NOVATEK announces First Quarter 2007 IFRS results

31 May 2007

Moscow, 31 May 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three months ending 31 March 2007 prepared in accordance with International Financial Reporting Standards («IFRS»).

First Quarter 2007 IFRS Financial Highlights

(in millions of Russian roubles, except per share data)
1Q 2007
1Q 2006
Revenues
 
 
Oil and gas sales
14,871
11,380
Sales of polymer and insulation tape
309
257
Other
65
41
 Total revenues
15,245
11,678
Other income (loss)
16
(113)
Total revenues and other income
15,261
11,565
Total operating expenses
(9,565)
(6,784)
Profit before income tax
5,719
4,874
Profit for period
4,342
3,702
Profit attributable to shareholders
4,347
3,717
Basic and diluted earnings per share(in Russian roubles)
1.43
1.22

In the three months ended 31 March 2007, profit attributable to shareholders of OAO Novatek increased by RR 630 million as compared to the corresponding period in 2006 due to a combination of increased natural gas and liquids sales volumes and higher prices for natural gas.

Selected Operating Highlights

 
1Q 2007
1Q 2006
Sales Volumes
 
 
Natural gas (millions cubic meters)
9,119
7,834
Stable gas condensate (thousand tons)
385
257
Liquefied petroleum gas (thousand tons)
123
129
Crude oil (thousand tons)
68
66
Oil products (thousand tons)
18
23

As at 31 March 2007, 182 thousand tons of stable gas condensate was recorded as «goods in transit» compared to 141 thousand tons as at 31 March 2006. NOVATEK also recorded 107 million 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 fluctuate period-to-period depending on market conditions, storage capacity, and field development plans.

Selected Balance Sheet Items

(in millions of Russian roubles)
 
31 March 2007
31 December 2006
ASSETS
 
 
Non-current assets
 
 
Property, plant and equipment, net
69,507
66,734
Total non-current assets
70,963
68,508
Total current assets
18,998
15,818
Total assets
89,961
84,326
LIABILITIES AND EQUITY
 
 
Non-current liabilities
 
 
Long-term debt
242
543
Total non-current liabilities
10,136
10,552
Total current liabilities
6,763
5,098
Total liabilities
16,899
15,650
Equity attributable to Group Shareholders
 
 
Total equity attributable to Group shareholders
72,711
68,320
Minority interest
351
356
Total equity
73,062
68,676
Total liabilities and equity
89,961
84,326

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 gas 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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