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NOVATEK announces preliminary first quarter 2006 results
26 May 2006
Moscow, 26 May 2006. OAO NOVATEK today reported its preliminary first quarter 2006
Profit attributable to NOVATEK shareholders increased by 61% to RR 3,717 million, or RR 1,224 per share (basic and diluted), in the first quarter ended 31 March 2006, from RR 2,315 million, or RR 762 per share (basic and diluted), for the corresponding period in 2005.
Total revenues and other income grew by 31%
Total revenues and net income rose due to increases in natural gas and liquids production at the Company’s core fields together with continued favorable market conditions throughout the period.
Natural gas sales increased by 24% to RR 7,331 million in the three months ended 31 March 2006 from RR 5,938 million in the same period of 2005. Revenue from liquid hydrocarbon sales increased by 57% to RR 3,988 million in the first quarter 2006 compared to RR 2,544 million in the corresponding period in 2005. The Company’s stable gas condensate and liquefied petroleum gas sales accounted for 64% and 23%, respectively, of the liquid hydrocarbon sales during the period.
The Company continued to strengthen it balance sheet by reducing total debt by 17% as at 31 March 2006 compared to total debt at year end 2005. The Company’s total debt to total capitalization was 10% at the 31 March 2006 compared to 12% at 31 December 2005.
First Quarter IFRS Financial and Operational Highlights
Selected Income Statement Items
Selected Balance Sheet Items
Selected Operating Data
The full set of consolidated IFRS financial statements and notes thereto will be available on the Company’s web site (www.novatek.ru) on 31 May 2006.
Certain statements in this press release are not historical facts and are «forward looking» within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934 (hereinafter, the Exchange Act). Forward looking statements include statements concerning our plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, our business strategy and the trends we anticipate in the industries and the political and legal environment in which we operate and other information that is not historical information. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved.
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. Upstream activities of the Company’s subsidiaries and joint ventures 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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