35
tm
17%
of global
3
GAZPROM Germania GmbH | Markgrafenstraße 23 | 10117 Berlin
[email protected] | www.gazprom-germania.de
Energy unites People
2012 ANNUAL REPORT Energy unites People
gas reserves
2012
ANNUAL REPORT
Energy unites People
GAZPROM has natural gas reserves of more than 35 Tm3 – the largest in the world.
In 2012, we exported 138 Gm3 of natural gas to Europe – around 25 %
of Europe’s total natural gas consumption.
www.gazprom-germania.de
— 2012 ANNUAL REPORT
GAZPROM Germania
GmbH
2010
2011
2012
Equity (mEUR)
2,095.1
2,190.8
2,416.8
Provisions (mEUR)
17.4
19.3
24.8
Liabilities (mEUR)
1,919.9
1,064.0
456.3
PublisheR
GAZPROM Germania GmbH
Non-current assets (mEUR)
1,790.4
1,883.3
2,013.0
EDITING AND COORDINATION
Susanne Fleischer,
Mirco Hillmann, Nils Möller
Concept and Design
Financial assets (mEUR)
1,699.0
1,811.9
1,945.0
PBL Milk GmbH
PRODUCTION
Reiher Grafikdesign & Druck e. Kfr.
Current assets (mEUR)
Total assets (mEUR)
2,275.6
4,067.0
1,394.7
3,298.8
898.9
2,920.6
PHOTO CREDITS
Cathrin Bach – 010
Tobias Bohn – 006 / 009
firo sportphoto – 012
Hans-Joerg Haas – 014
Steffen Jagenburg – 005 (2)
Dana Manthe – 005 (1)
Nord Stream AG – 003 / 039 / 041
shutterstock – 045
Available at
Profit for the year (mEUR)
280.9
170.7
370.3
GAZPROM Germania GmbH
Markgrafenstr. 23
10117 Berlin
T +49 30 20195 152
F +49 30 20195 135
[email protected]
www.gazprom-germania.de
Gas sales (TWh)
387.7
29.9
33.8
Contact
Corporate Communications
Susanne Fleischer,
Mirco Hillmann, Nils Möller
— 2012 ANNUAL REPORT
GAZPROM Germania
GmbH
2010
2011
2012
Equity (mEUR)
2,095.1
2,190.8
2,416.8
Provisions (mEUR)
17.4
19.3
24.8
Liabilities (mEUR)
1,919.9
1,064.0
456.3
PublisheR
GAZPROM Germania GmbH
Non-current assets (mEUR)
1,790.4
1,883.3
2,013.0
EDITING AND COORDINATION
Susanne Fleischer,
Mirco Hillmann, Nils Möller
Concept and Design
Financial assets (mEUR)
1,699.0
1,811.9
1,945.0
PBL Milk GmbH
PRODUCTION
Reiher Grafikdesign & Druck e. Kfr.
Current assets (mEUR)
Total assets (mEUR)
2,275.6
4,067.0
1,394.7
3,298.8
898.9
2,920.6
PHOTO CREDITS
Cathrin Bach – 010
Tobias Bohn – 006 / 009
firo sportphoto – 012
Hans-Joerg Haas – 014
Steffen Jagenburg – 005 (2)
Dana Manthe – 005 (1)
Nord Stream AG – 003 / 039 / 041
shutterstock – 045
Available at
Profit for the year (mEUR)
280.9
170.7
370.3
GAZPROM Germania GmbH
Markgrafenstr. 23
10117 Berlin
T +49 30 20195 152
F +49 30 20195 135
[email protected]
www.gazprom-germania.de
Gas sales (TWh)
387.7
29.9
33.8
Contact
Corporate Communications
Susanne Fleischer,
Mirco Hillmann, Nils Möller
35
tm
17%
of global
3
GAZPROM Germania GmbH | Markgrafenstraße 23 | 10117 Berlin
[email protected] | www.gazprom-germania.de
Energy unites People
2012 ANNUAL REPORT Energy unites People
gas reserves
2012
ANNUAL REPORT
Energy unites People
GAZPROM has natural gas reserves of more than 35 Tm3 – the largest in the world.
In 2012, we exported 138 Gm3 of natural gas to Europe – around 25 %
of Europe’s total natural gas consumption.
www.gazprom-germania.de
— 2012 ANNUAL REPORT
At GAZPROM Germania, we are convinced
that natural gas still has an important
role to play – both as an energy source
for the future and a reliable partner for
renewable energy.
— 2012 ANNUAL REPORT
Contents
01 Energy unites People
003
02 Management Report
017
Economic and regulatory conditions
020
Business performance and projects
024
Income, net assets, and financing
028
Non-financial performance indicators
030
Risk report
034
Forecast
038
03 Balance Sheet
039
04 Income statement
041
05 Notes to the annual financial statements
043
General notes
044
Accounting policies
046
Foreign currency translation
048
Deferred taxes
050
Notes to the balance sheet
052
Notes to the income statement
060
Other notes
064
06 Auditor’s Report
Gazprom Germania GmBh
069
Contents
003
Annual Report
2012
— GAzprom Germania GmbH
Energy
unites People
01
Energy unites People
Gazprom Germania GmBh
004
Annual Report
2012
— Foreword
“ The more markets change, the more
important it is to have something to rely on:
Natural gas ensures a secure energy supply
today and for the future. As a natural and
reliable partner for Germany and Europe,
we are ready to unite people with our
energy. ”
Despite difficult conditions, the 2012 financial year was a successful one for GAZPROM Germania. We increased our revenue 27 % to
EUR 12,487.7 million.
While this is a very positive development, it cannot hide the fact that our
industry is currently going through a period of radical change. Our market environment continues to be dynamic and is heavily influenced by
numerous financial and political challenges.
We are constantly looking at how, where, and to what extent events
such as the recent turnaround in German energy policy might affect our
business. This change in policy calls for a fundamental restructuring of
the energy systems that are currently in place. Our industry continues
to be characterized by strong competition, and the oversupply of natural
gas has energized global markets. We have been quick to react to these
changes and, in the interest of our customers, we have created new
types of contracts and adjusted prices.
Providing Europe with a secure, cost-effective, and ­environmentally
friendly supply of energy remains one of the greatest challenges of this
century. Natural gas is set to play a key role in the global trend towards
renew­able energy. Even if there are rapid developments in wind, solar,
and biogas technologies, it will not be possible to meet energy demands
Gazprom Germania GmBh
without the help of natural gas in the foreseeable future. Both in the
short and long term, natural gas is the ideal energy source to ensure
the secure supply of energy to Germany and the rest of Europe while
work continues to be done on expanding renewable forms of energy.
At GAZPROM Germania, we invest in and apply our expertise towards
making natural gas a viable part of restructuring the energy supply –
and our endeavours are as consistent and reliable as our natural gas.
In addition to this, we are also dedicated to honouring our social commitments – we are currently running a variety of programmes under
the “energy unites people” slogan to help promote an intercultural
­dialogue between Germany and Russia.
As a German company with Russian roots, we’re putting all our energy
into ensuring GAZPROM’s continued success this financial year.
Vyacheslav Krupenkov
AnDREY BIRYULIN
Senior Managing Director
Managing Director
Energy unites People
Foreword
Gazprom Germania GmBh
006
Annual Report
2012
— GAZPROM GERMANIA GmbH
Partnership
unites people
Energy is something we can’t live without. Our modern way of life wouldn’t
work without it. GAZPROM explores, produces, stores, and supplies Russian
natural gas to Germany and Europe.
GAZPROM is one of the world’s largest producers and exporters of natural gas. In 2012, we produced 488 Gm3 of natural gas and supplied
138 Gm3 to the European Union – around a quarter of Europe’s total consumption. Be it exploration, production, transportation, storage, or
supply: GAZPROM stands for secure, sustainable natural gas supply now and in the future. We value reliability, responsibility, and trust, and
we unite people by sponsoring social, sporting, and cultural activities.
Gazprom Germania GmBh
Energy unites People
Partnership unites people
Gazprom Germania GmBh
008
Annual Report
2012
Total
natural gas reserves
by region
74.6
Russia/CIS
10.8
4.1
16.8
Europe
Asia-Pacific
North America
7.6
South and Central America
14.5
80.0
Africa
Middle East
Tm3
Resources: 351 Tm3
Reserves: 192 Tm3
Production 2010: 3.2 Tm3
Source: BP Statistical Review of World Energy 2012
Gazprom Germania GmBh
Energy unites people
009
Annual Report
2012
Natural gas supplies
to Germany
by country of origin*
12.0
Denmark, UK,
elsewhere
34.0
Russia
11.0
Germany
20.0
The Netherlands
23.0
Norway
%
*Provisional, includes estimates
Source: German Energy and Water Association (BDEW), December 2012
Natural gas: A natural resource
Gazprom Germania GmBh
010
Annual Report
2012
Gazprom Germania GmBh
Energy unites People
011
Berlin
Deutsche oper
Annual Report
2012
Germany
— Cultural commitment
Passion
unites people
We provide a secure and reliable supply of Russian natural
gas to the whole of Europe. But we also help the worldfamous Mariinsky Theatre from St Petersburg cast their
captivating spell over audiences in Berlin.
By sponsoring cultural exchange, GAZPROM Germania is helping to strengthen the friendship between
Germany and Russia. Giving Russian artists the chance to perform in Germany is just as much a part of our
corporate philosophy as ensuring the sustainable supply of natural gas to Germany and the rest of Europe.
Culture is something we care about: We have long provided sponsorship to events such as the GermanRussian Festival and Russian Film Week in Berlin.
By working to guarantee the secure supply of natural gas in the long term, we are offering both economy and
sustainability for German and European energy. This is more than a guest performance: This is commitment.
Passion unites People
Gazprom Germania GmBh
012
Annual Report
2012
Gazprom Germania GmBh
Energy unites People
013
Gelsenkirchen
Schalke arena
Annual Report
2012
Germany
— Sport Engagement
Team spirit
unites people
While FC Schalke fans celebrate their latest winning
­Bundes­liga goal, we’re 2,000 km further east, working
to ensure that the fans watching at home are cosy and
warm.
Today, natural gas is used everywhere – in the household, commercially, industrially, and even at football
­stadiums.
With their sponsorship of FC Schalke 04, GAZPROM Germania not only supports the eleven players on the pitch,
but also works with the club away from the playing field to campaign against social exclusion and promote fair
play and team spirit. As a global energy company, GAZPROM has a great responsibility towards future genera­
tions – a responsibility that lasts longer than just 90 minutes.
We support a number of social projects in collaboration with Schalke. For example, we pay tribute to those who
do volunteer work in the community with the “Weil Du es verdient hast!” initiative, and promote the ­prevention
of violence in football with our long-standing “Gib Gas gegen Gewalt” friendly matches.
But it is not only at Schalke that GAZPROM Germania leads the way: With modern technology and a shared
commitment, we are working to ensure that we can meet Europe’s everyday natural gas demand while provi­
ding access to valuable resources for the future.
Team spirit unites people
Gazprom Germania GmBh
014
Annual Report
2012
Gazprom Germania GmBh
Energy unites People
015
Rust
Europa-Park
Annual Report
2012
Germany
— Social commitment
Responsibility
unites people
While families from all over Germany travel to Europa-­
Park in Rust to experience a special day out together,
we’re working to improve environmentally-friendly mobility
in Germany and throughout Europe. Natural gas combines
eco-friendliness with cost-efficiency and saves motorists
money every time they fill up.
As partner to Germany’s largest theme park, GAZPROM Germania makes natural gas and its versatile potential come to life – from the catapult rollercoaster with the highest loop in Europe to the GAZPROM interactive
Experience Energy attraction. Since 2009, GAZPROM Germania has been a premium partner to Europa-Park
in Rust, near Freiburg, and is the named sponsor of the “blue fire Megacoaster powered by GAZPROM”, a
cata­pult roller­coaster. GAZPROM opened its Experience Energy attraction at Europa-Park in March 2010. This
was then com­prehensively renovated and expanded in 2012. New game stations give visitors wide-ranging
insights into the diverse applications and transportation of natural gas.
Environmental issues and changes in energy policy call for new ways of thinking and the practical combination of natural gas and renewable sources of energy. GAZPROM Germania shows innovation not just at
Europa-Park, but also puts their ideas into practice on the streets of Europe.
Responsibility unites people
Gazprom Germania GmBh
016
Annual Report
2012
Energy unites People
Gazprom Germania GmBh
017
Annual Report
2012
— GAzprom Germania GmbH
MANAGEMENT
REPORT
02
MANAGEMENT REPORT
Gazprom Germania GmBh
018
Key Figures
Annual Report
2012
Assets
2010
Gazprom Germania GmBh
2011
MANAGEMENT REPORT
million
2,013
EUR
million
1,883
EUR
EUR
million
1,790
Gazprom Germania GmBh
2012
019
Annual Report
2012
— MANAGEMENT REPORT
GAZPROM Germania GmbH, Berlin (Germany),
(GPG) was founded in Berlin in 1990 as a German
subsidiary of Gazprom export, St. Petersburg
(Russia), (Gazprom export), a limited-liability
company under Russian law, as part of the
group of companies led by Moscow-based
GAZPROM, Moscow (Russia), (GAZPROM), a listed,
open joint-stock company under Russian law,
for the purpose of marketing Russian gas in
Germany and Western Europe.
Since its establishment, GPG has developed into an internationally operating
group of companies. GPG’s main fields of business include the trading and storage
of natural gas. Its group comprises around 40 companies operating in more
than 20 countries in Europe, Asia and the United States. GPG and its subsidiaries
(GPG Group) safeguard GAZPROM’s key commercial interests in the European, Asian,
and North American markets.
MANAGEMENT REPORT
Gazprom Germania GmBh
020
Annual Report
2012
— MANAGEMENT REPORT
ECONOMIC
AND REGULATORY
CONDITIONS
GENERAL ECONOMIC CONDITIONS
The global economy grew more slowly than expected in 2012, and
growth forecasts were revised down around the world. In light of the
European debt crisis and declining global economy, the OECD estimates
2012 growth in OECD countries at 1.4 %. Global economic growth
continues to be marred by uncertainty. Overall, we can expect the global
economy to recover slightly, but slowly and with considerable differences between individual countries and regions.
Economic development in Europe remained restrained in 2012. However, slight growth is expected for 2013: The European Commission
forecasts GDP growth of 0.4 % in the European Union and 0.1 % in the
eurozone. This slow rate of growth Europe-wide is attributable to high
unemployment and poor domestic demand in some countries and stark
differences in growth rates between individual EU member states. The
German federal government projects German growth of 0.8 % for 2012
and 0.4 % for 2013, increasing to 1.6 % in 2014.
Turkey, shows huge growth potential; its annual growth rates of almost
10 % in recent years and current and forecasted growth rates of 3 – 4 %
place it at the top of the list of the world‘s fastest-growing economies.
EUROPEAN MARKET CONDITIONS
The European energy market has undergone swift and lasting change
in recent years, forcing all market actors to adjust to a number of new
legal requirements. If nothing else, Germany’s turnaround in energy
Gazprom Germania GmBh
policy – which aims to significantly increase the focus on renewable
energies and energy efficiency – has made it necessary to radically
overhaul systems that have been used and proven for several decades.
In EU countries, natural gas consumption in 2012 was an estimated
459 Gm3, its lowest in 10 years; this figure was 1.3 % down on 2011
and 12 % down on 2010. Given the slowing global economy, we
cannot expect demand on European energy markets to increase
­significantly in the coming years.
Lower demand for gas revealed itself mainly through lower LNG
imports; these fell around 25 % during the reporting period compared
to the same period the previous year. In terms of pipeline imports to
Europe, Norway was able to expand its market share from around 26 %
to 32 %; imports from Russia declined, but retained their market share
of around 40 %. Natural gas production in EU countries had reached
2011 quantities in just the first 10 months of 2012, but with one
important exception: the United Kingdom, where year-on-year natural
gas production fell almost 15 %.
Despite falling demand, both hub prices and import prices for natural
gas increased. The average spot price on the Title Transfer Facility
(TTF), continental Europe’s most important virtual trading hub, was
EUR 25.00 per MWh in 2012, a 10 % increase on 2011’s average of
EUR 22.60 per MWh. Market expectations for the coming year (gas
forwards to be fulfilled in 2013) were EUR 26.70 per MWh at the end
of 2012, just above the level seen the previous year (+0.2 %).
MANAGEMENT REPORT
021
Key figures
Annual Report
2012
Net income for the year
Gazprom Germania GmBh
EUR
370.3
Million
2012
EUR
170.7
Million
2011
ECONOMIC AND REGULATORY CONDITIONS
Gazprom Germania GmBh
022
Annual Report
2012
Data from the German Federal Office of Economics and Export Control
(BAFA) shows average import prices for 2012 were EUR 29.3 per MWh –
an increase that is proportionally similar to that of hub prices, this data
is representative for all imports to continental Europe. According to
the German Energy and Water Association (BDEW), the use of natural
gas for electricity generation in Germany fell an estimated 17 % when
compared to the previous year. The use of coal instead of natural gas
has become more attractive in Europe since summer 2011, driven by
falling carbon certificate prices. However, natural gas will likely sup­plant
coal in the long term – at least in part – due to environmental regulations.
Increased competition from shale gas and LNG set the European
energy market in motion. Natural gas again became an attractive fuel
for electricity generation as a result of falling wholesale prices in North
America. This led to increased exports of excess coal, particularly to
Europe. After increasing 33 % in 2011 compared to the previous year,
coal imports to Western Europe climbed an additional 16 % in 2012.
2012 saw agreements reached on gas import pricing. These included
agreements between GAZPROM and several European partners such
as E.ON, ENI, and Econgas. However, the backbone of the business
will continue to be longterm contracts – the only model that gives
­GAZPROM sufficient planning security to make billion-strong investments in infrastructure for production and transport while guaran­
teeing security-of-supply to European importers.
ENERGY POLICY AND REGULATORY ENVIRONMENT
— EUROPE
The discourse surrounding energy policy focused on the German federal government’s changes to its energy policy, which now requires a
radical overhaul of systems that have been used and proven for several
decades. Virtually no other topic has been the subject of such controversy in Germany and throughout Europe. Many questions remain
unanswered, including the issue of how to coordinate the overhaul and
how to share the cost.
The European Commission’s Energy Roadmap 2050 takes a contrasting approach, and describes the fundamental transformation of the
European energy system with the goal of reducing greenhouse emissions by between 80 % and 95 % by 2050 while ensuring secure energy
supply and affordable energy prices.
The European Commission’s plan to transform the energy sector has
a different focus than Germany’s energy policy: The EU approach is
technology-independent and calls for closer integration of the EU’s
Gazprom Germania GmBh
common energy market. Renewable energies alone cannot meet
Germany’s and Europe’s energy requirements; despite the fast pace
of their expansion, wind, solar, and biogas will not be able to meet
demand without natural gas for the foreseeable future. In September
2012, the European Commission launched an antitrust investigation to
determine whether GAZPROM is hindering competition in Central and
Eastern European markets in violation of EU antitrust law. GAZPROM
expects that the investigation will determine that its actions reflect
practices common to the gas industry and all other companies within
it, and, therefore, that no infringements will be established.
— GERMANY
Under the German federal government’s energy plans, greenhouse
emissions are to be reduced by 40 % by 2020 and by 80 % by 2050.
The proportion of renewable energy is to increase steadily to become
the most important source of energy in Germany’s energy portfolio,
reaching 10 % of all final energy by 2010 and 60 % by 2050. The
proportion of primary energy used in electricity generation is set
to be 80 % renewable by 2050; according to preliminary data from
the BDEW, this figure is currently around 22 % of gross electricity
generation.
Natural gas plays an indispensable role in achieving these climate
goals. As the cleanest fossil energy carrier, natural gas is the perfect
complement to renewable energy and acts to bridge the two systems
by offering huge versatility; it can be used as a means of storing energy
or as a fuel for electricity generation. For example, the gas network can
be used to help stabilize the electricity network by facilitating the use of
all regenerative electricity generated. Power-to-gas technology enables
the use of existing gas infrastructure, offering great opportunity to
harness the ecologically and financially sound combination of planable,
secure natural gas from volatile, regenerative electricity generation.
Therefore, natural gas has a vital role to play in transforming energy
supply as a direct source of heat, but also as an indirect fuel for
transport, a means of energy storage, and an energy system enabler.
Furthermore, replacing coal-fired power plants with gas-fired power
plants significantly reduces CO2 emissions in a short time. Gas-fired
power stations produce fewer emissions than brown or black-coal power stations, and their production can be ramped up or down quickly
depending on how much solar or wind power is being produced. But
while government policy propagates the necessity of gas-fired power
stations, the natural gas industry does not consider it to have created
sufficient investment impetus.
MANAGEMENT REPORT
023
Annual Report
2012
Germany’s political landscape has supplied no clear position on the
production of shale gas by means of hydraulic fracturing. While reference is made to positive gas-price developments in the United States
following the shale-gas boom, equal mention is given to the environmental risks of producing natural gas using hydraulic fracturing. Economic pressure remains high, especially considering other European
countries such as Poland and the United Kingdom are expediting their
exploration and potential commercial production of shale gas.
ECONOMIC AND REGULATORY CONDITIONS
Gazprom Germania GmBh
024
Annual Report
2012
— MANAGEMENT REPORT
BUSINESS PERFORMANCE
AND PROJECTS
GPG’s focus during the reporting period was again its holding function
for subsidiaries and investments.
increased procurement costs are attributable to the larger quantities
traded compared to the previous year.
GPG recorded a profit for the year of EUR 370.3 million for 2012, signi­
ficantly exceeding the previous year’s profit of EUR 170.7 mil­lion and
returning to around the level achieved in 2010. This is largely attributable
to the EUR 158.3 million (USD 200.0 million) dividend GPG received
from GAZPROM Schweiz AG, Zurich (Switzerland), (GPCH), during the
reporting period.
GPG’s 2012 storage activities focused on Germany and Austria. In
Austria, GPG operates and markets the Haidach natural gas storage
­facility in collaboration with three partner companies. The Haidach
­natural gas storage facility has a working gas volume of 2.6 Gm3,
­making it the largest such facility in Austria and the second-largest
­storage facility in Western Europe. The facility became operational
in April 2011, and in 2012, planning commenced on connecting its
­storage capacity to the Austrian long-distance transmission network.
The 2012 EBIT of EUR 408.4 million was also significantly up on the
previous year’s figure of EUR 184.8 million. GPG trades natural gas
in close cooperation with its parent company, Gazprom export. In the
2012 financial year, the natural gas traded was primarily Kazakh in
origin.
This financial year, GPG paid gross dividends of EUR 144.2 million to
its parent company Gazprom export (previous year: EUR 409.7 million).
Through its diverse range of sponsorship activities in arts and culture,
youth and education, healthcare and social welfare, and sports, GPG
works to increase awareness of the GAZPROM brand and strengthen
its image and reputation in Germany and throughout Europe.
OPERATING ACTIVITIES
GPG mainly trades in Kazakh natural gas purchased from KazRosGaz
and delivered to Gazprom export. It traded more than 3.3 Gm3 of nat­
ural gas in 2012 (previous year: 2.9 Gm3). The increased revenue and
Gazprom Germania GmBh
GPG continued its evaluation of geological storage structures in north-­
east Germany in 2012. Geological-technical assessment and planning
was undertaken at selected potential sites in close cooperation with
Gazprom VNIIGAZ along with analytical work on which to base estimates of storage requirements.
GPG was able to significantly expand its presence on the German
natural-gas-for-transport market by launching a variety of innovative
technologies. Together with its partner companies, GPG’s efforts have
furthered a number of projects enabling the clean and efficient use of
natural gas as a motor fuel. GPG runs six natural gas filling stations
around Germany. GPG plans to construct a total of 15 natural gas filling
stations by the end of 2014. In the Czech Republic and Slovakia, GPG is
expanding its offering in collaboration with its subsidiary VEMEX s. r. o.,
Prague (Czech Republic) and will increase the number of filling stations
to up to 15 by the end of 2014.
MANAGEMENT REPORT
025
Key Figures
Annual Report
2012
Ebit
Eur
Million
Million
184.8
Eur
Million
Eur
334.9
408.4
Gazprom Germania GmBh
2010
2011
BUSINESS PERFORMANCE AND PROJECTS
2012
Gazprom Germania GmBh
026
Annual Report
2012
GPG is involved in developing infrastructure for transporting small
quantities of LNG (smallscale LNG). This is aimed at establishing LNG
as a viable alternative fuel for transport. GPG is also testing LNG-fuelled
busses together with a number of international partners.
The largest portion of this involved capital measures at subsidiaries
and investments, particularly at Bosphorus Gaz Corporation A. S.
(BGC), Istanbul (Turkey) and South Stream Transport B. V., Amsterdam (The Netherlands), (SST B. V.).
GPG is an active participant in the development of a variety of electricity
generation projects using existing gas-fired power stations and projects
for the construction of newer, more modern combined-cycle power
stations; it conducts these activities in collaboration with GAZPROM,
Gazprom export, and Gazprom Marketing & Trading Ltd, London
(GM&T).
SUBSIDIARIES AND INVESTMENTS
FINANCING ACTIVITIES
GPG meets its long-term finance requirements with a balanced debt-­
to-equity ratio, ensuring both financial stability and sufficient flexibility.
The most important source of finance is generally cash inflow from
operating activities and dividends received. Debt financing is obtained
from a variety of independent finance sources, including committed
bilateral credit facilities, promissory note loans, and structured finance.
The GPG Group’s excess liquidity is pooled centrally under a cash-­
pooling agreement and either made available for operating activities
as required or invested on the capital market under consideration of
profit and risk criteria. The cash pool was expanded during the reporting period to include subsidiary VEMEX s. r. o.
In December 2012, GPG paid back the third tranche of its promissory
note loan (EUR 224.5 million) as scheduled. GPG’s experience with
this financial instrument has been positive, and it is likely that GPG will
again turn to the capital market to cover any financing requirements
it may have in the future. GPG also paid back the project investment
loans that were due in October on schedule. Therefore, the only outstanding debt financing GPG had as of the balance sheet date were loans of
EUR 25.5 million against promissory notes.
GPG’s finance strategy also incorporates a five-year syndicated
credit facility of EUR 500 million signed in March 2011. This credit
facility provides a secure, long-term liquidity reserve. However, no
­borrowings had been conducted under this credit facility as of the
balance sheet date. GPG has also supplied and extended letters of
credit and guarantees in order to support the business operations
of its subsidiaries.
INVESTMENT ACTIVITIES
— NATURAL GAS TRADING
GPCH, the subsidiary responsible for purchasing Central Asian
natural gas, recorded sales of around 32.7 Tm3 and revenues of
USD 9.9 billion in 2012. GPCH recorded a profit for the year of
USD 49.6 million (EUR 38.6 million) compared to USD 51.3 mil­lion (EUR 36.9 million) the previous year.
After being transported through Uzbekistan, Kazakhstan, Russia, and
Belarus, this natural gas is usually sold to Gazprom export at the border
to the destination country in question. Uzbek natural gas is also supplied to southern regions of Kazakhstan as part of a swap transaction.
Alongside its continued gas deliveries to Serbia and Macedonia, GPCH
also entered into new sales markets in south-eastern Europe.
Despite a difficult market and regulatory environment, GM&T significantly increased its earnings in 2012. Revenue grew significantly
to GBP 3,015.0 million (previous year: GBP 2,213.1 million) and
net income to EUR 178.1 million (GBP 144.2 million), up from
EUR 96.2 million (GPB 83.5 million) the previous year. GM&T paid
GPG a dividend of EUR 131.3 million during the reporting period
(previous year: EUR 69.3 million).
Net income from German investments W & G Beteiligungs-­
GmbH & Co. KG, Kassel (Germany), (W & G) – formerly WINGAS
GmbH & Co. KG – and Wintershall Erdgas Handelshaus GmbH & Cо. KG,
Kassel (Germany), (WIEH) was EUR 201.0 million, 13.7% above the
result from the previous year (EUR 176.7 million). The W & G subgroup
was restructured in 2012 in response to unbundling requirements under
applicable German and European energy policy. The task of managing
and financing W & G subgroup companies has been assumed by
W & G, and the sales business by the new company WINGAS GmbH,
Kassel (Germany), (WINGAS). Astora GmbH & Co. KG, Kassel (Germany) is now responsible for marketing storage capacity. Natural gas
transportation activities were transferred to GASCADE Gastransport
GmbH, Kassel (Germany) NEL Transport GmbH, Kassel (Germany)
and OPAL Transport GmbH & Co. KG, Kassel (Germany).
GPG invested EUR 162.2 million in the 2012 financial year (previous
year: EUR 164.7 million).
The difficult 2011 financial year did not allow for VNG-Verbundnetz
Gas AG, Leipzig (Germany) to pay a dividend in 2012 (previous year:
EUR 5.3 million). However, it was able to considerably improve its
income during the 2012 reporting period.
Gazprom Germania GmBh
MANAGEMENT REPORT
027
Annual Report
2012
As part of the GAZPROM Group’s efforts to enter the Italian end-­
customer market and optimize its activities in Italy, PremiumGas
S. p. A., Bergamo (Italia), commenced its operations on the Italian
natural gas market on 1 October 2008. PremiumGas paid GPG a
dividend of EUR 2.5 million during the reporting period.
Specific value adjustments were made to both the carrying amount
for and receivables from VEMEX s. r. o., Prague, due to considerably
lower margin expectations for gas sales on the Czech market.
In Turkey, BGC has operated under particularly difficult circumstances
since 2009. BGC underwent a restructuring programme that allowed
it to considerably reduce its losses during the reporting period compared to the same period the previous year. In 2012, BGC concluded
agreements with Gazprom export on the delivery of additional natural
gas quantities from 2013 onwards. BGC imports around 3.3 Gm3 of
natural gas a year, making it the largest privately-held importer of
natural gas to Turkey and second only to state-owned BOTAS. In its
efforts to diversify its business activities, BGC also received a license
from regulatory authority EMRA to trade electricity and LNG on the
spot market. In May 2012, the process of transferring 20 % of shares
in BGC to GPG was completed. GPG how holds a 71 % share in BGC.
— NATURAL GAS STORAGE
2012 saw GPG continue to invest in expanding its infrastructure
and exploring potential natural gas storage sites in Germany and
Europe. As regards the South Stream pipeline, the Banatski Dvor
underground storage facility was constructed in 2012 in northern
Serbia with a working gas volume of 450 Mm3. This project is operated by the Podzemno skladište gasa Banatski Dvor d. o. o., Novi Sad
(Serbia), a 51 – 49 % joint venture between GPG and the stateowned
Serbian company JP Srbijagas, Novi Sad (Serbia).
GPG is constructing a natural gas storage facility, Katharina, in cooperation with VNG Gasspeicher GmbH, Leipzig (Germany). This cavern
storage facility is being planned, developed, and operated by Erdgasspeicher Peissen GmbH, a joint venture. The storage facility currently
comprises two caverns, but will be expanded stage-by-­stage and
ultimately have a working gas volume of around 600 Mm3 by 2026.
In response to the potentially high demand for natural gas storage in
Turkey caused by the liberalization of the natural gas market and the
low working gas volume currently available, GPG is investigating the
realization of the Tarsus storage facility.
To ensure that delivery obligations to Central European customers
can be met, GPG intends to convert the former Damborice oil field in
the Czech Republic into a natural gas storage facility in collaboration
with MND Drilling Services A. S. The first storage capacity is expected
to be available in 2014.
— NATURAL GAS PRODUCTION
GPG’s 2012 exploration and production activities centred on Central
Asia. In Uzbekistan, GPG operates through its investment in projects
managed by Gas Project Development Central Asia AG, Baar (Switzerland), (G. P. D.), a joint-venture in which it has a 50 % shareholding.
2012 also saw GPG sell its 20 % shareholding in the WINGATE
natural gas production project in the British North Sea to Gazprom
International UK Limited, London (Great Britain).
GPG is involved in the development of a cavern storage facility in
Northern Germany through its shareholding in Etzel-Kavernenbetriebsgesellschaft mbH & Co. KG, Hamburg (Germany), and Bunde-­
Etzel-Pipelinegesellschaft mbH & Co. KG, Hamburg (Germany). This
facility is located 30 km south of Wilhelmshaven and is connected by
pipeline to the gas grid operated by the Dutch Gas Transport Service
B. V. (GTS) and the Norddeutsche Erdgas-Transversale (NETRA),
giving it high-capacity access to Europe’s major natural gas trading
hubs. The Etzel facility allows working gas to be trans-shipped repeatedly, thereby providing the flexibility demanded by the market. The
storage facility will have a working gas volume of 690 Mm3 and will
be put into operation in early 2013 following construction and facility
testing.
BUSINESS PERFORMANCE AND PROJECTS
Gazprom Germania GmBh
028
Annual Report
2012
— MANAGEMENT REPORT
INCOME, NET ASSETS,
AND FINANCING
GPG’s business activities focus primarily on ensuring sustainable
growth in the value of the GAZPROM Group. The value of GPG and
its companies is measured and managed using an extensive system
of strategic indicators, of which the primary indicator is profit for the
year. Other indicators are used depending on the type of business, for
example EBITDA, ROCE, and gross margin (the difference between
purchasing and sales prices less storage, transport, and other directly
attributable costs).
INCOME
Revenue for the financial year was EUR 647.0 million, falling short of
the EUR 1,255.9 million recorded the previous year. This corresponds
to total gas sales of 3.3 Gm3 or 33.8 TWh (previous year: 2.9 Gm3
or 29.9 TWh). The revenue posted the previous year included
EUR 729.6 million in revenue from natural gas transportation that
was paid to GPCH; following the restructuring of sales channels 2012,
GAZPROM paid this revenue directly to GPCH. Natural gas sales
revenue therefore increased during the reporting period (previous year:
EUR 526.3 million) due to increased sales quantities. The result from
ordinary activities for the reporting period was EUR 404.7 million, up
from EUR 189.7 million the previous year.
Profit for the year was most significantly influenced by net income from
investments of EUR 493.1 million (previous year: EUR 251.3 million).
WINGAS and WIEH, which GPG run as joint ventures with Wintershall,
together paid GPG EUR 201.0 million during the reporting period under
profit transfer agreements, exceeding the previous year’s level of
EUR 176.7 million. Income from investments increased EUR 217.5 million to EUR 292.1 million and include EUR 158.3 million in dividends
Gazprom Germania GmBh
from GPCH, EUR 131.3 million from GM&T (previous year:
EUR 69.3 million), and EUR 2.5 million from PremiumGas.
Other operating expense before exchange losses for the reporting period
were EUR 84.3 million (previous year: EUR 67.4 million).
Interest income fell from EUR +4.9 million the previous year to
EUR – 3.2 million. The upstream merger of ZMB mobil GmbH, Märkisch
Luch (Germany), (formerly a wholly-owned subsidiary) with GPG with
retrospective effect as of 1 January 2012 resulted in a merger gain of
kEUR 554 that was recognized in extraordinary income.
As a consequence of the increased profit for the year, return on equity
(profit for the year divided by equity, averaged from equity at the beginning of the financial year and equity at the end of the financial year) for
the 2011 financial year grew to 16.1 %, up from 8.0 % the previous year.
NET ASSETS AND FINANCING
As of 31 December 2012, GPG’s total assets were EUR 2,920.6 million
(previous year: EUR 3,298.8 million). On the assets side, fixed assets
increased EUR 129.8 million due to investments and current assets
decreased EUR 495.8 million, including a EUR 398.7 million decrease in
securities. Liabilities fell EUR 607.7 million and include EUR 310.3 million payable to affiliated companies and EUR 297.7 million payable to
banks.
GPG’s equity increased from EUR 2,190.8 million to EUR 2,416.8 million. The equity ratio was 82.8 % as of the balance sheet date (previous
year: 66.4 %).
MANAGEMENT REPORT
029
Annual Report
2012
Cash and cash equivalents available for payment totalled EUR 499.2 million as of the balance sheet date (previous year: EUR 641.2 million). Net
liabilities from cash pooling agreements were EUR 285.4 million as of
the balance sheet date (previous year: EUR 289.4 million). Liabilities to
banks totalled EUR 25.7 million as of the balance sheet date (previous
year: EUR 323.4 million).
The net financial position as of the balance sheet date was
EUR 188.1 million (previous year: EUR 427.1 million).
INCOME, NET ASSETS, AND FINANCING
Gazprom Germania GmBh
030
Annual Report
2012
— MANAGEMENT REPORT
NON-FINANCIAL
PERFORMANCE INDICATORS
HUMAN RESOURCES
GPG had 202 employees (not including trainees) as of the balance
sheet date (previous year: 197).
This financial year has again been characterized by constructive collaboration between the managing directors and the works council. This dialogue has been positive for all involved and reflects the successful confluence of employee interests and company interests. In 2012, works
agreements were concluded on a company pension scheme, trustbased working time, vacation, and employee assessment and motivation for bonus purposes.
GPG launched a business intelligence project with the goal of significantly accelerating and improving the quality of planning and reporting
processes. This project addresses specialist, technical, and organizational issues and focuses on harmonizing and further developing the
underlying IT landscape at the GPG Group.
GPG assists its group companies in developing their risk management
processes and systems and in developing and implementing systems
for managing trading portfolios. One important activity is the provision
of IT services to subsidiaries, in particular the implementation of ERP
systems and a central file containing counterparty ratings.
SOCIAL COMMITMENT
Our long-standing partnerships with the European School of Manage­
ment & Technology, the Humboldt University of Berlin, and the Faculty
of Economics at the University of Leipzig (on the first German-Russian
master’s programme in International Energy Economics and Business
Administration) have continued with the goal of supporting young graduates and helping our company to establish ties with future top executives before they have completed their education.
ORGANIZATIONAL MANAGEMENT AND IT
GPG is implementing more flexible process systems and reporting systems commensurate to the dynamic market environment. During the
reporting period, it developed a methodology for designing standardized business-process management that is currently being introduced.
It also realized a technical solution for process documentation that
interfaces with the company’s organizational structure documentation
and its organizational manual.
Gazprom Germania GmBh
GPG has made a significant contribution to popularizing the GAZPROM
brand and strengthening the public’s awareness of it in Germany and
throughout Europe with its sponsorship and social sponsorship activities. GAZPROM’s brand image in Germany has also considerably
improved over the past few years. GAZPROM is increasingly perceived
as a respectable, reliable, competent, and globally operating company.
— SPORTS
Since 2007, GPG’s sports sponsorship has focused on German
Bundes­liga team FC Schalke 04. This cooperation extends beyond shirt
sponsorship to include projects such as the “Weil Du es verdient hast!”
campaign, with which GAZPROM pays tribute to those who do volunteer work for their contribution to the community. The initiative also
comprises the GAZPROM Social Event Tour and the long-­established
“Gib Gas gegen Gewalt” friendly match played in support of the prevention of violence in football. Elsewhere in football, GPG has a co-sponsorship deal with Russian premier league club FC Zenit St Petersburg
MANAGEMENT REPORT
031
Key Figures
Annual Report
2012
Equity ratio
Gazprom Germania GmBh
82.8 %
2012
66.4 %
2011
51.5 %
2010
NON-FINANCIAL PERFORMANCE INDICATORS
Gazprom Germania GmBh
032
Annual Report
2012
and is responsible for realizing GAZPROM’s sponsorship of the
UEFA Champions League.
— CULTURE AND SOCIAL
Cultural projects play a key role in GPG’s diverse sponsorship activities. During the Russia Year in Germany 2012/2013, GPG’s cultural
projects enjoyed the patronage of Russian President Vladimir Putin
and German President Joachim Gauck. GPG has been the principle
sponsor of Russian Film Week for many years and also supports the
German-Russian Festival, Germany’s largest festival of Russian culture. It also devotes considerable time to promoting Russian art and
culture in Germany; one such project from the past year was a concert given by the Moscow Soloists at the Berlin Philharmonic under
the direction Yuri Bashmet.
GPG is a premium partner of Europa-Park in Rust, near Freiburg,
and is named sponsor of the “blue fire Megacoaster powered
by GAZPROM”, a catapult rollercoaster. GAZPROM opened its
Experience Energy attraction at Europa-Park in March 2010, and
comprehensively renovated and expanded it to include additional exhibits in 2012. The new game stations give visitors interesting
information on the Nord Stream pipeline and a fascinating look at
the diverse applications of natural gas.
GPG’s extensive social commitment also spans educational initiatives and joint German-Russian projects aimed at furthering ­mutual
understanding and encouraging German interest in Russia, its language, and its people, for example the “Bundescup – Spielend
Russisch lernen” language initiative. Meanwhile, the annual ice
­hockey charity game between Berlin’s Eisbären Allstars and the
Gazprom export Hockey team has become a well-established
­tradition. The benefit is held in support of up-and-coming young
ice hockey players in GPG’s home city.
Gazprom Germania GmBh
Key Figures
Financial
assets
GAZPROM GERMANIA GMBH
033
2010
2011
NON-FINANCIAL PERFORMANCE INDICATORS
1,944,988
kEUR
1,811,904
kEUR
kEUR
1,699,010
Annual Report
2012
2012
Gazprom Germania GmBh
034
Annual Report
2012
— MANAGEMENT REPORT
RISK REPORT
OVERALL RISK ASSESSMENT
GAZPROM and GPG welcome the liberalization of the European energy
market, which will lead to greater diversity of market suppliers.
The current natural gas supply situation has created a challenging market
environment for Russian natural gas that may lead to short-term profit risk
and require new ways of stabilizing sales volumes.
The European financial crisis has not directly affected GPG’s risk situation.
However, the changing market is taken into consideration when determining
limits for sales and trading activities and financial transactions. GPG has
also minimized its credit risk by diversifying its exposure to banks when
investing.
In summary, we are not aware of any risks that threaten the existence of
GPG in the foreseeable future.
RISK MANAGEMENT SYSTEM
GPG’s Risk Management ensures that risk is identified, assessed, managed
and monitored from an early stage throughout the GPG Group. Equity risk
is managed with an economic-capital concept that assesses and limits risk
using Value-at-Risk (VaR) methods.
Cash flow risk is also managed using a VaR-based method whereby risks
are continuously measured against the company’s available liquidity. VaR is
an estimate of the maximum possible loss the portfolio can incur during a
specified holding period at a given confidence level.
Gazprom Germania GmBh
The company’s aggregate risk is calculated monthly using VaR methods for
a holding period of one year at a confidence level of 99.8 %.
The tasks of presenting GPG’s risk status to its parent company, obtaining
risk approval for individual items of business or the involvement of new
business partners, and approving modifications to risk policy and methods
are handled by the Risk Oversight Committee (ROC), which meets monthly. The permanent voting members of the ROC include a representative of
Gazprom export’s risk management department, a representative of GPG’s
management, GPG’s Director of Finance and Controlling, and GPG’s Chief
Risk Officer.
The major types of risk facing the company are market price risk, default
risk, and technical risk arising from project activities. The company’s risk is
managed using pre-tax figures.
— MARKET RISK
The primary market risk facing the company arises from changes in raw
commodity prices and volumes and from exchange rate fluctuations affecting cash pooling for subsidiaries and foreign-currency positions (generally
USD). Further market risk arises from loan receivables and liabilities. The
company faces only insignificant interest-rate risk.
Foreign exchange positions in the cash pool resulting from subsidiaries’
trading activities are managed primarily via the times of cash inflows and
outflows in the various foreign currencies. The remaining net positions are
offset against a foreign currency limit and monitored regularly.
MANAGEMENT REPORT
035
Annual Report
2012
To determine market risk, a Monte Carlo simulation is used whereby the
distribution of profit and loss is estimated statistically over a one-year
holding period. This simulation involves modelling risk factor changes
and their correlations. The VaR is calculated using a statistical ranking and
represents the 99.8 % quantile.
In the context of risk management, derivative financial instruments serve
to hedge against commodity and currency risks that arise in the course of
regular business. These instruments include forward contracts, options,
and swaps. No hedges had been concluded as of the balance sheet date.
GPG held no significant foreign currency derivative positions on the
balance sheet date. Interest rate risk arises from a potential change
in market interest rates. This risk may lead to changes in fair value in
respect of fixed-rate financial instruments and fluctuations in interest
payments in the case of floating-rate financial instruments.
Floating-rate loans granted to or by GPG are based on EURIBOR and
LIBOR. This risk is assessed using the value-at-risk approach described
above.
— DEFAULT RISK
GPG’s default risk arises primarily from the group’s holdings in participations, financial transactions, loans given, and cash in banks held for
cash management purposes. This risk is assessed and limited using a
dedicated internal rating procedure; counterparties‘ ratings are monitored on an ongoing basis.
Unless corporate strategic risk is concerned, decisions on loan extensions
are made on the basis of the counterparty’s credit rating and the potential
loss. Where possible, this risk is managed using framework agree­ments
with customary hedging and netting provisions. The majority of financial
transactions are conducted with creditworthy counterparties only.
Regular risk audits are carried out to facilitate the early recognition,
assessment, monitoring, and prompt reporting to the management.
Operational risk is managed using Basel II’s basic-indicator approach.
— TECHNICAL RISK
Technical risk arising from GPG’s project activities is assessed based on
expert estimates of the probability of loss and the potential loss amount.
This risk is quantified using a VaR approach, taking potential event correlation into account.
— LIQUIDITY RISK
Liquidity risk arises from the variability of future cash inflows and outflows.
This risk can be countered by synchronizing cash flows and aligning
foreign currency assets.
Contractual clauses concerning the obligation to comply with the specific
financial figures (covenants) are continuously monitored using both the
VaR approach and scenario analyses.
— CAPITAL STRUCTURE MANAGEMENT
Capital structure management aims to ensure that GPG and its subsidiaries and investments have the financial freedom to act at all times. This
centres largely around balance sheet equity. The risk pertaining to these
figures is determined each month and included in the monthly risk reports.
Capital structure management is undertaken by ensuring minimum
equity, equity ratio, and leverage position. These figures are used as
financial covenants when concluding loan agreements with banks. The
leverage position is determined using the ratio of adjusted EBITDA to net
financial debt. The thresholds are set at EUR 2 billion minimum equity
capital, 20 % equity capital ratio, and a leverage position of 2.5. These
thresholds were kept to throughout this and the previous reporting
periods.
Counterparties’ default risks are factored in directly when modelling credit
risk; counterparty correlations are also taken into account.
The credit risk arising from derivative financial instruments is the amount
of the positive fair value plus a premium to cover potential future increases
in fair value due to changes in market price. To reduce this credit risk,
global netting agreements are made with counterparties in accordance
with standard trading agreements.
— OPERATIONAL RISK
Operational risk is the risk of loss as a result of inadequate or flawed internal processes, human error, system failure, or external events.
RISK REPORT
Gazprom Germania GmBh
036
Annual Report
2012
Key Figures
Equity
Gazprom Germania GmBh
kEUR
2,095,050
2010
Gazprom Germania GmBh
MANAGEMENT REPORT
037
Annual Report
2012
kEUR
2,416,821
2012
kEUR
2,190,762
2011
Equity
Gazprom Germania GmBh
038
Annual Report
2012
— MANAGEMENT REPORT
FORECAST
GPG is operating in a market environment that is undergoing swift, lasting, and fundamental change. GPG’s stated goal is to assist the GAZPROM
Group’s entry into consumer-oriented stages of the value chain in Europe
and to open new sales channels for Russian natural gas. It remains GPG’s
foremost priority to ensure the reliable supply of energy using medium- and
long-term gas supply contracts as part of GAZPROM’s corporate ­strategy.
The full transfer of German trading and storage company W & G – which
BASF and GAZPROM previously operated as a joint venture – to GAZPROM
may make a significant contribution. On 14 November 2012, GAZPROM
and BASF signed a letter of intent on an asset swap under which GPG is to
receive the option to increase its shareholding in the W & G Group’s trading and storage companies and WIEH to 100 %. It is planned that the final
agreement will be concluded and all merger approvals obtained with retroactive effect to 1 April 2013.
Alongside its holding function, both continuing existing projects and developing new projects in the area of gas storage will retain their high priority
at GPG in the future. GAZPROM’s decision of January 2013 to restructure
the GAZPROM Group’s foreign activities will lead to changes to the GPG’s
subsidiary structure in the coming years. It is likely that GPG’s foreign subsidiaries and participations will be centralized at Gazprom export and its
German participations centralized at GPG. It is not yet possible to fully antici­
pate the financial consequences of this restructuring. Irrespective of this,
GPG forecasts a net profit of EUR 110 million for the 2013 financial year. It
is not possible to forecast profits for 2014.
Gazprom Germania GmBh
MANAGEMENT REPORT
039
Annual Report
2012
— GAzprom Germania GmbH
BALANCE SHEET
03
BALANCE SHEET
Gazprom Germania GmBh
040
Annual Report
2012
— BALANCE SHEET
keur
Notes
31 Dec 2012
31 Dec 2011
(1)
2,013,065
4,681
1,883,279
5,454
63,396
65,921
(2)
1,944,988
1,811,904
(3)
898,947
504
1,394,694
495
(4)
399,275
354,274
Assets
A. Non-current assets
I. Intangible assets
II. Property, plant, and equipment
III. Financial assets
B. Current assets
I. Inventories
II. Receivables and other assets
III. Securities
IV. Cash in hand, bank balances
C. Prepaid expenses and deferred charges
(5)
D. Asset difference from the netting of assets
Total assets
–
398,683
499,168
641,242
8,139
20,437
435
2,920,586
368
3,298,778
2,416,821
225,595
2,190,762
225,595
Equity and liabilities
A. Equity
I. Subscribed capital
(6)
II. Capital reserve
III. Retained earnings
799,872
799,872
1,391,354
1,165,295
B. Special reserve item
(7)
1,002
1,062
C. Provisions
(8)
24,826
19,339
D. Liabilities
(9)
456,348
1,064,004
E. Deferred income
F. Deferred tax liabilities
Total equity and liabilities
Gazprom Germania GmBh
(10)
BALANCE SHEET
33
27
21,556
2,920,586
23,584
3,298,778
041
Annual Report
2012
— GAzprom Germania GmbH
INCOME
STATEMENT
04
INCOME STATEMENT
Gazprom Germania GmBh
042
Annual Report
2012
— INCOME STATEMENT
KEUR
Notes
2012
2011
01. Revenue
(11)
647,048
1,255,950
02. Other operating income
(12)
77,443
130,275
– 647,274
– 1,234,874
– 613,167
– 496,779
– 34,107
– 738,095
– 22,314
– 20,961
– 19,688
– 18,584
– 2,626
– 2,377
03. Cost of materials
a) Cost of raw materials, supplies, and goods purchased for resale
b) Cost of purchased services
04. Employee benefits expense
(13)
a) Wages and salaries
b) Social security and pension costs
05. Depreciation and amortization expense; impairment of intangible assets and property, plant, and equipment
(14)
– 8,010
– 7,449
06. Other operating expense
(15)
– 127,530
– 186,532
200,960
176,750
08. Income from investments
(16)
292,069
74,564
09. Income from other securities and loans held as non– current financial assets
(17)
23,429
33,138
10. Other interest and similar income
(18)
11,172
8,322
11. Impairment of non– current financial assets and current securities
(19)
– 4,505
– 2,906
12. Interest and similar expenses
(20)
– 37,806
– 36,609
404,682
554
189,668
–
07. Income from profit pooling
13. Result from ordinary activities
14. Extraordinary income
15. Extraordinary result
16. Income tax
(21)
(22)
554
– 36,956
–
– 28,941
17. Deferred tax
(10)
2,027
10,014
18. Other taxes
19. Profit for the year
Gazprom Germania GmBh
INCOME STATEMENT
– 21
– 29
370,286
170,712
043
Annual Report
2012
— GAzprom Germania GmbH
NOTES TO THE
ANNUAL FINANCIAL
STATEMENTS
05
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
Gazprom Germania GmBh
044
Berlin
Fernsehturm
Annual Report
2012
Germany
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
GENERAL NOTES
GPG is a large corporation pursuant to Section 267 of the German Commercial
Code (HGB). The annual financial statements have been prepared in accordance with the accounting principles for large corporations of the German
Commercial Code in conjunction with the German Act about Companies
with Limited Liability (GmbHG).
The balance sheet is structured on the basis of Section 266 of the German
Commercial Code. The classification of the balance sheet items is disclosed
according to Section 265 (7) № 2 of the German Commercial Code in the
Notes. The income statement was drawn up in the total expenditure format
in accordance with Section 275 (2) of the German Commercial Code.
The financial year is a calendar year.
For the sake of clearer presentation, details to the items of the balance sheet
and the income statement as required by law, as well as those details which
can be disclosed either in the balance sheet and in the income statement or
in the notes, are provided in the notes.
The annual financial statements are drawn up in euro. Unless otherwise
indicated, the amounts are shown in thousands of euros (kEUR).
The cash flow statement is drawn up using the direct method and is derived
from the data in the annual statements. Cash and cash equivalents comprise
cash in hand and cash in banks.
ZMB mobil GmbH merged with GPG by transferring its assets, as a whole
and dissolved but not wound up, on the basis of a merger agreement of
14 August 2012 approved by the resolutions as of the same date.
Previous year comparatives reflect the unconsolidated view of the merged
companies. The company refrains from disclosing the consolidated view
due to its minor effect. The gain from the merger in the amount of kEUR 554
is disclosed within extraordinary income.
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
045
Annual Report
2012
General Notes
Gazprom Germania GmBh
046
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
ACCOUNTING
POLICIES
Property, plant and equipment, and intangible assets acquired from
third parties for a consideration are valued at cost less straight-line regular amortization or depreciation. Assets that are likely to be impaired in
the long term are written down.
Amortization and depreciation rates depend on the useful lives of
assets. The estimated useful lives of the individual groups of property,
plant, and equipment are as follows:
Useful live (years)
Intangible assets
2 – 10
Buildings and other constructions
6 – 60
Technical equipment and machinery
3 – 20
Fixtures, fittings, and equipment
2 – 23
Tax simplification rules stipulated in Section 6 (2) of the German Income
Tax Act concerning depreciation rules for law-value, non-current assets
that can be used separately and cost maximal EUR 410 without input
tax, are not applied to the assets’ valuation in the balance sheet in 2012.
Compound items with a useful life of 5 years were formed for additions to movable property whose acquisition and production costs lay
between EUR 150 and EUR 1,000 for periods from 2008 to 2010 in
accordance to Section 6 (2a) of the German Income Tax Act.
Non-current financial assets are measured at cost, or if long-term
impairment is likely, at their lower fair value. If the fair value subsequently increases, the impairments are reversed. Interest-free loans
granted are measured at net present value; other loans granted are
measured at nominal value.
Gazprom Germania GmBh
Inventories are measured at cost following the strict lower of cost or
market principle.
Receivables and other assets are measured at nominal value.
Individual risks are reflected in impairment losses.
Trade and other receivables for gas deliveries up to the reporting date
are recognized at contractually agreed prices using estimates based
on past experience. The subsequent determination of additional costs,
including transportation and other service costs, may give rise to deviations, which are accounted for in the subsequent financial year.
Cash and cash equivalents are measured at nominal value at the balance sheet date.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
047
Annual Report
2012
Prepaid expenses and deferred charges have been recorded for outlays prior to the balance sheet date where they represent expenditures
for a specific time after this day.
Modernization Act (BilMoG), the items of the special reserve shall be
recorded according to applicable rules as stipulated in the German
Commercial Code, version as of 28 May 2009.
Subscribed capital is recognized at its nominal value.
Pension provisions are allocated in full and recognized at values determined using the projected unit credit method in accordance with the
German Commercial Code. Professor Klaus Heubeck’s Mortality Rates
2005 G were used to complete this calculation. This calculation was
made on the basis of an assumed average remaining maturity of fifteen years and the following assumptions:
A special reserve item was recognized equivalent to the amount
of the special depreciation allowances made in previous years
in accordance with Section 4 of the German Assisted Areas Act
(Fördergebietsgesetz); this reserve item is reversed over its useful
life. According to transitional rules of the German Accounting Law
31 Dec 2012
31 Dec 2011
Discount rate
5.05 %
5.14 %
Wage and salary trend
5.00 %
5.00 %
Pension trends
1.00 %
1.00 %
Expected rate of return on plan assets
4.00 %
4.50 %
Pension claims are measured at their expected settlement amount.
They are offset against assets that are available to be used only to pay
or fund employee benefits, and are not available to the reporting entity’s
further creditors (plan assets). Plan assets are valued according to
Section 253 (1.4) of the German Commercial Code at their fair value.
Other provisions are measured to reflect all identifiable risks and uncertain obligations. They are recognized at their expected settlement amount
required to meet any future payment obligations according to prudent
commercial assessment. Future price and costs increase is accounted
for, provided there is sufficient objective evidence for their occurrence.
The portion of provisions that is allotted to expenses due after the balance sheet date of the following financial year is discounted at the average
market interest rate for the last seven years relevant to the remaining
maturities of the provisions.
For future expenses due to contractual obligations for the dismantling of
assets and cushion gas extraction obligations provisions were recognised at their annual settlement amount, i. e. taking into consideration the
expected costs at the settlement date. For the measurement of provisions, corresponding remaining maturities and expected cost increases of
2 % per annum are assumed.
Liabilities are recognized at their settlement amount.
ACCOUNTING POLICIES
Gazprom Germania GmBh
048
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
FOREIGN CURRENCY
TRANSLATION
Foreign currency translation of receivables and liabilities is based on the
following exchange rates:
Remaining maturity under 1 year
Remaining maturity over 1 year
Receivables
Average spot exchange rate on the balance sheet date
Foreign exchange selling rate on the date of the transaction or
the higher rate on the balance sheet date
Liabilities
Average spot exchange rate on the balance sheet date
Foreign exchange buying rate on the date of the transaction or
the lower currency exchange rate on the balance sheet date
Cash in hand and bank balances in foreign currency held at call are
­valued at the rate applicable on the reporting date.
Currency (1 EUR =)
Exchange rate on
31 Dec 2012
Translation of receivables and liabilities in foreign currencies into EUR is
based on the following exchange rates:
Exchange rate on
31 Dec 2011
Average exchange
rate 2012
Average exchange
rate 2011
US dollar (USD)
1.31940
1.29390
1.28479
1.39196
Pound sterling (GBP)
0.81610
0.83530
0.81087
0.86788
Swiss franc (CHF)
1.20720
1.21560
1.20528
1.23260
Czech crown (CZK)
25.15091
25.78715
25.14901
24.58996
Serbian dinar (RSD)
112.41007
104.89877
112.46064
101.39931
2.35510
2.44320
2.31354
2.33781
Turkish lira (TRY)
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
049
Key figures
Annual Report
2012
ROE*
Gazprom Germania GmBh
16.1 %
2012
8.0 %
2011
*Average of equity measured at the beginning of the
financial year and the end of the financial year
FOREIGN CURRENCY TRANSLATION
Gazprom Germania GmBh
050
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
DEFERRED
TAXES
The recognition and valuation of deferred taxes is carried out using the balance sheet liability method. According to this method, deferred taxes are
calculated on differences between carrying amounts and the tax base of
all balance sheet items, whereas only temporary differences are relevant.
Deferred tax liabilities have to be recognised for net taxable amounts resulting from these calculations. Deferred tax assets can be recognised, if the
net result is deductible in determining taxable profit or loss. GPG will use
this option as soon as corresponding requirements are met.
Deferred tax assets are recognised only to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be utilised.
Deferred taxes are measured at the tax rates enacted at the reporting date or
that have been substantively enacted and that are expected to apply to the
period when the asset is realised or the liability is settled.
Deferred tax assets and deferred tax liabilities are offset if the entity has a
corresponding legally enforceable right and the deferred tax assets and the
deferred tax liabilities relate to income taxes levied by the same taxation
authority.
Gazprom Germania GmBh
051
Key Figures
Annual Report
2012
Provisions
Gazprom Germania GmBh
kEUR
24.8
Million
2012
kEUR
19.3
Million
2011
DEFERRED TAXES
Gazprom Germania GmBh
052
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
NOTES TO THE
BALANCE SHEET
— 01
MOVEMENTS IN PROPERTY, PLANT, AND EQUIPMENT
KEUR
Acquisition costs
I. Intangible assets
Concessions, industrial property rights, and similar rights
and assets, and licenses in such rights and assets
Prepayments made
II. Property, plant, and equipment
1 Jan 2012
Additions
Disposals
Transfers
31 Dec 2012
1,965,596
152,397
– 23,591
–
2,094,402
11,589
1,397
– 76
–
12,910
11,589
1,097
– 76
–
12,610
–
300
–
–
300
114,647
3,423
– 300
–
117,770
23,182
Land, land rights, and buildings including buildings
on third party land
22,891
309
–
– 18
Technical equipment and machinery
58,461
1,112
–
–
59,573
Other plant, factory, and office equipment
10,091
2,000
– 300
18
11,809
Prepayments made and assets under construction
III. Financial assets
23,204
2
–
–
23,206
1,839,360
147,577
– 23,215
–
1,963,722
87,301
Shares in affiliated companies
91,521
436
– 4,656
–
Loans to affiliated companies
21,110
43,088
–
–
64,198
1,174,512
552,211
44,968 1
59,085
–
– 18,553
–
–
1,219,480
592,743
Other investments 1
Loans to other investments
Other loans
Accumulated amortization and depreciation
Gazprom Germania GmBh
6
–
– 6
–
82,317
12,784
– 13,764
–
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
81,337
053
Annual Report
2012
I. Intangible assets
6,135
Concessions, industrial property rights, and similar rights
and assets, and licenses in such rights and assets
II. Property, plant, and equipment
Land, land rights, and buildings including buildings
on third party land
2,170
– 76
–
8,229
6,135
2,170
– 76
–
8,229
48,726
5,910
– 262
–
54,374
8,663
438
–
– 3
9,098
12,235
4,093
–
–
16,328
Other equipment, operating and office equipment
4,624
1,377
– 262
3
5,742
Prepayments made and assets under construction
23,204
2
–
–
23,206
Technical equipment and machinery
III. Financial assets
27,456
4,704
– 13,426
–
18,734
Shares in affiliated companies
17,955
4,505
– 4,034
–
18,426
Loans to affiliated companies
–
112
–
–
112
9,392
109
–
87
– 9,392 2
–
–
–
–
196
1 Jan 2012
Additions
Disposals
Transfers
31 Dec 2012
1,883,279
139,613
8,726
–
2,013,065
5,454
– 773
–
–
4,681
5,454
– 1,073
–
–
4,381
–
300
–
–
300
65,921
– 2,487
– 38
–
63,396
Other investments
Loans to other investments
1
Additions in the amount of kEUR 11,239 are transfers from current assets
2
Disposals in the amount of kEUR 9,392 relate to appreciation in value
KEUR
Book values
I. Intangible assets
Concessions, industrial property rights, and similar rights
and assets, and licenses in such rights and assets
Prepayments made
II. Property, plant, and equipment
Land, land rights, and buildings including buildings
on third party land
14,228
– 129
–
– 15
14,084
Technical equipment and machinery
46,226
– 2,981
–
–
43,245
5,467
623
– 38
15
6,067
1,811,904
142,873
8,764
–
1,944,988
Shares in affiliated companies
73,566
– 4,069
– 622
–
68,875
Loans to affiliated companies
21,110
42,976
–
–
64,086
1,165,120
552,102
44,968
58,998
9,392
–
–
–
1,219,480
592,547
6
–
– 6
–
–
Other plant, factory, and office equipment
III. Financial assets
Other investments 2
Loans to other investments
Other loans
The impact of the merger of ZMB mobil GmbH with GPG is reflected as
an addition to the cost amounting to kEUR 138 and addition to depreciation amounting to kEUR 69.
NOTES TO THE BALANCE SHEET
Gazprom Germania GmBh
054
Annual Report
2012
— 02
INVESTMENTS
Investments with a direct interest of at least 20 % in share capital were
as follows:
Company, registered office
Share
31 Dec 2012 (%)
Currency
Equity
31 Dec 2011
Net result
2011
Affiliated companies
01 GAZPROM Schweiz AG, Zurich (Switzerland)
100.00
kCHF
667,885
45,543
02 Gazprom Marketing & Trading Ltd, London (United Kingdom)
100.00
kGBP
513,344
83,488
03 VEMEX s. r. o., Prague (Czech Republic)
50.14
kCZK
216,626
49,296
04 ZGG – Zarubezhgazneftechim Trading GmbH, Vienna (Austria)
100.00
kEUR
9,688
– 986
05 Erste Gazprom Projektgesellschaft mbH, Berlin (Germany)
100.00
kEUR
22
– 1
06 Zweite Gazprom Projektgesellschaft mbH, Berlin (Germany)
100.00
kEUR
22
– 1
07 ZMB Gaz Depo A. S., Istanbul (Turkey)
100.00
kTRY
3,345
– 864
66.67
kEUR
35,263
– 1,361
Other investments
09 Bosphorus Gaz Corporation A. S., Istanbul (Turkey)
71.00
kTRY
– 62,359
– 28,689
10 South Stream Transport B. V., Amsterdam (Netherlands)
50.00
08 ZMB Gasspeicher Holding GmbH, Vienna (Austria)
Founded in November 2012
11 Podzemno skladiste gasa Banatski Dvor d. o. o., Novi Sad (Serbia)
51.00
kRSD
4,354,931
746,454
12 Erdgasspeicher Peissen GmbH, Halle/S. (Germany)
50.00
kEUR
9,072
– 930
13 FRAGAZ SA i. L., Paris (France) 2
50.00
kEUR
50
– 947
14 Gas Project Development Central Asia AG, Baar (Switzerland)
50.00
kUSD
193,312
23
15 SEP Company Kft., Budapest (Hungary)
50.00
kHUF
182,711
– 451
16 WIEH Verwaltungs-GmbH, Kassel (Germany)
50.00
kEUR
34
1
17 Wintershall Erdgas Handelshaus GmbH & Co. KG, Berlin (Germany)
50.00
kEUR
52
03
18 PremiumGas S. p. A., Milan (Italy)
50.00
kEUR
11,484
6,521
19 W & G Beteiligungs-GmbH & Co. KG, Kassel (Germany) 4
49.98
kEUR
623,516
03
20 W & G Verwaltungs-GmbH, Kassel (Germany) 5
49.98
kEUR
275
5
21 Etzel Kavernenbetriebs-Verwaltungsgesellschaft mbH, Hamburg (Germany)
33.33
kEUR
85
– 2
22 Etzel Kavernenbetriebsgesellschaft mbH & Co. KG, Hamburg (Germany)
33.33
kEUR
46,668
– 24,953
1
CEA Centrex Energy & Gas GmbH was liquidated on 29 February 2012
2
FRAGAZ SA, Paris, France is in liquidation starting from July 2011
3
Profit and loss transfer agreement
4
WINGAS GmbH & Co. KG, Kassel before April 2012
5
WINGAS Verwaltungs-GmbH, Kassel before March 2012
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
055
Annual Report
2012
Investments with an indirect interest of 20 % in share capital were as
follows at the balance sheet date:
Share
31 Dec 2012 (%)
Via
23 IMUK AG, Chur, Switzerland
100.00
01
kCHF
2,841
– 139
24 Gazprom Marketing & Trading Retail Ltd, Manchester (United Kingdom)
25 Gazprom Marketing & Trading Retail Germania GmbH, Walluf (Germany) 1
100.00
100.00
02
02
kGBP
kEUR
18,677
– 1,358
7,187
– 1,439
Company, registered office
Currency
Equity
31 Dec 2011
Net result
2011
Affiliated companies
26 Gazprom Marketing & Trading Germania GmbH, Berlin (Germany)
100.00
02
kEUR
354
138
27 Gazprom Marketing & Trading France SAS, Nanterre (France)
100.00
02
kEUR
1,920
370
28 Gazprom Marketing & Trading Switzerland AG, Zug (Switzerland)
100.00
02
Founded in December 2011
29 Gazprom Marketing & Trading Singapore PTE Ltd, Singapore (Singapore)
100.00
02
kUSD
320,146
231,909
30 Gazprom Marketing & Trading USA Inc., Delaware (USA)
100.00
02
kUSD
371
– 1,047
31 Gazprom Global LNG Ltd, London (United Kingdom)
100.00
02
kUSD
76,563
52,481
32 Gazprom Mex (UK) 1 Ltd, London (United Kingdom)
100.00
02
kGBP
1
0
33 Gazprom Mex (UK) 2 Ltd, London (United Kingdom)
100.00
32
kGBP
0
0
34 Gazprom Marketing & Trading México S. de R. L. de C. V.,
Tijuana (Mexico) 1
– 4,314
100.00
37/38
kUSD
– 4,240
35 Vemex Energo s. r. o., Bratislava (Slovakia)
50.14
03
kEUR
– 47
– 236
36 VEMEX Energie a. s., Prague (Czech Republic)
25.57
03
kCZK
75,974
– 19,101
37 RSP Energy SK a. s., Bratislava (Slovakia)
25.57
36
kEUR
16
– 133
Other investments
38 Promgas S. p. a., Milan (Italy)
50.00
01
kEUR
5,451
379
39 GWH Gashandel GmbH, Vienna (Austria)
50.00
01
kEUR
4,445
2,846
40 Russian-Serbian Trading Corporation a. d., Novi Sad (Serbia)
25.05
01
kRSD
154,486
153,438
41 WINGAS Storage UK Ltd, London (United Kingdom)
33.33
09
kGBP
44,172
– 12,448
1
The most recent financial statements are available as of 31 December 2010
— 03
INVENTORIES
Inventories comprise raw materials and supplies.
NOTES TO THE BALANCE SHEET
Gazprom Germania GmBh
056
Annual Report
2012
— 04
RECEIVABLES AND OTHER ASSETS
KEUR
Total trade receivables
Receivables from affiliated companies
Trade receivables
Loans
Other assets
Total receivables from affiliated companies
Thereof due from the shareholder
31 Dec 2012
maturing in more
than 1 year
31 Dec 2011
maturing in more
than 1 year
87
–
57
–
44,959
–
76,372
–
55,675
–
3,551
–
2,457
–
103,091
–
79,923
–
23,814
–
890
–
–
Receivables from investments
Trade receivables
694
–
13,880
–
19,326
–
15,482
–
Total receivables from investments
200,960
220,980
–
–
176,750
206,112
–
–
Total other assets
Total trade and other receivables
75,117
399,275
15
15
68,182
354,274
64
64
Loans
Other assets
Receivables arising legally only after the balance sheet date amount
to kEUR 31.
— 05
PREPAID EXPENSES AND DEFERRED CHARGES
Prepaid expenses and deferred charges in the amount of kEUR 1,741
(2011: kEUR 10,219) have maturities of more than one year.
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
057
Annual Report
2012
— 06
EQUITY
KEUR
Subscribed capital
Capital reserve
Retained earnings
Total
1 Jan 2011
225,595
799,872
1,069,583
2,095,050
Dividends
–
–
– 75,000
– 75,000
Profit for the year
–
–
170,712
170,712
225,595
–
799,872
–
1,165,295
– 144,227
2,190,762
– 144,227
31 Dec 2011
Dividends
Profit for the year
31 Dec 2012
–
–
370,286
370,286
225,595
799,872
1,391,354
2,416,821
— 07
SPECIAL RESERVE ITEM
A special reserve item was recognised in accordance with the regulations
of Section 4 of the German Assisted Areas Act (Förder­gebiets­gesetz)
as per Section 281 (1) of the German Commercial Code. According
to transitional rules of the German Accounting Law Modernization Act
(BilMoG), the items of the special reserve shall be recorded in the
same manner as stipulated in the German Commercial Code, version
as of 28 May 2009.
— 08
PROVISIONS
KEUR
2012
2011
Provisions for pensions and similar obligations
1,159
1,306
Tax provisions
Return delivery obligations for natural gas
6,976
6,562
1,397
6,161
Employee benefits obligations
5,553
4,290
Restoration obligations
2,435
2,073
Outstanding invoices
1,095
1,100
Other provisions
1,046
3,012
16,691
24,826
16,636
19,339
Total other provisions
Total provisions
Pension obligations subject to provisions amounted to kEUR 4,490
(2011: kEUR 4,090) at the balance sheet date. These were offset
with plan assets amounting to kEUR 3,767 (2011: kEUR 3,152)
according to the Section 246 (2.2) of the German Commercial Code.
Contractual Trust Agreements were classified as plan assets. At the
NOTES TO THE BALANCE SHEET
balance sheet date a net plan asset amounted to kEUR 435 (2011:
kEUR 368).
Utilization of the provision for pensions in the amount of kEUR 101
mainly relates to a former management member.
Gazprom Germania GmBh
058
Annual Report
2012
— 09
LIABILITIES
31 Dec 2012
KEUR
Liabilities to banks
Trade payables
Accounts payable to affiliated companies
Trade payables
Loans payable
Up to
1 year
Between
2 and 5 years
Total
25,700
200
25,500
24,316
–
24,316
373,497
1,677
66
–
373,563
371,820
–
371,820
1,677
–
66
66
31,953
23
–
–
31,953
23
Loans payable
31,930
–
31,930
Other liabilities
–
–
–
816
533
–
–
816
533
Other liabilities
Payables to other investments
Trade payables
Other liabilities
Tax payables
Social security contributions payable
–
Other liabilities
Total liabilities
283
–
430,782
25,566
283
456,348
31 Dec 2011
KEUR
Up to
1 year
Between
2 and 5 years
Total
Thereof
secured
Liabilities to banks
297,940
25,500
323,440
8,050
Advance payments received for orders
25,531
–
25,531
–
Trade payables
12,535
–
12,535
–
674,936
76,388
59
–
674,995
–
76,388
–
Loans payable
598,548
–
598,548
–
Other liabilities
–
26,308
59
–
59
26,308
–
–
Accounts payable to affiliated companies
Trade payables
Payables to other investments
Trade payables
37
–
37
–
Loans payable
26,271
–
26,271
–
Other liabilities
–
–
–
–
1,195
561
–
–
1,195
561
–
–
Other liabilities
Tax payables
Social security contributions payable
Other liabilities
Total liabilities
1
–
1
–
633
–
1,038,445
25,559
633
1,064,004
8,050
Accounts payable to the shareholder amount to kEUR 66
(2011: kEUR 12,557).
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
–
059
Annual Report
2012
— 10
DEFERRED TAX
Deferred tax is recognised due to the following valuation differences:
KEUR
Discounting of non-current receivables not bearing interest
Other provisions
Tax rate
31 Dec 2012
31 Dec 2011
30,18 %
25,00 %
15,83 %
Total
Total
–
–
4,695
4,695
2,346
–
151
443
151
Foreign currency exchange gains and losses on receivables
4
–
–
4
–
Provisions for pensions
–
–
–
–
33
Total deferred tax assets
– 155
–
–
–
– 4,695
–
– 4,850
–
– 2,822
–
Proportionate deferred tax from partnerships
– 115
–
– 24,493
– 24,608
– 25,316
– 42
–
–
– 42
–
Foreign currency exchange gains and losses on receivables
– 361
–
–
– 361
– 121
Asset difference from the netting of assets
– 131
–
–
– 131
– 111
Foreign currency exchange gains and losses on payables
– 721
–
–
– 721
– 362
Other provisions
–
– 44
–
– 44
– 20
Differing amortization and depreciation methods
–
– 499
–
– 499
– 476
Offsetting of deferred tax assets and liabilities
Provisions for pensions
Offsetting of deferred tax assets and liabilities
155
–
4,695
4,850
2,822
Total deferred tax liabilities
– 1,215
– 543
– 19,798
– 21,556
– 23,584
Deferred taxes through income tax expense (–) / income (+)
– 1,096
– 48
3,171
2,027
10,014
Total changes in deferred taxes
– 1,096
– 48
3,171
2,027
10,014
NOTES TO THE BALANCE SHEET
Gazprom Germania GmBh
060
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
NOTES TO THE
INCOME STATEMENT
— 11
REVENUE
KEUR
Natural gas trading in Eastern Europe and Asia
Services
Total revenue
2012
2011
636,585
1,243,521
10,463
12,429
647,048
1,255,950
2012
2011
— 12
OTHER OPERATING INCOME
KEUR
Gains from foreign currency exchange
38,434
123,081
Net profits from disposals of property, plant, and equipment
12,774
423
Gains from the revaluation of current assets
11,239
–
Gains from the revaluation of financial assets
9,392
–
243
716
Gains from reversal of provisions
Gains from reversal of the special reserve item
Gains from reversal of impairment losses from receivables
Other income relating to previous periods
Sundry
Total other operating income
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
60
60
–
1,584
–
16
5,301
4,395
77,443
130,275
061
Annual Report
2012
Other operating income in the amount of kEUR 12,735 relates to the sale
of the share in licences for the oil and gas exploration in the Wingate field
in the southern part of the North Sea. The sales agreement was concluded on 21 December 2011 being economically effective as of 1 July 2011.
The contract was subject to several conditions precedent. The last condition precedent was fulfilled on 24 September 2012.
The sale resulted in profit amounting to kEUR 17,185. With the commencement of the exploration activities in October 2011, a positive
impact on earnings amounting to kEUR 4,450 has already been realised. The remaining kEUR 12,735 were recognised through profit and
loss in 2012 resulting from current operations.
KEUR
2012
Income from operations held for sale
33,311
Sales price reduction due to the reduced natural gas volumes as of 24 September 2012
– 11,230
Costs reimbursed by the buyer
– 4,896
Net income from disposed operations
17,185
— 13
EMPLOYEE BENEFITS EXPENSE
Employee benefits expenses comprise retirement benefit costs in the
amount of kEUR 749 (2011: kEUR 458).
EMPLOYEES ON AVERAGE FOR THE YEAR
Employees
Apprentices and trainees
2012
2011
198
203
2
3
200
206
2012
2011
Intangible assets
2,126
2,144
Property, plant, and equipment
5,840
5,305
7,966
7,449
Employees
— 14
DEPRECIATION AND AMORTIZATION; IMPAIRMENT OF INTANGIBLE
ASSETS AND PROPERTY, PLANT, AND EQUIPMENT
KEUR
Depreciation and amortization of:
Total depreciation and amortization
Impairment of:
Property, plant, and equipment
Total impairment
Total depreciation and amortization; impairment of
intangible assets and property, plant, and equipment
NOTES TO THE INCOME STATEMENT
44
–
44
–
8,010
7,449
Gazprom Germania GmBh
062
Annual Report
2012
— 15
OTHER OPERATING EXPENSE
KEUR
2012
2011
Losses from foreign currency exchange
43,229
118,951
Additions to impairment losses from receivables
12,458
–
11
138
Net losses from disposals of property, plant, and equipment
Other losses not relating to this reporting period
Sundry
Total other operating expense
–
245
71,832
67,198
127,530
186,532
Sundry operating expenses pertain mainly to sponsoring, consulting, and external personnel.
— 16
INCOME FROM INVESTMENTS
Income from investments in the amount of kEUR 289,569 (2011: kEUR 69,301) pertain to affiliated companies.
— 17
INCOME FROM OTHER SECURITIES AND LOANS GRANTED
HELD AS NON-CURRENT FINANICAL ASSETS
Income from affiliated companies in the amount of kEUR 2,914 (2011: kEUR 8,132) is disclosed as income from securities and loans granted held
as non-current financial assets.
— 18
OTHER INTEREST AND SIMILAR INCOME
Other interest and similar income pertain to affiliated companies in the amount of kEUR 224 (2011: kEUR 948) and in the amount of kEUR 4,746
(2011: kEUR 10,568) to compounding interest income.
— 19
IMPAIRMENT OF NON-CURRENT FINANCIAL ASSETS
AND SECURITIES HELD AS CURRENT ASSETS
Other investments were impaired in the amount of kEUR 4,505 (2011: kEUR 2,906).
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
063
Annual Report
2012
— 20
INTEREST AND SIMILAR EXPENSES
Interest and similar expenses pertain to affiliated companies in the amount of kEUR 1,530 (2011: kEUR 5,270) and to losses from discounting
­interest in the amount of kEUR 18,498 (2011: kEUR 10,417).
— 21
EXTRAORDINARY RESULTS
The merger of ZMB mobil GmbH (formerly a wholly owned subsidiary of GPG) with GPG with retrospective effect on 1 January 2012 resulted in
a merger gain in the amount of kEUR 554.
— 22
INCOME TAX
KEUR
2012
Income tax for prior periods
Tax on profit on ordinary activities
Withholding tax
Total income tax
NOTES TO THE INCOME STATEMENT
2011
7,600
2,654
29,249
24,690
107
1,597
36,956
28,941
Gazprom Germania GmBh
064
Annual Report
2012
— NOTES TO THE ANNUAL FINANCIAL STATEMENTS
OTHER NOTES
— 23
CASH FLOW STATEMENT
KEUR
2012
2011
688,802
1,786,361
Cash receipts from:
Revenues
Usage fees and other revenues
Interest received
Repayment of current loans granted
6,312
5,104
25,959
28,677
415,934
650,504
Cash paid for:
Purchased goods, works, and services
– 776,927
– 1,908,559
Wages and salaries
– 21,175
– 20,910
Interest and finance cost
– 21,118
– 23,417
– 103,011
– 748,706
Loans granted and purchase of securities
Other taxes paid or received
– 2,117
973
Income tax paid
– 35,902
– 49,300
Cash flow from operating activities
Cash receipts from operating divestments in:
176,756
– 279,273
Intangible assets
Property, plant, and equipment
–
47
10,376
25,684
Dividends receipts from:
Affiliated companies
289,569
69,301
Associated companies
179,250
242,468
Cash receipts from repayment of loans
18,560
100
Cash receipts from disposal of non-current financial assets
14,281
465
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
065
Annual Report
2012
Cash paid for investments in:
Intangible assets
– 1,398
– 551
Property, plant, and equipment
– 9,072
– 19,888
Group companies / associated companies
– 66,764
– 61,869
Loans granted
– 84,928
– 82,403
Cash flow from investing activities
Dividends paid to the shareholder
349,874
– 137,016
173,354
– 389,236
Proceeds from financing liabilities
118,351
409,189
Change in current financing liabilities
Repayment of loans
– 4,411
187,350
– 645,630
– 365,246
Cash flow from financing activities
– 668,704
– 157,943
Total cash flow
Cash and cash equivalents at the beginning of the period
– 142,074
641,242
– 263,862
905,104
499,168
641,242
Cash and cash equivalents at the end of the period
— 24
DERIVATIVE FINANCIAL INSTRUMENTS
GPG is exposed to currency and interest risks through the course of
ordinary business. In cases where GPG seeks to hedge risks, derivative
financial instruments are used only if they are backed by funds arising
from operating activities or future transactions. Foreign exchange derivatives are generally used to hedge GBP and USD exchange risk.
For details to the risk management system, please refer to the management report.
Derivatives do not exist at the balance sheet date (2011: interest rate
derivatives at fair value amounting to kEUR 1,142).
— 25
CONTInGENT LIABILITIES AND OTHER
FINANCIAL COMMITMENTS
KEUR
31 Dec 2012
Up to
1 year
Letters of comfort 1
Payment guarantees (sureties)
Other performance obligations
Total contingent liabilities and other financial commitments
1
Between
2 and 5 years
Over
5 years
Total
10,000
–
–
10,000
114,534
10,470
14,405
139,409
24,113
79,903
94
104,110
148,647
90,373
14,499
253,519
Thereof kEUR 10,000 from affiliated companies.
OTHER NOTES
Gazprom Germania GmBh
066
Annual Report
2012
KEUR
31 Dec 2011
Up to
1 year
Between
2 and 5 years
Over
5 years
Total
Letters of comfort 1
10,000
–
11,277
21,277
Payment guarantees (sureties) 1
86,131
–
6,301
92,432
8,399
–
–
8,399
14,424
2,543
100
17,067
118,954
2,543
17,678
139,175
Investment commitments
Other performance obligations
Total contingent liabilities and other financial commitments
1
Thereof kEUR 97,408 from affiliated companies.
No claims with respect to letters of comfort or payment guarantees are
expected.
— 26
MANAGEMENT
Managing directors in the reporting period were:
Vyacheslav Krupenkov
Senior Managing Director
Moscow, Russian Federation
Andrey Biryulin
Head of Gas Storage/Electricity Generation business areas
Moscow, Russian Federation
Active members of the management received remuneration
in the amount of kEUR 2,243 (2011: kEUR 2,121).
Pension obligations were provided for these persons as of
31 December 2012, the present value of obligation amounting
to kEUR 827 and plan assets amounting to kEUR 1,000.
The company chooses not to provide details on the remuneration
of former managing directors, with reference to Section 286 (4)
of the German Commercial Code.
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
067
Annual Report
2012
— 27
SUPERVISORY BOARD
The Supervisory Board comprised the following members during the
financial year:
Aleksander Medvedev
Chairman of the Supervisory Board
Deputy Chairman of the Management Committee GAZPROM
and Director General of Gazprom export
Andrey Akimov
Chairman of the Management Committee of JSC Gazprombank
Sergey Chelpanov
(starting from 31 May 2012)
Deputy Director General Gazprom export
Alexander Efremov
Deputy Director General of Gazprom export
Sergey Emelyanov
(until 31 May 2012)
First Deputy Director General of Gazprom export
Andrey Kruglov
Deputy Chairman of the Management Committee of GAZPROM
and Director of Department Finance and Economics
Members of the Supervisory Board received the remuneration in the
reporting year in the amount of kEUR 775, the same amount as in 2011.
— 28
GROUP AFFILIATION
GPG is a subsidiary of Gazprom export, which is a subsidiary of
GAZPROM. GAZPROM draws up financial statements for the ­largest
scope of consolidation. GPG is included in this scope of this consolidation. The consolidated financial statements are available from
GAZPROM, ul. Nametkina 16, V-420, GSP-7, 117 997 Moscow,
Russia. The company is registered at the Registry Office of the
Russian Federation, Moscow, under № 022.726.
— 29
AUDIT FEES
The company chooses not to provide details on the audit fees, with
­reference to the disclosure in the notes to the consolidated financial
statements of GPG Group.
OTHER NOTES
Gazprom Germania GmBh
068
Annual Report
2012
— 30
MATERIAL POST BALANCE SHEET DATE EVENTS
Material post balance sheet events did not occur.
— 31
MATERIAL RELATED PARTY TRANSACTIONS
KEUR
Gas purchases
Other income
and expense
Interest
result
540,751
–
– 30,223
–
–
– 501,827
12,735
–
82,401
– 102,444
–
1,607
Gas sales
Controlling companies
Other GAZPROM Group companies
Affiliated companies
Associated companies
Total material related party transactions 2012
Controlling companies
Other GAZPROM Group companies
Affiliated companies
Joint ventures
Associated companies
Total material transactions with related parties 2011
19,302
– 10,520
–
1,930
642,454
– 614,791
– 17,488
3,537
6,474
333
– 77,793
737,660
3,314
– 382,095
–
–
–
–
–
– 2,700
103,442
–
–
–
–
–
–
15,184
107,089
– 459,888
737,660
18,958
Interest-free loans totalling kEUR 39,961 (2011: kEUR 26,550)
were granted to associated companies in the reporting year.
GPG has a line of credit from JSC Gazprombank totalling
kUSD 200,000 (no utilization as of 31 December 2012).
Berlin, 28 February 2013
Vyacheslav Krupenkov
AnDREY BIRYULIN
Senior Managing Director
Managing Director
Gazprom Germania GmBh
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
069
Annual Report
2012
— GAzprom Germania GmbH
Auditor’s
Report
06
Auditor’s Report
Gazprom Germania GmBh
070
Annual Report
2012
Gazprom Germania GmBh
071
Annual Report
2012
Auditor’s
Report
We have audited the annual financial statements, comprising the balance
sheet, the income statement and the notes to the financial statements,
together with the bookkeeping system and the management report, of
GAZPROM Germania GmbH, Berlin, for the business year from January
1 to December 31, 2012. Maintenance of the books and records and the
preparation of the annual financial statements and management report in
accordance with German commercial law and supplementary provisions
of the articles of incorporation are the responsibility of the Company’s
Managing Directors. Our responsibility is to express an opinion on the
annual financial statements, together with the bookkeeping system and
the management report, based on our audit.
We conducted our audit of the annual financial statements in accordance
with Section 317 HGB (“Handelsgesetzbuch”: “German Commercial
Code”) and German generally accepted standards for the audit of financial
statements promulgated by the Institut der Wirtschaftsprüfer (Institute of
Public Auditors in Germany) (IDW). Those standards require that we plan
and perform the audit such that misstatements materially affecting the
presentation of the net assets, financial position and results of operations
in the annual financial statements in accordance with [German] principles
of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic
and legal environment of the Company and expectations as to possible
misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the books and records, the
annual financial statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes
Auditor’s Report
assessing the accounting principles used and significant estimates made
by the Company’s Managing Directors as well as evaluating the overall
presentation of the annual financial statements and management report.
We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion based on the findings of our audit, the annual financial
statements comply with the legal requirements and supplementary
provisions of the articles of incorporation and give a true and fair view
of the net assets, financial position and results of operations of the Company in accordance with [German] principles of proper accounting. The
management report is consistent with the annual financial statements
and as a whole provides a suitable view of the Company’s position and
suitably presents the opportunities and risks of future development.
Berlin, February 28, 2013
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
sgd. Harald Herrmann
sgd. ppa. Sten Kunzmann
German Public Auditor
German Public Auditor
Gazprom Germania GmBh
— 2012 ANNUAL REPORT
GAZPROM Germania
GmbH
2010
2011
2012
Equity (mEUR)
2,095.1
2,190.8
2,416.8
Provisions (mEUR)
17.4
19.3
24.8
Liabilities (mEUR)
1,919.9
1,064.0
456.3
PublisheR
GAZPROM Germania GmbH
Non-current assets (mEUR)
1,790.4
1,883.3
2,013.0
EDITING AND COORDINATION
Susanne Fleischer,
Mirco Hillmann, Nils Möller
Concept and Design
Financial assets (mEUR)
1,699.0
1,811.9
1,945.0
PBL Milk GmbH
PRODUCTION
Reiher Grafikdesign & Druck e. Kfr.
Current assets (mEUR)
Total assets (mEUR)
2,275.6
4,067.0
1,394.7
3,298.8
898.9
2,920.6
PHOTO CREDITS
Cathrin Bach – 010
Tobias Bohn – 006 / 009
firo sportphoto – 012
Hans-Joerg Haas – 014
Steffen Jagenburg – 005 (2)
Dana Manthe – 005 (1)
Nord Stream AG – 003 / 039 / 041
shutterstock – 045
Available at
Profit for the year (mEUR)
280.9
170.7
370.3
GAZPROM Germania GmbH
Markgrafenstr. 23
10117 Berlin
T +49 30 20195 152
F +49 30 20195 135
[email protected]
www.gazprom-germania.de
Gas sales (TWh)
387.7
29.9
33.8
Contact
Corporate Communications
Susanne Fleischer,
Mirco Hillmann, Nils Möller
35
tm
17%
of global
3
GAZPROM Germania GmbH | Markgrafenstraße 23 | 10117 Berlin
[email protected] | www.gazprom-germania.de
Energy unites People
2012 ANNUAL REPORT Energy unites People
gas reserves
2012
ANNUAL REPORT
Energy unites People
GAZPROM has natural gas reserves of more than 35 Tm3 – the largest in the world.
In 2012, we exported 138 Gm3 of natural gas to Europe – around 25 %
of Europe’s total natural gas consumption.
www.gazprom-germania.de