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 />
Notes to <strong>Consolidated</strong> <strong>Financial</strong> <strong>Statements</strong> (continued)<br />
25. Segment Information (continued)<br />
Operating segments in 2006:<br />
Exploration<br />
and<br />
production<br />
Refining,<br />
marketing and<br />
distribution<br />
Total<br />
elimination<br />
All other<br />
<strong>Consolidated</strong><br />
Revenues from external<br />
customers 442 32,460 197 – 33,099<br />
Intersegmental revenues 10,465 1,287 903 (12,655) –<br />
Total revenues 10,907 33,747 1,100 (12,655) 33,099<br />
Operating expenses and cost<br />
of purchased oil and<br />
petroleum products 1,670 1,635 212 – 3,517<br />
Depreciation, amortization and<br />
depletion of reserves 1,420 201 17 – 1,638<br />
Operating income 2,126 15,367 766 (12,655) 5,604<br />
Total other expenses, net (1,439)<br />
Income before tax 4,165<br />
Total assets 33,934 10,757 2,099 – 46,790<br />
Below is a breakdown of revenues by domestic and export sales, with a classification of export sales<br />
based on the country of incorporation of the foreign customer.<br />
2008 2007 2006<br />
<strong>Oil</strong> and gas sales<br />
Export sales of crude oil –<br />
Europe and other directions 25,648 20,567 16,323<br />
Export sales of crude oil – Asia 7,815 6,255 5,145<br />
Export sales of crude oil – CIS 2,084 2,220 1,620<br />
Domestic sales of crude oil 154 521 214<br />
Domestic sales of gas 401 339 197<br />
Total oil and gas sales 36,102 29,902 23,499<br />
Sale of petroleum products<br />
Export sales of petroleum products – Europe 9,607 5,875 3,152<br />
Export sales of petroleum products – Asia 6,556 3,476 1,941<br />
Export sales of petroleum products – CIS 743 338 202<br />
Domestic sales of petroleum products and<br />
processing fees 14,160 8,649 3,955<br />
Sales of petrochemical products 404 193 –<br />
Total petroleum products sales 31,470 18,531 9,250<br />
During the reporting period, the <strong>Company</strong> had one major customer in 2008, one such customer in<br />
2007 and three such customers in 2006, all being international oil traders which accounted for 10% or<br />
more of total revenues. These customers accounted for revenues of US$ 12,422 million,<br />
US$ 8,046 million, and US$ 18,001 million or 18%, 16% and 54% of total revenues, respectively.<br />
These revenues are recognized mainly under the refining, marketing and distribution segment.<br />
Management does not believe that the <strong>Company</strong> is dependent on any particular customer.<br />
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