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NOVATEK announces second quarter and first half 2011 IFRS results
Mark Gyetvay, Deputy Chairman of the Management Board
Alexander Nazarov, Head of IR
+7 (495) 730-6013
Maria Dokuchaeva, Press-secretary
+7 (495) 721-2207
12 August 2011
Moscow, 12 August 2011. OAO NOVATEK today released its consolidated interim condensed financial information for the three and six months ended 30 June 2011 prepared in accordance with International Financial Reporting Standards (“IFRS”).
IFRS Financial and Operational Highlights
(in millions of Russian roubles)
Total revenues in the second quarter and first half 2011, increased by 57.8% and 59.9%, respectively, as compared to the corresponding periods in 2010, primarily due to higher natural gas and liquid hydrocarbons’ sales volumes and prices.
Profit from operations increased by 80.4% and 69.2% in the second quarter and first half 2011, respectively, compared to the corresponding reporting period in 2010 due to the growth in revenues and our ability to control operating expenses. Profit attributable to shareholders of OAO NOVATEK more than doubled (102.0%) in the second quarter 2011 and increased by 81.6% in the first half of 2011, resulting in earnings per share of RR 4.75 and RR 10.97, respectively, due primarily to higher oil and gas sales and cost optimization.
Selected Operating Highlights
In the second quarter and first half 2011, our natural gas sales volumes increased by 49.6% and 43.3%, respectively, compared to the corresponding periods in 2010. The increases were primarily due to the growth in NOVATEK’s production capacity combined with the expansion of our customer portfolio and higher natural gas demand in the domestic market.
During the second quarter 2011, our total liquids’ sales volumes increased by 25.1% and our total liquids’ sales volumes in the first half of 2011 increased by 34.9% compared to the corresponding periods in 2010 primarily due to organic growth in production capacity. At 30 June 2011, we recorded 274 thousand tons of stable gas condensate in transit or storage and recognized as inventory as compared to 332 thousand tons as of 30 June 2010.
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).
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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