-
Summary
-
Annual Financial Statements
-
Quarterly Financial Data
-
Corporate Governance
-
Board of Directors
-
Audit Committee
-
Financial Calendar
- 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.
-
2020
-
2019
-
2018
-
2017
-
2016
|
|
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 |
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 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: