Gazprom's 2019 net profit to IFRS down 8% to $21.4 bln, revenue up 4%, FCF to remain positive - presentation
MOSCOW. Feb 11 (Interfax) - Gazprom estimates its net profit was $21.4 billion in 2019, down from $23.3 billion in 2018, the Russian gas giant said in an Investor Day presentation.
Sales revenue to International Financial Reporting Standards (IFRS) fell to $126 billion from $132 billion.
Despite negative conditions in the European gas market, the company's overall revenue in 2019 was down only 4%, with net profit down 8% and EBITDA exceeding $30 billion, Deputy CEO Famil Sadygov said at the event.
"We expect free cash flow (FCF) to remain in positive territory," Sadygov said. Negative factors are expected to continue to have an effect in 2020, but this is not a surprise for the company and it intends to take a series of measures, he said.
Gazprom is expecting positive FCF in 2020 even despite the deterioration of external trends, he said. As of the end of 2019, the company's net debt totaled $39 billion.