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NOVATEK announces IFRS results for the second quarter and six months ended 30 June 2007
23 August 2007
Moscow, 23 August 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three and six months ending 30 June 2007 prepared in accordance with International Financial Reporting Standards («IFRS»).
The Second Quarter and Six Months 2007 IFRS Financial Highlights
In the three and six months ended 30 June 2007, profit attributable to shareholders of OAO NOVATEK increased by RR 717 million and RR 1,347 million, respectively, compared to the corresponding period in 2006 due to a combination of increased natural gas and liquid sales volumes and prices.
Selected Operating Highlights
n the three and six month periods ended 30 June 2007, natural gas sales volumes increased primarily due to increased production and a net decrease in inventory balances while liquids (stable gas condensate, liquefied petroleum gas, crude oil and oil products) sales volumes increased primarily due to increased crude oil production and a decrease in net volumes of stable gas condensate recorded as goods in transit.
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 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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