Key financial results
| 2014 | 2015 | Change, % | |
|---|---|---|---|
| Sales (revenue including duties)Revenue including duties (sales) includes revenue taking into account export duties and excise taxes calculated based on the volume of commercial production. | 1,690,557 | 1,655,775 | (2.1) |
| Minus: export duties and excise taxesТIncludes the excise tax calculated based on the volume of petroleum products sold by the Serbian subsidiary. | (282,319) | (187,832) | (33.5) |
| Total sales revenue | 1,408,238 | 1,467,943 | 4.2 |
| Expenses and other costs | |||
| Acquisition cost of oil, gas and petroleum products | (382,505) | (345,909) | (9.6) |
| Production and operating expenses | (171,711) | (214,267) | 24.8 |
| Selling, general business and administrative expenses | (86,318) | (100,176) | 16.1 |
| Transportation expenses | (116,125) | (133,320) | 14.8 |
| Depreciation, depletion and amortisation | (85,951) | (98,501) | 14.6 |
| Taxes, except profit tax | (343,576) | (353,145) | 2.8 |
| Expenses on geological exploration | (936) | (922) | (1.5) |
| Total operating expenses | (1,187,122) | (1,246,240) | 5.0 |
| Other expenses | (8,471) | (14,088) | 66.3 |
| Operating profit | 212,645 | 207,615 | (2.4) |
| Share of profit / (loss) of associated and joint venture companies | (6,306) | 24,956 | — |
| Net foreign exchange loss | (52,265) | (67,910) | 29.9 |
| Financial income | 7,075 | 14,732 | 108.2 |
| Financial expenses | (15,279) | (33,943) | 122.2 |
| Total other expenses | (66,775) | (62,165) | (6.9) |
| Profit before tax | 145,870 | 145,450 | (0.3) |
| Current profit tax expenses | (17,518) | (38,026) | 117.1 |
| Deferred profit tax income / (expenses) | (1,696) | 8,774 | — |
| Total profit tax expenses | (19,214) | (29,252) | 52.2 |
| Profit for period | 126,656 | 116,198 | (8.3) |
| Minus: profit attributable to non-controlling interest | (4,563) | (6,537) | 43.3 |
| Profit attributable to Gazprom Neft PJSC shareholders | 122,093 | 109,661 | (10.2) |
| Net profit margin | 8.99% | 7.92% | 1.1 p.p. |
| Adjusted EBITDA | 342,614 | 404,811 | 18.2 |
| RUB/TOE | 5,172 | 5,079 | (1.8) |
| USD/BOE | 18.27 | 11.21 | (38.6) |
| Adjusted EBITDA margin | 24.3% | 27.6% | 3.2 p.p. |
| Net debt | 433,602 | 654,694 | 51.0 |
The decline in oil and petroleum product prices on global markets was held in check by growth in sales volume and prices on the Russian market, which only resulted in a 2.1% decrease in revenue taking into account duties.
Growth in hydrocarbon production and management’s actions to optimise the volume of refining and the output structure not only compensated for the negative impact of the major tax manoeuvre (introduced at the start of 2015), but also ensured an 18.2% increase in adjusted EBITDA.
The decrease in net profit attributable to Gazprom Neft PJSC shareholders (—10.2%) compared with the growth in EBITDA (+18.2%) resulted from the negative impact of foreign exchange differences from the revaluation of loans and credits, an increase in depreciation charges as a result of the investment programme, the creation of asset impairment provisions and growth in financial expenses due to increased borrowing costs in the Russian Federation.