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OJSC "Severneftegazprom” published the audited financial statements for 2018 prepared in accordance with the IFRS

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OJSC "Severneftegazprom” issued the audited annual Financial Statements for 2018 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 2018 under IFRS, based on the results of financial and economic activities, amounted to RUB 2,793 million.

Revenue from gas sales amounted to RUB 47,740 million. The decrease in revenues from gas sales in 2018 by RUB 1,586 million, or 3% in comparison with the same period of the last year, is due to a 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 42,952 million, which is higher than the same indicator in 2017 by RUB 2,053 million or 5%. Comparing to the same period of the last year, the increase was caused by the growth of mineral extraction tax (MET) by RUB 2,619 million or by 8%.

In accordance with the schedule of the exploration and development of the Yuzhno-Russkoye oil and gas field in 2018, 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 realization. The cost of PPE put into operation in 2018 were RUB 1,096 million.

Full version of Financial Statements for 2018 prepared in accordance with IFRS is available at: 

http://en.severneftegazprom.com/shareholders/disclosure/reports/

 2019 OJSC Severneftegazprom