Слайд 0 - Gazprom

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63 USD bln Net debt - 1.3 Mcap - 5.3 Value Drivers [2/5]: Undervaluation of Significant Progress in Investment Program Completion 6.7 Costs based valuation shows upside 1.7 Current EV Old capacity valuation Capacity under construction New installed capacity Total Source: company data 1. According to construction costs of USD 1,100/kW for gas consuming capacities and USD 1,800/kW for coal consuming 2. Valuation according USD 200/kW EV/IC multiple which is consistent with 4.0x EV/EBITDA for Russian energy sector 1.8x (2) (1) According to current investments, the company’s existing capacity is priced too low which implies solid potential for unlocking the company’s value 3.7 12.1 <strong>Gazprom</strong> Energoholding - Investor Day 2012
64 491 Value Drivers [3/5]: Capacity Supply Agreements Over 95% of the investment program is associated with Capacity Supply Agreements program, assuming increased tariffs after power plants commissioning, which provides basis for increasing the company’s value RR/ KW year Increased new capacity profitability +35% (1) (1) Spark spread: old power plants Spark spread: power plants with new blocks Source: company data and analysis 1. Spark spread = revenue from electricity sales per 1 KW – fuel expense per 1 KW 2. Average price for Mosenergo, TGC-1 and OGK-2 in 2011 661 RR/ KW month Russia existing capacity average price Increased price for new capacity 120 (2) 3.6x price increase for CSA capacities 440 (2) Regular capacity New capactiy under capacity supply agreements Source: company data and analysis <strong>Gazprom</strong> Energoholding - Investor Day 2012
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Scale Does Matter Gazprom Investor
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2 Strategy Export Finance Gazprom N
Page 5 and 6:
4 Strategy Part 1. Vlada Rusakova M
Page 7 and 8:
6 6 6:1 5 5:1 4 4:1 3 3:1 2 2:1 1 1
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8 Exploration & Production Develop
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10 Gazprom’s priority projects in
Page 13 and 14: 12 GAS RESERVES (А+В+С1+С2), bc
Page 15 and 16: 14 Gas CAPEX 2012-2030F Structure o
Page 17 and 18: 16 Consumption (monthly), bcm Europ
Page 19 and 20: 18 bcm 900 800 700 600 500 400 300
Page 21 and 22: 20 Export volumes in 2011E 278 m t
Page 23 and 24: 22 USD/mm btu 22 20 18 16 14 12 10
Page 25 and 26: 25 Finance Part 3. Andrey Kruglov D
Page 27 and 28: 15% 10% 5% 0% 11% Total sales reven
Page 29 and 30: 28 1,000 800 600 400 200 0 21.4% 45
Page 31 and 32: USD bln 60 50 40 30 20 10 0 1.6 1.2
Page 33 and 34: 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 0.8%
Page 35 and 36: Conclusion Natural gas - the future
Page 37 and 38: 36 Gazprom Neft Part 4. Vadim Yakov
Page 39 and 40: 38 8% organic production growth in
Page 41 and 42: 40 Focus on high margin retail sale
Page 43 and 44: 42 50,000 40,000 30,000 20,000 10,0
Page 45 and 46: 44 6 5 4 3 2 1 0 Source: Gazprom Ne
Page 47 and 48: 46 1 2 3 Rotterdam Yamal peninsula
Page 49 and 50: 48 1. Based on average Broker estim
Page 51 and 52: 50 Operational performance, financi
Page 53 and 54: Part 5. Denis Fedorov 52 Gazprom En
Page 55 and 56: 54 Coal 11% GEH fuel mix Moscow Oil
Page 57 and 58: 56 Cooperation of Gas and Electrici
Page 59 and 60: 58 Sales, RR bln EBITDA, RR bln Net
Page 61 and 62: 60 Completion of the OGK2 and OGK6
Page 63: 62 Multiples EV/Sales EV/IC 0.9x 0.
Page 67 and 68: 66 Value Drivers [5/5]: Efficiency
Page 69: Gazprom Energoholding Investor Rela
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