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:
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.
- 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.
The procedure for the disclosure of the quarterly financial data is provided in accordance with current legislation, and has been subject to Board approval.
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Results |
|
|
|
|
|
|
Revenue |
(000) |
-- |
-- |
-- |
-- |
|
Cost of sales |
(000) |
-- |
-- |
-- |
-- |
|
Gross profit |
(000) |
-- |
-- |
-- |
-- |
|
Other income |
(000) |
-- |
-- |
-- |
-- |
|
Other expenses |
(000) |
-- |
-- |
-- |
-- |
|
Operating profit |
(000) |
-- |
-- |
-- |
-- |
|
Net finance income |
(000) |
-- |
-- |
-- |
-- |
|
Net profit |
(000) |
-- |
-- |
-- |
-- |
|
Tax expense |
(000) |
-- |
-- |
-- |
-- |
|
Net profit after tax |
(000) |
-- |
-- |
-- |
-- |
|
Retained earnings |
(000) |
-- |
-- |
-- |
-- |
|
Total liabilities |
(000) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
Operations |
(000) |
-- |
-- |
-- |
-- |
|
Financing |
(000) |
-- |
-- |
-- |
-- |
|
Investments |
(000) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
Average daily oil production |
(bpd) |
17 369 |
-- |
-- |
-- |
|
Peak daily oil production |
(bpd) |
18 959 |
-- |
-- |
-- |
|
Total oil production |
(barrels) |
1 580
579 |
-- |
-- |
-- |
|
Total electricity production |
(TWh) |
1.76 |
-- |
-- |
-- |
|
Total installed capacity |
(MW) |
1,860 |
-- |
-- |
-- |
|
Capacity utilisation |
(%) |
43.81% |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Per share statistics |
|
|
|
|
|
|
Revenue |
($) |
-- |
-- |
-- |
-- |
|
Earnings - basic |
($) |
-- |
-- |
-- |
-- |
|
Earnings - diluted |
($) |
-- |
-- |
-- |
-- |
|
Cash flow (operations) |
($) |
-- |
-- |
-- |
-- |
|
Issued ordinary shares |
|
-- |
-- |
-- |
-- |
|
Share premium |
|
-- |
-- |
-- |
-- |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Results |
|
|
|
|
|
|
Revenue |
(000) |
130 450 |
153 145 |
140 402 |
139 704 |
|
Cost of sales |
(000) |
(73 410) |
(79 600) |
(68 419) |
(71 568) |
|
Gross profit |
(000) |
57 040 |
73 545 |
71 983 |
68 136 |
|
Other income |
(000) |
57 |
63 |
35 |
86 |
|
Other expenses |
(000) |
(11 195) |
(13 116) |
(11 922) |
(12 154) |
|
Operating profit |
(000) |
45 902 |
60 492 |
60 096 |
56 068 |
|
Net finance income |
(000) |
161 |
165 |
169 |
174 |
|
Net profit |
(000) |
46 063 |
60 657 |
60 265 |
56 242 |
|
Tax expense |
(000) |
(9 631) |
(12 190) |
(11 860) |
(10 696) |
|
Net profit after tax |
(000) |
36 432 |
48 467 |
48 405 |
45 546 |
|
Retained earnings |
(000) |
1 664 209 |
1 712 676 |
1 761 081 |
1 806 627 |
|
Total liabilities |
(000) |
89 256 |
95 816 |
90 510 |
83 971 |
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
Operations |
(000) |
47 846 |
62 603 |
63 187 |
59 028 |
|
Financing |
(000) |
-- |
-- |
-- |
-- |
|
Investments |
(000) |
(129 814) |
(20 516) |
(31 860) |
(36 206) |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
Average daily oil production |
(bpd) |
14 959 |
15 518 |
15 439 |
15 799 |
|
Peak daily oil production |
(bpd) |
15 722 |
16 002 |
15 919 |
16 642 |
|
Total oil production |
(barrels) |
1 346 310 |
1 412 138 |
1 420 388 |
1 453 508 |
|
Total electricity production |
(TWh) |
2.07 |
2.49 |
2.06 |
3.84 |
|
Total installed capacity |
(MW) |
1 860 |
1 860 |
1 860 |
1 860 |
|
Capacity utilisation |
(%) |
51.52% |
61.98% |
51.27% |
95.58% |
|
|
|
|
|
|
|
|
Per share statistics |
|
|
|
|
|
|
Revenue |
($) |
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) |
($) |
37 |
57 |
59 |
75 |
|
Issued ordinary shares |
|
1 000 |
1 000 |
1 000 |
1 000 |
|
Share premium |
|
450 000 |
450 000 |
450 000 |
450 000 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Results |
|
|
|
|
|
|
Revenue |
(000) |
104 219 |
127 293 |
105 715 |
94 020 |
|
Cost of sales |
(000) |
(57 835) |
(76 459) |
(60 422) |
(53 387) |
|
Gross profit |
(000) |
46 384 |
50 834 |
45 293 |
40 633 |
|
Other income |
(000) |
1 |
4 |
6 |
9 |
|
Other expenses |
(000) |
(7 085) |
(8 203) |
(7 011) |
(7 620) |
|
Operating profit |
(000) |
39 300 |
42 635 |
38 288 |
33 022 |
|
Net finance income |
(000) |
110 |
114 |
117 |
120 |
|
Net profit |
(000) |
39 410 |
42 749 |
38 405 |
33 142 |
|
Tax expense |
(000) |
(8 376) |
(9 043) |
(8 172) |
(7 119) |
|
Net profit after tax |
(000) |
31 034 |
33 706 |
30 233 |
26 023 |
|
Retained earnings |
(000) |
1 043 605 |
1 077 311 |
1 107 544 |
1 133 567 |
|
Total liabilities |
(000) |
77 823 |
79 811 |
86 028 |
86 991 |
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
Operations |
(000) |
33 038 |
36 184 |
33 056 |
28 552 |
|
Financing |
(000) |
7 342 |
(17 657) |
(17 658) |
(17 657) |
|
Investments |
(000) |
(79 254) |
(2 781) |
(2 416) |
(2 720) |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
Average daily oil production |
(bpd) |
16 935 |
16 376 |
15 773 |
15 399 |
|
Peak daily oil production |
(bpd) |
18 394 |
17 622 |
16 331 |
15 947 |
|
Total oil production |
(barrels) |
1 524 150 |
1 490 216 |
1 451 116 |
1 416 708 |
|
Total electricity production |
(TWh) |
2.74 |
2.30 |
2.52 |
3.83 |
|
Total installed capacity |
(MW) |
1 860 |
1 860 |
1 860 |
1 860 |
|
Capacity utilisation |
(%) |
68.20% |
56.62% |
61.36% |
93.26% |
|
|
|
|
|
|
|
|
Per share statistics |
|
|
|
|
|
|
Revenue |
($) |
104 |
127 |
106 |
94 |
|
Earnings - basic |
($) |
31 |
34 |
30 |
26 |
|
Earnings - diluted |
($) |
31 |
34 |
30 |
26 |
|
Cash flow (operations) |
($) |
33 |
36 |
33 |
29 |
|
Issued ordinary shares |
|
1 000 |
1 000 |
1 000 |
1 000 |
|
Share premium |
|
450 000 |
450 000 |
450 000 |
450 000 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Results |
|
|
|
|
|
|
Revenue |
(000) |
136 852 |
146 528 |
149 680 |
119 877 |
|
Cost of sales |
(000) |
(86 326) |
(85 381) |
(89 564) |
(140 163) |
|
Gross profit |
(000) |
50 526 |
61 147 |
60 116 |
(20 286) |
|
Other income |
(000) |
14 |
17 |
20 |
11 |
|
Other expenses |
(000) |
(5 323) |
(5 739) |
(6 016) |
(12 428) |
|
Operating profit |
(000) |
45 217 |
55 425 |
54 120 |
(32 703) |
|
Net finance income |
(000) |
103 |
104 |
106 |
108 |
|
Net profit |
(000) |
45 320 |
55 529 |
54 226 |
(32 595) |
|
Tax expense |
(000) |
(9 590) |
(11 700) |
(11 458) |
-- |
|
Net profit after tax |
(000) |
45 314 |
55 525 |
54 223 |
(32 597) |
|
Retained earnings |
(000) |
935 420 |
990 945 |
1 045 168 |
1 012 571 |
|
Total liabilities |
(000) |
141 314 |
154 967 |
149 727 |
137 604 |
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
Operations |
(000) |
60 330 |
66 157 |
65 911 |
(25 319) |
|
Financing |
(000) |
(17 658) |
(92 657) |
(17 658) |
(17 657) |
|
Investments |
(000) |
(28 307) |
(627) |
(430) |
(92) |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
Average daily oil production |
(bpd) |
23 260 |
23 222 |
22 126 |
22 963 |
|
Peak daily oil production |
(bpd) |
24 532 |
24 318 |
23 868 |
24 040 |
|
Total oil production |
(barrels) |
2 093 438 |
2 113 211 |
2 035 612 |
2 112 588 |
|
Total electricity production |
(TWh) |
2.77 |
2.29 |
2.56 |
3.91 |
|
Total installed capacity |
(MW) |
1 860 |
1 860 |
1 860 |
1 860 |
|
Capacity utilisation |
(%) |
68.95% |
56.37% |
62.33% |
95.21% |
|
|
|
|
|
|
|
|
Per share statistics |
|
|
|
|
|
|
Revenue |
($) |
137 |
147 |
150 |
120 |
|
Earnings - basic |
($) |
45 |
56 |
54 |
(33) |
|
Earnings - diluted |
($) |
45 |
56 |
54 |
(33) |
|
Cash flow (operations) |
($) |
60 |
66 |
66 |
(25) |
|
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.
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:
|
David Hollis
Chairman and Chief Executive Officer |
|
Aleksandr Filyurin
Deputy Chairman and Deputy Chief Executive Officer |
|
Mikhail Avdeyev
Chief Financial Officer |
|
Vitaliy Kalyuzhniy
Chief Operations Officer |
|
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:
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:
|
Andrey Uraev
Committee Chairman and Company Secretary |
|
Aleksander Filyurin
Committee Deputy Chairman and Deputy Chief Executive Officer |
|
Mikhail Avdeyev
Chief Financial Officer |
The following events are scheduled by the Group to take place in the current and next financial year:
|
Annual General Meeting
29 May 2020 |
|
Publication of Financial Statements for the First Quarter
1 June 2020 |
|
End of the Second Quarter
30 June 2020 |
|
Publication of Production Data for the Second Quarter
27 July 2020 |
|
Publication of Financial Statements for the Second Quarter
7 September 2020 |
|
End of the Third Quarter
30 September 2020 |
|
Publication of 2021 Preliminary Financial Calendar
5 October 2020 |
|
Publication of Production Data for the Third Quarter
26 October 2020 |
|
Publication of Financial Statements for the Third Quarter
7 December 2020 |
|
Commencement of the 2020/21 Annual Shutdown Period
24 December 2020 |
|
End of the Fourth Quarter - End of the Financial Year
31 December 2020 |
All dates are subject to change at short notice at the discretion of the Group and its affiliates.