Naftogaz Ukrainy

State oil and gas monopoly Naftogaz Ukrainy controls 100% of oil and gas transportation and storage and most of oil and gas extraction in Ukraine. The company operates a gas transit system with 38,000 km of pipelines, capable of importing 290 bcm and exporting 178 bcm of gas annually (including 140 bcm to Europe). Naftogaz’s key assets include Ukrnafta (near-monopoly producer of oil in Ukraine); Ukrgazvydobuvannya (largest producer of gas and gas products); Chornomornaftogaz (offshore oil and gas producer); Ukrtransnafta (oil pipeline operator); and Ukrtransgaz (gas pipeline operator).
Year 2022 2024 2026
Issue Volume ($m) 335 600 500
Coupon Rate (% p.a.) 7.375% 7.125% 7.625%
Coupon Frequency S/A A S/A
Maturity date 7/19/2022 7/19/2024 11/8/2026
Ratings: Moody`s/S&P/Fitch -/-/B -/-/B -/-/B
Market Price* ($) 99.00 97.50 97.50
Market YTM* 7.94% 7.88% 8.14%
Spread over UST* 783 865 794
Note: *Based on bid price.
Year 2018 2019E 2020E
Net Sales ($m) 9,425 *** ***
EBITDA ($m) 3,217 *** ***
Net Income ($m) 425 *** ***
EBIT Coverage Ratio (x) 4.26 *** ***
Net Debt/Equity (%) 13.5% *** ***
Covenants
Restriction on payment of dividend -

Latest news about Naftogaz Ukrainy

Jun 03, 2020
| Oil & Gas

Naftogaz — Reports 1Q20 results

Naftogaz reported 1Q20 revenues of $1.8bn (-30% y-o-y), EBITDA of $319m (-77%) and net income from continued operations of $127m (-78%). Net operating cash flow shrank by 71% to $433m, investment cash outflow doubled to $1.1bn, and financing cash outflow stood at $105m (-85% y-o-y).
Apr 29, 2020
| Oil & Gas

Naftogaz — Reports audited 2019 financial results

Naftogaz reported 2019 sales of $5.8bn (-15% y-o-y), EBITDA of $2.4bn (-25%), net income from continued operations of $100m (-76%), and net income of $2.4bn (+477%).
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