Gazprom · RUS:GAZP
Gazprom — Q1 2007 Earnings Presentation
12 slides from Gazprom's earnings presentation, Nov 10, 2007
Slide 1: Gazprom Consolidated 1Q 2007 IFRS Financial Results Presentation
Gazprom Consolidated 1Q 2007 IFRS Financial Results Presentation
Slide 2: Key Highlights
Key Highlights Revenue growth in 1Q 2007 – up 4.4% compared to 1Q 2006 EBITDA decreased by 6.8% due to warm weather conditions EBITDA margin declined slightly: about 5 basis points to 42.5% Strong cash flow generation Gazprom maintained low levels of leverage during the period: Total Deb
Slide 3: Operational Results
Operational Results Gas Sales By Market, Bcm Bcm - 7% Bcm 185.9 185,9 164.7 173.6 173,6 - 5% 45.6 45,6 42.7 39.9 39,9 120.9 28.8 107.3 28.1 28,8 28,1 25.3 - 2% 39.3 33.9 22.3 24.6 111,5 111.5 96.7 105.6 - 13% 105,6 59.3 48.8 1Q06 1Q07 1Q06 2Q06 3Q06 4Q06 1Q07 Russia FSU Far abroad Russia FSU Far abr
Slide 4: Market Environment
Market Environment Crude Price Average Domestic Gas Price $/Bbl RUR/MCM 1 287 76,0171 1 129 1 121 1 129 1 144 1 133 64,0114 62.3 1 014 52,0057 826 44.2 670 40 5 5 5 5 6 6 6 6 7 00 00 00 00 00 00 00 00 00 .2 .2 .2 .2 .2 .2 .2 .2 .2 01 04 07 10 01 04 07 10 01 2003 2004 2005 2006 1q06 2q06 3q06 4q06 1q
Slide 5: Revenues
Revenues Total Net Revenues (RR billion) Total Net Revenues (RR billion) 612 612 586 586 571 571 506 490 45 482 28 506 490 35 144 36 138 339 34 132 291 272 161 169 135 124 109 67 52 61 56 74 41 55 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 228 242 218 200 176 Comments Comment to come 1Q06 2Q06 3
Slide 6: Revenue Reconciliation
Revenue Reconciliation Revenue Reconciliation (Quoter-On-Quoter, RR billion) 12 7 17 612 586 13 - 13 -10 1Q2006 Gas sales to Gas sales to Gas sales to Sales of Sales of crude Other* 1Q2007 Far abroad FSU Russia refined oil ang gas products condensate * Other consists of: Other revenues and Revenues
Slide 7: Operating Expenses
Operating Expenses % of Total Operating Expenses, RR million 1Q 2007 1Q 2006 % Increase increase Commentary Primary due to increase of volumes and price of gas purchased in Purchased oil and gas 104 272 59 895 74% 95.5% Central Asia for resell. Without pension provisions grew by 10.6% - inline with
Slide 8: EBITDA and Net Profit
EBITDA and Net Profit Adjusted EBITDA and Margin (RR billion) Net Profit and Margin (RR billion) 31,6% 34,4% 47,6% 47,2% 30,0% 27,0% 42,0% 42,5% 24,7% 41,5% 279 270 260 210 210 185 206 171 136 121 1Q06 2Q06 3Q06 4Q06 1Q07 1Q06 2Q06 3Q06 4Q06 1Q07 Net profit related to Gazfund reclassification Decr
Slide 9: Operating Cash Flow
Operating Cash Flow Net Cash Flow from Operations (RR billions) Quarter Net Cash Flow from Operations (RR billion) 275 275 +20% 39 155 186 254 194 186 129 65 45 50 46 1Q 06 1Q07 34 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 2Q06 4Q06 1Q07 OpCF related to Gazprombank including temporary third party's cash in GPB
Slide 10: Debt structure
Debt structure Total Debt*, RR billion Total Debt / Adjusted EBITDA 1 080 1 136 2.1x 955 1.6x 1.7x 1.7x 618 1,2x 522 1.1x 797 808 426 500 456 2003 2004 2005 2006 1Q07 2002 2003 2004 2005 2006 1Q07 LTM Net Debt Tot al Debt Maturity profile 10.0% 32.0% 25.0% 33.0% 41.0% 51.0% 53.0% 31.0% 39.0% 25.0% 3
Slide 11: Financial results – Statement of Income
Financial results – Statement of Income Statement of Income, RR million 1Q2006 1Q2007 Change, +/(-)% Sales 585 777 611 528 4% Operating expenses (355 267) (401 733) 13% Operating profit / EBIT 230 510 209 795 (9%) Deconsolidation of NPF Gazfund 44 692 Finance items (1) 18 017 5 379 (70%) Other (2) 7
Slide 12: Balance sheet (RR million)
Balance sheet (RR million) March 31, March 31, Change, RR RR million 2006 2007 million Change, +/(-)% Total current assets, of which 1 030 187 1 820 078 789 891 77% Cash and cash equivalents and restricted cash 190 813 680 298 489 485 257% Accounts receivable and prepayments 430 189 704 712 274 523