Gazprom Neft · RUS:SIBN
Gazprom Neft — Sibneft — FY2004 Earnings Presentation
14 slides from Gazprom Neft's earnings presentation, 2005
Slide 1: 2004 Sibneft Operating and Financial Results
2004 Sibneft Operating and Financial Results
Slide 2: Sibneft 2004 Overview
Sibneft 2004 Overview
Slide 3: 2004 Operating Highlights
2004 Operating Highlights ¾ Sibneft Proved Reserves grew to 4.83 bln. boe from 4.78 bln. boe in 2003 under SPE standards and to 2.55 bln. boe from 2.45 bln. boe under SEC standards. × 1% YoY on a SPE basis × 4% YoY on a SEC basis ¾ Sibneft crude production was 34.04 mln. tons vs. 31.45 mln. tons in
Slide 4: Sibneft 2004 Financials
= ¥ Re. x 4) é ) - v pe UW \__ _ Sibneft 2004 Financials
Slide 5: Financial Overview
Financial Overview (mln. USD) 2001 2002 2003 2004 Oil, Gas & Product Sales 3 449.1 4 710.7 6 590.4 8 795.8 Total Revenues 3 575.7 4 776.7 6 716.5 8 886.5 EBITDA 1 719.2 1 803.1 2 337.1 3 241.8 Net Income 1 305.3 1 160.5 2 278.4 2 045.6 Net Cash at Year-End 51.6 620.9 104.6 1 140.3
Slide 6: Segmental Revenue Breakdown
Segmental Revenue Breakdown (mln. USD) 2001 2002 2003 2004 Crude exports 1 188 1 840 2 386 3 372 Oil product exports 546 722 1 259 1 659 Crude sales (domestic and CIS) - 207 585 608 Oil product sales (domestic) 1 487 1 566 1 655* 2 341 Trade re-sale and commission 217 347 653 746 Other oil & gas sal
Slide 7: Noyabrskneftegas Lifting Costs
Noyabrskneftegas Lifting Costs 3.0 2.41 2.5 2.0 1.75 1.70 1.79 1.71 USD/bbl. 1.5 1.0 0.5 0.0 2000 2001 2002 2003 2004 Materials & Supplies Utilities Transport Salaries Workovers Other Third Party Services ¾ Key lifting cost drivers: × Ruble appreciation × Utility costs × Growth in workover operation
Slide 8: Direct Refining Costs
Direct Refining Costs 1,6 1,41 1.35 1,4 1.15 1,2 0.99 1 USD/ bbl. 0.75 0,8 0,6 0,4 0,2 0 2000 2001 2002 2003 2004 M aterials & Supplies Utilities Salaries M aintenance & Repairs Third Party Services ¾ Key refining costs drivers: × Ruble appreciation × Utility costs × Salaries
Slide 9: Cost Structure
Cost Structure (mln. USD) 2002 2003 2004 Total Revenue 4 776.7 6 716.5 8 886.5 Operating Expenses 1 205.4 1 786.2 1 926.9 Taxes other than Income Taxes 897.0 1 423.4 2 314.5 SG&A 819.7 1 024.6 1 368.0 DD&A 410.0 492.5 602.7 Exploratory Expenses 14.8 53.9 - Cost of Other Sales 36.7 91.3 35.2 Operatin
Slide 10: Factors Influencing Costs in 2004
Factors Influencing Costs in 2004 ¾ Operating costs 9 Higher prices and volumes of crude purchases operations 9 Utility costs ¾ SG&A 9 Transportation and other expenses for distribution and export 9 Social expenses ¾ Taxes 9 Export duties (due to introduction of the new export tax formula in August
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights (mln. USD) 2001 2002 2003 2004 Cash and equivalents 51.6 620.9 104.6 1 140.3 Accounts receivable 765.8 1 356.9 1 321.4 1 751.6 Net oil and gas properties + PP&E 3 241.2 3 853.4 4 269.9 4 618.4 Total assets 5 712.8 7 548.5 8 150.0 10 262.8 Short-term debt & current portion of
Slide 12: Investment Activity in 2004 - 2005
Investment Activity in 2004 - 2005 ¾ E&P acquisitions: 9 Holmistoye, Chatylkinskoye, Yuzno-Udmurtskoye 9 Blocks – Salym 2, Salym 3 and Salym 5 9 Zimnee Field 9 Sredne Taymurinskiy and Tympuchikanskiy block ¾ Total Capex 2004 - $889 mln. 9 Upstream – $804 mln. 9 Downstream – $85 mln. ¾ Earnings from
Slide 13: Sibneft Debt Position
Sibneft Debt Position Total Gross Debt Position (mln. USD) 31 Dec. 2003 31 Dec. 2004 Maturity Total 1 589.3 1 448.2 including … Eurobond 1 400 400 2007 Eurobond 2 500 500 2009 Trade Finance: 564 484 2005-2007
Slide 14: Disclaimer
Any statement made or opinion expressed in the presentation by Sibneft, including any slides shown, are those of Sibneft only. No slide in this presentation should be interpreted as proposition to buy or sell Sibneft securities.