AADDNNOOCC CCllaassssiiffiiccaattiioonn:: PPuubblliicc
Media Release:
ADNOC Gas Reports Net Income of $2.3 Billion
Delivering Robust Financial Performance in H1 2023
Company demonstrated resilience of its business model by maintaining stable
margins in a lower price environment
Robust H1 2023 performance places the Company firmly on track to meet its
2023 guidance
Recent $1.34 billion contract awards for new natural gas pipeline to the
Northern Emirates underscore ADNOC Gas’ commitment
to profitable growth
Abu Dhabi, UAE – August 4, 2023: ADNOC Gas plc (together with its direct and indirect subsidiaries, “ADNOC
Gas” or the “Company”) (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), the world-class integrated gas
processing company, today announced its financial results for the three months and six months ended June 30,
2023 (“Q2 2023” and “H1 2023”). The unaudited pro forma financial results of the Company for the comparative
period (i.e., the three and six-month period ended June 30, 2022 (“Q2 2022” and “H1 2022”) noted herein are
reported on a Pro Forma Adjusted basisi .
Robust financial performance despite pricing impact
The Company’s H1 2023 revenue stood at a $10.6 billion compared to Pro Forma Adjusted Revenue of $13.3
billion in H1 2022, impacted by the pricing environment. Revenue in Q2 2023 was reported at $5.4 billion
compared to Pro Forma Adjusted Revenue of $7.1 billion in Q2 2022. ADNOC Gas maintained high reliabilityii
with a 98.9% average across its facilities in H1 2023, contributing to a 15% increase in production volumes in
Q2 2023 over Q1 2023.
ADNOC Gas adapted to lower LPG and Brent crude oil prices in H1 2023 compared to the high pricing
environment of H1 2022. The Company strategically shifted towards higher-margin export liquids and focused on
increased efficiency. These measures enabled the Company to maintain a flat EBITDA of $1.8 billion and Net
Income of $1.0 billion in Q2 2023, demonstrating that ADNOC Gas is a predictable and resilient margin business
underpinned by profitable growth.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented: “Our results for the first half of 2023
showcase the resilience and robustness of our business in the current lower price environment compared to the
higher prices witnessed in H1 2022. For the period ending 30 June 2023, we delivered a net income of $2.3AADDNNOOCC CCllaassssiiffiiccaattiioonn:: PPuubblliicc
billion. This performance demonstrates the strength of our business, which was also supported by selling more
high-margin export liquids – a strategy that has proven effective.
“We continue to witness long-term structural demand growth for natural gas as a critical fuel for the responsible
global energy transition. ADNOC Gas remains fully committed to investing in our people, operations, and markets,
and we have continued to invest in our strategic growth opportunities throughout the first half of 2023.
“Our recent signing of significant long-term LNG agreements and our domestic investments demonstrate that we
remain ideally positioned to meet both local and international demand, while further decarbonizing our operations
in line with the UAE’s Net-Zero 2050 ambition, as we continue to deliver value for our shareholders over the
longer-term.”
Continuing to invest in growth
In line with ADNOC Gas’ growth strategy, the Company recently awarded $1.34 billion in contracts for extending
its natural gas pipeline to over 3,500km, serving the Northern Emirates, marking another key milestone for the
sales gas pipeline network enhancement (ESTIDAMA) program. This strategic pipeline extension will drive further
growth for ADNOC Gas as it continues to provide sustainable gas supplies to customers in support of the UAE’s
plan to achieve gas self-sufficiency.
Focused on broadening the international customer base
ADNOC Gas continues to capitalize on the growing global demand for natural gas while extending its reach and
reputation as a reliable supplier. In a significant post-period event, on July 18, ADNOC Gas announced a $7-9
billion 14-year supply agreement with Indian Oil Corporation Ltd. (IOCL) for the export of up to 1.2 mmtpa of
LNG. This comes on the heels of the Company’s Q2 2023 signing of a supply agreement with TotalEnergies Gas
and Power for the export of LNG to various markets around the world. In February, ADNOC Gas made the first-
ever delivery of LNG from the Middle East to Germany, paving the way for longer-term deliveries.
Dividend guidance maintained
As stated during its IPO, ADNOC Gas maintains its dividend target of $1.625 billion in the fourth quarter of 2023
and a further $1.625 billion dividend in the second quarter of 2024. Thereafter, ADNOC Gas expects to grow the
annual target dividend amount by 5% per annum on a per-share basis over the 2024-2027 period. The targeted
growth in dividends underscores ADNOC Gas’ strong and visible future cash flows, which provide ample
headroom to invest in long-term future growth and provide stable returns for shareholders.AADDNNOOCC CCllaassssiiffiiccaattiioonn:: PPuubblliicc
US $ Million H1 22 H1 23 YoY % Q2 22 Q1 23 Q2 23 YoY % QoQ %
Pro Forma Pro Forma
Adjusted
H1 23 vs.
Adjusted
Q2 23 vs. Q2 23 vs.
H1 22 Q2 22 Q1 23
resultsi resultsi
Revenue 13,284 10,623 -20% 7,123 5,226 5,397 -24% 3%
COGS -7,773 -6,015 -23% -4,241 -2,938 -3,078 -27% 5%
Opex -947 -1,067 13% -468 -514 -553 18% 8%
EBITDA 4,564 3,540 -22% 2,414 1,774 1,766 -27% 0%
Net Income 2,553 2,259 -12% 1,380 1,275 984 -29% -23%
EBITDA Margin 34% 33% -1% 34% 34% 33% -1% -1%
Capital
-289 -399 38% -166 -174 -226 36% 30%
Expenditure
Free Cash Flow 2,882 2,109 -27% 1,509 1,075 1,035 -31% -4%
i ADNOC Gas was incorporated in the Abu Dhabi Global Market, Abu Dhabi, UAE on 8 December 2022 and the relevant
assets were contributed to ADNOC Gas effective 1 January 2023 as part of a reorganisation (the “Reorganisation”) that
included the entry into a gas supply and purchase agreement, a transitional marketing and transportation agreement, a
sulphur sales and marketing agreement, a pipelines use and operation agreement, a re-injection gas sale agreement and
certain lease agreements. The unaudited pro forma financial results for H1 2022 presented in this document give effect to the
impact of the Reorganisation as if the Reorganisation had taken place on 1 January 2022. The unaudited pro forma financial
results for H1 2022 have been prepared for illustrative purposes only and are based on available information and certain
assumptions and estimates that we believe are reasonable and may differ materially from the actual amounts that would have
been achieved had the Reorganisation taken place on 1 January 2022.
ii Reliability is defined as total available hours (8,760 hours per annum) reduced by the hours of non-availability due to
unscheduled outages divided by total available hours. Average Reliability of 98.9% was achieved across relatable ADNOC
Gas facilities.
###AADDNNOOCC CCllaassssiiffiiccaattiioonn:: PPuubblliicc
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-
scale integrated gas processing company operating across the gas value chain, from receipt of raw gas feedstock
from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to
domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs
and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae.
For media inquiries, please contact:
Mayyasa Saeed Al Yammahi
External Communications Manager, Corporate Communication & CSR
+971 50 117 1779
mayyasa@adnoc.ae
For investor inquiries, please contact:
Zoltan Pandi
Vice President, Investor Relations
+971 56 4362067
zpandi@adnoc.aedq_izi
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11
1Table of Contents
Financial Highlights 3
Operational Highlights 8
Outlook 9
Financial Statements 11
Dividend Policy 15
Appendix: Glossary 17
Page | 2Financial Highlights1
H1 2023
For the first half of 2023 ADNOC Gas plc (“ADNOC Gas” or the “Company”) delivered revenue of
$10,623 million, EBITDA of $3,540 million and net income of $2,259 million (including a non-recurring
item of $298 million from recognizing a deferred tax income in the first quarter).
The Company demonstrated its resilient business model, boosted by effective optimization strategies
(higher volumes, shift to higher margin product streams and cost optimization), to maintain a robust
EBITDA margin of 33% in a lower price environment.
ADNOC Gas continued to focus on operational efficiency and cost optimization, further demonstrating
the best-in-class mix of assets across its network. During the first half of 2023, high levels of reliability
across its assets were maintained at 98.9%.
During the first half of 2023, Domestic Gas production volumes were 1,092 TBTU slightly higher
compared to 1,072 TBTU in the first half of 2022. Exports & Traded liquids volumes also improved to
466 TBTU versus 463 TBTU in the prior period. ADNOC Gas’ share of LNG production volumes reduced
from 137 TBTU to 125 TBTU, mainly due to planned shutdowns.
Brent crude prices in the first half of 2023 were 23% lower year-on-year. LNG, LPG and Naphtha prices
also declined versus the prior year period.
Hence, revenue was impacted by a less favorable pricing environment in the first half of 2023, falling
20% to $10,623 million versus $13,284 million in the first half of 2022. At the same time the feedstock
cost declined 23% from $7,773 million to $6,015 million, benefiting from the Gas Supply and Payment
Agreement (GSPA) with ADNOC Upstream. This 25-year contract is well designed and enables ADNOC
Gas to share in any price upside while also providing downside protection in a less favorable price
environment.
EBITDA in the period was $3,540 million, 22% lower than in the first half of 2022. Domestic Gas EBITDA
amounted to $1,169 million, 8% higher due to favorable contract prices. The EBITDA of Export & Traded
Liquids was impacted by the price environment, decreasing 28%, from $2,498 million a year ago to
$1,790 million in the current period. ADNOC Gas’ share of LNG EBITDA reduced from $709 million to
$490 million year-on-year, mainly due to the price environment and lower volumes due to planned
shutdowns.
In the first half of 2023, net income was $2,259 million. This represents a 12% decrease from $2,553
million recorded in the first half of 2022. The first half of 2023 includes a non-recurring item of $298
million from recognizing a deferred tax asset following the formation of ADNOC Gas. Despite a revenue
decrease of $2,662 million during this period, the impact was largely offset by the reduction of feedstock
costs, which fell by $1,758 million, and a reduction in taxes by $782 million.
A reduction in Free Cash Flow from $2,882 million in the first half of 2022 to $2,109 million in the first
half of 2023 was mainly due to lower Net Income coupled with higher CapEx (+38% YoY) and lower
taxes.
Page | 3During H1 23, ADNOC Gas announced the award of $1.34 billion in contracts to extend the gas pipeline
network by more than 300 kilometers to better connect the Northern Emirates of the UAE
(“ESTIDAMA”).
CapEx spend of $399 million in the first six months of 2023 was driven by growth projects such as
ESTIDAMA and the construction of an additional greenfield gas processing facility co-located with a
significant ADNOC upstream reservoir.
The comprehensive shutdown program and solid asset management systems continue to demonstrate
the effectiveness of our maintenance activities. Of the total CapEx spend, $215 million was spent on
sustaining our assets and turnaround activities enhancing technical life.
Q2 2023
ADNOC Gas plc (“ADNOC Gas” or the “Company”) delivered quarterly revenue of $5,397 million, EBITDA
of $1,766 million and net income of $984 million.
Thanks to the optimization strategies mentioned earlier the company was able to maintain a robust
EBITDA margin of 33% in a lower price environment.
During the second quarter, high levels of reliability across its assets were maintained at 99.0%.
Domestic Gas production volumes were 8% higher YoY at 582 TBTU, compared to 540 TBTU in the
second quarter of 2022. Exports & Traded liquids volumes also increased to 256 TBTU versus 247 TBTU
in the year-ago period. ADNOC Gas’ share of LNG production volumes were slightly down year on year
to 63 TBTU from 66 TBTU.
Brent crude prices in the second quarter of 2023 were 31% lower year-on-year. LNG, LPG and Naphtha
prices also declined significantly versus the prior year period, falling 31%, 40% and 32% respectively.
Hence, revenue was impacted by a less favorable pricing environment in the second quarter of 2023,
falling 24% versus the second quarter of 2022, from $7,123 million to $5,397 million. At the same time
the feedstock cost declined 27% from $4,241 million to $3,078 million, benefiting from the Gas Supply
and Payment Agreement (GSPA) with ADNOC Upstream.
EBITDA in the period stood at $1,766 million, 27% lower than in the second quarter of 2022. Domestic
Gas EBITDA amounted to $615 million, 12% higher due to favorable contract prices. The EBITDA of
Export & Traded Liquids was impacted by the price environment, decreasing from $1,282 million a year
ago to $853 million in the current period. ADNOC Gas’ share of LNG EBITDA reduced from $403 million
to $270 million year-on-year, mainly due to the price environment.
In the second quarter of 2023, net income was $984 million, a decrease from $1,380 million recorded
in the second quarter of 2022.
A reduction in Free Cash Flow from $1,509 million in the second quarter of 2022 to $1,035 million in
the second quarter of 2023 was mainly due to lower Net Income and higher CapEx.
CapEx spend of $226 million in the second quarter of 2023, up 36% year on year, was driven by growth
projects mentioned previously.
The comprehensive shutdown program and solid asset management systems continue to demonstrate
the effectiveness of our maintenance activities. Of the total CapEx spend, $115 million was spent on
sustaining our assets and turnaround activities enhancing technical life.
P age | 4Financial Summary
H1 2023
$ Million H1 221 H1 232 YoY %
10,623
Revenue 13,284 -20%
-6,015
COGS -7,773 -1,067 -23%
OEBpeITxDA 4-,954674 3,540 13%
Net Income232 2,553 2,259 -22%
33% -12%
EBITDA Margin 34% 18% -1%
3
Net Income Margin 19% -1%
2,509
Net cash generated f rom operating activities 3,171 -399 -21%
Capital Expendi ture -289 2,109 38%
Free Cash Flow 2,882 -27%
1 ADNOC Gas was incorporated in the Abu Dhabi Global Market, Abu Dhabi, UAE on December 8, 2022 and the
relevant assets were contributed to ADNOC Gas effective January 1, 2023 as part of a reorganisation (the
“Reorganisation”) that included the entry into a gas supply and payment agreement, a transitional marketing and
transportation agreement, a sulphur sales and marketing agreement, a pipelines use and operation agreement, a re-
injection gas sale agreement and certain lease agreements. The unaudited pro forma financial results for H1 2022
presented in this document give effect to the impact of the Reorganisation as if the Reorganisation had taken place
on January 1, 2022.
2 Net Income in H1 2023 includes a $298 million benefit from recognizing a deferred tax asset, a non-reoccurring
item, following the formation of ADNOC Gas.
3 Net income margin excludes one-off deferred tax asset of $298 million
Page | 5Q2 2023
$ Million Q2 221,4 Q1 232 Q2 23 YoY % QoQ %
Q2 23 vs. Q2 Q2 23 vs. Q1
22 23
5,226
Reven ue 7,123 -2,938 5,397 -24% 3%
COGS -4,241 -514 -3,078 -27% 5%
OEBpeITxDA 2-,446184 1,774 1-,575636 18% 8%
Net Income252 1,380 1,275 984 -27% 0%
34% -29% -23%
EBITDA Margin 34% 19% 33% -1% -1%
3
N et Income Margin 19% 18% -1% -1%
1,2 48
Net cash generated f rom operating activities 1,675 -174 1,260 -25% 1%
Capital Expendi ture -166 1,075 -226 36% 30%
Free Cash Flow 1,509 1,035 -31% -4%
1 ADNOC Gas was incorporated in the Abu Dhabi Global Market, Abu Dhabi, UAE on December 8, 2022 and the
relevant assets were contributed to ADNOC Gas effective January 1, 2023 as part of a reorganisation (the
“Reorganisation”) that included the entry into a gas supply and payment agreement, a transitional marketing and
transportation agreement, a sulphur sales and marketing agreement, a pipelines use and operation agreement, a re-
injection gas sale agreement and certain lease agreements. The unaudited pro forma financial results for Q2 2022
presented in this document give effect to the impact of the Reorganisation as if the Reorganisation had taken place
on January 1, 2022.
2 Net Income in Q1 2023 includes a $298 million benefit from recognizing a deferred tax asset, a non-reoccurring
item, following the formation of ADNOC Gas.
3 Net income margin excludes one-off deferred tax asset of $298 million
4 Pro Forma Adjusted Results
Page | 6H1 2023 Revenue reconciliation
Description $ Million
Total Revenue (As reported in Consolidated Statement of Profit or Loss) 8,163
+ Revenue from ADNOC LNG JV p roportionate Share (Equity Accounted) 1,411
+ Revenue from Re-injection Gas 1,029
+A DRNevOeCn uGea fsr Romev IeGn (uinet ercompany elimination & Other Income) 102,602 3
Page | 7Operational Highlights
ADNOC Gas Plants Efficiency
Efficiency (YTD) Q2 22 Q1 23 Q2 23 H1 22 H1 23
86.8 83.1
97.8 94.4
Asset Utilization (%) 90.2 79.1 87.4
99.0 98.9
Asset Availability (%) 99.4 90.5 98.4
Asset Reliability (%) 99.6 98.5 99.7
ADNOC Gas Production Volumes (TBTU)
Domestic Gas Trading & Exports ADNOC LNG JV Product Share
1672 1683
137 125
463 466
901
852
782
63
66
62 256
247
210
1,072 1,092
540 510 582
Q2 2022 Q1 2023 Q2 2023 H1 2022 H1 2023
Note: ADNOC Gas’ proportionate 70% share of volumes in ALNG.
There was improved availability and utilization in Q2 23 on account of fewer shutdowns compared to
Q1 23. Consequently, production improved versus the prior quarter and comparable quarter in the
previous year.
Page | 8Outlook
To enable ADNOC’s strategic imperative of expanding production capacity from four to five million
barrels per day by 2027, ADNOC Gas has accelerated its own growth plans.
The Company continues to make significant progress with its five-year (2023 to 2027) $14 billion
strategic and growth project portfolio, encompassing a range of projects integral to ensuring it
continues to leverage the expansion of ADNOC’s upstream output and elevates the efficiency of its own
operations and production output.
To enable the domestic delivery of that increased capacity, ADNOC Gas recently awarded $1.34 billion
in contracts for the construction of approximately 300km of natural gas pipeline to the Northern
Emirates, marking another key milestone for the sales gas pipeline network enhancement (ESTIDAMA)
program. This strategic pipeline extension will drive further growth for ADNOC Gas as it continues to
supply sustainable gas supplies in the UAE in support of the company’s strategy to increase its market
share and enhance its customer base.
Page | 9ADNOC Gas’ fiscal year 2023 financial guidance
Units H1 23 FY23
EBITDA Margin % 33 33 - 35
Volumes
Domestic Gas Products TBTU 1092 2,150 – 2,250
Export and Traded Liquids TBTU 466 900 – 950
1
ADNOC LNG JV Products TBTU 125 200 – 250
Net Profit Unit Margins
Domestic Gas Products $/ MMBTU 0.88 0.80 – 0.90
2
Export and Traded Liquids $/ MMBTU 1.68 1.70 – 1.80
2
ADNOC LNG JV Products $/ MMBTU 1.70 1.60 – 1.80
1. ADNOC Gas’ proportionate 70% share of volumes includes LNG, LPG, Naphtha and Sulphur
2. Assuming an H2 23 oil price range of 70-80 US$/bbl
The Company’s long-term growth remains supported by the maintenance of production capacity, the
UAE’s goal to achieve gas self-sufficiency and the development of its vast low carbon solutions. ADNOC
Gas continues to strive to make strong progress on delivering growth and maximizing returns for our
shareholders. The immediate focus remains on meeting robust financial targets, whilst maintaining
operational excellence.
Page | 10Financial Statements
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the period from 8 December 2022 (date of incorporation) to 30 June 2023
For the three-month For the period from 8
period ended 30 June December 2022 to 30
2023 June 2023
$’000 $’000
Revenue 4,059,205 8,162,920
Gas costs:
- Minimum price (868,902) (1,595,787)
- Profit sharing (1,602,381) (3,283,387)
- Fuel gas payment (47,545) (88,888)
Other operating income 282,737 528,714
Employee costs (237,646) (418,038)
Depreciation and amortization (257,181) (511,517)
Inventory consumption (18,309) (39,482)
Other operating costs (45,707) (103,880)
General and administration expenses (7,981) (38,211)
Share of operating costs in equity accounted investee (64,619) (129,120)
Share of results of equity accounted investee 140,299 229,445
–––––––––––––– ––––––––––––––
Operating profit 1,331,970 2,712,769
Finance income 16,929 19,432
F inance costs (73,135) (111,441)
–––––––––––––– ––––––––––––––
Profit before tax for the period 1,275,764 2,620,760
Current income tax expense (316,981) (690,638)
Deferred tax credit 24,874 328,750
–––––––––––––– ––––––––––––––
Profit and total comprehensive income for the period 983,657 2,258,872
Earnings per share:
Basic (USD) 0.013 0.034
Page | 11INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period from 8 December 2022 (date of incorporation) to 30 June 2023
Share Retained Total
Capital earnings equity
$’000 $’000 $’000
Balance at incorporation 50 - 50
Additional shares issued upon Group Reorganization 19,187,805 - 19,187,805
Profit and comprehensive income for the period - 2,258,872 2,258,872
Balance at 30 June 2023 –––––1–9–,–1–8–7–,–8–5–5– ––––2–,–2–5–8–,–8–7–2– ––––––2–1–,–4–4–6–,–7–2–7–
––– ––– ––
Page | 12INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
A s at 30 June 2023 $’000
Assets
Non-current assets
Property, plant and equipment 20,031,670
Intangible assets 94,433
Right-of-use assets 37,404
Investment in equity accounted investees 1,239,885
D To eft ea rl r n eo dn ta-c xu ar sr se en tst assets ––––------------ --4----6-----9----,-–6–––7–––1––
––––---2-----1----,--8----7-----3----,-–0–––6–––3––
Current assets
Inventories 158,409
Trade receivables 152,214
Prepayments and other receivables 144,646
Contract assets 1,270,128
Amounts due from related parties 91,767
C T ao st ha l a c nu dr cr ae sn ht ea qs use ivt as l ents ––––------ --3----,--6----8-----8----,-–7–––0–––0––
Total assets ––––--------5----,--5----0-----5----,-–8–––6–––4––
Equity and liabilities ––––---2-----7----,--3----7-----8----,-–9–––2–––7––
Equity
Share capital 19,187,855
R T eo tt aa il n e eq du ei at ry n ings ––––--------2----,--2----5-----8----,-–8–––7–––2––
Non-current liabilities ––––---2-----1----,--4----4-----6----,-–7–––2–––7––
Lease liabilities 27,830
D To ecta ol m n mo in s- sc iou nrr ine gn pt rli oa vb isil ioit nie s ––––--------2----,--2----0-----5----,-–7–––8–––3––
Current liabilities ––––--------2----,--2----3-----3----,-–6–––1–––3––
Shareholder loans 1,350,000
Trade and other payables 632,713
Amounts due to related parties 1,623,633
Lease liabilities 9,056
I T no ct oa ml c eu tr ar xe pn at y l ai bab lei lities ––––---------------- --8-----3----,-–1–––8––5–––
Total liabilities ––––--------3----,--6----9-----8----,-–5–––8–––7––
Total equity and liabilities ––––--------5----,--9----3-----2----,-–2–––0–––0––
––––---2-----7----,--3----7-----8----,-–9–––2–––7––
Page | 13INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOorP EthReA TpIeNrGi oAdC TfrIVoImTI E8S December 2022 (date of incorporation) to 30 June 2023 $’000
Profits after tax for the period 2,258,872
Adjustments for:
Depreciation on property, plant and equipment 495,892
Depreciation on right-of-use assets 4,107
Amortization of intangible assets 11,518
Allowance for slow moving and obsolete inventories 11,465
Share of results of equity accounted investees (229,445)
Share of operating costs of equity accounted investees 129,120
Deferred tax credit (328,750)
Current income tax expense 690,638
Finance income (19,432)
N Fe it n aca ns ch e cfl oo sw tss from operating activities before changes in working capital ––––––----- -1-----1----1-----,--4-––4–––1–––
3,135,426
Changes in working capital:
Increase in inventories (46,304)
Increase in trade receivables (1,341,942)
Increase in prepayments and other receivables (144,646)
Increase in amounts due from related parties (24,306)
Increase in trade and other payables 122,228
C Ia ns ch r ef alo sew is n f ar mom ou o np tse r da ut ei n tog ra ec lt ai tv ei dti pes a rties ––––––-1-----,-3-----4----5-----,-6-–––9–––0––
3,046,146
N Te at x c ea ss ph a f il do ws generated from operating activities ––––––-(---6-----0----7-----,-4----–5–––3–––)–
INVESTING ACTIVITIES ––––––-2-----,-4-----3----8-----,-6-–––9–––3––
Payments for purchase of property, plant and equipment (307,276)
Dividends received 167,147
N Fe it n aca ns ch e if nlo cw oms eu sed in investing activities ––––––------------1----9-----,-4-–––3–––2––
FINANCING ACTIVITIES ––––––-(---1-----2----0-----,-6----–9–––7–––)–
Shareholder loans 1,350,000
Share capital 50
Repayment of lease liabilities (9,021)
N Fe it n aca ns ch e cfl oo sw tss p g ae idn erated from financing activities ––––––---- --(---5----6-----,-8----–6–––5–––)–
NET INCREASE IN CASH ––––––-1-----,-2-----8----4-----,-1-–––6–––4––
3,602,160
CC aA sS hH
a
A ndN D
ca
C shA S eH
qu
E ivQ aU leI nV tA
s
L aE riN siT nS g, oA nT
G
T rH ouE
p
E RN eD
o
rO gF
a
nT iH zaE
ti
P onE RIOD –––––3–---,--6-----8--8---8-6----,-,7-5-––0–4––0–0––
––––––-----------------------––––––––
Page | 14Dividend Policy
The Company’s ability to pay dividends is dependent on several factors, including the availability of
distributable reserves, capital expenditure plans and other cash requirements in future periods. Any
level or payment of dividends will depend on, among other things, future profits and the business plan
of the Company, at the discretion of our Board of Directors and ultimately shareholder approvals.
The Company is targeting to pay a fixed dividend amount of $1,625 million in the fourth quarter of 2023
in respect of the first half of the year ended December 31, 2023, and a further $1,625 million in the
second quarter of 2024 in respect of the second half of the year ended December 31, 2023.
Thereafter, we expect to grow the annual target dividend amount from $3,250 million (which is equal
to the annualized dividend for fiscal year 2023) by a growth rate of 5% per annum on a dividend per
share basis over the period 2024-2027.
This progressive dividend policy is designed to reflect our expectation of strong cash flow and our
expected long-term earning potential, while allowing us to retain sufficient flexibility to fund continued
investment in long-term growth opportunities. In addition, the Company expects that the Board of
Directors will also consider market conditions, the then-current operating environment in the markets
in which the Company operates and the outlook for the ADNOC Group’s business.
Page | 15Earnings Webcast and Conference Call
ADNOC Gas will host an earnings webcast and conference call followed by a Q&A session for investors
and analysts on Monday, August 7, 2023, at 3pm UAE time / 12pm BST time.
here.
The call will be hosted by Ahmed Alebri (CEO) and Peter van Driel (CFO). Interested parties are invited
Investor
to join the call by clicking
Relations section .
A replay and transcript will be made available following the event, accessible from the
of ADNOC Gas’ website
Third Quarter 2023 Results
We expect to announce our third quarter 2023 results on or around November 14, 2023.
Contacts
Zoltan Pandi
Vice President, Investor Relations
zpandi@adnoc.ae
Richard Griffith
Vice President, Investor Relations
rgriffith@adnoc.ae
Abdulla Al Hammadi
Manager, Investor Relations
abdullah.hammadi@adnoc.ae
August 4, 2023
ADNOC Gas plc
Page | 16Appendix: Glossary
Financial Terms
EBITDA
Net debt
represents Earnings Before Interest, Tax, Depreciation and Amortization
is calculated as total interest-bearing debt less cash and bank balances (including term
Net debt to EBITDA
deposits with banks) adjusted for lease liabilities.
ratio is calculated as interest-bearing net debt as of the end of the period presented,
Capital Employed
divided by EBITDA for the twelve months ended on the last day of the period presented.
Return on Capital Employed
is calculated as the sum of total assets minus non-interest-bearing current liabilities.
is calculated as operating profit for the twelve months ended on the last
day of the period presented divided by capital employed on the last day of the period presented.
Leverage
Operating Profit is defined as profit excluding financing, tax and income and expenses from investments.
ratio is calculated as (a) interest-bearing net debt, divided by (b) the sum of interest-bearing
net debt plus total equity.
Return on Equity is calculated as profit for the period for the twelve months ended on the last day of the
Operating Working Capital
period presented divided by total equity on the last day of the period presented.
is calculated as current assets excluding cash and bank balances minus
Operating Cashflows
current liabilities excluding lease liabilities.
are Net cash generated from operating activities as stated in the cash flow.
Free Cash Flow
statement.
is calculated as net cash generated from operating activities less payments for purchase
Opex
of property & equipment and advances to contractors and finance income received.
represents Operating expenditure that includes direct cost and general and administrative
expenses excluding depreciation, amortization and impairment as stated in the statement of profit or
Capital Expenditure
loss and other comprehensive income.
is total cash capital expenditure for payments made for purchase of property and
equipment including prepaid delivery payments as stated in the cash flow statement.
All financial terms have meaning as defined in the International Financial Reporting Standards (“IFRS”)
IFRS
unless otherwise stated.
are accounting standards issued by the IFRS Foundation and the International Accounting
Standards Board (IASB). They constitute a standardized way of describing the company's financial
performance and position so that company financial statements are understandable and comparable
2022 Unaudited Pro-Forma Results
across international boundaries.
have been prepared for illustrative purposes only and are based
on available information and ce rtain assumptions and estimates that we believe are reasonable.
Page | 17Cautionary Statement Regarding Forward-Looking Statements
The information contained in this presentation is for background purposes only and does not purport
to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever
on the information contained in this presentation or on its completeness, accuracy or fairness. The
information in this presentation is subject to change. No obligation is undertaken to update this
presentation or to correct any inaccuracies, and the distribution of this presentation shall not be
deemed to be any form of commitment on the part of ADNOC gas plc and its subsidiaries (“ADNOC Gas”)
to proceed any transaction or arrangement referred to herein. This presentation has not been approved
by any competent regulatory authority. This presentation does not constitute or form part of any offer
or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or
any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be
relied on connection with or act as an inducement to enter into, any contract or commitment
whatsoever. Investors should not purchase any shares on the basis of the information contained in this
presentation. distribution of this presentation and other information may be restricted by law and
persons into whose possession this presentation, any document or other information referred to herein
comes should inform themselves about, and observe, any such restrictions. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any such jurisdiction. This
presentation has not been reviewed, verified, approved and/or licensed by the Central Bank of the
United Arab Emirates (the “UAE”), the Securities and Commodities Authority of the UAE and/or any
other relevant licensing authority in the UAE including any licensing authority incorporated under the
laws and regulations of any of the free zones established and operating in the territory of the UAE,
including the Financial Services Regulatory Authority, a regulatory authority of the Abu Dhabi Global
Market, and the Dubai Financial Services Authority, a regulatory authority of the Dubai International
Financial Centre, or any other authority in other jurisdiction. None of Abu Dhabi National Oil Company
(ADNOC) P.J.S.C (“ADNOC”), ADNOC Gas and/or any of their respective subsidiary undertakings,
affiliates or any of their respective directors, officers, employees, advisers, agents or any other person(s)
accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express
or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this
presentation (or whether any information has been omitted from this presentation) or any other
information relating to ADNOC Gas associated companies, whether written, oral or in a visual or
electronic form, and howsoever transmitted or made available or for any loss howsoever arising from
any use of this presentation or its contents or otherwise arising in connection therewith. If this
presentation contains “forward looking” statements, beliefs or opinions, including statements with
respect to the business, financial condition, results operations, liquidity, prospects, growth, strategy and
plans of ADNOC Gas, and the industry in which ADNOC Gas operates. These forward-looking statements
involve known and unknown risks uncertainties, many of which are beyond ADNOC Gas’ control and all
of which are based on ADNOC Gas’ current beliefs and expectations about future events. Forward
looking statements are sometimes identified by the use of forward-looking terminology such as
“believes”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”,
“plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other
variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals,
future events or intentions. These forward-looking statements include all matters that are not historical
facts and involve predictions. Forward looking statements may and often do differ materially from
actual results. They appear in a number of places throughout this presentation and include statements
regarding the intentions, beliefs or current expectations of the directors or ADNOC Gas with respect to
future events and are subject to relating to future events and other risks, uncertainties and assumptions
relating to ADNOC Gas’ business, concerning, amongst other things, the results of operations, financial
condition, prospects, growth and strategies of ADNOC Gas and the industry in which it operates. No
Pasasguer a| n1c8e can be given that such future results will be achieved; actual events or results may differmaterially as a result of risks uncertainties facing ADNOC Gas. Such risks and uncertainties could cause
actual results to vary materially from the future results indicated, expressed, or implied in such forward-
looking statements. Forward-looking statements contained in this presentation speak only as of the date
of this presentation. ADNOC, ADNOC Gas and/or their respective affiliates, expressly disclaim any
obligation undertaking to release publicly any updates or revisions to any forward-looking statements
conta ined in this presentation to reflect any change in its expectations or any change in events,
c onditions circumstances on which such statements are based unless required to do so by applicable
law.
Page | 19

Sentiment: neutral