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Key financial results

Key financial results, RUB mn
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.