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NOVATEK announces consolidated IFRS results for the year ended 31 December 2006
23 April 2007
Moscow, 23 April 2007. OAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2006 prepared in accordance with International Financial Reporting Standards («IFRS»).
IIFRS Financial and Operational Highlights
(1) In July 2006, NOVATEK registered a 1000:1 share split which has been given retroactive effect in the consolidated financial statements. The average weighted average number of shares outstanding in both periods is 3,036,306,000. Earnings per share amounts are presented in Russian roubles.
(2) Normalized basic and diluted earnings per share exclude the
Total revenues grew by 26.9%
Profit attributable to NOVATEK shareholders increased by 2.8% to RR 14,079 million, or RR 4.64 per share (basic and diluted) as compared to RR 13,697 million, or RR 4.51 per share (basic and diluted) for the corresponding period in 2005. Excluding the
Selected Operating Highlights
Sales volumes of natural gas for the full year increased by 2,978 million cubic meters, or by 10.9%, from 27,330 million cubic meters in 2005 to 30,308 million cubic meters in 2006. Net liquid sales volumes decreased by 8.6% from 2,460 thousand tons in 2005 to 2,249 thousand tons in 2006. The decrease in our liquid sales volumes is largely due to a change in commercial terms resulting in the recording of inventory balances and the disposal of Geoilbent in June 2005.
As at 31 December 2006, 179 thousand tons of stable gas condensate was recorded as «goods in transit» due to the change in commercial export terms. These volumes are recognized as inventory until such time as they are delivered to the final port of destination. NOVATEK also recorded 1billion cubic meters of natural gas as inventory and held in underground storage facilities maintained by OAO Gazprom. Natural gas volumes injected into underground storage facilities are expected to fluctuate
Selected Balance Sheet Items
The full set of audited consolidated IFRS financial statements and the related notes thereto as well as 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».
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