Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Alexander Ivannikov – First Deputy CFO

Mikhail Rosseev – Deputy Senior Accountant

Svetlana Antonova – Deputy Head, Department for Property and Corporate Governance

Mikhail Malgin – Deputy Head, Department of Natural Gas Exports North and South-West Europe

Analysts

Ron Smith – Citi

Alexander Korneev – Prosperity Capital

Pavel Kushnir

Ivan Khromushin – VTB

Ildar Khaziev

Emmy Al-Ghabra

Gazprom OAO (OTCPK:OGZPY) F4Q12 Earnings Call April 30, 2013 4:00 AM ET

Operator

Thank you for standing by and welcome to the Gazprom Fourth Quarter 2012 IFRS Financial Results Conference Call. At this time, all participants are in a listen-only mode. There’ll be a presentation followed by a question-and-answer session. (Operator Instructions) I must advise you this conference call is being recorded today, Tuesday, the 30th of April 2013.

I would now like to hand the conference over to your speaker today, Alexander Ivannikov, First Deputy CFO of Gazprom. Please go ahead, sir.

Alexander Ivannikov

Good afternoon, ladies and gentlemen. We are happy to welcome you to this teleconference dedicated to the publication of the consolidated financial reporting of Gazprom Group for 2012, prepared in compliance with IFRS standards. My name is Alexander Ivannikov. I’m the First Deputy CFO.

Please allow me to introduce our participants. Today present with me are the representatives of the financial and economics department, the department for the production of gas and gas condensate and oil, the department for economic evaluation and pricing, the department for strategic development, the department for marketing and processing of gas and liquid hydrocarbons, the department for proprietary and corporate governance issues, the department for taxation and Gazprom Export.

Let me remind you that for the purpose of this teleconference, we have prepared a presentation which is available in our website. Let me begin with slide number three. I would like to remind us that Gazprom is the biggest energy company in the world in terms of its reserves and the hydrocarbon production, the third largest oil company in terms of net profit and the fifth in terms of its EBITDA.

Based on the results of 2012, probably improving reserves of Gazprom exceeded 150 million of barrels of oil equivalent. The production amounted to 487 billion cubic meter of gas and 4 million to 6 million tons of oil and gas condensate.

The EBITDA figures of the company amounted to RUB1.573 trillion EBIT which is $51 billion. While the net profit is RUB1.183 trillion which is $38 billion, which fully complies with our outlook together in February of this year and just closed during the day of investors.

Let me move over to a brief review of the results of Gazprom operations during the reporting period. Considering the results of Q4 2012, one may note growth of net revenue from sales. This figure grew 5% compared to similar period in 2011, which can be explained by the growing revenue from the sale of gas and the gas in the world processing price.

In Q4, EBITDA amounted to RUB486 million, the decline by 16% compared to Q4 of the previous year. The results of 2012, because of such negative factors as the greater tax burden, as well as retroactive payments, the EBITDA’s result went down by 19% amounting to RUB1.573 trillion.

In Q4 2012, net profit of the company amounted to RUB369 billion. And based on the results of 2012, net profit declined by 10% amounting to RUB1.183 trillion. As of 31st of December 2012, the overall debt of the company remained approximately at the level of the end of 2011, amounting to RUB1.505 trillion. The debt-to-adjusted EBITDA was 0.7.

Because of the weakening of demand in the main sales market, the production of gas in Q4 2012 was reduced by 5 billion cubic meters compared to the previous year. The production of gas condensate grew by 13% compared to a similar period in 2011, amounting to 3.6 million tons. The volume of oil production stayed unchanged amounting 8.5 million tons of oil, which is 2% higher than the level of Q4 2011. Based on the results of Q4 2012, the production of electric power by our generating entities remained at the levels similar to the period in 2011. The production of heating grew by 11%.

Slide number five demonstrates the balance of the operation of our gas transportation system. I would like to draw your attention that it reflects the physical movement of gas through the pipelines rather than the commercial operations of the group. In Q4 2012, the amount of gas transported through the gas transportation system remained approximately at the level similar to the same period in 2011.

Let us move over to considering the dynamics of our main sales markets. Slide number seven shows the situation for the sales in domestic market in Q4 2012 despite an insignificant decline in the volume of sales in the domestic market. The revenue from the sale of gas within this segment grew by 7%.

And based on the results of the overall 2012, the net revenue from sales grew 3% basically because of the average gas price growing in the domestic market by 9%. And according to our estimates, the amount of the annual volume of gas consumption within the outlook period after 2030 remains in the range of from 460 billion up to 540 billion cubic meters.

The basic incremental growth in the gas consumption will be taking place through connecting the new consumers amongst other things as part of the Gazprom’s gasification program for the Russian regions, as well as the development of the gas industry in the East Siberia and in the Far East of Russia.

Let’s consider now the sales dynamics in the European countries. Considering the results of Q4 2012 to price, a slight reduction of the volumes, as well as the net profit from the sale of gas in the European market because of the decline of demand for energy resource and because of the warmer climate.

And based on the results of 2012, because of a slight increase in the average prices, the net revenue from the sale of gas in Europe grew up by 2% despite the decline of the sales volume by 4%. Despite considerable structural changes in the European gas market, Gazprom remains a major exporter of gas into this market. The share of the company at the result of 2012 amounted to 25.4%.

In Q4 2012, the revenue from the sale of gas into the former Soviet Union countries went down by 20% comparing it to the previous year, which occurs specifically because of the reduction of the gas and volume of sales, as well as through the decline of prices in this market. However, the average gas price during 2012 the company grew by 3% compared to 2011. That equalized the decline in the sale prices, as a result of which, the reduction of the annual revenue was just 17%.

Positive effect of the overall net revenue from the sale of lube was the greater revenue from the sale of crude, gas condensate and refining products. In Q4 2012, it grew by 26% compared to a similar period in 2011. Its share in the overall revenue of the group grew up to 29%.

So, generally speaking, throughout 2012, the revenue from the sale of crude, gas condensate and the gas and oil and refining product grew by 23%. In Q4, the net revenue from the sale of electricity and heating went down by 7%. Its share in the overall revenue of the group was 7%. Through the fluctuation of prices and the volume of sales throughout 2012, the revenue from the sale of heating and electricity remained at the level of 2011.

The operational expenses in Q4 grew by RUB123 billion or 14% compared to the similar period last year. At the same time, the expenses for the acquired gas moved up by RUB13 billion and this mainly relates to the growing volumes and prices in the acquired gas. The acquisition cost for the acquisition of crude grew up by higher acquisition of prices growing up.

The tax expenses grew by RUB37 billion primarily because of the growing tax rate forecast from RUB237 up to RUB509 for 1,000 cubic meters.

In Q4 2012, the pension obligations of the group where we consider which became the main factor behind the growing labor and the payment without taking into account the pension obligations, the wage payments grew by RUB5 billion or by 6%.

The growing expenses for materials is related to the expansion of the procurement or consolidation of Gazprom Group and the inclusion of the consolidated reporting of Gazprom neftekhim Salavat starting from 2012 changes within the intra-group operations and as far as the materials supply is concerned as well as the growing prices. Other expenses went down because of the recovering of the revisions related to the other expenditures and constructions which were commissioned into operation primarily during 2012.

In Q4 of the current year, changes in the working capital led to an increase of the operational cash flow by RUB7 billion. Positive effect over the cash flow from operating activities came from such factors as the decline of the value of the gas starting the underground storage by RUB20 billion because of the seasonal nature operations in Q4 with taking the gas from the underground storage exceeded injection growing receivables by the RUB31 billion, primarily with the payables with the capital maintenance and overhaul which was partially compensated by paying a lot from the retroactive payments. Changes in the tax obligations by RUB65 billion.

The effect from these factors was partially compensated for by the growing receivables by 120 – RUB112 billion, specifically in the area of the arrears for gas price.

Now, let’s move over to slide number 13, the Gazprom’s capital investment program. In 2012, the group reduced its capital investments by 6% compared to the previous year. At the same time, the level of self funding was at 108%. According to the investment program for 2013 which was endorsed by the Board of Directors, investments into the gas business would amount to RUB705.4 billion including capital investments in the amount of RUB658 billion – RUB658 million and long-term financial investments in the amount of RUB47 billion.

Out of that corporate amount of capital investments, 48% will be dedicated to transportation, 32% for the production of gas and 6% for storage of gas, 14% will be other segments, processing and sales. The list of priority projects in the gas business is represented in the slide. Investments by Gazprom net in 2013 will climb to the level of RUB240 billion. Level of investments of each oil companies in 2013 is expected at the level of RUB60 billion.

Slide number 14 demonstrates group’s debt. By the end of 2012, the total amount of debt went down by 2% compared to the figure of 31st of December 2011 and, at the same time, the net debt amount grew by 4.5% because of the reduction of cash and its equivalent. The equivalents are primarily below the allowed level are the correlation of net debt to EBITDA was 0.7, while the ratio of the overall debt to the EBITDA itself was just at 1.

Considering the results of 2012, the average rate throughout all of our volumes was 6.3% of interest. The schedule of repayment by the group is well balanced in terms of the annual payments.

And concluding this presentation, I would like to state that remaining the biggest energy company in the world, we continue to actively develop the basic achievements of last year such as commissioning the operation of the Nord Stream and going into oil and gas pipelines to start the construction of the south stream and the start of the production of the Yamal gas and completion of the construction of facilities in Gazprom and to commissioning to operation the biggest distilled gas unit in Russia as well as the first in the world shipment of the LNG through the Nord – enabled us to strengthen our leadership position in the energy market.

Thank you very much for your attention. And I would like to switch over to questions and answers that we have fortune in this manner. Thank you very much for your attention.

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions) We have a question from Karen Kostanian. Please go ahead announcing your company name.

Unidentified Company Representative

So, the question comes from Karen Kostanian which is that the Ministry of Energy was planning to raise up to 15 – from 15% up to 5% in 2014 and 2015. And will that create any effect upon your investment program in terms of the taxation outlook? And if so, what will be the result and which projects, if allowed, would be considered excess if you might be considering to take out of your investment program?

Alexander Ivannikov

Yes, indeed. These are the kind of publications that we see that the rates, in terms of the reduction of the gas prices in the domestic market, are expected from 15% to 5%. But in terms of the materials that we have and the information that we have available, the rates of – changes of the gas prices in the domestic market might be taking place in the following order: 15% then 15% and 14% or 6%, so 6% and 10%, which is up to 2016.

And yes, indeed, we anticipate that these might be the way the events will be unfolding themselves, and we are ready to enter into a well-informed debate with the Ministry of Economic Development on this particular topic. But as far as the subsequent decline is concerned, we are ready to undertake respective measures on our part.

And as far as the second part of the program is concerned, which is the extent which just might affect our investment program, our principles have been announced on more than one occasions and they remain unchanged.

The investment program is being formed based on the cash flow of the company which remains after the payment of taxes and dividends. And if the situation would require any alternative divisions, we will definitely inform you about it. So far, the principle remains unchanged and the program is going to be made up of the real actual cash flow that the company might have.

Next question, please?

Operator

The next question comes from (inaudible). Please go ahead, announcing your company name.

Alexander Ivannikov

So, the question comes from Goldman Sachs. Thank you very much for the presentation. The question is about the dividend. Taking into account the fact that the net profit under IFRS remained possibly below the kind of expectations that we had in February. Do you consider the option by the management or in terms of receding a guideline for the dividends at about RUB7 to RUB8 that were mentioned in February, or it would be rather at the level of RUB6 per share? Thank you.

Alexander Ivannikov

Thank you very much for this very vital question which I’m sure is the subject of interest of many of those participating in this teleconference. Our answer is as follows. The management has already made its decision and it was given as a guideline to the Board of Directors. At this point in time, there are no plans to raise this level above 25%. And so, it remains at the level of RUB5.99 based on the results of 2012, and there will be an additional comment that we will hear from by Mikhail Rosseev who is the Deputy Senior Accountant of the company.

Mikhail Rosseev

So, it might be worthwhile traditionally mentioning just a couple of things, and first is that the decision about the advice, the amount of dividend, is being made by the Board of Directors, and it is going to take place in the second half of May. And we expect that the final decision is going to be made then, but at the same time, when putting together our guidelines for the Board of Directors, we took into account the effect from the non-cash side.

And so, the amount of profit dedicated to our dividend was slightly above 25%. But as was previously mentioned by our Deputy CFO, our idea is we’ll put together in compliance with the dividend policy and already submit it to the Board of Directors for its subsequent decision-making process.

Alexander Ivannikov

Next question, please.

Operator

We have a question from Ron Smith. Please go ahead, announcing your company.

Ron Smith – Citi

Yes. Ron Smith from Citi here in Moscow. Let’s continue about dividend, please. I have two questions on that. First, has the Ministry of Finance had any comments back to Gazprom on the dividend, given they’ve fallen one-third from last year? And second, when will Gazprom move to the policy of 25% of IFRS accounts rather than RAS? Because under IFRS, what you just reported, your payout is going to be instead of 25%, maybe 12%.

Alexander Ivannikov

Thank you very much. For the first part of the question will be answered by Svetlana Antonova, who’s the Deputy Head of the Department for Property and Corporate Governance. And the second part will be answered by Mikhail Rosseev.

Svetlana Antonova

The position of the regulatory authorities and, specifically, the Ministry for Energy, for Economic Development and the Ministry for Property is supposed to be defined by the date of the Board of Directors which is May 21. And so, prospectively, all of the materials the company has submitted to these respective ministries which are in a dialogue with us in order to adopt these materials for the Board of Directors in an unchanged form. So, there’s nothing that I can add to this at this point in time.

Mikhail Rosseev

And with respect to moving over to IFRS, it might be worthwhile for me to go back to the answer which Mr. Kruglov previously stated during the days of investor and during the previous teleconferences to the extent that we are still very seriously considering this issue. It is difficult for us to say precisely but it’s going to be 25% or any other definitive figure. We are reviewing right now the option of estimating dividends based on the consolidated profit considering the timing for the shareholders’ meeting. And the rest of the corporate governance events, most probably that won’t take place at the results of 2013. We would say that quite possibly that would be done as the result of – for the 2014. Thank you.

Alexander Ivannikov

Next question, please.

Operator

We have a question from Alexander Korneev. Please go ahead announcing your company.

Alexander Korneev – Prosperity Capital

It’s Alexander Korneev, Prosperity Capital. (Foreign Language)

Alexander Ivannikov

This question comes from Alexander Korneev from Prosperity Capital. There are two questions. The first one is about the tax payment. You show that they went down in Q4, was by about RUB300 billion, could you please explain what is the reason? And the second question, how does that correlate to the approximately RUB130 billion of retroactive payments which you referred under to RAS within the same quarter? Thank you.

Mikhail Rosseev

The difference in the regulatory basis was something that where we deemed the retroactive payments under IFRS, the only quarterly basis which was basically done on the basis of the expectations and the results of the negotiating processes, which we were having with our buyers. Now, under the Russian Accounting Standards, the main part of such as the most material and notable part then was registered as creating of the conditional provisions.

And this was done as the result of the year on the basis of the inventory of such provisions which are being done in accordance with the Russian Accounting Standards and the compilation of the annual reports.

Svetlana Antonova

And changes in the value or rather in the effect of the price revaluation based on the nine-month reporting came from the fact that some of the buyers, who we were maintaining negotiating process with, reconsidered that their expectations towards a lower figure, and so consequently were able to recover the level of the previously established obligations.

And apart from that, we think that the reclassification between a separate line item of retroactive payments and with the reduction of the revenue which is taking place specifically through the revenue line items, if we compare these figures with the parent company reporting, one has to also take into account that during consolidations, some of the transactions in terms of the adjusting prices with the intra-group that the reporting have been excluded. Now, with the rest of it, the relation through the buyers does coincide in between the Russian Accounting Standards and IFRS.

Alexander Ivannikov

Next question, please?

Operator

We have a question from Artem Konchin. Please go ahead, announcing your company.

Unidentified Company Representative

So, the question comes from JPMorgan, also about the retroactive payments. Could you please elaborate and give us a bit more details about the figures which were registered as the actual payment through the increase of sales and the operating costs, as well as the provisions which you did for 2013? Something which is, I understand – was reduced by about RUB30 billion.

And similarly, could you also explain the way these provisions, you might believe, are quite good in terms of manifesting themselves in 2013? And what kind of influence that would have over the dividend base which you used for estimated dividends post 2013? Thank you.

Alexander Ivannikov

Mikhail Rosseev, the Deputy Senior Accountant, will be answering this question.

Mikhail Rosseev

Again, it’s – it is worthwhile going back and stating again that the issue about this conditional obligations or provisions is valid only with respect to the reporting prepared under Russian Accounting Standards. And as far as this question is concerned, I would say that with respect to IFRS, we’re simply talking about acknowledging certain cost and the obligations being formed due to our buyers.

And speaking specifically about this amount of retroactive payments, which took place during 2012, I think they amounted to approximately RUB68 billion, which was the specific cash flow movement in terms of what we’ve already been able to take care of due to our consumers and buyers.

And next point, one can refer, and I would say that I would rather talk about the consolidated reporting figures, the one that we are reviewing today, in the reporting itself, in the revenue notes, you may see the effect from the retroactive adjustments, the ones which relates to the gas supply period in 2010-2011 with the amount amounting to approximately RUB103 billion.

And approximately the same value reduces the revenue which means that it relates to the adjustments applied to the supplies of 2012. And as far as the effect of an acknowledged provision in terms of valuation of dividends, I would say that this is a very specific question. But again, just to give a good quality answer, one may say that these are the payments that we are expecting to take place, and so we took them into account for our estimations for 2012. Thank you.

Alexander Ivannikov

Next question, please.

Operator

There’s a question from Pavel Kushnir. Please go ahead, announcing your company.

Pavel Kushnir

This is a question on behalf of your shareholders and specifically your customers. Could you please tell us about the decision-making process in Gazprom? What is the reason as to why you are not able right now to calculate your dividends from the basis of the IFRS reporting and, consequently, to switch over to this particular optionality as quickly as was done by Rosneft in July 2012. Thank you.

Mikhail Rosseev

In this particular case, I would like to note that the order of estimating dividends is being regulated by our dividend policy and changing the basics in terms of how it is being done would require instituting changes into the dividend policy itself. Besides, the order for which the decisions are being made in the company is written in its charter, meaning to say that the recommendations submitted to the general shareholders’ meeting for the amount of dividend is submitted by the Board of Directors whilst it’s being prepared by the management board.

And all of these corporate events are prescribed in terms of the time frames and our internal procedures, which we have to follow. So, in order to hold all these procedures and to do a good quality estimation of dividends not just on the basis of expectations but rather on the basis of good quality prepared in order to report time is necessary. And so, we do hold everything that we are planning and work on it.

But also, one has to take into account another consideration. From the point of view of the whole group, one has to take into account not only the capital expenditure that is done by Gazprom but also by our subsidiaries, which do have their own specificities. And so, summarizing my answer, I would say that a conversion to a new basis would require a very precise validation of us as well as our subsidiaries having enough financial resources not to pay dividends but also to pursue our investment activities, which would require making amendments into a number of corporate documents, which in turn would require some time. So, I guess this is my answer. Thank you.

Alexander Ivannikov

Next question, please.

Operator

We have a question from Ivan Khromushin. Please go ahead announcing your company.

Ivan Khromushin – VTB

The question comes from VTB. Two questions – the first one is what is the situation for the energy formula for the production of gas by Gazprom? What is the period of time within which the decision might be made? What kind of decision do you envisage this to be, and is there a possibility for the Gazprom to receive any benefits or exemptions for its new projects?

And the second, have there been any new request from the European consumers to adjust prices at the start of the 2013 and would it be possible, for example, to quote the size of the reduction of the retroactive payments through the reclassification of the revenue in the reporting quarter? Thank you.

Mikhail Rosseev

The first question will be answered by Alexander, who’s the Deputy Head of the Tax Policy Department, and the second will be answered by the head of the department for the export of gas from Gazprom Export.

Alexander Ivannikov

So, currently, the concept for the estimation of amity for the production of gas and gas condensate principally has been agreed with the regulatory authorities. We are currently talking with the government about the differentiation of principles based on the geography which is Yamal and the Eastern Siberia, also taking into account the existing level of brownfield maturity and the depth of the pay zones. So, the timeframe basically has been set and we are ready to accept the decision that the government is going to make.

Mikhail Malgin

In terms of the request that we might receive from the buyers to reconsider the pricing, I would like to state that in the very beginning of the year, we already made an announcement that the number of our partners asked us to reconsider the contract prices starting from the beginning of 2013. And apart from it, our contracts do envisage the possibility for the reason to submit structure request pertaining to a number of other contracts in the second half of 2013, as well as closer to the end of 2013.

So, right now, it is obviously difficult to estimate the outcome of such possible negotiations. The only thing that I would like to comment upon is that the current market environment looks much more stable than what it looked like several years ago. Thank you.

Alexander Ivannikov

Next question, please?

Operator

We have a question from Ildar Khaziev. Please go ahead announcing your company.

Ildar Khaziev

The two questions, the first one about the volume of exports. Could you possibly quote any results of the gas exports to Europe and how do they compare year-on-year? The second question about the Russian Accounting Standards’ reports. Could you certify the extent to which the retroactive payments figures under the RAS and IFRS are different? And how these retroactive payments are reflected in Russian Accounting Standards, in which line items of profit-and-loss statement?

Mikhail Rosseev

The first question will be answered by Mikhail Malgin, whose Deputy Head of the export of gas – from Gazprom Exports. And the second question will be answered by Mikhail Rosseev of (inaudible).

Mikhail Malgin

If one is to compare the exports of gas year-on-year, one should know that in 2012 the level of exports into the five broad countries amounted to approximately 139 billion cubic meters of gas, which is below the level of the previous year in 2011 where the exports of gas amounted to approximately 150 billion cubic meters. Plus, on the other hand, if one is to look into 2010, one should note that the level in 2010 was approximately at par with the level of 2012.

Ildar Khaziev

Could you please specify, with respect to the difference in retroactive payments under the IRS and IFRS, are you referring to the reporting by the parent company or the IRS – consolidated IRS for the whole group? Could you please specify that?

Mikhail Rosseev

So, the question is about the profit of the parent company. So, the difference in the factor from the price adjustments related to 2011 and 2012 and the total amount of the difference between the parent company reporting and the consolidated reporting under IFRS is RUB1.3 billion. The cause – the reason being that since the point in time when the reporting for the parent company was being started, a number of advice have further specified their – request in their expectations in terms of the retroactive payments.

So, in the consolidated report by the parent company, the manufacturer is reflected in other costs and revenues as the profit and loss of their previous periods in the documented debt discounts or in as far as the conditional provisions for the discounts, which were considered and deemed and registered as highly probable.

And in as far as the supplies for the 2012 is concerned, this was reflected as the reduction of revenue with the figure being at about RUB49 billion level.

Ildar Khaziev

And the additional question is about the first t quarter of 2013, in terms of the overall exports volumes, how did that change for the European destinations, please?

Operator

Would you like to go to the next question?

Alexander Ivannikov

So, sorry to give you – to take so long to give you an answer. So, considering the Q1 over the current year exports to Europe, we are noting a slight increase which comes because of the colder climate that took place in the first months of this year in Europe.

Mikhail Rosseev

And so, just to complete the answer about the exports, it’s 5% which is the volume of gas sales in Q1, which is above the similar figure in the first quarter of 2011. And due to the fact that we have ended up giving you an extended answer to this last question, let us prepare ourselves to wrap up, and currently, let’s hear the last question for this teleconference, please.

Operator

We have a question from Emmy Al-Ghabra. Please go ahead announcing your company.

Emmy Al-Ghabra

Hi. Thanks very much for the call. Emmy Al-Ghabra from UBS in London. Just a question on your borrowing plans for the rest of the year, do you have a target for international debt issuance for the remainder of 2013 and which currencies would you be looking at issuing in? Thank you.

Alexander Ivannikov

This year, all right, the – most of the borrowings that we are planning to do, we already did. And so, if there are any other additional activities, we will decide upon them once we’ve finalized the results of the first quarter and any possible mergers and acquisitions if this is deemed necessary.

And so, the question about the currency is a secondary one and we will additionally decide on that based upon the market environment. You are familiar with our traditional currencies. So far, no new principal decisions are being considered. Thank you very much.

Emmy Al-Ghabra

Thank you.

Alexander Ivannikov

Well, dear ladies and gentlemen, on this very difficult day in the Russian market where we see a lot of reasons to consider various issues and topics, we would like to extend our gratitude to all those who participated in this teleconference for your traditional attention to Gazprom. And we’re hopeful that we shall continue the same very close cooperation that binds us today also in the future.

All questions that you were not able to raise during this conference, you may be able to forward to the address of the Gazprom’s Investor Relations department that you may find on our website and we’ll be more than happy to get back to you with the answers. Secondly, I would like to congratulate everyone on the May holidays and wish you to enjoy these days. And thirdly, I would like to additionally thank, for a very good job done, our translator, Maxim. Thank you.

Operator

That does conclude our conference for today. Thank you for participating. You may all disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Gazprom's CEO Discusses F4Q12 Results - Earnings Call Transcript
This Transcript
All Transcripts