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GAZPROM INVESTOR DAY
STRESS TESTED
NOW BACK
ON TRACK
/ 67
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STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY OR INCLUDE
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THE WORDS "TARGETS," "BELIEVES," "EXPECTS," "AIMS," "INTENDS,"
FROM SOURCES BELIEVED TO BE RELIABLE, BUT THAT THERE IS NO
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2 / 63
GAS BUSINESS
STRATEGY
MR. OLEG AKSYUTIN
DEPUTY CHAIRMAN OF THE MANAGEMENT COMMITTEE,
HEAD OF DEPARTMENT, GAZPROM
/ 63
NATURAL GAS:
THE FUEL OF THE FUTURE
SHARE OF NATURAL
GAS IN THE ENERGY MIX
Coal Oil
Natural Gas Nuclear power
RES* Other
2020 2025 2030 2035 2040
Source: Wood Mackenzie Energy Transition Outlook
STRATEGY *RES – renewable energy sources 4 / 63
NATURAL GAS:
THE FUEL OF THE FUTURE
CONTRIBUTION SHARE OF NATURAL
OF NATURAL GAS GAS IN THE ENERGY MIX
to meeting the incremental
energy demand
1,000
1000
39% 25%
900 34%
2020
800
700
600
26%
24%
MTOE
500
400
300
200
100 1%
0
Natural Gas RES Oil Other
Source: Wood Mackenzie
STRATEGY Energy Transition Outlook, 2020 5 / 63
STRATEGIC PRIORITIES
OF GAZPROM
RESOURCE BASE
01 ensuring stable development of highly competitive upstream
assets, and a flexible and adaptive natural gas supply network
DOMESTIC MARKET
02 ensuring energy security of Russian gas market and improving
the environmental performance of the energy sector
EXPORT MARKETS
03 strengthening the position of leading
natural gas supplier in Eurasia
ECONOMICS
04 ensuring continuous improvement in economic
performance and dividend yields for shareholders
ENVIRONMENT
05
ECONOMICS
contributing to the Paris Agreement objectives
in lowering the level of GHG emissions
STRATEGY 6 / 63
RESOURCE BASE: DEVELOPING
UNIQUE GAS PRODUCTION CENTRES
FOR STABLE GROWTH
01
02
03 XX bcma - perspective fields
XX bcma - producing fields
YAMAL OB AND TAZ BAYS & EASTERN SIBERIA AND SEA OF
04 PENINSULA NADYM-PUR-TAZ AREA THE RUSSIAN FAR EAST OKHOTSK
KEY FIELDS*: KEY FIELDS: KEY FIELDS: KEY FIELDS:
Bovanenkovskoye 140 bcma Kamennomysskoye-more 15.1 bcma Chayandinskoye 25 bcma Kirinskoye 5.5 bcma
Kharasaveyskoye 50 bcma Severo-Kamennomysskoye 14.5 bcma Kovyktinskoye 25 bcma Yuzhno-Kirinskoye 21 bcma
05
Kruzenshternskoye 33 bcma Urengoyskoye 37.5 bcma
STRATEGY * Bcma - annual capacity (billion cubic meters annually); based on total capacity of various strata 7 / 63
DOMESTIC MARKET: EXPANDING
THE GAS INFRASTRUCTURE TO
SPUR SUSTAINABLE DEVELOPMENT
01 NATURAL GAS GAS DISTRIBUTION FUEL SUBSTITUTION
CONSUMPTION GRID DEVELOPMENT AND CARBON
IN RUSSIA IN RUSSIAN REGIONS* INTENSITY
550
02
Impact of coal
03
500
100% 0
100
Impact of natural gas
replacement with RES
replacement with
natural gas
Emissions reduction, g CO2/kWh
450 200
300
04
400
400 400
or less
500
600
05 445-620
350 * Technically feasible
700
2020 2024 2035 gas distribution grid development
STRATEGY Sources: Ministry of Energy of the Russian Federation, International Energy Agency 8 / 63
EXPORT MARKETS: GAZPROM IS NO. 1
NATURAL GAS SUPPLIER IN EURASIA
NATURAL GAS DEMAND IN GAZPROM’S TARGET MARKETS
EUROPE & CHINA GAS FORECAST DEMAND FOR IMPORTED GAZPROM’S
01 DEMAND OUTLOOK GAS IN EUROPE & CHINA POSITION
990 990 IN TARGET MARKETS
935 935
865 865
420 501
348
02
bcm
471 533 550
517 515 489
Annual Potential
export volumes pipeline export
03 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 under LTCs capacity
(as of 2021) in the long term*
Europe gas demand China gas demand Total demand Indigenous production Demand for imported gas (Europe & China) Total demand
04 ~ 1/4 ~ 1/3
OF EUROPE
AND CHINA
05 DEMAND BY 2030
* By modern pipelines
STRATEGY Source: IHS Markit, 2020 9 / 63
EXPORT MARKETS: POWER OF SIBERIA AS THE
STRATEGIC CHOICE OF NATURAL GAS BUYERS IN CHINA
01 COST OF NATURAL STRATEGIC ADVANTAGES
GAS IMPORTS AND DISADVANTAGES
by source OF СHINA’S NATURAL GAS IMPORTS
by source
02
2020 STATISTICS FOR CHINA’S
CAPITAL REGION (BEIJING) Power LNG LNG Central
based on customs data of Siberia (spot) (contracts) Asia
03
*
?
COMPETITIVENESS
04
PROTECTION FROM
PRICE VOLATILITY
**
05 STABLE SUPPLY
LNG (spot) Power of Siberia LNG (avg, including Central Asia IN WINTER
contracts)
Taxes on imported gas excluded, based on 1.2 USD/MMbtu regas fee without transmission tariff * Depends on the market environment
STRATEGY for LNG; Sources: Wood Mackenzie 2019, IНS Markit 2020, China Customs, NDRC, Gazprom ** Depends on the weather 10 / 63ECONOMICS:
NEW PROJECTS TO DRIVE REVENUE GROWTH
01 INVESTMENTS PRODUCTION PIPELINE EXPORTS INCREMENTAL
trn RUB, real 2020* bcm far abroad, bcm EBITDA FROM
(including VAT)
MAJOR NEW
PROJECTS
02
trn RUB, real 2020
+33% ```
```
+23%
03
1,3 -3% 500 453 199 179
0,9
3
04
05
~
2019 2020 2021-2030 2019 2020 2030 2019 2020 2030
(average)
STRATEGY * For 2021-2030 range 11 / 63ENVIRONMENT: CARBON FOOTPRINT OF EUROPEAN
NATURAL GAS IMPORTS FROM DIFFERENT SOURCES
01 EMISSIONS BY SEGMENT
g CO2e per unit of energy (MJ)
02 HUMAN c. 26 cm Nord Stream 6.3
FOOTPRINT (X) TurkStream 7.8
03 ELEPHANT up to 50 cm Qatar (LNG) 14.2
FOOTPRINT (2X) Algeria (LNG) 17.4
04 TYRANNOSAUR up to 1m USA (LNG) 23.8
FOOTPRINT (3X+)
SUPPLY CHAIN SEGMENTS SUPPLY CHAIN SEGMENTS
Natural gas production and supply from all sources Liquefied natural gas (LNG) supply
05
Production and treatment Pipeline transportation Purification and liquefaction Transportation by LNG carriers Regas
STRATEGY Source: ThinkStep, 2017, 2020 12 / 63ENVIRONMENT:
GAZPROM’S PERFORMANCE
01 GAZPROM’S ENVIRONMENTAL GREEN
GHG EMISSIONS FOOTPRINT REDUCTIONS SPENDING
(mt CO2E) in 2020 vs 2019 in 2021–2025**
02
117
-17% 0.5 + trln
03
04
101
Estimate
- 21%
05
2019 2020
* Including methane ** Including gas infrastructure expansion in Russia
STRATEGY 13 / 63ENVIRONMENT:
PROSPECTS OF ENGAGING IN HYDROGEN ECONOMY
ENERGY HYDROGEN
01 TRANSITION PRODUCTION
COSTS
COMPREHENSIVE ASSESSMENT OF HYDROGEN
02 IMPACT ON THE GAS SUPPLY NETWORK
8
for potential transportation of methane-hydrogen mixtures
7
REDUCTION OF CARBON FOOTPRINT 6
03
of supplies through production and
5
USD / kg H2
utilisation of methane-hydrogen fuel
4
04 LOW-CARBON 3
HYDROGEN PRODUCTION
followed by its commercial production projects 2
1
05 HYDROGEN PRODUCTION 0
building capacities to produce hydrogen-containing From methane* From water
gas that satisfies consumer requirements (using RES)
* Including carbon capture and storage
STRATEGY Source: B. Parkinson et al. Levelised cost of CO2 mitigation from hydrogen production routes. Energy and Environment, 2018 costs for the upper limit of the range 14 / 63CONCLUSION: WAYS TO
ACHIEVE THE STRATEGIC GOALS
RESOURCE BASE DEVELOP
01 ensuring stable development of highly competitive upstream natural gas production centres,
assets, and a flexible and adaptive natural gas supply network and unique fields
DOMESTIC MARKET IMPROVE
02 ensuring energy security of Russian gas market and improving access to the gas infrastructure
the environmental performance of the energy sector and ensure reliable supplies
EXPORT MARKETS ENSURE
03 strengthening the position of leading competitive supplies of low-carbon
natural gas supplier in Eurasia fuel via existing and new routes
ECONOMICS OPTIMISE
04 ensuring continuous improvement in economic CAPEX and
performance and dividend yields for shareholders strengthen FCF
ENVIRONMENT FOCUS
05 contributing to the Paris Agreement objectives on replacing high-emission energy
in lowering the level of GHG emissions sources and develop hydrogen technologies
STRATEGY 15 / 63GAS
DOWNSTREAM
MR. VITALY MARKELOV
DEPUTY CHAIRMAN OF THE MANAGEMENT COMMITTEE,
MEMBER OF THE BOARD OF DIRECTORS, GAZPROM
/ 67GAZPROM’S UPSTREAM OPERATIONS
AND HYDROCARBON RESERVES
GAZPROM’S UPSTREAM GAZPROM’S CURRENT
OPERATIONS RESERVES
Gazprom accounts for* Natural gas production Russian classification**
potential exceeds*
68% 12% 32.8 tcm 1,813 mt
500 bcmpa
International classification under PRMS
standards (proven + probable)**
7,570** 23.8 tcm 1,181 mt
Gazprom’s share of reserves*
191** 71** 69% 28% 17%
Other
companies
In Russia Globally
3%
Unallocated
DOWNSTREAM * As of the end of 2019, ** As of the end of 2020 17 / 63GAS TRANSMISSION SYSTEM
IN RUSSIA
GAS TRANSMISSION SYSTEM
176,805 km 47,577 MW 190 mcmh
23 UGSs
length of gas pipelines gas compression capacities gas throughput capacity
72.3 bcm
of operating reserve
843.3 mcm
of maximum possible
daily capacity
DOWNSTREAM 18 / 63DOWNSTREAM
SOSNOGORSK GPP NOVOURENGOY CT P Gas processing,
Existing assets
3 2.5 12.2 bcmpa
Gas condensate processing
Ongoing projects
and oil refining, mtpa
NADY M - P UR - T AZ CSP
UST - L UG A G PC
4
45
AST R AK H AN
52.5 50.3
G PP bcmpa mtpa
gas processing gas condensate
12 7.3
capacities in 2020 processing and oil
refining capacities in 2020
100% 85%
of helium production of sulphur production
in Russia in Russia
O RENBURG G PP
& HELIUM PLANT
37.5 6.3 AM UR G PP
42 5.7% 20%
G AZPRO M of motor fuel of LPG production
NEFT EKHIM SAL AV AT SURG UT CSP production in Russia* in Russia
10 12
DOWNSTREAM * Excluding the volumes of Gazprom Neft 19 / 63GAS PROCESSING
STRATEGIC VALUE
Higher monetisation LARGEST GPP LARGEST HELIUM LARGEST GPP
of fat gas reserves GLOBALLY PRODUCTION GLOBALLY IN RUSSIA
thanks to higher value chain bcmpa mcmpa bcmpa
products recovery
89
60
Product type diversification
protecting against volatility 40 40
in commodity markets 45
42
45
42
38
Gas sales markets
diversification on
the back of higher
LNG output PBU CENTRAL UST-LUGA
GAS FACILITY GPC
AMUR
GPP
AMUR
GPP
SHUTE
CREEK
QATAR
LNG 2
UST-LUGA
GPC
AMUR
GPP
ORENBURG
GPP
DOWNSTREAM 20 / 63AMUR GAS PROCESSING PLANT
PRO JECT G O AL: PRO DUCT IO N O F G AS FO R EXPO RT S AND
SEPAR AT IO N O F VALU A BL E NAT UR A L G AS CO M PO NENT S AMUR GPP
42 bcmpa 38 bcmpa
feedstock gas marketable gas to China
EASTERN GAS PROGRAMME
Chayanda
field Power of
Siberia
2,400 ktpa 1,000 ktpa 500 ktpa 200 ktpa 60 mcmpa
ethane propane butane pentane helium
Kovykta
Amur
field AMUR GCC
GPP
bln
OVERALL PREFERNCES 11.4 EUR < 17 years 22 banks 74.6 %
total project financing from Europe, Asia and overall project
Overall < 300 >2 Customs financing period Russia providing financing progress Amur GPP
savings property tax land tax payments 12
related to savings, Customs duty
taxes and RUB bn
insurance
payments,
RUB m
> 5,200 > 68 2015 2021 2022-2024 2025
> 4,903 > 4,903 Launch of Start-up Start-up Reaching
insurance VAT imports construction complex 1 other complex the full capacity
payments tax release
in Russia
DOWNSTREAM 21 / 63ETHANE-CONTAINING GAS
PROCESSING COMPLEX NEAR UST-LUGA RUSKHIMALYANS
Ust-Luga GPC 18 bcmpa
45 bcmpa Marketable gas
feedstock gas to customers
GPC
Gazprom’s Unified
Gas Supply System 13,000 ktpa 3,600 ktpa 1,700 ktpa 100 ktpa
LNG ethane LPG PEN-HEX
Nadym-Pur-Taz BALTIC CHEMICAL
region PLANT
GCC*
CO-FOUNDERS
OF RUSKHIMALYANS
GAZPROM’S LARGEST LIQUEFIED
NATURAL GAS PRODUCTION PROJECT
WITH A CAPACITY OF 13 MTPA TWO
50%
PJSC GAZPROM
50%
JSC RUSGAZDOBYCHA
PRODUCTION TRAINS OF 6.5 MTPA EACH
DOWNSTREAM * Gazprom does not participate in the GCC project 22 / 63DEVELOPING GAS SUPPLIES AND
EXPANDING GAS INFRASTRUCTURE
ACROSS RUSSIAN REGIONS
GAS SUPPLIES AND GAZPROM’S PLAN TO INCREASE
As of the end of 2020
GAS INFRASTRUCTURE DOMESTIC GAS SUPPLIES THROUGH
As of the end of 2025
EXPANSION IN RUSSIA GAS INFRASTRUCTURE EXPANSION
2016–2020
bcm
2021–2025
74.7
71.4 +21.8
260,0
2.0
24.4
238,2
0.7
9.8
thousand km % thousand
Length of gas pipelines Gas infrastructure Construction of gas
penetration in Russia pipelines 2021 2026
DOWNSTREAM 23 / 63IMPORT SUBSTITUTION EFFORTS
ESTABLISHING CAPACITY
for import-substituting products used by Gazprom
Gazprom’s Corporate Imports FOCUS AREAS
Substitution Plan • Offshore hydrocarbon production • Natural gas liquefaction
The List of Critical Products • Hydrocarbons transportation and storage • Hydrocarbons processing
• Power generation • Telecommunications
KEY PARTNERS INTERACTION FRAMEWORK
• State-owned corporations • Metals and mining • Government-sponsored programmes • Long-term contracts
and large industrial enterprises companies • Roadmaps • Agreements
• Defense industries • R&D hubs • Special Investment Contract 2.0
IMPORT SUBSTITUTION EFFORTS
MITIGATE THE RISK OF DEPENDENCE ON FOREIGN-MANUFACTURED EQUIPMENT
DOWNSTREAM 24 / 63IMPORT SUBSTITUTION
AT GAZPROM
ECONOMIC EFFECT
from the import-substituting technologies
Overall economic effect from the import-substituting
technologies in 2016–2020 >50 RUB bn
20 RUB bn
16.6
14.8
10 9.2
6.2
Actual 5.3
Forecast
2016 2017 2018 2019 2020 2021
DOWNSTREAM 25 / 63GAZPROM GROUP’S POWER
GENERATING ASSETS
Existing assets OGK-2 assets Projects to be launched in 2021 13% #1
Gazprom Group’s in Russia in terms
share in electric power of installed capacity
C H E R E P O V E T S K AY A generation in Russia and heat generation
GRES as at the end of 2020
K I R I S H S K AY A R Y AZ AN S K A Y A S U R G U T S K AY A
GRES GRES GRES-1
P S K O V S K AY A
S E R O V S K AY A T R O I T S K AY A
GRES
79 38.3
GRES GRES
N O V O S AL AV A T S K A Y A
GRES power plants GW
in 18 Russian installed electric
regions capacity
N O V O C H E R K AS S K A Y A
GRES
AD L E R
TPP
S V O B O D N E N S K AY A
TPP 131.0 117.6
billion kWh million Gcal
GROZNY electricity generation heat generation
TPP
S T AV R O P O L S K A Y A
GRES
P AN Č E V O T P P
( R E P U B L I C O F S E R B I A)
38 17,6
bcm thousand km
natural gas length of
consumption heating grids
DOWNSTREAM 26 / 63GAZPROM ENERGOHOLDING’S
EXPECTED PERFORMANCE IN 2020
NET PROFIT EBITDA FREE CASH FLOW
RUB bn RUB bn 109 RUB bn
106
98
49
33 37 32
18 26
2020P Forecast post 2020 2020P Forecast post 2020 2020P Forecast post 2020
optimisation optimisation optimisation
Power generation operations Net profit in 2020 Dividends in 2020
provide stable cash flows even in is set to exceed are expected to be at least
a challenging economic environment the target substantially on par with those paid for 2019
DOWNSTREAM 27 / 63PROSPECTIVE POWER SHPP
GENERATION PROJECTS 16.5 MW
KIRISHSK AY A G RES
CAPACITY MODERNISATION 3 proj ec ts up to 190 MW
PROGRAMME (CMP)
Competitive selection of projects to upgrade TPPs
*
15 16 9÷14% ST PET ERSBURG
3 proj ec ts up to 336
projects underway years rate of
contract term return MW (PJ SC T G C- 1)
in 5 Russian regions
SURG UT SK AY A G RES - 1
M O SCO W 2 proj ec ts up to 405 MW
RES CAPACITY DELIVERY 4 proj ec ts up to 697
AGREEMENTS (CDA) MW (PJ SC Mos energo )
Selection of generating assets based on renewables
*
1 15 8÷12%
SHPP project years rate of
in Murmansk Region contract term return
NO VO SAL AV AT SK AY A CHPP
3 proj ec ts up to 290 MW
REPUBLIC OF SERBIA
REPUBLIC O F SERBI A
Potential < 200 MW TPP < 200 MW TPP Up to 200 MW T PP
Up to 200 MW W PP
projects: in Kragujevac in Bela Crkva/Panč
DOWNSTREAM * Depending on long-term Russian Government bonds 28 / 63INTEGRATED SYSTEM OF
PROCESS SAFETY MANAGEMENT
PROGRESS OF GAZPROM’S PROCESS SAFETY MANAGEMENT
SYSTEM DEVELOPMENT STRATEGY UNTIL 2021
TOTAL NUMBER INJURIES ACCIDENTS
OF REGISTERED CASES AND INCIDENTS
120 77 39
59 Reduction by 39 Reduction by Reduction by
14
51% 49% 64%
2016 2020 2016 2020 2016 2020
GAZPROM’S PROCESS SAFETY MANAGEMENT SYSTEM
DEVELOPMENT STRATEGY IN 2021–2030
THE GOALS OF THE STRATEGY MITIGATION OF ACCIDENTS, INCIDENTS, EMERGENCIES, FIRES
Improvement of the ISPSM with a view
to supporting a safe working environment
Development of Development Introduction of ISPSM integration
Sustainable development of Gazprom within new competencies of safe production digital technologies, with Gazprom’s
the established process safety parameters and leadership skills processes artificial intelligence business processes
and digitalisation
DOWNSTREAM 29 / 63GAS EXPORT
MS. ELENA
BURMISTROVA
DEPUTY CHAIRMAN OF GAZPROM MANAGEMENT COMMITTEE,
DIRECTOR GENERAL OF GAZPROM EXPORT
/ 63GAZPROM: STRONG POSITION
ON THE INTERNATIONAL MARKETS
Despite bearish market fundamentals of 2020, Gazprom sales
GAZPROM’S SHARE to Europe in 2020 were among the top 5 in the company’s history
IN EUROPE IN 2020
Gazprom Other Gazprom successfully defends its market share amid growing competition. The company’s
share in European consumption was still over 32% and in the imports – about 56%
CONSUMPTION
The company has successfully diversified the geography
of its deliveries by sending gas via new routes to China and Europe.
32.2%
Rapidly expanding LNG sales open
access to the new markets and clients
Gazprom’s Electronic Sales Platform
trading has become a vital part of its business
With European demand and prices recovered, 2021
offers better prospects compared to the previous year
EXPORT * Import requirements adjusted for UGS balance 31 / 63EUROPEAN GAS MARKET
REBALANCED IN 2020
GAZPROM DELIVERIES Gazprom’s indispensable role is more than
VS LNG VOLUMES IN 2020 just a front-runner on the European market
20
Gazprom LNG
18
Gazprom retained the role as the major supplier
16 on the flooded market in the first half of 2020, and
acted as a stabilising supplier throughout the year
14
12
10 Being a low-cost producer, Gazprom managed
bcm
to uphold deliveries in H2 2020 when flexible
8 LNG left Europe as a result of a price meltdown
6
4
In 2021, the price situation has already
2 improved, and we expect significant
price growth over the year
0
January February March April May June July August September October November December
EXPORT Sources: PJSC Gazprom, Eurostat, National Statistics, IEA, IHS Markit 32 / 63SEASONAL PRICE DEVIATION
TO BE MORE PREDICTABLE IN 2021
END-MONTH STORAGE BALANCES MONTHLY INVENTORIES
120
Range of inventories in 2015-2020
2019
SURPLUS VS AVERAGE IN 2014-2019
2020
100 2021 96.7
Average level of gas inventories in 2015-2020 -15.6 2019 2020
81.1 30 28,5 28,8
80 +3.5 25,6 24,8
78.2 22,5
23,9
bcm
bcm
60 20 19,0
17,8
16,1
13,8 14,1
40 13,1 12,5 12,6 13,1
10,5
34,37 10
9,7 9,1 9,7
7,0 5,9
20 4,9 3,5
1,6
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
High level of gas inventories in Q1 2020 European gas storage surpluses relative to their In spring 2021, storage reserves in Europe are much
was due to an abnormally warm winter average level of 2014-2019 peaked in April-May below the average of the last decade due to a cold
and the risk of interruption of the 2020. Afterwards the inventories began to snap and LNG lured away to Asia. This creates
Ukrainian transit. As a result, significant decrease against the background of a significant a strong incentive to support gas demand in the
reserves were created at the end of reduction in LNG supplies and rising gas storage coming summer, and also gas prices. The oversupply
2019 to secure the supply to Europe withdrawals in Q4 2020 situation of the early 2020 will not be repeated
EXPORT 33 / 63GAZPROM EXPORT PORTFOLIO PROVIDES
RESILIENCE IN A VOLATILE PRICE ENVIRONMENT
Gazprom uses a variety of price
adjustment mechanisms to achieve
SALES BY PRICING MECHANISM balanced revenue flows
160
140 133.7
More than 80% of the volumes delivered
120 have a direct link to different trading hubs
111.3 110.3 indexes including spot and forward markets
100
$/mcm
80 Gazprom’s sales portfolio price composition
provided a premium to the average ‘month-
60 ahead’ prices of USD 23.4 / mcm last year
40
We are adapting our long-term contract
56.1% Prompt (Day-ahead and Month-ahead)
20 model in accordance with the market
30.9% Forwards (Quarter, Season & Year) development. Our balanced portfolio allows
us to keep prices above the market without
0
13.0% Oil indexation Day-Ahead Month-Ahead Gazprom Portfolio weakening our positions
EXPORT 34 / 63ELECTRONIC SALES PLATFORM:
ADDING VALUE IN A YEAR OF VOLATILITY
GAZPROM SALES ON ESP IN 2020
ESP allows to optimise sales in periods
BY COUNTRY GAZPROM SALES of down-nominations under the LTCs
ON ESP, BY YEAR
39% Germany 27,1* ESP allows to compete
30
21% Austria for sales outside the LTCs
25
20% Slovakia
20 15,1
bcm
11% Czech
15
4% The Netherlands
10 ESP sales nearly doubled as
4% Hungary 1,7
5 compared to the previous year
1% Others (Italy and Turkey) 0
2018 2019 2020
Market area coverage was expanded
BY INSTRUMENT Volume, mmcm after the start of sales to Turkey
ESP GazEX Index, euro/MWh
5,000 4,411
14
4,007
Within-day, Day-Ahead 12 Active sales of the newly added instru-
14% 4,000
Index, euro/MWh
and Weekend
Volume, mmcm
2,616 2,941
10 ments, Season and Year, helped to mitigate
2% Balance of Month 3,000 2,704
2,460
2,435
8 the impact of volatility in gas markets
25% Month 6
2,000 1,389
1,092
32% Quarter 4
1,000
1,073 1,018 956
ESP sales enhance transit capacity
2
20% Season utilisation ratios, increasing efficiency
7% Year
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
of Gazprom’s export flows
EXPORT * Including gas to be delivered in 2021 and 2022 35 / 63DIVERSIFICATION OF MARKETS:
NEW PIPELINE ROUTES TO EUROPE
Current routes
Gas supplies via TurkStream In operation since 2020
started in January 2020 Strategic project
Nord Stream
In 2020 Russian gas was delivered via
Nord Stream 2
TurkStream to customers in Turkey, Bulgaria,
Greece, North Macedonia and Romania
Yamal-Europe
via Ukraine
In 2021 gas supplies via a new route to Serbia and Bosnia
and Herzegovina started. After expanding of gas transmission
systems in Bulgaria, Serbia and Hungary, we expect
Russian gas deliveries to Hungary
TurkStream
Nord Stream 2 offshore construction resumed
in December, 2020. All works are being
performed in line with the relevant permits BlueStream
EXPORT 36 / 63DIVERSIFICATION OF PIPELINE GAS EXPORT ROUTES TO ASIA EASTERN ROUTE POWER OF SIBERIA Gas exports to China via the Power of Siberia gas pipeline totalled 4.1 bcm in 2020 and exceeded the minimum annual quantity In Q4 Gazprom ramped up daily volumes upon requests from customer with a surplus against contractual obligations reaching 84% on 31 December, 2020 RUSSIA In line with the Sales and Purchase Agreement Power of Siberia (up to 38 bcmpa after the ramp-up period), (Eastern route) Gazprom is increasing gas supplies in 2021 NEW GAS TRANSPORTATION PROJECTS ARE UNDER CONSIDERATION CHINA EXPORT 37 / 63
GAZPROM’S LNG BUSINESS:
BOOMING GROWTH
GAZPROM PORTFOLIO GAZPROM LNG
LNG SUPPLIES, MMT PROJECTS In 2020, Gazprom LNG sales and
client geography increased almost
SAKHALIN 2 (T1,2) IN OPERATION twofold up to 110 cargoes and
8 14 countries, respectively
2019 2020 7,4 INDIA - 25%
PORTOVAYA LNG UNDER CONSTRUCTION
7 cargoes 54 110
+1.5 mmtpa*
countries 7 14
6 NETHER-
2x LANDS - 13% UST-LUGA UNDER CONSTRUCTION
+13 mmtpa* A new Gazprom Export’s LNG office
growth
5 in St Petersburg to enforce Gazprom
FOB - 13% marketing activities for prospect Russian
4,0
4 3,6 3,7
3,8 GAZPROM LNG LNG projects and to supplement
3,3
UK - 9% Gazprom’s worldwide trading
PORTFOLIO OVERVIEW
3 KOREA - 8%
CHINA - 7% PURCHASE LT LNG Purchase Agreements MT/ST/spot
2 SPAIN - 7% SEIC
FRANCE - 6% 1.0 mmtpa/20y 1.2 mmtpa/8y 2.9 mmtpa/20y
On 8 March 2021, Gazprom
1
JAPAN - 4% delivered the first carbon-neutral
TAIWAN – 4%
SALES
LT LNG Sale Agreements MT/ST/spot cargo of LNG in the Atlantic Basin
0 OTHER – 4%
2015 2016 2017 2018 2019 2020 2.9 mmtpa/20y
EXPORT * Nominal capacity 38 / 63OIL BUSINESS
MR. ALEXEY
YANKEVICH
DEPUTY CEO FOR ECONOMICS AND FINANCE,
GAZPROM NEFT
/ 63FOCUS ON
SUSTAINABLE DEVELOPMENT
2020 HIGHLIGHTS
0 FAR
ACHIEVED
0 INDUSTRIAL
ACCIDENTS
ACHIEVED 26 mt of CO2*
SCOPE 1+2
GHG EMISSIONS
-16%
y-o-y
NOTABLE PROJECTS
Biosphere 1MW solar Wind and geothermal Green Seismic and
Biological water treatment power plant energy projects Clean Territory projects
facilities on Moscow (2017) at Omsk refinery launched – with huge potential aimed at land
and Omsk (2021) refineries 20MW expansion plan by 2021 in NIS (Serbia) and vegetation protection
OIL BUSINESS * Preliminary unaudited data 40 / 632020 HIGHLIGHTS
FINANCIAL RESULTS
82
28
22
₽ 2,000 bln ₽ 118 bln ₽ 485 bln
-14
1Q 2020 2Q 2020 3Q 2020 4Q 2020
OPERATIONAL RESULTS
2,123 mtoe 40.4 mt 96.1 mtoe
OIL BUSINESS * Includes proportional EBITDA from associated and jointly controlled companies 41 / 63DIVERSIFIED PROJECT PIPELINE
FCF generation before 2025 FCF generation after 2025
Recoverable reserves (p50)
M ERET O Y AKH A NEFT EG AZ Y ENISEI
330 М Т О Е 313 М Т О Е
NEO CO M IAN - JURASSI C DEPO SIT S
766 М Т О Е
• Kharasavey
• Bovanenkovo
• Urengoy ZIM A
140 М Т О Е
PRO JECT T O LEDO
75 М Т О Е
O IL – RIM S PRO JECT S
185 М Т О Е
• Chayandinskoye • Zapadno-
• En-Yakhinskoye Tarkosalinskoye
• Orenburg • Pestsovoye
OIL BUSINESS 42 / 63WIDE RANGE OF
PERSPECTIVE PROJECTS
Recoverable
Specifics Projects reserves*
• Basis for future production • YENISEI
EARLY STAGE
EXPLORATION PROJECTS
• Major part of projects realized
within partnerships to share
• TOLEDO 388
financial and geological risks МТОЕ
• Developing new projects to replace • THE ZIMA PROJECT
production on mature assets and provide • MERETOYAKHA
NEW •
opportunities for production growth
Synergies with existing infrastructure –
high economic efficiency
•
•
OIL-RIM DEPOSITS AT OIL
AND GAS-CONDENSATE
655
PROJECTS FIELDS МТОЕ
• Projects within partnerships launched
in 2020 or planned in 2021 to share risks
• Projects with a predominant share • BOVANENKOVO
NEW TYPES OF RESERVES –
of gas and gas condensate in hydrocarbon
production, diversifying the portfolio
in the face of OPEC restrictions
•
•
KHARASAVEY
URENGOY
766
NEOCOMIAN-JURASSIC DEPOSITS
• A new basis for cooperation
МТОЕ
OIL BUSINESS * Р50 43 / 63ESTABLISHING
PARTNERSHIPS
T O CO M BINE RESO URCES AND SKILLS AND T O SHARE
RISKS IN DEVELO PING NEW PRO JECT S EFFECT IVELY
Projects’ increasing capital • Joint project to develop • Development of
intensity and technological the Salym Group of fields fields in the Tomsk
challenges demand not just • Exploration of Leskinsky and Omsk Oblasts
the mobilisation of internal and Pukhutsyayakhsky license • Technological
Company resources, but blocks collaboration on
also the involvement of external (the Gydan Peninsula) Jurassic formations
capital and technological expertise
The Upstream Division M E R E T O Y AK H A N E F T E G A Z
is implementing a special Geological exploration Potential joint venture
programme to develop skills in the Karabashsky zone to bring together financial
in building partnerships with (Khanty-Mansi and technical resources,
potential investors, technology Autonomous Okrug) competencies and expertise
partners and contractors of partners for developing
a major hydrocarbon
cluster in Yamal
OIL BUSINESS 44 / 63MODERNISATION BRINGS
THE OPPORTUNITY
West European
T O CAT CH UPCO M ING M ARG IN S RECO VERY
refinery average
2020 2021 2022–2025
MOSCOW REFINERY OMSK REFINERY MOSCOW REFINERY
EURO+ facility commissioned Operational availability: 2021 Deep processing unit (DPU) 10.5
• Greater throughput, reaching up to 12 mt • Deep processing unit (DPU) • Sulphur regeneration unit – NCI
• Higher light product yields Production of raw materials for operational availability: 2023
Group 2 and Group 3 base oils • Operational availability
• Transition to four-year run-life
• Delayed coking unit (DCU) • Hydrocracker: 2024
• Better energy efficiency and lower
environmental impacts Increased production of Anode-grade coke • HGU*: 2024
• DCU: 2025
NIS (PANCHEVO REFINERY) up to 97.4 % up to 98 %
Deep refining complex launched GPN
CONVERSION FACTOR
GPN
CONVERSION
(AFTER LAUNCH OF DPU AND DCU) FACTOR
ONPZ MNPZ
• Increased Euro-5 fuel production
• Petroleum coke production launched
• Full compliance with EU
environmental standards CDU/VDU unit
• Lower environmental footprint
Separate refining of crude
oil and gas condensate
up to 99 %
CONVERSION
NIS
FACTOR
OIL BUSINESS * Hydrogenation unit (HGU) 45 / 63STRONG OPERATING
AND FINANCIAL RESULTS
AM ID T HE M ARKET UNCERT AINT IE S
NET PROFIT, ADJUSTED EBITDA MARGIN
147.0 24.3%
117.7 22.2%
12.8%
15.2
Company 1 Company 2 Company 1 Company 2
NET PROFIT PER UNIT, NET PROFIT MARGIN*
2.3 6.0%
1.1 3.2%
0.3 0.3%
Company 1 Company 2 Company 1 Company 2
Calculations are based on data of leading Russian oil companies as at 31 December 2020
OIL BUSINESS * Net income was adjusted for such one-offs as asset acquisition/disposal/impairment and tax effects 46 / 63INDUSTRY LEADER
IN TERMS OF EFFICIENCY IN 2020
CHANGE IN PER UNIT CHANGE IN PER
HYDROCARBON PRODUCTION COSTS UNIT CAPEX COSTS
21.1%
6.4%
-4.4% 0.5% -4.7% 0.6%
Company 1 Company 2 Company 1 Company 2
ROACE* NET DEBT/EBITDA
6.2% 3.12
4.9%
1.32
1.2%
0.17
Company 1 Company 2 Company 1 Company 2
Calculations are based on data of leading Russian oil companies as at 31 December 2020
OIL BUSINESS * ROACE is calculated on the basis of adjusted EBIT (EBIT of subsidiaries + JO + JV) and the income tax rate taking into account the JV 47 / 63FOCUS ON DEVELOPING
THE MOST EFFICIENT PROJECTS
W HILE O PT IM ISING CURRENT CAPIT AL EXPENDIT URE S
2020 INVESTMENTS, 2020 REGULAR INVESTMENTS,
414
6
DOWNSTREAM
131
Refinery 25
modernization Omsk 325
refinery
programme
aimed at increasing
light product yield 93
13
Moscow
refinery
277
UPSTREAM
232
Projects with
a predominant share
of gas and gas condensate in hydrocarbon production, 18
diversifying the portfolio in the face of OPEC restrictions Gas and
condensate
New projects 26
within partnerships launched in 2020
or planned in 2021 to share risks Partnerships
OIL BUSINESS Values may not converge due to rounding 48 / 63FINANCE
MR. FAMIL SADYGOV
DEPUTY CHAIRMAN OF THE MANAGEMENT COMMITTEE,
CFO, GAZPROM
/ 63EXTRAORDINARY SITUATION
IN OIL AND GAS MARKETS IN 2020
DROP IN DEMAND
DUE TO COVID-19
NATURAL GAS AND OIL
RESTRICTIONS PRICES IN 2020
Rebased to 100% as at 1 January 2020
DISAGREEMENT
OVER THE OPEC+ 200% TTF Natural Gas (USD)
DEAL EXTENSION
Brent (USD)
175%
150%
more than a
ABNORMALLY WARM WINTER
+3ºC
125% x 4 four-fold drop in
natural gas prices
Europe’s average* winter t0 100%
from 1981–2010 to 2020
75%
50%
OVERSTRETCHED GAS STORAGE CAPACITIES 25%
38% 60%
Historical level** March 2020** 0%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Sources: FactSet as at 31 December 2020, Copernicus Climate Change Service, U.S. Energy Information Administration;
* Europe’s average temperature in the 2020 winter season (December to February) exceeded the 1980–2010 historical average by 3ºC.
FINANCES ** Europe’s average gas storage capacity utilisation of 38% in March 2016–2020 as compared to 60% in March 2020. 50 / 63CONSERVATIVE
FINANCIAL POLICY
GAZPROM TOOK PROMPT ACTION TO RESPOND TO EXTRAORDINARY CIRCUMSTANCES
COST REDUCTION RESERVE FUND
• OPEX reduced by 20% The 2020 reserve fund
• CAPEX reduced by 26% (RUB 696 bn) enabled Gazprom
to finance all its obligations
BUDGET REVISION LIQUIDITY MANAGEMENT
• Monthly budget monitoring Consolidating liquidity of the Group’s
• Carefully managing the subholding 582 companies:539 Russian
companies’ budgets (primarily Gazprom and 43 foreign companies
Neft and Gazprom Energoholding) Pooling RUB 722 bn on a master
account as at 1 January 2021
Bank overseeing contracts worth of RUB 2,976 bn
FINANCES 51 / 63POSITIVE IMPACT
FROM MEASURES TAKEN IN 2020
Gazprom significantly reduced Cost reduction in 2020
its operating and capital expenses in 2020 was taken into account when setting expense caps for 2021
OPEX REDUCTION* CAPEX REDUCTION
Gazprom’s OPEX, y-o-y, Gazprom’s CAPEX**, y-o-y,
USD bn USD bn
CAPEX REDUCTION BREAKDOWN*
-20%
-26% USD
7.3 bn
-USD 2.3 bn
-6% power generation business
-USD 7.6 bn -USD 0.6 bn
-USD 9.4 bn -15% oil business
98,7
28,1
78,8 20,8
-31% gas business
50
2019 Cost Market Protected FX and other 2020 2019 2020 CAPEX reduction
optimization environment issues effects***
program changes
FINANCES * Based on management accounting, ** Including capitalized interest, *** Foreign exchange differences and other effects 52 / 63DEBT
MANAGEMENT
NET DEBT / EBITDA
Without The measures
additional measures, taken by the management
Net debt / EBITDA could have helped contain
exceeded 3.0х as at the end of 2020 the ratio growth 2,6
Comfortable level
EBTIDA
RECOVERY
Increase in gas 1,5
exports and
prices in 2H DECREASE 1,4 1,4
IN BORROWINGS
Borrowings through
traditional
instruments PERPETUAL
2.6x 0,8
down by BONDS Net debt /
RUB 129 bn EBTIDA
USD 1.4 bn
EUR 1 bn in 2020
PROJECT
FINANCING
Yuzhno-Russkoye 2016 2017 2018 2019 2020 2021Е
field, RUB 40 bn
FINANCES 53 / 63STABLE CREDIT RATINGS
AND EQUITY MARKET POSITION
RATING AGENCIES’ EQUITY MARKET PERCEPTION
REACTION • 75% of analysts recommending to buy Gazprom’s shares
Thanks to the action taken by Gazprom to reduce the OPEX • No “sell” recommendations
and CAPEX, all rating agencies affirmed the Company’s ratings • In 2020, Gazprom was the biggest issuer in MSCI Russia
SELL-SIDE ANALYSTS' RECOMMENDATIONS
BBB / Baa2 / BBB /
36 % FOR GAZPROM’S SHARES
of oil and gas
stable stable stable majors had
15 AUG 2019* 12 FEB 2019* 27 FEB 2018* their ratings 75% 25%
downgraded 58% 42% buy hold
buy hold
Rating
AAA (RU) / AAA /
agencies
affirmed
27%
stable stable their previous saw their
outlook
2019 2020
credit ratings
2 FEB 2018* 2 FEB 2015* and outlooks move
for Gazprom downwards**
Sources: FactSet at at 31 December 2020, S&P Global
FINANCES * The date of the credit agency’s latest change of Gazprom’s rating; ** Based on data from 353 oil and gas companies according to S&P 54 / 63STRONG COMMITMENT
TO THE DIVIDEND POLICY
GAZPROM’S DIVIDENDS PAID IN 2020
DIVIDEND PAYMENTS
Amount of dividend of Net
declared, RUB bn XX% income
361 RUB
bn
Above the Dividend
Policy level
A near-record dividend payout
in the Russian market
27% 27% 30%
60 % 90 % 25 %
393 of oil and gas of oil and gas reduction
361
companies companies in total payments
cancelled/reduced cancelled/reduced to shareholders by oil
dividend payouts* share buybacks* and gas companies*
190
THANKS TO CAPEX AND OPEX REDUCTION AND OUR CONFIDENCE
IN SUSTAINABLE LONG-TERM FINANCIAL PERFORMANCE,
2017 2018 2019 GAZPROM GOES BEYOND ITS DIVIDEND POLICY COMMITMENTS
FINANCES * Chevron, Royal Dutch Shell, Total, BP, Equinor, ExxonMobil, Eni, ConocoPhillips, Rosneft, and Lukoil data 55 / 63IMMEDIATE RESPONSE AND
MARKET STABILISATION IN 2H 2020
MANAGEMENT ACTIONS
Immediate measures to cut costs and manage debt and liquidity
2020
results: better
MARKET STABILISATION than expected
Average price for gas exports to Europe* Gas exports to Europe** Brent crude price
USD / mcm bcm USD/bbl
Change Q-o-Q -18% -32% +6% +48% -20% -3% +15% +16% -4% -48% +39% +2%
162 173 52
45 60
40 39
110 117 43 44
31
2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FINANCES * Average price for gas to Europe and other countries according to 2020 IFRS Report; ** Based on Gazprom Export LLC deliveries 56 / 632020 RESULTS:
PROVEN FINANCIAL STRENGTH
2020 FINANCIAL HIGHLIGHTS COMFORTABLE LIQUIDITY
BY SEGMENT* POSITION
USD bn
Revenue EBITDA CAPEX***
USD bn USD bn USD bn
Power generation business
Gas business (incl. miscellaneous segments) Debt repayment schedule, years
Oil business
87.9 20.4 28,1 14,2 13,9
20,8 10,7 11,0
Gas business (incl. miscellaneous segments) 9,4
Oil business 8,2
Power generation business
6,7 6,6
Revenue and EBITDA, 2020 vs 2019** -26%
%
Gazprom Sector average
0 0
2019 2020 Liquidity 2021 2022 2023 2024 2025 2026-2030 2031+
cushion
(26%)
(35%) (29%)
(45%)
FINANCES * Based on management accounting, ** Based on J.P. Morgan data, *** Including capitalized interest 57 / 632021 BUDGET:
CONSERVATIVE APPROACH
CONSERVATIVE REVENUE GROWTH POSITIVE FREE COMFORTABLE
ASSUMPTIONS OUTPACING EXPENSES** CASH FLOW** LEVERAGE**
Average price for gas Revenue Free cash flow Net debt
exports to Europe RUB bn RUB bn RUB bn
USD / mcm Power generation business
Oil business
170 Gas business 174 3,856 3,758
7,346
134 6,322
(261)
0
2021
+27% +16% -3%
0 0 3,700
2020 2021 2020 2021 2020 2020 2021
Gas exports to Europe* EBITDA CAPEX Liquidity buffer
bcm RUB bn RUB bn RUB bn
Power generation business Deposits
Oil business Cash 1,650
Gas business
175 183 1,494 1,507
1,467 1,604
1,052
+5% +9% +1% +57%
170 0 1,440 0
2020 2021 2020 2021 2020 2021 2020 2021
FINANCES * Based on Gazprom Export LLC deliveries, ** Calculations based on PJSC Gazprom and subsidiaries’ budgets 58 / 632021 - A GOOD START
EBITDA
50%+ growth y-o-y
OIL & GAS MARKETS Net profit significantly up
ENVIRONMENT based on a considerable portion of fixed costs
IN 2021 IMPROVED
SIGNIFICANTLY Dividends KEY
up y-o-y driven by higher net income
FINANCIALS
BACK TO
FCF PRE-CRISIS
FAVOURABLE in the positive, fully sufficient for dividend payout
LEVELS
CONDITIONS
TO BOOST FINANCIAL Debt portfolio
borrowings down by more than RUB 100 billion
PERFORMANCE
ND/EBITDA
below 2x
FINANCES 59 / 63RAPID
DIVIDEND GROWTH
RUB 12.55 DIVIDEND
PAYOUT RATIO
2020
DIVIDEND BASE
per share (RUB 297.1 bn)
dividend for 2020
Minimum under Dividend Policy Actual RUB bn
50% 50%
459 594
of adjusted net profit in 2020 –
target achieved a year ahead
40% Target
36%
30% 50%
at least 50%
payout ratio starting from the
payment of dividends for 2021 135
Payment of dividends
from positive 2019 2020* 2021 Net Adjustments Adjusted
profit for non-cash items net profit
free cash flow
FINANCES * In accordance with the resolution of PJSC Gazprom’s Management Committee dated 14 April 2021 60 / 63ESG: COMMITMENT TO
RESPONSIBLE BUSINESS PRACTICES
KEY RESULTS GAZPROM’S CDP SCORE
IN 2020 WAS UPGRADED*
Evaluation of low-carbon development scenarios up to 2050 is in process
• up to B from B- in Climate change Climate change
• up to B- from C in Water security Water security
The Environmental Report, Annual Report and Sustainability Report
disclosed simultaneously in line with the TCFD recommendations
A-
Leading CDP Climate Change and CDP Water Security scores achieved B B B
among the Russian fuel and energy companies
B- B-
Gazprom’s shares included in MSCI ESG indexes
C C
NEXT STEPS
Approve the Sustainable Development Policy
F F F F
Establish the BoD Sustainable Development Committee Company 1 Company 2 Company 3 Gazprom Company 4 Company 5
Appoint a senior independent director Global companies Russian companies
FINANCES * Compared to Russian and international competitors based on public disclosure: Repsol, Equinor, Shell, Lukoil, Rosneft 61 / 63GAZPROM’S
UPSIDE POTENTIAL
Rebased to 100% as at 1 January 2020,
%
Gazprom Pandemic outbreak, Overall market recovery MORGAN STANLEY
275
TTF full-scale lockdowns imposed. Upward trend for Gazprom “Gazprom is the most preferred stock
Brent OPEC+ deal collapse shares on the back of the
implemented initiatives in the EEMEA oil and gas market.
240 The company’s shares offer
the highest 2022–2023 dividend
yield compared to peers.”
205
170
J.P. MORGAN
135 “We see the LNG market
Upside tightening through to ~2025
potential
and consequently expect firm gas prices
100 and strong dividend growth (>20% CAGR)
for Gazprom over the 2020 – 2025 period.”
65
30 SBER CIB
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR
“Gazprom shares remain
one of our top picks
in the sector, as we expect the DPS
Gazprom announces new Gazprom announces Gazprom’s Board Gazprom’s Board Nord Stream 2 to double next year to R26 (11% yield)
management incentive 20% cuts in CAPEX of Directors approves of Directors approves construction on the back of stronger earnings.”
programme and plans to and OPEX 2019 dividend of the adjusted investment resumes
focus on dividend payouts RUB 15.24 per share programme and budget
FINANCES Source: Bloomberg 62 / 63GAZPROM’S INVESTMENT CASE
GREAT
Growth of UPSIDE
shareholder value
POTENTIAL
for shareholder value
Higher dividend
Focus on sustainable development
Fundamental competitive advantages
Positive FCF
Robust financial position
FINANCES 63 / 63You can also read
