GAZPROM is on fire

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What is the prognosis ? 250 ?


In the long term, one of the accounts has a takeaway of 300

 
Yuriy Zaytsev:

What is the prognosis ? 250 ?

In the long term, one of the accounts has a take of 300.

250-300. If nothing happens. But it could well - then it will.
How much today, by the way?
 
Yuriy Asaulenko:
250-300. If nothing happens. But it may well - then it will sprinkle.
How much today, by the way?
213
 
As long as the trend is there, but as it is, the paper is not very good, and a correction to 200 is possible.
 
It's been three days now that I've felt bad that I didn't buy enough when it was at 160. Now the toad says it's expensive to buy.
 
Vitalii Ananev:
It's been three days now that I've felt bad that I didn't buy enough when it was at 160. Now the toad says it's expensive to buy.
There is no such thing as expensive or cheap in stocks). You can add it to your portfolio now if you don't have any, but I, for example, have some and there is no point in increasing it, because in fact it is almost the worst paper in the industry and as soon as the trend is over, goodbye Gazprom.
 
Vitalii Ananev:
It's already the third day now that I've been feeling bad that I didn't buy enough when it was at 160. Now the toad says it is expensive to buy.
I don't know where it will go, but it is expensive anyway.
But you can speculate in the short term - it makes no difference between expensive and cheap.
 
RUSSIA-GAZPROM-TELECONFERENCE-TEXT
TEXT: Gazprom conference call on 1Q 2019 results

Moscow. May 30. INTERFAX - Interfax publishes a transcript of a telephone
Gazprom conference dedicated to the publication of financial results for the first
quarter of 2019 according to International Financial Reporting Standards.
Alexander Ivannikov, Head of Department 816, Gazprom PJSC (MOEX: GAZP):
- Good afternoon, dear colleagues, ladies and gentlemen! My name is Alexander
Ivannikov, I am the head of the financial and economic department of PJSC Gazprom.
Present at our teleconference today: Deputy Chief
accountant Mikhail Rosseev, representatives of key departments of PJSC Gazprom,
Gazprom Export and Gazprom Neft (MOEX: SIBN).
Before we start, I would like to draw your attention to the fact that on the third slide
provides important information regarding statements, including forward-looking statements
nature that can be made during this conference call.
The state of the external environment in the first quarter of 2019 can be characterized
as moderately negative. We observed a decline in oil and gas prices, dynamics
demand for gas in the European market was largely determined by the weather factor,
a warm winter had a significant impact on reducing gas consumption.
Some support for gas demand was provided by the production sector
electricity, gas consumption from which increased by 11.5%. This
contributed to higher prices for CO2 emissions, which improved competitiveness
gas generation compared to coal.
An important factor in the balance of supply and demand for gas in the European market
there was a decrease in withdrawal from UGS facilities due to warm weather and an increase in LNG supply.
Despite the above factors, Gazprom supplies to Europe
in the first quarter were only behind the record highs of 2017 and 2018. At
At the same time, despite the decrease in gas prices at European hubs, average prices
sales of Gazprom showed a moderate decrease compared to the fourth
quarter last year due to the structure of our contract portfolio.
Taking into account external macroeconomic conditions, we review the achieved
financial results for the first quarter as positive. Revenue increased by
7% in ruble terms due to higher gas export prices and lower
ruble exchange rate compared to the same quarter last year.
Key EBITDA slightly higher than Q1
last year. It should be noted that EBITDA in annual terms
continues to grow for five consecutive quarters.
Profit attributable to shareholders increased by 44% to RUB 536 billion.
The significant increase in profits is largely due to foreign exchange gains in
RUB 184 billion in the first quarter of this year compared to net
foreign exchange loss of RUB 21 billion for the same period
last year. In addition, our
associated companies.
We have done a lot of work to improve the efficiency of investment
programs and control of capital expenditures. As a result, investment in
the first quarter of 2019 increased by only 1% compared to the first quarter
2018.
Thus, the free cash flow of the Gazprom group for the reporting
quarter amounted to 213 billion rubles, or $3.2 billion.
The basis for fairly strong financial results for the first quarter of 2019
of the year laid the foundation for a steady increase in the average selling price of gas in each of the markets,
where Gazprom supplies its gas: in Russia, the countries of the former USSR and Europe -
despite the decline in gas sales volumes in real terms.
Average selling price of gas in the European market in the first quarter of 2019
year increased by 12% compared to the first quarter of 2018, which allowed
compensate for the decline in exports and achieve growth in export revenue
gas in the European direction by 10% in ruble terms.
In the Russian market, we also saw an increase in the average price, which amounted to 4%
and offset the decline in consumption.
In the gas market of the countries of the former Soviet Union, an 8% increase in prices allowed
ensure a 5% increase in revenue in ruble terms.
A significant contribution to the achievement of strong financial results was provided by
oil business of the Gazprom group. In the first quarter of 2019, revenue
from the sale of oil, gas condensate and products of oil and gas processing in
in ruble terms increased by 12% compared to the same period last year. At
This segment showed even more significant increase at the level of EBITDA -
growth was more than 25% compared to the same period last year.
In addition, the oil business generates significant free cash
flow. Revenue from the sale of electricity and heat in the first quarter of 2019
showed a slight decrease due to warmer weather conditions. At
At the same time, Gazprom's electricity business also continues to generate
positive free cash flow.
Traditionally, I would like to draw your attention to the need to correct the series
financial indicators on the amount of bank deposits. Amendment of a number of key
indicators is carried out for the purpose of correct analytical accounting. By
as of the end of the first quarter of 2019, the volume of bank deposits,
reflected in other current and non-current assets amounted to $11.9
billion, which has a significant impact on the amount of net debt.
As can be seen from the graph, taking into account the adjustment of the amount of cash for
the amount of long-term and short-term deposits, the amount of net debt at the end
the first quarter of 2019 amounted to just over $32 billion, which is 1% higher than the volume
net debt at the end of 2018. At the same time, in ruble terms
adjusted net debt decreased by 6% due to the strengthening of the ruble.
Net debt/EBITDA ratio in dollar terms in the first quarter of 2019
years remained at a comfortable level of 0.8.
I would also like to draw your attention to the fact that we have improved the structure of the general
of the group's debt by increasing the average duration. As you can see from the timing charts
debt repayment, obligations with a term of 2 to 5 years dominate our
portfolio.
Decrease in the volume of short-term bank deposits in the first quarter of 2019
year also had some impact on operating cash flow
in IFRS statements and, accordingly, on the dynamics of free cash flow.
Including bank deposits, adjusted free cash flow from
in the first quarter of 2019 amounted to 213 billion rubles, or $3.2 billion.
Positive free cash flow generation remains one of the
our financial policy priorities.
Amount of financing of capital expenditures in the first quarter of 2019
decreased by 13% to $6.7 billion. Growth was contained thanks to
a high level of financial discipline, as well as prioritization and optimization
costs for ongoing projects.
I note that even during the period of active implementation of three strategic projects
Gazprom Group's capital investments are fully covered by operating cash
flow.
The results of the first quarter lay a strong foundation for achieving our
financial goals for the year.
Based on strong financial performance in 2018, the Board of Directors
"Gazprom" recommended the general meeting of shareholders to approve a record high
dividend at the level of 16 rubles. 61 kop. per share, which is more than double
exceeds the dividend for 2017. This amount of payments provides
dividend yield of 8%.
We see an expectedly positive reaction from the investment community to this
decision and continue to work on updating the dividend policy, taking into account
attention to maintaining a balance between the tasks of the company's development, maintaining
high level of creditworthiness and provision of attractive dividend
payments to our shareholders.
At the end of my presentation, I would like to note that, despite the
significant growth, which was demonstrated by the quotes of Gazprom shares in this
month, we believe that Gazprom has significant potential for further
capitalization growth. The company has done a great job of strengthening its
positions in key areas and we continue to work to improve
performance efficiency.
The investment history of Gazprom combines unique advantages,
among them - leadership in the European gas market, serious growth potential
production and export of gas, a positive effect for Gazprom's business from commissioning
operation of new export projects, further growth prospects in the oil
business, high dividend yield and the possibility of further increase
dividends. I would like to emphasize that in the near future we intend to strengthen our
work in the direction of Investor Relations - in order to bring
the investment community is our next strategic goal.
Thank you for your attention. Let's move on to the question and answer session.
Ronald Smith, Citi
- Hello! Thank you very much for the opportunity to ask a question. I would like first
turn to congratulate you on such high results following the results of the last
quarter.
I have only one question, but, in turn, it is divided into three sub-questions
and surprisingly linked to the company's dividend policy. So you
say that the company is currently developing a new dividend policy.
Accordingly, the first question is whether the new version of the dividend
policies for 50 percent payments from net profit, whether this is sewn into it
limitation as a minimum?
Second. On the previous call, you said that 50% of the net
profits you plan to move in some medium term. That's what
understand by the average period - two years, three years, five years?
And the third question. 16 rub. 61 kop. per share, which are approved as
dividends for 2018 - will this be a new low in the process
transition period to a new dividend policy, when we expect to see
this 50% net profit? That is, should we expect that by the end of 2019
dividends will remain at least 16 rubles. 61 kopecks?
Thanks for the question, it's short and quite capacious. I think these are the questions
which, probably, each of the participants of today's
teleconferences. Accordingly, I answer three parts of one question.
Will the 50% benchmark from the IFRS be the floor? The answer is no.
Most likely, 50% - this will be the maximum bar. But I emphasize: we
discussing a document that is in development and my answer is not
final, so we are now talking about some of my predictions. For the first part
Question answer - no, this is not the minimum level.
The second part of the question is what is the medium term? I think that
the medium term is three years. But, again, this period will be
be accompanied by a certain discussion, primarily with the Ministry of Finance and with other
ministries of our government. And I suspect that, indeed, in
In the range of 2-3 years, there may be, let's say, fluctuations in terms. But for today I
moment I see this period as three years.
And the final part of the question concerned whether 16 rubles. 61 kop.
now some irreducible level? The answer is no. And I'll explain why. Really,
there was a period when there was the effect of the so-called low base, and it was
forecast period, we expected it in this form, and then, to assure
the investment community in what we will try not to disappoint has been
announced that we will keep dividends at a level not lower than the previous year.
Now we see, in fact, a diametrically opposite situation. We
we see a profit that has doubled compared to the previous year, and this
exceeded our expectations in terms of profit, and now, in the conditions of waiting for acceptance
new dividend policy, I am not ready to say that we will support the rule
about the irreducible level. Moreover, we have just now shown in the presentation that
that there are a number of objective reasons that can affect what
the financial result of the current year will be lower than the level of 2018. But I also offer
just wait for a document called "Dividend Policy of PJSC Gazprom".
Thanks for the question.
Evgenia Dyshlyuk, Gazprombank (MOEX: GZPR)
- Good afternoon! I have two questions. One also touches a little on the dividend
politicians. I wanted to clarify whether you plan to contact the government with
a request to reduce the MET rate after the increase in dividends? Because how much I
I remember that one of the arguments for the increased severance tax rate on Gazprom was
no 50% payout?
And the second question. Please tell me what is the reason for the increase in other costs, in
in the first quarter they amounted to approximately 140 billion rubles? Thank you.
Ivannikov:
To be honest, I didn't quite understand your question. You're talking about reducing the NDPI...
I understand that you mean the reduction of the expected increase in the severance tax in
fourth quarter, as it was in the previous few years. Here in
If I put the question like this, I can still answer it.
We most likely do not expect an increase in the MET this year in
fourth quarter. And in discussions with colleagues from ministries and departments, we
discussed. But once again I’ll make a reservation, I can usually only speak for documents,
which we see before our eyes, that is, my forecast: severance tax increases in the fourth
quarter will not. But this is just a prediction.
- Excuse me, please, I just wanted to clarify what I meant by increased
severance tax rate, which was raised by Gazprom in the previous year, when the company
did not pay 50% dividend. And, in principle, we expected the normalization of this
coefficient in the formula by 2021, but instead, Gazprom is subject to
increased rate. And due to the fact that the dividend policy is changing, I
it would seem logical to reduce the tax burden on the company, because
the federal budget will receive income in a different way. I meant this.
- Dear colleagues, I would like to say that the question is probably right after all.
to ask not Gazprom, but who our source of the increase in the severance tax is the government
Russian Federation. Especially in the coming week we will have a good reason -
Petersburg Economic Forum, and I recommend it as a respected
colleagues-analysts and journalists, if someone hears us, use
this and ask this question directly to the authors.
I only said my point of view, which stems from those meetings
which we had. Therefore, I think that the correct question is - we expect or not
we expect - to ask all the same to the authors. Now, if we are the authors of the dividend policy, then
I more or less specifically answer the questions that relate to the document,
which we will create. Regarding the forecast for the increase in the severance tax - consider that I
told you our wishes and expectations, and what our activities are aimed at. BUT
that's what our colleagues from the government really plan to do or not do, let's
address this question to the government of the Russian Federation. I repeat once again:
we do not expect an increase in the severance tax this year in the fourth quarter.
I give the floor to Mikhail Nikolaevich...
Mikhail Rosseev:
- As for other expenses, I would like, firstly, to say that we
presented a fairly detailed structure of our costs and we try our best
highlight significant items and cost elements in the notes, so that
to reflect structure. Those cost elements, and there are quite a lot of them, which
materiality level of less reflected items, they fall into the category
"other". A wide range of our expenses and even some
operating income that is not revenue. For example, they get there and
mining, security, travel, advertising ... A very wide range of
expenses, including income. For example, in the past period we had some
income of previous periods, which we recognized and reflected in the composition
other expenses. Accordingly, in this period we do not have a positive
the effect of income recognition. There is a wide range of articles, and I probably would not
I wanted to highlight some of them. Most likely, this is the answer.
Ekaterina Smyk, Bank of America Merrill Lynch
- I have one small question about dividends. I understand that 16.61 rubles.
per share is not the minimum level. But I would like a similar question
ask for a 27 percent payout. Should we consider it as
the minimum payout level that you will now be looking at? Thank you.
Ivannikov:
- Yes, it's worth it.
Ildar Khaziev, HSBC
- I have a question about CAPEX. Here you showed on the slide that you had a fall
CAPEX thanks to your cost control efforts. I just wanted to understand
is there any possibility that these efforts could somehow lead to a decrease in your
CAPEX guide this year or maybe next?
- Even I was confused as to where to start answering your question. Well,
let's put it this way: the first quarter in ruble terms remained unchanged compared to
with the forecast and with the last year's CAPEX. If you associate it with those
operating changes that take place in Gazprom, but in terms of time they
started already, in fact, in April and May, then, of course, the result ...
Well, first, once again: I do not see as such a significant decrease in the first
quarter, we, I say again, see it at the level of the first quarter of last year
and do not consider this the subject of any significant work related to the increase
efficiency. And the activities that are currently taking place in
"Gazprom" to optimize this process will probably give its result
a little later. So perhaps this is the answer.
Alex Comer, JP Morgan
- I have two questions. The first concerns volume and price indicators in the forecast
on deliveries to the European market for the current year. Prices in the first quarter
this year remained at a fairly high level, and this is due to how
I understand, with the effect of a time delay in linking price formulas to oil
quotes. However, for the whole of 2019, the declared price level at the average price
sales of $235 per 1,000 cubic meters is quite an ambitious figure.
The same can be said about the forecast volumes for 2019.
Is there any adjustment planned? And in general, as you can see the volumes and
2019 prices in perspective?
Also, please comment separately on the terms of commissioning
Nord Stream 2.
- The first question is answered by Mikhail Malgin, Deputy Head of the Department of Gazprom
export", the second - the head of the Department of Foreign Economic
activities of Alexey Miroshnichenko.
Malgin:
- Here we have the previously mentioned forecasts in terms of volumes and in terms of revenue
remain unchanged, that is, in terms of volumes - this is quite recent
the named range is 194-204, and in relation to prices, this was also most recently called
the range is $230-235, these figures remain unchanged.
I would like to make a small correction regarding the reasons for the relatively high
prices of our first quarter. This is not only the effect of the oil peg, but also in
In general, this is the effect of our portfolio, since we are striving just for these purposes and
diversify price anchors so that if some anchors fall, others
anchors provided price support, just an example of which we see in the first
quarter.
Miroshnichenko:
- I assume that the question is related to the situation around the issuance of approval by Denmark
to the gas pipeline route in the exclusive economic zone. I can only say
that the Gazprom group, including the project company, is currently
carries out the study of those possible measures to reduce the negative impact
the situation around Denmark on the overall project schedule. At the same time I want
note that the project company filed an appeal against the decision on 17 April
Denmark to explore a third route in addition to the two already explored
routes. Therefore, let's say we are working in two directions.
Ildar Davletshin, WOOD & co
- Very inspiring your comment regarding the plans to clarify and communicate to
investment community attractiveness of the company's investment case
Gazprom. Two questions in this regard.
One according to the structure of the company. The company is very large, and the investment
the community, in my opinion, sometimes simplistically looks at the company as simply
gas exporter, ignoring or forgetting about such non-key segments,
such as a stake in NOVATEK (MOEX: NVTK), 6% of treasury shares and
many, many more. In these efforts and in your plans, is there a task somehow
sharpen the attention of the investment community to the underestimation of certain
segments, businesses in the Gazprom group?
The second question is about the approach to investment projects. There were certain
changes both at the management level and in the organizational plan, a structure has been created
"Gazstroyprom". You said last month that it's too early to comment on new
approaches to work. But maybe you already have some additional
comments, and when can we find out more? Is there any optimization
optimization scale due to new approaches to managing investment
company projects?
Ivannikov
- I would like to thank you for such a question, which prompts
certain further considerations. My answer will probably consist of two
parts, and he's next.
First, it seemed to me that we, even holding annual investor
activities related to visits to our fields, to real facilities,
holding our seminars there, we try to show not only the gas business. We
did such activities related to the visit to the oil facilities of Gazprom
oil", we did such activities related to the trip to
electric power facilities. So if in your question when you say
"other aspects", you mean these essential parts - this is oil
activities and electric power, it seemed to me that we are trying to
disclose. And if at the same time you still have some "white spots" and questions, we,
as they say, are open to cooperation and are ready to try to do it more often,
invite more people.
And, like on television, there is a commercial break, and once again I want
to announce that every summer we try for a wide range of people, and I think
that the majority of participants in the teleconference know about it and for them it is not
news. But you never know, maybe we already have newly arrived colleagues who
have not yet used this tool. Therefore, I would like to say again that
For our part, we try to show not only aspects of the gas business. But also
thanks again for your question, which makes me think that, apparently, we
we are not working out and there is still something to be done in this direction, and we are probably in
In this aspect, we will think about how we can offer more information.
I would like to say a few words about our internal work aimed at
to improve efficiency, which we may rarely and insufficiently
we advertise. Well, perhaps your question today is a good reason to say
a few words, and if this topic arouses interest, we will somehow reveal it more
wide.
I would like to say that for a long time we have budgeted about 100
of our subsidiaries, which were mainly involved in the main gas
business. And for all other assets, we were mainly engaged in management by
corporate line. But for two years now Gazprom has been working to
to expand the budgeting perimeter. The system was developed through key
performance indicators, which already covered (perhaps to say almost
the entire perimeter of subsidiaries - it would be too ambitious), but this is already 800
companies. Let me remind you again: 100 and 800.
Thus, we, through the joint efforts of the financial and corporate block,
in fact, we are auditing and auditing those business processes and those
numerous subsidiaries and grandchildren, which at some point,
may have lost their function for the purposes for which they were opened. With
On the other hand, maybe there is a duplication somewhere. And we see in this work
a large margin of internal efficiency. And as we plan
(complete, probably wrong word) - say, move to a new system
budgeting (this will probably take us about another year and a half), we
we expect significant results related to the increase in internal
efficiency. I don't know if this is what you meant in your question, but I would like more
once again emphasize that there are activities aimed at popularizing and bringing
information to the external community, and there is work internal. Well, using
incidentally, at least mentioned that such work is underway. And like I said
at the beginning, if there is interest, we are ready to find a suitable format, and if
some of the analysts will be interested in this work, tell about it separately.
- The question will be answered by Kiril Polous - Head of Department
strategic planning.
- Regarding the reform you mentioned, in addition to the comment
a month ago, there is nothing special to add - moreover, I would not like to give
detailed comments before the completion of the reform of the investment and building block.
But in general, as a result of the reform carried out by PJSC Gazprom, we plan to
carry out a more detailed medium and long-term project-by-object investment
planning. These changes, in our opinion, are aimed at further
optimization of investment processes, procedures for selecting and implementing projects.
I am sure that in the near future we will be able to share with you more detailed
information on the issue.
Andrey Gromadin, Sberbank CIB
- Three small questions. I understand, probably, questions about dividends are already a little
tired, but still: regarding the payout ratio, you said that you can
consider a minimum payout ratio of 27%. But he was more than usual.
due to the fact that there were quite large losses on exchange rate differences. Wait for us
adjustments or will the company still switch to payment from
actual net income? Because in the first quarter we have, for example, 184
billion rubles profit from exchange rate differences. It will be taken into account in the future
dividends or not?
And the dividend policy. I understand correctly that in two or three years she
will only? Or do you still have to wait for it?
Ivannikov:
- Dear colleagues, of course, I understand your desire to calculate dividends on
ten years ahead. But, perhaps, all the same, of course, this is a question of terminology and
everything else.
Now I personally hear the question for myself like this: will you pay
dividends from everything - from paper profits, from virtual ones, from this, from that? Not
we will. Of course, we will clear the profit from paper, because let's not
misrepresent the financial meaning of paying dividends. If we don't earn this money,
then how to expect that we will pay 50% dividends from them? Therefore, I think you
year after year you see our calculation methodology as a whole, it will not change.
Let me once again try to briefly summarize what we are talking about today.
spoke. Because already in your second question I see a distorted meaning of what
what I said when answering the first question.
When I said - 2-3 years, I meant the transition horizon to 50%
dividends from IFRS. It had nothing to do with the timing of the dividend
policy, the release of which was announced before the end of this year.
Once again: we plan to reissue the dividend policy and approve it for
board of directors in the current year, 2019.
The answer about the period is 2-3 years ... I answered the question - in what time
interval - 2, 3 or 5 years - you expect a 50% payout
dividends from IFRS? And, in fact, it had nothing to do with the document.
Igor Kuzmin, Morgan Stanley
- I have two questions. One specifying - regarding export sales prices
gas to foreign countries. The run that was previously announced - $ 230-235 for 1
thousand cubic meters m - you can specify, at the same time, what are the average prices on the spot, you
do you think will develop on average in 2019? Is there any link to
Assumptions here is precisely on average prices in the market?
And the second question on the volume of exports to China on the "Power of Siberia": can
update what volume is expected in 2019 and when commercial
supplies?
Malgin:
- Regarding our price forecast, it is based to some extent on our
forecasts, forward price quotes and spot price forecasts for the current year.
Apart from that, of course, on our oil forecasts of oil prices. Concerning
question regarding spot prices and forward quotations until the end of the year, then, in
principle, today it is quite clear: in summer prices - for example,
current spot prices are at the level of 11-12 euros per MWh, and winter prices
are currently at the level of 19-20 euros per MWh.
Naturally, we also took these prices as a basis when forecasting
the named value of our target price for the current year.
Also, in some part, the price forecast was influenced by those quotes for which
gas was sold during the past year, the so-called forward quotations "on
year ahead". That's it, they are currently having an upward trend
or an upward impact on the forecast price level.
As for the start of deliveries to China, December 1 was announced as the date
start of deliveries. It was also said that for the maximum amount of delivery (this is 38
billion) we will be leaving in 2025. Accordingly, on December 1, the so-called
build-up period - a gradual increase in supplies with access to the maximum
volume. Since the start of deliveries will be in December, that is, it is only 1/12 of
year, then, of course, the volume will be insignificant.
Alexander Burgansky, Renaissance Capital
- I have three short questions. First, could you comment
price level for gas supplies to the countries of the former Soviet Union? Price remained
about the same as it was in the fourth quarter, while, as far as I
I understand that the price has probably fallen to the Baltic countries, but to Belarus, for example,
remained approximately the same, that is, due to which the price remained at such a fairly
high level?
Second question: in your presentation, you drew our attention to the fact that
you balance operating cash flow with capital expenditures. I wanted
to clarify whether it is the company's goal to in 2019
were operating cash flow and capital expenditures balanced?
And the third question: I would like to know how your financial statements reflected
buying Lakhta Center? As far as I understand, Gazprom Neft has not yet received
all the money for this building, when can we expect the last payment?
Miroshnichenko
- Valid taking into account the different level of integration with the countries of the near
abroad, it’s probably not possible to talk about some average price for the countries of the former USSR
quite correct. But let's say we expect that the average selling price of gas in
neighboring countries will amount to $160 per 1,000 cubic meters in 2019.
Ivannikov:
- I will answer the second and third questions.
You said, we are balancing the operating cash flow of CAPEX. I have been there
other wording. We aim for positive cash flow from the quarter
per quarter. Once again I would like to emphasize that the positive cash flow of the first
quarter was $3.2 billion and, in fact, we are striving for this, because the word
"balancing" can be understood as "spend as much as you earn." I
categorically against such formulations, therefore we do not balance, but try
achieve positive cash flow.
And as for question N3, the essence of the question is not entirely clear, because how
tell me my fellow accountants, on the consolidated financial
reporting no effect. We have a minus, Gazprom Neft has a plus, but in general
I can say that the final payment is planned for next year.
- I want to thank all participants of the teleconference. Thank you for your participation.
The only, perhaps, significant informational event that occurred with
our recent teleconference following the results of 2018, this is what Zenit has become
champion. I congratulate you all on this event!
en im
 
It's all clear now - Zenit are champions, nothing else matters.
 
Vasiliy Smirnov:
There is no such thing as cheap or expensive in a stock).

Let me put it another way then. I think Gazprom is now overvalued and not profitable to buy.

 
Vitalii Ananev:

Let me put it another way then. I believe that Gazprom is now overvalued and it is not profitable to buy.

And it is dangerous to stand to sell, so what to do ?


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