MD&A / Key Financial and Operating Data
|
|
2012 |
2011 |
Change, % |
|---|---|---|---|
|
Financial results (RUB million) | |||
| Revenue | 1 230 266 | 1 029 803 | 19.5 |
| Adjusted EBITDA | 323,106 | 300,077 | 7.7 |
|
RUB per toe of production | 5,411.3 | 5,239.7 | 3.3 |
|
USD per boe of production | 23.7 | 24.2 | (2.3) |
| Profit attributable to Gazprom Neft | 176,296 | 160,362 | 9.9 |
| Net cash from operating activities | 231,073 | 180,871 | 27.8 |
| Capital expenditure | 158,102 | 130,788 | 20.9 |
| Net debt | 149,105 | 191,628 | (22.2) |
|
Operational results | |||
| Hydrocarbon production including share in equity associates (MMboe): | 439.02 | 421.64 | 4.1 |
| Daily hydrocarbon production (MMboepd) | 1.20 | 1.16 | 3.8 |
| Crude oil production including share in equity associates (MMbbl) | 373.64 | 368.27 | 1.5 |
| Gas production including share in equity associates (bcf) | 392.31 | 320.20 | 22.5 |
| Refining throughput at own and equity associates refineries (MMtonnes) | 43.34 | 40.49 | 7.0 |
2012 Highlights
- Started industrial production of gas from Samburgskoye field (SeverEnergia) in April;
- Produced first oil from pilot project at Vostochno-Messoyakhskoe field in October;
- Produced first oil from Junin-6 block in Venezuela in September;
- Started new catalytic cracking gasoline hydrotreating unit and new diesel hydrotreating unit at the Omsk refinery in May and December, respectively, allowing production of Euro-5 diesel and gasoline;
- Yaroslavl refinery moved to 100% Euro-5 high-octane gasoline (AI-92 and AI-95) and 100% Euro-5 diesel from January and June, respectively;
- Started new mild hydrocracking and distillate hydro processing (MHC/ DHT) complex at NIS in November;
- Started industrial production of Euro-4 gasoline (AI-92 and AI-95) at the Moscow refinery in April;
- Expanded jet fueling network by adding new airports in Russia (Kazan, Barnaul, Novy Urengoy, Ulyanovsk, Krasnoyarsk) and CIS (Kyrgyzstan); opened alternative fueling complex at Sheremetyevo airport; increased number of military airports serviced to 22;
- Expanded and upgraded retail network;
- Placed series 1 issue of USD 1,500 million 10-year loan participation notes in September 2012.
2012 RESULTS VS. 2011 RESULTS
- Total hydrocarbon production including the Group's share in equity associates increased 4.1% to 439.02 million boe (oil production increased 1.5% to 373.64 million bbl, and gas production increased 22.5% to 392.31 bcf) due to continued production growth at the Priobskoye field, higher associated gas output, and new production sources (Orenburg assets, SeverEnergia);
- Refining throughput increased 7.0% in response to higher domestic downstream margins compared to export alternatives; and
- Higher oil products prices, increased hydrocarbon production and refining throughput combined with growth in premium segment sales improved the Group's financial results: revenue increased 19.5% yearon- year, while growth in EBITDA (up 7.7% year-on-year) and profit attributable to shareholders (up 9.9% year-on-year) was held back by higher taxes (MET, excise) and higher natural monopoly tariffs.