June 28

Strategy for excellence  Speech by Alexey Miller

The year 2018 was marked by exceptional achievements for Gazprom. The Company demonstrated record-high financial results. The amounts of gas delivered to Europe and the share of Gazprom in the European gas market were at an all-time high.

We brought a number of projects that are unique in terms of their magnitude and significance to their final stages, and those projects will have a profound influence on the Russian gas sector and on the volumes and dimensions of international gas trading.

In 2018, we boosted our resource base, ramped up our production capacities and sales, and continued our work toward innovations and import substitution.

By pursuing our leadership strategy, we are contributing to the energy security of our country.

Gazprom's exceptional achievements in the field of production and marketing over the course of 2018 are reflected in our financial results.

In 2018, Gazprom's sales revenue hit an all-time record of RUB 8.2 trillion.

Last year, the Company's profit doubled, also breaking a record with RUB 1.456 trillion. Adjusted EBITDA grew by more than 1.5 times.

Gazprom continued to reduce its debt load: the net debt to EBITDA ratio went down from 1.4 in 2017 to 0.8 in 2018.

The Company is at the peak of its investment cycle. Nevertheless, its free cash flow increased by an order of magnitude compared to 2017, reaching RUB 488 billion.

Gazprom's investment program in 2018 was aimed at advancing the strategic projects that help the Company solidify its position as a leader. In the near future, the Nord Stream 2, TurkStream and Power of Siberia projects will become operational, thereby raising the operating cash flow.

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