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NOVATEK announces IFRS results for the third quarter and nine months ended 30 September 2007
21 November 2007
Moscow, 21 November 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three and nine months ending 30 September 2007 prepared in accordance with International Financial Reporting Standards («IFRS»).
The Third Quarter and Nine Months 2007 IFRS Financial Highlights
In the three and nine months ended 30 September 2007, profit attributable to shareholders of OAO NOVATEK increased by RR 1,033 million and RR 2,380 million, respectively, compared to the corresponding periods in 2006 due to a combination of increased prices for natural gas and liquids and an increase in liquids sales volumes.
Selected Operating Highlights
In the third quarter of 2007, natural gas sales volumes decreased, compared to the corresponding period in 2006, primarily due to a decrease in volumes sold to wholesale traders. In the 2007 period, liquids (stable gas condensate, liquefied petroleum gas, crude oil and oil products) sales volumes increased compared to the 2006 period, primarily due to increased gas condensate and crude oil production.
In the nine month period of 2007, natural gas sales volumes increased, compared to the corresponding period in 2006, due to an increase in purchases and a decrease in natural gas inventory volumes. In the 2007 period, liquids sales volumes increased compared to the 2006 period, due to a combination of increased 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 one of the largest independent natural gas producers 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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