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Cabinet of Ministers of Ukraine H.E. Mr Denys Shmyhal Prime Minister

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Cabinet of Ministers of Ukraine H.E. Mr Denys Shmyhal Prime Minister , 01601, UA943004650000000026002301921 http://www.naftogaz.com, e-mail: [email protected] « » ____________________________ _______ Cabinet of Ministers of Кабінет Міністрів України Ukraine H.E. Mr Denys Shmyhal Прем’єр-міністр України Prime Minister of Ukraine Шмигаль Д.А. 3 May 2021 03.05.2021 Dear Mr Prime Minister, Шановний пане Прем’єр-міністре! Supervisory Board members in Члени наглядової ради, які були attendance at the extraordinary присутні під час позачергового Supervisory Board meeting held on засідання наглядової ради у Friday, April 30, 2021 filed their п’ятницю, 30 квітня 2021 року, resignation notices to the Company. подали Компанії письмові According to the Company Charter повідомлення про дострокове currently in effect, these resignations припинення своїх повноважень як will be effective May 14, 2021. членів наглядової ради. Відповідно до чинного Статуту Компанії припинення повноважень набуде чинності 14 травня 2021 року. Given the unsatisfactory ratings, Ураховуючи незадовільну and CMU Ordinance No. 370 dated оцінку та розпорядження КМУ від April 28, 2021 (the Ordinance) which 28 квітня 2021 р. № 370 (далі – 2 points to a series of ‘failings’ by the Розпорядження), яке вказує на низку Supervisory and Executive Boards, we “невдач” наглядової ради та here respond to the points raised in the правління, цим листом надаємо Ordinance. відповіді на питання, порушені у Розпорядженні. Naftogaz’s ongoing transformation Наразі під загрозою поточна now at risk трансформація Нафтогазу Before doing so, we would like to Перш ніж розпочати, хотіли би make some general comments. Andriy зробити кілька коментарів Kobolyev entered 2020 with a new загального характеру. Андрій world class Executive Board supporting Коболєв розпочав 2020 рік з новим him in his CEO position. This team is складом правління, до якого увійшли transforming Naftogaz into a modern, фахівці світового рівня, які responsive, and well-run company. In підтримували його як голову particular, the exploration and правління. Ця команда перетворює production team has been turned around Нафтогаз у сучасну, відкриту до змін (this happened after Yuriy Vitrenko left і успішну компанію. Зокрема, було the Company). Otto Waterlander, повністю перезавантажено команду formerly with McKinsey, took over as за напрямом розвідки та видобування Chief Transformation Officer (January (це сталося після того, як Юрій 2020) to ensure and accelerate the Вітренко залишив Компанію). Отто needed transformation of the Company. Ватерландер, який раніше працював He was soon appointed Chief Operating у компанії McKinsey, обійняв посаду Officer (April 2020). Petrus van Driel директора виконавчого з joined Naftogaz from Shell as Chief трансформації (січень 2020 року), Financial Officer (January 2020) adding щоб забезпечити та прискорити further world class talent to existing необхідну трансформацію Компанії. Executive Board members Sergiy Незабаром його було призначено Pereloma (First Deputy Chairman, as of головним директором виконавчим August 2014) and Yaroslav Teklyuk (квітень 2020 року). Петрус ван Дріл (Director of Legal Affairs, as of April приєднався до Нафтогазу на посаді 2014). директора фінансового після роботи в компанії Shell (січень 2020 року). Таким чином, склад правління, до якого входять Сергій Перелома (перший заступник голови правління з серпня 2014 року) та Ярослав Теклюк (директор з юридичних питань з квітня 2014 року), 3 поповнили першокласні фахівці світового рівня. Otto Waterlander, fully supported За цілковитої підтримки голови by the CEO and the other members of та інших членів правління Отто the Executive Board, is transforming Ватерландер перетворює Нафтогаз Naftogaz into a company which is на компанію, яка максимально making the best of its opportunities and ефективно використовує наявні capital. The strategy is well thought можливості та капітал. Стратегія through and designed to substantially Компанії добре продумана та change the Company’s results over the спрямована на істотну зміну next two/three years. We have also put результатів її діяльності протягом in place a strong compliance and anti- наступних двох/трьох років. Ми corruption unit which is ensuring good також створили потужну функцію practice within Naftogaz and has strong комплаєнсу та боротьби з корупцією, control of our procurement procedures яка забезпечує застосування в and our relationships with suppliers. We Нафтогазі кращих практик та are developing strong partnerships with здійснює ретельний контроль за world class companies to provide skills нашими процедурами закупівель і and expertise which we do not have відносинами з постачальниками. Ми today within Ukraine. розвиваємо міцні партнерські стосунки з компаніями світового рівня, що дають змогу залучати фахівців із вміннями й досвідом, які станом на сьогодні відсутні в Україні. The Executive Board has made Правління дало чітко зрозуміти, clear to us that it is not necessarily going що не обов’язково залишиться в to remain in Naftogaz if it is led by Нафтогазі, якщо його очолюватиме designated CEO Yuriy Vitrenko, who призначений голова правління Юрій seems unfamiliar with the ongoing Вітренко, який, здається, не transformation, and which he considers знайомий з програмою поточної altering. This in our view would be a big трансформації, хід якої він планує step backwards for the Company and змінити. На наш погляд, це було б would lead to unnecessary change and великим кроком Компанії назад і needless value destruction. Ultimately, призвело б до непотрібних змін та if this were to happen, people of марного знищення створеної Ukraine would suffer the consequences цінності. Зрештою, якщо це just as the transformation is taking hold станеться, народ України постраждає and producing results. від наслідків саме тоді, коли 4 трансформація набирає обертів і вже дає результати. ‘Failings’ of the Supervisory and “Невдачі” наглядової ради та Executive Boards правління In response to the ‘failings’ of the У відповідь на вказані в Supervisory Board noted by the Розпорядженні “невдачі” наглядової Ordinance we would answer as follows: ради зазначимо про таке: Clause 2: The underlying profit in Пункт 2: Нормалізований 2020, excluding provisions for bad прибуток за 2020 рік, за винятком debts and PSO compensation, is резервів сумнівних боргів та UAH 3.2 billion. This is higher than in компенсації за виконання the previous year, UAH 2.6 billion, спеціальних обов’язків на ринку despite lower energy prices and reduced природного газу, складає demand. The 2020 contribution to the 3,2 млрд грн, а це вище, ніж у State Budget by Naftogaz was попередньому році – 2,6 млрд грн, UAH 141.0 billion in taxes and незважаючи на низькі ціни на dividends to the Government. This енергоресурси та падіння попиту. За represents around 13% of the total State підсумками 2020 року Нафтогаз Budget. сплатив до державного бюджету 141,0 млрд грн у формі податків і дивідендів Уряду, що становить приблизно 13% загальних надходжень до державного бюджету. The reported 2020 financial loss Виникнення фінансового збитку results from IFRS standards, which за 2020 рік є результатом correctly includes provisions for bad застосування МСФЗ, яке обґрунтовує debts. The bad debts mainly consist of нарахування резервів сумнівних debts, firstly from regional gas supply боргів. Сумнівні борги переважно companies not paying for gas that was включають заборгованість, по- delivered before the PSO for перше, регіональних households was abolished; and, газопостачальних компаній, які не secondly from heating companies who сплачують за газ, отриманий до have faced adverse economic скасування режиму ПСО для circumstances and as a result are slow in побутових споживачів; і, по-друге, paying their debts. We do expect some від теплокомуненерго, які зазнали of these debts to be collected eventually, впливу несприятливих економічних through active recovery, the courts, and умов, внаслідок чого повільно support of the Government. сплачують свої борги. Ми сподіваємось, що частина цієї заборгованості буде врешті погашена 5 внаслідок активного застосування процедур стягнення, у судовому порядку та за підтримки Уряду. Clause 3: CMU evaluates the Пункт 3: КМУ оцінює роботу performance of the Supervisory and наглядової ради та правління Executive Boards as unsatisfactory. We незадовільною. Ми хотіли би would like to offer a few facts: звернути Вашу увагу на кілька фактів: - For the full year, 2020 operating - Рух грошових коштів від cash flow is UAH 19.5 billion, операційної діяльності за 2020 more than double the 2019 рік складає 19,5 млрд грн, що operating cash flow, at більш ніж удвічі перевищує UAH 6.9 billion; операційний грошовий потік 2019 року, який складав 6,9 млрд грн; - Capital expenditure in 2020 is - Капітальні витрати у UAH 15.0 billion, below the 2020 році становлять target of UAH 20.0 billion and 15,0 млрд грн, що нижче 46% lower than 2019. This has запланованого обсягу у contributed to the Company 20,0 млрд грн та на 46% maintaining the investment менше, ніж у 2019 році. Це necessary for meeting increased сприяло збереженню production goals on its own cash необхідного рівня інвестицій flow; компанії у нарощування видобутку за рахунок власних грошових коштів; - Free cash flow is resilient at - Вільний рух грошових коштів UAH 8.1 billion. The Group did залишається стабільним на not spend or invest more money рівні 8,1 млрд грн. Витрати та than it earned; інвестиції Групи не перевищували її доходи; - Total 2020 contribution to the - Загальний внесок Нафтогазу State Budget by Naftogaz was до державного бюджету
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