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 ($m) 335 600 500
Coupon Rate (% p.a.) 7.375% 7.125% 7.625%
Coupon Frequency S/A A S/A
Maturity date 7/19/2022 7/19/2024 11/8/2026
Ratings: Moody`s/S&P/Fitch -/-/B -/-/B -/-/B
Market Price* ($) 98.50 92.75 91.25
Market YTM* 9.81% 10.37% 9.90%
Spread over UST* 970 1,065 875
Note: *Based on bid price.
Year 2019 2020 2021E
Net Sales ($m) 5,883 *** ***
EBITDA ($m) 1,208 *** ***
Net Income ($m) 100 *** ***
EBIT Coverage Ratio (x) 10.29 *** ***
Net Debt/Equity (%) 15.5% *** ***

Latest news about Naftogaz Ukrainy

Nov 15, 2021
| Oil & Gas

Naftogaz — Considers $1.5bn Eurobond sale in 2022

Naftogaz CEO Yuriy Vitrenko said the company was considering raising $1.5bn from Eurobond issuance in 1H22.
Oct 29, 2021
| Oil & Gas

Naftogaz — Reports 1H21 financials

Naftogaz published its 1H21 financial results, reporting a 37% y-o-y increase in revenues to $3.8bn (-12% h-o-h), EBITDA of $465m (vs. -$67m in 1H20 and down 50% h-o-h), and a net loss of $59m (vs. losses of $444m in 1H20 and $261m in 2H20), for an EBITDA margin of 12% (-9pp h-o-h and +15pp y-o-y). Net operating cash flow increased 4x h-o-h and 11% y-o-y to $640m and investment cash inflow stood at $75m (vs. outflows of $538m in 2H20 and $309m in 1H20) as $267m of CAPEX was offset by a $413m sale of government bonds. Financing cash outflow stood at $268m compared to an inflow of $43m in 1H20 and outflow of $217m in 2H20, including $209m of repaid borrowings. Gross debt stood at $2.1bn (-9% h-o-h and -16% y-o-y) while net debt fell by 63% h-o-h and 29% y-o-y to $384m. End-1H21 cash balances totaled $1.8bn (+33% h-o-h and -12% y-o-y).
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