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OJSC "Severneftegazprom” published financial statements for 2017 prepared in accordance with International Financial Reporting Standards.

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OJSC "Severneftegazprom” published annual financial statements for 2017 prepared in accordance with the International Financial Reporting Standards (hereinafter - IFRS) and an independent Audit Report in Russian and English languages.

The comprehensive income of OJSC "Severneftegazprom” for the reporting period under IFRS, based on the results of financial and economic activities, amounted to RUB 5,804 million.

The change in comprehensive income under IFRS for the year 2017 compared to the year ended December 31, 2016 was mainly affected by the increase in the tax burden on the Mineral Extraction Tax (hereinafter - MET) by RUB 10,805 million, or 53% as a result of a change in the  formula for calculating the MET for natural gas, effective since  January 1, 2017.

Revenues from gas sales in 2017 decreased by RUB 1,039 million, or by 2% compared to the same period last year and amounted to RUB 49,326 million. The change is due to the decrease in the gas price, determined by the formula in accordance with the Shareholders' Agreement and gas supply contracts.

The cost of sales of commercial gas for the reporting period amounted to RUB 40,899 million, increased by RUB 11 304  million or 38% in comparison to 2016.

In accordance with the schedule of the exploration and development of the Yuzhno-Russkoye oil and gas field in 2017, the building of production facilities was completed and put into operation, which supports the annual level of production in the amount of 25 bln. m3 to fulfill the contractual obligations of gas sales. The cost of property, plant and equipment put into operation in 2017 were RUB 1 314 million.

Full version of Financial Statements for 2017 prepared in accordance with IFRS is available at: http://en.severneftegazprom.com/investors-and-shareholders/ris-disclosure/reports/

 2018 OJSC Severneftegazprom