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NOVATEK ANNOUNCES IFRS RESULTS FOR THE SECOND QUARTER AND THE FIRST HALF 2005
06 September 2005
Moscow, 5 September, 2005. OAO NOVATEK announced record earnings in its second quarter and first half 2005 consolidated interim condensed financial results prepared in accordance with International Financial Reporting Standards («IFRS») and reviewed by PricewaterhouseCoopers.
Net profit attributable to NOVATEK for the six months ending 30 June 2005 totaled RR 7,923 million, or RR 2,609 per share (basic and diluted), compared to RR 2,318 million, or RR 1,032 per share for the same period in 2004. For the second quarter 2005, net profit attributable to NOVATEK increased six fold to RR 5,608 million, or RR 1,847 per share (basic and diluted) from RR 884 million, or RR 393 per share.
Net profit for both periods rose mainly to continued increases in production volumes from the Yurkharovskoye field, the impact on financial results due to the December 2004 asset consolidations, and the net gains on disposal of investments in oil and gas producing associates.
Total revenues and other income grew by 71% to RR 21,983 million for the
Excluding the gain on disposal of investments in oil and gas producing associates, total revenues and other income for the second 2005 period rose by 52% as compared with 2004. Total revenues from our core oil and gas business activities increased by 47% to RR 9,355 million in 2005 from RR 6,358 million in the 2004 period.
Natural gas sales increased by 73% to RR 11,392 million in the six months ended 30 June 2005 from RR 6,590 million in the corresponding 2004 period, while revenues from liquids increased from RR 3,757 million in 2004 to RR 6,377 million, or 70%, during the period. For the second quarter 2005, revenues from natural gas increased by 75% to RR 5,454 million from RR 3,114 million in the corresponding 2004 period, while revenues from liquids (crude oil and gas condensate, stable condensate and oil products) increased by 82% to RR 3,622 million from RR 1,995 million in 2004.
Natural gas sales volumes for the
In the second quarter 2005, natural gas sales volumes increased by 59% to 6,760 million cubic meters to from 4, 239 million cubic meters for the corresponding period in 2004, whereas liquids sales volumes increased by 31% to 663 thousand tons from 506 thousand tons in the 2004 period.
The Second Quarter And The First Half 2005 IFRS Financial and Operational Highlights
Selected Operating Data
Selected Balance Sheet Items (in millions of Russian roubles)
The full set of consolidated interim condensed IFRS financial statements and notes thereto are available on the Company’s web site (www.novatek.ru)
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
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