Financial performance

Highlights (IFRS)

Highlights, ₽ million
Indicator 2016 2017 2018 2019 2020 ∆ 2020/2019, %
REVENUE
Crude oil, gas and petroleum products sales 1,637,553 1,870,790 2,418,717 2,393,444 1,919,593 (19.8)
Less export duties and sales-related excise taxes (150,156)
Other revenue 58,211 63,799 70,575 91,864 80,027 (12.9)
TOTAL REVENUE 1,545,608 1,934,589 2,489,292 2,485,308 1,999,620 (19.5)
COSTS AND OTHER DEDUCTIONS
Purchases of oil, gas and petroleum products (351,294) (456,037) (617,306) (663,068) (498,315) (24.8)
Production and manufacturing expenses (201,862) (216,530) (228,618) (260,688) (257,391) (1.3)
Selling, general and administrative expenses (108,981) (106,629) (114,882) (125,592) (115,926) (7.7)
Transportation expenses (132,984) (141,982) (147,182) (143,474) (141,671) (1.3)
Depreciation, depletion and amortisation (129,845) (140,998) (175,451) (181,372) (222,151) 22.5
Taxes other than income tax (381,131) (492,269) (652,784) (591,193) (577,390) (2.3)
Export duties (76,658) (94,916) (71,601) (40,605) (43.3)
Exploration expenses (1,195) (963) (1,411) (1,752) (994) (43.3)
TOTAL OPERATING EXPENSES (1,307,292) (1,632,066) (2,032,550) (2,038,740) (1,854,443) (9.0)
OPERATING PROFIT 238,316 302,523 456,742 446,568 145,177 (67.5)
Share of profit of associates and joint ventures 34,116 45,504 90,704 83,906 48,047 (42.7)
Net foreign exchange gain/(loss) 28,300 (241) (33,558) 10,518 (23,654)
Finance income 11,071 10,098 7,506 22,906 11,378 (50.3)
Finance expense (34,282) (25,127) (21,476) (32,772) (28,746) (12.3)
Other gain/(loss), net (17,982) (7,557) (19,796) (23,292) (8,732) (62.5)
TOTAL OTHER INCOME/(EXPENSE) 21,223 22,677 23,380 61,266 (1,707)
PROFIT BEFORE INCOME TAX 259,539 325,200 480,122 507,834 143,470 (71.7)
Current income tax expense (21,290) (43,695) (59,585) (52,502) (22,835) (56.5)
Deferred income tax gain/(expense) (28,524) (11,827) (19,544) (33,244) (2) (100.0)
TOTAL INCOME TAX EXPENSE (49,814) (55,522) (79,129) (85,746) (22,837) (73.4)
PROFIT FOR THE PERIOD 209,725 269,678 400,993 422,088 120,633 (71.4)
Less profit attributable to non-controlling interest (9,546) (16,404) (24,326) (21,887) (2,934) (86.6)
PROFIT ATTRIBUTABLE TO GAZPROM NEFT SHAREHOLDERS 200,179 253,274 376,667 400,201 117,699 (70.6)

In 2020, Gazprom Neft sales revenue decreased by 19.5% to ₽2 trillion, due to lower prices and demand for oil and petroleum products in the global and domestic markets, as well as to the COVID-19 restrictions. However, despite the challenging market environment, the company managed to yield positive results, reporting a net profit of ₽120.6 billion. From Q2 2020 to Q4 2020, net profit grew steadily, even despite strong market volatility.

Revenue, ₽ billion
Adjusted EBITDA, ₽ billion
Net profit, ₽ billion
Cash flow in 2020 (₽ billion)
Adjusted EBITDA reconciliation for 2020 vs 2019, ₽ billion
Capital expenditures, ₽ billion
Net debt, ₽ billion and Net debt/EBITDA