Review of financial results of operations
The following review of the Group’s financial position as of 31 December 2013 and for the years ending 31 December 2013 and 31 December 2012 should be read in conjunction with the Consolidated Financial Statements and notes, which were prepared in accordance with International Financial Reporting Standards (“IFRS”).
This report represents Gazprom Neft’s financial position and results of its operations on a consolidated basis. In this report, the terms “Gazprom Neft” and “Company” mean OJSC Gazprom Neft, its subsidiaries and proportionally consolidated entities (joint arrangements under IFRS 11) (Tomskneft and Salym Petroleum Development (SPD)).
The term “Joint Ventures” means companies accounted for under the equity method.