Page 149 - RusRPTFeb23

is more than 2 times higher than in 1H 2021 and is a new historical record.
F. Sadigov noted that this result was achieved not only due to high prices, but also a strict approach to controllable operating costs.
In H1 2022, Gazprom did not raise any borrowings for the parent company of the group.
The volume of total debt decreased by almost 1.4 trillion rubles, to 3.467 trillion rubles.
The value of the total debt was positively affected by the strengthening of the ruble in the reporting period by 31% against the US dollar and by 36% against the euro.
The group's debt portfolio is dominated by long-term borrowings.
The volume of net debt, adjusted for deposits, amounted to 1.250 trillion rubles, having decreased over 6 months by more than 2 times, to the lowest levels over the past 7 years.
Cash and cash equivalents, as well as bank deposits on the group's balance sheet (liquidity cushion) totaled RUB2.218 trillion.
The level of debt burden in terms of Net debt / EBITDA in 1H 2022 decreased to an extremely low level of 0.23.
Based on strong financial results, Gazprom for the first time in its history thought about paying interim dividends to shareholders.
The size of the dividend base for the first half of 2022, after applying non-monetary adjustments as part of the dividend policy, amounted to 2.416 trillion rubles, which is equivalent to 51.03 rubles per share.
The Extraordinary General Meeting of Shareholders (EGM) of Gazprom is scheduled for September 30, 2022.
The agenda of the EGM includes the issue of the amount of interim dividends on Gazprom shares, the timing and form of their payment based on the results of work for the first half of 2022. As a reminder, Gazprom did not pay dividends for 2021 due to the decision of the state, which is its main shareholder, who decided to withdraw Gazprom's excess profits for a successful 2021 in the form of an increased MET.
Gazprom's Board of Directors recommended to the Annual General Meeting of Shareholders (AGM) to approve a record dividend for 2021 in the amount of
149 RUSSIA Country Report February 2023 www.intellinews.com