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GAZPROM: FY2020 IFRS RESULTS
APRIL 29, 2021
FY2020 IFRS RESULTS
1
DISCLAIMER
This presentation has been prepared by PJSC 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. The information in this presentation should not be treated as 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, such statements may also occur during the Q&A session.
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 forwardlooking 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.
FY2020 IFRS RESULTS
2
MARKET ENVIRONMENT
EUROPEAN1 GAS MARKET IN 2020 (Y/Y)
1Q2020
30%
Weak dynamics in 1H20 was partially offset by gradual rebound in 2H20
2Q2020
27.9%
4Q2020
3Q2020
20%
5.5%
10%
2.2%
0.6%
0%
-4.0%
-10%
-7.3%
-3.6% -5.0%
-4.3%
-12.8%
-20%
-9.8%
-7.9%
-11.4%
-12.0%
-30%
Demand
Production
Total import
-10.1%
-27.3%
LNG import
Weather conditions in the winter of 2020/21 winter were weaker than
20yr average, but still supported gas demand
WEATHER INDEX2 IN EUROPE
20,000
18,000
Range (2000-2019)
Average (2000-2019)
16,000
2020
2021
HDD+CDD2
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1 In this presentation “Europe” includes ЕU-27 countries except Baltic states, plus Albania, Bosnia and Herzegovina, UK, Macedonia, Norway, Serbia, Turkey, Switzerland.
2 Weather index is calculated as the sum of degree*days for the corresponding month: HDD (Heating Degree Days) means degree*days for heating season, CDD (Cooling Degree
Days) means degree*days of cooling season. Calculation is done based on weather conditions in 90 regions of Europe.
FY2020 IFRS RESULTS
3
4Q20 IFRS RESULTS
GAZPROM MANAGED TO COME BACK TO AND EVEN EXCEED PRE-COVID FINANCIAL RESULTS IN 4Q20 DUE TO:
•
CONTINUING REBOUND IN OIL&GAS MARKETS,
•
ACCUMULATED EFFECT OF THE COSTS OPTIMIZATION MEASURES INTRODUCED IN 2020
4Q2019 vs 4Q2020
RUB bn
Adjusted for analytical purposes*
-12%
3,800
2,800
+3%
+48%
+129%
-21%
+72%
+2x
3,856
1,800
800
2,020
531
354
EBITDA 1
Net profit
433
633
200
-200
Sales
2
1 EBITDA adjusted for changes in impairment provisions
2 Profit attributable to PJSC Gazprom’s shareholders for the period
3 Cash capital expenditures
4 Compared to Net debt as of September 30, 2020
FY2020 IFRS RESULTS
CAPEX 3
Operating CF adj.
FCF adj.
4
Net debt adj.
*In order to reflect the effects of the decrease in bank deposits (reported as
part of Other current and Other non-current assets)
4
2020 IFRS RESULTS
…WHILE FY2020 FINANCIAL PERFORMANCE STILL LEFT SUBDUED ON THE BACK OF:
•
LOWER AVERAGE OIL&GAS PRICES IN FY2020, AFFECTING THE TOP LINE
•
UNFAVORABLE FX RATE DYNAMICS 2020 VS 2019, SQUEEZING THE BOTTOM LINE AND SWELLING THE DEBT LEVEL
2019 vs 2020
RUB bn
5,700
8,000
-17%
4,700
7,000
Adjusted for analytical purposes*
+55%
3,700
2,700
-21%
-89%
-14%
-21%
-38%
6,322
3,856
1,700
1,523
1,467
700
1,261
135
(261)
-300
Sales
EBITDA 1
Net profit 2
1 EBITDA adjusted for changes in impairment provisions
2 Profit attributable to PJSC Gazprom’s shareholders for the period
3 Cash capital expenditures
4 Compared to Net debt as of December 31, 2019
FY2020 IFRS RESULTS
CAPEX 3
Operating CF adj.
FCF adj.
Net debt adj.4
*In order to reflect the effects of the decrease in bank deposits (reported as
part of Other current and Other non-current assets)
5
REVENUE BREAKDOWN BY BUSINESS SEGMENTS
REVENUE BY SEGMENT1
FY2019
GAS BUSINESS, TRANSPORTATION AND OTHER
FY2020
56%
56%
+10%
RUB bn
1,200
800
1,117
400
7%
8%
37%
36%
630
690
2Q20
3Q20
0
4Q19
OIL AND GAS CONDENSATE, REFINED PRODUCTS
-8%
RUB bn
1,228
988
1Q20
ELECTRICITY AND HEAT
+4%
RUB bn
800
4Q20
200
600
400
699
200
594
439
612
641
0
4Q19
1Q20
2Q20
3Q20
4Q20
100
145
158
4Q19
1Q20
151
94
96
2Q20
3Q20
0
4Q20
Calculations may differ due to rounding.
1 Net of value added tax (VAT), excise tax and custom duties.
FY2020 IFRS RESULTS
6
GAS BUSINESS
EUROPE & OC 2
RUSSIA
bcm
4,177
4,118
300
4,287
4,182
RUB/mcm
4,000
3,000
200
236
100
2,000
225
74
73
0
2019
2020
VOLUMES
4Q19
bcm
USD/mcm
211
300
143
250
198
173
200
232
100
219
1,000
0
FSU
65
61
0
2019
4Q20
2020
4Q19
4Q20
bcm
50
200
40
150
30
100
20
50
10
0
0
USD/mcm
157
RUB bn
1,000
940
3,000
317
305
400
400
+12%
2020
4Q19
NET SALES TO RUSSIA
4Q20
1
4Q20
AVERAGE PRICE IN FSU
295
-9%
200
1,000
606
677
4Q19
4Q20
0
2019
4Q19
356
300
1,812
200
0
10
-17%
2,490
2,000
600
12
RUB bn
+4%
800
2020
VOLUMES
-27%
RUB bn
971
132
31
2019
AVERAGE PRICE IN EUROPE&OC
-3%
200
153
100
39
VOLUMES
AVERAGE PRICE IN RUSSIA
137
105
96
4Q19
4Q20
100
0
2019
2020
NET SALES TO EUROPE&OC
3.4
2019
2020
NET SALES TO FSU
3.4
Calculations may differ due to rounding.
1 Net of value added tax (VAT)
2 OC — other countries, including LNG sales
3 VAT is not charged on export sales
4 Net of custom duties and excise tax on gas exports
FY2020 IFRS RESULTS
7
0
IMPACT OF BANK DEPOSITS
1
ST & LT BANK DEPOSITS
RUB bn
800
676
•
Bank deposits with the term of over 3 months are not
included in Cash and cash equivalents item of the
balance sheet
•
Early withdrawal clause allows Net Debt and
Net Debt/EBITDA to be adjusted for ST and LT deposits
for analytical purposes
523
600
400
IMPACT OF BANK DEPOSITS1 ON NET DEBT
413
673
200
522
412
67
66
0
FY2019
1Q20
ST DEPOSITS
2Q20
3Q20
LT DEPOSITS
17
15
4Q20
IMPACT OF CHANGES IN ST DEPOSITS ON CASH FLOWS
ST BANK DEPOSIT CHANGES (Y/Y)
RUB bn
0
•
Changes in working capital (part of Operating cash flow)
include changes in ST bank deposits
•
Operating cash flow and Free cash flow need to be
adjusted for changes in ST bank deposits for analytical
purposes
-37
-123
-100
-152
-188
-281
-200
-300
FY2019
1Q20
2Q20
3Q20
4Q20
LT AND ST BANK DEPOSITS IMPROVE THE EFFICIENCY OF LIQUIDITY MANAGEMENT
1 Reported as a part of other current assets and other non-current assets
Source: Gazprom FY2020 IFRS report, note 12
FY2020 IFRS RESULTS
8
4Q2020 ADJUSTED FREE CASH FLOW
CHANGES IN BANK DEPOSITS
RUB bn
REPORTED AS PART OF CHANGES IN WORKING CAPITAL
800
37
600
-10
-37
93
400
671
633
-433
551
200
200
0
OCF
before
working capital
changes
Changes in
net working
capital and
operating
items
FY2020 IFRS RESULTS
Changes in
ST deposits
Tax paid
OCF
reported
Adjustment for
decrease in
ST deposits
OCF
adjusted
CAPEX
FCF
adjusted
9
FY2020 ADJUSTED FREE CASH FLOW
CHANGES IN BANK DEPOSITS
RUB bn
REPORTED AS PART OF CHANGES IN WORKING CAPITAL
2,000
-105
658
-658
1,600
-237
1,200
1,919
800
1,603
1,261
-1523
-1,523
400
0
-261
-400
OCF
before
working capital
changes
Changes in
net working
capital and
operating
items
FY2020 IFRS RESULTS
Changes in
ST deposits
Tax paid
OCF
reported
Adjustment for
decrease in
ST deposits
OCF
adjusted
CAPEX
FCF
adjusted
10
CAPITAL EXPENDITURES
CASH CAPITAL EXPENDITURES
RUB bn
-14%
2,000
1,600
-21%
1,200
1,776
800
400
551
419
301
369
433
2Q20
3Q20
4Q20
1,523
0
4Q19
1Q20
FY2019
FY2020
CAPEX BREAKDOWN
100%
80%
60%
9%
5%
5%
4%
19%
21%
26%
31%
9%
4%
26%
20%
17%
0%
4Q19
FY2020 IFRS RESULTS
27%
12%
4Q20
17%
20%
24%
Other
Utilities
24%
40%
25%
7%
6%
27%
Gas transportation
Gas production
Refining
17%
21%
FY2019
FY2020
Oil upstream
11
KEY DEBT METRICS
NET DEBT IN FY20201
CASH&EQUIVALENTS
(INCL. DEPOSITS)
TOTAL DEBT
USD bn
Net Debt/EBITDA
80
3.0
2.6
2,6
14
0.2
2.0
40
1.5
66.4
52.4
20
USD
18%
EUR
49%
2.5
60
52.2
1.0
0.5
0
USD
23%
RUB
61%
RUB
22%
Other
6%
Other
3%
0.0
Total Debt
Cash &
equivalents
Net Debt
reported
ST&LT deposits
EUR
18%
Net Debt
adjusted
CREDIT RATINGS
DEBT MATURITY PROFILE IN 4Q2020
USD bn
16.0
13.9
14.0
12.0
10.0
Fitch
BBB / stable
Moody's
Baa2 / stable
S&P
BBB– / stable
11.0
10.7
9.4
8.2
8.0
6.7
6.6
6.0
Dagong
4.0
2.0
ACRA
0.0
1
2
3
FY2020
4
5
6 – 10
AAA / stable
AAA (RU) / stable
More than 10 years
Years to maturity (up to)
1 Net Debt adjusted for the bank deposits reported as a part of Other current assets and Other non-current assets (see Slide 10 for details). Based on calculations in USD.
FY2020 IFRS RESULTS
12
DIVIDENDS
DIVIDEND PAYMENT AS PER THE APPROVED POLICY IS GAZPROM'S PRIORITY
FY2020 ADJUSTED NET INCOME
OUTLOOK
RUB bn
800
605
• Strong commitment to the
Dividend Policy even under
stressful market conditions
-164
700
49
4
-137
600
• Management Committee
recommended to move towards
50% payout ratio ahead of
schedule stated in the Policy
102
500
400
300
594
• Payout ratio — not less than 50%
of adjusted net income for 2021
and beyond
200
100
• Dividend payouts are planed to be
fully covered by Free cash flow
135
0
FY2020
Net Income
Financial
FX Loss
Operational
FX Gain
Impairment
in PPE 1
Impairment Profit from
Dividends
loss on
Associated
from
investment in Comp. & JVs Associated
Associated
Comp. & JVs
Comp. & JVs
FY2020
Adjusted NI
1 Impairment loss on property, plant and equipment and assets under construction
FY2020 IFRS RESULTS
13
ADDITIONAL INFORMATION
FY2020 IFRS RESULTS
14
GAZPROM INVESTMENT CASE
FUNDAMENTAL
ADVANTAGES

Low cash cost of gas production

Leadership in the European gas market

Increasing diversification of the gas export portfolio (due to ramp-up of supplies to China)

Balanced portfolio of long-term gas contracts (gas hub and oil basket linked prices)

Diversified business structure: strong oil and low-risk utilities segments
ROBUST
FINANCIAL
POSITION

Conservative financial policy (stringent debt management)

Large short-term liquidity buffer

Favorable FX breakdown of cash flows (natural hedge in P&L and balance sheet)
FCF
SUPPORT
EFFORTS

OPEX optimization program to underpin OCF in 2020-2021

CAPEX budget tightening to bolster FCF in 2020-2021

Launch of key projects to boost FCF in the mid-term

Commitment to the Dividend Policy despite challenging market conditions

Recommendation to pay 50% of 2020 adjusted net income – ahead of initial schedule

Initiatives in all aspects of ESG: Environmental, Social and Corporate Governance

Focus on transparency, accountability and investor relations

Responsible corporate citizen with focus on sustainability and green technology
FOCUS ON
DIVIDENDS
SUSTAINABLE
DEVELOPMENT
PRIORITY
FY2020 IFRS RESULTS
15
MARKET ENVIRONMENT: FY2020 VS FY2019
EUROPEAN GAS MARKET STARTED TO REBALANCE IN 3Q20
1Q19
189.0
Gas demand in EU
2Q19
110.1
3Q19
97.6
4Q19
163.5
y/y change, %
Gas production in EU
-4.0%
65.0
58.9
51.8
60.7
y/y change, %
Total gas import in EU
87.2
82.5
101.0
y/y change, %
28.3
29.7
24.2
33.0
80.0
105.0
96.7
y/y change, %
68.8
61.9
63.3
y/y change, %
59.5
50.1
-20.7%
216.6
150.4
132.8
156.6
y/y change, %
108.9
-49.7%
WHILE LNG SUPPLIES TO EUROPE LAGGED BEHIND DUE TO INTERNAL REASONS
1Q19
2Q19
3Q19
4Q19
1Q20
US LNG import in EU
4.0
3.6
2.7
11.4
7.9
y/y change, %
Liquefaction capacity utilization in US
181.9%
79.9%
77.2%
67.5%
79.6%
y/y change, %
Oil production in US
89.6%
11.4%
12.0
12.2
12.2
12.7
13.0
y/y change, %
Henry Hub gas price
-12.8%
53.2
-9.8%
76.7
-12.0%
31.3
5.5%
87.8
34.1%
63.2
Average TTF 1-month ahead
36.3
2Q20
96.0
27.9%
44.4
Brent price
86.1
-4.3%
y/y change, %
Gas inventories in EU
60.3
-7.3%
90.0
LNG import in EU
1Q20
181.5
8.3%
2.9
2.6
2.4
2.4
y/y change, %
1.9
-34.6%
9.7%
29.2
-57.6%
63.7
-57.6%
2Q20
6.0
65.9%
63.5%
-18.9%
11.6
-4.9%
1.7
-33.6%
3Q20
98.2
4Q20
167.2
0.6%
50.0
2.2%
55.8
-3.6%
78.4
-5.0%
21.6
-11.4%
103.9
-1.4%
43.0
-30.6%
99.6
-7.9%
90.8
-10.1%
24.0
-27.3%
81.5
-15.6%
44.2
-30.1%
152.9
-2.4%
-25.0%
3Q20
2.4
-13.7%
35.5%
4Q20
6.1
-23.1%
76.8%
-47.3%
10.7
-12.3%
2.0
-3.5%
10.8
-15.1%
2.5
2.5%
-16.5%
Sources: Bloomberg, Eurostat, US Department of Energy, IEA, national statistical bodies, ENTSOG, IHS, S&P Platts
FY2020 IFRS RESULTS
16
OPERATING METRICS
Natural gas
-1%
bcm
150
Gas condensate
132.5
98.3
100
5
130.7
4.5
4.5
4.5
3.5
4
101.9
mln ton
-1%
mln ton
123.7
Crude oil
15
3.8
11.7
12.1
11.5
11.6
11.9
4Q19
1Q20
2Q20
3Q20
4Q20
10
3
2
50
+1%
5
1
0
0
0
4Q19
1Q20
2Q20
3Q20
4Q19
4Q20
1Q20
2Q20
3Q20
4Q20
Electricity
Heat
bn kWh
mln Gcal
+3%
-12%
50
40
39.9
50
40.2
35.3
27.6
30
27.9
40.8
45.1
42.2
40
30
20
20
10
10
20.9
10.3
0
0
4Q19
1Q20
2Q20
3Q20
4Q20
4Q19
1Q20
2Q20
3Q20
4Q20
Gazprom Group’s volumes produced in Russia
Calculations may diverge due to rounding.
FY2020 IFRS RESULTS
17
THANK YOU!
FY2020 IFRS RESULTS
18
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