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The opinions expressed in this section may not necessarily coincide with the official position of Gazprom
Release
IFRS results 2011
The 2012 financial statements are likely not to be worse than in 2011
Gazprom showed very good operating results
The gas price growth and the recovery of the gas supply volumes to Europe were the key contributors to the Company’s record-breaking financial results in 2011
IFRS results 3Q 2011
A positive factor was that labor costs remained at the level of the previous quarter
We hope that in the fourth quarter Gazprom will generate a positive cash flow due to the increased gas demand and higher export prices
In terms of EBITDA Gazprom’s third quarter financial results were far beyond the market expectations
IFRS results 1H 2011
The increased proceeds from electricity and thermal energy sales were treated as a positive surprise
In the second half of the year the Company improved its EBITDA profit margin to 41 per cent compared to 39 per cent over the same period last year
The performance of Gazprom slightly exceeded our expectations. It happened due to relatively high gas prices and quite high sales volumes
IFRS results 1Q 2011
The Group achieved record high EBITDA, and its capital investments were also record high
In total, Gazprom’s annual net profit is expected to be some USD 43 billion, that is to say, its ruble equivalent will significantly exceed RUB 1 trillion
In the first quarter considerable gas volumes were purchased by Turkey and Italy, Naftogaz Ukrainy brought back 11 billion cubic meters of gas to RosUkrEnergo, Sakhalin II progressed well
IFRS results 2010
Quarterly profit of the Company totaled record-breaking USD 11 billion
In the first quarter we expect a considerable growth in gas sales and prices mainly driven by the seasonal factors
The positive cash flow in the fourth quarter speaks well for the successful operations of the Company in the end of the year
The project has a better chance to obtain the Trans-European Network (TEN) status
Any internationalization of a project like South Stream certainly makes it more reliable
Participation of Wintershall in South Stream proves that natural gas will become ever more important for the global energy sector
IFRS results 3Q 2010
We expect Gazprom’s net cash flow to start growing again in the fourth quarter this year
Gazprom’s performance in the third quarter was quite predictable and almost fully in line with market estimates
EBITDA turned out to be a little bit higher than we had forecast – by 4 per cent
Notification from the Bank of New York Mellon (PDF, 89 KB)
The proposed change will cut the ADR price by half, which is likely to attract additional private investors
It is evident such a decision proves that Gazprom is expecting its capitalization to grow
ADR splitting at the current price level (from some USD 25 to USD 12.5 per ADR) evidences that the Board of Directors is confident in further stock price growth
IFRS results 1H 2010
Net income surpassed the market expectations by 4.9 per cent
The vast free cash flow generated by Gazprom provides an opportunity for higher dividend payments in 2010
We observe a considerable improvement in the Company’s EBITDA
Gazprom’s financial performance slightly surpassed the expectations, but this is unlikely to make a strong impact on the Company’s quotations
The proposed version of the Dividend Policy introduces the payout corridor
Profit adjustment for the amount of the Company’s investment revaluation will make the dividend calculation process more objective
The decision to break away from linking the dividend calculation to the market capitalization is absolutely right
Report
We have managed to arrange cargoes and rotation shifts delivery to facilities, introduce an environmental monitoring and control system
In fact, together with the Kshukskoye and Nizhne-Kvakchikskoye fields the gas pipeline lays the basis for the regional gas supply system
The Agreement with Russia on gas purchase increase is extremely beneficial for Azerbaijan – there is no need to wait until a new gas pipeline is constructed and no problems will be caused
The Agreement on gas purchase increase is well-timed
The Agreement is of mutual benefit for the strategic partnership expansion
IFRS results 1Q 2010
Gazprom generated a substantial cash flow in the first quarter, which became a pleasant surprise for us
Significant net debt reduction may be pointed out as well. The debt reduction reached almost 30 per cent and now it is equal to USD 977 billion
Thus, proceeds from oil and refined products sales increased 69 per cent up to USD 6.6 billion.
Coalbed methane should be extracted by all means
The procedure of coalbed methane (CBM) inclusion into the Russian Classified Index of Natural Resources and Underground Waters is almost completed
According to our estimates Russian gas will be demanded on the US market anyway
In this situation Russia should in any case think of how to maximize the profit from gas exports to Europe
It is too early to make categorical conclusions that the days of Gazprom on the European market are numbered
Serious conclusions on the prospects for shale gas production development are premature
An upsurge in the interest in shale gas occurred in 2008 when the oil price exceeded USD 140 per barrel
IFRS results 2009
We expect a positive response of the equity market to Gazprom’s financial statements
According to our estimates, Gazprom’s EBITDA will grow by more than 40 per cent this year
Net profit surpassed market anticipations
The accords reached are a compromise
In this case concessions were made by Russia, not Gazprom
It is also important to note that the accords reached allow for preventing the recurrence of gas crises
Nord Stream will become the first gas pipeline to run under the Baltic Sea. At the same time, the pipe laying speed will be unique – 2.5 kilometers a day
Specialists investigated over 40 thousand kilometers of the sea bottom. During the investigations many cultural objects were discovered
We believe it will be easy for the company to raise the remaining amount of the project finance
Gazprom and its partners seem to have managed to raise funds at rather low interest rates
Once the funds are obtained for constructing Phase I of the project, we are planning to seek the required financing for Phase II
UGS facilities are developed in a synchronized manner with the gas transmission and production facilities, and they may not be considered as the only element of operational reliability under seasonal peak loads
Kuzbass is able to fully replace natural gas supplied to the Kemerovo Oblast from northern regions with CBM
CBM supply pays off even if the current gas prices remain unchanged
Approval of the extended timeframe for making the investment decision on the Shtokman project seems quite reasonable
Postponed launch of gas supplies from Shtokman will ease Gazprom’s financial burden
IFRS results 9M 2009
Gazprom has reported positive operating results of the 3rd quarter of 2009
Gazprom’s sales in the 3rd quarter surpassed the traditionally stronger results of the previous quarter
In the 3rd quarter of 2009 Gazprom witnessed a substantial growth in gas sales in Europe
Release
IFRS results 2011
The year 2011 was a real success for Gazprom
The 2012 financial statements are likely not to be worse than in 2011
Gazprom showed very good operating results
The gas price growth and the recovery of the gas supply volumes to Europe were the key contributors to the Company’s record-breaking financial results in 2011
Release
IFRS results 3Q 2011
Last year will be one of the strongest for Gazprom
A positive factor was that labor costs remained at the level of the previous quarter
We hope that in the fourth quarter Gazprom will generate a positive cash flow due to the increased gas demand and higher export prices
In terms of EBITDA Gazprom’s third quarter financial results were far beyond the market expectations
Release
IFRS results 1H 2011
Good performance of Gazprom will be received positively by the market
The increased proceeds from electricity and thermal energy sales were treated as a positive surprise
In the second half of the year the Company improved its EBITDA profit margin to 41 per cent compared to 39 per cent over the same period last year
The performance of Gazprom slightly exceeded our expectations. It happened due to relatively high gas prices and quite high sales volumes
Release
IFRS results 1Q 2011
Gazprom’s first quarter results surpass market forecasts
The Group achieved record high EBITDA, and its capital investments were also record high
In total, Gazprom’s annual net profit is expected to be some USD 43 billion, that is to say, its ruble equivalent will significantly exceed RUB 1 trillion
In the first quarter considerable gas volumes were purchased by Turkey and Italy, Naftogaz Ukrainy brought back 11 billion cubic meters of gas to RosUkrEnergo, Sakhalin II progressed well
IFRS results 2010
Release
Gazprom has shown good financial statements and the Company may be congratulated on robust performance in 2010
Quarterly profit of the Company totaled record-breaking USD 11 billion
In the first quarter we expect a considerable growth in gas sales and prices mainly driven by the seasonal factors
The positive cash flow in the fourth quarter speaks well for the successful operations of the Company in the end of the year
Release
The decision of BASF to join South Stream is proper, strategic and so European
The project has a better chance to obtain the Trans-European Network (TEN) status
Any internationalization of a project like South Stream certainly makes it more reliable
Participation of Wintershall in South Stream proves that natural gas will become ever more important for the global energy sector
IFRS results 3Q 2010
Release
It is getting clear that Gazprom faces the emerging gas deficit in the European market
We expect Gazprom’s net cash flow to start growing again in the fourth quarter this year
Gazprom’s performance in the third quarter was quite predictable and almost fully in line with market estimates
EBITDA turned out to be a little bit higher than we had forecast – by 4 per cent
Release
Notification from the Bank of New York Mellon (PDF, 89 KB)
Change in the ADR program parameters is an investor-friendly step
The proposed change will cut the ADR price by half, which is likely to attract additional private investors
It is evident such a decision proves that Gazprom is expecting its capitalization to grow
ADR splitting at the current price level (from some USD 25 to USD 12.5 per ADR) evidences that the Board of Directors is confident in further stock price growth
IFRS results 1H 2010
Release
Gazprom demonstrates robust financial performance in the 2nd quarter
Net income surpassed the market expectations by 4.9 per cent
The vast free cash flow generated by Gazprom provides an opportunity for higher dividend payments in 2010
We observe a considerable improvement in the Company’s EBITDA
Gazprom’s financial performance slightly surpassed the expectations, but this is unlikely to make a strong impact on the Company’s quotations
Release
Gazprom’s Dividend Policy is being brought to the best corporate governance practices
The proposed version of the Dividend Policy introduces the payout corridor
Profit adjustment for the amount of the Company’s investment revaluation will make the dividend calculation process more objective
The decision to break away from linking the dividend calculation to the market capitalization is absolutely right
Report
Release
Sobolevo – Petropavlovsk-Kamchatsky gas pipeline: a unique project
We have managed to arrange cargoes and rotation shifts delivery to facilities, introduce an environmental monitoring and control system
In fact, together with the Kshukskoye and Nizhne-Kvakchikskoye fields the gas pipeline lays the basis for the regional gas supply system
The Agreement on gas purchase is beneficial both for Russia and Azerbaijan
The Agreement with Russia on gas purchase increase is extremely beneficial for Azerbaijan – there is no need to wait until a new gas pipeline is constructed and no problems will be caused
The Agreement on gas purchase increase is well-timed
The Agreement is of mutual benefit for the strategic partnership expansion
IFRS results 1Q 2010
Release
The results achieved by Gazprom in the first quarter may be considered as quite remarkable
Gazprom generated a substantial cash flow in the first quarter, which became a pleasant surprise for us
Significant net debt reduction may be pointed out as well. The debt reduction reached almost 30 per cent and now it is equal to USD 977 billion
Thus, proceeds from oil and refined products sales increased 69 per cent up to USD 6.6 billion.
Release
Gazprom’s proposals on measures to boost gas production from coal beds are quite reasonable
Coalbed methane should be extracted by all means
The procedure of coalbed methane (CBM) inclusion into the Russian Classified Index of Natural Resources and Underground Waters is almost completed
How can the development of shale gas production influence the global energy market?
According to our estimates Russian gas will be demanded on the US market anyway
In this situation Russia should in any case think of how to maximize the profit from gas exports to Europe
It is too early to make categorical conclusions that the days of Gazprom on the European market are numbered
Serious conclusions on the prospects for shale gas production development are premature
An upsurge in the interest in shale gas occurred in 2008 when the oil price exceeded USD 140 per barrel
Release
IFRS results 2009
In general, Gazprom demonstrated moderately strong results
We expect a positive response of the equity market to Gazprom’s financial statements
According to our estimates, Gazprom’s EBITDA will grow by more than 40 per cent this year
Net profit surpassed market anticipations
Release
It is important that gas pricing principles remained intact in the accords reached between Russia and Ukraine
The accords reached are a compromise
In this case concessions were made by Russia, not Gazprom
It is also important to note that the accords reached allow for preventing the recurrence of gas crises
Report
Release
Nord Stream is the most secure gas pipeline in terms of the environmental impact
Nord Stream will become the first gas pipeline to run under the Baltic Sea. At the same time, the pipe laying speed will be unique – 2.5 kilometers a day
Specialists investigated over 40 thousand kilometers of the sea bottom. During the investigations many cultural objects were discovered
Release
Raising EUR 3.9 billion is the ultimate step required to launch the Nord Stream gas pipeline construction
We believe it will be easy for the company to raise the remaining amount of the project finance
Gazprom and its partners seem to have managed to raise funds at rather low interest rates
Once the funds are obtained for constructing Phase I of the project, we are planning to seek the required financing for Phase II
UGS daily productivity enables Gazprom to fully meet winter gas demand in current market environment
UGS facilities are developed in a synchronized manner with the gas transmission and production facilities, and they may not be considered as the only element of operational reliability under seasonal peak loads
Release
Russia’s resource base ensures commercial CBM production
Kuzbass is able to fully replace natural gas supplied to the Kemerovo Oblast from northern regions with CBM
CBM supply pays off even if the current gas prices remain unchanged
Release
It’s reasonable to extend the timeframe for making the investment decision on the Shtokman project development
Approval of the extended timeframe for making the investment decision on the Shtokman project seems quite reasonable
Postponed launch of gas supplies from Shtokman will ease Gazprom’s financial burden
Release
IFRS results 9M 2009
Gazprom’s operating results show that gas demand starts recovering
Gazprom has reported positive operating results of the 3rd quarter of 2009
Gazprom’s sales in the 3rd quarter surpassed the traditionally stronger results of the previous quarter
In the 3rd quarter of 2009 Gazprom witnessed a substantial growth in gas sales in Europe