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33. Related party transactions

For the purpose of these Consolidated Financial Statements parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operational decisions as defined by IAS 24 Related Party Disclosures. Related parties may enter into transactions which unrelated parties might not, and transactions between related parties may not be effected on the same terms, conditions and amounts as transactions between unrelated parties.

The Group has applied the exemption as allowed by IAS 24 not to disclose all government related transactions, as the parent of the Company is effectively being controlled by the Russian Government. The table below summarises

transactions in the ordinary course of business with either the parent company or associates and joint ventures.

Transactions with key management personnel

Key management received remunerations: salaries, bonuses and other contributions amounted to RUB 952 million for the year ended December 31, 2012 and to RUB 1,396 million for the year ended December 31, 2011.

Other related party transactions

The Group enters into transactions with related parties based on market or regulated prices.

As of December 31, 2012; December 31, 2011 and January 1, 2011 the outstanding balances with related parties were as follows:

December 31, 2012

Parent company

Parent’s subsidiaries and associates

Associates and joint ventures

Short-term financial assets

1,210

4,010

Trade receivables

744

1,926

2,178

Other receivables

1,688

Other assets

1,117

990

Cash and cash equivalents

23,958

Long-term financial assets

5,675

Total assets

744

28,211

14,541

Short-term debt

5,105

Trade and other payables

1,378

1,250

5,782

Other current liabilities

79

35

853

Non-current financial liabilities

4,231

1,162

Total liabilities

5,688

1,285

12,902

December 31, 2011

Parent company

Parent’s subsidiaries and associates

Associates and joint ventures

Short-term financial assets

242

13,461

Trade receivables

921

309

4,440

Other receivables

21

Other assets

361

1,109

Cash and cash equivalents

4,089

Long-term financial assets

2,095

Total assets

921

5,001

21,126

Short-term debt

1,222

7,174

Trade and other payables

439

319

5,828

Other current liabilities

260

41

1,416

Non-current financial liabilities

3,207

573

Total liabilities

5,128

360

14,991

January 1, 2011

Parent company

Parent’s subsidiaries and associates

Associates and joint ventures

Short-term financial assets

2,127

Trade receivables

394

644

Other receivables

Other assets

414

1,201

Cash and cash equivalents

5,364

Long-term financial assets

7,940

Total assets

-

6,172

11,912

Short-term debt

7,434

Trade and other payables

208

1,867

Other current liabilities

35

2,648

Long-term debt

1,102

Total liabilities

-

243

13,051

For the year ended December 31, 2012 and 2011 the following transaction occurs with related parties:

2012

Parent company

Parent’s subsidiaries and associates

Associates and joint ventures

Crude oil, gas and oil products sales

6,208

14,818

49,418

Other revenue

1

112

5,215

Purchases of crude oil, gas and oil products

18,939

180,485

Production related services

548

9,805

11,430

Transportation costs

3,262

4,878

17,689

Interest income

256

2011

Parent company

Parent’s subsidiaries and associates

Associates and joint ventures

Crude oil, gas and oil products sales

1,139

1,198

53,946

Other revenue

4

160

3,062

Purchases of crude oil, gas and oil products

151,305

Production related services

8,084

Transportation costs

1,560

5,178

13,306

Interest income

587

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