Net debt of Gazprom for the nine months increased by 37% to 2.6 trillion rubles., The company said. Most of the increase occurred in the III quarter - the debt increased by 346.6 billion rubles.
Gazprom explains the increase in the increase in the amount of loans and borrowings and a decrease in cash balances and equivalents. The amount of money and equivalents on Gazprom's accounts for the III quarter decreased 1.6 times to 499.7 billion rubles, the report says. This is due to the increase in the amount of funds placed on deposits, the company explains: their amount increased by 323.6 billion rubles. About major borrowings in the III quarter, Gazprom reported only in July, when he placed 5-year Eurobonds for 500 million Swiss francs at 2.25%.
Thus, the debt load of Gazprom also increased - to 1.7 EBITDA. At the beginning of the year it was 1.6. And in 2015 - 0.9 EBITDA.
Gazprom's revenue under IFRS for the nine months increased by 7.4% to 4.6 trillion rubles. Growth was ensured by revenues from sales of refined products and oil (Gazprom's consolidated figures take into account the results of Gazprom Neft, in which the concern owns 95%).
At the same time, revenues from sales of gas to Europe (the main market of Gazprom) increased slightly, by 1.1% to 1.95 trillion rubles. due to an increase in sales by 8% to 173.8 billion cubic meters. m. The growth of the average price - from $ 175.9 to $ 192.8 per 1000 cubic meters. m - could help Gazprom more. But due to the strengthening of the ruble by 8%, the average selling price (including excises and customs duties) decreased by 6.3% to RUB 11,233.1. for 1000 cu. m.
The company attracts more and more borrowed funds for the implementation of infrastructure projects. The Nord Stream-2 projects (cost $ 9.5 billion) and the Turkish Stream (about 6 billion euros) are needed to diversify routes of export supplies to Europe and reduce transit through Ukraine. In addition, in July, the date was set for the beginning of gas exports to China, for which the "Siberia Power" gas pipeline is being constructed (the cost was estimated at approximately $ 55 billion). After determining the timing of the start of deliveries under the contract with the Chinese CNPC (December 2019), Gazprom was forced to accelerate the construction of the gas pipeline. Instead of the initially planned 1100 km of the pipe, by 2017 it is planned to complete more than 1,300 km.
Part of the funding for Nord Stream 2 was provided by Gazprom's European partners in the construction of the pipeline. In total, Wintershall, Engie, Uniper, OMV and Shell have already allocated $ 1.425 billion in long-term loans for the project.
Securing 100% of Nord Stream 2 AG shares, they were pledged before the full repayment of secured obligations, the report says.
The investment program of Gazprom for 2017 after the adjustment has increased from 911 to 1129 billion rubles. The estimation of investments in the group in 2017 increased from 1.581 trillion rubles. (at the end of August) to 1.644 trillion rubles, follows from the report.
In 2018 and 2019 years. The investment program of Gazprom will be even more - 1.28 trillion and 1.4 trillion rubles. respectively. The target for 2018 was approved by the company's board on November 23. On Tuesday, November 28, Gazprom CEO Alexei Miller said that in 2019, the company's investments will grow by another 10%.
At least a third of the program of capital investments in 2018, Gazprom intends to finance through external borrowing. In the draft budget, approved by the company's board, it is planned at a rate of 416.97 billion rubles. (about $ 7 billion).