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)24 NET CASH PROVIDED BY OPERATING ACTIVITIESYear ended 31 December2001 2000Profit before profit tax and minority interest 201,294 183,195Adjustments to net profit before profit taxDepreciation 86,751 83,555Impairment provisions for investments, other long-term assets, property,plant and equipment and inventories 8,286 61,496Net unrealised foreign exchange losses 8,146 7,058Impairment provision for accounts receivable 30,464 31,374Interest expense 33,692 32,324Gain on restructured taxes (18,699) (20,011)Loss on disposal of property, plant and equipment 5,081 12,360Monetary effects on non-operating balances (60,706) (75,394)Interest income (12,321) (13,560)Decrease in provisions for liabilities and charges (22,567) (12,443)Net increase in long-term assets 20,740 10,801Mutual cancellations and barter settlements (43,677) (63,286)(Gain) loss on fair value adjustment for trading andavailable-for-sale investments (1,324) 2,666Total effect of adjustments 33,866 56,940Adjusted profit before changes in working capital 235,160 240,135Changes in working capitalDecrease (increase) in accounts receivable and prepayments 62,170 (38,694)Increase in inventories (7,915) (14,087)(Increase) decrease in other current assets (22,967) 5,073Increase in accounts payable and accrued charges, excluding interest,dividends and capital construction 8,124 18,273Decrease in taxes payable (other than profit tax) (53,381) (25,469)Decrease (increase) in available-for-sale and trading investments 5,400 (2,591)Total effect of working capital changes (8,569) (57,495)Profit tax paid (91,373) (80,549)Net cash provided by operating activities 135,218 102,091Total cash taxes paid:Year ended 31 December2001 2000Excise 112,695 110,605Profit tax 91,373 80,549VAT 58,456 32,064Custom duties 35,600 27,877Other 18,686 5,284Royalty and mineral restoration tax 18,468 4,743Road users tax 12,360 15,190Property tax 7,346 4,368Total taxes paid 354,984 280,680F-74
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)25 SUBSIDIARY UNDERTAKINGSPrincipal subsidiary undertakings, 100% ownedAstrakhangazprom Gazsviaz PermtransgazBashtransgaz Zarubezhgaz Erdgashandel GmbH (ZGG) SamaratransgazBurgaz Informgaz SevergazpromVNIIgaz IRTs Gazprom ServicegazpromVolgogradtransgaz Kavkaztransgaz Liquified gasVolgotransgaz Kaspygazprom SurgutgazpromGazkomplektimpex Kubangazprom TattransgazGaznadzor Leadville Investments Limited TomsktransgazGazobezopasnost Lentransgaz TyumenNllgiprogazGazpromavia Mezhregiongaz TyumentransgazGazprominvestholding Mostransgaz UraltransgazGazprom-Media Nadymgazprom UrengoygazpromGazprom Finance B.V. Nadymstroygazdobytcha YugtransgazGaztorgpromstroy Novourengoysky GCC YamalgazinvestGazflot Noyabrskgazdobycha YamburggazdobychaGazexportOrenburggazpromAll of these subsidiaries are incorporated in the Russian Federation, with the exception ofGazprom Finance B.V., ZGG and Leadville Investments Limited, which are incorporated in theNetherlands, Germany and Cyprus, respectively. Gazprom Finance B.V. was established in February1999 for the purpose of obtaining financing for the Group outside Russia. ZGG acts as the holdingcompany for the Group's interests in a number of gas distribution, storage and transportation companiesoperating in Central Europe. Leadville Investments Limited was established in 2000 to manage theGroup's investments in Russian media companies. Other companies are mainly involved in production,transportation and sale of gas.Principal subsidiary undertakings, less than 100% ownedPercent of share capital heldas of 31 December2001 2000OAO Gazavtomatika 49 51OAO Gazenergoservice 51 51AB Gazprombank (ZAO) 98 97OAO Gazsibcontract 96 51ZAOGerosgaz 51 51ZAO Kostromatrubinvest 99 99OAO Lebedinsky GOK – 57OAO AKB National Reserve Bank 40 40OAO AK Sibur 51 –ZAO AKB Sovfintrade 94 65OAO Spetsgazavtotrans 51 51OAO Volgogradneftemash 51 51OAO Vostokgazprom 51 51OAO Zapsibgazprom 34 34In 2001 the Group's interest in OAO Gazavtomatika decreased from 51% to 49% as the Groupdid not participate in an additional share issue by OAO Gazavtomatika.F-75
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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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Page 202 and 203: OAO GAZPROMINVESTOR RELATIONSThe Co
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