Gazprom s Financial and Economic Policy Press Conference. 0 Moscow
|
|
- Stuart Mosley
- 6 years ago
- Views:
Transcription
1 Gazprom s Financial and Economic Policy Press Conference 0 Moscow
2 Gazprom World s Largest Energy Company billion boe Gazprom is leader among public oil and gas companies Top 10 public oil and gas companies by proven and probable reserves (2013) (1) million boe/d Top 10 public oil and gas companies by production (2012) USD billion Gazprom among 10 largest global public companies by EBITDA and net profit 3 rd among global companies by net profit as of year-end 2012 (3) 5 th among global companies by EBITDA as of year-end 2012 (2) USD billion Source: Gazprom s data, Wood Mackenzie s data on companies-owned proven and probable reserves, companies websites, FactSet, Bloomberg. 1. Gazprom data as at December 31, 2012; Wood Mackenzie data as at June 19, Gazprom s adjusted EBITDA is calculated as operating profit before amortization and provisions for impairment (provisions for impairment of accounts receivable, prepayments, work in progress, investments and other long-term assets, reserves). 3. Net profit for shareholders. 4. Consolidated data for Rosneft and TNK-BP. 5. Data as at December 31,
3 Stable Financial Results High income and stable operating cash flow are basis for dividend payouts Comparative CAGR for 5 years from 2007 to 2012 Approved strategic targets ST Debt-to-equity ratio 40% 20% 17% 17% Total reserves, trillion m Reserves replenishment rate 100% 124% 149% 124% Total natural gas production, billion m Operating cash flow Financial results RUB billion Total proceeds from sales (2), RUB billion 3,597 4,637 4,764 Adj. EBITDA, RUB billion 1,364 1,931 1,573 Profitability of adj. EBITDA 38% 42% 33% Net profit, RUB billion 969 1,307 1,183 Total debt, RUB billion 1,315 1,540 1,505 Total debt to adj. EBITDA ratio 1.0x 0.8x 1x Free cash flow (3), RUB billion Including oil and gas companies with largest market capitalization as at June 19, 2013 (excluding Gazprom). 2. Excluding customs duties and VAT. 3. Excluding capitalized interest. 2
4 Gazprom s Sources of Additional Proceeds Russian gas market liberalization accompanied by sales growth are required for higher Gazprom s proceeds in domestic market Russian gas market liberalization Proceeds from sale of liquid hydrocarbons, electricity and gas transmission USD/1,000 m 3 RUB billion % 3% 7% Factors causing fluctuations of domestic gas sales by Gazprom Group 3-5% annual growth of Russian economics. Connecting new consumers, inter alia, as part of Russian Regions Gasification Program of Gazprom. Gas industry development in Eastern Siberia and Far East. Promotion of gas as motor fuel. (1) % 2% 29% 2% 4% 26% 2% 6% 24% 3% 8% 25% 7% 26% 31% жидкие Liquid hydrocarbons углеводороды электроэнергия Electricity транспортировка Gas transmissionгаза Source: Corporate data 1. According to the forecasted socioeconomic development of the Russian Federation in 2014 and planned period of , taken as a basis by the Russian Government on May 16, 2013 (protocol No.15). 3
5 Gas Prices in Russia, USA and Europe Gas prices in Russia are lowest among leading developed countries and those with economy in transition Average gas prices for domestic consumers in Russia, Europe and USA (1) USD/1,000 m Japan LNG NBP Henry Hub Average gas prices for industrial consumers in Russia, Europe and USA (1) USD/1,000 m 3 Japan LNG NBP Henry Hub Source: CERA, IEA, EIA, FTS, Mosoblgaz. 1. Data for 6 months of Gazprom continues supporting the Russian economic development by supplying gas to the domestic market at regulated prices. At the same time, gas prices for Russian domestic and industrial consumers are the lowest among the leading developed countries and those with economy in transition. Average gas prices for domestic and industrial consumers in the USA and Europe are much higher than in major hubs. In Europe these prices also surpass Gazprom s selling prices significantly. Sharp decrease in gas prices at Henry Hub, the largest US trading point, caused by the shale gas boom and lack of export opportunities, did not result in retail prices reduction to the comparable level.
6 Cost Management Efficient cost management policy Effect of measures taken in 2012: RUB 31.3 billion (RUB 19.3 billion planned): Operating activities: - Current costs RUB 6.8 billion (RUB 5.0 billion planned); - Financial costs RUB 1.1 billion (RUB 1.1 billion planned). Investment activities RUB 23.4 billion (RUB 13.2 billion planned) due to competitive purchases of goods, works/services, materials and equipment. Financial activities cost reduction in bonds placement through low-cost standard procedures under EMTN and ЕСР programs. Cost Optimization (Reduction) Program for RUB billion of total cost reduction is planned for 2013: Operating activities by RUB 6.2 billion mainly through: - Reducing current costs of subsidiaries and gas transmission sector by RUB 5.5 billion; - Reducing current costs of Gazprom (excluding affiliates and representative offices) by RUB 0.6 billion; - Reducing financial costs by RUB 0.1 billion. Investment activities RUB 8.2 billion. RUB/1,000 m Prime costs of gas production (1) Prime costs of gas transmission (2) RUB/1,000 m 3 *100 km 1,216 1, Prime cost of the Gas Production business means costs on 1,000 m 3 of commercial gas production by 7 major gas producing subsidiaries of Gazprom. Gazprom s costs are not included in the parameter. 2. Prime costs of the Gas Production business means costs on 1,000 m 3 of gas transmission per 100 km by Gazprom s gas transmission subsidiaries. Gazprom s costs are not included in the parameter. 5
7 Cost Optimization in Vital Materials and Equipment Pricing in 2012 Notional savings in vital materials and equipment procurement amounted to RUB 19.6 billion Notional savings from reduction of suppliers offer prices for vital materials and equipment Formula-based results from December 2011 to April 2013 RUB billion 100% 98% -3.85% -5.5% 96% 94% 92% 90% Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Расчетная Formula-based цена по price формуле Цена, Monthly рассчитанная calculated price помесячно While determining economically expedient price level for vital materials and equipment Gazprom primarily seeks to meet its economic interest through the conformity of prices to quality and performances of products, as well as compliance with the Company s efficiency parameters. Application of pricing formula for pipes enabled to restrict the pipe price growth rates in the 1 st quarter of 2012, as well as to reduce prices in the 2 nd half of 2012 below those forecasted by the Russian Ministry of Economic Development. 6
8 Gazprom Group Tax Burden Fluctuation Oil and gas companies are major tax payers in Russia Severance tax rates for gas applied to Gazprom and independent producers RUB/1,000 m 3 RUB trillion Gazprom Group tax payments fluctuation 4.1x In the average annual rate of gas severance tax will grow 4.1 times for Gazprom and only 2.3 times for independent gas producers. The severance tax growth rates will be 1.8 times higher for Gazprom versus independent producers. Oil and gas companies are major tax payers in Russia. Taxes actually paid by Gazprom Group exceeded RUB 1.9 trillion in During the severance tax paid by Gazprom rose by over RUB 262 billion or nearly 3 times. The total tax payments rose by over 71% mainly due to the gas severance tax growth. 1. Design value may differ due to tax payment values rounding. 7
9 Severance Tax Rate Differentiation New severance tax formula is expected to be introduced on January 1, 2014 Gas severance tax (1,000 m 3 ) = 35*Е УТ *К С + Т Г Severance tax for condensate (1 ton) = 42*Е УТ *К С Е УТ - Basic value of reference fuel unit; К С - Production complexity ratio (severance tax differentiation); accounts for economic and geographic factor (Кр ), productive reservoir depth (Квг) and depletion factor (Кгз); Т Г - Transmission = 0 before January 1, 2015 Since January 1, 2015 gas severance tax formula will include transmission component Т Г - Transmission component is annually calculated by tax payer according to following formula: Т Г = 0.5 * Т P * (Р Г /100) * (1/О Г ), where Т Р Р Г О Г - Difference between actual average gas transmission tariff for independent gas producers, expressed in RUB per 1,000 m 3 per 100 km in a year preceding tax year, and design average gas transmission tariff calculated based on actual tariff in 2013 and accrued consumer price index from 2013 and up to a year preceding tax year; - Average gas transmission distance for independent gas producers (km); - Ratio of gas (excluding associated gas) produced by UGSS owners to gas produced by other tax payers (excluding associated gas) in a year preceding tax year; Ог = 1 for independent gas producers. 8
10 Transmission Component Increases Severance Tax Rate for Gazprom Gazprom stands against inclusion of transmission component into severance tax formula Т Г Accounts for extra costs of independent gas suppliers when growth rate of gas transmission tariff for preceding year versus 2013 tariff exceeds accrued (since 2013) index of consumer prices. Introduction of transmission component: 1. Contradicts economic substance of severance tax that represents royalty payment. 2. Will reduce (due to transmission tariff rise) severance tax rate for independent gas suppliers and increase severance tax rate for Gazprom by the same value. Lack of budget receipts due to reduced severance tax for independent producers will be reimbursed through severance tax increase for Gazprom. 3. Does not correspond to basic provisions of tax law and provides extra competitive advantages for certain market players (independent gas producers) at cost of other ones. 9
11 Incentives for Offshore Fields. Executing Gazprom s Offshore Projects Incentives for offshore fields starting from hydrocarbon production launch on January 1, 2016 (Russian Government Decree No.443-r of April 12, 2012) Export duty exemption for hydrocarbons produced offshore. Introduction of ad valorem rates for hydrocarbons severance tax (as percentage of selling price) with rate differentiation as per project complexity. Property tax exemption. Tax rates invariance since hydrocarbons commercial production launch. Exemption of import duties and VAT on imported process equipment. Incentives enabling to raise internal rate of return (IRR) of Gazprom s pilot offshore projects that will start production before 2016 Prirazlomnoye oil field Kirinskoye gas and condensate field Introduction of zero rate for liquid hydrocarbons export duty during 25 years. Prolongation of zero rate validity for oil severance tax (sub-clause 10, Clause 1, Article 342 of Russian Tax Code) up to Introduction of regional differentiated discount rate while calculating severance tax since Introduction of property tax allowance for offshore production facilities (zero rate) 10
12 Investment Program Providing capital investments through operating cash flow Capital investments (1) and self-financing 140% RUB billion 113% 105% 108% Main gas projects in 2013 Transmission, RUB billion Bovanenkovo Ukhta gas pipeline construction Ukhta Torzhok gas pipeline construction Gryazovets Vyborg gas pipeline construction Construction of Kirinskoye field OPF Sakhalin MCS gas pipeline Gas transmission network extension to feed South Stream gas pipeline Participation in South Stream gas pipeline construction beyond Russian Federation Nord Stream gas pipeline construction 3.99 Sakhalin Khabarovsk Vladivostok gas pipeline construction Including VAT 11. Self-financing (Operating cash flow/capital investments) Production, RUB billion Bovanenkovo field pre-development Maintaining current output at three largest fields Medvezhye, Urengoyskoye and Yamburgskoye Kirinskoye field pre-development Zapolyarnoye field pre-development Yubileynoye field pre-development Long-term investments into projects for hydrocarbon development abroad
13 Debt and Liquidity Management Maintaining comfortable level of debt load RUB billion Total and net debt Relative debt ratios max. level 1.6 S&P, Fitch Moody s Gazprom s credit ratings % Cost of debt financing AAA- BBB+ BBB BBB- BB+ BB BB- B+ A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 7.0% 6.3% 3.0% 02/ / / / / / / / / / / /2013 S&P Moody's Fitch Investment grade level 12
14 Successful Activity in Global Capital Markets Date of issue: March 13, 2013 January 30, 2013 July 26, 2012 July 11, 2012 Total value: EUR 1,000 mln EUR 500 mln USD 800 mln USD 900 mln EUR 650 mln (additional issue) EUR 750 mln USD 1,000 mln Coupon: 3.389% 4.364% 3.850% 4.950% 3.755% 3.755% 4.950% Redemption yield: 3.389% 4.364% 3.850% 4.950% 3.500% 3.759% 4.950% Circulation period: 7 years 12 years 7 years 15 years 5 years 5 years 10 years Achievements: Longest circulation period of euro issue among Russian issuers Lowest fixed coupon rate in euro among Russian securities with circulation period exceeding 5 years Price level within yield curve of Gazprom Eurobonds secondary market Lowest fixed coupon rate in USD among Russian securities with circulation period exceeding 5 years Lowest fixed coupon rate in USD among Russian securities with circulation period exceeding 10 years Price level within yield curve of secondary market in USD Most extended issue in euro by Russian and CIS issuer First issue in euro by Russian and CIS issuer since 2009 Lowest fixed coupon rate in euro among Russian corporate securities Lowest fixed coupon rate in USD among Gazprom, Russian corporate borrowers and bank securities Top 3 MOST SUCCESSFUL CORPORATE BORROWER AT DEVELOPING MARKETS IN
15 Record Breaker of Local Market. Efficient Management of Ruble Borrowings Date of issue: February 21, 2013 November 10, 2011 Total value: RUB 5 bln RUB 10 bln RUB 15 bln RUB 15 bln Coupon: 7.55% 7.55% 7.50% 7.50% Redemption yield: 7.69% 7.69% 7.64% 7.64% Circulation period: 5 years 4 years 3 years 1 year Achievements: One of largest deals in local market in For first time in domestic capital market simultaneous marketing of 3 issues featuring different terms and values. Lowest coupon rates (for respective borrowing terms) for corporate borrower in more than year and a half Aggregated demand about RUB 50 billion. No premium for 4 and 5 years of circulation. Successful deal despite negative market conditions Aggregate demand exceeding RUB 20 billion Early redemption in late 2012 In 2013 Effectively issued redemption bonds. Doubled total bonded sum. Extended local borrowings term. Reached minimum spread between 3 and 5 years, i.e. 5 basis points. 14
16 Debt and Liquidity Management Developing centralized liquidity management system of Gazprom Group Establishing system of virtual money pools in rubles, USD and euro based on Gazprombank that consolidates accounts of 85 Russian subsidiaries and standalone subdivisions Establishing a number of cross-border multicurrency money pools in cooperation with Gazprom Group s subsidiaries located abroad Operational control over cash flows within accounts of subsidiaries involved in pools Considerable growth of efficiency of temporary free cash flow management: 2012 income more than 11 times exceeds respective 2009 figure Enhancing financial discipline at subsidiaries Expanding possibility for attraction of preferential short-term loans up to RUB 120 billion by Gazprom Expanding centralized liquidity management system to Group level Optimizing intragroup liquidity centralized management system Introducing unified concepts of Gazprom Group cash flow management Ensuring promptness of managerial decision-making Mobilizing Gazprom intragroup finances
17 Gazprom Informatization Strategy Business efficiency management Core efficiency indicators reporting system for Chairman of Management Committee (workstation) 16
18 Corporate Governance of Gazprom Continuous activity aimed at improving corporate governance is in progress at Gazprom Gazprom s Corporate Ethics Code was approved. Period for submitting Shareholders Meeting documentation was extended from 20 to 30 days. Business Ethics Codes based on Gazprom s Corporate Ethics Code is being adopted at companies with Gazprom s shareholding (above 100 companies). Gazprom approved Regulation on Access to Insider Information and its Protection. Company determined subdivision to control observance of regulatory requirements in prevention of insider s data illegal use and market manipulation with due consideration for specific activities of subsidiaries and Company s interest in their authorized capital. Work is underway to minimize risk of Register of Shareholders data misrepresentation in order to prevent share fraud. Efforts are underway to justify Remuneration for Members of Company s Board of Directors to shareholders. Company s corporate governance practice is being audited for its further enhancement and national corporate governance ranking. Improvement of investors communications with independent directors is in progress. 17
19 Dividend Policy Board of Directors proposed that annual General Shareholders Meeting approve dividend payouts based on 2012 results in amount of RUB billion or above 25% of Gazprom s net profit according to Russian Accounting Standards Switch to dividend payout based on consolidated net profit according to 2014 results in line with IFRS is under consideration Dividend yield (2) RUB Dividend payout per one share (1) Dividend yield of major oil and gas companies, 2012 (1) 1. Calculated as relationship between announced dividends for a period and share value as of last day of the relevant period. 2. Calculated as at June 19,
20 Focusing on Sustainable Development 18% of global gas reserves 72% of domestic gas reserves 124% - hydrocarbon reserves replenishment ratio 14% of global gas production 74% of domestic gas production Unique core indicators Sustainable development strategy Growth of global energy consumption and natural gas share Gazprom is one of largest energy companies: Above 70% of domestic gas market 25% of European gas market Diversifying export markets and products supplied is a key factor of Company s further development Main target creating shareholder s value Efficient dividend policy Improvement of corporate government regulation Improving corporate governance Conservative financial policy High profitability Flexible management of capital investments Efficient management of operating costs Comfortable level of debt load 19
Gazprom s Financial and Economic Policy Press Conference. 0 Moscow
Gazprom s Financial and Economic Policy Press Conference Moscow Limitation of Liability This presentation is prepared by Gazprom (hereafter the Company) and contains corporate information for investors.
More informationGazprom. Consolidated 2008 IFRS Financial Results Presentation
Gazprom Consolidated 2008 IFRS Financial Results Presentation Disclaimers This presentation has been prepared by OJSC Gazprom (the Company ), and comprises the slides for a presentation to investors concerning
More informationGazprom s Financial and Economic Policy
Gazprom s Financial and Economic Policy Andrey KRUGLOV Deputy Chairman of the Management Committee, Head of the Finance and Economics Department 1 Market Environment Gas Demand Recovery Billion cubic meters
More information2014 IFRS CONSOLIDATED FINANCIAL RESULTS
24 IFRS CONSOLIDATED FINANCIAL RESULTS APRIL 29, 25 Alexander Ivannikov First Deputy CFO 24 IFRS CONSOLIDATED FINANCIAL RESULTS 2 DISCLAIMERS This presentation has been prepared by JSC Gazprom (the Company
More information2Q2015 IFRS CONSOLIDATED FINANCIAL RESULTS
Q5 IFRS CONSOLIDATED FINANCIAL RESULTS SEPTEMBER, 5 Alexander Ivannikov Head of the Department Q5 IFRS CONSOLIDATED FINANCIAL RESULTS DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the
More information1Q 2017 IFRS Financial Results May 31, 2017
Always moving forward 1Q 2017 IFRS Financial Results May 31, 2017 Forward-Looking Statements Certain statements in this presentation are not historical facts and are forward-looking. Examples of such forwardlooking
More information1Q2016 IFRS CONSOLIDATED FINANCIAL RESULTS
Q6 IFRS CONSOLIDATED FINANCIAL RESULTS AUGUST, 6 Alexander Ivannikov Head of the Department Q6 IFRS CONSOLIDATED FINANCIAL RESULTS DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company
More information1Q2015 IFRS CONSOLIDATED FINANCIAL RESULTS
Q5 IFRS CONSOLIDATED FINANCIAL RESULTS AUGUST, 5 Alexander Ivannikov Head of the Department Q5 IFRS CONSOLIDATED FINANCIAL RESULTS DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company
More informationGazprom's Financial and Economic policy. June 2008
Gazprom's Financial and Economic policy June 2008 Key targets of Gazprom's financial and economic policy Facilitating steady financing of Gazprom's development aimed at increasing its value Raising the
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationConsolidated Accounting Reports with Independent Auditor s Report
Consolidated Accounting Reports with Independent Auditor s Report 2017 Moscow 2018 Contents Independent Auditor s Report... 3 Consolidated balance sheet... 8 Consolidated statement of financial results...
More information3Q2017 IFRS RESULTS NOVEMBER 30, Q2017 IFRS RESULTS
3Q27 IFRS RESULTS NOVEMBER 3, 27 3Q27 IFRS RESULTS Igor Shatalov First Deputy Head of Department 3Q27 IFRS RESULTS 2 DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company ), and
More informationIFRS Consolidated Financial Statements with Independent Auditor s Report
IFRS Consolidated Financial Statements with Independent Auditor s Report 2017 Moscow 2018 Contents Independent Auditor s Report... 3 Consolidated balance sheet... 8 Consolidated statement of comprehensive
More information2016 IFRS RESULTS APRIL 27, IFRS RESULTS
26 IFRS RESULTS APRIL 27, 27 26 IFRS RESULTS Alexander Ivannikov Head of Department 26 IFRS RESULTS 2 DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company ) and comprises the slides
More informationО КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY. December Bank of Russia Presentation for Investors
О КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY Bank of Russia Presentation for Investors December 16 USD per barrel RUB / USD 2 Oil Eхporters Production-cut Agreements Support
More informationGAZPROM: 2Q 2018 IFRS RESULTS
GAZPROM: 2Q 28 IFRS RESULTS AUGUST 3, 28 2Q28 IFRS RESULTS Alexander Ivannikov Head of Department 2Q28 IFRS RESULTS 2 DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company ), and
More informationPublic Debt Strategy in Mexico
Public Debt Strategy in Mexico 3rd OECD-China Forum on Public Debt Management and Government Securities Markets September 2006, Beijing, China www.hacienda.gob.mx/ucp 2 Index 1. Debt Management Strategy
More informationAnti-crisis State Policy in Russia
1 Anti-crisis State Policy in Russia Vera Kononova Institute for Complex Strategic Studies 1 December 2016 Seminar Outline 1. Anti-crisis Policy Goals The main goals and targets adopted by the Government
More informationSaint Petersburg International Mercantile Exchange. Latest Developments in the Russian Natural Gas Market
Saint Petersburg International Mercantile Exchange Latest Developments in the Russian Natural Gas Market 11 th annual European Gas Conference, 30 January 2018 SPIMEX: Russia s largest commodity exchange
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More information1Q 2018 IFRS FINANCIAL RESULTS. May 29, 2018
1Q 2018 IFRS FINANCIAL RESULTS May 29, 2018 Forward-looking statements Certain statements in this presentation are not historical facts but are forward-looking. Examples of such forward-looking statements
More information4Q and 12M 2017 IFRS Financial Results
Always moving forward 4Q and 12M 2017 IFRS Financial Results Record high EBITDA and core free cash flow March 23, 2018 Forward-Looking Statements Certain statements in this presentation are not historical
More information26/04/2018 X5 REPORTS 19.9% REVENUE GROWTH IN Q RNS - London Stock Exchange
Regulatory Story Go to market news section X5 Retail Group N.V. - FIVE Released 08:00 26-Apr-2018 X5 REPORTS 19.9% REVENUE GROWTH IN Q1 2018 RNS Number : 1937M X5 Retail Group N.V. 26 April 2018 ü ü X5
More informationTGC-1 9M 2017 IFRS Results. November 8, 2017 Saint Petersburg
TGC-1 9M 2017 IFRS Results November 8, 2017 Saint Petersburg Disclaimer The information contained herein has been prepared using information available to Public Joint Stock Company Territorial generating
More informationQUARTERLY FINANCIAL REPORT June 30, 2017
California Independent System Operator QUARTERLY FINANCIAL REPORT June 30, 2017 250 Outcropping Way Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION QUARTERLY FINANCIAL
More informationAllianz Group Fiscal Year 2012
Allianz Group Fiscal Year 2012 Michael Diekmann CEO Allianz SE Financial press conference February 21, 2013 Based on preliminary figures Overview 2012 EUR 106.4bn Total revenues EUR 9.5bn Operating profit
More informationOAO GAZPROM IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014
IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 1 NATURE OF OPERATIONS OAO Gazprom and its subsidiaries (the Group ) operate one of the largest gas pipeline systems in the world and are responsible
More informationRaising Capital in the Bond Markets
Raising Capital in the Bond Markets John Ong, Head of Capital Markets Sunrise Securities Corp. Capital Link Greek Shipping Forum February 23, 2010 1 Market has enjoyed low rates High Yield Index Yield
More informationIFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)
IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED) 31 March 2018 Moscow 2018 Contents Report on review of interim condensed financial information... 3 Consolidated interim condensed
More information1Q2014 IFRS Consolidated Financial Results. September 11, 2014
1Q214 IFRS Consolidated Financial Results September 11, 214 Andrey Kruglov Deputy Chairman of Gazprom Management Committee Head of the Department for Finance and Economics 1 Summary of Financial Results
More informationIFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)
IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED) 30 September 2017 Moscow 2017 Contents Report on Review of Interim Condensed Financial Information... 3 Consolidated interim condensed
More informationTGC-1 9M 2016 IFRS Results. November 21, 2016 Saint Petersburg
TGC-1 9M 2016 IFRS Results November 21, 2016 Saint Petersburg Disclaimer The information contained herein has been prepared using information available to Public Joint Stock Company Territorial generating
More informationGAZPROM NEFT GAZPROM INVESTOR DAY 2017
NEFT GAZPROM DISCLAIMER This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gazprom Neft and its consolidated subsidiaries
More informationIFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)
IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED) 30 June 2018 Moscow 2018 Contents Report on review of consolidated interim condensed financial information... 3 Consolidated interim
More information2Q 2018 IFRS FINANCIAL RESULTS. August 30, 2018
2Q 2018 IFRS FINANCIAL RESULTS August 30, 2018 Forward-looking statements Certain statements in this presentation are not historical facts but are forward-looking. Examples of such forward-looking statements
More informationECONOMIC OUTLOOK. September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT
ECONOMIC OUTLOOK September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT CONTENTS GDP growth... 3 Potential Level of Economic Growth and GDP Gap... 3 Macroeconomic Environment in the Region...
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationFinancial Presentation 4Q / FY 2017 IFRS Results
Financial Presentation 4Q / FY 217 IFRS Results March 1, 218 Disclaimer No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or
More information1Q2017 IFRS RESULTS MAY 31, Q2017 IFRS RESULTS
Q27 IFRS RESULTS MAY 3, 27 Q27 IFRS RESULTS Alexander Ivannikov Head of Department Q27 IFRS RESULTS 2 DISCLAIMERS This presentation has been prepared by PJSC Gazprom (the Company ), and comprises the slides
More informationLUKOIL: Development Strategy Focus on Value Growth. December 2009
LUKOIL: Development Strategy Focus on Value Growth December 29 Forward-Looking Statements Certain statements in this presentation are not historical facts and are forward-looking. Examples of such forward-looking
More informationX5 REPORTS 17.6% REVENUE GROWTH IN Q3 2018, EBITDA MARGIN RISES TO 7.4%
X5 REPORTS 17.6% REVENUE GROWTH IN Q3 2018, EBITDA MARGIN RISES TO 7.4% X5 delivered revenue growth of 17.6% year-on-year (y-o-y) on the back of positive like-for-like (LFL) sales and strong selling space
More informationA Glance to the Russian Finance & Economy June 04, 2007
Russian Economic Indicators Real Economy PAST ESTIMATE FORECAST 2006 2007 2008 2009 2010 Gross Domestic Product (growth rate) 6,7% 6,5% 6,1% 6,0% 6,2% GDP at market prices ($trillion) 1,04 1,36 1,54 1,74
More informationThe Greek Bond Market in 2007
The Greek Bond Market in 2007 15 YEAR BENCHMARK ISSUE MAY 2007 MARKET ANALYSIS +30 210 326 2070, marketanalysis@alpha.gr Financial Markets Group Planning Department Please refer to important Disclaimer
More informationQUARTERLY FINANCIAL REPORT March 31, 2018
California Independent System Operator QUARTERLY FINANCIAL REPORT March 31, 2018 250 Outcropping Way Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION QUARTERLY FINANCIAL
More informationFinancial Presentation 1Q 2017 IFRS Results
Financial Presentation 1Q 217 IFRS Results May 18, 217 Disclaimer No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness
More informationH results. innogy SE 11 August 2017 Bernhard Günther CFO
H1 2017 results innogy SE 11 August 2017 Bernhard Günther CFO Notice This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information
More information4 August Q 2016 Earnings Presentation
4 August 2016 2Q 2016 Earnings Presentation Key developments in April July 2016 Main corporate events The Supervisory Board called EGM on Sept 2 nd. The EGM will vote on a corporate restructuring proposal
More information1Q2012 IFRS Consolidated Financial Results. September 10th 2012
1Q212 IFRS Consolidated Financial Results September 1th 212 Disclaimers This presentation has been prepared by OJSC Gazprom (the Company ), and comprises the slides for a presentation to investors concerning
More informationGAZPROM NEFT GAZPROM INVESTOR DAY 2017
NEFT DISCLAIMER This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gazprom Neft and its consolidated subsidiaries All statements
More information9M 2016 IFRS Results
9M 216 IFRS Results 1. Market context Market context The average price of DAP (FOB Tampa) in 3Q 216 was USD 339 per tonne, representing a 27% decrease year-on-year. For 9M 216 the average DAP price (FOB
More informationRussian Overview. August 27-September 2
FX September 2, 2005 Russian Overview. August 27-September 2 FX USD/RUB continued to reflect USD moves against the euro, being stable against CBR s USD-euro basket Rubble appreciation against the trade-weighted
More informationQ Operational and Financial Results. 15 May 2018
Q1 2018 Operational and Financial Results 15 May 2018 DISCLAIMER The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation.
More informationKazakhstan s CDS and bond yields on the rise
RESEARCH AND KNOWLEDGE MANAGEMENT 22 September 2017 Kazakhstan s CDS and bond yields on the rise Tenge has weakened by 1.5% in the past two weeks to 340.4/USD on 21 September. NBK expects tenge to remain
More informationUnaudited interim condensed consolidated financial statements
Unaudited interim condensed consolidated financial statements Open Joint Stock Company "Vimpel-Communications" for the three and six months ended 2014 Unaudited interim condensed consolidated financial
More informationIFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)
IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION 30 September 2018 Moscow 2018 Contents Report on review of consolidated interim condensed financial information... 3 Consolidated interim condensed
More information2Q2016 IFRS CONSOLIDATED FINANCIAL RESULTS
2Q26 IFRS CONSOLIDATED FINANCIAL RESULTS AUGUST 3, 26 2Q26 IFRS CONSOLIDATED FINANCIAL RESULTS Alexander Ivannikov Head of the Department 2Q26 IFRS CONSOLIDATED FINANCIAL RESULTS 2 DISCLAIMERS This presentation
More informationof Moscow Exchange Group Monthly Market Report december 2013
Trading Volume Moscow Exchange Group Monthly Market Report december 213 Trading Volume of Moscow Exchange Group monthly Trading Volume by markets RUB tln 5 46.6 44. 45 42.4 41. 37.5 39. 4.9 4.5 4 37.5
More informationEUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS
AVOCA CAPITAL LEVERAGED LOANS EUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS OUTLOOK 1 AVOCA CAPITAL INTRODUCTION Avoca is a large and long established European leveraged loan manager Top 5
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More information2017 IFRS OPERATIONAL AND FINANCIAL RESULTS
2017 IFRS OPERATIONAL AND FINANCIAL RESULTS March 2018 Key financial figures Key events in 2017 and after the reporting period Starting 1 July 2017, the tariff for electricity transmission on the UNEG
More informationGazprom Neft. 3 rd Q & 9 M 2008 Operating and Financial Results. December 2008
Gazprom Neft 3 rd Q & 9 M 2008 Operating and Financial Results December 2008 Q3 & 9M 2008 Operating Highlights Gazprom Neft crude production was 57.3 & 172.7 MMBbl in Q3 & 9M 2008 respectively vs. 60.5
More informationSergey PANKRATOV Deputy Head of Strategic Development Department
September 2012 Moscow PROSPECTIVE DEVELOPMENT OF RUSSIAN GAS EXPORT PROJECTS Sergey PANKRATOV Deputy Head of Strategic Development Department 0 Gas demand 2030 Share of gas in World energy consumption
More informationInvestor Presentation. August 2013
Investor Presentation August 013 1 Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of
More informationUnipro PJSC 2016 Full year results
Unipro PJSC 2016 Full year results 16 March 2017 2016 results stable operating earnings hit by a one off effect EBITDA 1,2 EBIT 1,2 Highlights 24.9bn 17.7bn 12M 2015 12M 2016 17.4bn 12M 2015 11.0bn 12M
More informationLTCs: Reality of Margins Distribution on EU Gas Market
LTCs: Reality of Margins Distribution on EU Gas Market Sergei Komlev and Alexey Gnatyuk Contract Structuring and Price Formation Directorate Gazprom Export 2 th Meeting of the EU-Russia GAC s Work Stream
More information4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market
4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market September 217 Derek Armstrong Credit Suisse Head of Debt Capital Markets, Asia Pacific These materials may not be used or relied
More informationSPIMEX: Key performance indicators. Слайд 1
SPIMEX: Key performance indicators Слайд 1 SPIMEX: Russia s largest commodities exchange Profile Saint-Petersburg International Mercantile Exchange (SPIMEX) KEY shareholders: Transneft, Rosneft, Gazprom
More informationOAO GAZPROM IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013
IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 Independent Auditor s Report To the Shareholders and Board of Directors of OAO Gazprom We have audited the accompanying consolidated financial statements
More informationHürriyet Investor Presentation. July 2007
Hürriyet Investor Presentation July 2007 1 Notice This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it shall form the basis of or
More informationA Guide to Investing In Corporate Bonds
A Guide to Investing In Corporate Bonds Access the corporate debt income portfolio TABLE OF CONTENTS What are Corporate Bonds?... 4 Corporate Bond Issuers... 4 Investment Benefits... 5 Credit Quality and
More informationLeading the Way Financial Results 2015
17.05.2016 Leading the Way Financial Results 2015 Vienna, 17 May 2016 Conference Call DISCLAIMER You must read the following before continuing: This document has been prepared by C.A.T. oil AG ( C.A.T.
More informationCONTENT. Condensed Consolidated Interim Statement of Changes in Equity 8. Notes to the Condensed Consolidated Interim Financial Statements: 9
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) CONTENT page Independent Auditors' Report on Review of Condensed Consolidated Interim Financial Information Condensed Consolidated Interim
More informationFINANCIAL RESULTS (IFRS) Roman Lenkov, Chief Financial Officer Investor and Analyst Meeting July 15, 2008 Moscow, Russia
2007 STAND-ALONE ALONE FINANCIAL RESULTS (IFRS) Roman Lenkov Chief Financial Officer Investor and Analyst Meeting July 15 2008 Moscow Russia DISCLAIMER 2 This document is confidential and has been prepared
More informationUnaudited Interim Condensed Consolidated Financial Statements
Unaudited Interim Condensed Consolidated Financial Statements for the 9 month period ended 3 September 216 3.11.216 / RIGA Disclaimer This presentation and any materials distributed or made available in
More informationFixed Income Presentation 1Q18
Fixed Income Presentation 1Q18 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More information11-Year Consolidated Financial Highlights
11-Year Consolidated Financial Highlights As of March 31, 2017 2007.3 2008.3 2009.3 2010.3 Net Sales ( million) 1,376,958 1,487,496 1,660,162 1,415,718 Operating Profit ( million) 162,315 70,048 65,204
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More informationIFRS CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT
IFRS CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT 2016 Moscow 2017 Contents Independent Auditor s Report... 3 Consolidated balance sheet... 10 Consolidated statement of comprehensive
More informationof Moscow Exchange Group Monthly Market Report February 2014
Trading Volume Moscow Exchange Group Monthly Market Report February 214 Trading Volume of Moscow Exchange Group monthly Trading Volume by markets RUB tln 5 46.6 44. 45 42.4 41. 39. 4.9 4.5 39.2 4 37.5
More informationPyaterochka was the main driver of growth: net retail sales rose by 28.8% y-o-y.
Amsterdam, 19 October 2017 - X5 Retail Group N.V. ( X5 or the Company ), a leading Russian food retailer (LSE ticker: FIVE), today released the Company s unaudited condensed consolidated interim financial
More informationBorsa Italiana. Paolo Rocca Chairman and CEO
Paolo Rocca Chairman and CEO Disclaimer This presentation contains forward-looking statements. Forward-looking statements are based on management s current views and assumptions and involve known and unknown
More informationIFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)
IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED) 30 June 2017 Moscow 2017 Contents Report on Review of Consolidated Interim Condensed Financial Information... 3 Consolidated interim
More informationStrategic Development Program. Vice-President Leonid Fedun
212-221 Strategic Development Program Vice-President Leonid Fedun LUKOIL Mission and Strategic Goal Our mission: Our purpose is to harness natural energy resources for human benefit Strategic aim of LUKOIL
More informationROMANIA March Gemloc Conference
ROMANIA 12-14 March 2014 Gemloc Conference Stefan Nanu General Director Treasury and Public Debt Department Ministry of Public Finance Diana Popescu Deputy General Director Treasury and Public Debt Department
More informationSlovak Republic. A Capital Destination. May 2004
Slovak Republic A Capital Destination May 2004 The Team Mr Vladimir Tvaroška State Secretary, Ministry of Finance Mr Martin Bruncko Chief Economic Adviser Mr Daniel Bytčánek Director, Debt and Liquidity
More informationBrunswick UBS Warburg one-on-one Conference. New York, 2003
Brunswick UBS Warburg one-on-one Conference New York, 2003 Sibneft: a Leader in the Oil Industry and on Financial Markets Industry Leader in 2002 2002 RTS stock market leader: Sibneft showed a 202 % return
More informationYOUR FINANCIAL PARTNER
YOUR FINANCIAL PARTNER INTERNATIONAL BANK FOR ECONOMIC CO-OPERATION 1963 established over 50 years of experience Key Information BRIEF HISTORY AND MISSION Established in 1963 as an international financial
More informationSCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE
SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District
More informationQUARTERLY FINANCIAL REPORT December 31, 2017
California Independent System Operator QUARTERLY FINANCIAL REPORT December 31, 2017 Preliminary and Unaudited 250 Outcropping Way Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR
More informationX5 ADJUSTED EBITDA MARGIN REMAINS STABLE AT 7.7% IN 2017 SUPERVISORY BOARD RECOMMENDS DIVIDENDS OF RUB 79.5 PER GDR
X5 ADJUSTED EBITDA MARGIN REMAINS STABLE AT 7.7% IN 2017 SUPERVISORY BOARD RECOMMENDS DIVIDENDS OF RUB 79.5 PER GDR X5 delivered revenue growth of 25.3% year-on-year (y-o-y) on the back of solid like-for-like
More informationFixed Income Presentation 3Q17
Fixed Income Presentation 3Q17 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More informationMANAGEMENT REPORT OAO GAZPROM 2008
MANAGEMENT REPORT OAO GAZPROM 2008 Table of Content Key performance indicators... 70 The Group s position in the global energy industry and major results of the reporting year... 71 Operating results...
More informationINTERREGIONAL DISTRIBUTION GRID COMPANY OF CENTRE, PUBLIC JOINT-STOCK COMPANY. Performance of IDGC of Centre, PJSC for 2017 Moscow, March 2018
INTERREGIONAL DISTRIBUTION GRID COMPANY OF CENTRE, PUBLIC JOINT-STOCK COMPANY Performance of IDGC of Centre, PJSC for 2017 Moscow, March 2018 DISCLAIMER This presentation does not constitute or form part
More informationIFRS CONSOLIDATED FINANCIAL STATEMENTS
IFRS CONSOLIDATED FINANCIAL STATEMENTS Moscow 2016 Contents Auditor s Report... 3 Consolidated balance sheet... 5 Consolidated statement of comprehensive income... 6 Consolidated statement of cash flows...
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations should be read in conjunction
More informationNotes to the consolidated interim condensed financial statements for the three months 1 Background (a) (b) (c) Organisation and operations These consolidated interim condensed financial statements include
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationCorporate Governance. Shareholders Equity SHAREHOLDER STRUCTURE. TeliaSonera Group
Shareholders Equity CHARTER CAPITAL s charter capital consists of 620,000,000 ordinary registered uncertified shares, each with a par value of RUB 0.1. The Company is authorised to issue 100,000,000,000
More information