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Debt management

Gazprom pursues an efficient debt management policy.

As of December 31, 2018, the overall debt of the Gazprom Group amounted to RUB 3,863.8 billion.

The Group's net debt at the end of 2018 stood at RUB 3,014.4 billion.

In 2018, the net debt/corrected EBITDA ratio was at the level of 1.2, which was beneficial for the Group.

Gazprom takes a reasonable approach to sources of financing and uses borrowed funds efficiently. The majority of the Group's debt obligations is denominated in foreign currencies: some 29 per cent in US dollars and 43 per cent in euros. Ruble loans make up about 20 per cent, mostly in the debt portfolios of subsidiaries.

The Group's debt portfolio is well-balanced in terms of maturity, with about a quarter of the total composed of loans with a maturity of more than five years.