Annual Report • Apr 29, 2020
Annual Report
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National Storage Mechanism | Additional information
RNS Number : 3222L
PJSC Gazprom
29 April 2020
RELEASE
April 29, 2020
Gazprom's financial statements under International Financial Reporting Standards (IFRS) for the year ended December 31, 2019
Today PJSC Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2019.
The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the years ended December 31, 2019 and December 31, 2018. All amounts are presented in millions of the Russian Rubles.
| ## Year ended | ||
| ## December 31, | ||
| 2019 | 2018 | |
| Sales | 7,659,623 | 8,224,177 |
| Net (loss) gain from trading activity | (24,957) | 18,015 |
| Operating expenses | (6,387,071) | (6,181,191) |
| Impairment loss on financial assets | (127,738) | (130,971) |
| Operating profit | 1,119,857 | 1,930,030 |
| Finance income | 654,916 | 503,091 |
| Finance expense | (354,835) | (813,042) |
| Share of profit of associates and joint ventures | 207,127 | 232,483 |
| Profit before profit tax | 1,627,065 | 1,852,562 |
| Current profit tax expense | (327,618) | (278,233) |
| Deferred profit tax expense | (29,930) | (45,333) |
| Profit tax | (357,548) | (323,566) |
| Profit for the year | 1,269,517 | 1,528,996 |
| Other comprehensive income (loss): | ||
| Items that will not be reclassified to profit or loss: | ||
| Gain arising from changes in fair value of financial assets measured at fair value through other comprehensive income, net of tax | 22,631 | 148,963 |
| Remeasurement of provision for post-employment benefits | (186,066) | 19,854 |
| Total other comprehensive (loss) income that will not be reclassified to profit or loss | (163,435) | 168,817 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Share of other comprehensive (loss) income of associates and joint ventures |
(4,276) | 13,923 |
| Translation differences | (182,165) | 222,221 |
| Gain from hedging operations, net of tax | 13,321 | 10,082 |
| Total other comprehensive (loss) income that may be reclassified subsequently to profit or loss | (173,120) | 246,226 |
| Total other comprehensive (loss) income for the year, net of tax | (336,555) | 415,043 |
| Comprehensive income for the year | 932,962 | 1,944,039 |
| Profit for the year attributable to: | ||
| Owners of PJSC Gazprom | 1,202,887 | 1,456,270 |
| Non-controlling interest | 66,630 | 72,726 |
| 1,269,517 | 1,528,996 | |
| Comprehensive income for the year attributable to: | ||
| Owners of PJSC Gazprom | 877,328 | 1,858,486 |
| Non-controlling interest | 55,634 | 85,553 |
| 932,962 | 1,944,039 |
Sales (net of excise tax, VAT and customs duties) decreased by RUB 564,554 million, or 7%, to RUB 7,659,623 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. The decrease in sales was mainly due to a decrease 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, 2019 and December 31, 2018 is presented below.
| in RUB million (unless indicated otherwise) | Year ended December 31, |
|
| 2019 | 2018 | |
| Sales of gas | ||
| #### Europe and other countries Net sales (net of excise tax and customs duties) |
||
| 2,490,372 | 2,951,215 | |
| Volumes in bcm | 232.4 | 243.3 |
| Average price, RUB per mcm (including excise tax and customs duties) | 13,613.0 | 15,499.5 |
| #### Former Soviet Union countries | ||
| Net sales (net of customs duties) | 356,102 | 348,625 |
| Volumes in bcm | 38.7 | 38.1 |
| Average price, RUB per mcm (including customs duties) | 10,175.9 | 10,225.9 |
| #### Russian Federation | ||
| Net sales (net of VAT) | 970,913 | 954,493 |
| Volumes in bcm | 235.8 | 239.7 |
| Average price, RUB per mcm (net of VAT) | 4,118.2 | 3,981.3 |
| ##### Total gas sales | ||
| Retroactive gas price adjustments | (16,657) | 49,338 |
| Net sales (net of excise tax, VAT and customs duties) | 3,800,730 | 4,303,671 |
| Volumes in bcm | 506.9 | 521.1 |
| Net sales of refined products (net of excise tax, VAT and customs duties) | 2,111,181 | 2,179,772 |
| Net sales of crude oil and gas condensate (net of VAT and customs duties) | 752,790 | 734,953 |
| Electric and heat energy net sales (net of VAT) | 518,373 | 522,095 |
| Gas transportation net sales (net of VAT) | 215,335 | 225,673 |
| Other sales (net of VAT) | 261,214 | 258,013 |
| Total sales (net of excise tax, VAT and customs duties) | 7,659,623 | 8,224,177 |
Net sales of gas decreased by RUB 502,941 million, or 12%, to RUB 3,800,730 million for the year ended December 31, 2019 compared to the year ended December 31, 2018, that was mainly due to a decrease in average prices and volumes of gas sold in the segment Europe and other countries.
Net sales of gas to Europe and other countries decreased by RUB 460,843 million, or 16%, to
RUB 2,490,372 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. The change was mainly due to the decrease in average prices (including excise tax and customs duties) denominated in the Russian Ruble by 12% and the decrease in volumes of gas sold by 4 %, or 10.9 bcm. At the same time average prices denominated in US Dollar decreased by 15%.
Net sales of gas to Former Soviet Union countries increased by RUB 7,477 million, or 2%, to RUB 356,102 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. The change was mainly due to the increase in volumes of gas sold by 2%, or 0.6 bcm.
Net sales of gas in the Russian Federation increased by RUB 16,420 million, or 2%, to RUB 970,913 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. This change was explained by the increase in average prices by 3% that was partially compensated by the 2 % decrease in volumes of gas sold, or 3.9 bcm.
Operating expenses increased by RUB 205,880 million, or 3%, to RUB 6,387,071 million for the year ended December 31, 2019 compared to the year ended December 31, 2018.
The change in operating expenses is primarily caused by an increase in the item "Staff costs" by RUB 148,896 million, or 25%, for the year ended December 31, 2019 compared to the year ended December 31, 2018. The increase was mainly due to the recognition of income from change in provision for post-employment benefits for the year ended December 31, 2018 caused by the increase in a retirement age according to the legislation of the Russian Federation.
The item "Foreign exchange differences on operating items" increased by RUB 106,316 million for the year ended December 31, 2019 compared to the year ended December 31 ,2018 due to the revaluation of accounts receivable from foreign customers and loans issued, which was mainly caused by the depreciation of the US Dollar and the Euro against the Russian Ruble by 11 % and 13 %, respectively, for the year ended December 31, 2019 compared to the appreciation of the US Dollar and the Euro against the Russian Ruble by 21 % and 15 %, respectively, for the year ended December 31, 2018.
The item "Depreciation" increased by RUB 67,236 million for the year ended December 31, 2019 compared to the year ended December 31,2018, that was mainly due to charging of depreciation of
right-of-use assets caused by the application of IFRS 16 Leases since January 1, 2019.
The balance of foreign exchange differences reflected within the item "Net finance income (expense)" produced the gain in the amount of RUB 285,581 million for the year ended December 31, 2019 compared to the loss of RUB 332,225 million for the year ended December 31, 2018. There were the depreciation of US Dollar and Euro against the Russian Ruble by 11 % and 13 %, respectively, for the reporting year compared to the appreciation of US Dollar and Euro against the Russian Ruble by 21 % and 15 %, respectively, for the prior year.
Profit attributable to the owners of PJSC Gazprom for the year ended December 31, 2019 amounted to RUB 1,202,887 million which is by RUB 253,383 million, or 17 %, less than for the year ended
December 31, 2018.
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) increased by RUB 153,444 million, or 5%, from RUB 3,014,403 million as of December 31, 2018 to RUB 3,167,847 million as of December 31, 2019. This change was mainly due to a decrease in cash and cash equivalents balances.
More detailed information on the IFRS consolidated financial statements for the year ended December 31, 2019 can be found on the PJSC Gazprom's site (www.gazprom.ru).
http://www.rns-pdf.londonstockexchange.com/rns/3222L_1-2020-4-29.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3222L_2-2020-4-29.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3222L_3-2020-4-29.pdf
INFORMATION DIRECTORATE, PJSC GAZPROM
_____________________________________________________________________________________
Media Investment Community
+7 812 609-34-21 +7 812 609-41-29
+7 812 609-34-05
+7 812 609-34-31
+7 812 609-34-27
[email protected] [email protected]
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