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Naftogaz of Ukraine 2014 Annual Report

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Naftogaz of Ukraine 2014 Annual Report NAFTOGAZ OF UKRAINE 2014 ANNUAL REPORT New Ukraine Europe New rules Market Transparency Naftogaz Reform Europe New Ukraine Europe New rules Naftogaz Market Europe New UkraineNew Transparency Reform Ukraine Naftogaz New rules Europe Naftogaz New Ukraine Market Naftogaz Europe New Ukraine Reform Transparency Naftogaz EuropeReform Europe Naftogaz New Ukraine New rules Transparency New rules Transparency New rules Europe Transparency New Ukraine Naftogaz New rules Europe Market Reform Reform Naftogaz Market Reform TransparencyNew rules Reform Europe New rules Market Reform Transparency New Ukraine Transparency Transparency Naftogaz New Ukraine Naftogaz New rules Reform NaftogazTransparency Market New rules Reform Europe Reform Naftogaz New rules Europe Naftogaz New Ukraine Transparency Market Transparency New rules Naftogaz Transparency Reform Europe New rules Market New Ukraine New Ukraine Transparency New rules New rules Market Market New Ukraine Europe Transparency Reform Europe New Ukraine New Ukraine Naftogaz Transparency New rules Reform New rules Naftogaz New rules New Ukraine Reform Market Europe New rules ReformNaftogaz Transparency Europe Reform Naftogaz Transparency Reform MarketNaftogaz Reform Naftogaz New rules Naftogaz New Ukraine Market Market Naftogaz Transparency Transparency Reform Europe Transparency New rules New rules New rules Reform New Ukraine Market Transparency New rules Naftogaz Market Europe Changing for the future Ukraine’s gas transmission Entry capacity: EUROPE’S LARGEST GAS MARKETS, 2014, bcm NAFTOGAZ AT A GLANCE pipelines are long enough 288 bcm/year to circumvent the globe GROUP STRUCTURE BY SEGMENT, 2014, UAH billion 76.2 Gas transmission Exit capacity in EU 71.5 gas 24.2 239.7 consumption direction: 151 bcm/year volumes Gas storage 1.4 146.2 60.7 Gas upstream 4.8 42.4 Operating revenues (UAH 78.4 billion, net of inter-group operations) UKRAINE’S GAS 47.5 42.6 Gas trading TRANSMISSION 53.3 Assets (UAH 515.0 billion) 38.6 28.3 SYSTEM Underground gas storage Oil transmission 34.8 capacity, bcm 2.0 20.0 27.9 Hydrocarbon Oil refining deposits 5.2 5.0 Oil upstream Oil business Gas transmission 0.3 Italy 10% Spain 3.4 31% 1 300 Turkey France Ukraine Segment Germany Other results Netherlands 0.8 310 Revenues 10.6 nonregulated United Kingdom 18.8 by segment, - 88.9 regulated Investments 2014, % 1 500 OPERATING REVENUES AND ASSETS 11.2 1 900 NAFTOGAZ AND EUROPEAN GAS MARKET, 2010-2014, % Gas trading, gas upstream 1 920 1 000 59% and gas storage 400 Gas volumes supplied by Naftogaz in Ukraine to total gas consumption in the EU-28 UAH billion 700 420 Gas volumes transmitted to Europe (excl. Moldova) across Ukraine to total gas consumption in the EU-28 2 150 25 % OPERATING REVENUES AND ASSETS 17 050 21 20 % IN 2013 AND 2014, UAH billion 18 18 2 300 17 15 15 % Operating revenues 9 10 10 % 70.1 7.5 0.8 8 2014 7 7 0.5 2013 67.5 7.4 5 % 1 000 Assets 0 % 27.3 19.3 11.2 2014 457.1 2010 2011 2012 2013 2014 2013 192.1 24.0 11.7 9.9 Sources: Naftogaz, Eurogas Gas Oil Other Investments SUPPLY ROUTES OF RUSSIAN GAS TO EUROPE, 2014, bcm* UKRAINE’S OIL Ukraine’s GTS TRANSMISSION SYSTEM Entry capacity: 151/62 114 million t oil/year Total Transmitted Nord Stream capacity volume 55/34 Exit capacity: Yamal-Europe 58 million t oil/year 38/37 GAS IN STORAGE AT THE BEGINNGING OF THE HEATING SEASON Blue Stream 16/14 16 757 Volumes stored in underground gas storages as at October 2014, bcm 30 950 Stored volume Total capacity 20 923 *excluding the Baltics, including Turkey 21 898 Source: IEA 16 065 16 558 10 964 11 956 4 307 4 499 4 519 6 330 3 067 3 270 2 515 4 707 4 585 2 266 3 313 3 272 2 524 974 2 274 736 484 500 995 770 205 550 510 239 Italy Spain France Poland Ukraine Austria Slovakia Belgium Germany Hungary Denmark Bulgaria Portugal Great Britain Netherlands Czech Republic Source: GIE Additional sources: Naftogaz, State Statistics Service of Ukraine Naftogaz of Ukraine CONTENTS Annual report 2014 OVERVIEW CORPORATE, SOCIAL AND Mission and values ................................................................ 6 ENVIRONMENTAL RESPONSIBILITY Statement of Andriy Kobolyev, Chief Executive Officer ............ 8 Employees.......................................................................... 104 Timeline ............................................................................... 12 Corporate code of conduct ................................................. 107 Environment and safety ...................................................... 108 STRATEGY AND REFORM Responsibility to consumers ............................................... 110 Statement of Yuriy Vitrenko, Director for Business Energy efficiency ................................................................. 112 Development........................................................................ 14 Russian military aggression against Ukraine ....................... 114 Strategy overview ................................................................. 18 Crimea ................................................................... 116 Creating an efficient gas market .............................. 22 Donbas .................................................................. 118 Security of supply ..................................................... 24 Operational efficiency .............................................. 28 Gas independence for Ukraine................................. 31 MANAGEMENT REVIEW Reform risks and challenges ................................................. 32 OF FINANCIAL RESULTS Gas prices for households ................................................... 34 Statement of Sergiy Konovets, Deputy Chairman ................ 120 Current costs and revenues ...................................... 36 Management comments on the auditor’s opinion .............. 124 Market-based pricing for Ukrainian gas.................... 44 Operating and financial highlights ...................................... 126 Corporate governance overview ........................................... 48 Review of the financial performance .................................. 128 Executive board structure and remuneration ........... 52 Regulated business segments ................................ 130 Other top executives ................................................ 54 Non-regulated business segments ......................... 133 Corporate governance reform .................................. 55 Net loss factors ....................................................... 136 Transparency and disclosure policy .......................... 58 Review of the financial position .......................................... 137 BUSINESS OVERVIEW Review of changes in equity ............................................... 140 Statement of Sergiy Pereloma, First Deputy Chairman .......... 60 Review of cash flows .......................................................... 141 Operating environment ........................................................ 62 Risk management ............................................................... 143 Business structure ................................................................ 64 2015 forecast ..................................................................... 146 Oil and gas reserves ............................................................. 65 Group structure by operating revenues and assets ............... 66 FINANCIAL STATEMENTS Operations: gas .................................................................... 68 Independent auditor’s opinion ........................................... 152 Ukrainian gas market history .................................... 68 Consolidated financial statements ...................................... 155 Gas imports and wholesale trading .......................... 74 Statement of financial position ........................................... 155 Gas transmission ...................................................... 78 Statement of profit or loss .................................................. 156 Underground gas storage ......................................... 84 Statement of changes in equity........................................... 158 Gas production ........................................................ 86 Statement of cash flows...................................................... 159 Gas distribution and retail supply ............................ 90 Notes ................................................................................. 160 Operations: Oil ..................................................................... 94 Crude oil transmission ............................................. 94 Extraction of crude oil and condensate, production of ADDITIONAL INFORMATION petroleum products and LPG ................................... 99 Terms and abbreviations .................................................... 194 Oil and gas production in Egypt .............................. 102 Contacts ............................................................................. 196 4 5 OVERVIEW MISSION AND VALUES MISSION VALUES Naftogaz sees itself as the driving force behind reform of the Dedication Ukrainian gas market and creation of a competitive business Naftogaz is the driver of change in Ukraine’s gas sector, working environment based on European best practices. The company is to replace the old corruption-prone regulated environment with committed to ensuring security of gas supply for Ukrainian and modern competitive market rules in the entire gas industry, with European consumers and strives
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