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STRIVING FOR MORE 2014 ANNUAL REPORT CONTENTS OVERVIEW OF KEY INDICATORS 2 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 4 MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD 6 INVESTMENT APPEAL 8 10 Leader in efficiency 12 Future growth 14 Implementation of declared strategy 16 Opportunities for investors BUSINESS MODEL 20 REGIONS OF OPERATION 22 MARKET OVERVIEW 24 STRATEGY IN ACTION 40 OPERATING RESULTS 60 26 Global oil and gas market 41 Strategy 61 Hydrocarbon balance – 26 Oil consumption 42 Key strategic targets and business Production 26 Oil production objectives of Gazprom neft until 2025 62 Raw materials base by operating segment 27 Production and consumption ratio 63 Hydrocarbon production 44 Plans for 2015 27 Drop in prices 69 Purchase of oil 28 Change in market prices for oil and 70 Oil refining petroleum products 72 Sales of oil and petroleum products 29 Russian oil and gas market 72 Sale of petroleum products 29 Stable growth in domestic oil on the domestic market consumption 73 Export of oil and petroleum products 30 Taxation FINANCIAL RESULTS 46 75 Filling station network sales 37 Transportation of oil and petroleum 77 Sales by product business unit products 47 Key financial results 85 Petrochemistry 38 Competitive position of Company 49 Sales revenue 86 R&D and innovation 52 Expenses and other costs 86 Innovations in oil refining and 55 EBITDA and net profit petrochemistry 56 Cash flows 87 Innovations in hydrocarbon production 58 Capital investments 59 Debt and liquidity 59 Financial ratios Online version of 2014 Annual Report GAZPROM NEFT 2014 ANNUAL REPORT www.gazprom-neft.com 1 SUSTAINABLE DEVELOPMENT 134 136 Industrial, environmental and occupational safety 137 Industrial safety and occupational safety 138 Mitigating a negative environmental impact and the efficient use of resources 142 Energy efficiency 143 Exploration and production unit 144 Logistics, refining and sales unit 145 Human resource development 145 Profile of personnel 146 Remuneration and social support of personnel 147 Training and development 148 Internal communications 149 External communications 150 Regional policy and development of local communitiesof local communities CORPORATE GOVERNANCE 88 APPENDIX 152 89 Corporate governance system 114 Dividend history 153 Consolidated financial statements 91 Meeting of shareholders 115 Participation in depository receipts (IFRS) 91 Board of Directors programme 213 Major transactions and related party transactions 100 Committees of the Board of Directors 116 Debt portfolio management and credit ratings 101 Management Board 119 Mechanisms of interaction 108 Remuneration for members with investors of the Board of Directors LEGEND and Management Board 120 Q&A 109 Internal Audit Department 122 Key risk factors 122 Risk management system Link to materials inside 110 Compliance with the Corporate Annual Report Governance Code 125 Market risks 111 Interaction with investors and equity 127 Country and regional risks capital 128 Operational risks Link to interactive content 111 Equity capital 130 Financial risks 113 Listing 131 Legal risks SCOPE OF CONSOLIDATION In this report, the terms Gazprom Neft, the Company and the Gazprom Neft Group refer to Gazprom Neft and its consolidated subsidiaries. This report presents the Group's condition and operating results on a consolidated basis. 2 OVERVIEW OF KEY INDICATORS Proved hydrocarbon reserves (PRMS-SPE), Production of marketable hydrocarbons Average sales of petroleum products mn TOE1 by the Gazprom Neft Group, mn TOE per filling station, tonnes per day 1,443 7.45 % 66.25 6.41% 20.0 5.26% 2014 1,443 2014 66.25 2014 20.0 2013 1,343 2013 62.26 2013 19.0 2012 1,200 2012 59.71 2012 17.6 2011 1,130 2011 57.25 2011 14.2 2010 1,023 2010 52.81 2010 10.3 Key operating indicators 2010 2011 2012 2013 2014 Change 2014/2013, % Proved hydrocarbon reserves (PRMS-SPE), mn TOE11 1,023 1,130 1,200 1,343 1,443 7.45 Hydrocarbon reserve replacement ratio under category 1Р, % 110 291 222 336 254 –82.00 p.p. Refining/production ratio, % 76 81 85 84 84 – Production of marketable hydrocarbons by the Gazprom Neft Group, 52.81 57.25 59.71 62.26 66.25 6.41 mn TOE Oil refining, mn t 37.90 40.49 43.34 42.63 43.48 1.99 at own refineries, mn t 30.75 33.10 33.76 34.06 34.66 1.76 at contracted refineries, mn t 7.15 7.39 9.58 8.57 8.82 2.92 Oil exports, mn TOE 18.96 16.07 16.62 12.34 9.63 –21.96 Sales of petroleum products, mn t 37.20 41.50 44.03 45.74 48.30 5.60 Export of petroleum products, mn t 14.05 14.68 16.48 16.82 17.73 5.41 Number of active petrol stations (owned, leased and franchised) 1,596 1,670 1,609 1,747 1,810 3.55 Average sales of petroleum products per filling station2, tonnes per day 10.3 14.2 17.6 19.0 20.0 5.26 Key sustainable development indicators 2010 2011 2012 2013 2014 Change 2014/2013, % Average number of personnel, persons 64,895 58,905 65,829 55,975 57,515 2.75 Cost of implementing “Hometowns” programme, bn RUB – – 2.4 3.7 4.5 21.62 Injury rate (LTIFR) 0.59 0.64 0.65 0.44 0.52 0.08 Tax payments to the consolidated budget 2010 2011 2012 2013 2014 Change of the Russian Federation3 2014/2013, % Fiscal payments, mn RUB, including: 317,302 482,628 523,467 4 89,136 560,085 14.50 Federal budget 104,199 195,859 234,247 245,175 278,197 13.47 Regional budget 26,044 45,350 32,605 37,718 36,209 –4.00 Extra-budgetary funds 2,157 4,379 5,898 7,208 9,489 31.65 Export duties 184,902 237,0 41 250,717 199,035 236,190 18.67 GAZPROM NEFT 2014 ANNUAL REPORT www.gazprom-neft.com 3 Sales, mn RUB Adjusted EBITDA, mn RUB Net cash generated from operations, mn RUB 1,690,557 12.40% 342,614 1.74% 283,965 2.61% 2014 1,690,557 2014 342,614 2014 283,965 2013 1,504,037 2013 336,752 2013 276,736 2012 1,519,450 2012 323,106 2012 247,748 2011 1,291,596 2011 300,077 2011 180,871 2010 999,498 2010 220,812 2010 163,718 Key financial indicators 2010 2011 2012 2013 2014 Change 2014/2013, % Sales, mn RUB 999,498 1,291,596 1,519,450 1,504,037 1,690,557 12.40 Sales revenue, mn RUB 793,871 1,029,803 1,232,649 1,267,603 1,408,238 11.09 Adjusted EBITDA, mn RUB 220,812 300,077 323,106 336,752 342,614 1.74 Net profit attributable to Gazprom Neft, mn RUB 95,692 160,362 176,296 177,917 122,093 –31.38 Net cash generated from operations, mn RUB 163,718 180,871 247,74 8 276,736 283,965 2.61 Capital investments, mn RUB 100,247 29,157 169,213 208,611 271,330 30.07 Dividends paid, mn RUB 21,051 34,611 44,094 44,473 21,905 4 – Net debt, mn RUB 165,398 191,628 156,922 185,922 433,602 133.22 Share price for the end of the year (MICEX), RUB 128.27 14 8.18 142.52 146.77 143.00 –2.57 Total shares, mn 4,741 4,741 4,741 4,741 4,741 – including treasuries, mn 23 23 23 23 23 – Base and diluted earnings per common share, RUB per share 20.35 33.99 37.37 37.71 25.88 –31.37 Dividend per share, RUB 4.44 7.30 9.30 9.38 4.624 – Return on average capital employed, % 15.83 20.58 19.38 17.4 4 13.07 –4.37 p.p. Adjusted EBITDA margin, % 27.81 29.14 26.21 26.57 24.33 –2.24 p.p. Adjusted EBITDA per barrel produced, RUB/BOE 566.99 711.70 735.97 736.20 701.93 –4.65 Net profit margin, % 12.05 16.28 14.94 14.73 8.99 –5.74 p.p. Net profit per barrel produced, RUB/BOE 268.16 397.67 419.46 408.20 259.48 –36.43 Return on equity, % 17.91 24.99 23.03 19.99 11.90 –8.09 p.p. Leverage ratio (Gearing), % 20.48 20.81 15.28 15.70 27.73 12.03 p.p. Current ratio 1.44 1.98 1.75 2.08 1.88 –0.20 p.p. 1 Excluding NIS a.d. Novi Sad. 2 Calculation for filling stations in Russia. 3 Consolidated data for OJSC Gazprom Neft and Russian subsidiaries, excluding joint ventures and proportionately consolidated enterprises. 4 For the first half of 2014. The text of the Report may contain inaccuracies in the calculation of proportions, percentages and amounts when rounding estimated values. The data cited in the Annual Report may differ slightly from previously published data due to the difference in rounding. MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS GAZPROM NEFT 2014 ANNUAL REPORT www.gazprom-neft.com The contribution by the Gazprom Neft team to the All these achievements are primarily the result of 5 Company’s financial results deserves high praise. work performed by the professional Gazprom Neft Despite the change in economic conditions, which team, which always ensures the highest efficiency was bound to affect the results of the Company’s and aims for the best results.
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