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NOVATEK announces IFRS results for the third quarter and nine months ended 30 September 2006
27 November 2006
Moscow, 27 November 2006.. OAO NOVATEK today released its consolidated interim condensed financial information for the three and nine months ending 30 September 2006 prepared in accordance with International Financial Reporting Standards (“IFRS”).
The Third Quarter and Nine Months 2006
(1) In July 2006, NOVATEK registered a 1000:1 share split which has been given retroactive effect in the consolidated interim condensed financial information. The average weighted average number of shares outstanding in both periods is 3,036,306,000. Earnings per share amounts in Russian roubles.
In the three and nine months ended 30 September 2006, profit attributable to shareholders of OAO Novatek increased by RR 1,211 million and RR 504 million, respectively, as compared to the corresponding periods in 2005 due to a combination of increased sales volumes (excluding disposals) and prices for natural gas and liquid hydrocarbons.
Selected Operating Highlights
As at 30 September 2006, 141 thousand tons of stable gas condensate was recorded as “goods in transit” due to the change in export terms. These volumes are recognized as inventory until such time as they are delivered to the final port of destination. NOVATEK also recorded 905 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 are expected to fluctuate period-to-period depending on market conditions, storage capacity, and field development plans.
Selected Balance Sheet Items
(in millions of Russian roubles)
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).
Certain statements in this press release are not historical facts and are “forward looking” within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934 (hereinafter, the Exchange Act). Forward looking statements include statements concerning our plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, our business strategy and the trends we anticipate in the industries and the political and legal environment in which we operate and other information that is not historical information. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved.
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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