British Petroleum, Роснефть и Сечин

[borislvin]

3 мая 2022 года British Petroleum выпускает отчет за первый квартал. В отчете, в частности, рассказывается о том, как война сказалась на финансовых результатах BP, являвшейся на тот момент владельцем почти 20 процентов акций Роснефти:

As a result of bp's two nominated directors stepping-down from the Rosneft board on 27 February, bp determined that it no longer meets the criteria set out under IFRS for having "significant influence" over Rosneft. bp therefore no longer equity accounts for its interest in Rosneft from that date, treating it prospectively as a financial asset measured at fair value. Combined with bp's decision to exit its shareholding in Rosneft and the market impact on Russian assets, an impairment assessment was undertaken. Within the first quarter results, the loss of significant influence and the impairment assessment led to a net pre-tax charge of $24.0 billion classified as an adjusting item, reducing equity by $14.4 billion. The adjusting item is made up of:

- A $13.5 billion pre-tax impairment charge, representing the full carrying value of the Rosneft investment at 27 February 2022 as, due to sanctions and geopolitical challenges the level of uncertainty as to the value of our shareholding means that, under IFRS, it is not currently possible to estimate any value other than zero.
- A $11.1 billion pre-tax charge, principally arising from foreign exchange losses accumulated from the date of the initial investment in 2013 to 27 February 2022, that under IFRS, to that date, were recorded directly in equity rather than in the income statement. Of this $1.4 billion has an incremental impact on equity with $9.7 billion recorded as at 31 December 2021.
- These charges are partly offset by $0.5 billion representing bp's estimated share of Rosneft's post-tax income in the first quarter until 27 February 2022.

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-first-quarter-2022-results.pdf

2 августа 2022 года BP выпускает отчет о деятельности во втором квартале. Раздел о Роснефти выглядит так:

On 27 February 2022, bp announced it will exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within "Other investments". Russia has implemented a number of countersanctions including restrictions on the divestment from Russian assets by foreign investors. Further, bp is not able to sell its Rosneft shares on the Moscow Stock Exchange and is unable to ascribe probabilities to possible outcomes of any exit process. As a result, it is considered that any measure of fair value, other than nil, would be subject to such high measurement uncertainty that no estimate would provide useful information even if it were accompanied by a description of the estimate made in producing it and an explanation of the uncertainties that affect the estimate. Accordingly, it is not currently possible to estimate any carrying value other than zero when determining the measurement of the interest in Rosneft as at 30 June 2022.

At Rosneft's annual general meeting on 30 June 2022, shareholders approved a resolution to pay dividends of 23.63 roubles per ordinary share for the second half of 2021 (49 billion roubles bp share before withholding tax). Russia has imposed restrictions on the payment of dividends to certain foreign shareholders, requiring such dividends to be paid in roubles into a restricted bank account and a requirement for approval of the Russian government for transfers from such bank accounts out of Russia. It is not clear in what circumstances such approval would be given. Given the restrictions applicable to such accounts, management considers that the criteria for recognising dividend income from Rosneft in the second quarter have not been met.

As a result of bp's decision to exit its shareholding in Rosneft in the first quarter 2022, the group has ceased to report Rosneft as a separate segment in its financial reporting for 2022.

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-second-quarter-2022-results.pdf

Практически то же самое повторяется в отчетах за третий квартал и за четвертый квартал (и весь год в целом), выпущенных, соответственно, 1 ноября 2022 года и 7 февраля 2023 года:

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-third-quarter-2022-results.pdf
https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2022-results.pdf

Кроме того, 2 декабря 2022 года BP выпускает специальный пресс-релиз о своих отношениях с Роснефтью. В частности, там заявлено:

bp is exiting Russia, we have no intention of "returning to business as usual". Just three days after Russia’s attack on Ukraine, bp announced that we will exit our shareholding in Rosneft and other businesses in Russia – we said the attack was "a fundamental change." This is still our position.

As a result of our decisions we had to take a charge of over $24 billion in our accounts – the largest such financial impact on any company. And we no longer report any equity share of earnings, production or reserves from Rosneft – reducing our reported earnings by c $2 billion a year, oil and gas production by a third (1.1 million barrels equivalent a day) and oil and gas reserves by just over a half (>9 billion barrels equivalent).

Since our decision, bp has not received any dividends from the Rosneft shares. It is our understanding that, under Russian regulations, any payments to a company in an "unfriendly state" such as the UK would go into a highly restricted Russian bank account from which money could not be transferred without Russian government approval. This is described in detail in our most recent results - see p21 of bp’s 3Q results.

Additional notes:

- bp’s two nominated directors immediately stood down from Rosneft’s board, and international staff were withdrawn from Russia.
- We took $24.4 billion charge to accounts in the first quarter, and removed Rosneft earnings, production and reserves from our reporting.
- We continue to pursue options to complete our exit from Russia which is complex, due to both international sanctions and Russian government restrictions.

https://www.bp.com/en/global/corporate/news-and-insights/press-releases/statement-on-media-reports-regarding-bps-exit-from-russia.html

И вот на этом фоне 6 февраля 2023 года Сечин, приехав в Индию на какой-то болтательно-развлекательный форум, говорит:

Также мы с интересом наблюдаем в аудированной годовой отчетности, что BP, как я уже сказал, являющаяся нашим акционером на 20%, оценив эффективность работы «Роснефти», пересмотрела стоимость пакета «Роснефти», который им принадлежит, до 24 млрд долларов. То есть BP по-прежнему с нами, и я пользуюсь этой возможностью, чтобы передать привет нашим друзьям, партнерам. Хочу заверить, что мы будем усиленно работать, чтобы оправдать доверие наших акционеров.

https://www.rosneft.ru/press/news/item/213405
https://www.rosneft.ru/upload/site1/attach/5/02/01/pdf_06022023_1.pdf

Что путинскому троллю положено троллить - это само собой разумеется, тут удивляться нечему. Но вот морочить публике голову, складывая 13 миллиардов условной балансовой стоимости с 11 миллиардами условных потерь на курсовой разнице и получая на выходе 24 миллиарда как отражение эффективности работы компании - это уже особое искусство.

Кстати, не знаю, кто там у Сечина отвечает за изготовление слайдов и презентаций, но слайд номер 2 я бы на месте Сечина не показывал. Графики на этом слайде отчетливо демонстрируют, что цены на бензин и электроэнергию в Европе уже вернулись к довоенному уровню.

https://www.rosneft.ru/upload/site1/attach/5/02/01/presentation_06022023_1.pdf