Notes | 31 December 2017 | 31 December 2016 | |
---|---|---|---|
Assets | |||
Current assets | |||
Cash and cash equivalents | 6 | 90,608 | 33,621 |
Short-term financial assets | 7 | 10,449 | 42,113 |
Trade and other receivables | 8 | 102,262 | 115,559 |
Inventories | 9 | 118,322 | 100,701 |
Current income tax prepayments | 2,540 | 10,353 | |
Other taxes receivable | 10 | 58,359 | 53,482 |
Other current assets | 11 | 40,047 | 40,503 |
Total current assets | 422,587 | 396,332 | |
Non-current assets | |||
Property, plant and equipment | 12 | 2,052,275 | 1,726,345 |
Goodwill and other intangible assets | 13 | 74,187 | 70,151 |
Investments in associates and joint ventures | 14 | 256,758 | 201,548 |
Long-term trade and other receivables | 901 | 5,129 | |
Long-term financial assets | 16 | 31,293 | 40,167 |
Deferred income tax assets | 17 | 17,867 | 8,039 |
Other non-current assets | 18 | 74,140 | 101,100 |
Total non-current assets | 2,507,421 | 2,152,479 | |
Total assets | 2,930,008 | 2,548,811 | |
Liabilities and shareholders’ equity | |||
Current liabilities | |||
Short-term debt and current portion of long-term debt | 19 | 131,760 | 80,187 |
Current finance lease liabilities | 25 | 1,397 | – |
Trade and other payables | 20 | 194,438 | 95,624 |
Other current liabilities | 21 | 32,500 | 28,680 |
Current income tax payable | 4,534 | 2,296 | |
Other taxes payable | 22 | 84,833 | 67,259 |
Provisions and other accrued liabilities | 23 | 29,873 | 15,406 |
Total current liabilities | 479,335 | 289,452 | |
Non-current liabilities | |||
Long-term debt | 24 | 548,654 | 596,221 |
Non-current finance lease liabilities | 25 | 20,826 | – |
Other non-current financial liabilities | 26 | 48,569 | 89,744 |
Deferred income tax liabilities | 17 | 102,583 | 81,347 |
Provisions and other accrued liabilities | 23 | 62,574 | 45,942 |
Other non-current liabilities | 8,334 | 1,938 | |
Total non-current liabilities | 791,540 | 815,192 | |
Equity | |||
Share capital | 27 | 98 | 98 |
Treasury shares | 27 | (1,170) | (1,170) |
Additional paid-in capital | 62,256 | 51,047 | |
Retained earnings | 1,431,931 | 1,276,210 | |
Other reserves | 60,142 | 33,955 | |
Equity attributable to Gazprom Neft shareholders | 1,553,257 | 1,360,140 | |
Non-controlling interest | 38 | 105,876 | 84,027 |
Total equity | 1,659,133 | 1,444,167 | |
Total liabilities and equity | 2,930,008 | 2,548,811 |
A. V. Dyukov Chief Executive Officer PJSC Gazprom Neft
A. V. Yankevich Chief Financial Officer PJSC Gazprom Neft
Consolidated Statement of Profit and Loss and Other Comprehensive Income
Notes | Year ended 31 December 2017 | Year ended 31 December 2016 | |
---|---|---|---|
Sales | 2,003,575 | 1,695,764 | |
Less export duties and sales related excise tax | (145,644) | (150,156) | |
Total revenue from sales | 40 | 1,857,931 | 1,545,608 |
Costs and other deductions | |||
Purchases of oil, gas and petroleum products | (456,037) | (351,294) | |
Production and manufacturing expenses | (216,530) | (201,862) | |
Selling, general and administrative expenses | (106,629) | (108,981) | |
Transportation expenses | (141,982) | (132,984) | |
Depreciation, depletion and amortisation | (140,998) | (129,845) | |
Taxes other than income tax | 22 | (492,269) | (381,131) |
Exploration expenses | (963) | (1,195) | |
Total operating expenses | (1,555,408) | (1,307,292) | |
Operating profit | 302,523 | 238,316 | |
Share of profit of associates and joint ventures | 14 | 45,504 | 34,116 |
Net foreign exchange (loss) / gain | 30 | (241) | 28,300 |
Finance income | 31 | 10,098 | 11,071 |
Finance expense | 32 | (25,127) | (34,282) |
Other loss, net | 29 | (7,557) | (17,982) |
Total other income | 22,677 | 21,223 | |
Profit before income tax | 325,200 | 259,539 | |
Current income tax expense | (43,695) | (21,290) | |
Deferred income tax expense | (11,827) | (28,524) | |
Total income tax expense | 33 | (55,522) | (49,814) |
Profit for the period | 269,678 | 209,725 | |
Other comprehensive income / (loss) | |||
Currency translation differences | 15,603 | (48,319) | |
Cash flow hedge, net of tax | 34 | 18,434 | 31,501 |
Other comprehensive income / (loss) | 28 | (166) | |
Other comprehensive income / (loss) for the period | 34,065 | (16,984) | |
Total comprehensive income for the period | 303,743 | 192,741 | |
Profit attributable to: | |||
Gazprom Neft shareholders | 253,274 | 200,179 | |
Non-controlling interest | 16,404 | 9,546 | |
Profit for the period | 269,678 | 209,725 | |
Total comprehensive income / (loss) attributable to: | |||
Gazprom Neft shareholders | 279,461 | 198,945 | |
Non-controlling interest | 24,282 | (6,204) | |
Total comprehensive income for the period | 303,743 | 192,741 | |
Earnings per share attributable to Gazprom Neft shareholders | |||
Basic earnings (RUB per share) | 53.68 | 42.43 | |
Diluted earnings (RUB per share) | 53.68 | 42.43 | |
Weighted-average number of common shares outstanding (millions) | 4,718 | 4,718 |
Consolidated Statement of Changes in Shareholders’ Equity
Attributable to Gazprom Neft shareholders | Non-controlling interest | Total equity | ||||||
---|---|---|---|---|---|---|---|---|
Share capital | Treasury shares | Additional paid-in capital | Retained earnings | Other reserves | Total | |||
Balance as of 1 January 2017 | 98 | (1,170) | 51,047 | 1,276,210 | 33,955 | 1,360,140 | 84,027 | 1,444,167 |
Profit for the period | – | – | – | 253,274 | – | 253,274 | 16,404 | 269,678 |
Other comprehensive income | ||||||||
Currency translation differences | – | – | – | – | 7,725 | 7,725 | 7,878 | 15,603 |
Cash flow hedge, net of tax | – | – | – | – | 18,434 | 18,434 | – | 18,434 |
Other comprehensive income | – | – | – | – | 28 | 28 | – | 28 |
Total comprehensive income for the period | – | – | – | 253,274 | 26,187 | 279,461 | 24,282 | 303,743 |
Transactions with shareholders, recorded in equity | ||||||||
Dividends declared to equity holders | – | – | – | (97,553) | – | (97,553) | (2,433) | (99,986) |
Transaction under common control (Note 26) | – | – | 11,209 | – | – | 11,209 | – | 11,209 |
Total transactions with shareholders | – | – | 11,209 | (97,553) | – | (86,344) | (2,433) | (88,777) |
Balance as of 31 December 2017 | 98 | (1,170) | 62,256 | 1,431,931 | 60,142 | 1,553,257 | 105,876 | 1,659,133 |
Attributable to Gazprom Neft shareholders | Non-controlling interest | Total equity | ||||||
---|---|---|---|---|---|---|---|---|
Share capital | Treasury shares | Additional paid-in capital | Retained earnings | Other reserves | Total | |||
Balance as of 1 January 2016 | 98 | (1,170) | 44,326 | 1,078,626 | 35,189 | 1,157,069 | 91,420 | 1,248,489 |
Profit for the period | – | – | – | 200,179 | – | 200,179 | 9,546 | 209,725 |
Other comprehensive (loss) / income | ||||||||
Currency translation differences | – | – | – | – | (32,569) | (32,569) | (15,750) | (48,319) |
Cash flow hedge, net of tax | – | – | – | – | 31,501 | 31,501 | – | 31,501 |
Other comprehensive loss | – | – | – | – | (166) | (166) | – | (166) |
Total comprehensive income / (loss) for the period | – | – | – | 200,179 | (1,234) | 198,945 | (6,204) | 192,741 |
Transactions with shareholders, recorded in equity | ||||||||
Dividends declared to equity holders | – | – | – | (2,595) | – | (2,595) | (1,273) | (3,868) |
Transaction under common control | – | – | 6,835 | – | – | 6,835 | – | 6,835 |
Acquisition through business combination | – | – | (114) | – | – | (114) | 84 | (30) |
Total transactions with shareholders | – | – | 6,721 | (2,595) | – | 4,126 | (1,189) | 2,937 |
Balance as of 31 December 2016 | 98 | (1,170) | 51,047 | 1,276,210 | 33,955 | 1,360,140 | 84,027 | 1,444,167 |
Consolidated Statement of Cash Flows
Notes | Year ended 31 December 2017 | Year ended 31 December 2016 | |
---|---|---|---|
Cash flows from operating activities | |||
Profit before income tax | 325,200 | 259,539 | |
Adjustments for: | |||
Share of profit of associates and joint ventures | 14 | (45,504) | (34,116) |
Loss / (gain) on foreign exchange differences | 30 | 241 | (28,300) |
Finance income | 31 | (10,098) | (11,071) |
Finance expense | 32 | 25,127 | 34,282 |
Depreciation, depletion and amortisation | 12,13 | 140,998 | 129,845 |
Net impairment of receivables and other assets | – | 7,587 | |
Other non-cash items | 3,355 | 3,801 | |
Operating cash flow before changes in working capital | 439,319 | 361,567 | |
Changes in working capital: | |||
Accounts receivable | 13,655 | (30,397) | |
Inventories | (20,672) | (3,462) | |
Taxes receivable | (2,502) | 4,218 | |
Other assets | (1,752) | 8,999 | |
Accounts payable | 33,002 | 12,288 | |
Taxes payable | 15,600 | 19,729 | |
Other liabilities | 15,478 | 3,841 | |
Total effect of working capital changes | 52,809 | 15,216 | |
Income taxes paid | (36,530) | (22,158) | |
Interest paid | (39,449) | (36,476) | |
Dividends received | 5,551 | 3,148 | |
Net cash provided by operating activities | 421,700 | 321,297 | |
Cash flows from investing activities | |||
Acquisition of subsidiaries, net of cash acquired | – | (1,040) | |
Acquisition of investments in joint ventures | (8,345) | (505) | |
Disposal of investments in joint ventures | 476 | (483) | |
Bank deposits placement | (8,462) | (1,425) | |
Repayment of bank deposits | 2,529 | 49,942 | |
Proceeds from sales of other investments | 670 | 3,241 | |
Short-term loans issued | (200) | (6,940) | |
Repayment of short-term loans issued | 33,295 | 10,815 | |
Long-term loans issued | (1,875) | (21,904) | |
Repayment of long-term loans issued | 13,048 | 12,684 | |
Purchases of property, plant and equipment and intangible assets | (357,090) | (384,817) | |
Proceeds from sale of property, plant and equipment, intangible assets | 2,210 | 1,008 | |
Proceeds from sale of other non-current assets | 1,706 | 11,186 | |
Interest received | 9,149 | 4,384 | |
Net cash used in investing activities | (312,889) | (323,854) | |
Cash flows from financing activities | |||
Proceeds from short-term borrowings | 2,210 | 81,319 | |
Repayment of short-term borrowings | (9,207) | (95,656) | |
Proceeds from long-term borrowings | 354,160 | 142,947 | |
Repayment of long-term borrowings | (343,607) | (192,539) | |
Transaction costs directly attributable to the borrowings received | (260) | (649) | |
Dividends paid to Gazprom Neft shareholders | (50,382) | (2,598) | |
Dividends paid to non-controlling interest | (2,542) | (1,254) | |
Repayment of finance lease liabilities | (893) | – | |
Net cash used in financing activities | (50,521) | (68,430) | |
Increase / (decrease) in cash and cash equivalents | 58,290 | (70,987) | |
Effect of foreign exchange on cash and cash equivalents | (1,303) | (9,590) | |
Cash and cash equivalents as of the beginning of the period | 33,621 | 114,198 | |
Cash and cash equivalents as of the end of the period | 90,608 | 33,621 |