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Gazprom’s consolidated financial statements under International Financial Reporting Standards (IFRS) for the year ended December 31, 2015

Today PJSC Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2015.

The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the years ended December 31, 2015 and December 31, 2014. All amounts are presented in millions of the Russian Rubles.

 

Year ended December 31,

 

2015

2014

Sales

6,073,318

5,589,811

Net gain (loss) from trading activity

3,704

(22,510)

Operating expenses

(4,635,502)

(3,943,669)

Charge for impairment and other provisions, net

(213,219)

(313,208)

Operating profit

1,228,301

1,310,424

 

 

 

Finance income

990,346

389,804

Finance expense

(1,409,087)

(1,438,541)

Share of net income of associates and joint ventures

106,560

46,051

Gains (losses) on disposal of available-for-sale financial assets

9,121

(915)

Profit before profit tax

925,241

306,823

 

 

 

Current profit tax expense

(102,223)

(121,343)

Deferred profit tax expense

(17,819)

(28,288)

Profit tax expense

(120,042)

(149,631)

 

 

 

Profit for the year

805,199

157,192

 

 

 

Other comprehensive income (loss):

 

 

Items that will not be reclassified to profit or loss:

 

 

Remeasurements of post-employment benefit obligations

(169,059)

34,438

Total items that will not be reclassified to profit or loss

(169,059)

34,438

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

Gains (losses) arising from change in fair value of available-for-sale financial assets, net of tax

43,172

(2,933)

Share of other comprehensive income (loss) of associates and joint ventures

28,699

(14,769)

Translation differences

282,924

570,402

Losses from cash flow hedges, net of tax

(22,862)

(60,550)

Total items that may be reclassified subsequently to profit or loss

331,933

492,150

Other comprehensive income for the year, net of tax

162,874

526,588

Total comprehensive income for the year

968,073

683,780

 

 

 

Profit (loss) attributable to:

 

 

Owners of PJSC Gazprom

787,056

159,004

Non-controlling interest

18,143

(1,812)

 

805,199

157,192

 

 

 

Total comprehensive income attributable to:

 

 

Owners of PJSC Gazprom

938,591

667,609

Non-controlling interest

29,482

16,171

 

968,073

683,780

Total sales (net of excise tax, VAT and customs duties) increased by RUB 483,507 million, or 9%, to RUB 6,073,318 million for the year ended December 31, 2015 compared to the year ended December 31, 2014. The increase in sales is mainly driven by the increase in sales of gas to Europe and Other countries.

More detailed information concerning the main items of the sales’ structure for the years ended December 31, 2015 and December 31, 2014 is presented in the table below.

(RUB million unless indicated otherwise)

Year ended December 31,

 

2015

2014

Sales of gas

 

 

Europe and Other countries

 

 

Net sales (net of excise tax and customs duties)

2,165,500

1,752,147

Volumes in bcm

184.4

159.4

Average price, RUB per mcm (including excise tax and customs duties)

15,057.3

13,487.2

Former Soviet Union countries

 

 

Net sales (net of customs duties)

429,660

411,722

Volumes in bcm

40.3

48.1

Average price, RUB per mcm (including customs duties)

11,911.0

10,115.9

Russian Federation

 

 

Net sales (net of VAT)

805,615

820,567

Volumes in bcm

221.2

234.0

Average price, RUB per mcm (net of VAT)

3,641.3

3,506.5

Total sales of gas

 

 

Retroactive gas price adjustments

26,482

949

Net sales (net of excise tax, VAT and customs duties)

3,427,257

2,985,385

Volumes in bcm

445.9

441.5

 

 

 

Net sales of refined products (net of excise tax, VAT and customs duties)

1,555,591

1,619,214

Net electric and heat energy sales (net of VAT)

424,665

426,951

Net sales of crude oil and gas condensate (net of VAT and customs duties)

260,608

209,234

Net gas transportation sales (net of VAT)

193,965

172,842

Other revenues (net of VAT)

211,232

176,185

Total sales (net of excise tax, VAT and customs duties)

6,073,318

5,589,811

Net sales of gas increased by RUB 441,872 million, or 15%, to RUB 3,427,257 million, for the year ended Dectember 31, 2015 compared to the year ended December 31, 2014.

Net sales of gas to Europe and Other countries increased by RUB 413,353 million, or 24%, to RUB 2,165,500 million for the year ended December 31, 2015 compared to the year ended December 31, 2014. This was mainly driven by the increase in volumes of gas sold by 16%, or 25.0 bcm, and the increase in average Russian Ruble price (including customs duties) by 12%.

Net sales of gas to Former Soviet Union countries increased by RUB 17,938 million, or 4%, to RUB 429,660 million for the year ended December 31, 2015 compared to the year ended December 31, 2014. The change was due to the increase in average Russian Ruble prices (including customs duties) by 18%, that was partially compensated by the decrease in volumes of gas sold by 16%, or 7.8 bcm.

Net sales of gas in the Russian Federation decreased by RUB 14,952 million, or 2%, to RUB 805,615 million for the year ended December 31, 2015 compared to the the year ended December 31, 2014. This is primarily explained by the decrease in volumes of gas sold by 5%, or 12.8 bcm.

Operating expenses increased by RUB 691,833 million, or 18%, to RUB 4,635,502 million for the year ended December 31, 2015 compared to the year ended December 31, 2014.

The increase in operating expenses is explained by an increase in a number of items such as:

“Purchased gas and oil” – an increase by RUB 255,749 million due to an increase in expences for gas as a result of the change in the scope of consolidation related to the completion of the Swap Agreement between PJSC Gazprom and Wintershall Holding GmbH;

“Transit of gas, oil and refined products” – an increase by RUB 134,942, or 34%, mainly due to higher foreign currency exchange rate of US Dollar and Euro against the Russian Ruble. Moreover, the change in foreign currency exchange rates in the reporting period resulted in a decrease in income disclosed in the line item “Foreign exchange rate differences on operating items” by RUB 217,857 million, or 89%.

The net amount of foreing exchange rate differences disclosed in “Net finance loss” resulted to a loss of RUB 464,049 million for the year ended December 31, 2015; for the prior year the loss amounted to RUB 1,070,971. In the reporting period the appreciation of US Dollar against the Russian Ruble was by 30%, the appreciation of Euro against the Russian Ruble by 17% compared to the appreciation of US Dollar and Euro against the Russian Ruble by 72% and 52%, respectively, for the prior year.

Profit attributable to owners of PJSC Gazprom for the year ended December 31, 2015 totaled RUB 787,056 million which is RUB 628,052 million, or 5 times more than for the year ended December 31, 2014.

Net debt balance (defined as the sum of short-term borrowings, current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable, net of cash and cash equivalents and balances of cash and cash equivalents restricted as to withdrawal under the terms of certain borrowings and other contractual obligations) increased by RUB 432,487 million, or 26%, from RUB 1,650,633 million as of December 31, 2014 to RUB 2,083,120 million as of December 31, 2015. This increase mainly resulted from changes in foreign currency exchange rates (appreciation of US Dollar and Euro).

More detailed information on the IFRS consolidated financial statements for the year ended December 31, 2015 can be found here.

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