Transparency initiative annual report

2.6.3. Payments to the State Budget by state-owned enterpirses

Financial data of SOCAR and the payments made to the state budget are shown below:

Share capital ⁴⁰

Share capital of SOCAR was equal to AZN 1,617 million in 2015 and this constitutes an increase of AZN 121 million from 2014.

Additional Paid-in Capital ⁴¹

During 2015 the Government made a contribution to the charter capital of SOCAR in the amount of AZN 581 million and this transaction was recorded as an additional paid-in capital. The amount of cumulative additional paid-in capital was equal to AZN 1,423 million as of 31 December 2015.

Distributions to the Government ⁴²

In accordance with the decision of the Government the state budget, various government agencies and government implementation projects invested in cash or financing form by SOCAR. These kinds of investments were accounted for as a reduction of capital. Distributions in the form of cash are recorded in the carrying amount of the assets transferred. The amount of such direct cash transfers to the Government in 2015 amounted to AZN 339 million.

Retained Earnings ⁴³

The total amount of SOCAR's retained earnings was AZN 6,191 million for the year ended 31 December 2015. Detailed information can be obtained from the "Consolidated statement of changes in equity" financial report of SOCAR.

Information on financial data of “AzerGold” CJSC was not included in this report due to fact that the company did not have any activity in 2015. However the company's share capital was approved by the Cabinet of Ministers of Azerbaijan Republic.
In accordance with the Company charter the authorised capital is owned by the state. The authorised capital of the company is AZN 2 000 000 (two million). The par value per share is 1 (one) AZN.