Gazprom. Consolidated 3Q 2009 IFRS Financial Results Presentation

Transcription

1 Gazprom Consolidated 3Q 2009 IFRS Financial Results Presentation 0

2 Disclaimers This presentation has been prepared by OJSC 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, forwardlooking 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. 1

3 Conference Call Participants Peter Bakaev Head of Capital Markets Directorate, Department for Finance and Economics Mikhail Rosseev Head of Directorate of Consolidated Financial Statements Accounting Department 2

4 3Q 2009 Highlights

5 Key Financial Highlights Strong Revenue despite severe market conditions, RR 2.4 trn for 9M 2009 Adjusted EBITDA amounted to RR 208 bln in 3Q 2009 decreased by 41% compared to 3Q 2008 Profit for the period (1) amounted to RR 175 bln in 3Q 2009 increased by 33% compared to 3Q 2008 Total debt amounted RR 1,762 bln as of the end of 9M 2009 and has not changed considerably comparing with RR 1, 713 bln as of the end of 1H 2009 Higher Leverage as of the end of 9M 2009 due to valuable Adjusted EBITDA decrease. Total Debt / Adjusted EBITDA (2) amounted to 1,7x as of the end of 9M 2009 compared to 1,4x as of the end of 1H 2009 (1) Profit for the period attributed to owners of OAO Gazprom (2) Total Debt/Adj.EBITDA is calculated on the LTM basis 4

6 3Q 2009 Operational Results

7 Export Markets Gas prices and volumes in Europe & other countries Gas prices and volumes in FSU (bcm) ($/mcm) 250 (bcm) ($/mcm) Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Volumes Prices FSU Volumes Prices Net sales of gas in Europe & other countries Net sales of gas in FSU (RR billion) (RR billion) Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 6

8 Domestic Market Gas prices and volumes 150,0 124,0 (bcm) (RR/mcm) 98,0 72,0 46,0 20,0 105,0 86,8 93,2 54,9 45,5 49,6 40,9 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Sales volumes in Russia Domestic prices Net revenues Domestic gas sales by consumer type in 3Q09 (1) (RR billion) Power generation 18% Metallurgy % 9% 4% 9% 9% 46% Agro chemistry Cement industry Households Utility sector Other 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 (1) Management estimates 7

9 3Q 2009 Performance

10 Net Profit for the Period Reconciliation Factors influenced 3Q09 Net Profit (Y-o-Y, RR billion) Increase primarily relates to net financial income amounted 74 RR bln in 3Q09 and fixed loss from change in fair value of call option amounted 70 RR bln in 3Q08 11 (10) (149) 144 Mainly due to increased Net income of associated and jointly controlled entities and due to new investments Caused by a decrease of income tax rate from 24% to 20% 174 Profit for the period 3Q08 Operating profit One-off financial items Due to decrease of Sales by 68 RR bln and increase of OpEx by 81 RR bln Share of net income of associated undertakings and jointly controlled entities Losses on disposal of available-for-sale financial assets Profit tax expense Profit for the period 3Q09 9

11 Financial Income and Financial Expenses Effect of exchange rates dynamics (RR billion) RR bln 100 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 33,93 32,21 31,33 RR/USD 35, , ,5 0 (0,5) 24,26 17 (2) 23,63 (0,3) (4) 24,25 (36) (6) (9) (11) (9) 43 23,6 17,7-50 (143) (140) 11, , Net Interest expense Net Exchange gains/losses Avg. RR/USD exchange rate 10

12 Operating Expenses Operating Expenses growth (RR billion) % +12% +23% Q08 1Q09 2Q08 2Q09 3Q08 3Q09 OpEx without purchased gas and oil Purchased gas and oil Without purchased oil and gas expenses OpEx increased by 5% in 9M09 (y-o-y) Inflation rate (1) amounted 11% in September 2009 ( y-o-y) (1) Source: Federal State Statistics Service 11

13 Look at the Moment

14 Debt Overview Total Debt (1), RR billion Net Debt Q08 1H08 9M Q09 1H09 9M09 Credit metrics Debt maturity profile (2) (% of debt) 25% 33% 35% 35% 30% 39% 25% 19% 20% 30% 12% 13% 13% 17% 10% 20% 30% 34% 32% 31% M M09 Total Debt / Adj. EBITDA Net Debt / Adj. EBITDA Less that 1 year 1-2 years 2-5 years More that 5 years (1) Total debt: short-term borrowings and current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities. (2) Excluding promissory notes. 13

15 Key Factors in 2009 Quick recovery in production and sales started from 3Q09 Reduced purchases from Turkmenistan Core assets consolidation: NIS(1Q09), Sibir Energy(2Q09), Moscow Refinery(2Q09), Salavatnefteorgsintez(2Q09), SeverEnergia(3Q09) Foreign currency exchange rates dynamics Are main factors which influenced company s financial performance during