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 ($m) 335 600 500
Coupon Rate (% p.a.) 7.375% 7.125% 7.625%
Coupon Frequency S/A A S/A
Maturity date 7/19/2022 7/19/2024 11/8/2026
Ratings: Moody`s/S&P/Fitch -/-/B -/-/B -/-/B
Market Price* ($) 90.00 75.00 74.00
Market YTM* 31.80% 21.10% 15.50%
Spread over UST* 3,154 2,120 1,406
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 7,161 *** ***
EBITDA ($m) 867 *** ***
Net Income ($m) (705) *** ***
EBIT Coverage Ratio (x) 5.92 *** ***
Net Debt/Equity (%) 21.1% *** ***

Latest news about Naftogaz Ukrainy

Dec 13, 2021
| Oil & Gas

Naftogaz — Reports 9M21 EBITDA of $453m

Naftogaz reported 9M21 sales of $5.0bn (+26% y-o-y), EBITDA of $453m (vs. -$47m in 9M20) and net loss of $159m (vs. $642m loss in 9M20), for an EBITDA margin of 9% (+10pp y-o-y). Net operating cash flow was negative at $706m (vs. +$606m in 9M20), investment cash outflow halved to $229m, and financing cash outflow stood at $113m ($1.9bn outflow in 9M20).
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.
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