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NOVATEK announces consolidated IFRS results for the year ended 31 December 2007
21 April 2008
Moscow, 21 April 2008. OAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2006, 2007 prepared in accordance with International Financial Reporting Standards («IFRS»).
IFRS Financial and Operational Highlights
Total revenues grew by 26.8%
Profit attributable to NOVATEK shareholders increased by 33.1% to RR 18,736 million, or RR 6.17 per share as compared to RR 14,079 million, or RR 4.64 per share for the corresponding period in 2006.
Selected Operating Highlights
Sales volumes of natural gas for the full year increased by 1,746 million cubic meters, or by 5.8%, from 30,308 million cubic meters in 2006 to 32,054 million cubic meters in 2007. Net liquid sales volumes increased by 6.9% from 2,249 thousand tons in 2006 to 2,404 thousand tons in 2007.
At 31 December 2007, we had 224 thousand tons of stable gas condensate in transit or storage and recognized as inventory until such time as it is delivered to the port of destination compared to 190 thousand tons as of 31 December 2006. Our stable gas condensate in transit or storage and recognized as inventory increased by 34 thousand tons as at 31 December 2007 as compared to the inventory balance at 1 January 2007, while in 2006 the inventory balance increased by 179 thousand tons. The remaining change in liquids inventory balances related to changes in other liquid products.
Selected Balance Sheet Items
The full set of audited consolidated IFRS financial statements for the year ended 31 December 2006 and 2007 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. 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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