GAZPROM S FINANCIAL AND ECONOMIC POLICY PRESS CONFERENCE
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1 GAZPROM S FINANCIAL AND ECONOMIC POLICY PRESS CONFERENCE JUNE 29, 216 Moscow
2 LIMITATION OF LIABILITY This presentation was prepared by Gazprom (hereafter the Company ). It contains corporate information for investors. This presentation does not constitute an offer to sell or a solicitation of any offer to purchase any shares or other securities for equity participation in the Company, or a subscription for such. The presentation and information contained herein, as well as the fact of the display or publication thereof, cannot be regarded in connection with any contract or investment decision. The information contained herein should not be construed as investment advice. The Company made every effort to ensure that the facts contained in this presentation would be reliable and the opinions voiced herein would be reasonable and impartial. However, no guarantees or assurances, either expressed or implied, are provided as to the accuracy and completeness of the information or opinions contained or reviewed herein on behalf of the Company or any of its shareholders, directors, officials, employees or any other persons. None of the Company s directors, shareholders, officials, employees or any other persons assume any responsibility for any losses that may occur as a result of using this presentation or its contents in any form or in any other way relating to this presentation. This presentation may contain forward-looking statements. Such forward-looking statements include the following: the data that are not accomplished facts; statements of the Company s intentions; and suggestions or current expectations in relation to, inter alia, the Company s operating results, its financial condition and liquidity, prospects, growth, strategy, and development of the industry the Company operates in. Due to being related to future events and depending on the circumstances that may occur in the future, forward-looking statements inherently involve risks and uncertainties. The Company wishes to advise that it provides no guarantees for forwardlooking statements to be realized and that the actual operating results, financial condition and liquidity, as well as the development of the industry the Company operates in, may differ essentially from the projections or suggestions contained or implied in the said forward-looking statements. Furthermore, regardless of whether the Company s operating results, financial condition and liquidity, as well as the development of the industry the Company operates in, conform with forward-looking statements contained herein, such results and circumstances do not reflect the results and circumstances of the future periods. The data and statements contained in this presentation are relevant as of the time of its display and are subject to change without prior notice. No party is under legal obligation to update and amend the data contained herein. By attending this presentation, you agree to abide by the limitations mentioned above. 1
3 FINANCIAL POLICY: TOP PRIORITIES Basic planning assumptions for 216 budget Top priorities USD actual budget stress actual budget stress GAS EXPORT PRICE OIL RUB/USD actual budget stress Conservative approach to budgeting Operating expense optimization Investment project prioritization Exchange risk mitigation Effective debt management Well-balanced dividend policy Scenario analysis 2
4 GAZPROM GROUP S KEY FINANCIAL INDICATORS RUB bln 6 5,25 5,59 6, ,9 1,963 1,875 1, (1) (2) (3) Revenue Adjusted EBITDA Net profit % Oil and gas prices, (4) q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15 1q16 (1) Net of excise tax, VAT and customs duties (2) EBITDA is adjusted by changes in asset impairment reserves (3) Annual profit attributable to Gazprom shareholders (4) Average quarterly figures OIL NBP GAZPROM'S AVERAGE EXPORT PRICE FOR EUROPE 3
5 NATURAL HEDGING AGAINST EXCHANGE RATE VOLATILITY Currency structure of cash flows Total debt EUR 29% Revenue 67% 33% USD 59% RUB 11% Other 1% Operating expenses 46% 54% Cash and cash equivalents RUB 49% Capital investments 22% 78% EUR 13% Other 4% % 2% 4% 6% 8% 1% Foreign currency* Rubles USD 35% * Mainly USD and EUR Data on revenue, cash operating expenses and capital investments were adjusted by RUB-denominated amounts pegged against foreign currency SOURCE: 215 IFRS STATEMENT, ASSESSMENT BY MANAGEMENT 4
6 WELL-BALANCED COST MANAGEMENT POLICY Cost Optimization (Reduction) Program, Effect from Program in 215 RUB 18. bln: Operating activities: current costs RUB 6.7 bln financial costs RUB.7 bln Investment activities RUB 1.5 bln Prime cost of gas production * RUB /1, m 3 1,676 1,549 1,436 1,233 1, P UNIT COST OF GAS PRODUCTION SEVERANCE TAX FOR GAS** Prime cost of gas transmission *** Forecast effect from Program in 216 RUB 15.3 bln: Operating activities: current costs RUB 7. bln financial costs RUB.2 bln RUB /1, m 3 per 1 km Investment activities RUB 8.3 bln * Prime cost of gas production costs for commercial production of 1, m 3 of gas by 7 major gas producing subsidiaries of Gazprom ** Average severance tax rate by commercial gas volume *** Prime cost of gas transmission costs for transmission of 1, m 3 of gas per 1 km by Gazprom s gas transmission subsidiaries (within Russian Federation) 5
7 COST OPTIMIZATION FOCUS AREAS AND PRIORITIES IN 216 Major Steps in Restraining Cost Escalation Key stages of cost optimization process Scope of work Gazprom s long-term development program Defining key development targets for Gazprom, scope of priority projects, long-term financial modeling, three development scenarios for Gazprom Gazprom s three-year budget plan and investment program Setting limits for investment program and operating expenses Ranking investment projects and preliminary approval thereof. Control of claimed costs Gazprom s budget and investment program for upcoming year Setting limits for investment program Approving investment program. Control of claimed costs 6
8 CAPITAL INVESTMENTS Investment program structure in 215 Capital investments of Gazprom Group 7% 5% 18% 6 USD bln % % Gas production Gas transmission, processing and sales Oil and gas condensate production Power and heat generation and marketing Other capital investments Gas production Gas transmission, processing and marketing Oil and gas condensate production Power and heat generation and marketing Other capital investments 7
9 CONSISTENT GENERATION OF FREE CASH FLOW Conservative financial policy: generating positive free cash flow for ten years Free cash flow 8 USD bln OPERATING CASH FLOW CAPITAL INVESTMENTS FREE CASH FLOW Self-financing * 16% 14% 12% 123% 11% 142% 113% 14% 15% 19% 125% 152% 124% 1% 1% 8% * Operating cash flow to capital investments ratio 8
10 ESTABLISHMENT OF GAZPROM GROUP S SINGLE TREASURY Centralized management of Gazprom Group s cash flows developing cash pooling system involving Gazprom Group s companies based in Russia setting up international cash pooling system SINGLE TREASURY OF GAZPROM GROUP Efficient liquidity management in Gazprom improving cash management enhancing financial discipline in Gazprom Group Payment optimization in Gazprom Group centralizing Gazprom Group s payment processing integrating compliance control procedures into payment system Centralized financial risk management creating efficiency evaluation system for Gazprom Group s treasury operations introducing uniform standards of financial risk management 9
11 NEED FOR EQUAL GAS SALES TERMS IN DOMESTIC MARKET Current terms For Gazprom For independent gas producers Fixed gas pricing Regulated prices and tariffs do not offset costs on gas transmission via UGSS Increased tax burden on gas production Obligations to ensure reliability of gas supplies to all consumer categories, including in peak consumption periods Social obligations on gas supply and gasification of regions Free gas pricing Lower tariffs for gas transmission services Preferential taxation (severance tax) Gas supplies mostly to major industrial consumers in high-yield regions Short transportation distances Measures aimed at creating equal terms for competition in domestic market 1. Gazprom sent a letter to the Russian Government appealing for the right to sell gas in the domestic market at prices within the regulated range. 2. Work is underway to develop conditions for the price liberalization experiment involving industrial consumers in a number of Russian regions. 3. Gazprom is preparing a proposal to legally recognize the status of guaranteeing suppliers. 4. A joint working group for domestic gas market development was set up under the Federal Antimonopoly Service of Russia. 5. Gas volumes supplied via an established trading platform are increasing. 1
12 TAXATION CHANGES IN PETROLEUM SECTOR AND SEVERANCE TAX RATES FOR GAS AND GAS CONDENSATE Amendments effective from 215 Introduction of К км adjustment factor for gas condensate in severance tax formula: 4.4 from January 1, from January from January 1, 217 Lowering marginal rates of export customs duties for crude oil and gas condensate (as part of tax maneuver ): from 57% to 42% from January 1, 215 up to 36% from January 1, 216 Amendments effective from 216 Increasing exemption factor in severance tax formula for gas and gas condensate of Gazprom Group: from.15 to.251 (by 36.7 %) in 216 Cancellation of previously planned reduction in marginal rates of export customs duty for crude oil and gas condensate: 42% rate instead of 36% in 216 RUB /1, m 3 9 Average severance tax rate for gas* 888 RUB/t 6 Average severance tax rate for gas condensate 5, , estimate estimate * Average severance tax rate as applied to commercial gas volumes for 7 major gas producing subsidiaries of Gazprom 11
13 SUCCESFUL PERFORMANCE IN DEBT CAPITAL MARKETS Date of deal Value Coupon Maturity period Achievements January 215 EUR 35 mln EURIBOR % 1.5 years First bilateral facility agreement between Gazprom and Intesa Sanpaolo S.p.A. Deal is essential for strengthening cooperation with credit institutions of Italy and other European countries. April 215 USD 5 mln LIBOR % 3 years Syndicated loan arranged by J.P. Morgan Europe Limited, involving Asian banks. June 215 EUR 15 mln EURIBOR + 3.6% 4 years Loan from Intesa Sanpaolo S.p.A. bank. July 215 EUR 3 mln EURIBOR + 3.6% 4 years Loan from UniCredit Bank Austria AG. August 215 USD 1.5 mln LIBOR + 3.5% 5 years First loan deal between Gazprom and consortium of Chinese banks, with China Construction Bank Corporation acting as bank agent. October 215 EUR 1 bln 4.625% 3 years Largest Eurobond issue placed by Russian issuers in 215. Placement without premium for new issue. March 216 EUR 2 bln EURIBOR + 3.5% 5 years Loan from Bank of China. Largest deal in terms of financing attracted directly from one credit institution and first bilateral loan facility agreement with Chinese bank. March 216 CHF 5 mln 3.375% 2.5 years Placement of Eurobonds, with Deutsche Bank, Gazprombank, and UBS acting as lead managers. 12
14 RUSSIA S LARGEST BORROWER Very low debt burden (215) Debt repayment schedule* Net debt / EBITDA Total debt, USD bln ,x 4,x 3,x 2,x 1,x,x x % 2.4x * 1.6x 1.6x * Rosneft s net debt adjusted with regard to pre-payment under long-term oil supply contracts 1.3x 1.2x 1.1x 1.1x.9x.9x Cost of debt financing SOURCE: COMPANIES DATA, MOODY S, BLOOMBERG % 5.6% 3.8%.7x USD bln Dagong, Moody's S&P, Fitch AAA Aaa AA Aa A+ A1 A A2 A- A3 BBB+ Baa1 BBB Baa2 BBB- Baa3 BB+ Ba1 BB Ba2 BB- Ba3 B+ B Credit ratings after 22** * At exchange rate as of late 215 **Total from 221 through AVERAGE WEIGHTED FIXED INTEREST RATE Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan AVERAGE WEIGHTED VARIABLE INTEREST RATE AVERAGE WEIGHTED INTEREST RATE S&P FITCH MOODY'S DAGONG INVESTMENT GRADE Russian sovereign ratings
15 DIVIDENDS Dividend payout Dividend yield on shares in largest global oil and gas companies * 14 17% 12% 8% 7.1% 6.7% 6.4% RUB per share % % % % 26% 27% 24% 12% 15% 5% 9%.36 1% 9% 16% 7% ** 1% 8% 6% 4% 2% % 6% 4% 2% % 5.5% 5.5% 5.3% 5.2% 5.2% 4.1% 3.8% 3.4% 3.4% 3.1% 1.3% Dividend per share % of Gazprom Group net profit under IFRS (right scale) % of Gazprom net profit under RAS (right scale) Dividend yield on Gazprom s shares is commensurate with that of largest global oil and gas companies Dividend yield ratio of dividend for accounting period to share price as of June 23, 216. World s largest oil and gas companies by capitalization as of June 23, 216 ** Proposed by Board of Directors SOURCE: GAZPROM, BLOOMBERG 14
16 STRONG FUNDAMENTALS AND FOCUS AREAS 1 Unique fundamental indicators 2 Robust strategy and stable market positions World s largest oil and gas company bln bbl of proven hydrocarbon reserves in oil equivalent 8. mln bbl of hydrocarbons in oil equivalent produced daily >1% reserve replacement ratio Natural gas: future of global energy market Gazprom: global energy company 31% of European gas market Diversification of products and sales markets is key to Gazprom s sustainability 3 Streamlining corporate governance 4 Conservative financial policy Increasing shareholder value Sound dividend policy High level of transparency Commitment to sustainable development principles Toughening of budgetary policy Well-balanced system of operational expense management Capital expenditure optimization and project prioritization Liquidity management optimization 15
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