OJSC Oil Company Rosneft Consolidated Financial Statements
OJSC Oil Company Rosneft Consolidated Financial Statements
OJSC Oil Company Rosneft Consolidated Financial Statements
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<strong>OJSC</strong> <strong>Oil</strong> <strong>Company</strong> <strong>Rosneft</strong><br />
<strong>Consolidated</strong> <strong>Statements</strong> of Income and Comprehensive Income<br />
(in millions of US dollars, except earnings per share data)<br />
For the years ended December 31,<br />
Notes 2008 2007 2006<br />
Revenues<br />
<strong>Oil</strong> and gas sales 25 36,102 29,902 23,499<br />
Petroleum products sales and processing fees 25 31,470 18,531 9,250<br />
Support services and other revenues 1,419 783 350<br />
Total 68,991 49,216 33,099<br />
Costs and expenses<br />
Production and operating expenses 4,572 3,870 2,197<br />
Cost of purchased oil, gas, petroleum products and refining costs 2,942 1,610 1,320<br />
General and administrative expenses 1,632 1,341 757<br />
Pipeline tariffs and transportation costs 5,673 4,226 3,226<br />
Exploration expenses 248 162 193<br />
Depreciation, depletion and amortization 3,983 3,286 1,638<br />
Accretion expense 120 78 34<br />
Taxes other than income tax 20 14,810 10,890 6,990<br />
Export customs duty 19 22,006 13,032 11,140<br />
Total 55,986 38,495 27,495<br />
Operating income 13,005 10,721 5,604<br />
Other income/(expenses)<br />
Interest income 375 214 135<br />
Interest expense (1,112) (1,470) (724)<br />
Loss on disposal of property, plant and equipment (58) (119) (95)<br />
Impairment loss 10 (108) – –<br />
Gain on disposal of investments 22 36 3<br />
Equity share in affiliates' (loss)/profits 10 (7) 23 17<br />
Dividends and (loss)/income from joint ventures (11) 18 15<br />
Gain from Yukos <strong>Oil</strong> <strong>Company</strong> bankruptcy proceedings – 8,970 –<br />
Other expenses, net (135) (195) (320)<br />
Foreign exchange gain / (loss) 1,148 (409) (470)<br />
Total other income/(expenses) 114 7,068 (1,439)<br />
Income before income tax and minority interest 13,119 17,789 4,165<br />
Income tax 20 (1,904) (4,906) (540)<br />
Income before minority interest 11,215 12,883 3,625<br />
Minority interest in subsidiaries' earnings, net of tax (95) (21) (92)<br />
Net income 11,120 12,862 3,533<br />
Other comprehensive loss (40) – –<br />
Comprehensive income 11,080 12,862 3,533<br />
Net earnings per share (in US$) – basic and diluted 1.16 1.30 0.37<br />
Weighted average number of shares outstanding (millions) 9,598 9,891 9,527<br />
The accompanying notes to the consolidated financial statements are an integral part of these statements.<br />
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