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Meeting with Transneft Management ПРОЕКТ 01/04/19 Meeting with Transneft management to discuss IFRS financial results for 2018 April 2019 IMPORTANT NOTICE 2 The information contained in this presentation has been This presentation does not constitute an offer to sell, or solicit prepared by the Company. The conclusions presented here are any offer of subscription to, or purchase of any securities. It is based on general information collected at the time of preparation hereby understood that no provision of this presentation shall of the material, and are subject to change without notice. The create the basis of any contract or obligation of any nature. company relies on information obtained from sources that it The information contained in this presentation should not for any considers reliable; however, it does not guarantee its accuracy or purpose be relied upon as complete, accurate or impartial. The completeness. All indicators in this document are presented with information in this presentation is subject to review, finalization rounding, and therefore the sum of rounded indicators may differ and modification. The content of this presentation has not been from the rounded amount of actual indicators. verified by the Company. Accordingly, we did not and do not give These materials may contain statements regarding future events on behalf of the Company, its shareholders, directors, officers or and explanations representing a forecast of such events. Any employees, or any other persons, any assurances or guarantees, statements in these materials that are not a statement of whether express or implied, regarding the accuracy, historical facts are forward-looking statements, with known and completeness or objectivity of the information or opinions unknown risks, uncertainties and other factors, in connection contained herein. None of the directors of the Company, its with which our actual results, results and achievements may shareholders, officers or employees, or any other persons shall differ significantly from any future results, results or be liable for any losses of any kind that may be incurred as a achievements, reflected or implied by such forward-looking result of any use of this presentation or its content, or otherwise statements. The Company do not undertakes any obligation to in conjunction with this presentation. update any forward-looking statements contained herein so that they reflect actual results, changes in assumptions or changes in factors affecting such statements. TABLE OF CONTENTS 3 KEY EVENTS MANAGEMENT’S CURRENT PRIORITIES Ensuring efficient and smooth operation of the system KEY OPERATING AND FINANCIAL RESULTS Tariff regulation Capex optimization CONSOLIDATION OF NCSP Opex and its optimization Environmental protection KEY INVESTMENT PROJECTS Dividends Increasing market capitalization 01. Key events KEY EVENTS 5 August 7 October – November Full repayment of foreign-currency Completion of the following denominated debt of Transneft: early investment projects: repayment of a USD loan from China Development Bank and redemption of . “Sever - 25” project eurobonds* on schedule . “Yug” project, 2nd stage (railway loading rack) 2018 2019 October 24 June 30 September 27 February 13 March 29 Start-up of the JSC “RED” Decision on record Acquisition of controlling Raising of Moody’s amount of dividends for plant for the production of Publication of stake in NCSP, increase credit rating to Baa2, 2017 of RUB 82.5 bln high-voltage electric IFRS financial of stake in NCSP Group with a Stable outlook (incl. interim dividends of RUB 27.6 bln)** engines in the city of statements for from 37% to 63%*** Chelyabinsk 2018 (project realized according to import substitution program) * As a result of the acquisition of NSCP Group in 4Q18, Transneft Group has foreign-currency denominated debt obligations as of December 31, 2018. ** 50% of normalized consolidated net income under IFRS *** effective share under IFRS 02. Key operating and financial results KEY 2018 RESULTS 7 3Q18 4Q18 QoQ 4Q17 4Q18 QoQ 2017 2018 YoY Oil transportation, mt 122 122 ►0% 121 122 ▲1% 478 480 ▲0.5% Oil freight turnover, bln tkm 309 313 ▲1% 305 313 ▲3% 1,211 1,217 ▲1% Petroleum products 10.5 9.0 ▼14% 8.0 9.0 ▲13% 33.1 39.2 ▲18% transportation, mt RUB bln Revenues 253 264 ▲4% 227 264 ▲17% 884 980 ▲11% Revenues * 195 210 ▲7% 186 210 ▲13% 744 780 ▲5% EBITDA * 106 119 ▲12% 91 119 ▲31% 409 433 ▲6% Net income to shareholders 79 53 ▼33% 25 53 ▲112% 192 224 ▲17% of Transneft Operating cash flow 70 124 ▲78% 124 124 ►0% 327 347 ▲6% (minus) Capex -66 -76 ▲15% -85 -76 ▼10% -306 -268 ▼12% Free cash flow 4 48 ▲by 11x 39 48 ▲23% 21 79 ▲by 3x * Not including purchase and sale of crude oil under contracts with Rosneft and China National United Oil Corporation ANALYSIS OF OIL AND PETROLEUM PRODUCTS TRANSPORTATION VOLUMES 8 Oil transportation volumes 51.0% 52.0% In 2018, Transneft Group ensured transportation of % 477.5 +0.5% 479.8 > 83 MLN T MLN T of oil produced in Russia 49.0% 48.0% 2017 2018 Petroleum products transportation volumes 29.0% 27.0% In 2018, Transneft Group transported % 33.1 +18.4% 39.2 > 30 MLN T MLN T of light petroleum products 71.0% 73.0% produced in Russia 2017 2018 Domestic market Export ANALYSIS OF THE GROUP’S REVENUE 9 Structure of revenue from sales for 2018, % Factor analysis of changes in revenue of Transneft Group, RUB bln 980.0 +59.5 +14.4 884.3 +20.4 +6.1 -1.5 -3.4 21.7% 2.9% 1.5% 980.0 RUB BLN 7.4% 66.5% +10.8% REVENUE OIL TRANSPORTION OILPETROLEUM PRODUCTS EXPORT SALE SALE OF OIL STEVEDORING OTHER REVENUE 2017 TRANSPORTATIONPRODUCTS OF OIL PETROLEUMPRODUCTS AND SERVICES, REVENUE* 2018 TRANSPORTATION PRODUCTSOTHER ANDOIL ADDITIONAL OTHER OIL PORT SERVICES AND FLEET SERVICES Oil transportation Petroleum products transportation * Other revenues includes revenues from oil compounding services, oil and petroleum products storage, Stevedoring services, additional port services and fleet services telecommunication services, diagnostic services, construction services, technological connection services to main pipelines, information services related to oil transportation, property leasing, resale of goods, organization of transport Other revenue* of goods, and revenues from the provision of other services. Sale of oil and petroleum products FACTOR ANALYSIS OF TRANSNEFT GROUP EBITDA DYNAMICS, RUB BLN 10 +14.4 +26.6 +10.1 433.4 408.7 -4.9 -14.3 -7.2 +6.1% EBITDA REVENUEREVENUE FROMFROM OILOIL AND AND STEVEDORING SERVICES, INCOME FROM INFLATION TAXES OPERATING EXPENSES EBITDA 2017 PETROLEUMOIL PRODUCTS PRODUCTS ADDITIONAL OTHER (OTHER THAN EXCLUDING TAXES 2018 TRANSPORTATIONTRANSPORTATION PORT SERVICES ACTIVITIES INCOME) SERVICESSERVICES AND FLEET SERVICES ANALYSIS OF CHANGES IN NET INCOME GENERATED BY TRANSNEFT GROUP, RUB BLN 11 +21.8 225.4 +24.7 +25.4 191.8 +0.9 -26.0 -1.9 -5.7 -5.6 +17.5% NET INCOME EBITDA DEPRECIATION AND RESULTS FROM INCOME TAX NETNET FINANCE FINANCIAL SHARE OF PROFIT REVALUATION OF OTHEROTHER INCOME/ INCOME/ NET INCOME 2017 AMORTIZATION OIL SALE EXPENSES EXPENDITURES/COSTS/ FROM ASSOCIATES STAKE IN EXPENDITURES,EXPENSES, 2018 TO CHINA INCOMEINCOME AND JOINTLY PJSC NCSP AS OF THE NET**NET** CONTROLLED ENTITIES DATE OF CONTROL ACQUISITION* * Income of RUB 25.4 bln formed as a result of revaluation to fair value of the Group's already owned share in NCSP (Omirico Limited) as of the date of acquisition of control under IFRS 3 ** An increase in the balance of other income and expenses is mainly due to the fact that the provision for impairment of fixed assets worth RUB 23.5 bln was recorded in 2017 ANALYSIS OF CASH FLOW GENERATED BY TRANSNEFT GROUP IN 2018, RUB BLN 12 +178.6 +22.0 -25.4 -43.6 347.2 -53.2 -9.0 277.7 +101.6 79.2 -59.5 -268.0 -108.0 13.2 PROFIT BEFORE DEPRECIATION REVALUATION CHANGES IN AMOUNT OF INTEREST OTHER CASH FLOW ACQUISITIONPURCHASE OF FREE OTHER ATTRACTION/RAISING/ DIVIDENDS NET INCOMETAX TAX AND OF OPERATING INCOME TAX PAID ADJUSTMENTS FROM FIXEDPROPERTY, ASSETS CASH INVESTMENT REPAYMENTREPAYMENT OF OF PAID AND CASH AMORTIZATION STAKE IN ASSETS PAYMENTS OPERATIONS PLANT(NET) AND FLOW ACTIVITIES** LOANSLOANS AND AND OTHER FLOW PJSC NCSP* AND (NET) EQUIPMENT BORROWINGSBORROWINGS FINANCIAL LIABILITIES ACTIVITIES * Profit of RUB 25.4 bln formed as a result of revaluation to fair value of the Group's already owned share in NCSP (Omirico Limited) as of the date of acquisition of control under IFRS 3. ** The main increase of RUB 88.9 bln associated with the net effect of operations with debt, equity securities and from placing funds on deposits/closing deposits. BORROWING STRUCTURE AND COST OF DEBT (INCLUDING NCSP GROUP) 13 Debt structure by maturity, RUB bln Leverage ratios 688.9 662.6* 1.7 109.7 88.1 225.0 Total debt / 311.3 EBITDA ** 1.4 Less than 1 year 349.4 267.9 Fron 1 to 5 years Over 5 years 12/31/2017 12/31/2018 31.12.2017 31.12.2018 Cost of debt (weighted-average rates), % FX structure of debt,% 9.29 8.29 51% 6.21 5.47 89% Ruble debt 49% Russian ruble FX debt US dollar 11% 12/31/2017 12/31/2018 12/31/2017 12/31/2018 * Without debt of Omirico and Novoport before Torresant amounted to RUB 10.4 bln ** EBITDA includes NCSP numbers for the full FY 2018 03. Consolidation of NCSP IMPACT OF NCSP GROUP ON TRANSNEFT’S FINANCIALS 15 NCSP consolidation NCSP Transneft Group Share of NCSP Group Key indicators for 2018 . In September 2018, Transneft Group Group* with NCSP Group in Transneft Group acquired 50% of the charter capital of Omirico Limited, which indirectly controls Revenue, RUB bln 15.9 980.0 1.6% a 50.1% stake in NCSP.
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