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September 10th 20121Q2012 IFRS Consolidated Financial Results
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Disclaimers
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This presentation has been prepared by OJSC Gazprom (the “Company”), and comprises the slides for a presentation to investors concerning theCompany. 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 orsubscribe 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 ordistribution 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 thebasis of the information contained in the prospectus or other offering document prepared in relation thereto and will be subject to the selling restrictionsset out therein. No reliance may be placed for any purposes whatsoever on the information contained in this presentation, or any other materialdiscussed at any presentation or on its completeness, accuracy or fairness. The information in this presentation should not be treated as givinginvestment advice. Care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair andreasonable. However, the contents of this presentation have not been verified by the Company. Accordingly, no representation or warranty, express orimplied, 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 respectivemembers, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of thispresentation 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 historicalfacts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results ofoperations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-lookingstatements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set forth in the prospectus, because they relateto events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are notguarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in whichthe Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. Inaddition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Companyoperates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative ofresults 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. Noperson 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.
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Andrey Kruglov Deputy Chairman of Gazprom Management Committee
Head of the Department for Finance and Economics
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Summary of Financial Results
1Q2012 Vs 1Q2011 Gazprom Group results
1Q2012 IFRS Consolidated Financial Results1. Profit for the period attributed to owners of OAO Gazprom
Net sales decreased by 91.9 bn RR to 1,225 bn RR (- 7%)
The negative effect of retroactive gas price adjustments was 78.5 bn RR
Net Profit(1) decreased to 358 bn RR (- 24%)
Adj. EBITDA fell to 378 bn RR (- 33%)
Sustained operating cash flow generation of 598 bn RR (+ 53%)
Total debt decreased to 1,408 bn RR (- 9%)
Total Debt/Adj.EBITDA is 0.8x
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+ 14 %
+ 9%
+ 3% - 1%
+ 41%
142,6 128,6105,1
136,9 141,8
-10
20
50
80
110
140
170
200
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
- 1 %
Natural Gas, bcm
+ 4%
Hydrocarbon Production, Electricity and Heat Generation
1Q2012 IFRS Consolidated Financial Results
Crude Oil, mln ton Gas Condensate, mln ton
2,9
3,13,0
3,23,3
2,7
2,8
2,9
3
3,1
3,2
3,3
3,4
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
7,98,0
8,1
8,38,2
7,7
7,8
7,9
8
8,1
8,2
8,3
8,4
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
+ 4%
Electricity generation, bln kWh
50,439,0 37,6
45,5 49,5
0
10
20
30
40
50
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
- 2 %Heat generation, mln Gcal
44,5
15,37,7
31,244,1
0
10
20
30
40
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
- 1 %
Including Russian generating companies: Mosenergo, OGK-2, TGK-1Calculations may diverge due to rounding.
55
Russian Natural Gas Balance
Bcm 1Q2011 1Q2012
Natural gas resources 217.6 223.9
Domestic gas production 181.8 185.1
Other sources including Central Asian and Azerbaijani gas 8.2 7.6
Gas withdrawn from underground storage in Russia, Latvia and Europe 27.5 31.2
Decrease in the amount of gas within the gas transportation system 0.1 0.0
Natural gas distribution 217.6 223.9
Domestic consumption 156.7 160.1
including needs of the gas transportation system and underground storages 13.3 13.0
Gas pumped into underground storages in Russia, Latvia and Europe 1.3 0.8
Gas for LNG production (Sakhalin-2) 3.5 4.1
FSU supplies 15.3 17.4
Foreign supplies 40.8 41.3
including Baltic states 1.4 1.8
Increase in the amount of gas within the gas transportation system - 0.2
Source: Company Operating Data
1Q2012 IFRS Consolidated Financial Results
66
Gas Sales
Net sales YoY(1)
266
133 104
236 269
0
50
100
150
200
250
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
RR bn+ 1 %
Calculations may diverge due to rounding.1. Net of value added tax (VAT); 2. Other countries include LNG sales to Japan, Korea, Taiwan and China; 3. VAT is not charged on sales to Europe and other countries; 4. Net of custom duties
1Q2012 IFRS Consolidated Financial Results
Net sales YoY(3,4)
399 344 302421 387
0
100
200
300
400
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
- 3 %
Gas Sales in Europe and Other Countries(2)
Gas Sales in Russia
205126 110
170 144
0
50
100
150
200
250
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
Net sales YoY(3,4)
- 30 %
Gas Sales in FSU Countries
RR bn RR bn
10352 40
86 100
2,596 2,565 2,573 2,742 2,701
0
600
1 200
1 800
2 400
3 000
0
70
140
210
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
RR/mcm
- 3 %
Volumes and prices YoYbcm
Volumes and prices YoY
47 40 3143 43
343383
409 398 384
0
100
200
300
400
0
30
60
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
US$/mcm
- 8 %
bcm
2918 13 18 20
258 277313 332
288
0
100
200
300
0
30
60
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
bcm
- 32 %
US$/mcmVolumes and prices YoY
7
Oil and Energy businesses
272,2
297,0312,9
326,3 321.2
240
260
280
300
320
340
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
Crude oil and gas condensate; refined products
Electric and heat energy• The increase of net sales of crude oil, gas condensate and refined
products was mainly caused by increase in price for oil and gas condensate as well as by growth in volumes of gas condensate sold.
• The decrease of net sales of electric and heat energy was mainly due to decrease of day-ahead market price and electricity and heat generation
112,5
67,757,3
107,0 111.6
020406080
100120
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012
RR bn
RR bn
+18%
- 1 %
26%
9%
Net Sales(1)
Crude oil and gascondensate; refinedproducts
Electric and heatenergy
The rest
1Q2012 IFRS Consolidated Financial Results
Calculations may diverge due to rounding.1. Net of value added tax (VAT)
88
Positive Effect of Changes in Working Capital in 1Q2012
1Q2012
Total Changes in Working
Capital
RR 71 bn
Increase in accounts payable
Changes in tax payable
Increase in deposits 3 to 12 months
RR 57 bn
RR 149 bn
- RR 15 bn
RR 248 bn
Positive impact on the
company’s operating cash flow during the
period
Other effects - RR 14 bn
Decrease in gas inventories
1Q2012 IFRS Consolidated Financial Results
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+34.1(+20%)
-2.7(-13%)
+8.9( +10%)
+13.0(+19%)
+10.6(+44%)
+13.3(65%)
+55.7(+55%)
+18.7(+29%)
+19.8(50-fold increase)
-61.9(-24%)
-78 -58 -38 -18 2 22 42 62 82
The rest of OpEx
Electricity and heating expenses
Losses from derivatives
Exchange rate differences on operating items
Cost of goods for resale, including refinedproducts
Depreciation
Transit of gas, oil and refined products
Staff costs
Taxes other than on income
Purchased gas and oil
1Q2012 Vs 1Q2011Changes of Operating Expenses Items
Relates mainly to the decrease in volumes of gas purchased and prices for gas purchased from third parties outside the Russian Federation.
Mainly results from the increase in volumes of refined products purchased bythe Gazprom neft Group, expanding of Gazprom Group’s scope of consolidationand the increase in prices for refined products.
Mainly resulted from depreciation of USD and EURO against RUB by 9% and 6% , respectively, in the three months period ended March 31, 2012, compared to depreciation of RUB against USD and EURO by 7% and 1% , respectively. in the the same period of the prior year.
Mainly resulted from the decrease in volumes of electricity purchased from third parties.
Is caused by the significant market gas price increase for the three months ended March 31, 2012 comparing to relatively stable market gas prices for the three months ended March 31, 2011
Mainly resulted from the general increase of natural resources production tax rate for gas from RUB 237 to RUB 509 per thousand cubic meters from January 1, 2012 as well as from the increase in natural resources production tax rate for oil due to the increase in average world oil prices.
Mainly resulted from the salary indexation.
+ RR bln (%)
Total OpEx growth: + 13%
Main drivers of change
The rest of OpEx includes materials; repairs and maintenance; transportation services; research and development expenses; rental expenses; heat transmission; insurance expenses; Social expenses; processing services; other OpEx and changes in inventories of finished goods, work in progress and other effects
1Q2012 IFRS Consolidated Financial Results
Primarily relates to the growth in fixed asset base.
Mainly relates to the increase in costs of transportation through Ukraine and through the “Nord Stream” pipeline.
10
-
400
800
1 200
1 600
2 000
2009 2010 2011 2012FTransport Production of natural gasProduction of crude oil and gas condensate RefiningEnergy DistributionGas storage Other
810.9
1,110.8c. 1,180
1,628.1
Capital ExpendituresGazprom Group’s CapEx & self funding position
RR bn
Self funding (OpCF/Cash CapEx)
113%140%
105%
Cash CapEx wholly financed with operating CF CapEx structure to provide:
– Production growth, depending on market requirements– Flexible company strategy in the future
1Q2012 IFRS Consolidated Financial Results
0
50
100
150
200
250
1Q2011 1Q2012
221.6204.9
RR bn100%
156%
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1,372871 1,035 719
254444
505689
2009 2010 2011 1Q2012
Net Debt Cash&Cash equivalents and certain restricted cash
1,315
26% 15% 24% 27%
10%13%
17% 18%33% 42%
38% 36%
31% 31% 21% 19%
2009 2010 2011 1Q2012
Less that 1 year 1-2 years 2-5 years More that 5 years
1,5
1,0 0,8 0.8
1,3
0,6 0,5 0.4
2009 2010 2011 1Q2012
Total Debt / Adj. EBITDA Net Debt / Adj. EBITDA
Debt OverviewTotal Debt (1), RR bn Credit metrics
1.6x
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 liabilities2. Excluding promissory notes
1,626
Debt maturity profile(2)Cost of debt financing(2)
1
3
5
7
9
2004 2005 2006 2007 2008 2009 2010 2011 1Q 2012
Weighted average fixed interest rateWeighted average floating interest rateWeighted average interest rate
%
1,540
1Q2012 IFRS Consolidated Financial Results
1,408
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Contacts for Investors and AnalystsDepartment for Finance & EconomyCorporate finance directorateFax: (007) (495) 719-35-41
Oleg NAGOVITSYNDeputy Head of Corporate finance directoratePhone: (007) (495) 719-26-25E-mail: [email protected]
Andrei BARANOVInvestor RelationsPhone: (007) (495) 719-25-89E-mail: [email protected]
