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NOVATEK announces IFRS results for the second quarter and six months ended 30 June 2006
25 August 2006
Moscow, 25 August 2006. OAO NOVATEK today released its consolidated interim condensed financial information for the three and six months ending 30 June 2006 prepared in accordance with International Financial Reporting Standards («IFRS»).
The Second Quarter and Six Months 2006 IFRS Financial Highlights
(1) In July 2006, NOVATEK registered a 1000:1 share split which has been given retroactive effect in the consolidated interim condensed financial information. The average weighted average number of shares outstanding in both periods is 3,036,306,000. Earnings per share amounts in Russian roubles.
In the three and six months ended 30 June 2006, profit attributable to shareholders of OAO Novatek decreased compared to the corresponding period in 2005 due to the realization of gains on disposals of investments in oil and gas producing associates and other
Excluding the impact of disposals, net of associated income taxes, on the 2005 periods profit attributable to shareholders of Novatek in the three and six months ended 30 June 2006 increased by RR 577 million and RR 1,979 million, respectively, compared to the corresponding periods in 2005.
Selected Operating Highlights
In the three and six month periods ended 30 June 2006, natural gas sales volumes increased primarily due to increased production at our core fields.
In the three and six month periods ended 30 June 2006, we recorded 187 thousand tons of stable gas condensate as «goods in transit» due to the change in our export terms. These volumes were recognized as inventory until such time as they are delivered to the port of destination.
Selected Balance Sheet Items
The full set of consolidated interim condensed IFRS financial information, the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. 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».