The 9 Largest Russian Companies Reporting in Russian Rubles and Audited by Big 4 CPA Firms 2014 Total Audited Earnings Decline 56% From 2013 ..... 5 of the 9 are Oil & Gas Companies With Their Total 2014 Audited Earnings Dropping 66% From 2013 ..... The 5 Largest Russian Companies Reporting in US$s and Audited by Big 4 CPA Firms 2014 Total Audited Earnings Decline 56% From 2013 and Decline 71% From 2012 ..... Giant Lukoil Reporting in US$s 2014 Audited Earnings 57% Below 2012 and 1st Half 2015 Earnings Another 59% Below 1st Half 2014 Earnings .... Large Russian Companies and Russian Citizens Have To Be Very Concerned

From a review of the superb Google Finance Website and financial statements in company investor relations websites, I found 14 Companies headquartered in Russia with stock market caps on the Moscow Stock Exchange of more than Russian Rubles (RUB) 500 billion and which had their financial statements audited by one of the very prestigious Big 4 CPA firms..  The Russian Ruble is now worth US$.015 and has depreciated precipitously against the US$ in the most recent three years.

Of these 14 largest Russian Companies, 13 used IFRS GAAP and 1 used US GAAP.

Six of the 10 Largest Russian Companies in stock market cap are in the Oil & Gas industry including the top 3 and 5 of the top 7.  I think it is very unwise to have so much of a large country's economic wealth in just one industry.

There were 9 of these 14 largest Russian Companies which presented their financial statements in Russian Rubles, with the other 5 presenting US$ financial statements.

Below here are the reported Earnings (Losses) from continuing operations for each of  these 14 largest Russian Companies for each of the most recent 4 years (2011 through 2014):

	2014	2014	2013	2012	2011
	Most	Audited	Audited	Audited	Audited
	Recent	Net	Net	Net	Net
Russia Largest Companies	FYE	Profit	Profit	Profit	Profit
Reporting in Russian Rubles		RUB mils	RUB mils	RUB mils	RUB mils
Oil & Gas Companies
Rosneft	Dec14	350,000	555,000	342,000	319,000
Gazprom	Dec14	157,192	1,165,705	1,210,566	1,342,442
Tatneft	Dec14	97,677	78,344	78,448	64,210
Transneft	Dec14	59,500	158,017	184,390	191,218
Novatek	Dec14	36,915	109,945	69,441	119,291
Total all 5 Oil & Gas Companies		701,284	2,067,011	1,884,845	2,036,161
…..2014 Earnings Below 2013		-66%
Non-Oil & Gas Companies
Sberbank Rossil	Dec14	311,000	378,000	347,900	315,900
Norlisk Nickel	Dec14	93,400	23,546	67,355	121,912
Megafon	Dec14	37,000	51,770	44,447	43,383
VTB Bank	Dec14	800	100,500	90,600	90,500
Total all 4 Non-Oil & Gas Companies		442,200	553,816	550,302	571,695
…..2014 Earnings Below 2013		-20%
Total all 9 Companies (RUB)		1,143,484	2,620,827	2,435,147	2,607,856
…..2014 Earnings Below 2013		-56%
Reporting in US Dollars		US$ Mils	US$ Mils	US$ Mils	US$ Mils
Lukoil	Dec14	4,714	7,627	10,925	9,826
Magnit	Dec14	1,241	1,118	808	419
Polyus Zoloto	Dec14	(182)	143	981	573
Uralkali Group	Dec14	(631)	666	1,597	1,185
Severstal	Dec14	(802)	259	887	1,963
Total all 5 Companies (US$)		4,340	9,813	15,198	13,966
…..2014 Earnings Below 2013		-56%
…..2014 Earnings Below 2012		-71%
…..2014 Earnings Below 2011		-69%

The largest US Oil & Gas Companies performed substantially better on the earnings front in 2014 than did these largest Russian Oil & Gas Companies.

Exxon Mobil's 2014 Audited Earnings increased 0.5% over 2013 and Chevron's 2014 Audited Earnings declined by only 11% from 2013.