2013 Abbreviated Annual Report and Abbreviated Consolidated Financial Statements

36 Pages·2014·1.49 MB·English

2013 ABBREVIATED
ANNUAL REPORT AND
ABBREVIATED CONSOLIDATED
FINANCIAL STATEMENTS
Contents
01 Strategic report
05 Independent auditors’ statement
06 Statements of comprehensive income
07 Statements of financial position
08 Statements of changes in equity
09 Statments of cash flows
10 Notes to the abbreviated financial statements
30 Officers and professional advisors
Strategic report
STRATEGIC REPORT
The Directors present the Abbreviated Annual Report and the abbreviated Business activities
audited consolidated financial statements of Gazprom Marketing & Trading The Group’s strategic business units and reporting lines are structured in
Limited (“GM&T” or “the Company”) and its subsidiary undertakings alignment with its commercial activities and global scope. These strategic
(collectively referred to as “the Group”) for the year ended 31 December 2013. business units are 1) Global Gas, Power & Derivatives, 2) Global LNG,
Shipping & Logistics and Clean Energy; 3) Global Oil, LPG & New Products;
Principal activities and 4) Global Business Development and Downstream.
The principal activity of the Group and Company is the marketing and
trading of energy products including natural gas, electricity, liquefied Global Gas, Power & Derivatives (“GGPD”)
natural gas (“LNG”), liquefied petroleum gas (“LPG”), helium, oil and carbon GGPD has had a successful 2013 reporting a 17% increase in net income
emissions allowances. The Group is active in the UK, Continental Europe, compared to 2012 and accounting for approximately 44% of the Group’s
North America, Asia and other world energy markets. Alongside marketing total net income in the year. The strategic business unit is responsible for
and trading of energy products, the Group engages in the retail energy the marketing and optimisation of gas supplied by OOO Gazprom Export
market, and in the charter and sub charter of vessels as part of the Group’s and its affiliates as well as providing risk management services to the
shipping and logistics activities. There have been no significant changes in Gazprom group and third parties. This is achieved through creation and
the Group’s principal activities in the year and no significant change in the optimisation of supply and geographical optionality within the European
Group’s principal business is expected. gas portfolio, and utilising integrated assets across Western Europe to take
advantage of available seasonal time spreads and market volatility.
The ultimate parent undertaking and controlling entity is OAO Gazprom, a
company incorporated in Russia, which together with the Group and OAO During 2013 trading conditions in both the European Gas and Power
Gazprom’s other subsidiary undertakings, form the “Gazprom group”. markets continued to be negatively impacted by weak demand, collapse of
locational spreads and low volatility. Despite this, both the Gas and Power
Introduction businesses saw record results. Gas continued to grow through the
During the year, the Group has continued to seek opportunities to develop marketing of additional volumes into North West European markets as well
and expand its core global marketing and trading activities. The as an increase in overall portfolio activity. This includes an increase in scope,
international reach of the Group is reflected in the consolidated financial size and tenor of storage and transportation capacities and continued
statements of the Group, which comprise the consolidated results of 12 growth in the structured trading and downstream markets. In 2013 the
individual legal entities covering the UK, Continental Europe, North Power Business continued its transition towards a more physical business,
America, Asia and branch activities across Europe including the Czech including the successful introduction of pan-European intraday trading.
Republic, Romania, Slovak Republic, Norway and the Netherlands. This approach, coupled with other successful trading strategies, has
ensured GGPD has continued to grow in Europe throughout 2013 and
Financial results remains well placed to take advantage of opportunities in the European
The Group has experienced significant growth during the past markets going forward.
10 years and in 2013 reports its strongest results since incorporation.
The consolidated Statements of comprehensive income for the year are set The Group’s North American businesses faced another challenging year in
out on page 6. The Group’s profit for the financial year was £243.3m (2012: 2013, and whilst the Group has built a significant presence in the region,
£155.8m), an increase of 56%. The Group increased its total equity to market prices remain suppressed due to oversupply. This in turn has caused
£693.7m (2012: £563.8m), an increase of 23% when compared to very low market volatility which has limited the Group’s ability to capture
31 December 2012. revenue from time and location spreads, from managing capabilities in
physical gas storage and transport.
The Group’s profit for the financial year has been achieved despite the
ongoing challenging market conditions in which the Group operates. The LNG, Shipping & Logistics, Clean Energy (“CELLS”)
Group’s core European gas business and the global LNG business reported CELLS continues to be strategically important for the Group and a key
an improved performance when compared to 2012. The performance of source of revenues, delivering a 66% increase in net income when
specific business units is discussed in further detail below. compared to 2012, and accounting for 47% of the Group’s net income in
2013. The improved performance during 2013 is primarily attributed to the
The Group has enhanced its stable financial platform, through strong margins per cargo delivering even better returns in 2013 when compared
liquidity and risk management, and as at the end of 2013 had repaid all with 2012, reflecting the ongoing high global demand for LNG.
externally sourced funding. As a result of the Group’s financial position, its
strong performance in 2013, and its ongoing business development The Group has had a very successful year in pursuing its mid-term
activities, the Group believes it can continue to exploit future growth and long term strategies for LNG, through the execution of multiple sale
opportunities and deliver strong profitability in 2014 and beyond. and purchase agreements, and is committed to developing beneficial
strategic partnerships in the LNG market. During 2013, the Group has
In June 2013 the Company declared and paid a final dividend of £114.0m diversified its robust portfolio, which for the first time included cargo sales
(2012: £105.3m) to its immediate parent company Gazprom Germania into South America. Activity in 2013 also included deals to purchase over 30
GmbH (“GPG”), representing 73% of the net profit after tax for the year cargos from various sources, which will support future period sales.
ended 31 December 2012. Since the reporting date, no further dividends This is in addition to the existing long term LNG purchases from Sakhalin in
were paid or proposed. Eastern Russia, which is located in close proximity to one of the Group’s key
strategic markets in Asia and creates a portfolio with excellent long term
opportunities for the Group.
Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013 01
Strategic report continued
Shipping & Logistics operated 6 vessels during 2013, some of which the Infrastructure
Group had secured in previous periods. Included were two LNG vessels, Throughout 2013 the Group made enhancements to recently implemented
Yenisei River and Lena River, which the Group took delivery of during the systems, including SAP, to help fully integrate these systems into the
year under 5 year time charters. Charters agreed in prior periods, at Group’s IT infrastructure.
suppressed market rates, allowed the Group to benefit from greater
margins in the market when sub-chartering to third parties during 2013. The Group is committed to continually review, monitor and improve
systems that support its growing and increasingly complex business and
The Clean Energy business has operated in extremely challenging market will invest further in systems that will improve the controls around data, risk
conditions, where the ongoing lack of firm European policy and over- management and the provision of and quality of information available to
supply in the market has caused prices to fall to record lows. Low prices and external stakeholders.
low volatility have limited trading opportunities and significantly reduced
profit margins on structured trading. Gazprom group
The Group recognises the importance of marketing and trading operations
Global Oil, LPG & New Products to the upstream production companies and the Group continues to
Global Oil, LPG & New Products has had a successful year, reporting position itself as a crucial interface to the market for the wider Gazprom
significant increases in traded physical oil volumes, with in excess of group. It remains closely aligned with the strategic goals of the Gazprom
50 cargoes delivered in 2013, whilst continuing to implement mid to group, which in turn fully supports the Group in its own ambitions.
long term strategies to achieve future goals. The Group continues to
grow an LPG portfolio based on medium term sales and purchase contracts, Part of the Group’s strategy involves integration with the Gazprom group to
resulting in the delivery of 29 LPG cargos generating positive financial develop innovative ideas to optimise the portfolio and build demand for
results in the 2013 financial year. Gazprom gas. In 2013, the Group’s increased integration has been
demonstrated by participating in certain European M&A activities on
Global Business Development and Downstream (“GBD&D”) behalf the Gazprom group, including support for the transaction and
GBD&D was formed in 2012, to provide GM&T with an increased future integration of the asset swap agreement signed in November 2013
focus on long-term business development either through sustainable between Gazprom group and BASF, allowing Wintershall to acquire a 25%
growth of the existing business or entry into new markets and products, stake in the Urengoy Siberian gas field and Gazprom group to receive a
including working with other departments in the Gazprom group to deliver 50% stake in WINZ, which runs natural gas exploration and production
key strategic projects, the development of gas-to-power projects in projects in the North Sea, and increase its stakes in gas trading and storage
Western & Eastern Europe and the development of the Group’s existing companies of the WINGAS Group to 100%. Throughout the year, the Group
Retail activities. has also been engaged in indentifying acquisition targets that will benefit
the interests of the wider Gazprom group, including identifying
In relation to co-operation on gas-to-power projects, advanced opportunities in new markets and broadening the Group’s business
negotiations are taking place with other Gazprom group companies and activities, such as developing power generation capability and an increased
selected third parties on target assets, with the Group’s Mergers and retail presence in Western Europe.
Acquisition (“M&A”) team assisting with both these activities. This activity
is a key component of the downstream strategy of the Gazprom group The Group will continue to work closely with entities across the Gazprom
and GM&T is investing significant resources to support the delivery of group during 2014, both in closing ongoing projects but also in identifying
this strategy. new opportunities for growth.
In the Retail business, UK industrial and commercial (“I&C”) gas sales The future
continued to grow with market share increasing to 13% at 31 December The Group will maintain a strong focus on efficiency and control of its
2013 (2012: 11%). The Company maintained its market share in the operations. This focus will allow the Group to control and risk manage its
UK I&C power market of 1% (2012: 1%). In France, the Group supplied 3,958 current level of business, while providing a robust platform for managing
GWh of gas to end users (2012: 3,470 GWh). The entry into the future growth.
SME market has seen the number of live gas sites in France increase to
1,314 (2012: 343). In the Netherlands, the Group supplied 325 GWh of gas The Group expects its future prospects to develop significantly, based
to end users (2012: 194 GWh). Furthermore, internal systems are now in around the following key elements:
place to support the supply of power in the Netherlands and therefore • Delivering a material contribution to the financial performance of the
enable the Group to offer a dual fuel product to the Dutch SME market.
Gazprom group;
Despite continued regulatory uncertainty surrounding key carbon
emission allowance trading markets, GM&T Retail continued its carbon • Focusing on the Group’s core energy commodities;
trading activities. Traded volumes for the year were down on previous year. • Investment in people, systems and processes; and
However, this was largely due to 2013 being in the first year of the three
• Continued operational efficiency.
year carbon trading cycle.
With the structure in place to facilitate growth, the Group expects to
continue delivering an industry leading service to its customers and
shareholders from its balanced portfolio of businesses.
02 Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013
Principal risks and uncertainties facing the Group key features of this policy is GM&T’s Risk Oversight Committee (“ROC”)
The Directors are committed to ensuring the Group operates a robust and which supervises the development, implementation and operation of the
effective risk management process that seeks to identify, assess and risk management framework and has a direct reporting line to the Group’s
manage each of the various risks involved in its activities in accordance senior management team and Board of Directors.
with defined policies and procedures. The principal risks that the Group
faces can be categorised as financial risk (such as commodity price risk, The Group’s management of financial risks is described in Note 11 to the
credit risk, foreign exchange risk and liquidity risk) and operational risk. abbreviated consolidated financial statements.
The Group maintains and operates the “Governing Policy for Energy Risk The main operational risks faced by the Group and the actions taken by the
Management” that defines the scope, objectives, policy and strategies for Group to mitigate these risks are described below.
the management of financial and operational risks within GM&T. One of the
Risk Mitigating action
Regulation Energy markets in many countries are subject to The Group has specialist regulatory risk and reporting teams
significant and changing national and international which maintain awareness of regulatory requirements and
regulatory requirements. The Group is exposed to actively engages with regulatory authorities to shape those
increased costs of complying with such regulation, the requirements. As appropriate, the regulatory risk and
risk of penalties (financial and non-financial) for non- reporting teams ensure sufficient planning and action is
compliance and the cost of directly imposed financial taken to develop and implement robust controls and
obligations (taxes or levies). processes to fulfil the Group’s current requirements, and is
well positioned for anticipated future requirements in all of
Certain changes within the financial services industry the locations in which the Group operates.
will impact commodity trading organisations such as
GM&T in 2014 and future periods. In 2014, GM&T’s Significant controls exist within the Group to ensure that
obligations under the European Markets Infrastructure regulatory requirements are adhered to.
Regulation (EMIR) will be in effect. The regulation covers
reform of the over-the-counter (“OTC”) derivatives
markets, such as mandated clearing and margining, risk
mitigation requirements and enhanced transaction
reporting. In future periods, the amended and extended
Markets in Financial Instruments Directive (MiFID),
referred to as MiFID II, will also be implemented.
Markets dependent on Certain markets in which the Group operates, as well as Each business unit maintains a high level of awareness of
legislative environments the demand for, and supply of products in which the the impact of legislation (actual and potential) on the
Group deals, are directly dependent on the status and markets in which it operates, and this awareness continues
progress of various national and international legislative to inform its ongoing strategy. Furthermore the Group seeks
initiatives. The most notable at present is the EU to diversify its geographical portfolio wherever possible.
Emissions Trading Systems. Although this is primarily in order to further its strategic
aims, such diversification also serves to minimise its exposure
to adverse legislative developments within individual
markets.
Human resources The Group is highly dependent on its employees’ The Group invests in training for its employees and seeks to
knowledge and abilities to generate revenues and maintain a competitive remuneration structure to both
achieve its aims. The loss of key employees could impact recruit and retain key staff. Furthermore, the Group places
the Group’s ability to continue trading profitably. considerable value on the involvement of its employees and
continues to keep them informed on matters relevant to the
Group’s performance and to involve them in decision
making.
Technology The Group relies on a number of IT systems and programs The Group invests in appropriate systems and continually
to maintain its ongoing operating activities as well as its reviews its systems in use to ensure that they are fit for
supporting functions. The failure, even temporarily, of purpose. The performance of these systems is continuously
these systems could result in significant financial and and vigorously monitored. The Group has a Business
reputational cost to the Group, as well as affecting its Continuity Plan (‘BCP’) which established an infrastructure
abilities to operate in its chosen markets, and meet the that enables the Group to continue trading if the primary
requirements of regulators, employees and other working environment is compromised. BCP includes a robust
stakeholders. set of procedures that gives clarity to how the Group
operates, in the event of a major issue or crisis.
Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013 03
Strategic report continued
Key performance indicators
The Group, along with its parent company, have identified a series of key performance indicators (“KPIs”) they believe are useful in assessing the Group’s
performance against its strategic aims. They encompass both financial and non-financial measures and are set out below.
Indicator type Key performance indicator 2013 2012 Change
Profitability Net Income (£m) 512.1 373.9 37%
Profitability EBITDA (£m) 300.8 203.1 48%
EBITDA is defined as Earnings before Interest, Tax, Depreciation and Amortisation.
Profitability Net profit after tax (£m) 243.3 155.8 56%
Profitability Return on Equity 39% 29% +10% points
Return on equity is calculated as annual net profit after tax divided by average equity expressed as a percentage.
Efficiency Net profit after tax/Net income 48% 42% +6% points

Liquidity Dividends paid (£m) 114.0 105.3 8%
Liquidity Current ratio 1.38 1.23 12%

Non-financial Gas sales volumes (million m³) 118,716 109,990 8%
Non-financial LNG sales volumes (million m³) 2,061 1,953 6%
Non-financial Electricity sales volumes (TwH) 100.0 127.1 -21%
Approved by and signed on behalf of the Board of Directors, in accordance with Section 414 of the Companies Act 2006, as part of the Annual Report and
Consolidated Financial Statements on 29 July 2014 and signed by the Directors as a consistent extract thereof as part of the Abbreviated Annual Report
and Abbreviated Consolidated Financial Statements, dated 29 July 2014.
A V Mikhalev V V Vasiliev
Director Director
29 July 2014 29 July 2014
04 Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013
Independent auditors’ statement
INDEPENDENT AUDITORS’ STATEMENT TO THE SHAREHOLDERS
OF GAZPROM MARKETING & TRADING LIMITED
We have examined the abbreviated financial information included within the Abbreviated Annual Report and Abbreviated Consolidated Financial
Statements for the year ended 31 December 2013, which comprises the Group and Parent Statements of financial position as at 31 December 2013,
Statements of comprehensive income, Statements of changes in equity, Statements of cash flows and the related notes, which include a summary of
significant accounting policies and other explanatory information for the year then ended.
Respective responsibilities of the directors and the auditors
The Directors are responsible for preparing the Abbreviated Annual Report and Abbreviated Consolidated Financial Statements, in accordance with the
Companies Act 2006, which includes information extracted from the full Annual Report and Consolidated Financial Statements of Gazprom Marketing &
Trading Limited for the year ended 31 December 2013.
Our responsibility is to report to you our opinion on the consistency of the abbreviated financial information, included within the Abbreviated Annual
Report and Abbreviated Consolidated Financial Statements, with those full annual consolidated financial statements.
This statement, including the opinion, has been prepared for and only for the Company’s shareholders as a body and for no other purpose. We do not, in
giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this statement is shown or into whose hands it
may come save where expressly agreed by our prior consent in writing.
Basis of opinion
Our examination involved agreeing the balances disclosed in the abbreviated financial information to the full annual consolidated financial statements.
Our audit report on the company’s full annual consolidated financial statements describes the basis of our opinion on those financial statements.
Opinion
In our opinion the abbreviated financial information is consistent with the full annual consolidated financial statements of Gazprom Marketing & Trading
Limited for the year ended 31 December 2013.
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory auditors
London
29 July 2014
Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013 05
Abbreviated consolidated financial statements
STATEMENTS OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2013
Group Company
2013 2012 2013 2012
Notes £’000s £’000s £’000s £’000s
Trading activities:
Net trading income 255,169 175,831 208,290 189,971
Non-trading activities:
Revenue 2,790,876 2,688,160 14,714 67,180
Cost of sales (2,533,986) (2,490,083) (12,417) (65,869)
Gross profit from non-trading activities 256,890 198,077 2,297 1,311
Net Income 512,059 373,908 210,587 191,282
Administrative expenses 4 (233,399) (193,939) (157,092) (126,705)
Operating profit 278,660 179,969 53,495 64,577
Interest income 858 525 963 561
Interest expense (8,529) (10,656) (5,835) (11,616)
Income from subsidiaries – – 136,810 103,955
Gain on sale of intangible assets 248 – 248 –
Gain on sale of property, plant and equipment – 69 – 69
Gain on disposal of subsidiary 1,000 6,884 1,000 2,800
Profit before tax 272,237 176,791 186,681 160,346
Tax (28,948) (20,968) (34,634) (22,558)
Profit for the financial year 243,289 155,823 152,047 137,788
Cash flow hedges*:
Fair value losses recognised during the year (21,367) (35,045) – –
Tax on items taken directly to equity 3,338 7,847 – –
Transferred to profit or loss on cash flow hedges 35,045 50,031 – –
Tax on items transferred from equity (7,847) (12,508) – –
Losses on foreign currency translation (8,480) (10,402) – –
Total other comprehensive income 689 (77) – –
Total comprehensive income 243,978 155,746 152,047 137,788
Total comprehensive income attributable to:
Equity owners of the parent 243,978 155,746 152,047 137,788
*All amounts are subsequently reclassified to profit and loss when specific conditions are met.
All operations were continuing in the current and prior year.
The notes on pages 10 to 29 form an integral part of the abbreviated financial statements.

06 Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
Group Company
2012 2012
2013 (restated)* 2013 (restated)*
Notes £’000s £’000s £’000s £’000s
Assets
Non-current assets
Intangible assets 74,408 68,082 56,396 52,115
Property, plant and equipment 20,228 26,010 17,548 22,441
Derivative financial instruments 12 84,994 91,751 87,021 159,824
Investments in subsidiaries 5 – – 16,120 16,120
Deferred tax assets 12,856 16,384 1,423 1,226
Trade and other receivables 7 2,862 693 2,235 2,030
195,348 202,920 180,743 253,756
Current assets
Inventories 6 222,005 251,593 148,055 178,344
Trade and other receivables 7 1,407,139 1,282,450 1,074,858 1,207,407
Derivative financial instruments 12 342,218 677,335 352,721 702,389
Current tax assets 242 – – –
Cash equivalents receivable with related parties 370 4,844 52,467 4,844
Cash at bank and in hand 147,099 177,111 103,326 107,197
2,119,073 2,393,333 1,731,427 2,200,181
Total assets 2,314,421 2,596,253 1,912,170 2,453,937
Liabilities
Current liabilities
Trade and other payables 8 1,299,250 1,185,289 910,288 1,049,136
Derivative financial instruments 12 211,075 541,762 200,280 539,240
Provisions 10 4,988 1,493 1,000 1,326
Current tax liabilities 22,582 11,706 9,699 8,043
Loans and overdrafts 9 – 206,796 347,417 359,398
1,537,895 1,947,046 1,468,684 1,957,143
Non-current liabilities
Trade and other payables 8 2,764 3,613 2,618 3,116
Derivative financial instruments 12 80,013 81,823 79,669 170,526
82,777 85,436 82,287 173,642
Total liabilities 1,620,672 2,032,482 1,550,971 2,130,785
Net assets 693,749 563,771 361,199 323,152
Equity
Ordinary share capital 20,000 20,000 20,000 20,000
Cash flow hedge reserve (18,029) (27,198) – –
Foreign currency translation reserve (15,768) (7,288) – –
Retained earnings 707,546 578,257 341,199 303,152
Equity attributable to:
Owners of the parent 693,749 563,771 361,199 323,152
Total equity 693,749 563,771 361,199 323,152
*Restated following correction of 2012 balance sheet gross up (see Note 16)
The notes on pages 10 to 29 form an integral part of the abbreviated financial statements.

The full consolidated financial statements of Gazprom Marketing & Trading Limited (registered number 3768267) and of the Company were approved by
the Board of Directors and authorised for issue on 29 July 2014 and signed by the Directors as a consistent extract thereof as part of the Abbreviated
Annual Report and Abbreviated Consolidated Financial Statements on 29 July 2014.
Signed on behalf of the Board
A V Mikhalev V V Vasiliev
Director Director
Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013 07
Abbreviated consolidated financial statements continued
STATEMENTS OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2013
Foreign
Ordinary Cash flow currency
share hedge translation Retained Total
capital reserve reserve earnings equity
Group £’000s £’000s £’000s £’000s £’000s
Balance at 1 January 2012 20,000 (37,523) 3,114 527,753 513,344
Profit for the year – – – 155,823 155,823
Other comprehensive income:
Loss in fair value hedging derivatives transferred to income – 50,031 – – 50,031
Deferred tax related to loss in fair value hedging derivatives transferred to income – (12,508) – – (12,508)
Fair value loss on hedging derivatives – (35,045) – – (35,045)
Deferred tax related to fair value gain on hedging derivatives recognised in equity – 7,847 – – 7,847
Loss on foreign currency translation – – (10,402) – (10,402)
Total comprehensive income – 10,325 (10,402) 155,823 155,746
Transactions with owners:
Dividends paid – – – (105,319) (105,319)
Balance at 1 January 2013 20,000 (27,198) (7,288) 578,257 563,771
Profit for the year – – – 243,289 243,289
Other comprehensive income:
Loss in fair value hedging derivatives transferred to income – 35,045 – – 35,045
Deferred tax related to loss in fair value hedging derivatives transferred to income – (7,847) – – (7,847)
Fair value loss on hedging derivatives – (21,367) – – (21,367)
Deferred tax related to fair value loss on hedging derivatives recognised in equity – 3,338 – – 3,338
Loss on foreign currency translation – – (8,480) – (8,480)
Total comprehensive income – 9,169 (8,480) 243,289 243,978
Transactions with owners:
Dividends paid – – – (114,000) (114,000)
Balance at 31 December 2013 20,000 (18,029) (15,768) 707,546 693,749
Ordinary
share Retained Total
capital earnings equity
Company £’000s £’000s £’000s
Balance at 1 January 2012 20,000 270,683 290,683
Dividends paid – (105,319) (105,319)
Profit for the year and total comprehensive income – 137,788 137,788
Balance at 1 January 2013 20,000 303,152 323,152
Dividends paid – (114,000) (114,000)
Profit for the year and total comprehensive income – 152,047 152,047
Balance at 31 December 2013 20,000 341,199 361,199
The notes on pages 10 to 29 form an integral part of the abbreviated financial statements.
08 Gazprom Marketing & Trading Abbreviated Annual Report and Abbreviated Consolidated Financial Statements 2013