Gazprom's 2015 net profit quintuples to $12bn

By bne IntelliNews April 29, 2016

Net profit of Russian energy giant Gazprom under IFRS grew almost five times to RUB787.1bn ($12bn) in 2015, the company reported on April 28. 

"Net income visibly exceeded both our and the consensus forecast due to a lower than expected FX loss, which the company reported at $0.6bn vs. our forecast of $1.9bn," VTB Capital analysts said in a note. The results suggest dividend yield of 10.3% if Gazprom pays out 50% of its IFRS earnings in the form of dividends for last year, the analysts said. 

Revenue from sales in 2015 amounted to RUB6.073 trillion, which is by 8.66% more y/y. The company's net debt increased by 26.2% to RUB2.083 trillion.

In April, Prime Minister Dmitry Medvedev signed a decree obliging Gazprom, Alrosa, Bashneft, Zarubezhneft, RusHydro, Sovcomflot, Transneft and Rosneftegas to pay out at least 50% of net profit in dividends. Gazprom, however, may try to lower the required level of dividend payout citing its large investment programme, additional taxes and the weak European gas market.

Gazprom was among the leaders of growth on the Moscow stock exchange during the trading session on April 28. Its stock rose by 2.34% to RUB3.9 trillion, while the Micex index increased by 1.88%.

Gazprom - KEY METRICS
  2014 2015E 2016E 2017E
Financials, $ mln        
Revenues 145,880 93,377 61,250 69,051
EBITDA 47,033 30,444 14,278 14,688
EBITDA margin 32% 33% 23% 21%
Net income 7,518 12,256 2,178 3,178
EPS (adj), $ 0.32 0.52 0.09 0.13
Div/share, $ 0.12 0.09 0.02 0.03
Valuation, Gearing and Yield        
EV/EBITDA 1.7 2.8 6.8 7.4
P/E 6.2 3.3 18.8 12.9
P/CF 0.9 1.9 3.6 3.5
Net debt/EBITDA 0.6 1.3 3.5 4.1
Dividend yield 5.90% 5.20% 1.30% 1.90%
Growth        
Revenues -12% -36% -34% 13%
EBITDA -26% -35% -53% 3%
EPS (adj) -79% 63% -82% 46%
Sector Valuation      
EV/EBITDA 2.2 3 5 4.3
P/E 3.7 4.4 9.6 7.3
P/CF 1.5 2.5 3.9 3.5
Sector Growth      
Revenues -6% -35% -42% 24%
EBITDA -16% -29% -40% 20%
EPS -27% -27% -57%  
Main Shareholders      
Government 50.00%      
Gazprom and affiliates 7.30%      
VEB 2.70%      
Other 40.00%      
Website http://www.gazprom.ru      
Gazprom 3Q15 IFRS results, $ mln
  3Q14 3Q15A y-o-y 3Q15E A/E 3Q15C A/C 9m14 9m15
Net revenues 31,114 20,712 -33% 20,733 0% 20,355 2% 113,627 70,849
EBITDA 13,096 7,767 -41% 7,537 3% 7,083 10% 37,899 23,665
Net income 2,912 -32 -101% -630 n/a -277 n/a 15,785 11,623
C - Interfax consensus poll of 14 sell-side analysts.            
Source: Company, Interfax, Sberbank CIB Investment Research          

 

Related Articles

Opec prolong output cuts by nine months

Opec member countries reached an agreement to cap oil output for another nine months until March 2018, Bloomberg and the Financial Times reported on May 25, citing unnamed sources close to the ... more

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Russia’s biggest bank fraud lands ex-CEO in jail for nine years

The former CEO of Russia’s Vneshprombank Larisa Markus has been sentenced to nine years in jail by a Moscow court for extracting about RUB113.5bn (EUR1.83bn), in what has become the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss