OJSC Severneftegazprom published the audited financial statements for 2020 prepared in accordance with the IFRSBack to news
OJSC Severneftegazprom issued the audited annual Financial Statements for 2020 prepared in accordance with the International Financial Reporting Standards (hereinafter - IFRS) and an independent Audit Report in Russian and English languages.
The comprehensive income for 2020 under IFRS based on the results of financial and economic activities amounted to RUB 4,530 million (for 2019 – 4,513 million). Profit for the reporting period reduced by 8.95% and amounted to RUB 4,577 million (for 2019 – 5,027 million), other comprehensive loss decreased by 90.86% due to remeasurements of provision for post-employment benefits.
Revenue from gas sales for the reporting period amounted to RUB 44,073 million. The decrease in revenue by RUB 7,669 million, or 14.82% in comparison with the same period of the last year, is due to a gas production reduction and change of 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 36,184 million, which is lower than the same indicator in 2019 by RUB 6,485 million or 15.20%. Compared to the same period of the last year, the decrease was caused mainly by the reduction of mineral extraction tax (MET) by RUB 5,828 million or by 18.85%.
For 2020 net assets decreased by 0.21% and amounted to RUB 57,490 million.
Based on exploration and development schedule of the Yuzhno-Russkoye field in 2020, the construction of production facilities was completed and commissioned ensuring maintenance of the annual level of production to fulfill the obligations under the contracts. The cost of PP&E commissioned in 2020 was RUB 16,640 million (in 2019 – 5,335 million).
Full version of Financial Statements for 2020 prepared in accordance with IFRS is available at: http://en.severneftegazprom.com/charter-capital-structure/disclosure/reports/