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Rusneftegaz delivered a strong financial performance in the past financial year. In 2019, the Group has strengthened its asset base and increased electricity production to maintain high levels of growth in all of the Company's production programs. Highlights of the last financial year are as follows:

  • Total revenue for the year was $563.7m, with a total profit after tax of $178.9m.
  • All revenue earned from the generation of electricity amounted to $361.9m, with a profit of $193.9m before taxes.
  • At the end of the period, revenues from oil and gas production amounted to $201.8m, with the division recording an overall profit of $39.9m.
  • Rusneftegaz holds no long-term debt obligations at the end of the financial year.
  • The aggregate of investment made during the year was $218.4m, with the total assets at the end of the financial year valued at $1.63bn.
 
In 2020, Rusneftegaz will continue to implement its planned long-term and large-scale works, growing a substantiate portfolio of energy projects. The Group will put special emphasis on the generation of electricity, the most profitable sector in 2019, with the expansion of its generation portfolio internationally.
 
Furthermore, next year the Company will also focus on strategic longer-term goals. Rusneftegaz will begin to implement its power equipment production program by manufacturing four steam generators for use in the Group’s upcoming power projects, being completed by the end of 2020. The Group wants the capability to use its own technical expertise to produce and export power equipment internationally by 2025, largely due to the fact that the acquisition of new equipment is currently the largest cash outflows on the financial statements for the last five years.
 
Overall, despite Rusneftegaz being previously affected by lower commodity prices in the past, such problems have proven long-term financial viability of the Group and allowed it to prosper in 2019. Nevertheless, Rusneftegaz has still been able to reinvest profits, which alongside additional equity investment, has significantly increased the value of the company and its subsidiaries and thus grow profits further in the foreseeable future.
​
The procedure for the disclosure of the financial statements is provided in accordance with current legislation, and is subject to Board approval.​
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2019 Consolidated Financial Statements
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2018 Consolidated Financial Statements
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2017 Consolidated Financial Statements
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2016 Consolidated Financial Statements
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2015 Consolidated Financial Statements
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​The procedure for the disclosure of the quarterly financial data is provided in accordance with current legislation, and has been subject to Board approval.
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
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>

 

 

Q1

Q2

Q3

Q4

Results

 

 

 

 

 

Revenue

(000)

120 563

92 017

123 519

--

Cost of sales

(000)

(90 466)

(59 823)

(78 021)

--

Gross profit

(000)

30 097

32 194

45 498

--

Other income

(000)

4

(76)

39

--

Other expenses

(000)

(60 093)

(65 019)

(9 107)

--

Operating profit

(000)

(29 992)

(32 901)

36 430

--

Net finance income

(000)

179

184

189

--

Net profit

(000)

(29 813)

(32 717)

36 619

--

Tax expense

(000)

--

--

(6 943)

--

Net profit after tax

(000)

(29 813)

(32 717)

29 676

--

Retained earnings

(000)

1 776 814

1 744 097

1 773 773

--

Total liabilities

(000)

118 653

124 538

123 765

--

 

 

 

 

 

 

Cash flows

 

 

 

 

 

Operations

(000)

(23 960)

(27 635)

45 916

--

Financing

(000)

--

--

--

--

Investments

(000)

(48 037)

(2 035)

(26)

--

 

 

 

 

 

 

Operations

 

 

 

 

 

Average daily oil production

(bpd)

17 369

18 039

15 837

--

Peak daily oil production

(bpd)

18 959

18 612

16 421

--

Total oil production

(barrels)

1 580 579

1 641 549

1 457 004

--

Total electricity production

(TWh)

1.76

1.70

1.94

--

Total installed capacity

(MW)

1 860

1 860

1 860

--

Capacity utilisation

(%)

43.81%

42.31%

48.29%

--

 

 

 

 

 

 

Per share statistics

 

 

 

 

 

Revenue

($)

121

92

124

--

Earnings - basic

($)

(30)

(33)

30

--

Earnings - diluted

($)

(30)

(33)

30

--

Cash flow (operations)

($)

(24)

(28)

46

--

Issued ordinary shares

 

1 000

1 000

1 000

--

Share premium

 

500 000

500 000

500 000

--

 

 

 

Q1

Q2

Q3

Q4

Results

 

 

 

 

 

Revenue

(000)

130 450

153 145

140 402

139 704

Cost of sales

(000)

(73 410)

(79 600)

(68 419)

(71 568)

Gross profit

(000)

57 040

73 545

71 983

68 136

Other income

(000)

57

63

35

86

Other expenses

(000)

(11 195)

(13 116)

(11 922)

(12 154)

Operating profit

(000)

45 902

60 492

60 096

56 068

Net finance income

(000)

161

165

169

174

Net profit

(000)

46 063

60 657

60 265

56 242

Tax expense

(000)

(9 631)

(12 190)

(11 860)

(10 696)

Net profit after tax

(000)

36 432

48 467

48 405

45 546

Retained earnings

(000)

1 664 209

1 712 676

1 761 081

1 806 627

Total liabilities

(000)

89 256

95 816

90 510

83 971

 

 

 

 

 

 

Cash flows

 

 

 

 

 

Operations

(000)

47 846

62 603

63 187

59 028

Financing

(000)

--

--

--

--

Investments

(000)

(129 814)

(20 516)

(31 860)

(36 206)

 

 

 

 

 

 

Operations

 

 

 

 

 

Average daily oil production

(bpd)

14 959

15 518

15 439

15 799

Peak daily oil production

(bpd)

15 722

16 002

15 919

16 642

Total oil production

(barrels)

1 346 310

1 412 138

1 420 388

1 453 508

Total electricity production

(TWh)

2.07

2.49

2.06

3.84

Total installed capacity

(MW)

1 860

1 860

1 860

1 860

Capacity utilisation

(%)

51.52%

61.98%

51.27%

95.58%

 

 

 

 

 

 

Per share statistics

 

 

 

 

 

Revenue

($)

130

153

140

140

Earnings - basic

($)

36

48

48

46

Earnings - diluted

($)

36

48

48

46

Cash flow (operations)

($)

48

63

63

59

Issued ordinary shares

 

1 000

1 000

1 000

1 000

Share premium

 

500 000

500 000

500 000

500 000

 

 

 

Q1

Q2

Q3

Q4

Results

 

 

 

 

 

Revenue

(000)

120 738

139 887

148 116

129 132

Cost of sales

(000)

(59 218)

(64 060)

(69 561)

(70 350)

Gross profit

(000)

61 520

75 827

78 555

58 782

Other income

(000)

26

36

51

43

Other expenses

(000)

(12 349)

(11 941)

(10 494)

(10 139)

Operating profit

(000)

49 197

63 922

68 112

48 686

Net finance income

(000)

144

148

152

156

Net profit

(000)

49 341

64 070

68 264

48 842

Tax expense

(000)

(10 596)

(14 452)

(15 497)

(10 740)

Net profit after tax

(000)

38 745

49 618

52 767

38 102

Retained earnings

(000)

1 487 290

1 536 908

1 589 675

1 627 777

Total liabilities

(000)

113 023

105 178

97 542

91 312

 

 

 

 

 

 

Cash flows

 

 

 

 

 

Operations

(000)

47 232

63 132

67 720

47 610

Financing

(000)

50 000

--

--

--

Investments

(000)

(108 694)

(4 196)

(47 022)

(3 592)

 

 

 

 

 

 

Operations

 

 

 

 

 

Average daily oil production

(bpd)

14 892

12 054

11 834

13 412

Peak daily oil production

(bpd)

15 309

12 635

12 535

15 098

Total oil production

(barrels)

1 340 280

1 096 914

1 088 728

1 233 904

Total electricity production

(TWh)

2.03

2.33

2.14

3.77

Total installed capacity

(MW)

1 860

1 860

1 860

1 860

Capacity utilisation

(%)

50.53%

57.99%

53.27%

93.84%

 

 

 

 

 

 

Per share statistics

 

 

 

 

 

Revenue

($)

121

140

148

129

Earnings - basic

($)

39

50

53

38

Earnings - diluted

($)

39

50

53

38

Cash flow (operations)

($)

47

63

68

48

Issued ordinary shares

 

1 000

1 000

1 000

1 000

Share premium

 

450 000

500 000

500 000

500 000

 

 

 

Q1

Q2

Q3

Q4

Results

 

 

 

 

 

Revenue

(000)

121 598

118 603

125 641

136 473

Cost of sales

(000)

(61 143)

(59 351)

(64 290)

(66 178)

Gross profit

(000)

60 455

59 252

61 351

70 295

Other income

(000)

32

30

19

48

Other expenses

(000)

(6 390)

(7 103)

(7 527)

(7 564)

Operating profit

(000)

54 097

52 179

53 843

62 779

Net finance income

(000)

129

134

137

140

Net profit

(000)

54 226

52 313

53 980

62 919

Tax expense

(000)

(11 688)

(11 305)

(11 638)

(13 426)

Net profit after tax

(000)

42 538

41 008

42 342

49 493

Retained earnings

(000)

1 315 702

1 356 710

1 399 052

1 448 545

Total liabilities

(000)

144 426

129 499

128 365

119 614

 

 

 

 

 

 

Cash flows

 

 

 

 

 

Operations

(000)

49 551

55 624

50 632

58 579

Financing

(000)

(20 833)

--

--

--

Investments

(000)

(93 415)

(2 286)

(2 995)

(80 725)

 

 

 

 

 

 

Operations

 

 

 

 

 

Average daily oil production

(bpd)

18 742

16 851

16 442

15 546

Peak daily oil production

(bpd)

19 754

18 182

17 104

16 070

Total oil production

(barrels)

1 686 780

1 533 441

1 512 664

1 430 232

Total electricity production

(TWh)

2.40

1.99

2.18

3.88

Total installed capacity

(MW)

1 860

1 860

1 860

1 860

Capacity utilisation

(%)

59.74%

48.99%

53.08%

94.48%

 

 

 

 

 

 

Per share statistics

 

 

 

 

 

Revenue

($)

122

119

126

136

Earnings - basic

($)

43

41

42

49

Earnings - diluted

($)

43

41

42

49

Cash flow (operations)

($)

50

56

51

59

Issued ordinary shares

 

1 000

1 000

1 000

1 000

Share premium

 

450 000

450 000

450 000

450 000

 

 

 

Q1

Q2

Q3

Q4

Results

 

 

 

 

 

Revenue

(000)

88 621

114 126

113 622

124 608

Cost of sales

(000)

(43 178)

(61 598)

(60 641)

(70 209)

Gross profit

(000)

45 443

52 528

52 981

54 399

Other income

(000)

18

5

26

22

Other expenses

(000)

(6 049)

(6 489)

(7 679)

(7 531)

Operating profit

(000)

39 412

46 044

45 328

46 890

Net finance income

(000)

119

124

127

130

Net profit

(000)

39 531

46 168

45 455

47 020

Tax expense

(000)

(8 641)

(9 970)

(9 831)

(10 135)

Net profit after tax

(000)

30 890

36 198

35 624

36 885

Retained earnings

(000)

1 164 457

1 200 655

1 236 279

1 273 164

Total liabilities

(000)

312 758

261 477

205 531

153 257

 

 

 

 

 

 

Cash flows

 

 

 

 

 

Operations

(000)

37 082

56 635

58 778

75 404

Financing

(000)

208 333

(62 500)

(62 500)

(62 500)

Investments

(000)

(265 862)

(2 740)

(3 066)

(2 871)

 

 

 

 

 

 

Operations

 

 

 

 

 

Average daily oil production

(bpd)

17 889

17 642

15 784

14 575

Peak daily oil production

(bpd)

18 706

18 823

17 335

15 268

Total oil production

(barrels)

1 627 899

1 605 422

1 452 128

1 340 900

Total electricity production

(TWh)

2.30

2.01

2.27

3.42

Total installed capacity

(MW)

1 860

1 860

1 860

1 860

Capacity utilisation

(%)

57.25%

49.48%

55.27%

83.27%

 

 

 

 

 

 

Per share statistics

 

 

 

 

 

Revenue

($)

89

114

114

125

Earnings - basic

($)

31

36

36

37

Earnings - diluted

($)

31

36

36

37

Cash flow (operations)

($)

37

57

59

75

Issued ordinary shares

 

1 000

1 000

1 000

1 000

Share premium

 

450 000

450 000

450 000

450 000

 

Rusneftegaz maintains the highest standards of corporate governance through compliance with all relevant laws and regulations whilst also sustaining strong internal policies and procedures to ensure accountability, efficiency and reliability. All directors are accountable to the principal shareholder, which delegates authority and takes a deferential role in regards to daily affairs. Rusneftegaz holds an Annual General Meeting every year for said shareholder to vote on agenda set forth by the directors, with any addendums by interested parties, including motions to re-elect the Board. At this event, the results for the previous period, produced in compliance with International Financial Reporting Standards, are published and an auditor for the next financial year is selected accordingly.
​
On a day-to-day basis, the company is governed by the Management Board, an executive body which consists of the Chairman and Chief Executive Officer in a single, unified role. This particular director orchestrates Rusneftegaz through the service departments of the Executive Office, and is answerable for all areas of the Group's operations. The head of the organisation is assisted by his deputy, who also serves in also in a combined role, with all other directors reporting to the Executive Office on a daily basis. At a regional level, the Group is managed through highly-experienced local directors on behalf of the head office in Moscow. Moreover, Chief Financial Officer is responsible for Rusneftegaz's accounting and fiscal policies, with the Chief Operations Officer answerable for the Group's oil production and electricity generation programs. The office of the Company Secretary has specialized in both corporate law and the more complex and intricate areas of administration and technocracy.

All echelons of management ensure that Rusneftegaz employees maintain the highest professional, moral and ethical standards, and condone those who fail to do so accordingly. Management strives to have the full confidence of all those affiliated, and works scrupulously to uphold the integrity of the company. In 2020, the remit of the Board is to focus on improving the business operations of Rusneftegaz, committing to develop the long-term interests of the Group and striving to achieve high-quality revenue growth in forthcoming financial years.
The current members of the Board of Directors are as follows:​
Picture

James King
Chairman and Chief Executive Officer
Picture

Aleksandr Filyurin
Deputy Chairman and Deputy Chief Executive Officer
Picture

Mikhail Avdeyev
Chief Financial Officer
Picture

Vitaly Kalyuzhniy
Chief Operations Officer
Picture

Andrey Uraev
Company Secretary
The Audit Committee is responsible for compliance with accounting regulations. It is also mandated to form reliable financial statements for submission to the relevant authorities, including tax authorities. The Commission is elected by the Board of Directors at the Annual General Meeting, whom in turn scrutinize the operations of the Group and its branches.
 
The Committee has been bestowed suitable powers to supervise and research information pertaining to the financial activities of the Company. For example, the Audit Commission can advise the Board of Directors of the completeness and correctness of accounting, verify the timeliness of payments to suppliers and provides opinions on the valuation of assets.
 
The current members of the Audit Committee in 2020 are:
Picture

Andrey Uraev
Committee Chairman and Company Secretary 
Picture

Aleksander Filyurin
Committee Deputy Chairman and Deputy Chief Executive Officer
Picture

Mikhail Avdeyev
Chief Financial Officer
The following events are scheduled by the Group to take place in the current and next financial year:
Picture

End of the 2020/21 Annual Shutdown Period
11 January 2021
Picture

Publication of Production Data for the Fourth Quarter
25 January 2021
Picture

End of the First Quarter
31 March 2021
Picture

Publication of Financial Statements for the Fourth Quarter
5 April 2021
Picture

Publication of 2020 Annual Financial Statements
6 April 2021
Picture

2021 Annual General Meeting
9 April 2021
Picture

Publication of Production Data for the First Quarter
26 April 2021
Picture

Publication of Financial Statements for the First Quarter
4 June 2021
Picture

End of the Second Quarter
30 June 2021
Picture

Publication of Production Data for the Second Quarter
26 July 2021
Picture

Publication of Financial Statements for the Second Quarter
6 September 2021
Picture

End of the Third Quarter
30 September 2021
Picture

Publication of 2022 Preliminary Financial Calendar
4 October 2021
Picture

Publication of Production Data for the Third Quarter
25 October 2021
Picture

Publication of Financial Statements for the Third Quarter
6 December 2021
Picture

Commencement of the 2021/22 Annual Shutdown Period
24  December 2021
Picture

End of the Fourth Quarter - End of the Financial Year
31 December 2021
​All dates are subject to change at short notice at the discretion of the Group and its affiliates.

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© RUSNEFTEGAZ, 2021
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