up
Back to list

34. Segment information

Presented below is information about the Group’s operating segments for the years ended December 31, 2012 and 2011. Operating segments are components that engage in business activities that may earn revenues or incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (CODM), and for which discrete financial information is available.

The Group manages its operations in 2 operating segments: Upstream and Downstream.

Upstream segment (exploration and production) includes the following Group operations: exploration, development and production of crude oil and natural gas (including joint ventures results), oil field services. Downstream segment (refining and marketing) processes crude into refined products and purchases, sells and transports crude and refined petroleum products (refining and marketing). Corporate centre expenses are presented within the Downstream segment.

Eliminations and other adjustments section encompasses elimination of inter-segment sales and related unrealised profits, mainly from the sale of crude oil and products, and other adjustments.

Intersegment revenues are based upon estimated market prices.

Adjusted EBITDA represents the Group’s EBITDA and its share in equity accounted investments’ EBITDA. Management believes that adjusted EBITDA represents useful means of assessing the performance of the Group’s ongoing operating activities, as it reflects the Group’s earnings trends without showing the impact of certain charges. EBITDA is defined as earnings before interest, income tax expense, depreciation, depletion and amortisation, foreign exchange gain (loss), other non-operating expenses and includes the Group’s share of profit of equity accounted investments. EBITDA is a supplemental non-IFRS financial measure used by management to evaluate operations.

For the year ended December 31, 2012

Upstream

Downstream

Eliminations

Total

Segment revenues

Refined products, oil and gas sales and other revenues:

  • External parties

18,346

1,211,920

1,230,266

  • Inter-segment

347,819

4,139

(351,958)

Total revenues

366,165

1,216,059

(351,958)

1,230,266

Segment results

Adjusted EBITDA

175,373

147,733

323,106

Depreciation, depletion and amortisation

43,531

14,930

58,461

Segment assets as of December 31, 2012

775,271

734,937

(210,100)

1,300,108

Capital expenditure

90,802

67,300

158,102

For the year ended December 31, 2011

Upstream

Downstream

Eliminations

Total

Segment revenues

Refined products, oil and gas sales and other revenues :

  • External parties

9,225

1,020,578

1,029,803

  • Inter-segment

305,558

3,148

(308,706)

Total revenues

314,783

1,023,726

(308,706)

1,029,803

Segment results

Adjusted EBITDA

136,070

164,007

300,077

Depreciation, depletion and amortisation

44,406

11,393

55,799

Segment assets as of December 31, 2011

627,285

776,585

(285,711)

1,118,159

Capital expenditure

75,151

55,637

130,788

The geographical segmentation of the Group’s revenue and capital expenditures for the years ended December 31, 2012 and 2011 is presented below:

For the year ended December 31, 2012

Russian Federation

CIS

Export and international sales

Total

Sales of crude oil

12,988

29,783

347,953

390,724

Sales of petroleum products

571,020

59,177

441,774

1,071,971

Sales of gas and gas condensate

17,540

6,281

23,821

Other sales

27,503

625

2,423

30,551

Less custom duties and sales related excises

(4,646)

(282,155)

(286,801)

Revenues from external customers, net

629,051

84,939

516,276

1,230,266

For the year ended December 31, 2011

Russian Federation

CIS

Export and international sales

Total

Sales of crude oil

2,052

36,259

304,758

343,069

Sales of petroleum products

478,172

46,808

379,177

904,157

Sales of gas and gas condensate

12,809

5,366

18,175

Other sales

23,723

377

2,095

26,195

Less custom duties and sales related excises

(8,386)

(253,407)

(261,793)

Revenues from external customers, net

516,756

75,058

437,989

1,029,803

Russian Federation

CIS

Export and international sales

Total

Non-current assets as of December 31, 2012

801,099

7,442

94,061

902,602

Capital expenditures for the year ended December 31, 2012

127,153

2,192

28,757

158,102

Non-current assets as of December 31, 2011

720,350

7,130

71,967

799,447

Capital expenditures for the year ended December 31, 2011

113,428

1,177

16,183

130,788

Adjusted EBITDA for the years ended December 31, 2012 and 2011 is reconciled below:

Year ended December 31, 2012

Year ended December 31, 2011

Profit for the year

184,152

167,669

Total income tax expense

35,839

39,996

Finance expense

11,160

11,446

Finance income

(3,174)

(1,956)

Depreciation, depletion and amortization

58,461

55,799

Net foreign exchange gain

(953)

(740)

Other (loss) / gain, net

4,891

(925)

EBITDA

290,376

271,289

less Share of profit of equity accounted investments

(28,281)

(6,874)

add Share of EBITDA of equity accounted investments

61,011

35,662

Total adjusted EBITDA

323,106

300,077

Notes in Consolidated Statements:

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2012 Back to list

TOOLS:

Compared to 2011
Add to «My report»
My Report (empty)
Print this Page
Download in PDF
Share this page
  • SEND LINK BY E-MAIL


    Your name*

    Your e-mail*

    E-mail recipient*

    Comment

    Type the word on the picture

    Send
    *required fields
Interactive analysis
Gazprom Neft on the map
Feedback