GAZPROM’S FINANCIAL AND ECONOMIC POLICY PRESS CONFERENCE JUNE 25, 2015 0 г. Москва
LIMITATION OF LIABILITY This presentation is prepared by Gazprom (hereafter – the Company) and contains corporate information for investors. This presentation is not an offer for sale or an incentive of any offer for purchasing any shares or other securities, implying a shareholding interest in the Company, or a subscription for such. The presentation and information it contains as well as the fact of its display or publishing can’t be regarded with respect to any contract or investment decision. For no purpose should the information contained in this presentation be relied on as well as any other materials provided in any other presentation in terms of their completeness, accuracy or impartiality. The information contained in this presentation should not be regarded as an investment consultation. The Company made every effort for making sure this presentation was reliable and opinions voiced in it were reasonable and impartial. Therefore, no guarantees or assurances either self-evident or implied are provided in relation to accuracy, completeness or impartiality of information or opinions contained in this presentation on behalf of the Company, its shareholders, directors, officials or employees, or any other persons. Not one of the Company’s directors, its shareholders, directors, officials or employees, or any other persons incur any responsibility for any losses which may occur as a result of using this presentation or its contents in any form or in any other connection to this presentation. This presentation may contain forward-looking statements. Such forward-looking statements include the data which are not accomplished facts, statements of the Company’s intentions, suggestions or current expectations in relation to, inter alia, the Company’s operational results, its financial state and liquidity, prospects, growth, strategy and development of the Company’s activity sector. For the reason of being related to future events and depending on circumstances that may occur in the future, forward-looking statements inherently involve risks and uncertainties. The Company notifies in advance that it provides no guarantees for forward-looking statements to be effectuated and that actual operational results, financial state and liquidity as well as the Company’s acti vity sector development may differ essentially from forecasts or suggestions contained or implied in the said forward- looking statements. In addition, in case the Company’s op erational results, its financial state and liquidity as well as the Company’s activity sector development conform with forward -looking statements contained herein, such results and circumstances do not reflect the results and circumstances of future periods. Data and statements contained in this presentation are relevant as of the time of its display and may be changed without prior notice. No party shall be under legal obligation for updating and renewing the data contained herein. Attendance at this presentation means that you agree to abide by the limitations mentioned above. 1 1 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
GAZPROM’S STRONG FINANCIAL STANDING IN GLOBAL OIL AND GAS SECTOR 5 largest global oil and gas companies by 2014 results EBITDA*, 2014 USD bln 80 Among world’s top 3 public oil and gas • 70 companies by EBITDA (USD 52 bln) 56.9 60 • World’s top public oil and gas company by free 51.7 51.9 51.4 50 cash flow (USD 17 bln) • For five years Gazprom has been in world’s to top 36.5 40 5 companies annual ranking by key financial 5 30 indicators 20 10 0 • Gazprom’s EBITDA adjusted for impairment loss 2 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
SUSTAINABLE GENERATION OF FREE CASH FLOW Operating cash flow 1 916 • For 9 9 year ars in row Gazprom has been 2000 RUB bln 1 742 generating positive free cash flow 1 473 654 345 1500 124 • For 9 9 quar arter ers in row Gazprom has been 1000 generating free cash flow despite business 1 397 seasonality 1 349 1 262 500 0 2012 2013 2014 CAPITAL INVESTMENTS FREE CASH FLOW Free cash flow Seasonal sales low 290 RUB bln 283 300 250 200 142 150 114 82 100 74 76 50 15 5 0 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 3 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
DIVIDENDS Dividend yield of shares in major oil and gas Dividend payout companies worldwide * RUB / share 14 % 100 10% 90.2 90 12 80 8% 8.97 10 6.6% 70 6.2% 5.8% ** 60 6% 7.2 5.3% 7.2 8 5.1% 4.8% 4.7% 50 5.99 4.3% 3.9% 3.8% 6 40 4% 3.85 27.1 30 24.1 4 25.5 25.0 2.66 2.39 20 2% 17.5 2 0.36 10 4.9 9.1 0 0 0% 2007 2008 2009 2010 2011 2012 2013 2014 Dividend per share % of Gazprom net profit under RAS (right scale) Dividend yield of Gazprom shares is at level with major global oil and gas companies * Dividend yield is defined as approved dividends for period divided by share price as of June 22, 2015. Major oil and gas companies by capitalization as of June 22, 2015 ** Proposed by Board of Directors SOURCE:COMPANY’S DATA, BLOOMBERG 4 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
CHANGES IN GAS PRICE REGULATION Gas supplies in Russian market by profitability levels 14% 12% 25% 60% HIGH PROFITABLE 17% MID PROFITABLE 15% LOW PROFITABLE 62% UNPROFTABLE 69% 4% 20% NOVATEK GAZPROM ROSNEFT Due to differentiation of regulated prices by price bands in Russia, supplier obtains different profits and sometimes bears losses when selling gas to consumers in various regions Gas supply to Russian consumers • Independent producers provide gas mostly to regions with high profitability, while enjoying discounts to regulated prices 100% 24% • Gazprom is being displaced to low-profitable and unprofitable regions 29% 32% 80% • Russian Government is reviewing issue of transiting to regulated prices by 60% establishing price range with discount of up to 15% without differentiation by regions 40% 76% 71% 68% • Transition to new price regulation will allow Gazprom establishing flexible gas 20% price policy for Russian industrial consumers 0% 2012 2013 2014 GAZPROM GROUP'S GAS INDEPENDENT SUPPLIERS' GAS 5 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
GAS PRICES IN RUSSIA, EUROPE, USA AND JAPAN Average retail gas prices for domestic consumers in Average gas prices for industrial consumers in Russia, Russia, Europe and USA, 2014 (*, **) Europe and USA, 2014 (*,***) USD / 1,000 m 3 USD / 1,000 m 3 1 600 1 600 1 445 1 333 1 400 1 400 1 140 1 200 1 200 1 060 1 057 947 904 898 1 000 1 000 773 800 695 800 Japan (LNG) Japan (LNG) 519 600 530 600 444 384 482 444 441 432 425 412 398 387 384 366 400 363 400 NBP NBP 194 Henry Hub Henry Hub 125 200 132 200 0 0 • Gazprom provides substantial support to Russian economic development by supplying gas at regulated prices. Russian gas prices are still lowest as compared to Europe and USA • Average gas prices for industrial consumers and population in Europe and USA are much higher than prices in key trading floors or Gazprom’s prices • In countries with advanced market economy gas prices for domestic consumers are much higher compared to prices for major industrial consumers * With account of gas distribution organization tariffs, payment for distribution and logistical support services ** VAT included *** VAT not included SOURCE CE: : CERA, IEA, EIA, , FTS, , MOSOBLGAZ 6 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
FLUCTUATION OF GAS TRANSMISSION TARIFFS Average regulated tariffs on gas transmission Average tariffs on gas transmission in Russia, services for independent suppliers Europe and USA * in 2014 EUR / 1,000 m 3 per 100 km EUR / 1,000 m 3 per 100 km 10 10 EUROPE Czech Republic 8.92 USA 8 Fayetteville Pipeline (USA) 8 7.04 6 6 4.81 4 4 3.03 2.62 2.39 2.30 2.30 2.08 1.94 1.85 1.87 1.46 1.28 1.38 1.47 0.99 2 2 0.95 1.26 1.26 0.85 ** 1.00 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015П DEDAN (Germany) NETG (Germany) METG (Germany) HETPA (Germany) OpenGrid (Germany) PW (Austria) WAG (Austria) TAG (Austria) Slovakia Czech Republic Fayetteville Pipeline (USA) Midcontinent Express (USA) Gazprom (Russia) • In 2014 tariff freezing sent transmission profitability for independent suppliers down below zero (-2.4%). • In 2015 tariff increase by 2,0 % from July 1, as proposed by Russian • At present, Russian tariffs on gas transmission services FTS, will not result in loss reduction (-2.2%). are lower than European and most of US tariffs *** * Provided maximum capacity load factor (load factor = 1) ** Considering average rate of RUB 65 per 1 EUR *** In USA tariffs differ among companies and account for average of USD 1.4 to USD 6.4 for 1,000 m 3 per 100 km SOURCE CE: : COMPANY’S DATA 7 GAZPROM’S FINANCIAL AND ECONOMIC POLICY, JUNE 25, 2015
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