2012 Group Annual Report - Gazprom Germania€¦ · reiher Grafikdesign & druck e. Kfr. photo...

www.gazprom-germania.de

2012 Group AnnuAl reportenerGy 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.

GAZproM Germania Gmbh | Markgrafenstraße 23 | 10117 [email protected] | www.gazprom-germania.de

enerGy unites people

2012

Gr

ou

p An

nu

Al r

epo

rt

en

erGy

un

ites

peo

ple

35

17%tM3

of GloBAl GAs reserves

1 ratio of income tax to eBt2 Associated companies and other financial assets3 Average of equity measured at the beginning of the financial year and the end of the financial year4 eBit divided by the average sum of equity and long-term loans measured at the beginning of the financial year and the end of the financial year

GAZproM GerMAniAGroup

— 2012 Group AnnuAl report

puBlisher

GAZproM Germania Gmbh

editinG And coordinAtion

susanne fleischer,Mirco hillmann, nils Möller

concept And desiGn

pBl Milk Gmbh

production

reiher Grafikdesign & druck e. Kfr.

photo credits

cathrin Bach – 012 / 019Buddy Bartelsen – 008

tobias Bohn – 006 / 011erdgas mobil – 023

firo sportphoto – 016steffen Jagenburg – 005 (2)

dana Manthe – 005 (1)nord stream AG – 003 / 051

053 / 055 / 058shutterstock – 063

Monique wüstenhagen – 020

AvAilABle At

GAZproM Germania GmbhMarkgrafenstr. 23

10117 Berlin

t +49 30 20195 152f +49 30 20195 135

[email protected]

contAct

corporate communicationssusanne fleischer,

Mirco hillmann, nils Möller

8,660,325

506,291

478,691

9,757,851

372,496

356,777

12,487,789

297,498

270,121

481,728

324,994

32.5

6,430,066

2,394,070

3,170,549

49.3

10.5

14.7

779

384,781

341,419

11.3

7,774,734

3,409,952

43.9

10.4

10.4

1,022

284,398

236,415

16.0

7,644,021

2,517,926

3,625,027

47.4

6.7

7.6

1,185

2,598,024

revenue (keur)

eBitdA (keur)

eBit (keur)

eBt (keur)

profit for the yeAr (keur)

incoMe tAx rAte1 (%)

totAl Assets (keur)

finAnciAl Assets2 (keur)

equity (keur)

equity rAtio3 (%)

roe3 (%)

roce4 (%)

nuMBer of eMployees

2010 2011 2012




puBlisher




concept And desiGn

pBl Milk Gmbh

production


photo credits





053 / 055 / 058shutterstock – 063


AvAilABle At


10117 Berlin

t +49 30 20195 152f +49 30 20195 135

[email protected]

contAct



8,660,325

506,291

478,691

9,757,851

372,496

356,777

12,487,789

297,498

270,121

481,728

324,994

32.5

6,430,066

2,394,070

3,170,549

49.3

10.5

14.7

779

384,781

341,419

11.3

7,774,734

3,409,952

43.9

10.4

10.4

1,022

284,398

236,415

16.0

7,644,021

2,517,926

3,625,027

47.4

6.7

7.6

1,185

2,598,024

revenue (keur)

eBitdA (keur)

eBit (keur)

eBt (keur)



totAl Assets (keur)


equity (keur)

equity rAtio3 (%)

roe3 (%)

roce4 (%)

nuMBer of eMployees

2010 2011 2012







2012

Gr

ou

p An

nu

Al r

epo

rt

en

erGy

un

ites

peo

ple

35

17%tM3


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 GROuP AnnuAl RePORt

01 eneRGy unites PeOPle 003

02 GROuP MAnAGeMent RePORt 025

economic and regulatory conditions 028

business performance and projects 034

income, net assets, and financing 038

non-financial performance indicators 040

Risk report 044

forecast 050

03 cOnsOlidAted stAteMent Of cOMPRehensive incOMe 051

04 cOnsOlidAted bAlAnce sheet 053

05 stAteMent Of chAnGes in GROuP eQuity 055

06 cOnsOlidAted cAsh flOw stAteMent 058

07 nOtes tO the cOnsOlidAted finAnciAl stAteMents 061

General notes 062

Accounting principles 064

scope of consolidation 070

consolidation principles and methods 074

foreign currency translation 076

Accounting policies 078

notes to the consolidated statement of comprehensive income 086

Average annual number of employees 090

notes to the consolidated balance sheet 098

notes to the consolidated cash flow statement 118

Other notes 119

08 AuditOR’s RePORt 129

cOntents— 2012 GROuP AnnuAl RePORt

cOntentsGazprom Germania GmBh

003

— GAZPROM GeRMAniA GMbh

eneRGy unites PeOPle

2012 GROuP AnnuAl RePORt


01

GAZPROM GeRMAniA GMbh

003



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.

— fORewORd

despite difficult conditions, the 2012 financial year was a success-ful 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 mar-ket 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 renew-able energy. even if there are rapid developments in wind, solar, and bio-gas technologies, it will not be possible to meet energy demands with-

out 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 com-mitments – 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 senior Managing director

AndRey biRyulinManaging director

”

“

004


fORewORd GAZPROM GeRMAniA GMbh




PARtneRshiP unites PeOPleeneRGy 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.

006


PARtneRshiP unites PeOPle GAZPROM GeRMAniA GMbh

hAnnOveR MessesiGninG Of A cOOPeRAtiOn

AGReeMent with vOlkswAGen MOtORsPORt GMbh

dR ulRich hAckenbeRGMember of the board of Management for

the volkswagen brand, volkswagen AG

vyAcheslAv kRuPenkOvsenior Managing director,

GAZPROM Germania Gmbh


europe and Russia share a long history filled with tradition and cul-tural commonalities. but as the past four decades have shown, one of the defining characteristics of the energy partnership between Russia and its european partners is reliability: the partnership has been able to withstand the east-west conflict, oil price crises, and the fall of the soviet union.

Germany has traditionally been one of our most important markets, and it is a market that we intend to continue building in the future.

cOOPeRAtiOn between nAtuRAl GAs PROduceRs And cOnsuMeR is MutuAlly beneficiAl – AfteR All, ReliAble suPPly GOes hAnd-in-hAnd with ReliAble sAles. Only by wORkinG tOGetheR cAn RussiA And euROPe fAce the GlObAl chAllenGes Of tOdAy’s eneRGy MARket.

008


PARtneRshiP unites PeOPle



009

tM3

ResOuRces: 351 tM3

ReseRves: 192 tM3

PROductiOn 2010: 3.2 tM3

sOuRce: bP stAtisticAl Review Of wORld eneRGy 2012

tOtAl nAtuRAl GAs ReseRves

by ReGiOn

16.8AsiA-PAcific

74.6RussiA/cis

80.0Middle eAst

10.8nORth AMeRicA

7.6sOuth And centRAl AMeRicA

14.5AfRicA

4.1euROPe

EnErgy unitEs pEoplE

2012 Group AnnuAl report

010


%

*PROvisiOnAl, includes estiMAtes

sOuRce: GeRMAn eneRGy And wAteR AssOciAtiOn (bdew), deceMbeR 2012

11.0GeRMAny

34.0RussiA

20.0the netheRlAnds

23.0nORwAy

12.0denMARk, uk,

elsewheRe

nAtuRAl GAs suPPlies tO GeRMAny

by cOuntRy Of ORiGin*

nAtuRAl GAs: A nAtuRAl ResOuRce



011

012




beRlindeutsche OPeR

GeRMAny

PAssiOn unites PeOPle


we PROvide A secuRe And ReliAble suPPly Of RussiAn nAtuRAl GAs tO the whOle Of euROPe. but we AlsO helP the wORld-fAMOus MARiinsky theAtRe fROM st PeteRsbuRG cAst theiR cAPtivAtinG sPell OveR Audiences in beRlin.

— cultuRAl cOMMitMent

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 German-Russian 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.



013

etZel nAtuRAl GAs stORAGe fAcility

GeRMAny



with A view tO PROvidinG A secuRe suPPly Of nAtuRAl GAs tO sOutheRn euROPe, we ARe wORkinG with euROPeAn PARtneRs such As bAsf tO AdvAnce the PlAns fOR the sOuth stReAM PROject. we beGAn tO cOnstRuct the PiPeline thAt will eventuAlly Run AlOnG the bOttOM Of the blAck seA At the end Of 2012.

ever-growing demand for natural gas in Germany and around europe is fur-ther strengthening its role as an environmentally-friendly source of energy that satisfies the ecological requirements of our time. that’s why we are investing in natural gas infrastructure and will continue to focus on europe, our most important sales market.

the nord stream offshore gas pipeline running under the baltic sea is tes-tament to this. it connects the european natural gas pipeline network direct-ly to the Russian gas reserves – ensuring a secure, lasting supply of natural gas for at least another 50 years.

the facts speak for themselves:

— the pipeline is 1,224 km long – the longest underwater pipeline in the world and almost as long as the Rhine river.

— the maximum capacity of the two pipes together is 55 Gm3 per year – enough to provide power equal to the average annual output of 148,000 wind turbines or forty-six 800 Mw coal-fired power plants.

— the pipeline has a total investment volume of euR 7.4 billion.

the natural gas that flows through the nord stream pipeline from siberian gas deposits can be stored in times of low consumption and made avail-able as required in times of high demand. this task is performed by under ground gas storage facilities, such as uGs katharina, operated by GAZPROM Germania in cooperation with vnG. uGs katharina is being constructed in a number of stages so that by 2026, it will have a stor-age capacity of 600 Mm3 of natural gas – enough to supply approximately 300,000 households with natural gas for an entire year.

014





015



016


GelsenkiRchenschAlke ARenA

GeRMAny

teAM sPiRit unites PeOPle


while fc schAlke fAns celebRAte theiR lAtest winninG bundes liGA GOAl, we’Re 2,000 kM fuRtheR eAst, wORkinG tO ensuRe thAt the fAns wAtchinG At hOMe ARe cOsy And wARM.

— sPORts

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.



017

vynGAyAkhinskOyenAtuRAl GAs

PROductiOn fAcility

RussiA2012 GROuP AnnuAl RePORt

the westeRn euROPeAn RetAil MARket fOR nAtuRAl GAs is AlsO huGely PROMis-inG fOR GAZPROM. GAZPROM hAs the POtentiAl tO develOP its POsitiOn thROuGh investMent in GAs stORAGe fAcilities And GAs tRAdinG cOMPAnies.

Global energy demand is continuing to grow: the international energy Agency forecasts that global consumption will increase by a third by 2035. europe and Germany face considerable challenges on the path to environmentally-friendly energy supply.

natural gas technology is an economically and environmentally effi-cient means of generating electricity and heat. it is a mature tech-nology that affords both flexibility and a diversity of applications; its ability to meet energy shortfalls caused by weather-related fluctua-tions in renewable energy generation makes it the perfect comple-ment to renewable energy sources. natural gas has two basic prop-erties that make it so useful: first, it can be stored, allowing it to be used at short notice in line with demand. second, gas-fired power stations can be controlled very flexibly, allowing them to adapt quick-ly and efficiently to meet peak demand.

018





019

020




RusteuROPA-PARk

GeRMAny

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.

— sOciAl cOMMitMent

As partner to Germany’s largest theme park, GAZPROM Germania makes natural gas and its versatile poten-tial 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 cata pult roller coaster. GAZPROM opened its experience energy attraction at europa-Park in March 2010. this was then com prehensively 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 combi-nation 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.



021

beRlinGAZPROM GeRMAniA nAtuRAl GAs PuMP

GeRMAny



using natural gas as a motor fuel serves to prove the diversity of its appli-cation and offers a number of important environmental benefits: natural gas vehicles produce around 25 % fewer cO2 emissions than petrol vehi-cles. they produce approximately 95 % fewer nitrogen oxides than diesel vehicles, and standard natural gas vehicles emit barely any fine dust. this means that they not only fulfil the euro 5 standards, which define the cur-rent limits for nitrogen oxides and soot, but are future-proof in terms of the standards that will apply from 2014 when euro 6 comes into effect. natural gas vehicles also have clear financial advantages; on average, petrol costs around twice as much as natural gas and 30 % less than diesel. to top off the list of advantages, there are savings to be made on vehicle tax by taking cO2 emissions into account in tax calculations.

natural gas filling stations are a key factor in the successful growth of natu-ral gas vehicle usage. Only when there is a well-established network of fuel stations will more drivers start to opt for an environmentally-friendly, eco-nomical form of transport. there are already over 900 fuel stations across Germany where drivers can fill up their vehicles with this alternative fuel. currently, GAZPROM Germania operates seven such natural gas filling sta-tions in Germany, and four additional stations are planned to be operating by the end of 2013. the company is thus pursuing a path also favoured by the european commission, which recently called for the continued develop-ment of a network of natural gas filling stations covering all of europe.

we ARe MAkinG A siGnificAnt cOntRibutiOn tOwARds develOPinG this infRAstRuctuRe in GeRMAny And AROund euROPe: by the end Of 2013, GAZPROM GeRMAniA will OPen AnOtheR seven nAtuRAl GAs fillinG stAtiOns in the cZech RePublic And slOvAkiA in cOl-lAbORAtiOn with its subsidiARy veMex.

022





023



024



GROuP MAnAGeMent RePORt



02


025

2010 2011 2012

GAZPROM GERMANIA GMbH3,

170,

549

keu

R

3,40

9,95

2ke

uR

3,62

5,02

7ke

uR

Equity

Key figures

GROUP MANAGEMENT REPORT


Gazprom Germania GmBh

026



GAZPROM GeRMAniA GMbh (GPG) wAs fOunded in beRlin in 1990 As A GeRMAn subsidiARy OfGAZPROM exPORt, st PeteRsbuRG, RussiA (GAZPROM exPORt), A liMited-liAbility cOMPAnyundeR RussiAn lAw, As PARt Of the GROuP Of cOMPAnies led by MOscOw-bAsed GAZPROM (GAZPROM), A listed, OPen jOint-stOck cOMPAny undeR RussiAn lAw, fOR the PuRPOse Of MAR-ketinG 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 MORe thAn in 20 cOuntRies in euROPe And 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.

— GROuP MAnAGeMent RePORt


027



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 con-tinues to be marred by uncertainty. Overall, we can expect the global economy to recover slightly, but slowly and with considerable differenc-es between individual countries and regions.

— euROPeeconomic development in europe remained restrained in 2012. however, slight growth is expected for 2013: the european commission fore-casts 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.

the economic situation in the united kingdom also remains difficult, with GdP falling 0.3 % in the fourth quarter of 2012. this is attributable to the decline in industrial output and a stagnating financial services sector. 1.0 % growth is expected for 2013.

turkey shows significant 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 econ-omies.

— AsiAthe weak global economy also affected historically heterogeneous growth in the Asia-Pacific region. japan’s 2012 trade deficit of jPy 6.9 tril-lion (euR 58.4 billion) was the highest in history and represented a 170 % increase on 2011. its exporters were strained by particularly weak exports to key markets in europe and china. japan was also beset by deflation caused by a downward spiral of falling prices and dwindling investor confidence.

— united stAtesthe united states recorded negative growth for the first time since the end of its recession in june 2009. GdP fell 0.1 % at the end of 2012 as a result of declining government spending and falling exports. however, the u. s. economy was supported by increased consumer spending. business investment and construction spending also contributed to preventing greater economic contraction. year-on-year, u. s. GdP increased 2.2 %.

MARket cOnditiOns

the slowing global economy had significant impact on commodity markets during the reporting period. the various geopolitical and fiscal changes that occurred over the course of the year helped create uncertainty, particularly on oil markets. According to industry informa-tion service Platts, brent crude prices averaged usd 112 a barrel in 2012 – around the same level as the previous year. while the oil price reached usd 128 a barrel in early 2012, it fell to usd 89 in summer before recovering to usd 110 in the last quarter of the year.


ecOnOMic And ReGulAtORy cOnditiOns

028


GAZPROM GERMANIA GMbH

341.4 2011

236.42012

Profit for the year

Key figures

ECONOMIC AND REGULATORY CONDITIONS


EUR

EUR

Million

Million


029

comparing global liquefied natural gas (lnG) import prices serves as a good indicator of gas price development. japan has always paid the highest prices for lnG; in the first nine months of 2012, japan paid Qatari lnG suppliers around 25 % more than in 2011, leaving the aver-age import price at euR 47.20 per Mwh. in the united kingdom, prices increased just 2 % over the same period to euR 24.40 per Mwh. but in the united states, prices for Qatari lnG fell in 2012 to euR 5.50 per Mwh – just half of the price paid the previous year.

2012 saw agreements reached in a number of countries following inter-national disputes concerning gas import pricing. these included agree-ments between GAZPROM and several european partners such as e.On, eni, and econgas. however, the backbone of GAZPROM’s business will continue to be long-term contracts – the only model that gives it suffi-cient planning security to make billion-strong investments in infrastruc-ture for production and transport while guaranteeing security-of-sup-ply to european importers. statoil was able to agree on price reductions with several of its wholesale customers. in a dispute between the world’s largest lnG producer Rasgas and importer edison, arbitration courts delivered a guiding ruling in favour of edison.

— euROPethe 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 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.

lower demand for gas revealed itself mainly through lower lnG imports; these fell 25 % during the reporting period compared to the same peri-od the previous year. for 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 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 natu-ral 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 for-wards 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 %). data from the German federal Office of economics and export control (bAfA) shows average import prices for 2012 were euR 29.30 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 com-pared to the previous year. the use of coal instead of natural gas has become more attractive in europe since summer 2011, driven by falling cO2 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 ener-gy 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.

— AsiA As economies grew in large parts of Asia, so too did energy demand. in china, electricity demand grew 6 % in 2012 compared to the previ-ous year. Meeting Asian energy demand depends on imports, and its lnG prices are the highest in the world. natural gas is mainly imported by ship for geographical reasons. for this reason, significant invest-ment in regasification terminals is currently being made in china, india, and southeast Asian countries.

— united stAtesnew shale gas and oil reserves are reducing the united states’ depend-ence on the Middle east. however, the negative environmental impact and high production costs mean that it is not likely to be viable to export shale gas in the medium- to long-term.

the additional supply of shale gas affected wholesale prices in the united states and is having two significant effects: first, natural gas is gaining competitive advantage against coal for electricity generation. this is leading to increased coal exports from the united states, pri-marily to europe, where it is causing coal prices to fall. second, low natural gas prices in the united states are revitalizing ethylene produc-tion. natural gas – which is used to manufacture fertilizer and plas-tics such as Pvc – is now so affordable in the united states that many renowned chemical companies have made significant investment in



030


ethylene production in the united states. for this reason, actors such as electricity generators and the chemical industry are against exporting low-cost natural gas from the united states.

eneRGy POlicy And ReGulAtORy enviROnMent

in the wake of the 2008/2009 financial crisis, governments around the world implemented stronger regulatory measures. banks and financial institutions are now subject to more stringent regulations for commodity trading; these have direct effect on the energy industry. trading over-the- counter (Otc) financial derivatives such as credit swaps and interest- rate swaps are to become safer and more transparent. in europe, the european Market infrastructure Regulation (eMiR) was passed with effect as of 1 january 2013 as a counterpart to the dodd-frank regulation that has been effective in the united states since july 2010. As was often common practice in Otc trading between finance market actors even before this regulation, trades will largely have to be processed via cen-tral counterparties (ccPs) in the future and reported to a central trans-action register. Otc derivative transactions that are not processed via a ccP will also be subject to increased security and risk management.

— euROPethe discourse surrounding energy policy focused on the German fed-eral government’s changes to its energy policy, which now requires a radical overhaul of systems that have been used and proven for sever-al decades. virtually no other topic has been the subject of such con-troversy 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 contrast-ing approach and describes the fundamental transformation of the european energy system with the goal of reducing greenhouse emis-sions 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 tech-nology-independent and calls for closer integration of the eu’s 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, and climb from 10 % of all final energy in 2010 to 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 comple-ment to renewable energy and acts to bridge the two systems by offer-ing 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 storing energy, 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 quick-ly 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.

Germany’s political landscape has supplied no clear position on the production of shale gas by means of hydraulic fracturing. while refer-ence is made to positive gas-price developments in the united states following the shale-gas boom, equal mention is given to the environmen-tal 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



031

2010

6,43

0,06

6kE

UR

ToTal asseTs

Key figures




032


2011 2012

7,644

,021

kEU

R

7,774

,734

kEU

R2012 GROuP AnnuAl RePORt

ToTal asseTs GAZPROM GeRMAniA GMbh

033



despite difficult market conditions, the GPG Group performed well in 2012 and recorded revenue of euR 12,487.8 million (previous year: euR 9,757.9 million). intermediary natural gas trading grew substan-tially and continued to provide stable earnings. lnG trading in the Asian region played a key role in 2012. Revenue from electricity and gas sales to end-consumers was euR 1,550.8 million, a 64.3 % increase on the previous year’s revenue (euR 944.1 million).

GPG recorded a profit for the year 2012 of euR 236.4 million, falling short of the euR 341.4 million profit recorded the previous year. the ebit of euR 270.1 million was also down on the previous year’s figure (euR 356.8 million). this development is largely attributable to the con-siderable fall in operating profit due to the lower result from changes in the fair value of operating activities.

nAtuRAl GAs tRAdinG

GPG trades natural gas in close cooperation with its parent company, Gazprom export, via its subsidiaries GAZPROM schweiz AG, Zurich, switzerland (GPch) for central Asia, the former soviet union countries, and south-eastern europe, and the Gazprom Marketing & trading ltd, london, united kingdom (GM&t) subgroup for the united kingdom, france, the netherlands, ireland, the united states, and the Pacific region. GPG also operates in the czech Republic and slovakia via veMex s. r. o., Prague, czech Republic (veMex) subgroup and in turkey via bosphorus Gaz corporation A. s., istanbul, turkey (bGc).

— euROPe And AsiAtrading in natural gas of non-Russian origin is generally conducted by GPch. As was the case the previous year, this natural gas was supplied primarily by uzbekistan, kazakhstan, turkmenistan, and Azerbaijan. in the 2012 financial year, the natural gas traded was primarily kazakh in ori-gin. After being transported from its countries of origin and then through Russia and belarus, this natural gas is usually sold to Gazprom export at the border to the destination country in question. uzbek natural gas was also supplied to southern regions of kazakhstan as part of a swap transaction, and deliveries were also made to serbia and Macedonia. in total, GPch recorded revenue of usd 9,864.1 million (previous year: usd 9,269.9 million) and a profit of usd 55.6 million (euR 43.3 million) compared to usd 48.2 million (euR 34.6 million) the previous year.

despite a difficult market environment and regulatory uncertainty, GM&t significantly increased its earnings in 2012. Revenue grew to GbP 3,015.0 million (previous year: GbP 2,213.1 million) and net income to euR 178.1 million (GbP 144.4 million), up from euR 96.2 million (GbP 83.5 million) the previous year.

the retail business operated in the united kingdom by Gazprom Marke ting & trading Retail ltd, Manchester, united kingdom (GM&t Retail ltd) – a business that has long suffered margin pres-sure – recorded increased revenue of GbP 1,429.1 million (previous year: GbP 953.3 million), but a lower profit of GbP 1.2 million or euR 1.5 million (previous year: GbP 6.6 million or euR 7.6 million).


business PeRfORMAnceAnd PROjects

034


EbitGAZPROM GERMANIA GMbH

2010 2011 2012

478,

691

356,

777

270,

121

Key figures

KEU

R

KEU

R

KEU

R

BUSINESS PERFORMANCE PROJECTS



035

Gazprom Marketing & trading Retail Germania Gmbh, walluf, Ger-many completed its first full financial year as a part of the GPG Group. it recorded revenue of euR 33.9 million and a loss for the year of euR 3.3 million.

Gazprom Marketing & trading switzerland AG, Zug, switzerland commenced its business activities in 2012. it recorded revenue of euR 253.5 million and a profit for the year of euR 3.2 million.

Gazprom Marketing & trading singapore Pte ltd, singapore (GM&t singapore Pte ltd) and Gazprom Global lnG ltd, london, united kingdom benefitted in 2012 from increasing lnG demand and sta-ble prices in the Asia-Pacific region. they expanded their strategic partnerships, particularly those on the very promising indian market. Meanwhile, Greece-based dynagas sent the first lnG shipment via the Arctic Ocean’s north-east passage. Additional profits were generat-ed by sub-chartering lnG ships and providing the associated logistics services. GM&t singapore Pte ltd recorded gross trading revenue of usd 2,211.7 million – a figure almost double that recorded the previous year – and net income of usd 195.2 million (euR 151.9 million) com-pared to usd 229.4 million (euR 164.8 million) the previous year.

in 2012, the GM&t subgroup significantly expanded its helium and crude oil products trading activities commenced in 2011 – in particular, liquefied petroleum gas (lPG) trading – and generated positive margins. these products have sound profit potential in the mid-term.

specific value adjustments were made to GPG’s financial assets due to veMex’s considerably lower margin expectations for gas sales on the czech market. the veMex subgroup increased revenue to cZk 9,924.6 million during the reporting period from cZk 5,188.1 mil-lion the previous year, but recorded a significantly greater net loss of cZk 277.4 million (euR 11.0 million) compared to the previous year’s net loss of cZk 19.7 million (euR 0.8 million).

— united stAtesGazprom Marketing & trading usA inc., delaware, united states (GM&t usA inc.) continued to face difficult gas market conditions in 2012, with oversupply, falling forward prices, and steeper shale-gas competition. it recorded revenue of usd 1,042.2 million dur-ing the reporting period – under half the level recorded the previous year – and a net loss of usd 11.0 million (euR 8.6 million); it had recorded net income of usd 1.1 million (euR 0.8 million) the previ-ous year, including a one-off loss compensation of usd 14.0 million (euR 10.1 million).

subsidiARies And investMents

— GeRMAnyGPG operates in both the western and the eastern european markets through the companies it owns jointly with wintershall holding AG, kassel, Germany, a subsidiary of bAsf se, ludwigshafen, Germany (bAsf); these companies are w & G beteiligungs-Gmbh & co. kG, kassel, Germany (w & G) (formerly winGAs Gmbh & co. kG) and wintershall erdgas handelshaus Gmbh & co. kG, kassel, Germany (wieh). the w & G and wieh subgroups contributed euR 181.6 million in equity-accounted income, an almost 50 % increase on the previous year’s figure of euR 122.1 million. the w & G subgroup was restruc-tured in 2012 in response to unbundling requirements under applicable German and european energy policy. the task of managing and financ-ing 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 responsi-ble for marketing storage capacity. natural gas transportation activities were transferred to GAscAde Gastransport Gmbh; nel Gastransport Gmbh; and OPAl Gastransport Gmbh, all of kassel, Germany.

the difficult 2011 financial year did not allow for vnG-verbundnetz Gas AG, leipzig, Germany (vnG) 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. Positive business pros-pects and lower interest rates in Germany allowed for the reversal of euR 13.5 million in impairment losses recognized in previous years through adjustments to the carrying amount.

— euROPeAn tRAdinGthe GPG Group is engaged in natural gas trading in Austria, italy, and serbia via its participation in Gwh Gashandel Gmbh, vienna, Austria (Gwh); PremiumGas s. p. A., bergamo, italy (PremiumGas); Promgas s. p. A., Milan, italy; and the Russian-serbian trading corporation a. d., novi sad, serbia (Rst). these subsidiaries each contributed to profit through dividend payments during the reporting period: Gwh paid a dividend of euR 1.1 million, PremiumGas euR 2.5 million, and Rst euR 6.3 million; this was the first time these investments paid divi-dends.

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 agree-ments with Gazprom export and GPch on the delivery of additional nat-



036


ural gas quantities from 2013 onwards. bGc imports around 3.3 Gm3 of natural gas a year, making it the largest privately-held importer of nat-ural gas in turkey and second only to state-owned bOtAs. in its efforts to diversify its business activities, bGc also received a license from reg-ulatory 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 now holds a 71 % share in bGc.

— nAtuRAl GAs stORAGe2012 saw GPG continue to invest in expanding its infrastructure and exploring potential natural gas storage sites in europe. the banatski dvor underground storage facility was constructed in 2012 in north-ern serbia to hedge south stream pipeline operations and has a work-ing gas volume of 450 Mm3. this project is operated by the Podzemno skladište gasa banatski dvor d. o. o., novi sad, serbia (bdd), a 51–49 % joint venture between GPG and the state-owned serbian company jP srbija gas, also of novi sad, serbia.

GPG is involved in the development of a cavern storage facility in northern Germany through its shareholding in etzel-kavernen betriebs-gesellschaft mbh & co. kG, hamburg, Germany, and bunde-etzel-Pipeline gesellschaft mbh & co. kG., also of 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 reused, thereby providing the flex-ibility 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 fol-lowing construction and facility testing.

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.

GPG is constructing a natural gas storage facility, katharina, in cooper-ation with vnG Gasspeicher Gmbh, leipzig, Germany. this cavern stor-age facility is being planned, developed,and operated by erdgasspeicher

Peissen Gmbh, halle, Germany, a joint venture. the storage facility cur-rently comprises two caverns, but will be expanded stage-by-stage and ultimately have a working gas volume of around 600 Mm3 by 2026.

with the exception of bdd, all natural gas storage investments are still in the project development or investment phases. bdd contribut-ed euR 0.5 million to profits from investments accounted for using the equity method.

— nAtuRAl GAs PROductiOnthe GPG Group’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 % sharehold-ing.

G. P. d. and its subsidiaries accounted for euR 71.5 million in loss-es from investments accounted for using the equity method (previous year: euR 0.7 million) following necessary impairment; this was despite G. P. d. receiving a dividend from an uzbek subsidiary.

business PeRfORMAnce And PROjects



037

GPG’s corporate policy focuses primarily on ensuring sustainable growth in the value of the GAZPROM Group. the value of GPG and its compa-nies 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 ebit, ROce, and gross margin (the difference between purchasing and sales prices less storage, transport, and other directly attributable costs).

incOMe

Revenue climbed euR 2,729.9 million or 28.0 % compared to the pre-vious year:


the total volume of natural gas and lnG sold was 148.3 Gm3 (previous year: 123.8 Gm3).

Operating profit fell to euR 141.0 million, down from euR 239.1 mil-lion the previous year. the gross margin increased euR 76.0 million

to euR 493.7 million; this comprised a euR 27.8 million increase in the gross margin from non-trading activities to euR 421.5 million and a euR 48.2 million increase in gross margin from trading activities to euR 72.2 million. the rise in trading volume again accompanied an almost 20 % rise in employee benefits expense to euR 156.9 million.

incOMe, net Assets, And finAncinG



2012MeuR

2011MeuR

Change%

natural gas 11,467.0 9,046.1 26.8

liquefied natural Gas (lnG) 270.7 369.2 – 26.7

liquefied Petroleum Gas (lPG) 4.0 3.3 21.2

Gas condensate 9.1 100.0

helium 23.7 100.0

Refined products 279.9 100.0

Power 256.3 149.1 71.9

emission allowances – 34.5 – 10.6 – 225.5

Other revenue 211.6 200.8 5.4

ToTal revenue 12,487.8 9,757.9 28.0

038


while the gross margin increased, the result from changes in the fair value of operating activities fell euR 88.8 million to euR 39.1 mil-lion; this reflects lower profit expectations for natural gas and lnG trading for the coming years. Other operating expense increased euR 40.0 million during the reporting period to euR 216.7 million; this was significantly influenced by the expansion of sponsorship activities.

the profit for the year of euR 236.4 million (previous year: euR 341.4 mil-lion) was significantly influenced by net income from investments of euR 125.6 million (previous year: euR 116.7 mil lion); this now accounts for over half of the profit for the year. Other income and expenses rec-ognized in equity increased total compre hensive income euR 123.1 mil-lion to euR 359.5 million (previous year: euR 309.2 million).

ROce (ebit divided by the average sum of equity and long-term loans measured at the beginning of the financial year and the end of the finan-cial year) fell to 7.6 % in the reporting period (previous year: 10.4 %). net Assets And finAncinG

the group’s total assets of euR 7,644.0 million remain at almost the same level as the previous year (euR 7,774.7 million).

current assets fell euR 96.0 million to euR 4,918.7 million, largely as a result of the euR 143.0 million decrease in cash and cash equivalents. non-current assets fell slightly by euR 34.7 million to euR 2,725.4 mil-lion and mainly comprised investments accounted for using the equity method (euR 1,260.0 million) and other financial assets (euR 1,258.3 mil-lion).

current liabilities fell euR 154.7 million to euR 3,717.0 million, a fall mainly attributable to the euR 242.8 million repayment of short-term financing liabilities; this was offset by a euR 82.8 million increase in short-term trade and other payables. long-term trade and other paya-bles fell euR 179.7 million, while equity increased euR 215.1 million to euR 3,625.0 million.

As of the balance sheet date, no borrowings had been conducted against the five-year syndicated credit facility of euR 500.0 million secured in March 2011. GM&t conducted euR 183.8 million in borrowings against its usd 600.0 million credit facility (previous year: usd 500.0 million credit facility). As of the reporting date, total short-term financing lia-bilities were euR 245.6 million (previous year: euR 488.4 million). the ratio of short- and long-term debt financing to total assets fell to 3.5 % from 6.6 % the previous year. concurrently, the group’s net financial

position – cash and cash equivalents plus interest-bearing securities minus financing obligations – fell significantly to euR 498.1 million from euR 800.5 million the previous year. it also has euR 91.1 million in other assets from financial trading available for quick conversion to cash.

interest income halved to euR 14.3 million as a result of falling inter-est rates. however, despite the lower interest income, income tax paid (euR 42.7 million) remained at the same level recorded the previous year (euR 43.4 million); this represents an increase in the effective tax rate to 16.0 % (previous year: 11.3 %).

cash and cash equivalents and income from securities sold were used to repay financial liabilities and pay a gross dividend of euR 144.2 mil-lion to the parent company (previous year: euR 75.0 million and a div-idend of euR 334.7 million arranged in 2010). with profit for the year slightly down to euR 236.4 million, lower total assets resulted in a high-er equity ratio of 47.4 % (previous year: 43.9 %). non-current assets continue to be fully covered by equity.

investMent Activities

the GPG Group’s capital expenditure on investments in the year under review was euR 194.9 million (previous year: euR 262.9 million).

this primarily comprised expenditure on participations and loans of euR 115.8 million (previous year: euR 165.5 million), including euR 38.2 million for the financing of erdgasspeicher Peissen Gmbh and euR 36.2 million for the financing of etzel kavernen betriebs gesell-schaft mbh & co. kG and bunde-etzel-Pipelinegesellschaft mbh &co. kG. intangible assets and property, plant, and equipment ( primarily it infra-structure and furniture and office equipment) expense was euR 40.2 mil-lion (previous year: euR 45.9 million).

euR 38.6 million was invested in non-current assets held for sale dur-ing the reporting period, including euR 32.6 million in non-current financial assets and euR 6.0 million in property, plant, and equipment for the wingate project. Outstanding receivables from the sale were euR 18.4 million.

the capital expenditure on investments was almost entirely financed from dividends received from associates.

incOMe, net Assets, And finAncinG



039

huMAn ResOuRces

in 2012, the GPG Group had an average of 1,186 employees (previ-ous year: 1,022), including 16 trainees (previous year: 13). the GPG Group’s employee benefits expense was euR 156.9 million (previous year: euR 131.7 million).

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 grad-uates and helping our company to establish ties with future top execu-tives before they have completed their education.

since 2009, GM&t Retail ltd has offered apprenticeships to young people in north-west england. it currently employs six apprentices. there are also eleven university students currently completing paid internships at GM&t Retail ltd as part of their degree programmes.

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 stand-ardized business-process management that is currently being intro-duced. it also realized a technical solution for process documentation

that interfaces with the company’s organizational structure documenta-tion and its organizational manual.

GPG launched a business intelligence project with the goal of signifi-cantly accelerating and improving the quality of planning and reporting processes. this project addresses specialist, technical, and organiza-tional 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. 2012 saw GM&t win second prize at the 8th Annual Real it Awards for its new lnG trading system. Meanwhile, its gas trading system, Openlink’s endur, was expanded in 2012 to enable daily reporting and inventory management.

sOciAl cOMMitMent

GPG has made a significant contribution towards 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.


nOn-finAnciAl PeRfORMAnce indicAtORs



040


ROCE*

GAZPROM GERMANIA GMBH

10.4 %2011

7.6 %2012

Key figures

*EBIT divided by the average sum of equity and long-term loans measured at the beginning of the financial year and the end of the financial year

NON-FINANCIAL PERFORMANCE INDICATORS



041


— 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 ver-dient 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 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 activ-ities. 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 cul-ture. it also devotes considerable time to promoting Russian art and culture in Germany; one such project from the past year was a con-cert 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 initia-tives and joint German-Russian projects aimed at furthering mutual understanding and encouraging German interest in Russia, its lan-guage, and its people, for example the “bundescup – spielend Rus-sisch 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 play-ers in GPG’s home city.

Financial assets*

Key figures


042


2010 2011 2012

2,39

4,07

0

2,59

8,02

4

kEU

R

kEU

R

*Associated companies and other financial assets

2,51

7,926

kEU

R

NON-FINANCIAL PERFORMANCE INDICATORS



043

OveRAll Risk AssessMent

GAZPROM and the GPG Group welcome the liberalization of the euro-pean energy market, which will lead to greater diversity of market sup-pliers. GPG Group companies’ activities are increasingly subject to market mechanisms that generate both risks and opportunities for suppliers and consumers alike.

the GM&t subgroup in particular is in a position to harness the oppor-tunities of energy trading and associated products on a liberalized mar-ket. At the same time, the development of regulatory requirements, the european union’s unbundling policies, and their potential ramifications are viewed with scepticism. investments in this area made by the GAZPROM Group and its partners are considered contributions to the sustainable improvement of supply security in europe that must still meet investors’ recognized long-term return expectations.

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 the GPG Group’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 depositing or investing its cash.

in summary, we are not aware of any risks that may threaten the exist-ence of the GPG Group in the foreseeable future.

Risk MAnAGeMent systeM

GPG’s Risk Management ensures that risk is identified, assessed, man-aged, and monitored from an early stage throughout the GPG Group. equity risk is managed with an economic-capital concept that assess-es and limits risk using value-at-Risk (vaR) methods. cash flow risk is also managed using a vaR-based method whereby risks are continu-ously measured against the group’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. the group’s aggregate risk is calculated monthly using vaR methods for a holding period of one year at a confidence level of 99.8 % and reported to the Risk Oversight committee (ROc).

the tasks of presenting GPG’s risk status to its parent company, obtaining risk approval for individual items of business or the involve-ment of new business partners, and approving modifications to risk policy and methods are handled by the ROc, which meets monthly. As of the reporting date, similar risk committees have been established at GM&t; veMex and its subsidiary veMex eneRGO s. r. o., bratislava, slovakia; PremiumGas; and bGc; GPG has voting representatives on each of these committees.


Risk RePORt



044


Major group companies are included in the group’s economic capi-tal where possible. in the calculation of group risk the risks of these group companies are included as individual items and risk correla-tions between group companies are thus taken into account. As of the balance sheet date, GM&t, w & G, wieh, veMex, each of their sub-sidiaries and investments, bGc, and PremiumGas were included in the group’s economic capital. in keeping with the GPch’s governance structure, GPch is included on a conservative basis only.

Other group companies’ risk is estimated on the basis of their current carrying amount, in the case of consolidated companies, their assets and the default probability identified in the internal credit rating procedure.

Group risk is managed using pre-tax figures; for purposes of clarity, no after-tax figures are presented here.

— MARket Riskthe primary market risk facing the group arises from changes in raw commodity prices and volumes and from exchange rate fluctuations affecting trading activities. the group also faces minor interest-rate risk.

currency risk arising from trading activities is managed primarily via the times of cash inflows and outflows in the various foreign currencies. the remaining risk is borne using hedging transactions where required.

with the exception of GM&t, the GPG Group does not generally hold unsecured trading positions. On conclusion of purchase and sales con-tracts, market price risk is minimized by coordinating pricing models.

GM&t is engaged in energy trading activity across a range of com-modities including natural gas, power, lnG, oil, biomass, and emis-sion allowances. cash flows and profitability are sensitive to commodity prices (and related price spreads), which are dependent on a number of factors including global supply and demand. GM&t’s portfolio and trading business optimizes the purchase contract portfolio by procur-ing gas, lnG, and power at optimal cost and making use of volume and location flexibility in order to realize a margin. GM&t is exposed to commodity price risk in the portfolio and trading business because the cost of portfolio gas and power varies with wholesale commodity prices.

supported by a representative of GPG, GM&t’s ROc meets month-ly and continually monitors risks arising from trading activities by

way of regular reports. every day, open separate positions are aggre-gated to create an overall risk position that counts towards a defined limit. As of the reporting date, GM&t’s portfolio showed a vaR limit of GbP 15.0 million (previous year: GbP 10.0 million) calculated for a hold-ing period of one day at a confidence level of 97.5 %. this vaR includes commodity price and foreign exchange risks and was within the market risk limit. the GM&t Group uses a 97.5 % confidence interval and an exponential weighted moving average (ewMA) parametric-vaR model based on historic volatilities, except for its proprietary options portfolio where market implied volatilities are used.

the ewMA approach places a higher weight on the more recent market observations, making it more sensitive to changes in market conditions than the historical approach. holding periods are specific to the types of positions being measured and are determined based on the size of the position or portfolios, market liquidity, tenor and other factors. under this approach the following assumptions are made: (i) all price expo-sures are linear, that is, P&l is a linear function of the underlying price, with the exception of the proprietary options portfolio, which is treated separately, and (ii) correlated price returns follow a multivariate normal distribution.

GM&t’s market risk is considered in the group’s economic capital by scaling the group’s market-risk limit to a one-year holding period and a group-wide confidence level using the square-root-of-time rule and assuming normal distribution of profit and loss across the port-folio. the fact that GM&t’s risk is calculated in GbP creates additional currency risk for the group. As of the reporting date, GM&t’s market risk accounted for euR 460.4 million of the group’s economic capital (previous year: euR 296.0 million); this increase is attributable to the increased market risk limit.

to determine market risk for GPG, bGc and veMex, a Monte carlo simulation is used whereby the distribution of profit and loss is estimat-ed statistically over a one-year holding period. this simulation involves modelling risk factor changes and their correlations. the vaR is calcu-lated using a statistical ranking and represents the 99.8 % quantile.

As of the reporting date, the group’s overall market risk (taking account of all group companies included in the economic capital) was valued at euR 1,043.5 million (previous year: euR 533.6 million). this increase is primarily attributable to GM&t’s increased market risk limit and the group’s increased price risk.

Risk RePORt



045


8,660,325KEUR

Revenue

Key figures



2010

046


9,757,851KEUR

12,487,789

Revenue


2011

KEUR

2011

047


the market risk for w & G, GPch and PremiumGas is calculated by their respective risk management departments using methods approved by GPG’s Risk Management section and reported to GPG each month.

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 con-tracts, options, and swaps.

As of the balance sheet date, the GPG Group’s significant foreign cur-rency derivative positions were mainly held by GM&t. GM&t’s risk from derivative financial instruments (including foreign currency de -rivatives) counts towards its market risk limit and is therefore part of the group risk limit.

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 finan-cial instruments and fluctuations in interest payments in the case of floating-rate financial instruments.

floating-rate loans granted to or by the GPG Group are based on euRibOR and libOR. this risk is assessed using the value-at-Risk approach described above. interest-rate risk was euR 0.2 million as of the balance sheet date (previous year: euR 0.6 million).

— defAult Risk default risk arises from the group’s sales activities and investment holdings. 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 exten-sions 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 major-ity of financial transactions and GM&t’s energy trading activities are conducted with creditworthy counterparties.

the group’s default risk is assessed using a credit risk model developed by Risk Management that takes account of default correlations and the probability that the counterparty or group company will default.

the credit risk of group companies not included in the group economic capital is modelled based on their current carrying amount. by contrast,

counterparties’ default risks are factored in directly when modelling the credit risk of group companies that are included in the group economic capital. Any risk arising from group companies’ positions is aggregated and correlations between counterparties 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 increas-es 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 RiskOperational risk is the risk of loss as a result of inadequate or flawed internal processes, human error, system failure, and external events.

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 Risktechnical 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 Riskliquidity 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. it is calculated each month using a vaR approach and reported to the ROc. Risk items are compared to available liquidity taking into account any credit facilities available and managed based on this comparison.

contractual clauses concerning the obligation to comply with the spe-cific financial figures (covenants) are continuously monitored using both the vaR approach and scenario analyses.

— cAPitAl stRuctuRe MAnAGeMentcapital structure management aims to ensure that GPG and its subsi-diaries 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 month-ly risk reports.



048


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 report-ing periods.

RisikObeRicht


049



GPG is operating in a market environment that is undergoing swift, last-ing, and fundamental change. GPG’s stated goal is to assist the GAZPROM Group’s entry into the retail 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 GAZPROM previously operated in joint venture with bAsf – to GAZPROM may make a significant contribution to this. On 14 november 2012, GAZPROM and bAsf signed a basic agreement to swap assets under which GPG is to receive the option to increase its shareholding in the w & G sub-group’s trading and storage companies and wieh to 100 %. it is planned that the final agreement will be concluded with retroactive effect to 1 April 2013, subject to merger approval.

GAZPROM’s decision of january 2013 to restructure the GAZPROM Group’s foreign activities will lead to changes to the GPG Group’s subsidiary struc-ture in the coming years. it is foreseen that GPG’s foreign subsidiaries and participations will be centralized at Gazprom export and its German partici-pations centralized at GPG. it is not yet possible to fully anticipate the finan-cial consequences of this restructuring for 2013. nevertheless, GPG fore-casts a net profit of euR 390 million for the 2013 financial year. it is not yet possible to forecast profits for 2014.

fORecAst



050



cOnsOlidAted stAteMent Of cOMPRehensive incOMe



03


051

— cOnsOlidAted stAteMent Of cOMPRehensive incOMe



keur noTes 2012 2011

Revenue (1) 12,487,789 9,757,851

Other operating income (2) 9,879 18,736

cost of materials (3) – 11,994,045 – 9,340,801

employee benefits expense (4) – 156,911 – 131,651

depreciation and amortization; impairment of intangible assets and property, plant, and equipment (5) – 27,377 – 15,719

Other tax expense – 800 – 579

Other operating expense (6) – 216,707 – 176,685

Result from changes in fair value of operating activities (7) 39,145 127,903

operating profit 140,973 239,055

interest income (8) 35,620 46,354

interest expense (9) – 21,343 – 18,350

Result from investments accounted for using the equity method (10) 119,731 112,329

Other result from investments (11) 5,894 4,444

Other financial income (12) 10,200 13,045

Other financial expense (13) – 25,179 – 12,885

Result from changes in fair value of financing activities (14) 1,142 789

Profit before tax 267,038 384,781

income tax (15) – 42,744 – 43,362

result from continued operations 224,294 341,419

result from discontinued operations (20) 12,121

ProfiT for The year 236,415 341,419

change in fair value of available-for-sale financial assets 26,244 – 796

cash flow hedges 17,772 – 92,043

share in comprehensive income of companies accounted for using the equity method 89,094 – 9,691

exchange differences from the financial statements of foreign group companies – 1,279 44,369

deferred tax (27) – 8,749 25,968

Total other comprehensive income (16) 123,082 – 32,193

ToTal ComPrehensive inCome 359,497 309,226

Group profit for the year 244,859 343,077

loss for the year attributable to non-controlling interest (17) – 8,444 – 1,658

ToTal ProfiT for The year 236,415 341,419

total group comprehensive income 367,429 310,647

total comprehensive income attributable to non-controlling interest (17) – 7,932 – 1,421


052



04

cOnsOlidAted bAlAnce sheet




053


— cOnsOlidAted bAlAnce sheet


keur noTes 31.12.2012 31.12.2011

cash and cash equivalents (18) 769,222 912,278

trade and other receivables (19) 3,783,853 3,774,191

Receivables from income tax 9,732 11,144

non-current assets held for sale (20) 46,686 59,153

inventories (21) 309,162 257,932

Total current assets 4,918,655 5,014,698

intangible assets (22) 53,930 61,019

Property, plant, and equipment (23) 130,768 74,626

investment property (24) 2,734

investments accounted for using the equity method (25) 1,259,598 1,195,255

Other financial assets (26) 1,258,328 1,402,769

deferred tax assets (27) 22,742 23,633

Total non-current assets 2,725,366 2,760,036

ToTal asseTs 7,644,021 7,774,734

short-term provisions (28) 4,817

short-term and current portion of long-term financing liabilities (29) 245,591 488,371

short-term trade and other payables (30) 3,437,406 3,354,582

liabilities from income tax 29,154 28,762

Total current liabilities 3,716,968 3,871,715

deferred tax liabilities (27) 39,824 58,287

long-term provisions (28) 23,821 16,632

long-term financing liabilities (29) 25,559 25,615

long-term trade and other payables (30) 212,822 392,533

Total non-current liabilities 302,026 493,067

subscribed capital (31) 225,595 225,595

Reserves 1,067,829 945,000

retained earnings 2,327,902 2,226,214

equity attributable to equity holders of the parent 3,621,326 3,396,809

non-controlling interest (32) 3,701 13,143

Total equity 3,625,027 3,409,952

ToTal equiTy and liabiliTies 7,644,021 7,774,734

054



stAteMent Of chAnGes in GROuP eQuity



05


055


— stAteMent Of chAnGes in GROuP eQuity


reserve for Changes in

keur subsCribed CaPiTal CaPiTal reserve

fair value of available-for-sale

finanCial asseTs Cash flow hedges

1 Jan 2011 225,595 799,872 134,118 25,241

capital paid in

changes to the scope of consolidation

dividends paid

total comprehensive income – 784 – 68,477

31 deC 2011 225,595 799,872 133,334 – 43,236

changes to the scope of consolidation

dividends paid

total comprehensive income 25,848 12,096

31 deC 2012 225,595 799,872 159,182 – 31,140

056




share in ComPre-hensive inCome of

ComPanies aCCounTed for using The equiTy

meThod

exChange differenCes from The finanCial sTaTemenTs of for-

eign grouP ComPanies reTained earnings

equiTy aTTribuTable To equiTy holders of

The ParenTnon-ConTrolling

inTeresT ToTal

– 2,966 21,165 1,956,824 3,159,849 10,700 3,170,549

2,583 2,583

1,313 1,313 1,281 2,594

– 75,000 – 75,000 – 75,000

– 7,301 44,132 343,077 310,647 – 1,421 309,226

– 10,267 65,297 2,226,214 3,396,809 13,143 3,409,952

259 1,055 1,314 – 1,510 – 196

– 144,226 – 144,226 – 144,226

86,033 – 1,407 244,859 367,429 – 7,932 359,497

75,766 64,149 2,327,902 3,621,326 3,701 3,625,027


057


06

cOnsOlidAted cAsh flOw stAteMent



058


— cOnsOlidAted cAsh flOw stAteMent




cash receipts from:

sale of goods, products, works, and services 44,830,393 31,108,303

usage fees and other revenues 8,710 487

Repayment of loans granted and sale of securities 427,482 650,930

cash paid for:

Purchased goods, works, and services – 44,730,377 – 30,991,440

wages and salaries – 168,677 – 115,512

interest and finance cost – 33,333 – 30,960

loans granted and purchase of securities – 99,960 – 747,745

income tax paid or received – 78,440 – 65,227

Other taxes paid or received 6,515 31,752

Cash flow from operating activities 162,313 – 159,412

cash receipts from:

interest 24,755 27,111

dividends 186,323 245,745

Assets held for sale 25,531

disposals of

intangible assets 150 52

Property, plant, and equipment 387 312

investment property 141

Group companies 7,653 440

Other financial assets 24,688 11

cash paid for:

Assets held for sale – 38,592 – 43,433

investments in

intangible assets – 22,799 – 23,327

Property, plant, and equipment – 17,359 – 22,580

investment property – 10

Group companies less acquired cash and cash equivalents – 4,638

shares – 42,529 – 88,957

loans granted – 73,227 – 76,545

finance lease as lessor – 103 – 532

Other financial assets – 339 – 2,842

Cash flow from investing activities 49,008 36,479


059

— cOnsOlidAted cAsh flOw stAteMent




cash receipts from:

capital paid in from non-controlling interest 2,583

Proceeds from financing liabilities 861,887 272,567

cash paid for:

dividends (33) – 137,016 – 389,236

Repayment of financing liabilities – 1,106,007 – 114,410

Cash flow from financing activities – 381,136 – 228,496

Total cash flows from continued operations – 169,815 – 351,429

Cash flow from discontinued operations (20) 24,538

effect of exchange differences in cash and cash equivalents 2,221 5,400

ToTal Changes in Cash and Cash equivalenTs – 143,056 – 346,029

Cash and cash equivalents on 1 Jan 912,278 1,258,307

Cash and cash equivalents on 31 dec 769,222 912,278

060



nOtes tO the cOnsOlidAted finAnciAl stAteMents



07


061

— nOtes tO the cOnsOlidAted finAnciAl stAteMents

GPG has its registered office at Markgrafenstrasse 23, 10117 berlin, Germany and is registered in the commercial Register of berlin-charlottenburg under hRb no. 36569.

the company’s principal activity is the acquisition, management, and sale of shareholdings in companies, in particular in those dealing with the import, export, and sale of gas and with the planning, construction, and utilization of gas facilities.

GPG safeguards the key economic interests of GAZPROM, particularly in the european, Asian, and north American gas markets through its subsidiaries and investments.

GPG is a subsidiary of Gazprom export, which is a subsidiary of GAZPROM. GAZPROM prepares the consolidated financial statements for the maximum scope of consolidation, in which GPG is included. 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 no. 022.726.

beRlinfeRnsehtuRM

GeRMAny

GeneRAl nOtes


062


GeneRAl nOtes



063

— nOtes tO the cOnsOlidAted cAsh flOw stAteMent

GPG’s consolidated financial statements are prepared pursuant to section 315 a (3) in conjunction with (1) hGb (German commercial code) in accordance with the international financial Reporting standards (ifRs) as adopted by the european union. the company chooses not to pre-pare consolidated financial statements in compliance with the German commercial code (hGb), as allowed by section 315 a (3) of the German commercial code.

The following standards, interpretations, and amendments of existing standards were applied in financial year 2012 for the first time after their endorsement by the european union:

— the amendments to ias 1 (Presentation of financial statements): Presentation of items of Other comprehensive income. items that will never be recognized in profit or loss should be presented sep-arately from those that are subject to subsequent reclassification (recycling) in other comprehensive income.

the eu endorsed the amendments in june 2012. they are effec-tive for annual periods beginning on or after 1 july 2012. GPG opted for earlier application of these amendments starting with the financial year 2012. the amendments will have minor impact on the consolidated financial statements after amendments to iAs 19 (employee benefits) become effective as of 1 january 2013 due to the binding recognition of actuarial profits and losses within other comprehensive income and not within profit and loss.

— the amendments to ifrs 1 (first-time Adoption of ifRs) severe hyperinflation and Removal of fixed dates for first-time Adopters. the following two amendments were introduced:

severe hyperinflation: the amendments concern entities, which resume presenting financial statements in accordance with ifRss after a period of severe hyperinflation. these amendments allow an entity to measure assets and liabilities at fair value in the open-ing ifRs statement of financial position being prepared on or after the severe hyperinflation is not existent anymore (currency nor-malisation date). fair value can be used as the deemed cost of those assets and liabilities.

Removal of fixed dates for first-time adopters: the fixed transi-tion date “1 january 2004” is replaced with “the date of transi-tion to ifRss” so that first-time adopters can apply derecognition requirements in iAs 39 (financial instruments: Recognition and Measurement) prospectively for transaction on or after the date of transition to ifRs.

the amendments were endorsed by the eu in december 2012 and are effective for annual periods starting on or after 1 january 2013, with earlier application permitted.

these amendments have no impact on the consolidated financial statements.

AccOuntinG PRinciPles



064


— the amendments to ifrs 7 (financial instruments: disclosures) aim at a better transparency when disclosing transfer of financial assets and a better understanding of corresponding risks includ-ing possible effects these risks may have on the financial position of the entity.

A financial asset is deemed as transferred, if the contractual rights to receive the cash flows of that financial asset are transferred to another party. Alternatively, the transfer takes place when an enti-ty retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to a third party (transmission contracts). the changes to ifRs 7 amend disclosure requirements in respect of transferred assets that are not derecognized in their entirety. in contrast, new disclosure requirements for transferred assets that are derecog-nized in their entirety were introduced that are only applicable when the entity shows continuing involvement in the derecognized asset. According to the modified ifRs 7, an entity has continu-ing involvement if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. these rights or obli-gations shall not necessarily be recognized in the balance sheet. neither do they have to be financial instruments.

the new rules were endorsed by the eu on 23 november 2011 and are effective for reporting periods beginning on or after 1 july 2011. no comparatives are required in the first-time reporting year. GPG applies these amendments in 2012 for the first time. they will not impact on the consolidated financial statements.

The following standards, interpretations, and improvements were not yet mandatory for the 2012 financial year and will only become man-datory, where appropriate, in future financial years:

— the amendments to ias 12 (income taxes): deferred tax – Re cov-ery of underlying Assets. this amendment introduces an exemp-tion to the principle stated in iAs 12.51 in respect to investment properties measured using the fair value model. According to this principle, the measurement of deferred tax liabilities and deferred tax assets should reflect the tax consequences that would follow from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities (expected manner of recovery). According to the amendments, the measurement

of deferred tax liabilities and deferred tax assets should reflect a presumption that the carrying amount of the underlying asset will be recovered entirely by sales. the presumption is rebutted only when an entity has clear evidence that it will consume the asset’s economic benefits throughout its economic life. As a consequence of these amendments, sic 21 – income taxes – Recovery of Re-valued non-depreciable Assets is no longer applicable for investment properties measured using the fair value model. the remaining guidelines were incorporated into iAs 12 and conse-quently sic 21 was withdrawn.

the amendments were endorsed by the eu in december 2012 and are effective for annual periods beginning on or after 1 january 2013.

these amendments will have no material impact on the presenta-tion of deferred taxes in the consolidated financial statements.

— ias 19 (employee benefits). the removal of the “corridor approach” and calculation of net interest cost result in a major impact on the recognition and measurement of defined benefit plans and termi-nation benefits. disclosure requirements in relation to employee benefits also increase.

iAs 19 was endorsed by the eu in 2012 and is effective for report-ing periods beginning on or after 1 january 2013.

these amendments will have minor impact on the consolidated financial statements, due to the binding recognition of actuarial profits or losses within other comprehensive income and not with-in profit and loss.

— Amendments to ias 32 (financial instruments: Presentation) and ifrs 7 (financial instruments: disclosures) regarding offsetting financial assets and financial liabilities. the offsetting requirements in iAs 32 were not principally changed but their application clari-fied (Application Guidance). the amendments were endorsed by the eu in december 2012 and are effective retrospectively for annual periods beginning on or after 1 january 2014.

ifRs 7 introduces new disclosure requirements in respect of cer-tain offsetting agreements. the offsetting agreement has to be disclosed regardless of whether the offsetting agreement actually resulted in offsetting the financial assets and financial liabilities.



065


the amendments were endorsed by the eu in december 2012 and are effective for annual periods beginning on or after 1 january 2013.

the new requirements are not expected to have significant impact on the consolidated financial statements.

— Amendments to ifrs 1 (first-time Adoption of ifRs), Government loans. the standard was amended to provide the same relief in respect of recognition of government loans to first-time adop-ters as was granted to current ifRs users. ifRs was amended to correspond to the requirements of iAs 20 (as revised in 2008). iAs 20 requires an entity to account for a government loan at a below-market rate of interest at fair value.

ifRs 1 introduces a new exemption to the existing requirements for first-time adopters to apply ifRs retrospectively. According to this exemption, first-time adopters shall apply the provisions of ifRs 9 (financial instruments) and iAs 20 (Accounting for Government Grants and disclosure of Government Assistance) prospectively to government grants received before the date of transition to ifRs.

the amendments are effective for annual periods beginning on or after 1 january 2013. the eu endorsement is presently expected in the first quarter of 2013.

the amendments are not expected to impact on the consolidated financial statements.

— the ifrs 9 standard (financial instruments: Recognition and Measurement) contains new provisions concerning the recognition and measurement of financial assets and liabilities. On 28 October 2010, iAsb published the revised ifRs 9, which contains new pro-visions on recognition of financial liabilities and takes over provi-sions of iAs 39 on derecognition of financial assets and liabilities. these become effective on 1 january 2015, with earlier adoption permitted.

thereafter, all recognized financial assets that currently fall within the scope of iAs 39 would be measured at either amortized cost or fair value. debt instruments (e. g. loans receivable) that:

(1) are held within a business model whose objective it is to col-lect the contractual cash flows, and

(2) contain contractual cash flows used solely for payments towards principal and interest on principal

are generally measured at amortized cost. All other instruments are generally measured at fair value through profit or loss.

the eu endorsement process has been postponed until there is clarity regarding these additional requirements. this is not expect-ed to have significant impact on the consolidated financial state-ments.

— ifrs 10 (consolidated financial statements) resulted from the

consolidation project of iAsb. it replaces iAs 27 consolidated and separate financial statements and the interpretation sic-12 consolidation – special Purpose entities. the provisions with respect to separate financial statements remained unchanged in iAs 27, which was retitled separate financial statements.

ifRs 10 introduces a consistent consolidation model for all com-panies building on the concept of control of the parent company over subsidiaries. this concept shall be applied both on relation-ships between a parent and a subsidiary based on the voting rights as well as on relationships between a parent and a subsidi-ary based on other contractual agreements. special purpose enti-ties, which are presently consolidated according to the risk and reward concept of sic-12, shall therefore be considered in the same manner.

After the amendments were endorsed by the eu in december 2012, the provisions of ifRs 10 and the revised iAs 27 become effective for reporting periods starting on or after 1 january 2014, with earlier application permitted.

this amendment is not expected to have any impact on the con-solidated financial statements.

— ifrs 11 (joint arrangements) supersedes iAs 31 (interests in joint ventures). this standard classifies joint arrangements either as joint operations or joint ventures.

joint arrangements in the form of joint operations result in joint operators accounting directly for rights to the assets and obliga-tions for the liabilities relating to the arrangements. A joint opera-tor accounts for his part in the joint arrangement on the basis of his share in the joint operations (the rights and obligations relating



066


to the arrangement) and not on the basis of his participation in the joint arrangement. A joint operator therefore discloses the follow-ing items in the consolidated financial statements:

– Assets and liabilities including the operator’s own share in the jointly controlled assets and liabilities

– Revenues and expenses including the operator’s own share arising from the arrangement.

Partners to a joint venture have rights to the net assets or the result of the arrangement. A joint venturer has no rights to sep-arate assets or liabilities of the joint venture. joint ventures are consolidated using the equity method of consolidation according to iAs 28 (investments in Associates and joint ventures) and no longer in accordance with the proportionate method.

the eu endorsed ifRs 11 and amended iAs 28 in december 2012. they are effective for annual periods starting on or after 1 january 2014, with earlier application permitted.

this amendment is not expected to have any impact on the con-solidated financial statements.

— ifrs 12 (disclosure of interests in Other entities) combines the disclosure requirements for subsidiaries, joint arrangements, asso-ciates and unconsolidated structured entities.

the eu indorsed ifRs 12 in december 2012. it is effective for annual periods beginning on or after 1 january 2014, with earlier application permitted.

these amendments will not impact on the consolidated financial statements.

— ifrs 13 (fair value Measurement). this standard sets out a frame-work for measuring fair value. it defines, inter alia, the term fair val-ue and addresses methods for determining fair value. furthermore, ifRs 13 introduces additional disclosure requirements with respect to fair value measurements.

the eu endorsed ifRs 13 in december 2012. it is effective for annual periods beginning on or after 1 january 2013, with earlier application permitted.

this amendment is not expected to have significant impact on the consolidated financial statements.

— ifriC 20 (stripping costs in the Production Phase of a surface Mine) clarifies when production stripping should lead to the rec-ognition of an asset and how that asset should be measured, both initially and in subsequent periods.

the eu endorsed ifRic 20 in december 2012. it is effective for annual periods beginning on or after 1 january 2013 with earlier application permitted.

this interpretation is not relevant for the consolidated financial statements.

improvements to ifrs 2009–2011 applicable for reporting periods be ginning on or after 1 january 2013, with earlier application permit-ted:

— the amendments to ias 1 (“Presentation of financial statements”) clarify the requirements for comparative information. Additional comparative information is not necessary for periods beyond the minimum comparative financial statement requirements of iAs 1. if additional comparative information is provided voluntarily, it should be presented in the related notes to the financial state-ments. Presenting additional comparative information voluntarily does not require a complete set of financial statements.

An entity that changes accounting policies retrospectively, or makes a retrospective restatement or reclassification, which has a material effect on the information in the statement of financial position at the beginning of the preceding period, whould present the statement if financial position at the end of the current period and the beginning and end of the preceding period. however, relat-ed notes are note required to accompany the opering statement of financial position as at the beginning of the preceding period.

— ifrs 1 (first-time Adoption of ifRs) simplifies the repeated appli-cation of ifRs for entities that ceased applying ifRs in the past. such entities can elect to apply ifRs 1 or to apply ifRss retro-spectively as if there had been to interruption. however, the entity should disclose the reason it has stopped applying ifRss, the rea-son it is resuming the application of ifRss and the reason it has elected no to apply ifRs 1.



067


ifRs 1 also clarifies that borrowing costs capitalized under previ-ous GAAP before the date of transition to ifRss may be carried forward without adjusting the amount previously capitalized at the transition date. borrowing costs incurred on or after the date of transition to ifRss that relate to qualifying assets under construc-tion at the date of transition should be accounted for in accord-ance with iAs 23 (borrowing costs). A first-time adopter can choose to apply iAs 23 at a date earlier than the transition date.

the amendments to ifRs 1 are not relevant for the consolidated financial statements.

— According to the amendment of ias 16 (Property, Plant, and equip-ment), spare parts, stand-by equipment and servicing equipment that are used over more than one period should be classified as property, plant, and equipment and as inventory otherwise. the amendment will not impact on the consolidated financial state-ments.

— the amendment to ias 32 (financial instruments: Presentation) clarifies that income tax relating to distributions to equity holders and transaction cost of equity transactions should be accounted for under iAs 12 (“income taxes”). it implies that income tax arising from dividend payments should be included in the income statement, whereas income tax relating to transaction cost of an equity transaction should be booked directly in equity. the amend-ment will not impact on the consolidated financial statements.

the amendments to ias 34 (interim financial Reporting) aim to improve consistency with ifRs 8 (Operating segments), where-upon total assets and liabilities for a particular segment need only be disclosed when the amounts are regularly provided to the chief operating decision maker and there has been a material change in the total amounts disclosed in the last annual financial statements for that reportable segment. the amendments are not relevant for the consolidated financial statements.

the eu endorsement of the improvements to ifRss 2009–2011 is expected in the first quarter 2013.

the consolidated financial statements are drawn up in euR. unless oth-erwise indicated, the amounts are shown in thousands of euros (keuR).

the financial year of all companies included in the consolidated financial statements is the calendar year.

balance sheet items are classified as either current or non-current.

the profits and losses in the statement of comprehensive income are drawn up in accordance with the nature of expense method. the com-prehensive income also contains income and expenses recognized directly in equity.



068



49.32010

%

43.92011

%

Key figures

*Average of equity measured at the beginning of the financial year and the end of the financial year

Equity ratio*

47.42012

%


ACCOUNTING PRINCIPLES GAZPROM GeRMAniA GMbh

069


scOPe Of cOnsOlidAtiOn

GM&t already purchased 100 % of the share capital in envacom service Gmbh, walluf, Germany last year. the company was renamed into Gazprom Marketing & trading Retail Germania Gmbh by entry into the commercial Register on 1 december 2011. the acquirer obtained

new information about liabilities of the company that existed as of the acquisition date according to ifRs 3.45. therefore, the purchase price of 1 euR allocated last year was corrected within one year of the acqui-sition date:

the scope of consolidation has developed as follows:



domesTiC foreign ToTal

Parent company 1 1

controlled companies 5 21 26

investments accounted for using the equity method 7 8 15

31 deC 2011 13 29 42


disposals 2012 1 2 3

Parent company 1 1


investments accounted for using the equity method 7 8 15

31 deC 2012 12 27 39

070


the disposals in this financial year were as follows:

ZMb mobil Gmbh, Möthlow, Germany was merged with GPG by entry into the commercial Register on 30 August 2012.

the liquidation of ceA centrex energy & Gas Gmbh, vienna, Austria was commenced by the shareholder resolution of 5 september 2012. the losses from the deconsolidation amount to keuR 4.

in accordance with the agreement dated 10 October 2012, GM&t sold its wholly owned subsidiary Gazprom Global energy solutions ltd, Manchester, united kingdom to energy Assets ltd, Manchester, united kingdom. the sales proceeds amount to kGbP 5,960.

the consolidated financial statements incorporate all companies in which GPG has the power to determine financial and operating policies by virtue of its voting majority in their governing bodies and thus derive benefits from their activities.



keur

Carrying amounT

10 nov 2011fair value

10 nov 2011

revised fair value

10 nov 2011

cash and cash equivalents 1,182 1,182 1,182

trade receivables and other assets 4,090 4,090 3,680

Total current assets 5,272 5,272 4,862

Goodwill 6,534 15,061

intangible assets 34 6,205 2,330

Property, plant, and equipment 281 281 281

Total non-current assets 315 13,020 17,671

trade and other payables 16,656 16,656 22,099

deferred tax liabilities 1,635 434

Total liabilities 16,656 18,291 22,533

neT asseTs = PurChase PriCe Paid + 0 + 0

ConTrolled ComPanies daTe of deConsolidaTion noTes

ZMb mobil Gmbh, Möthlow, Germany 30 Aug 2012 Merger with GPG

ceA centrex energy & Gas Gmbh, vienna, Austria 5 sep 2012 liquidation

Gazprom Global energy solutions ltd, Manchester, united kingdom 11 Oct 2012 sale

071


shares in companies over which the group has significant influence on financial and business policies or which are jointly controlled are accounted for using the equity method.

these include the following subsidiaries:



ComPany, regisTered offiCe share 31 deC 2012 (%) via share 31 deC 2011 (%) via

01 GAZPROM schweiz AG, Zurich (switzerland) 100.00 GPG 100.00 GPG

02 iMuk AG, chur (switzerland) 100.00 01 100.00 01

03 Gazprom Marketing & trading ltd, london (united kingdom) 100.00 GPG 100.00 GPG

04 Gazprom Marketing & trading Retail ltd, Manchester (united kingdom) 100.00 03 100.00 03

05 Gazprom Marketing & trading Retail Germania Gmbh, walluf (Germany) 100.00 03 100.00 03

06 Gazprom Marketing & trading Germania Gmbh, berlin (Germany) 100.00 03 100.00 03

07 Gazprom Marketing & trading france sAs, nanterre (france) 100.00 03 100.00 03

08 Gazprom Marketing & trading switzerland AG, Zug (switzerland) 100.00 03 100.00 03

09 Gazprom Marketing & trading singapore Pte ltd, singapore (singapore) 100.00 03 100.00 03

10 Gazprom Marketing & trading usA inc., delaware (usA) 100.00 03 100.00 03

11 Gazprom Global lnG ltd, london (united kingdom) 100.00 03 100.00 03

12 Gazprom Mex (uk) 1 ltd, london (united kingdom) 100.00 03 100.00 03

13 Gazprom Mex (uk) 2 ltd, london (united kingdom) 100.00 12 100.00 12

14 Gazprom Marketing & trading México s. de R. l. de c. v., tijuana (Mexico) 100.00 12/13 100.00 12/13

15 veMex s. r. o., Prague (czech Republic) 50.14 GPG 50.14 GPG

16 veMex eneRGO s. r. o., bratislava (slovakia) 50.14 15 50.14 15

17 veMex energie a. s., Prague (czech Republic) 25.57 15 25.57 15

18 RsP energy sk a. s., bratislava (slovakia) 25.57 17 25.57 17

19 ZMb Gaz depo A. s., istanbul (turkey) 100.00 GPG 100.00 GPG

20 ZMb Gasspeicher holding Gmbh, vienna (Austria) 66.67 GPG 66.67 GPG

21 ZGG – Zarubezhgazneftechim trading Gmbh, vienna (Austria) 100.00 GPG 100.00 GPG

22 erste Gazprom Projektgesellschaft mbh, berlin (Germany) 100.00 GPG 100.00 GPG

23 Zweite Gazprom Projektgesellschaft mbh, berlin (Germany) 100.00 GPG 100.00 GPG

… ZMb mobil Gmbh, Möthlow (Germany) 100.00 GPG

… ceA centrex energy & Gas Gmbh, vienna (Austria) 50.14 GPG

… Gazprom Global energy solutions ltd, Manchester (united kingdom) 100.00 03

072


these companies comprise the following joint ventures and associated companies:

despite its 71 % capital participation in bGc, GPG does not have a con-trolling influence on the company, as this would require not less than 80 % voting majority under company’s Articles of Association.

the following companies are included into the consolidated financial statements in accordance with ifRs 5 as they are due to be sold or closed.

in accordance with the agreement dated 12 April 2012, GPG has dis-posed of the following shares in south stream transport AG, Zug, switzerland: 15 % of the shares to edf international sAs, Paris, france at a purchase price of kchf 5,134; 20 % of the shares to eni international

bv, Amsterdam, netherlands at a purchase price of kchf 6,845 and 15 % of the shares to wintershall Oil AG, Zug, switzerland at a pur-chase price of kchf 5,134.




jOint ventuRes

24 wieh verwaltungs-Gmbh, kassel (Germany) 50.00 GPG 50.00 GPG

25 wintershall erdgas handelshaus Gmbh & co. kG, berlin (Germany) 1 50.00 GPG 50.00 GPG

26 Gas Project development central Asia AG, baar (switzerland) 1 50.00 GPG 50.00 GPG

27 erdgasspeicher Peissen Gmbh, halle/s. (Germany) 50.00 GPG 50.00 GPG

28 Podzemno skladište gasa banatski dvor d. o. o., novi sad (serbia) 51.00 GPG 51.00 GPG

29 PremiumGas s. p. A., bergamo (italy) 50.00 GPG 50.00 GPG

30 Promgas s. p. A., Milan (italy) 50.00 01 50.00 01

AssOciAted cOMPAnies

31 bosphorus Gaz corporation A. s., istanbul (turkey) 71.00 GPG 51.00 GPG

32 w & G verwaltungs-Gmbh, kassel (Germany) 2 49.98 GPG 49.98 GPG

33 w & G beteiligungs-Gmbh & co. kG, kassel (Germany) 3 49.98 GPG 49.98 GPG

34 Gwh Gashandel Gmbh, vienna (Austria) 50.00 01 50.00 01

35 etzel kavernenbetriebs-verwaltungsgesellschaft mbh, hamburg (Germany) 33.33 GPG 33.33 GPG

36 etzel kavernenbetriebsgesellschaft mbh & co. kG, hamburg (Germany) 33.33 GPG 33.33 GPG

37 winGAs storage uk ltd, london (united kingdom) 1 33.33 20 33.33 20

38 Russian-serbian trading corporation a. d., novi sad (serbia) 25.05 01 25.05 01

1 subsidiaries and investments consolidated at equity within subgroup financial statements are not listed separately.2 winGAs verwaltungs-Gmbh was renamed into w & G verwaltungs Gmbh on 12 March 2012.3 winGAs Gmbh & co. kG was renamed into w & G beteiligungs-Gmbh & co. kG on 27 April 2012.


cOntROlled cOMPAnies

… south stream transport AG, Zug (switzerland) 100.00 GPG

jOint ventuRes

39 south stream transport b. v., Amsterdam (netherlands) 50.00 GPG

40 seP company kft., budapest (hungary) 50.00 GPG 50.00 GPG

41 fRAGAZ sA (in liquidation), Paris (france) 50.00 GPG 50.00 GPG

… Pusztaföldvár földgáztároló Zrt. (in liquidation), budapest (hungary) 50.00 GPG

073



cOnsOlidAtiOn PRinciPles And MethOds capital consolidation is carried out in accordance with the acquisition method by offsetting the acquisition costs of an investment against the revalued shareholders’ equity at the date of acquisition of the sub-sidiary. the resulting differences in assets are entered as goodwill under intangible assets and tested for impairment at least once a year. Any negative difference caused by capital consolidation is recognized through profit and loss in the statement of comprehensive income.

non-controlling interests are recognized as separate line items. increases made to existing majority interests are presented in accord-ance with the entity concept as transactions between equity holders.

entities over which the group has significant influence (associated com-panies) and joint ventures are accounted for using the equity method in accordance with iAs 28 or iAs 31.38 as of the acquisition date. Any remaining differences are treated in the same way as capital consolida-tion. Goodwill is included in the carrying amount of the equity investment.

Receivables and payables or provisions between fully consolidated com-panies are offset. Group revenue, other group income, and any corre-sponding expenses are eliminated.

Material interim results are deducted. deferred taxes are recognized for temporary differences arising from the consolidation.



074


10.4 %2011

6.7 %2012

*Average of equity measured at the beginning of the financial year and the end of the financial year

CONSOLIDATION PRINCIPLES AND METHODS



Key figures

ROE*


075


fOReiGn cuRRency tRAnslAtiOn

in the separate financial statements prepared in local currency by con-solidated companies, foreign currency transactions are translated into euR using the exchange rate of the transaction month. Monetary items are translated using the closing exchange rate. exchange rate differ-ences in foreign currency transactions are recognized in profit and loss in the statement of comprehensive income depending on their origin (financial or operational).

financial statements prepared by consolidated companies in a foreign currency are translated into euR using the functional currency con-cept. with the exception of eight foreign companies (2011: seven), the functional currencies of all other foreign companies are their local currencies, as these companies manage their business activities inde-

pendently in terms of finance, economy, and organization. usd, the most common transaction currency in the gas business, is also used as a functional currency.

Assets and liabilities are translated into euR using the closing rate, in-come and expenses using the average exchange rate of the financial year, and equity using historical foreign currency exchange rates. the resulting exchange rate differences are recognized directly in equity in the line item reserve for changes in exchange rate differences and not recognized in profit or loss until the disposal of the investment in the company.

the most important exchange rates used for currency translation into euR are:



CurrenCy (1 eur =)exChange raTe on

31 deC 2012exChange raTe on

31 deC 2011average exChange

raTe 2012average 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

turkish lira (tRy) 2.35510 2.44320 2.31354 2.33781

076



11.3 %2011

Income tax rate*

Key figures

*Ratio of income tax to EBT

16.0 %2012

FOREIGN CURRENCY TRANSLATION


077



AccOuntinG POlicies

the financial statements of the consolidated companies included in the group accounts are prepared using uniform accounting policies.

finAnciAl instRuMents

A financial instrument is any contract that gives rise to a financial asset for one company and to a financial liability or equity instrument for another company.

financial assets include in particular cash and cash equivalents, trade and other receivables as well as other loans granted, receivables and derivative financial assets held for trading.

financial assets are classified under the categories financial instruments held for trading, loans granted and receivables, financial instruments available-for-sale, and financial investments held to maturity.

financial liabilities regularly create a contractual obligation to deliver cash or another financial asset to another company. they comprise in particular trade and other payables, bank liabilities, liabilities stemming from financial leases, and derivative financial liabilities.

financial instruments are recognized as a rule when a group company becomes a party to the contractual provisions of the financial instru-ment. however, in customary purchases or sales of financial assets under a contract whose terms require delivery of the asset within a timeframe generally established by regulation or convention of a given market (with the exception of derivative financial instruments), for the

initial recognition and the disposal of the financial asset, the settlement date is relevant, i. e. the day on which the asset is delivered by or to a group company.

financial assets and liabilities are usually presented without offsetting. Offsetting is only allowed, when (concerning the amount currently pre-sented) there currently exists a legally enforceable right to offset the recognized amounts and it is intended either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

financial assets are derecognized if no or only partial control has been retained due to realization, transfer, termination, abandonment, or for-feiture of contractual using rights. financial liabilities are removed from the balance sheet when they are extinguished, i. e. when the obligation specified in the contract is discharged, cancelled, or expires.

Primary financial assets are measured using the following methods:

— loans granted and receivables are measured at amortized cost using the effective interest method. cash and cash equivalents, as well as trade and other receivables usually have short maturities. therefore, their carrying amounts usually correspond to their fair values. cash and cash equivalents include cash in hand, bank bal-ances, and short-term bank deposits with an original maturity of less than three months.

this category also includes loans receivable recognized under other financial assets and other long-term receivables.



078


the option of measurement at fair value through profit or loss is not used.

— Other investments are classified as available-for-sale financial instruments. they are recognized at their fair value. Any changes to the fair value between the acquisition date and the balance sheet date are recognized directly in equity under reserve for changes in fair value of available-for-sale financial assets.

investments in unlisted companies continue to be measured at cost, as there tends to be a broad spectrum of reasonable fair val-ue estimates for companies in the start-up phase and the proba-bility of the various estimates cannot be reasonably assessed and used in estimating fair value. no active market exists. Provided that reliable forecasts exist for unlisted companies active on the market for a long time, those market values estimated on the basis of the discounted cash flow method are recognized.

On each balance sheet date, the group assesses whether an impairment of a financial asset or group of financial assets has occurred. if there is objective evidence that an impairment has occurred (e. g. substan-tial financial difficulties faced by the debtor, a high likelihood of insol-vency proceedings against the debtor, the loss of an active market for the financial asset, a significant change to the technological, economic, legal, or the market environment of the issuer, or a significant or pro-longed fall in the fair value of the financial asset below its cost), the impairment loss is determined as follows depending on classification into the categories of iAs 39.

for the category loans granted and receivables, the impairment loss is measured as the difference between the carrying amount of the asset and the present value of the estimated future cash flows discounted at the original effective interest rate of the financial asset. the impairment loss is recognized in profit or loss. A reversal of the impairment loss is recognized if the amount of the impairment loss subsequently decreases and this decrease can be traced objectively to an event occurring after the impairment was recognized. the reversal of the impairment loss does not exceed what the amortized cost would have been had the impairment not been recognied on the date the impairment was reversed. the rever-sal of the impairment is also recognized in profit or loss.

for the category available-for-sale financial assets, the impairment loss is measured as the difference between the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss. the amount of the impairment loss is reclassified from

equity to profit or loss. A reversal of the impairment loss is recog-nized if the fair value subsequently increases and if this increase can be objectively traced to an event occurring after the impairment loss was recognized in profit or loss. the reversal of the impairment loss is recognized in profit or loss, unless the financial asset is an own equi-ty instrument. if the available-for-sale financial instruments are equity instruments, increases in their fair value are subsequently recognized in equity. for investments in unlisted companies, which are classified as available-for-sale financial assets, but measured at cost, an impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flow dis-counted at the current market rate of return for a similar financial asset. such impairment losses are not reversed.

non-derivative financial liabilities are measured at amortized cost using the effective interest method. the option of measurement at fair value through profit or loss is not used.

derivative financial instruments include in particular gas trading con-tracts, which are not intended for the receipt or delivery of non- financial items in connection with the group’s expected purchase, sale, or utili-ty requirements. derivative financial instruments are regularly used in order to hedge against price, volume and currency risks from operat-ing activities, as well as against interest risks from financing activities. derivative financial instruments comprise energy contracts aimed at physical delivery, as well as contracts that can be settled net such as forwards, futures, swaps and options.

derivative financial instruments are recognized at their fair values in accordance with the provisions of iAs 39.

the fair values of energy trading contracts, commodity futures, and swaps are based on market quotes on the balance sheet date (“level 1” in accordance with the valuation hierarchy).

customary valuation models were used to value financial instruments that are not traded in active markets. the fair values are based on inputs other than quoted prices that are observable either directly or indirectly (“level 2” in accordance with the valuation hierarchy).

contracts that are valued based on non-observable market data belong to “level 3” in accordance with the valuation hierarchy. Management’s best estimates based on internally developed models are used for the valuation.

derivative financial instruments that do not fulfil the conditions for hedge accounting must be classified as held for trading and disclosed

AccOuntinG POlicies



079

within financial assets or financial liabilities. the results of the subse-quent measurement are recognized through profit and loss in the state-ment of comprehensive income. Realized results from derivative finan-cial instruments are disclosed net in the amount of realized gross profit within revenue. unrealized results from the valuation of derivative finan-cial instruments at their fair value are disclosed within the result from changes in fair value from operating activities or financing activities.

with a cash flow hedge, future cash flows from assets and liabilities in the balance sheet or from highly probable forecast transactions are hedged. changes of value in hedging instruments are recognized in equity in the relevant reserve until the relevant underlying transaction can be recognized in profit and loss. if a secured future transaction later gives rise to a non-financial asset, the accumulated gains and losses of the derivative financial instrument directly recognized in equity will be accounted for as reductions or increases in acquisition cost.

A fair value hedge serves to hedge exposure to fluctuations in the fair values of recognized assets, liabilities, or unrecognized firm commit-ments. Any changes in the fair value of both the derivative designated as a hedging instrument and the market value of the relevant hedged transaction are recognized directly in profit or loss in the statement of comprehensive income.

when a hedge relationship is initiated, both the hedge relationship and the risk management objectives and strategies behind the hedge must be formally established and documented. this documentation outlines how the hedging instrument, the hedged item, or the hedged transaction are determined, it notes the kind of risk to be hedged, and describes how the company will assess the effectiveness of the hedged instrument when compensating for risks from changes to the fair value or the cash flow of the hedged items. the hedge may be seen as highly effective when the fair value or cash flow changes in the hedging instru-ment are within a range of 80 to 125 % of the opposed fair value or cash flow changes in the hedged item.

to determine the fair value of derivative financial instruments, price quotations on an active market are used. Otherwise the evaluation is

made on the basis of current market parameters using customary eval-uation models. Present values and discounted cash flow methods are used in the valuation.

inventORies

Provided that natural gas trading transactions fall within the scope of iAs 39.5 (commodity derivatives), stocks of merchandise (includ-ing natural gas stocks held in the storage facilities) that are to be sold within a short period after delivery for the purpose of generating a profit from short-term fluctuations in market price are valued at fair value (net realizable value) less sales costs. Market price fluctuations are recog-nized through profit or loss.

All other inventories are valued at the lower acquisition or production cost and net realizable value. Acquisition and production costs are determined using the average cost method or the first-in-first-out (fifo) method.

nOn-cuRRent Assets held fOR sAle

A non-current asset (or disposal group) is classified as held for sale if its carrying amount is recovered principally through sale rather than through continued use.

Part of non-current assets held for sale recognized by the group are financial instruments that will continue to be measured in accordance with iAs 39.

nOn-cuRRent Assets

Pursuant to iAs 38, purchased intangible assets – excluding goodwill – are measured at cost less regular straight-line depreciation. Goodwill is capitalized in line with ifRs 3. if there are indications that an impair-ment loss may have occurred and if the amortized cost exceeds the recoverable amounts, intangible assets are written down. Appropriate reversals are made (except for goodwill) if the reasons for the impair-ment no longer exist.



080


the estimated useful lives of the individual groups of intangible assets are as follows:


useful life in years

Goodwill indefinite

software and other intangible assets 2–10

contractual rights 9

expenses for exploration and evaluation of mineral resources are accounted for using the successful efforts method, i. e. capitalisation of cost is confined to successful projects. in particular, expenses for drilling concessions associated with the discovery of gas deposits are capitalized. costs of seismic and geological exploration are generally recognized as expenses.

Property, plant, and equipment are recognized at acquisition and pro-duction cost pursuant to iAs 16, less straight-line depreciation and, in case of impairment, impairments. if there is any indication that an impairment loss recognized in previous years no longer exists, impair-ment losses shall be reversed. if, in exceptional cases, a depreciation method other than the straight-line method is better suited to the usage pattern of property, plant, and equipment, it will be used.

As of 1 january 2008, borrowing costs in relation to the acquisition or production of qualifying assets are capitalized. in this financial year, borrowing costs totalling keuR 11,218 (2011: keuR 11,404) were capi-talized in the context of at equity valuation. the average borrowing inter-est rate in 2012 was 2.46 % p. a. (2011: 2.20 % p. a).

if parts of a fixed asset have different useful lives and if their acquisition and production costs account for a significant proportion of the total acquisition or production costs of the fixed asset, each item shall be depreciated separately.

Obligations for the dismantling of assets are capitalized as costs pursu-ant to iAs 16.16 (c) and to the extent of the provisions for such obliga-tions made in accordance with iAs 37.

costs incurred in the day-to-day maintenance and repair of items of property, plant, and equipment are recognized through profit or loss. Replacement costs and the costs of significant repair work are capital-ized as subsequent production costs when the recognition criteria are met.

leased property, plant, and equipment for which consolidated group companies bear the main risks and opportunities (finance lease) are recognized in accordance with iAs 17 at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. the property shall be depreciated on a straight-line basis over the esti-mated useful life of the asset or the shorter lease contract term. the present value of payment obligations from future lease rates is recog-nized as a liability. On the basis of the economic purpose of the agree-ment, it is determined whether an agreement constitutes or contains a lease. An analysis is undertaken to determine whether the fulfilment of the agreement depends on the use of a particular asset and whether the right to use this asset will be transferred.

the estimated useful lives of various property, plant, and equipment are as follows:

useful life in years

land indefinite

buildings 6–60

technical equipment and machinery 2–20

fixtures, fittings, and equipment 2–23

AccOuntinG POlicies GAZPROM GeRMAniA GMbh

081

investment property is measured at amortized cost. depreciable prop-erty is depreciated over its estimated useful life of 25 to 50 years using the straight-line method. if there is an indication that an impairment loss may have occurred, and if the carrying amounts exceed the recoverable amounts, impairments are made. Appropriate reversals are made if the reasons for impairment no longer exist.

investments in companies valued at equity are accounted for in accordance with the regulations of iAs 28 or iAs 31.38. based on the original cost of acquiring the shareholding, the relevant carrying amount is in creased or decreased to recognize the group’s share of equity changes in the associate or joint venture after acquisition.

impairment of non-current assets

non-current assets are impaired when their carrying amount exceeds the higher of their fair value less expected selling costs and value in use.

Goodwill is tested for impairment at least once a year, while other non-current assets are tested when there is an indication of impair-ment.

non-current assets are valued at the level of cash-generating units. these are defined as the smallest identifiable group of assets, which can generate cash inflows from continual use independently of cash inflows from other assets.

the value in use is the present value of the future sustainable cash flows expected from using the asset, calculated on the basis of a ten-year plan approved by the company management. if an asset is judged to have an indefinite useful life, the perpetual annuity calculation is based on the forecast for the last plan year.

cuRRent And defeRRed incOMe tAx

income tax of the reporting period comprises current and deferred income tax.

current tax is calculated in accordance with tax rules applicable at the balance sheet date (or in the near future) in the countries where subsid-iaries and associated companies operate.

the recognition and valuation of deferred taxes is carried out in accord-ance with iAs 12 using the balance sheet liability method on the basis of the tax rate applicable at the time of realization. deferred tax assets are recognized for tax advantages from loss carry forwards. the recov-erability of deferred tax claims is reviewed at each balance sheet date. where the value in use of deferred tax claims is not given, value adjust-ments are made on the basis of this review.

deferred tax on differences between the ifRs and tax statements of financial position of individual companies is calculated at the rate of tax specific to each company.

the average income tax rate applied at GPG is 30.2 %, including 15.0 % corporation tax, a 5.5 % solidarity surcharge on corporation tax, and 14.4 % trade tax.

OtheR PROvisiOns

Pension provisions from defined benefit plans are recognized using the projected unit credit method according to iAs 19. the present value of defined benefit obligation (dbO) is reduced by plan assets. in case of a surplus to a defined benefit plan, a non-current asset is recognized under other financial assets. Actuarial gains and losses are recognized directly in profit and loss. Allocations to pension provisions including interest are assigned to the operating result.

Provisions for uncertain obligations to third parties pursuant to iAs 37 are formed, when an obligation to a third party currently exists as a result of a past event, and when the obligation is likely to result in a future outflow of resources, which can be reliably estimated. they are recognized at their expected settlement amount and not offset against any recourse claims. non-current provisions are recognized at their present value, provided that the effect is material. Periodic compound-ing is recognized as interest expense. changes in provisions due to an adjustment of the interest rate are accounted for in the operating result, provided no related asset needs to be adjusted.

cOntinGent liAbilities

contingent liabilities are not accounted for, unless they have been trans-ferred in the context of a company acquisition. they are stated in the notes under the following circumstances: when the existence of a pos-



082


sible obligation due to past events has yet to be confirmed on the basis of the occurrence or non-occurrence of one or more possible future events, over which the company does not exercise complete control; when an outflow of resources is not probable; or when the amount of the obligation can not be reliably estimated.

Revenue

Revenue is recognized after delivery of services or supply of goods, when the transfer of risk has been completed.

non-trading revenues comprise physical deliveries to end-users, group companies, and affiliated companies.

in addition to engaging in energy trading transactions aimed at physi-cal delivery, the group is involved in trading activities, for which a set-tlement with a counterparty, by entering into offsetting contracts or similar transaction is sought (trading activities). Given the significant volumes involved in these activities, in order to better reflect business development the results of trading activities are presented net, i. e. only the realized gross margin is reflected in revenue. cuRRency diffeRences

in order to reflect the effects of volatility in foreign currency exchange differences more adequately, profits and losses (divided into realized and unrealized operative or financial activities) are netted in the con-solidated statement of comprehensive income. A detailed derivation is included in the notes to the consolidated statement of comprehensive income.

cRiticAl judGeMents in the APPlicAtiOn Of AccOuntinG POlicies

critical judgements were made on the application of the following accounting policies particularly with regard to the following issues:

— in step-acquisitions (i. e. increase of a holding from at equity investments to subsidiaries) the full goodwill method is not applied.

— in valuating provisions for pensions and similar obligations, there are different possibilities of recognizing actuarial gains and losses. GPG recognizes them immediately through profit or loss.

AssuMPtiOns And estiMAtes

in the preparation of the consolidated financial statements, assump-tions and estimates were made which affect the value and presentation of recognized financial assets and liabilities, income and expenses, and contingent liabilities.

— in particular, the fair values of intangible assets acquired in com-pany acquisitions are determined on the basis of assumptions and estimates. here, assumptions are made with regard to production quantities and price development over periods of up to 25 years.

— Moreover, assumptions and estimates are also made with regard to the future in assessing the recoverability of goodwill.

— the fair values of derivative financial instruments that are not traded in active markets (level 3 of the valuation hierarchy) are based on valuation models. the choice of methods and valuation models is based on market inputs. changing these market inputs would influence the valuation result significantly.

— in the valuation of emission reduction Purchase Agreement (“eRPA”) contracts for the acquisition of carbon credits generating from as per 31 december 2012 unregistered clean development Mechanism (“cdM”) projects, volumes are not recognized for projects expected to be registered after 31 december 2012 as the credits generated are deemed highly unlikely to be eligible for compliance in the eu emissions trading scheme. changes in the risk adjustment assumptions and the cash flow discount rate assumptions used within the eRPA valuation model together with the market price for carbon credits affects the reported fair value of the eRPA contracts.

— in the assessment of provisions, assumptions and estimates

are made with regard to their probability and discount rate. the price-increase rate for services to be availed of in future is also estimated in the assessment of provisions.



083

the assumptions and estimates are based on current circumstances. Actual results may differ from these estimates. the assumptions on which estimates are based are regularly reviewed. changes to estimates for a given period are implemented for this period only. however, if the changes affect the current period and subsequent periods, they are implemented for all of these periods.

chAnGe in PResentAtiOn

last year, GPG presented income from subleasing lnG ships within other operating income. corresponding expenses were shown under other operating expenses. in order to improve the information value of the operating margin from lnG sales, such income and expenses are shown within sales and purchases this reporting year resulting in a decrease of the net trading revenue, since these expenses are direct-ly attributable to purchase trading additional cost. comparative figures were adjusted correspondingly.



084



keur2011 before adJusTmenT adJusTmenT

2011 afTer adJusTmenT

Revenue 9,787,754 – 29,903 9,757,851

Other operating income 33,059 – 14,323 18,736

cost of materials – 9,340,801 – 9,340,801

employee benefits expense – 131,651 – 131,651

depreciation and amortization; impairment of intangible assets and property, plant, and equipment – 15,719 – 15,719

Other tax expense – 579 – 579

Other operating expense – 220,911 44,226 – 176,685

Result from changes in fair value in operating activities 127,903 127,903

operating profit 239,055 239,055

interest income 46,354 46,354

interest expense – 18,350 – 18,350

Result from investments accounted for using the equity method 112,329 112,329

Other result from investments 4,444 4,444

Other financial income 13,045 13,045

Other financial expense – 12,885 – 12,885

Result from changes in fair value in financing activities 789 789

Profit before tax 384,781 384,781

income tax – 43,362 – 43,362

ProfiT for The year 341,419 341,419

change in fair value of available-for-sale financial assets – 796 – 796

cash flow hedges – 92,043 – 92,043

share in comprehensive income of companies accounted for using the equity method – 9,691 – 9,691

exchange differences from the financial statements of foreign group companies 44,369 44,369

deferred tax 25,968 25,968

Total other comprehensive income – 32,193 – 32,193



085

nOtes tO the cOnsOlidAted stAteMent Of cOMPRehensive incOMe

Revenue — 01




keur

gross Trading revenue

offseT againsT CosT of maTerials

neT Trading revenue

non- Trading revenue

ToTal revenue

natural gas 24,744,452 – 24,675,114 69,338 11,397,651 11,466,989

liquefied natural Gas (lnG) 435,938 – 422,318 13,620 257,108 270,728

liquefied Petroleum Gas (lPG) 613,512 – 609,522 3,990 3,990

Gas condensate 9,134 9,134

helium 23,684 23,684

Refined products 29,972 – 32,092 – 2,120 282,042 279,922

Power 6,952,981 – 6,957,076 – 4,095 260,428 256,333

emission allowances 210,310 – 244,880 – 34,570 – 34,570

Other revenue 107,817 – 81,759 26,058 185,521 211,579

ToTal revenue 2012 33,094,982 – 33,022,761 72,221 12,415,568 12,487,789

natural gas 15,756,546 – 15,729,489 27,057 9,019,043 9,046,100

liquefied natural Gas (lnG) 526,161 – 530,087 – 3,926 373,087 369,161

liquefied Petroleum Gas (lPG) 68,287 – 64,992 3,295 3,295

Power 4,888,860 – 4,880,627 8,233 140,873 149,106

emission allowances 108,890 – 119,503 – 10,613 – 10,613

Other revenue 19,123 – 19,163 – 40 200,842 200,802

ToTal revenue 2011 21,367,867 – 21,343,861 24,006 9,733,845 9,757,851

086


OtheR OPeRAtinG incOMe — 02

Gains and losses due to foreign currency exchange differences in oper-ating activities are recognized at their net value. the following gross amounts were offset:



keur 2012 2011

income from rents and leases 2,654 1,907

income from disposals of property, plant, and equipment and investment property 451 52

Gains from foreign currency exchange differences of operating activities 341

compensation of losses 10,058

sundry 6,433 6,719

ToTal oTher oPeraTing inCome 9,879 18,736

keur 2012 2011

realized unrealized ToTal realized unrealized ToTal

Gains from foreign currency exchange differences 310,869 68,354 379,223 607,156 151,618 758,774

losses from foreign currency exchange differences – 331,069 – 68,013 – 399,082 – 620,873 – 160,330 – 781,203

neT gain or loss from foreign CurrenCy exChange differenCes of oPeraTing aCTiviTies – 20,200 341 – 19,859 – 13,717 – 8,712 – 22,429


087

cOst Of MAteRiAl — 03



keur 2012 2011

natural gas 34,777,842 23,692,775

liquefied natural Gas (lnG) 435,067 592,857

liquefied Petroleum Gas (lPG) 609,086 64,992

Gas condensate 7,967

helium 16,759

Refined products 272,968

Power 7,086,360 4,964,129

emission allowances 236,291 118,266

shipping 5,790

transit costs 1,113,001 942,901

storage costs 35,703 34,827

service and maintenance 1,532

Other cost of materials 419,972 272,383

subtotal 45,016,806 30,684,662

Offset against revenue – 33,022,761 – 21,343,861

ToTal CosT of maTerial 11,994,045 9,340,801

088


eMPlOyee benefits exPense — 04

Retirement benefit costs include:



keur 2012 2011

salaries 131,108 118,685

social security and other benefits 6,230 6,179

Retirement benefit costs 19,573 6,787

ToTal emPloyee benefiTs exPense 156,911 131,651

keur 2012 2011

current service costs 466 416

interest costs 208 198

income from plan assets – 156 – 136

Actuarial gains and losses 1,233 – 616

defined benefit plans 1,751 – 138

contributions to state pension plans 11,036 3,389

contributions to the corporate pension scheme 6,786 3,536

defined contribution plans 17,822 6,925

ToTal reTiremenT benefiT CosTs 19,573 6,787


089

AveRAGe AnnuAl nuMbeR Of eMPlOyees

dePReciAtiOn And AMORtiZAtiOn, iMPAiRMent Of intAnGible Assets And PROPeRty, PlAnt, And eQuiPMent

— 05




2012 2011

staff 1,169 1,009

Apprentices and trainees 16 13

emPloyees 1,185 1,022

keur 2012 2011

depreciation and amortization of:

intangible assets 5,510 7,006

Property, plant, and equipment 21,607 8,613

Total depreciation and amortization 27,117 15,619

impairment of:

intangible assets 44

Property, plant, and equipment 216 100

Total impairment 260 100

ToTal dePreCiaTion and amorTizaTion; imPairmenT of inTangible asseTs and ProPerTy, PlanT, and equiPmenT 27,377 15,719

090


OtheR OPeRAtinG exPense — 06

Result fROM chAnGes in fAiR vAlue Of OPeRAtinG Activities

— 07




Promotion, sponsorship, representation 44,376 27,933

legal and consulting fees 30,752 29,727

losses from foreign currency exchange differences in operating activities (2) 20,200 22,429

discounting of receivables (26) 18,498 10,103

Rents and leases 10,806 8,390

contractually agreed sales commission on natural gas contracts 541 9,499

Allowances for doubtful receivables (19) 7,646 7,334

losses from disposal of intangible assets, property, plant, and equipment and investment property 480

depreciation of investment property (24) 43

sundry 83,888 60,747

ToTal oTher oPeraTing exPense 216,707 176,685

keur 2012 2011

Gains from fair value changes of derivative financial instruments of operating activities 605,458 2,393,195

losses from fair value changes of derivative financial instruments of operating activities – 588,234 – 2,259,483

changes in fair value of inventories 21,921 – 5,809

ToTal resulT from Changes in fair value of oPeraTing aCTiviTies 39,145 127,903


091

inteRest incOMe — 08

inteRest exPense — 09

Result fROM investMents AccOunted fOR usinG the eQuity MethOd

— 10



keur 2012 2011

interest income from:

financial instruments 28,841 39,339

finance lease 6,779 7,015

ToTal inTeresT inCome 35,620 46,354

keur 2012 2011

interest expense for:

financial instruments 20,878 18,070

sundry 465 280

ToTal inTeresT exPense 21,343 18,350


share of profits 200,351 127,463

share of losses – 80,620 – 15,134

ToTal resulT from invesTmenTs aCCounTed for using The equiTy meThod (25) 119,731 112,329

092


OtheR Result fROM investMents — 11

OtheR finAnciAl incOMe — 12

Gains and losses due to foreign currency exchange differences of financing activities are recognized at their net value. the following gross amounts were offset:




Gains from disposals of affiliated companies 9,136 485

impairment losses from other investments (26) – 3,242 – 799

dividends from other investments 5,263

impairment losses from investments held for sale – 505

oTher resulT from invesTmenTs 5,894 4,444

keur 2012 2011

Gains from foreign currency exchange differences of financing activities 10,200 9,515

unrealized losses from securities 3,530

ToTal oTher finanCial inCome 10,200 13,045

keur 2012 2011

realized unrealized ToTal realized unrealized ToTal

Gains from foreign currency exchange differences 6,468 15,406 21,874 43,432 5,653 49,085

losses from foreign currency exchange differences – 18,916 – 5,206 – 24,122 – 37,006 – 2,564 – 39,570

neT gain or loss from foreign CurrenCy exChange differenCes of finanCing aCTiviTies – 12,448 10,200 – 2,248 6,426 3,089 9,515


093

Result fROM chAnGes in fAiR vAlue Of finAncinG Activities

— 14

OtheR finAnciAl exPense — 13



keur 2012 2011

fair value changes from interest rate swaps 1,142 789

ToTal resulT from Changes in fair value of finanCing aCTiviTies 1,142 789

keur 2012 2011

losses from foreign currency exchange differences of financing activities 12,448

bank charges 12,731 12,885

ToTal oTher finanCial exPense 25,179 12,885

094


incOMe tAx — 15

the differences between accounting income tax and actual income tax may be reconciled as follows:

income tax for prior periods result both from tax refunds and tax payments for previous years and from the reversal of income tax provisions.




income tax for the period 62,435 71,715

income tax for prior periods 5,573 – 2,995

Current tax 68,008 68,720

deferred tax (27) – 25,264 – 25,358

ToTal inCome Tax 42,744 43,362

2012 2011

keur % keur %

result before tax 267,038 384,781

Calculated income tax 80,645 30.2 116,204 30.2

income tax for prior periods 5,573 2.1 – 2,995 – 0.8

difference compared to individual tax rates – 57,061 – 21.4 – 54,876 – 14.3

effect of tax rate changes on deferred tax 578 0.2 179 0.0

non-deductible expenses 3,223 1.2 2,794 0.7

tax-free income – 2,976 – 1.1 – 1,509 – 0.4

tax changes on losses carried forward – 449 – 0.2 – 79 0.0

effects of investments accounted for using the equity method – 28,874 – 10.8 – 15,936 – 4.1

Outside basis differences 314 0.1 460 0.1

effect from dividends affiliated companies 10,109 3.8 14,798 3.8

tax from discontinued operations 5,239 2.0

effect from differing tax rates, tax base and other tax effects 26,423 9.9 – 15,678 – 4.1

effeCTive inCome Tax 42,744 16.0 43,362 11.3


095

OtheR cOMPRehensive incOMe— 16

All items of other comprehensive income will be recycled through profit and loss in the future periods.



keur

Change in fair value of

available- for-sale finanCial

asseTsCash flow

hedges

share in ComPrehen-sive inCome

of ComPanies aCCounTed for using The equi-

Ty meThod

exChange dif-ferenCes from

The finanCial sTaTemenTs

of foreign grouP

ComPanies

ToTal oTher ComPrehen-sive inCome

1 jan 2011 134,118 25,241 – 2,966 24,290 180,683

Additions – 796 – 58,533 – 9,699 44,007 – 25,021

disposals (included in cost of materials) – 33,510 – 33,510

disposals (included in the result from investments) 8 362 370

deferred tax 12 23,566 2,390 25,968

Total changes in 2011 – 784 – 68,477 – 7,301 44,369 – 32,193

31 deC 2011 133,334 – 43,236 – 10,267 68,659 148,490

Additions 26,244 – 4,734 89,094 – 3,231 107,373

disposals (included in cost of materials) 22,506 22,506

disposals (included in the result from investments) – 1,279 – 1,279

deferred tax – 396 – 5,676 – 2,677 – 8,749

Total changes in 2012 25,848 12,096 86,417 – 4,510 119,851

31 deC 2012 159,182 – 31,140 76,150 64,149 268,341

096


tOtAl cOMPRehensive incOMe AttRibutAble tO nOn-cOntROllinG inteRest

— 17



keur 2012 2011

share of profits 686 2,022

share of losses – 9,130 – 3,680

loss for the year attributable to non-controlling interest – 8,444 – 1,658

share in comprehensive income of companies accounted for using the equity method 512 237

ToTal ComPrehensive inCome aTTribuTable To non-ConTrolling inTeresT – 7,932 – 1,421


097

tRAde And OtheR ReceivAbles

— 19

nOtes tO the cOnsOlidAted bAlAnce sheet

cAsh And cAsh eQuivAlents

— 18

cash and cash equivalents comprise cash in hand and cash in banks. As in the previous year, cash and cash equivalents were not subject to restrictions on disposal as of 31 december 2012. short-term and fixed-

term deposits occur for different time periods of up to three months. each deposit is subject to the prevailing market interest rates for short-term deposits.




keur noTes 31 deC 2012 31 deC 2011

PRiMARy finAnciAl instRuMents

trade receivables 2,053,787 1,472,158

Other receivables 131,796 556,830

Total primary financial instruments (35) 2,185,583 2,028,988

deRivAtive finAnciAl instRuMents

commodity derivatives 1,498,431 1,632,519

foreign currency derivatives 15,600 25,272

Total derivative financial instruments (36) 1,514,031 1,657,791

OtheR Assets

Advance payments 62,913 68,594

Other tax receivables 6,096 4,804

deferred expenses 15,230 14,014

Total other assets 84,239 87,412

ToTal Trade and oTher reCeivables 3,783,853 3,774,191

098


the book value of the primary financial instruments is determined after deductions of allowances made for doubtful accounts.

Allowances made for doubtful accounts have developed as follows:

default risk associated with the primary financial instruments can be assessed on the basis of the following age structure:



keur 31 deC 2012 31 deC 2011

Primary financial instruments, gross 2,200,824 2,045,005

Allowances for doubtful accounts – 15,241 – 16,017

ToTal Primary finanCial insTrumenTs, book value 2,185,583 2,028,988

keur allowanCes for doubTful aCCounTs

1 Jan 2011 9,004

exchange rate differences 29

changes to the scope of consolidation 7,131

Additions 203

disposals – 350

31 deC 2011 16,017

exchange rate differences – 156

changes to the scope of consolidation 92

Additions 7,555

disposals – 8,267

31 deC 2012 15,241

keur 31 deC 2012 31 deC 2011

Receivables neither impaired nor overdue on the balance sheet date 2,078,369 2,005,041

Receivables not impaired:

up to 90 days overdue 64,561 21,307

up to 180 days overdue 3,520 1,880

up to 360 days overdue 39,133 760

Receivables impaired 15,241 16,017

ToTal Primary finanCial insTrumenTs, gross 2,200,824 2,045,005


099

business partners have furnished no securities. thus, the maximum credit risk if the primary financial instruments corresponds to the book value. there is no indication that debtors might fail to fulfil their payment obligations with regard to receivables, which were neither impaired nor overdue at the balance sheet date.

At the balance sheet date, 23 % of all trade receivables are due from the shareholder (2011: 26 %) and 1 % were due from a further major coun-terparty (2011: 1 %). 29 % of other receivables are due from the share-holder (2011: 13 %).

nOn-cuRRent Assets held fOR sAle — 20

Property, plant, and equipment are related to a project wingate in the north sea that has been sold to GAZPROM international uk limited, london, united kingdom. the sales income in the amount of keuR 12,121 is solely attributed to the group.

As of the balance sheet date, the open accounts receivable from the sale of non-current assets amount to keuR 18,350.

for details on investments, please refer to the scope of consolidation.



keur 31 deC 2012 31 deC 2011

Property, plant, and equipment 133 30,872

shares and investments 46,553 28,281

ToTal non-CurrenT asseTs held for sale 46,686 59,153

keur 2012

Gains from disposals of assets held for sale 17,360

income tax – 5,239

resulT from disConTinued oPeraTions 12,121

100


inventORies — 21



keur 31 deC 2012 31 deC 2011

Gas in pipelines and gas storage facilities

natural gas (measured at fair value) 195,028 240,142

lnG (measured at cost) 28,738

lPG (measured at fair value) 20

Refined products (measured at cost) 10,459

emission allowances held for trading (measured at fair value) 70,555 10,269

Raw materials, consumables, and goods for resale 4,382 7,501

ToTal invenTories 309,162 257,932


101

MOveMents in intAnGible Assets— 22

there are no restrictions on disposal.



keur goodwillConTraCTual

righTsexPloraTion

righTs

oTher inTangible

asseTs

ToTal inTangible

asseTs

1 jan 2011 1,243 8,712 17 34,041 44,013

exchange rate differences 38 – 10 1,606 1,634

changes to the scope of consolidation 8,639 221 8,860

Additions 6,534 23,315 29,849

transfers 40 40

disposals – 17 – 215 – 232

Total acquisition costs 31 dec 2011 7,815 17,341 59,008 84,164

1 jan 2011 7,157 17 8,669 15,843

exchange rate differences 104 277 381

changes to the scope of consolidation 93 93

Additions 1,737 5,269 7,006

disposals – 17 – 161 – 178

Total accumulated amortization 31 dec 2011 8,998 14,147 23,145

ToTal neT book value 31 deC 2011 7,815 8,343 44,861 61,019

1 jan 2012 7,815 17,341 59,008 84,164

exchange rate differences 30 144 1,158 1,332

changes to the scope of consolidation – 905 – 905

Additions 8,526 22,811 31,337

transfers – 28,251 – 28,251

disposals – 11,359 – 202 – 11,561

Total acquisition costs 31 dec 2012 16,371 6,126 53,619 76,116

1 jan 2012 8,998 14,147 23,145

exchange rate differences 86 156 242


Additions 809 4,701 5,510

impairment 44 44

transfers 1,312 1,312

disposals – 7,485 – 190 – 7,675

Total accumulated amortization 31 dec 2012 2,408 19,778 22,186

ToTal neT book value 31 deC 2012 16,371 3,718 33,841 53,930

102


goodwill is tested for impairment annually using the discounted cash flow method in accordance with iAs 36. the value in use was calculat-ed using the present value of future free cash flows after tax. the cal-culations were based on current business plans for ten years. the free cash flows were discounted at the rate of 5.80 % (2011: 5.58 %). the discount rates were determined using the weighted average cost of cap-ital (wAcc) approach. An energy industry-specific beta factor of 0.630 (2011: 0.659) was applied.

the goodwill resulting from the acquisition of Gazprom Marketing & tra-ding Retail Germania Gmbh in the amount of keuR 15,061 was allocat-ed. the calculation of goodwill was adjusted according to ifRs 3.45 as compared to the previous year’s provisional figure of keuR 6,534.




103

MOveMents in PROPeRty, PlAnt, And eQuiPMent — 23

there are no restrictions on disposal.



keurland and buildings

PlanT and maChinery

fixTures, fiTTings,

and oTher equiPmenT

ConsTruCTion in Progress

ToTal ProPerTy, PlanT, and equiPmenT

1 jan 2011 39,741 2,944 59,941 62,353 164,979

exchange rate differences 872 98 1,437 – 7 2,400

changes to the scope of consolidation 177 453 339 969

Additions 1,910 1,815 15,459 2,100 21,284

transfers 495 718 – 634 – 38,178 – 37,599

disposals – 134 – 147 – 1,899 – 1,521 – 3,701

Total acquisition costs 31 dec 2011 42,884 5,605 74,757 25,086 148,332

1 jan 2011 17,139 746 22,595 24,877 65,357

exchange rate differences 304 24 379 707

changes to the scope of consolidation 87 155 242

Additions 668 821 7,053 71 8,613

impairment 100 100

transfers 205 95 65 365

disposals – 19 – 141 – 1,518 – 1,678

Total accumulated amortization 31 dec 2011 18,297 1,632 28,829 24,948 73,706

ToTal neT book value 31 deC 2011 24,587 3,973 45,928 138 74,626

1 jan 2012 42,884 5,605 74,757 25,086 148,332

exchange rate differences 275 111 806 – 224 968

changes to the scope of consolidation – 4,893 – 177 – 5,070

Additions 884 2,480 39,350 6,225 48,939

transfers 11,632 96 – 10,125 29,563 31,166

disposals – 95 – 594 – 689

Total acquisition costs 31 dec 2012 55,675 3,304 104,017 60,650 223,646

1 jan 2012 18,297 1,632 28,829 24,948 73,706

exchange rate differences 76 33 137 246

changes to the scope of consolidation – 1,111 – 118 – 1,229

Additions 1,906 202 19,499 21,607

impairment 216 216

transfers 743 – 1,971 – 1,228

disposals – 21 – 419 – 440

Total accumulated amortization 31 dec 2012 21,022 735 45,957 25,164 92,878

ToTal neT book value 31 deC 2012 34,653 2,569 58,060 35,486 130,768

104


last year, keuR 15,532 related to cash neutral transfers in non- current assets held for sale, keuR 22,433 pertained to transfers to Other non- current finance lease receivables.

facilities under construction have been impaired in cases where their projected realizable value is lower than the costs they have already incurred.

MOveMents in investMent PROPeRty — 24

the transfers in property, plant, and equipment related to property occupied by employees according to iAs 40.9 (c).

no income was generated from the investment property. there were no operating expenses directly attributable to the investment property.



keur invesTmenT ProPerTy

1 jan 2011 3,000

Additions 9

disposals – 191

Total acquisition costs 31 dec 2011 2,818

1 jan 2011 76

Additions 43

disposals – 35

Total accumulated depreciation and amortization 31 dec 2011 84

neT book value 31 deC 2011 2,734

1 jan 2012 2,818

transfer to property, plant, and equipment – 2,818

Total acquisition costs 31 dec 2012

1 jan 2012 84

Additions 18

transfer to property, plant, and equipment – 102

Total accumulated depreciation and amortization 31 dec 2012

neT book value 31 deC 2012


105

investMents AccOunted fOR usinG the eQuity MethOd — 25

ZMb Gasspeicher holding Gmbh, vienna, Austria made contributions to the subscribed capital of winGAs storage uk ltd, london, united kingdom.

On 20 April 2012, GPG received an approval from the turkish energy Market Regulatory Authority (eMRA) to enter the turkish energy mar-ket. GPG increased share capital in bosphorus Gaz corporation A. s.,

istanbul, turkey from 51 % to 71 %. Prepayments made earlier for the further share acquisition in the amount of keuR 11,239 are used to off-set losses of keuR 6,853 not recognized in the previous year.

no published price quotations are available for investments accounted for using the equity method.



keur noTes

invesTmenTs aCCounTed

for using The equiTy meThod

1 jan 2011 1,260,750

exchange rate differences 6,892

changes to the method of consolidation 63,406

cash contribution 10,200

share of profits GPG (10) 112,329

share of other comprehensive income (16) – 16,893

share of other comprehensive income attributable to non-controlling interest 488

dividends received – 241,917

neT book value 31 deC 2011 1,195,255

1 jan 2012 1,195,255

exchange rate differences – 4,527

Retranslation differences – 734

transfers and reversal of impairment 19,629

cash contribution 22,900

share of profits GPG (10) 119,731

share of other comprehensive income (16) 93,631

share of other comprehensive income attributable to non-controlling interest 384

dividends received – 186,671

neT book value 31 deC 2012 1,259,598

106


the balance sheet and income statement data for investments account-ed for using the equity method is as follows:

the contingent liabilities are in relation to associated companies and apply mainly to the following financial year.

in the course of impairment tests, the value in use has been deter-mined based on the present value of future free cash flows after tax. the calculations were based on current business plans for ten years.

free cash flows were discounted individually for each company. the discount rates of between 5.63 % and 14.44 % in 2012 (2011: 5.58 % and 14.92 %) were determined using the weighted average cost of cap-ital (wAcc) approach. An energy industry-specific beta factor of 0.630 (2011: 0.659) was applied. beyond the planning period an infinite growth rate of maximum 2 % has been assumed.



keur 2012 2011

Assets

joint ventures 1,210,142 1,303,161

Associated companies 6,916,430 5,820,240

liabilities

joint ventures 929,412 1,090,096


Revenue

joint ventures 6,091,545 5,094,341


Profit for the year

joint ventures – 8,938 28,610

Associated companies 128,669 83,718

contingent liabilities (attributable to GPG)

from guarantees 3,513 11,513


107

OtheR finAnciAl Assets — 26



keur

oTher invesT-menTs loans

oTher long-Term

reCeiva-bles

ToTal Primary

finanCial insTru-menTs

measured in aCCord-anCe wiTh

ias 39

long-Term derivaTive finanCial

insTru-menTs

oTher reCeiva-

bles, Pre-Paid and aCCrued

exPenses

ToTal oTher

finanCial asseTs

1 jan 2011 347,695 477,936 38,727 864,358 254,822 38,625 1,157,805

changes to the scope of consolidation 1,361 32 1 1,394 1,394

exchange rate differences 2,783 74 2,857 11,833 1,156 15,846

Additions 17,960 76,545 2,886 97,391 20,543 117,934

interest compounding 10,568 7,015 17,583 17,583

discounting cash flows – 10,103 – 10,103 – 10,103

disposals – 33 – 600 – 7,210 – 7,843 – 1,963 – 9,806

transfers 22,433 22,433 22,433

changes in fair value – 796 – 796 115,263 114,467

Total acquisition costs 31 dec 2011 366,187 557,161 63,926 987,274 381,918 58,361 1,427,553

1 jan 2011 12,746 500 13,246 11,239 24,485

Additions 799 799 799

disposals – 500 – 500 – 500

Total accumulated depreciation 31 dec 2011 13,545 13,545 11,239 24,784

neT book value 31 deC 2011 352,642 557,161 63,926 973,729 381,918 47,122 1,402,769

1 jan 2012 366,187 557,161 63,926 987,274 381,918 58,361 1,427,553

changes to the scope of consolidation 5,057 7 5,064 5,064

exchange rate differences – 373 – 1,240 36 – 1,577 9,733 1,104 9,260

Additions 73,227 356 73,583 11 73,594

interest compounding 4,746 6,601 11,347 11,347

discounting cash flows – 18,498 – 18,498 – 18,498

disposals – 24,168 – 10,459 – 34,627 – 46,422 – 81,049

transfers – 11,239 – 11,239

changes in fair value 26,244 26,244 – 167,602 – 141,358

Total acquisition costs 31 dec 2012 392,058 596,285 60,467 1,048,810 224,049 1,815 1,274,674

1 jan 2012 13,545 13,545 11,239 24,784

exchange rate differences – 441 – 441 – 441

impairment 16,784 16,784 16,784

Reversal of impairment – 13,542 – 13,542 – 11,239 – 24,781

Total accumulated depreciation 31 dec 2012 16,346 16,346 16,346

neT book value 31 deC 2012 375,712 596,285 60,467 1,032,464 224,049 1,815 1,258,328

108


Other investments include:

GPch holds 5 % of the shares in Gissarneftgaz llc, shurtan, uzbe kis-tan. An impairment test on the shares, carried out as of 31 december 2012, resulted in impairment in the amount of keuR 16,784.

due to persistent losses at urdaneta GAZPROM-1 s. A., caracas, vene-zu ela and urdaneta GAZPROM-2 s. A., caracas, venezuela 100 % in

these participations was written off.

fair values of further other investments cannot be reliably estimated for the relevant closing balance sheet dates.

loans were granted to:

default risk associated with loans and other long-term receivables can be assessed on the basis of the following age structure:

long-term derivative financial instruments include:




42 vnG-verbundnetz Gas AG, leipzig (Germany) 10.52 GPG 10.52 GPG

43 bunde-etzel-Pipeline verwaltungsgesellschaft mbh, hamburg (Germany) 16.00 GPG 16.00 GPG

44 bunde-etzel-Pipelinegesellschaft mbh & co. kG, hamburg (Germany) 16.00 GPG 16.00 GPG

45 Gissarneftgaz llc, shurtan (uzbekistan) 5.00 01 5.00 01

46 urdaneta GAZPROM-1 s. A., caracas (venezuela) 1.00 GPG 1.00 GPG

47 urdaneta GAZPROM-2 s. A., caracas (venezuela) 1.00 GPG 1.00 GPG

keur 31 deC 2012 31 deC 2011

investments accounted for using the equity method 569,816 525,336

Other companies 26,469 31,825

ToTal loans 596,285 557,161

keur 31 deC 2012 31 deC 2011

financial instruments neither impaired nor overdue on the balance sheet date 656,752 621,087

ToTal long-Term Primary finanCial insTrumenTs, gross 656,752 621,087


commodity derivatives 220,716 380,566

foreign currency derivatives 3,333 1,352

ToTal long-Term derivaTive finanCial insTrumenTs (36) 224,049 381,918


109

defeRRed tAx — 27

deferred tax assets are recognized on losses carried forward, interest carried forward and losses. if, based on current assessment, these are of no use in the future, deferred tax assets are subject to impairments. domestic tax losses carried forward presented below comprise mainly

interest carried forward by GPG in the amount of keuR 121,878 (2011: keuR 125,342). domestic tax losses carried forward are offset in accordance with section 8.1a of the trade tax law (GewstG).

deferred tax on investments in subsidiaries and joint ventures, that have not been recognized (iAs 12.81 (f) in conjunction with iAs 12.39) amounts to keuR 17,867 (2011: keuR 18,808).

deferred tax assets and liabilities are allocated as follows:




current assets 1,554 149

non-current assets 14,806 16,120

current liabilities 14,181 25,374

non-current liabilities 3,560 8,187

tax losses carried forward 2,672 751

Offsetting of deferred tax assets and liabilities – 14,031 – 26,948

ToTal deferred Tax asseTs 22,742 23,633

current assets – 396 – 9,794

non-current assets – 50,282 – 75,048

current liabilities – 1,341 – 362

non-current liabilities – 1 1,490

Outside basis differences – 1,835 – 1,521

Offsetting of deferred tax assets and liabilities 14,031 26,948

ToTal deferred Tax liabiliTies – 39,824 – 58,287

deferred tax from changes to the scope of consolidation, exchange rate differences, etc. – 1,057 1,430

deferred tax through income tax expenses (15) – 25,264 – 25,358

deferred tax in reserve for changes in fair value (16) 8,749 – 25,968

ToTal Changes in deferred Tax – 17,572 – 49,896

keur 31 deC 2012 31 deC 2011

domestic tax losses carried forward 126,643 125,527

foreign tax losses carried forward 51,424 40,941

Total tax losses carried forward 178,067 166,468

deferred tax assets on losses carried forward gross 52,878 41,045

writedowns – 50,205 – 40,294

ToTal neT deferred Tax losses Carried forward 2,673 751

110


PROvisiOns — 28

Cash outflows from provisions are expected as follows:

Pension benefit obligations are based on individual agreements. Pension obligations are based solely on defined benefit plans of the parent company.

in accordance with the benefit plans, 14 individuals (2011: 15) are entitled to pension benefits as at the balance sheet date based on their

average salaries in the last 12 months before reaching retirement age. in addition, 8 (2011: 5) former employees have become eligible for pension benefits. 6 (2011: 6) retired employees receive benefits as at the balance sheet date under these benefit plans. no further post- employment benefits are provided for.



keur 31 deC 2012 31 deC 2011

following year 1 5,596 525

following years 2 – 5 4,909 4,445

thereafter 26,427 21,436

ToTal exPeCTed Cash ouTflows from Provisions 36,932 26,406

keur PensionsexPloraTion

CosTsdismanTling obligaTions oThers

ToTal Provisions

1 jan 2011 1,088 7,822 3,380 216 12,506

exchange rate differences 132 132


interest compounding 198 205 67 470

utilization – 190 – 190

Reversals – 666 – 404 – 207 – 1,277

Additions 416 748 3,831 4,995

ToTal Provisions 31 deC 2011 846 8,027 3,791 3,968 16,632

Thereof short-term 100 425 525

1 jan 2012 846 8,027 3,791 3,968 16,632

exchange rate differences – 15 99 84

interest compounding 208 352 105 665

utilization – 107 – 107

Reversals – 248 – 248

Additions 1,543 228 9,841 11,612

ToTal Provisions 31 deC 2012 2,475 8,379 4,124 13,660 28,638

Thereof short-term 4,817 4,817


111

valuation in accordance with iAs 19 is based on the following assump-tions:

Pension provisions are not material for the consolidated financial state-ments. therefore, no sensitivity analysis according to iAs 1.125 is dis-closed.

Movements in provisions for pensions:



31 deC 2012 31 deC 2011

discount rate 3.50 % 5.30 %

Projected trends in wages and salaries 5.00 % 5.00 %

Projected pension trends 1.00 % 1.00 %

expected return on plan assets 4.00 % 4.50 %

keurdefined benefiT

obligaTion (dbo) Plan asseTsneT of dbo and

Plan asseTs

1 Jan 2011 3,815 – 2,727 1,088

interest compounding 198 198


employer contributions – 701 – 701

benefits paid – 441 251 – 190


Actuarial gains and losses 8 163 171

31 deC 2011 3,996 – 3,150 846

interest compounding 208 208


employer contributions 573 – 749 – 176

benefits paid – 179 72 – 107


Actuarial gains and losses 1,178 216 1,394

31 deC 2012 6,242 – 3,767 2,475

112


asset funding of pension plans is structured as follows:

Plan assets consist of cash payments into a benefit fund.

Provisions for the exploration costs have been made in connection with the obligations arising from the haidach (Austria) gas storage facility project.

dismantling obligations refer to the haidach (Austria), schweinrich (Germany) and hinrichshagen (Germany) gas storage facility projects.

Other provisions mainly include obligations to employees.



keurdefined benefiT

obligaTion (dbo) Plan asseTsneT of dbo and

Plan asseTs

31 dec 2008 4,062 – 3,067 995

31 dec 2009 4,545 – 3,509 1,036

31 dec 2010 3,815 – 2,727 1,088

31 dec 2011 3,996 – 3,150 846

31 dec 2012 6,242 – 3,767 2,475


113

finAncinG liAbilities — 29

expected cash outflows from financing liabilities are as follows:

the following loans have been granted:



keur 31 deC 2012Thereof

shorT-Term 31 deC 2011Thereof

shorT-Term

loans 264,974 239,451 513,513 487,957

Other liabilities to banks 6,116 6,116 390 390

Payables from financial lease 60 24 83 24

ToTal finanCing liabiliTies 271,150 245,591 513,986 488,371

keur 31 deC 2012 31 deC 2011

up to three months 37,659 190,784

Over 3 months until the end of the following year 1 207,933 297,587

following year 2 28,131 1,392

following year 3 16 26,874

following year 4 7 14

ToTal exPeCTed Cash ouTflows from Primary finanCing liabiliTies 273,746 516,651

keur CurrenCy maTuriTynominal

valueinTeresT raTe

31 deC 2012inTeresT raTe

31 deC 201131 deC

2012

Thereof shorT-

Term31 deC

2011

Thereof shorT-

Term

fROM bAnks

commerzbank AG, berlin euR 2012 16,450 1.21 % floating 8,050 8,050

commerzbank AG, berlin euR 2012 65,000 1.21 % floating 65,000 65,000

banking syndicate

Promissory note loan 1 euR 2014 7,500 5.70 % fixed 5.70 % fixed 7,500 7,500

Promissory note loan 2 euR 2012 500 4.65 % fixed 500 500

Promissory note loan 3 euR 2014 7,500 4.09 % floating 4.09 % floating 7,500 7,500

Promissory note loan 4 euR 2012 18,000 3.59 % floating 18,000 18,000


Promissory note loan 6 euR 2012 4,500 4.62 % fixed 4,500 4,500


Promissory note loan 8 euR 2014 8,500 5.70 % fixed 5.70 % fixed 8,500 8,500

Promissory note loan 9 euR 2014 2,000 3.93 % floating 3.93 % floating 2,000 2,000


barclays bank, london usd 2013 600,000 2.00 % floating 183,801 183,801

inG bank, Amsterdam euR 2013 14,913 0.50 % floating 14,913 14,913

Royal bank of scotland, london GbP 2011 385,305 2.27 % floating 155,632 155,632

224,214 198,714 478,682 453,182

114


the group has access to the following credit facilities:



keur CurrenCy maTuriTynominal

valueinTeresT raTe

31 deC 2012inTeresT raTe

31 deC 201131 deC

2012

Thereof shorT-

Term31 deC

2011

Thereof shorT-

Term

fROM cOMPAnies AccOunted fOR usinG the eQuity MethOd

wintershall erdgas handelshaus Gmbh & co. kG, berlin euR 2011 62,641 interest free 26,271 26,271

wintershall erdgas handelshaus Gmbh & co. kG, berlin usd 2012 42,000 0.71 % floating 31,833 31,833

31,833 31,833 26,271 26,271

fROM thiRd PARties

centrex europe energy & Gas AG, vienna euR 2013 8,500 4.65 % floating 5.04 % floating 8,875 8,875 8,476 8,476

csOb leasing a. s., Prague cZk 2014 81 9.23 % fixed 9.23 % fixed 38 26 78 26

csOb leasing a. s., Prague cZk 2015 22 8.75 % fixed 8.75 % fixed 14 3 6 2

8,927 8,904 8,560 8,504

ToTal loans 264,974 239,451 513,513 487,957

keur 31 deC 2012 31 deC 2011

total loans from banks, companies accounted for using the equity method and third parties 264,974 513,513

lOAn fAcilities nOt utiliZed:

from banks 830,833 500,024

from third parties 51 37

ToTal finanCing faCiliTies 1,095,858 1,013,574


115

tRAde And OtheR PAyAbles — 30

no securities have been granted.

The maturities of the primary and derivative financial instruments are as follows:

in determining the maturities for derivative financial instruments, a settlement on a net basis is assumed.



keur noTes 31 deC 2012Thereof

shorT-Term 31 deC 2011Thereof

shorT-Term


trade and other payables 1,798,949 1,798,949 1,524,437 1,524,437

Outstanding invoices 119,489 119,489 92,110 92,110

Other liabilities 54,883 54,308 17,472 16,994

Total primary financial instruments (35) 1,973,321 1,972,746 1,634,019 1,633,541


commodity derivatives 1,549,142 1,339,430 1,888,482 1,533,839

foreign currency derivatives 11,082 8,583 11,554 11,554

interest rate derivatives 1,142 1,142

Total derivative financial instruments (36) 1,560,224 1,348,013 1,901,178 1,546,535

OtheR liAbilities

Prepayments received 50,592 50,592 108,764 71,364

Payables from other taxes 64,259 64,259 54,455 54,455

deferred income 1,832 1,796 48,699 48,687

Total other liabilities 116,683 116,647 211,918 174,506

ToTal Trade and oTher Payables 3,650,228 3,437,406 3,747,115 3,354,582

keur 31 deC 2012 31 deC 2011


up to three months 1,967,486 1,519,565


following years 2 – 5 575 478

Total primary financial instruments 1,973,321 1,634,019




following years 2 – 5 211,052 287,581


Total derivative financial instruments 1,560,224 1,901,178

ToTal finanCial insTrumenTs 3,533,545 3,535,197

116


the expected cash outflows from derivative financial instruments are as follows:

Payables from other taxes are as follows:

subscRibed cAPitAl — 31

subscribed capital consists of one share at a nominal value of keuR 225,595 and is paid in completely.

nOn-cOntROllinG inteRest — 32

negative interest will be compensated for by the non-controlling shareholders.



keur 31 deC 2012 31 deC 2011








ToTal exPeCTed Cash ouTflows from derivaTive finanCial insTrumenTs 1,560,242 1,901,178

keur 31 deC 2012 31 deC 2011

value added tax 44,565 38,961

Other taxes 19,694 15,494

ToTal Payables from oTher Taxes 64,259 54,455

grouP ComPany ParTnersshares

%

31 deC 2012 keur

shares%

31 deC 2011 keur

ZMb Gasspeicher holding Gmbh, vienna centrex europe energy & Gas AG, vienna 33.33 3,946 33.33 6,681

veMex s. r. o., Prague centrex europe energy & Gas AG, vienna 49.86 – 3,150 49.86 2,677

veMex eneRGO s. r. o., bratislava centrex europe energy & Gas AG, vienna (indirectly) 49.86 – 178 49.86 – 217

veMex energie a. s., Prague centrex europe energy & Gas AG, vienna, and others (indirectly) 74.43 3,288 74.43 2,557

RsP energy sk a. s., bratislava centrex europe energy & Gas AG, vienna, and others (indirectly) 74.43 – 205 74.43 – 52

ceA centrex energy & Gas Gmbh, vienna centrex europe energy & Gas AG, vienna 49.86 1,497

ToTal non-ConTrolling inTeresT 3,701 13,143


117

nOtes tO the cOnsOlidAted cAsh flOw stAteMent

dividends PAid — 33

in this financial year, a dividend for 2011 amounting to kGbP 110,526 gross (keuR 138,227 gross or keuR 131,316 net), as well as a further special dividend in the amount of keuR 6,000 gross or keuR 5,700 net was paid (2011: keuR 409,722 gross or keuR 389,236 net).




118


OtheR nOtes

leAses — 34

finance leases as lessor pertain to the gas storage facility project in haidach which has been leased on a long-term basis to the share-

holder Gazprom export. leasing receivables include refund claims from Gazprom export amounting to keuR 790 (2011: keuR 879).

future minimum lease payments under finance leases as lessee are expected to the following maturities:


OtheR nOtes


keur

minimum lease PaymenT

31 deC 2012

inTeresT ProPorTion 31 deC 2012

PresenT value31 deC 2012

minimum lease PaymenT

31 deC 2011

inTeresT ProPorTion 31 deC 2011

PresenT value31 deC 2011

due the following year 8,211 – 6,396 1,815 9,347 – 8,105 1,242

due in following years 2 – 5 32,656 – 23,308 9,348 37,330 – 30,276 7,054

due thereafter 77,981 – 29,445 48,536 98,365 – 45,568 52,797

ToTal 118,848 – 59,149 59,699 145,042 – 83,949 61,093

keur 31 deC 2012 31 deC 2011

following year 1 41,319 29

following years 2 – 5 165,317 64

thereafter 447,701

ToTal Payables from finanCe leases 654,337 93


119

finAnciAl instRuMents — 35

the terms of maturity of the future lease payments under irredeemable operating lease contracts are expected to be as follows:

Obligations from rental and lease agreements concern only those rental agreements where the group companies are not the economic owners

of the leased assets. leasing contracts were primarily concluded for lnG cargoes, as well as vehicles, and office equipment.



measuremenT aCCording To ias 39

keurbook value 31 deC 2012

measuremenT aCCording To

ias 17amorTized

CosT

fair value reCognized

Through ProfiT and loss

fair value direCTly in

equiTyfair value

31 deC 2012

derivatives hedged 29,867 29,867 29,867

derivatives unhedged 1,708,213 1,708,213 1,708,213

Total financial instruments held for trading 1,738,080 1,708,213 29,867 1,738,080


trade and other receivables 2,185,583 1,815 2,183,768 2,185,583

loans and other long-term receivables 656,752 57,884 598,868 656,752

Total loans and receivables 3,611,557 59,699 3,551,858 3,611,557

Other financial assets 375,712 375,712 375,712

Total financial instruments available-for-sale 375,712 375,712 375,712

financing liabilities – 271,150 – 60 – 271,090 – 271,150

trade and other payables – 1,973,321 – 1,973,321 – 1,973,321

Total liabilities measured at amortized cost – 2,244,471 – 60 – 2,244,411 – 2,244,471

derivatives hedged – 30,815 – 30,815 – 30,815

derivatives unhedged – 1,529,409 – 1,529,409 – 1,529,409

Total financial liabilities held for trading – 1,560,224 – 1,529,409 – 30,815 – 1,560,224

ToTal finanCial insTrumenTs 1,920,654 59,639 1,307,447 178,804 374,764 1,920,654

keur 31 deC 2012 31 deC 2011


following years 2 – 5 35,354 120,063


ToTal Payables from oPeraTing leases 151,989 437,862

120

GAZPROM GeRMAniA

OtheR nOtes


measuremenT aCCording To ias 39

keurbook value 31 deC 2011

measuremenT aCCording To

ias 17amorTized

CosT

fair value reCognized

Through ProfiT and loss

fair value direCTly in

equiTyfair value

31 deC 2011

derivatives hedged 37,375 37,375 37,375

derivatives unhedged 2,002,334 2,002,334 2,002,334

Total financial instruments held for trading 2,039,709 2,002,334 37,375 2,039,709


trade and other receivables 2,028,988 1,242 2,027,746 2,028,988

loans and other long-term receivables 621,087 59,851 561,236 621,087

Total loans and receivables 3,562,353 61,093 3,501,260 3,562,353

Other financial assets 352,642 – 5,898 358,540 352,642

Total financial instruments available-for-sale 352,642 – 5,898 358,540 352,642

financing liabilities – 513,986 – 83 – 513,903 – 513,986

trade and other payables – 1,634,019 – 1,634,019 – 1,634,019

Total liabilities measured at amortized cost – 2,148,005 – 83 – 2,147,922 – 2,148,005

derivatives hedged – 3,084 – 3,084 – 3,084

derivatives unhedged – 1,898,094 – 1,898,094 – 1,898,094

Total financial liabilities held for trading – 1,901,178 – 1,898,094 – 3,084 – 1,901,178

ToTal finanCial insTrumenTs 1,905,521 61,010 1,347,440 104,240 392,831 1,905,521


121

net gains/losses from financial instruments are as follows:

bank charges and interest expenses from discounting are recognized under other expenses.



from subsequenT valuaTion

keurinTeresT

inComeinTeresT exPense

from oTher exPenses aT fair value

foreign CurrenCy exChange

differenCesvaluaTion

allowanCeneT resulT

2012

loans granted and receivables 28,841 – 31,229 – 22,448 – 7,646 – 32,482

financial instruments available-for-sale 26,244 – 3,242 23,002

financial assets and liabilities held for trading 18,366 18,366

liabilities accounted for at amortized cost – 20,878 – 20,878

ToTal neT gain or loss 28,841 – 20,878 – 31,229 44,610 – 22,448 – 10,888 – 11,992

Thereof recognized:

Through profit or loss 28,841 – 20,878 – 31,229 18,366 – 22,448 – 10,888 – 38,236

directly in equity 26,244 26,244

from subsequenT valuaTion

keurinTeresT

inComeinTeresT exPense

from oTher exPenses aT fair value

foreign CurrenCy exChange

differenCesvaluaTion

allowanCeneT resulT

2011

loans granted and receivables 39,339 – 22,988 – 12,914 – 7,334 – 3,897

financial instruments available-for-sale – 796 – 796

financial assets and liabilities held for trading 134,501 134,501

liabilities accounted for at amortized cost – 18,070 – 18,070

ToTal neT gain or loss 39,339 – 18,070 – 22,988 133,705 – 12,914 – 7,334 111,738

Thereof recognized:

Through profit or loss 39,339 – 18,070 – 22,988 134,501 – 12,914 – 7,334 112,534

directly in equity – 796 – 796

122


Risk MAnAGeMent And deRivAtive finAnciAl instRuMents — 36

for details to risk management, please refer to the management report. the following fair value hierarchies emerged for the derivative financial instruments:

derivative financial instruments valued at level 3 of the fair value hierarchy developed as follows:

OtheR nOtes


keur level 1 level 2 level 3 ToTal

31 dec 2012

derivative financial instruments assets

short-term 17,655 1,479,903 16,473 1,514,031

long-term 4,929 215,362 3,759 224,050

derivative financial instruments liabilities

short-term – 23,316 – 1,309,419 – 15,278 – 1,348,013

long-term – 1,805 – 204,610 – 5,796 – 212,211

ToTal derivaTive finanCial insTrumenTs – 2,537 181,236 – 842 177,857

31 dec 2011

derivative financial instruments assets

short-term 62,577 1,588,148 7,066 1,657,791

long-term 15,395 354,821 11,702 381,918

derivative financial instruments liabilities

short-term – 40,917 – 1,496,061 – 9,557 – 1,546,535

long-term – 15,124 – 331,532 – 7,987 – 354,643

ToTal derivaTive finanCial insTrumenTs 21,931 115,376 1,224 138,531

keur asseTs liabiliTies ToTal

1 jan 2011 61,490 – 4,436 57,054

exchange rate differences – 1,875 – 644 – 2,519

disposals through profit and loss – 41,418 – 41,418

disposals directly in equity – 5,289 2,038 – 3,251

Additions through profit and loss – 12,028 – 12,028

Additions directly in equity 5,860 – 2,474 3,386

31 deC 2011 18,768 – 17,544 1,224

1 jan 2012 18,768 – 17,544 1,224

exchange rate differences 161 – 139 22

disposals through profit and loss – 2,666 1,288 – 1,378

Additions through profit and loss 3,969 – 4,679 – 710

31 deC 2012 20,232 – 21,074 – 842


123

no reclassifications were made between the valuation hierarchies.

Risks from derivative financial instruments (including foreign currency derivatives) for GM&t are taken into account in the company’s market risk limit. beyond this, there were no foreign currency derivative posi-tions at the balance sheet date.

the shares in the vnG were re-valued at their fair value as of 31 decem ber 2012. this resulted in a reversal of payment losses of keuR 13,542 made in previous years (2011: keuR 796) for the

second tranche acquired (new shares 5.26 %). the difference between the fair value at the balance sheet date as compared to the carrying amount last year represented a gain of keuR 26,244 (2011: loss of keuR 796), which was added to the reserve for changes in fair value of available-for-sale financial assets.

the following derivative financial instruments are disclosed at the bal-ance sheet dates:

the volumes and nominal values of derivative financial instruments correspond to the total purchase and sale values of all derivatives and are presented gross without offsetting.

the maturities are as follows:



volumes nominal value 31 deC fair value 31 deC

2012 2011 2012 2011 2012Thereof

shorT-Term 2011Thereof

shorT-Term

keur keur keur keur keur keur

cOMMOdity deRivAtives

natural gas (km3) 160,119,010 201,120,928 36,789,801 24,253,813 86,005 98,898 74,010 76,877

lnG (km3) 19,915 1,358,330 8,255 166,851 – 769 – 769 15,698 13,503

lPG (km3) 777 25 187,600 4,655 – 714 – 714 – 1,666 – 1,666

Oil (kt) 129 30,458 40,851 185,067 – 1,182 – 641 – 2,200 – 2,200

Power (Gwh) 183,411 191,319 9,454,390 10,784,309 – 10,219 – 8,135 – 26,097 – 16,586

emission allowances (kt) 89,331 94,845 473,278 869,459 97,057 70,535 64,858 28,752

coal (kt) 1,560 111,948 – 173 – 173

Total commodity derivatives 47,066,123 36,264,154 170,005 159,001 124,603 98,680

foreign currency derivatives 2,537,704 723,651 7,851 7,017 15,070 13,718

interest rate derivatives 226,100 – 1,142 – 1,142

ToTal derivaTives 49,603,827 37,213,905 177,856 166,018 138,531 111,256

keur 31 deC 2012 31 deC 2011


Over three months until the end of following year 1 111,645 45,326


thereafter 829 1,783

ToTal fair value 177,856 138,531

124


Risk fROM litiGAtiOn And clAiMs— 37

winGAs storage uk ltd together with other companies, is involved in litigation proceedings in which the aggregate amount of claims is euR 20 million. the company is accused of having defaulted on pro rata license fee payments arising from a contract signed in 1964.

cOntinGent liAbilities — 38

Maturities of the contingent liabilities are as follows:

At the time these consolidated financial statements were prepared, no claims with respect to the group are expected.

OtheR nOtes


keur 31 deC 2012 31 deC 2011

liabilities arising from guarantees and letters of comfort 1,086,189 886,486

ToTal ConTingenT liabiliTies 1,086,189 886,486

keur 31 deC 2012 31 deC 2011

following year 1 1,056,976 873,300



ToTal ConTingenT liabiliTies 1,086,189 886,486


125

OtheR finAnciAl cOMMitMents — 39

the maturities of other financial commitments are as follows:




Purchase commitments from investments in other participations 8,399

8,399

commitments arising from gas purchase and other long-term purchase contracts 7,542,101 7,298,702

commitments arising from long-term leases (excluding finance leases) (34) 151,989 437,862

ToTal oTher finanCial CommiTmenTs 7,694,090 7,744,963

keur 31 deC 2012 31 deC 2011

following year 1 7,101,255 7,286,755

following year 2 – 5 246,148 146,722

thereafter 346,687 311,486

ToTal oTher finanCial CommiTmenTs 7,694,090 7,744,963

126


RelAted PARty tRAnsActiOns — 40

companies that control GPG or exercise a strong influence over it as well as companies affiliated with GAZPROM are referred to as related parties in accordance with iAs 24. in addition, all companies, which

are controlled or significantly influenced by GPG, as well as their super-visory board members and top management, fall into this category. business activities with related parties have developed as follows:

dividends distribution is not disclosed within related party transactions.

controlling companies: GAZPROM owns 100 % of shares in GPG through Gazprom export. business relations concern the gas business (primari-ly with Gazprom export).

Other GAZPROM Group companies: 92 % (2011: 99 %) of trade and other payables involved gas deliveries including transmission charg-es from kazRosGaz llP, Almaty, kazakhstan and sakhalin energy investment company ltd, bermuda, bermuda.

joint ventures: 4 % (2011: 98 %) of revenue and income from joint ventures resulted from gas delivery contracts with wintershall erdgas handelshaus Zug AG, Zug, switzerland.

100 % (2011: 100 %) of liabilities concerned wieh.

Associated companies: 74 % (2011: 95 %) of revenue and income from associated companies, 100 % (2011: 100 %) of trade and oth-er payables, 78 % (2011: 84 %) of assets and 100 % (2011: 91 %) of liabilities resulted from gas delivery contracts with winGAs (2011: w & G).

Other related parties: Members of GPG’s management occupy-ing key positions were granted remuneration of keuR 2,873 (2011: keuR 2,397). Additionally, retirement benefit obligations for these individuals amount to keuR 3,057 (2011: keuR 2,112).

OtheR nOtes


keurrevenue and

oTher inCome

suPPlies and serviCes reCeived asseTs liabiliTies

controlling companies 7,376,785 5,286,997 1,621,466 1,370,129

Other GAZPROM Group companies 18,227 1,163,632 86,738 92,964

joint ventures 8,896 97 83,799 31,833

Associated companies 1,014,354 1,590,508 633,934 164,903

Other related parties 4,213 3,057

ToTal TransaCTions wiTh relaTed ParTies 2012 8,418,262 8,045,447 2,425,937 1,662,886

controlling companies 5,480,914 5,022,145 984,395 999,950

Other GAZPROM Group companies 18,588 1,081,676 40,437 122,390

joint ventures 104,469 85,966 26,271

Associated companies 468,048 1,207,826 791,761 448,397

Other related parties 3,687 2,112

ToTal TransaCTions wiTh relaTed ParTies 2011 6,072,019 7,315,334 1,902,559 1,599,120


127

ReMuneRAtiOn Of the suPeRvisORy bOARd — 41

Remuneration of the supervisory board amounted to keuR 1,340 (2011: keuR 1,290).

ReMuneRAtiOn Of the tOP MAnAGeMent — 42

Remuneration of the management totalled keuR 2,873 (2011: keuR 2,397) for active members. Retirement benefit obligations amount to keuR 1,124 (2011: keuR 466) for active members of

the top management. Retirement benefit obligations for former top managers amount to keuR 1,933 (2011: keuR 1,646).

GROuP Audit fees — 43

the following group audit fees were expended:

these financial statements were approved by the Management on 13 March 2013 and released for publication.

berlin, 13 March 2013

vyAcheslAv kRuPenkOvsenior Managing director

AndRey biRyulinManaging director



keur 2012 2011

Annual statutory audit 524 527

Other auditing services 261 263

tax advice services 280 189

Other services 755 63

ToTal grouP audiT fees 1,820 1,042

128



AuditOR’s RePORt

AuditOR’s RePORt


08


129


130


we have audited the consolidated financial statements, comprising the statement of comprehensive income, the balance sheet, the statement of changes in equity, the cash flow statement and the notes to the con-solidated financial statements, together with the group management report of GAZPROM Germania Gmbh, berlin for the business year from january 1 through december 31, 2012. the preparation of the consoli-dated financial statements and the group management report in accord-ance with ifRs as to be applied in the eu, as well as the supplementary commercial law provisions of section 315 a (1) hGb are the responsibility of the company’s managing directors. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit.

we conducted our audit of the consolidated 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 wirt schafts-prüfer (idw) [institute of Public Auditors in Germany]. those standards require that we plan and perform the audit such that misstatements mate-rially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accord-ance with the applicable accounting provisions and in the group man-agement report are detected with reasonable assurance. knowledge of the business activities and the economic and legal environment of the Group 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 sup-porting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis with-

in the framework of the audit. the audit includes assessing the annual financial statements of the entities included in the consolidated financial statements, the determination of the consolidated group, the account-ing and consolidation principles applied and significant estimates made by the company’s managing directors, as well as evaluating the overall impression given by the consolidated financial statements and the group 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 consolidated financial statements comply with ifRs as to be applied in the eu as well as with the supplementary commercial law provisions under section 315 a (1) hGb, and give a true and fair view of the net assets, finan-cial position and results of operations of the Group, in accordance with these provisions. the group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

berlin, March 16, 2013

Pricewaterhousecoopers Aktiengesellschaft wirtschaftsprüfungsgesellschaft

sGd. hARAld heRRMAnn German Public Auditor

sGd. PPA. sten kunZMAnnGerman Public Auditor

AuditOR’s RePORt

AuditOR’s RePORt



131




puBlisher




concept And desiGn

pBl Milk Gmbh

production


photo credits





053 / 055 / 058shutterstock – 063


AvAilABle At


10117 Berlin

t +49 30 20195 152f +49 30 20195 135

[email protected]

contAct



8,660,325

506,291

478,691

9,757,851

372,496

356,777

12,487,789

297,498

270,121

481,728

324,994

32.5

6,430,066

2,394,070

3,170,549

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10.5

14.7

779

384,781

341,419

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7,774,734

3,409,952

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284,398

236,415

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7,644,021

2,517,926

3,625,027

47.4

6.7

7.6

1,185

2,598,024

revenue (keur)

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