2014 IFRS CONSOLIDATED FINANCIAL RESULTS

Transcription

1 24 IFRS CONSOLIDATED FINANCIAL RESULTS APRIL 29, 25

2 Alexander Ivannikov First Deputy CFO 24 IFRS CONSOLIDATED FINANCIAL RESULTS 2

3 DISCLAIMERS This presentation has been prepared by JSC Gazprom (the Company ), and comprises the slides for a presentation to investors concerning the Company. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any viewer of this presentation considering a purchase of such securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in the prospectus or other offering document prepared in relation thereto and will be subject to the selling restrictions set out therein. No reliance may be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at any presentation or on its completeness, accuracy or fairness. The information in this presentation should not be treated as giving investment advice. Care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable. However, the contents of this presentation have not been verified by the Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed at this presentation. None of the Company or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company s intentions, beliefs or current expectations concerning, among other things, the Company s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set forth in the prospectus, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. No person is under any obligation to update or keep current the information contained herein. By attending the presentation you agree to be bound by the foregoing limitations. 24 IFRS CONSOLIDATED FINANCIAL RESULTS 3

4 GAZPROM STRONG FINANCIAL POSITION AMONG OIL & GAS MAJORS Top-5 oil and gas majors by EBITDA, 24 Comparative EBITDA Y CAGR 8 USD bln 25 % % % GAZPROM TOP- OIL & GAS MAJORS EBITDA for Gazprom is adjusted by changes in impairment provisions. Median CAGR of top oil & gas majors by market capitalization as of April 23, 25 Source: Companies websites, Bloomberg as of April 23, IFRS CONSOLIDATED FINANCIAL RESULTS 4

5 SUMMARY OF FINANCIAL RESULTS Total net sales Adj. EBITDA Net Profit 2 Operating cash flow RR 5,59 bn in 24 up 6% compared to 23 RR,582 bn in 4Q24 up 7% compared to 4Q23 RR,963 bn in 24 down 2% compared to 23 RR 64 bn in 4Q24 up 9% compared to 4Q23 RR 59 bn in 24 down 86% compared to 23 RR (397) bn in 4Q24 compared to RR 28 bn in 4Q23 Increased by % to,96 bn RR in 24 compared to 23 Increased by 37% to 66 bn RR in 4Q24 compared to 4Q23 Continued positive free cash flow 3 generation Leverage easing RR 654 bn FCF in 24 up 9% compared to RR 345 bn in 23 Net debt increased by 48% 4 to, 65 bn RR as of the end of 24 Net Debt/Adj.EBITDA was.84x as of the end of 24 EBITDA adjusted by changes in impairment provisions. 2 Profit for the period attributed to owners of OAO Gazprom. 3 Free cash flow is calculated as Net cash provided by operating activities less Capital expenditures. 4 Compared to Net debt as of December 3, IFRS CONSOLIDATED FINANCIAL RESULTS 5

6 HYDROCARBON PRODUCTION, ELECTRICITY AND HEAT GENERATION Natural gas production Gas condensate production Crude oil production bcm mln ton mln ton (9%) (%) 3 2 (%) % % % q3 4q q3 4q q3 4q4 Electricity generation Heat generation bn kwh mln Gcal (4%) +2% % % q3 4q q3 4q4 Including Russian generating companies: Mosenergo, OGK-2, TGK-, MIPC Calculations may diverge due to rounding. 24 IFRS CONSOLIDATED FINANCIAL RESULTS 6

7 GAS SALES Russia Europe & OC 2 FSU VOLUMES AVERAGE PRICE IN RUSSIA VOLUMES AVERAGE PRICE IN EUROPE & OC VOLUMES AVERAGE PRICE IN FSU bcm RR/ mcm q3 4q4 bcm 3 2 USD/ mcm q3 4q4 bcm USD/ mcm q3 4q4 RR bn % % RR bn % % RR bn (2%) (8%) q3 4q q3 4q q3 4q4 NET SALES TO RUSSIA 3,4 3,4 NET SALES TO EUROPE & OC NET SALES TO FSU Calculations may diverge due to rounding. Net of value added tax (VAT) 2 OC - Other countries: include LNG sales 3 VAT is not charged on sales 4 Net of custom duties 24 IFRS CONSOLIDATED FINANCIAL RESULTS 7

8 OTHER SALES Net Sales Refined products 5 RR bn 25 RR bn % q23 4q24 69 Electric and heat energy RR bn % OTHER GAS TRANSPORTATION ELECTRICITY AND HEAT CRUDE OIL AND GAS CONDENSATE 3 REFINED PRODUCTS 4q23 4q24 Calculations may diverge due to rounding. Net of value added tax (VAT), excise tax and custom duties. 24 IFRS CONSOLIDATED FINANCIAL RESULTS 8

9 NET PROFIT DECREASE RR bn Net profit 23 Sales Operating expenses FX loss Provisions Other Net profit ,9 Net profit attributable to owners of OAO Gazprom 24 IFRS CONSOLIDATED FINANCIAL RESULTS 9

10 SUSTAINABLE FREE CASH FLOW GENERATION Free Cash Flow + 9% 2.9x 8 7 RR bn q3 q4 2q4 3q4 4q4 Gazprom self funding 2 2% 8% 73% 85% 6% 52% 4% 2% % 9% 25% 2% 34% 2% 8% q3 q4 2q4 3q4 4q4 Free Cash Flow = Net Cash from operating activities Cash CAPEX 2 Net Cash from operating activities /Cash CAPEX 24 IFRS CONSOLIDATED FINANCIAL RESULTS

11 CAPITAL EXPENDITURES Gazprom Group s CapEx RR bn % (5%),545 (4%),475,423 (5%) q3 4q Priorities Gas Upstream Bovanenkovo field Development of fields related to the Eastern Gas Program and export to China Gas brownfields development and support Gas Downstream Bovanenkovo-Ukhta pipeline GTS Extension Southern Corridor Preliminary works, roll out of the Eastern Gas Program and China export project Oil Novoportovskoe, Messoyakha and other greenfields development, brownfields support and refining modernization Power generation Investments in new capacity TRANSPORT PRODUCTION OF NATURAL GAS PRODUCTION OF CRUDE OIL AND GAS CONDENSATE REFINING ELECTRIC AND HEAT ENERGY OTHER CAPEX CapEx volumes and breakdown as provided in Management Report 24 IFRS CONSOLIDATED FINANCIAL RESULTS

12 DIVIDEND PAYOUT Dividend per share 2M dividend yields of major oil & gas companies RUB / Share % % 8% % 4% 2% % 6.5% 6.% 5.% 5.% 4.6% 4.4% 4.2% 3.9% 3.6% 3.3% DIVIDEND PAYOUT RATIO, % (RIGHT SCALE) Dividend payout ratio = % of parent company net income based on Russian accounting standards 2 Dividend yield is defined as approved dividends for the period divided by the share price as of April 23, 25; Major oil and gas companies by capitalization as of April 23, 25 3 As proposed by the Management Committee Source: Companies data, Bloomberg 24 IFRS CONSOLIDATED FINANCIAL RESULTS 2

13 KEY DEBT METRICS Total and Net Debt Debt maturity profile RUB bn CASH&CASH EQUIVALENTS AND RESTRICTED CASH NET DEBT NET DEBT/ADJ.EBITDA x,9,8,7,6,5,4,3,2, 2% 26% 33% 32% 38% 33% 36% 36% 7% 9% 3% 5% 24% 22% 8% 7% LESS THAN YEAR -2 YEARS 2-5 YEARS MORE THAN 5 YEARS Cost of debt financing % SOURCE: BLOOMBERG, COMPANY DATA WEIGHTED AVERAGE FIXED INTEREST RATE WEIGHTED AVERAGE FLOATING INTEREST RATE WEIGHTED AVERAGE INTEREST RATE 6.2% 5.5% 3.% Gazprom credit ratings Dagong, Moody's S&P, Fitch AAA Aaa AA Aa A+ A A A2 A- A3 BBB+ Baa BBB Baa2 BBB- Baa3 BB+ Ba BB Ba2 BB- Ba3 B+ B S&P MOODY'S FITCH DAGONG INVESTMENT GRADE Excluding promissory notes 24 IFRS CONSOLIDATED FINANCIAL RESULTS 3

14 VALUE DRIVERS Unparalleled Fundamentals 2 Sound Strategy & Strong Market Position Largest public oil&gas company in the world Natural gas is future of the world energy 22.7 bn boe proved hydrocarbon reserves Gazprom is a global energy major 8.9 mmboepd hydrocarbon production 3% share in the European gas market >% Reserve replacement ratio Diversification of products and export markets is key to our business continuity 3 Improving Corporate Governance 4 Conservative Financial Policy Focus on shareholders value Impressive profitability Solid dividend policy Conservative CAPEX management Increased level of transparency Efficient system of OPEX management Commitment to sustainable development Strong liquidity ratios 24 IFRS CONSOLIDATED FINANCIAL RESULTS 4

15 ADDITIONAL INFORMATION 24 IFRS CONSOLIDATED FINANCIAL RESULTS 5

16 RUSSIAN NATURAL GAS BALANCE Bcm Q23 4Q24 Natural gas resources Domestic gas production Other sources including Central Asian and Azerbaijani gas Gas withdrawn from underground storage in Russia, Latvia and Europe Decrease in the amount of gas within the gas transportation system Natural gas distribution Domestic consumption including needs of the gas transportation system and underground storages Gas pumped into underground storages Gas for LNG production Foreign supplies including Baltic states FSU supplies Increase in the amount of gas within the gas transportation system Source: Company Operating Data 6 24 IFRS CONSOLIDATED FINANCIAL RESULTS 6

17 CONTACTS FOR INVESTORS AND ANALYSTS ANDREY BARANOV Deputy Head of Directorate IVAN KHROMUSHIN Head of Division Phone: (7) (495) IFRS CONSOLIDATED FINANCIAL RESULTS 7