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HISTORICAL VICTORY AND THE BEGINNING OF TRANSFORMATION ANNUAL REPORT 2017 NAFTOGAZ FINANCIAL RESULTS 2017 DYNAMICS AND STRUCTURE OF THE GROUP'S REVENUE, UAH bn net cash flows from adjusted operating result net BY BUSINESSES operating activities (ОСF) of income taxes (NOPLAT) UAH bn Gas production, import and sales to RSC's for 11.2 resale to households 16.7 1. Gas production, import and sales to RSC's for resale to households – 54.3/48.9 2. Gas production, imports and supply to MHE's for the needs of households – 22.8/18.9 227.5 3. Gas production, imports and supply to other customers under PSO – 7.8/4.6 Gas transit 38.3 2017 4. Gas imports and supply to other customers outside PSO – 4.1/12.9 11.9 5.9 Oil and gas condensate sales 192.8 4.6 2016 3 4 Gas production, imports and supply to MHE's for 1.2 the needs of households 3.2 Petroleum products sales 1.6 2.8 Gas domestic transmission 3 89.0 Oil transit 1.4 1.6 and storage Gas production, imports 2.3 and supply to other customers under PSO 1.3 2 Gas business 1 2 Gas imports and supply to other customers 2.8 outside PSO 0.4 25.0 -4.9 Gas domestic transmission 14.8 0.003 85.3 1 Oil domestic transmission -0.2 -0.6 1. Gas domestic transmission – 24.8 /14.7 Gas storage 0.4 2. Gas storage – 0.2 /0.1 -0.3 Other 0.9 -0.1 Oil and petroleum products transmission GROUP’S NET PROFIT RECONCILIATION FOR 2017 and sales 73.9 UAH bn Without positive effect of Gas Transit 4 Arbitration, the group would incur net loss 3 of UAH 7.4 bn* for 2017 Gas transit 34.8 12.6 9.1 60.0 1 41.5 39.4 -6.7 28.0 2 -3.4 -13.1 -0.6 1. Petroleum products sales – / NOPLAT Net result Finance Impairment of Deferred Current Other Net 18.1 13.5 of Gas Sales and income/ property, plant and income income tax profit 2. Oil and gas condensate – 12.9/11.1 Gas Transit (expense) equipment tax benefit expense** 3. Oil transit – 3.6/3.3 Arbitrations Other 4. Oil domestic transmission– 0.2/0.1 *Net profit of UAH 39.4 bn adjusted for income recognised per results of Gas Transit Arbitration of UAH 57.1 bn and related income tax 4.9 expense of UAH 10.3 bn. **Current income tax expenses consist of taxable income less allowed deductible expense both from operating and non-operating activities taxed at 18%. 4.7 CONTENT INTRODUCTION CORPORATE GOVERNANCE Statement of the chairperson Corporate governance �������������������������������������������������������������� 144 of the supervisory board ��������������������������������������������������������������8 Report of Naftogaz supervisory board 2017 ������������������������ 146 Statement of chief executive officer ����������������������������������������9 Executive board structure and remuneration�������������������� 154 Risk management at Naftogaz group �����������������������������������157 OUR MARKET AND REFORMS Macroeconomic environment: trapped by old institutional problems �����������������������������������������������������14 OUR RESPONSIBILITY Human resources ���������������������������������������������������������������������� 162 European natural gas market ���������������������������������������������������22 Company occupational and safety policy �����������������������������170 Global oil market ��������������������������������������������������������������������������34 Contribution to the social development of Histrorical victory for Ukraine: local communities ����������������������������������������������������������������������177 Stockholm Arbitration �����������������������������������������������������������������44 Energy efficiency ������������������������������������������������������������������������ 185 Unbundling of gas transmission function �����������������������������48 Ecology and environment protection ������������������������������������190 Liberalization of gas supply to household consumers, PSO and subsidies system �����������������������������������51 Important regulatory changes �������������������������������������������������56 FINANCIAL STATEMENTS Auditor’s qualifications and related comments ����������������� 201 OUR PERFORMANCE Consolidated Financial Statements ���������������������������������������202 Businesses of Naftogaz group �������������������������������������������������62 Independent Auditor’s Report �������������������������������������������������204 Sales to regional gas supply companies for Consolidated statement of financial position ������������������� 208 the needs of households �����������������������������������������������������������66 Consolidated statement of profit or loss ����������������������������209 Gas production, imports and supply to Consolidated statement of comprehensive income �������� 210 MHE's for the needs of households �����������������������������������������71 Consolidated statement of changes in equity ��������������������211 Gas production, imports and supply to other customers under PSO ����������������������������������������������������� 74 Consolidated statement of cash flows ���������������������������������212 Gas imports and supply to other customers outside PSO �������77 Gas business: performance summary ����������������������������������� 81 Oil and gas condensate ��������������������������������������������������������������90 ADDITIONAL INFORMATION Determining report content Gas transit ��������������������������������������������������������������������������������������96 and significant aspects ������������������������������������������������������������272 Gas domestic transmission �����������������������������������������������������104 Company disclosures required by law ����������������������������������278 Underground gas storage���������������������������������������������������������110 Terms and abbreviations ����������������������������������������������������������282 Oil transit and domestic transmission ����������������������������������115 Material topics under GRI Standard �������������������������������������284 Petroleum products sales ��������������������������������������������������������124 Contacts ���������������������������������������������������������������������������������������289 Analysis of other activities ������������������������������������������������������� 130 Procurements by Naftogaz group companies in 2017 ������ 138 5 Courage: We believe that determination is better than resigna- tion. Naftogaz can stand its ground even when faced by far larger opponents. We do not quietly accept injustices and prefer to call things by their proper names. Naftogaz is not afraid of change and seeks to serve as a model for both the public and private sectors Openness: We work honestly and openly. We believe that this approach prevents corruption and encourages effective co- operation in the market as well as within the company itself. Transparency is key to earning the trust of Ukrainians for whom we generate profit OUR MISSION IS TO BECOME THE DRIVING FORCE FOR Conscientiousness: We believe that each team member should MODERNIZATION AND have their share of responsibility for the result. Naftogaz PROFESSIONALISM IN THE appreciates good work, a willingness to act, initiative and honesty UKRAINIAN ENERGY SECTOR INTEGRATED WITH THE EUROPEAN MARKET, ENSURING SECURITY OF Fairness: Naftogaz is a national company and important con- ENERGY SUPPLIES AT COMPETITIVE tributor to the common good. We stand for equal opportunities, PRICES WHILE MAXIMIZING THE targeted support for those who need it most, and for adequate remuneration for those who take on responsibility and deliver MISSION AND VALUES VALUE OF NATIONAL RESOURCES outstanding results. We believe this is reasonable and fair 6 7 STATEMENT OF THE CHAIRPERSON STATEMENT OF CHIEF EXECUTIVE OF THE SUPERVISORY BOARD OFFICER Our goal is to transform Naftogaz into an efficient and profitable European energy corporation The new supervisory board was of progress in completion of Our historical victory over WHAT WAS DONE elected in December 2017, at the corporate governance reform. Gazprom in the finale of IN 2014-2017: very end of this reporting year. We, as the new board, took the Stockholm arbitration our appointments on a clear proceedings was definitely the 1. Zero tolerance towards In brief, the working of the promise and commitment of major event in 2017-2018. corruption and transparent supervisory board and its the shareholder that matters We have eliminated Gazprom’s procurement committees in 2017 focused pertaining to delegation of claim to pay more than on the issues which are a required competencies to USD 56 billion for gas that The fight against corruption primary need of any national supervisory boards of Ukrainian we did not actually buy in was our priority when we oil and gas company: corporate state-owned enterprises will be 2009-2017 and have been started as a new management strategy, long-term planning, promptly and properly resolved. awarded nearly USD 4.7 billion team in spring 2014. We cut liquidity, increase of domestic in compensation. Four years off unnecessary intermediaries production and last but not Unfortunately, as of the date of of effort removed the risk from gas imports and wholesale least – preparation of Naftogaz this report, things are still where of bankruptcy and debt, operations and changed group for the unbundling of the they started and as a supervisory which would have equaled the procurement system to transmission business. We know board we lack efficient tools to three quarters of Ukraine’s encourage producers rather how much progress has been bring Naftogaz and its group annual GDP
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