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NOVATEK announces third quarter and nine months 2008 IFRS results
10 November 2008
Moscow, 10 November 2008. OAO NOVATEK today released its consolidated interim condensed financial information for the three and nine months ending 30 September 2008 prepared in accordance with International Financial Reporting Standards («IFRS»).
IFRS Financial and Operational Highlights
In the three and nine months ended 30 September 2008, our total revenues grew by 34.5% to RR 20,463 million and by 37.8% to RR 62,691 million as compared to the corresponding periods of 2007. The increase in our total revenues reflects the general strength and stability of our core business operations.
Profit attributable to NOVATEK shareholders in the third quarter and nine months of 2008 increased by 11.0% to RR 5,682 million, or RR 1.87 per share, and by 47.9% to RR 20,238 million, or RR 6.67 per share, respectively, as compared to the corresponding periods of 2007.
Selected Operating Highlights
In the third quarter 2008, our natural gas sales volumes increased due to the restoration of production levels at the East Tarkosalinskoye field and organic production growth at the Yurkharovskoye field.
Our liquids sales volumes were lower in the period due to an increase in our inventory balances as of 30 September 2008. At 30 September 2008, we had 216 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 as compared to 128 thousand tons as of 30 September 2007. During the period, we had one tanker of stable gas condensate that was delayed from discharging its cargo due to damages at the receiving port in Houston, Texas caused by Hurricane Ike. The cargo subsequently was discharged in October and will be recorded as revenues in the fourth quarter 2008.
«We are very pleased with the results achieved in the third quarter 2008 despite some challenging market conditions caused by the credit and liquidity crisis» stated Leonid
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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