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26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
3Q2016 IFRS RESULTS
JANUARY 19, 2017
2
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
Igor Shatalov
First Deputy Head of Department
3
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
DISCLAIMERS
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 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.
4
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
51.3
47.0
40
45
50
55
60
3q15 3q16
BRENT
HIGHLIGHTS
2016 • Record high gas exports to Europe – 179.3 bcm (+12.5% YoY)
Dec.
2016
• Binding Basic Agreement signed for an E&P asset swap with OMV
• Contract with Allseas Group S.A. for laying the first branch of the
TurkStream
• €800 mn loan from Mizuho, SMBC and J.P. Morgan
Nov.
2016
• Gazprom placed CHF 500 mn Eurobonds due in 2021 at a record low
coupon rate of 2.75%
• Gazprom placed €1,000 mn 3.125% Eurobonds due in 2023
Oct.
2016
• EU positive decision on Gazprom access to OPAL pipeline
• Parent company 2016 Investment Program revised. 18% lower than
the 2015 Program in RUB, 26% lower in USD
• S&P revised Gazprom‘s rating outlook from ‘Negative’ to ‘Stable’
• The Agreement on the TurkStream signed between Russia and Turkey
• Corporate governance improvement
- The Audit Committee of the Gazprom BoD headed by independent
BoD member
- The Nomination and Remuneration Committee established with two
independent BoD members
- The Corporate Secretary functions assigned to certain units
of Gazprom
Sept.
2016 • Fitch revised Gazprom‘s rating outlook from ‘Negative’ to ‘Stable’
Aug.
2016 • Gazprom BoD recognized 3 BoD members as independent
Jul.
2016 • Acquisition of 3.59% of Gazprom shares from VEB
Source: Company data, Bloomberg, Bank of Russia website 1 OC - Other countries: including LNG sales
62.9 64.6
66.2
63.2
50
55
60
65
70
3q15 3q16
USD/RUB AVERAGE RATE
USD/RUB AS OF THE END OF PERIOD
USD/RUB
USD
224.0
159.3
100
150
200
250
3q15 3q16
AVERAGE GAZPROM GAS SALES
PRICE IN EUROPE & OC
227.2
144.0
100
150
200
250
3q15 3q16
NBP
USD/bbl
Market environment in 3q15 vs 3q16
USD/mcm
1
5
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
-2 29
1,257
302 102
245 -101
2,180
-100
400
900
1400
1900
2400
2900
Total net sales Adj. EBITDA Net profit Operating CF Free CF Net debt1 2 3 4
1 EBITDA adjusted for changes in impairment provisions 2 Profit for the period attributed to shareholders of PJSC Gazprom 3 Free cash flow is calculated as Net cash provided by operating activities less capital expenditures 4 Compared to Net debt as of December 31, 2015
SUMMARY OF 3Q2016 IFRS FINANCIAL RESULTS
(3%)
(40%)
+5%
(38%)
3q15 vs 3q16
RUB bn
RUB bn
6
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
9.2 9.1 9.3 9.3 10.1
0.0
5.0
10.0
15.0
3q15 4q15 1q16 2q16 3q16
3.5 4.1 4.2
3.7 3.7
0
2
4
6
3q15 4q15 1q16 2q16 3q16
Crude oil production Gas condensate production
1. Includes Russian generating companies: Mosenergo, OGK-2, TGK-1, MOEK
Calculations may differ due to rounding.
mt mt +6% +10%
HYDROCARBON PRODUCTION, ELECTRICITY AND HEAT
GENERATION
29.7
40.8 41.4
33.1 34.7
0.0
20.0
40.0
60.0
3q15 4q15 1q16 2q16 3q16
8.7
39.0
48.9
16.5 9.5
0.0
20.0
40.0
60.0
80.0
3q15 4q15 1q16 2q16 3q16
Electricity generation 1 Heat generation 1
bn kWh mn Gcal +17% +9%
84.5
129.0 112.9
83.7 88.8
0
50
100
150
200
3q15 4q15 1q16 2q16 3q16
Natural gas production
bcm +5%
7
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
31
71 75
34 30
3,709 3,779 3,873 3,739 3,677
0
1,000
2,000
3,000
4,000
0
20
40
60
80
100
120
140
3q15 4q15 1q16 2q16 3q16
VOLUMES AVERAGE PRICE IN RUSSIA
45 59 58 51 52
224 229
188 173
159
0
100
200
300
0
25
50
75
100
3q15 4q15 1q16 2q16 3q16
VOLUMES AVERAGE PRICE IN EUROPE & OC
GAS SALES
113
267 292
129 110
0
50
100
150
200
250
300
3q15 4q15 1q16 2q16 3q16
NET SALES TO RUSSIA
RR/mcm bcm
RUB bn
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 sales 4 Net of custom duties and excise tax on gas exports
484
735 663
465 418
0
200
400
600
800
3q15 4q15 1q16 2q16 3q16
NET SALES TO EUROPE & OC
RUB bn
bcm
6 13 11
6 6
173 182 157 151 141
0
100
200
300
400
0
10
20
30
40
3q15 4q15 1q16 2q16 3q16
VOLUMES AVERAGE PRICE IN FSU
62
138 117
50 48
0
50
100
150
200
250
3q15 4q15 1q16 2q16 3q16
NET SALES TO FSU
bcm USD/mcm USD/mcm
1
Russia Europe & OC2 FSU
3,4 3,4
RUB bn
(3%) (14%) (23%)
8
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
36%
58%
6%
OIL AND ENERGY BUSINESS
Calculations may differ due to rounding. 1 Net of value added tax (VAT), excise tax and custom duties.
Net Sales1
467 456 413
457 498
0
100
200
300
400
500
600
3q15 4q15 1q16 2q16 3q16
74
133 148
89 86
0
30
60
90
120
150
180
3q15 4q15 1q16 2q16 3q16
RUB bn
+16%
3Q2015 3Q2016
+7%
Electricity and heat Crude Oil and Gas Condensate; Refined Products
40%
53%
7%
CRUDE OIL AND GAS CONDENSATE; REFINED PRODUCTS
GAS BUSINESS AND OTHER REVENUES
ELECTRICITY AND HEAT
RUB bn
9
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
1,397 1,262
1,641
1,166 1,069
0
400
800
1200
1600
2000
2013 2014 2015 9m15 9m16
Cash CapEx
1 CapEx breakdown as provided in Management Report
CAPITAL EXPENDITURES
(10%) +30%
(8%)
28%
26%
19%
11%
5%
11%
TRANSPORT
PRODUCTION OF CRUDE OIL AND GAS CONDENSATE
PRODUCTION OF NATURAL GAS
REFINING
ELECTRICITY AND HEAT
OTHER CAPEX
The Group’s 9M2016 CapEx breakdown1
43.9
33.2
27.1
19.7
15.7
0
10
20
30
40
50
2013 2014 2015 9m15 9m16
USD bn
(24%)
(19%)
(21%)
RUB bn
10
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
1,397 1,262
1,641
1,166 1,069
345 654
390
230
107
1,742
1,916 2,031
1,395
1,176
0
500
1000
1500
2000
2500
2013 2014 2015 9m15 9m16
Cash Capital Expenditures Free Cash FlowOperating Cash Flow
FREE CASH FLOW GENERATION
Free Cash Flow generation1
Gazprom self funding2
1 Free Cash Flow = Net Cash from operating activities – Cash CAPEX 2 Net Cash from operating activities /Cash CAPEX
125%
152%
124% 120%
110%
80%
100%
120%
140%
160%
2013 2014 2015 9m15 9m16
100%
1,176
RUB bn
11
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
18% 17% 19% 18%
13% 15% 14% 22%
36% 36% 42%
37%
33% 32% 25% 23%
2013 2014 2015 9m16
LESS THAN 1 YEAR 1-2 YEARS 2-5 YEARS MORE THAN 5 YEARS
KEY DEBT METRICS
Debt maturity profile2
Debt breakdown by currency Total and Net Debt
Cash & equivalents breakdown by currency
1,113 1,651
2,083 2,180 689
1,038
1,359 788 0.5
0.6
0.9
1.6
0.0
0.3
0.6
0.9
1.2
1.5
0
1000
2000
3000
4000
5000
6000
7000
2013 2014 2015 9m16
NET DEBT CASH&CASH EQUIVALENTS NET DEBT/ADJ.EBITDA LTM
RUB bn x
1
1 Calculated using dollar values of Net debt and EBITDA 2 Excluding promissory notes
RUB
14%
USD
51%
EUR
33%
Other
2%
RUB
48%
USD
34%
EUR
12%
Other
5%
12
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
ADDITIONAL INFORMATION
13
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
13
RUSSIAN NATURAL GAS BALANCE
Bcm 3Q2015 3Q2016 9M2015 9M2016
Natural gas resources 147.2 149.2 495.3 498.5
Domestic gas production 137.5 141.4 449.2 449.4
Other sources including Central Asia and Azerbaijan gas 7.7 5.4 19.6 16.3
Gas from underground storage facilities in Russia, Latvia
and Europe 0.9 1.4 23.3 29.8
Decrease in the amount of gas within the gas
transportation system 1.1 1.0 3.1 3.0
Natural gas distribution 147.2 149.2 495.3 498.5
Domestic consumption 77.3 81.1 308.9 309.5
including needs of the gas transportation system
and underground storage facilities 6.4 6.6 21.0 21.1
Gas pumped into underground storage facilities 17.3 16.5 28.8 26.5
Gas for LNG production 3.2 3.4 10.6 10.5
Foreign supplies 42.2 41.9 118.5 128.0
FSU supplies 6.1 5.5 25.3 21.3
Increase in the amount of gas within the gas
transportation system 1.2 0.8 3.1 2.7
Source: Company Operating Data
14
26; 124;195
150; 150; 150
68; 103; 124
69; 165; 187
245; 190; 50
100; 190; 235
90; 90; 90
140; 200; 40
1; 70; 122
Do not put anything
below this line 3Q2016 IFRS RESULTS
26; 124;195
THANK YOU!