Open Joint Stock Company Gazprom

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OAO GAZPROMNOTES TO THE IAS CONSOLIDATED FINANCIAL STATEMENTS(In millions of Russian Roubles in terms of the equivalent purchasing power of the Rouble asof 31 December 2001)As of 31 December 2000, profit tax payable included current, differed and restructured liabilitiesof RR 8,985, RR nil and RR 828, respectively. As of 31 December 2001, profit tax payable representsonly restructured profit tax as the Group had a net prepayment for current profit tax amounting to RR7,278; these receivables are included within other current assets.In 2001 excise tax rate for gas sales to CIS countries was reduced from 30% to 15%, effectivefrom 1 January 2001. Meanwhile, certain excise tax exemptions were abolished effective 1 October2001 (see Note 27).During 2001 the Group continued to negotiate the restructuring of its tax liabilities in accordancewith current tax regulations. The Group's current restructuring agreements presume payments ofoutstanding restructured taxes over a period of ten years through 2011, in accordance with agreedpayment schedules. Interest expense on restructured tax liabilities is accrued quarterly based onoutstanding restructured tax liabilities, applying the refinancing rate of the Central Bank of the RussianFederation.The long-term portion of the restructured tax and penalties liabilities has the following maturityprofile:31 December2001 2000Due for repayment:Between one and two years 3,994 2,703Between two and five years 6,061 8,092After five years 39,756 17,65449,811 28,449Less: unamortized discount on restructured taxes (30,738) (17,930)19,073 10,519The gain recorded upon restructured taxes is disclosed in the statements of operations as a partof net finance costs in the amount discounting of RR 18,699 and RR 20,011 for the years ended 31December 2001 and 2000, respectively. The amortization of the discount on restructured taxes isrecorded within other interest expense and amounted to RR 3,052 and RR 2,081 for the years ended31 December 2001 and 2000, respectively.15 SHORT-TERM BORROWINGS AND CURRENT PORTION OF LONG-TERM BORROWINGS31 December2001 2000Short-term borrowings:RR denominated borrowings 67,947 74,806Foreign currency denominated borrowings 20,723 2,65288,670 77,458Current portion of long-term borrowings (see Note 16) 79,059 55,496167,729 132,954Short-term RR denominated borrowings had average interest rates ranging from 5.0% to 25.0%and 17.0% to 37.0% for the years ended 31 December 2001 and 2000, respectively. Short-term foreigncurrency denominated borrowings had average interest rates ranging from 6.5% to 15.0% and from7.0% to 18.0% for the years ended 31 December 2001 and 2000, respectively.F-64
OAO GAZPROMNOTES TO THE IAS CONSOLIDATED FINANCIAL STATEMENTS(In millions of Russian Roubles in terms of the equivalent purchasing power of the Rouble asof 31 December 2001)The Group's short-term promissory notes payable had average interest rates ranging from 18.0%to 24.7% and 18.0% to 53.0% tor the years ended 31 December 2001 and 2000, respectively.16 LONG-TERM BORROWINGS31 DecemberCurrency Due 2000 1999Long-term borrowings payable to:A French banking consortium US dollar 2001-2005 69,744 94,897A German banking consortium US dollar 2001-2005 51,698 71,762An Italian banking consortium US dollar 2001-2007 28,618 38,323Vneshtorgbank US dollar 2001-2004 20,227 _A German banking consortium Euro 2001-2008 17,057 21,284An International banking consortium Euro 2001-2007 11,309 15,064Sberbank of RF Roubles 2001-2003 10,147 _A German banking consortium Euro 2001-2007 9,506 11,730A Cyprus banking consortium US dollar 2001-2006 6,615 9,050HVB Luxembourg Euro 2001-2006 6,317 _Moskovsky Narodny Bank Limited US dollar 2001-2006 6,053 _Fuji Bank US dollar 2003-2010 5,544 _Eurobonds issued by AB<strong>Gazprom</strong>bank (ZAO) Euro 2001-2003 5,298 _A German banking consortium Euro 2001-2003 4,103 8,050Hungarian banking consortium US dollar 2001-2005 3,948 _Other long-term borrowings Various 29,106 28,757Total long-term borrowings 285,290 298,917Less: current portion of long-termborrowings (79,059) (55,496)206,231 243,42131 December2001 2000Due for repaymentBetween one and two years 79,059 57,786Between two and five years 111,415 153,274After five years 15,757 32,361206,231 243,421Long-term borrowings include fixed rate loans with a carrying value of RR 59,144 and RR 38,323and fair value of RR 50,355 and RR 33,687 as of 31 December 2001 and 2000, respectively. All otherlong-term borrowings have variable interest rates linked to LIBOR, and the carrying amountsapproximate fair value.F-65
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OFFERING CIRCULARJOINT-STOCKCOMPANY
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classifications and methodologies,
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INVESTMENT CONSIDERATIONSAn investm
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Relationship with the GovernmentThe
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elation to its assets and operation
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Ethnic and religious differences in
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TRANSACTION SUMMARYThe transaction
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SELECTED FINANCIAL INFORMATIONThe s
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CAPITALISATIONThe following table s
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OAO GAZPROMPrivatisation and Format
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Gazprom Shares. The Presidential De
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Gazprom's main subsidiaries were, a
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Management StructureIn accordance w
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The current membership of Gazprom's
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1999 2000 2001(mtoe, except for per
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Central and Eastern EuropeGazprom e
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U.S.$43 million and from those cust
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Country% OFEUROPEANNATURALGAS SUPPL
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As at 31 December 2000, proved and
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The following table sets out, as at
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een put on stream at the Astrakhans
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Orenburg Helium Plant. This is Russ
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The following table sets forth some
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Gazprom provides the independent su
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INTERNATIONAL PROJECTS AND ALLIANCE
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major natural gas distributor in ea
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Other foreign associate undertaking
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Gazprom has developed and continues
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LOAN AGREEMENTThe following is the
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"Notes" means the U.S.$500,000,000
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"Subsidiary" means, with respect to
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5 Repayment and Prepayment5.1 Repay
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the amount of any such payment and
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necessary to compensate the Bank fo
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9.1.15 In any proceedings taken in
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10.6 Payment of Taxes and Other Cla
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ankruptcy law, or (iii) a bankruptc
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execution of this Agreement and all
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14.8 Contracts (Rights of Third Par
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TERMS AND CONDITIONS OF THE NOTESTh
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Under the Trust Deed, the obligatio
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Payments of interest shall be made
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The Trustee may agree, without the
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SUMMARY OF PROVISIONS RELATING TO T
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circumstances, if the disposal proc
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SALOMON BROTHERS AGThe Bank is lice
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GENERAL INFORMATION1. The Notes rep
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force is being formed to gradually
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to address these pressures. First,
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Balance of PaymentsThe following ta
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understanding that it would serve a
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GeneralAPPENDIX B - PART 1 - OVERVI
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most important recent piece of legi
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integrated objects managed on a cen
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• price regulation - setting pric
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APPENDIX B — PART II — EXTRACT
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APPENDIX C - GLOSSARY OF TERMS"Acco
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"State Gas Concern Gazprom"the Stat
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OAO GAZPROMIAS CONSOLIDATED FINANCI
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OAO GAZPROMIAS CONSOLIDATED BALANCE
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OAO GAZPROMIAS CONSOLIDATED STATEME
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OAO GAZPROMNOTES TO THE IAS CONSOLI
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