DOCSLIB.ORG

The Power of Doing Better

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Power of Doing Better THE POWER OF DOING BETTER ANNUAL REPORT 2015 For Alfa-Bank, 2015 was another successful period of dynamic development, in which competitive advantages gained over a long period of time once again delivered strong results in corporate and retail operations. Potential and current clients see the Bank as an unfailing partner that is constantly moving forward and self-improving to offer convenient and popular services, modern functionality and professional staff. ALFA-BANK 2015 Mikhail Fridman Member of the Board of Directors countries 5 branches and offices 745 employees 21 036 corporate clients 255 000 retail clients 13.6 mln net profit, USD million* 480 equity, USD million* 4 344 loan portfolio, USD million* 21 654 total assets, USD million* 31 470 * For the purposes of this report, the term «Alfa-Bank» is used to describe ABH Financial Limited and its subsidiaries. ALFA-BANK’S AWARDS IN 2015 12.2015 08.2015 07.2015 03.2015 Alexey Marey — Bank Manager Alfa-Bank won four categories in the VISA Alfa-Bank joined the Top-50 European Alfa-Bank — best bank for affluent clients of the Year payment system global competition Banks ranking for volume of debit card according to Frank RG The trade journal Retail Finance held its 9th Alfa-Bank won four categories in the VISA Global transactions According to Frank Research Group’s rating of annual Retail Finance Awards on 9 December Service Quality Awards, an annual competition According to a survey conducted by the 16 banks in Russia offering Private Banking & 2015 in Moscow. Alexey Marey, Chief Executive among the global payment system’s member Nilson Report, the global leader in ratings Wealth Management services, Alfa-Bank is the Officer and Member of the Board of Directors banks. At year-end 2014, Alfa-Bank was among companies providing bank cards and best bank for affluent clients in the country. and Executive Board was awarded the main named the world’s best bank in terms of the POS-terminal solutions, Alfa-Bank entered the prize in the category «Best Bank Manager of the share of approved transactions, best in Russia Top-50 European Banks ranking by the volume Year,» as determined by the journal’s editors. and in the world in terms of «effectiveness of of debit card transactions in 2014, only the 03.2015 card risk management» and also in terms of second Russian bank to appear on the list. At «disputed transaction-to-turnover ratio». the end of last year, the bank had over 4 million Alfa-Bank again the best 09.2015 active debit cards, accounting for over USD6B Alfa-Bank won three categories in a row at in purchases. the Third Annual Awards for Innovations and Alfa-Bank — best bank in Russia for 07.2015 Achievements in Financial Sector for «Bank- affluent clients according to Forbes ing» organized by the journal Banking Survey. Alfa-Bank’s А-Club topped the Forbes rating Alfa-Bank — best bank for premium clients 06.2015 For the second year running, Alfa-Bank has «Best Private Banks and Wealth Managers» according to the banking community won the «Most Innovative Bank» category as in the category «Russian Bank for Clients with Frank Research Group named Alfa-Bank the Alfa-Bank’s new web-site ranked first the financial institution introducing the most Assets up to USD20M». best bank for premium clients according to among digital projects in Tagline ranking up-to-date and cutting-edge technologies in its the banking community. The rating was com- for 2014-2015 activities. piled on the basis of interviews with market Alfa-Bank’s new web-site was named an out- participants. Out of 19 respondents, 11 rated standing digital project of 2014-2015. This was their competitors’ programs, with Alfa-Bank decided by the experts of the largest analytical being the leader according to market players. agency Tagline in the course of their annual Additionally, Alfa-Bank scored second overall in survey of the Russian digital production market. «Best Bank for Premium Clients 2015» rating. The Top-100 Russian digital production (web studios, web productions) ranking is in its 10th year, is the only survey of its kind and is widely popular in the professional community. CONTENTS Board of Directors’ Report 6 Mass Business 48 Board of Directors and Executive Board 10 Operations and IT Departments 56 Message from CEO 12 Financial Risk Management 63 Overview of Russian Economy Compliance with Code of Corporate Conduct 75 and Banking Sector 18 Partners 83 Corporate-Investment Banking 28 Financial Statements 88 Investment Business 36 Corporate Directory 95 Retail Banking 40 Mikhail Fridman Member of the Board of Directors Alexey Marey Chief Executive Officer, Member of the Board of Directors, Member of the Executive Board Petr Smida Chairman of the Board of Directors BOARD OF DIRECTORS’ REPORT This attitude to client services brings excellent results — existing clients are using Bank services more actively while other companies and individuals decide to join the ranks. The clientele has been We are proud to present our report on Alfa-Bank’s performance in 2015, which has become another growing year on year. Our mass and medium-sized corporate business segments exhibited record triumphant stage in the development of all of our business units and divisions. Periods of economic growth in their clientele in 2015, while the retail business again bolstered its standing in the most difficulty have tested the endurance of financial institutions and how precise and well-conceived their reliable and financially attractive upper segments. development strategies are. Russia’s banking system overall posted a significant decline in profit last year. That did not happen to Alfa-Bank, which accounted for approximately 20% of total earnings in Indeed, first and foremost Alfa-Bank is a financial institution successful at providing quality services to the sector. Correct strategic priorities, a steadfast credit policy, and certainly, focus on our customers individuals and legal entities. At the same time, continuous investment in service quality, technological in every field of activity, are components of the success achieved by all of the business units of the solutions and team development give us an opportunity to support charity projects. The Bank has Bank last year. always been a socially responsible institution, not only looking after its clients and employees, but also extensively supporting culture and art, encouraging volunteer initiatives and providing financial The year 2015 showed that the role played by Alfa-Bank in the Russian financial and economic system assistance to disadvantaged groups. Support of talented youth is an essential area of social and charity was highly appreciated by both our clients and the government. The Central Bank included Alfa-Bank work of the Bank. Apt students from major universities in Russia receive Bank scholarships and an in the list of systemically important financial institutions (SIFI) in October 2015. Additionally, Alfa-Bank opportunity to begin their career with a leader in the Russian financial services market. joined other authorized banks in the government’s Program to Support Investment through Project Finance. The program was developed by the Russian government to support major economic sectors, 2015 displayed the strengths and weaknesses of most Russian companies. For Alfa-Bank, it was and our Bank readily agreed to participate. Alfa-Bank is fully aware of the responsibility imposed by another successful period of dynamic development, in which competitive advantages gained over a our status as one of the largest banks in Russia, and works to foster national economic growth by long period of time once again delivered strong results in corporate and retail operations. Potential providing services to major players in promising fields and active support of entrepreneurship and and current clients see the Bank as an unfailing partner that is constantly moving forward and small business. self-improving to offer convenient and popular services, modern functionality and professional staff. Next year will not be easy for the Russian economy, but this creates new opportunities for a financial In 2015, we adjusted the Alfa-Bank general development strategy to priorities that had been the institution as strong as Alfa-Bank: competition for quality clientele is always won by the worthy, and key vectors of our activity for several years. Keen attention to our clients is our Number 1 task. It is our Bank, the first private bank in Russia, occupies a special place amongst those. important to us that it is our clients who determine the way our products and services develop. Being aware of the expectations and wishes of our clients, we are ready to work as a team and make sure that communication with Bank employees is always a pleasant and useful experience. The knowledge Mikhail Fridman Alexey Marey Petr Smida of client needs and preferences helps us understand what new technologies can make Alfa-Bank a Member of the Board Chief Executive Officer, Chairman of the Board convenient partner for all businesses and individuals who choose it as their primary bank. of Directors Member of the Board of Directors, of Directors Member of the Executive Board Murmansk Kaliningrad St. Petersburg Severodvinsk Arkhangelsk Tver Vologda Yaroslavl Syktyvkar Kaluga Ivanovo Vladimir Novy Urengoy Tula Nizhny Novgorod Ryazan Kursk Lipetsk Belgorod Cheboksary Serov Tambov Penza Glazov Raduzhny Voronezh Kazan Megion Izhevsk Nizhny Tagil Nizhnevartovsk Ulyanovsk Surgut Togliatti Saratov Almetyevsk Engels Ekaterinburg
Load more

Recommended publications
  • X5 Retail Annual Report 2009 Eng.Indd
    Winning Customers Annual Report 2009 Contents Operational & Financial Highlights 3 Shareholder Information 4 Message from the Chairman of the Supervisory Board 5 Letter from the Chief Executive Officer 6 Executive Board 8 Strategic Review 9 Customer Focus 10 Operational Excellence 19 Disciplined Growth 25 2009 Financial Review 30 X5 & Society 35 Communities 35 Employees 36 Health & Safety 39 Corporate Governance & Risk Management 42 Corporate Governance Report 42 Risk Management & Internal Controls 54 Report of the Supervisory Board 65 Remuneration Report 72 2009 Financial Statements 79 Operational & Financial Highlights WINNING CUSTOMERS “2009 was a tough year for Russian consumers and the economy as a whole. X5’s response was fast and effective. We won customers by making sure we had the right products at the most attractive prices. Just as important, we kept our focus on X5’s strategy to create durable competitive advantages and capitalise on the long-term growth of the Russian market.” Lev Khasis, Chief Executive Officer X5 in 2009 In 2009 X5 outperformed the competition and delivered the highest like-for-like sales growth of any Russian retailer Nearly 1 billion Customer Visits by responding to the needs of consumers: • A record 996 million customer visits USD 8.7 billion in Net Sales to our stores in 2009 • Industry-leading like-for-like (LFL) sales growth of 10% 25% Pro-Forma Sales Growth in RUR • LFL customer traffic rose 5% – including a market-leading 10% at discounters 33% Consolidated Sales Growth in RUR • Delivered on our 2009 target of 25% pro-forma revenue growth in RUR terms X5 at 31 December 2009 Number 1 Russian Retailer 1,372 Multi-Format Stores in Russia & Ukraine 1.1 million sq.
    [Show full text]
  • Alfastrakhovanie Group: One of the Leading Insurance Companies in Russia
    AlfaStrakhovanie Group: One of the leading insurance companies in Russia Built with decades of expertise in the insurance industry, AlfaStrakhovanie Corporation became one of the largest Russian insurance companies with a diversified portfolio of services including both comprehensive business insurance coverage and an extensive range of retail insurance products. Our firm is a part of the financial and industrial Alfa Group Consortium together with Alfa-Bank, X5 Retail Group, A1 Group, Alfa Capital Management, and Rosvodokanal Group. Alfa Group is one of Russia's premier privately owned investment consortiums. We offer more than 100 products for private and corporate customers. Due to our renowned reputation in Russia, our firm has approximately 400 offices and branches across the country. Our services are currently being used by more than 22 million individuals and more than 435,000 companies. Noted for being a strong and committed company, AlfaStrakhovanie Corporation constantly strives harder to enhance their services and develop new insurance products to meet and even exceed their client needs. Furthermore, our firm is also considered as a comprehensive insurance company that has licenses for 98 types of insurance, including credit insurance. This allows our firm to deliver seamless insurance protection to our clients. One of the reasons why we have a lot of many experienced, mid- level and junior employees is simply because our firm is a great place to learn and develop an individual's career. Our firm also comprised of AlfaStrakhovanie PLC, AlfaStrakhovanie-Life LLC, AlfaStrakhovanie-MS LLC, AlfaStrakhovanie-OMS LLC, Medicine AlfaStrakhovanie LLC, AlfaMedProject LLC, AsStra Medical Insurance Company LLC and Syberia Medical Insurance Organization PLC.
    [Show full text]
  • Alfa Annual Report
    ALFA GROUP CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF THE AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2001 STATEMENT OF MANAGEMENT’S RESPONSIBILITIES TO THE SHAREHOLDERS OF ALFA GROUP . International convention requires that Management prepare consolidated financial statements which give a true and fair view of the state of affairs of Alfa Group (“the Group”) at the end of each financial period and of the results, cash flows and changes in shareholders’ equity for each period. Management are responsible for ensuring that the Group keeps accounting records which disclose, with reasonable accuracy, the financial position of each entity and which enable it to ensure that the consoli- dated financial statements comply with International Accounting Standards and that their statutory accounting reports comply with the applicable country’s laws and regulations. Furthermore, appropriate adjustments were made to such statutory accounts to present the accompanying consolidated financial statements in accordance with International Accounting Standards. Management also have a general responsibility for taking such steps as are reasonably possible to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. Management considers that, in preparing the consolidated financial statements set out on pages to , the Group has used appropriate and consistently applied accounting policies, which are supported by reasonable and prudent judgments and estimates and that appropriate International Accounting Standards have been followed. For and on behalf of Management Nigel J. Robinson October ZAO PricewaterhouseCoopers Audit Kosmodamianskaya Nab. 52, Bld. 5 115054 Moscow Russia Telephone +7 (095) 967 6000 Facsimile +7 (095) 967 6001 REPORT OF THE AUDITORS TO THE SHAREHOLDERS OF ALFA GROUP .
    [Show full text]
  • Transparency and Disclosure by Russian State-Owned Enterprises
    Transparency And Disclosure By Russian State-Owned Enterprises Standard & Poor’s Governance Services Prepared for the Roundtable on Corporate Governance organized by the OECD in Moscow on June 3, 2005 Julia Kochetygova Nick Popivshchy Oleg Shvyrkov Vladimir Todres Christine Liadskaya June 2005 Transparency & Disclosure by Russian State-Owned Enterprises Transparency and Disclosure by Russian State-Owned Enterprises Executive Summary This survey of transparency and disclosure (T&D) by Russian state-owned companies by Standard & Poor’s Governance Services was prepared at the request of the OECD Roundtable on Corporate Governance. According to the OECD Guidelines on Corporate Governance of SOEs, “the state should act as an informed and active owner and establish a clear and consistent ownership policy, ensuring that the governance of state-owned enterprises is carried out in a transparent and accountable manner” (Chapter III). Further, “large or listed SOEs should disclose financial and non financial information according to international best practices” (Chapter V). In stark contrast with these principles, the study revealed consistent differences in disclosure standards between the state-controlled and similarly sized public Russian companies. This is in line with the notion that transparency of state-controlled enterprises is hampered by the tendency of the Russian government and individual officials to use their influence on such companies to promote political or individual goals that often diverge from commercial motives and investor interests. High standards of transparency and disclosure, on the other hand, are a cornerstone in the foundation of good governance. They provide legitimate stakeholders--whether creditors, minority shareholders, taxpayers, or the general public--with the information they need to be able to begin to hold government decision-makers accountable for their actions.
    [Show full text]
  • Annual Report 2017 CONTENTS
    Alfa Group Annual Report 2017 CONTENTS 3 Alfa Group’s Principal Businesses 4 Supervisory Board of Alfa Group 9 Alfa Group’s Investment Philosophy 11 ABH Holdings S.A. 16 Alfa Capital 18 AlfaStrakhovanie Group 20 Alfa Asset Management (Europe) S.A. 21 A1 23 X5 Retail Group 26 Rosvodokanal Group 27 IDS Borjomi International 28 Serving our Communities 30 Contact Information ALFA GROUP’S PRINCIPAL BUSINESSES Founded in 1989, Alfa Group* ("Alfa") is one of the largest privately owned financial-investment conglomerates in Russia. Alfa Group* is a combination of independent businesses operating mainly in Russia and the CIS. Alfa* companies’ businesses include commercial and investment banking, asset management, insurance, retail trade, water utilities, mineral water production as well as special-situation investments. Companies of Alfa* typically focus on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invest in other markets which form part of their strategic business objectives. ABH Holdings S.A. Alfa Capital AlfaStrakhovanie Group ABH Holdings S.A. (ABHH) Alfa Capital manages investment One of the largest Russian is a privately owned Luxembourg- portfolios for a wide range of insurers with a diversified based holding company investing clients. portfolio of insurance products. into several banking groups in the CIS and Europe. Alfa Asset Management (Europe) S.A. А1 X5 Retail Group Luxembourg-based asset One of the leading investment Leading multi-format food retailer in management company for private businesses in Russia and the CIS. Russia. X5 Retail Group’s shares are and corporate clients in Europe. listed on the London Stock Exchange (LSE) and Moscow Exchange (MOEX) in the form of Global Depositary Receipts under the ticker “FIVE”.
    [Show full text]
  • RUSSIA WATCH No.2, August 2000 Graham T
    RUSSIA WATCH No.2, August 2000 Graham T. Allison, Director Editor: Ben Dunlap Strengthening Democratic Institutions Project Production Director: Melissa C..Carr John F. Kennedy School of Government Researcher: Emily Van Buskirk Harvard University Production Assistant: Emily Goodhue SPOTLIGHT ON RUSSIA’S OLIGARCHS On July 28 Russian President Vladimir Putin met with 21 of Russia’s most influ- ential businessmen to “redefine the relationship between the state and big busi- ness.” At that meeting, Putin assured the tycoons that privatization results would remained unchallenged, but stopped far short of offering a general amnesty for crimes committed in that process. He opened the meeting by saying: “I only want to draw your attention straightaway to the fact that you have yourselves formed this very state, to a large extent through political and quasi-political structures under your control.” Putin assured the oligarchs that recent investi- The Kremlin roundtable comes at a crucial time for the oligarchs. In the last gations were not part of a policy of attacking big business, but said he would not try to restrict two months, many of them have found themselves subjects of investigations prosecutors who launch such cases. by the General Prosecutor’s Office, Tax Police, and Federal Security Serv- ice. After years of cozying up to the government, buying up the state’s most valuable resources in noncompetitive bidding, receiving state-guaranteed loans with little accountability, and flouting the country’s tax laws with imp u- nity, the heads of some of Russia’s leading financial-industrial groups have been thrust under the spotlight.
    [Show full text]
  • Market Study: Bio-Energy in Russia Larive International
    Market Study: Bio-energy in Russia Opportunities for Dutch companies March, 2013 Market study: Bio-energy in Russia Larive International Table of Contents Acknowledgements ................................................................................................................................. 3 1. Executive Summary ......................................................................................................................... 4 2. Introduction ..................................................................................................................................... 6 3. Market Indicators/Trends ............................................................................................................... 8 3.1. Development bio-based economy in the Netherlands ................................................................ 8 3.1.1. The Netherlands: bio-energy segment .................................................................................. 9 3.1.2. The Netherlands: bio-fuels segment ................................................................................... 10 3.1.3. The Netherlands: bio-products segment............................................................................. 11 3.1.4. Sustainability criteria in the Netherlands ............................................................................ 12 3.2. Development bio-based economy in Russia .............................................................................. 12 3.2.1. Russia: bio-energy segment ...............................................................................................
    [Show full text]
  • Investment from Russia Stabilizes After the Global Crisis 1
    Institute of World Economy and International Relations (IMEMO) of Russian Academy of Sciences Investment from Russia stabilizes after the global crisis 1 Report dated June 23, 2011 EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before June 23, 2011, 3:00 p.m. Moscow; 11 a.m. GMT; and 7 a.m. New York. Moscow and New York, June 23, 2011 : The Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences, Moscow, and the Vale Columbia Center on Sustainable International Investment (VCC), a joint undertaking of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their second joint survey of Russian outward investors today 2. The survey is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets. The present survey, conducted at the beginning of 2011, covers the period 2007-2009. Highlights Despite the global crisis of the last few years, Russia has remained one of the leading outward investors in the world. The foreign assets of Russian MNEs have grown rapidly and only China and Mexico are further ahead among emerging markets. As the results of our survey show, several non- financial 3 Russian MNEs are significant actors in the world economy. The foreign assets of the 20 leading non-financial MNEs were about USD 107 billion at the end of 2009 (table 1). Their foreign sales 4 were USD 198 billion and they had more than 200,000 employees abroad.
    [Show full text]
  • The Prospects for Russian Oil and Gas
    Fueling the Future: The Prospects for Russian Oil and Gas By Fiona Hill and Florence Fee1 This article is published in Demokratizatsiya, Volume 10, Number 4, Fall 2002, pp. 462-487 http://www.demokratizatsiya.org Summary In February 2002, Russia briefly overtook Saudi Arabia to become the world’s largest oil producer. With its crude output well in excess of stagnant domestic demand, and ambitious oil industry plans to increase exports, Russia seemed poised to expand into European and other energy markets, potentially displacing Middle East oil suppliers. Russia, however, can not become a long-term replacement for Saudi Arabia or the members of the Organization of Petroleum Exporting Countries (OPEC) in global oil markets. It simply does not have the oil reserves or the production capacity. Russia’s future is in gas rather than oil. It is a world class gas producer, with gas fields stretching from Western to Eastern Siberia and particular dominance in Central Asia. Russia is already the primary gas supplier to Europe, and in the next two decades it will likely capture important gas markets in Northeast Asia and South Asia. Russian energy companies will pursue the penetration of these markets on their own with the strong backing of the State. There will be few major prospects for foreign investment in Russian oil and gas, especially for U.S. and other international companies seeking an equity stake in Russian energy reserves. Background Following the terrorist attacks against the United States on September 11, 2001, growing tensions in American relations with Middle East states coincided with OPEC’s efforts to impose production cuts to shore-up petroleum prices.
    [Show full text]
  • A Survey of Corporate Governance in Russia
    Centre for Economic and Financial Research at New Economic School June 2007 A Survey of Corporate Governance in Russia Olga Lazareva Andrei Rachinsky Sergey Stepanov Working Paper No 103 CEFIR / NES Working Paper series A Survey of Corporate Governance in Russia Olga Lazareva, Andrei Rachinsky, and Sergey Stepanov* June 2007 Abstract In this survey, we describe the current state of corporate governance in Russia and discuss its dynamics and prospects. We review the main mechanisms of corporate governance in the country and relate them to firms’ ownership structures, financial market development and government influence. Finally, we discuss the current trends in Russian corporate governance and its prospects. Keywords: corporate governance, ownership, expropriation, predatory state, property rights JEL Classifications: G32, G34, G38 * Olga Lazareva: Centre for Economic and Financial Research (CEFIR) and Stockholm School of Economics, [email protected]; Andrei Rachinsky: CEFIR, [email protected]; Sergey Stepanov: New Economic School and CEFIR, [email protected] We thank Sergei Guriev for very valuable comments 1. Introduction In this survey we describe the current state of corporate governance in Russia and discuss its dynamics and prospects. Corporate governance has become an important topic in Russia once again, and there is a clear trend among the largest Russian companies to adhere to good corporate governance standards by increasing disclosure, complying with international accounting standards, placing “independent directors” on boards, and adopting corporate governance codes, for example. There have also been initiatives to improve corporate governance from the government, regulators and various private agencies. The government is adopting new laws and amendments to the existing laws.
    [Show full text]
  • X5 Retail Annual Report 2009 Eng.Indd
    Winning Customers Annual Report 2009 Contents Operational & Financial Highlights 3 Shareholder Information 4 Message from the Chairman of the Supervisory Board 5 Letter from the Chief Executive Officer 6 Executive Board 8 Strategic Review 9 Customer Focus 10 Operational Excellence 19 Disciplined Growth 25 2009 Financial Review 30 X5 & Society 35 Communities 35 Employees 36 Health & Safety 39 Corporate Governance & Risk Management 42 Corporate Governance Report 42 Risk Management & Internal Controls 54 Report of the Supervisory Board 65 Remuneration Report 72 2009 Financial Statements 79 Operational & Financial Highlights WINNING CUSTOMERS “2009 was a tough year for Russian consumers and the economy as a whole. X5’s response was fast and effective. We won customers by making sure we had the right products at the most attractive prices. Just as important, we kept our focus on X5’s strategy to create durable competitive advantages and capitalise on the long-term growth of the Russian market.” Lev Khasis, Chief Executive Officer X5 in 2009 In 2009 X5 outperformed the competition and delivered the highest like-for-like sales growth of any Russian retailer Nearly 1 billion Customer Visits by responding to the needs of consumers: • A record 996 million customer visits USD 8.7 billion in Net Sales to our stores in 2009 • Industry-leading like-for-like (LFL) sales growth of 10% 25% Pro-Forma Sales Growth in RUR • LFL customer traffic rose 5% – including a market-leading 10% at discounters 33% Consolidated Sales Growth in RUR • Delivered on our 2009 target of 25% pro-forma revenue growth in RUR terms X5 at 31 December 2009 Number 1 Russian Retailer 1,372 Multi-Format Stores in Russia & Ukraine 1.1 million sq.
    [Show full text]
  • TNK-BP Limited)
    ROSNEFT INTERNATIONAL HOLDINGS LIMITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED) ROSNEFT INTERNATIONAL HOLDINGS LIMITED Interim Condensed Consolidated Income Statement and Statement of Comprehensive Income (Unaudited) (expressed in millions of USD) Three months Six months Three months ended Six months ended ended 30 June 2012 ended 30 June 2012 30 June 2013 (reclassified) Note 30 June 2013 (reclassified) 14,164 14,255 Gross Proceeds 5 28,380 30,344 (4,311) (4,679) Less: export duties (8,016) (9,311) 9,853 9,576 Sales and other operating revenues 5 20,364 21,033 (3) (103) (Loss)/earnings from equity-accounted investments 9 (15) 104 7 - Gain on disposals of businesses 7 - (2,912) (3,065) Taxes other than income tax 15 (6,069) (6,289) (1,350) (1,152) Operating expenses (2,491) (2,297) (1,166) (1,329) Purchases of oil, oil products and other products (2,323) (2,956) (1,398) (1,253) Transportation expenses (2,777) (2,600) (703) (552) Depreciation, depletion and amortisation 10 (1,351) (1,123) (207) (354) Selling, distribution and administrative expenses (571) (694) (643) (22) Loss on disposals and impairment of assets 4 (711) (323) (55) (56) Exploration expenses (115) (101) 1,423 1,690 Operating profit 3,948 4,754 404 69 Exchange gain/(loss), net 606 (2) (49) (54) Finance cost (124) (124) 16 23 Interest income and net other financial income 2 1 (26) - Other expenses 18 (102) - 1,768 1,728 Profit before income taxes 4,330 4,629 (434) (781) Income tax benefit/(expense)
    [Show full text]