NOVATEK announces consolidated IFRS results for the first quarter 2012

Mark Gyetvay, Deputy Chairman of the Management Board
Alexander Nazarov, Head of IR
+7 (495) 730-6013
ir@novatek.ru

 

Maria Dokuchaeva, Press-secretary
+7 (495) 721-2207
press@novatek.ru

 

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11 May 2012

Moscow, 11 May 2012. OAO NOVATEK today released its consolidated interim condensed financial information as of and for the three months ended 31 March 2012 prepared in accordance with International Financial Reporting Standards (“IFRS”).
 
IFRS Financial and Operational Highlights
(in millions of Russian roubles)

   
1Q 2012
1Q 2011
Revenues
 
 
Oil and gas sales
54,152
44,826
Other revenues
221
68
Total revenues
54,373
44,894
Total operating expenses
(31,851)
(23,443)
Other operating income (loss)
41
53
Profit from operations
22,563
21,504
Finance income (expense)
5,624
2,738
Profit before income tax
27,196
23,632
Profit (loss)
21,239
18,716
Profit (loss) attributable toshareholders of
OAO NOVATEK
21,245
18,769
Basic and diluted earnings per share
(in Russian roubles)
7.00
6.19

 
In the first quarter of 2012, our total revenues grew by 21.1% to RR 54,373 million compared to RR 44,894 million in the corresponding period of 2011, primarily due to an increase in natural gas sales volumes and average prices as a result of significantly expanding the share of natural gas sold to end-customers.
 
We recorded an increase of 13.2% in profit attributable to NOVATEK shareholders, which amounted to RR 21,245 million or RR 7.00 per share, as compared to the corresponding period in 2011 that was primarily due to higher oil and gas sales and foreign exchange gains.
 

Production and Purchased Volumes
1Q 2012
1Q 2011
Natural gas production,
million cubic meters (mmcm)
13,045
11,939
Equity share in natural gas production from joint ventures, mmcm
1,409
1,371
Natural gas purchases, mmcm
900
-
Total natural gas production and purchases, mmcm
15,354
13,310
Liquids production, thousand tons (mt)
1,080
1,024
Liquids purchases, mt
2
1
Total liquids production and purchases, mt
1,082
1,025

 

Sales Volumes
1Q 2012
1Q 2011
Natural gas, mmcm
16,050
13,992
Stable gas condensate, mt
624
724
Liquefied petroleum gas, mt
238
229
Crude oil, mt
84
49

 
In the first quarter 2012, sales volumes of natural gas increased compared to the corresponding period in 2011 due to production growth at our three core fields resulting from the ongoing development activities at the Yurkharovskoye field as well as greater utilization of production capacity at the Khancheyskoye and East-Tarkosalinskoye fields due to increased natural gas demand in the domestic market.
 
In the first quarter 2012, our total liquids production volumes increased by 5.5% compared to the corresponding period in 2011.  However, our sales volumes of liquids decreased by 5.5% in the first quarter 2012 due to an increase in inventory balances of stable gas condensate volumes recognized as goods in transit or storage at the end of the reporting period, compared to the first quarter 2011.
 
At 31 March 2012, we recorded 352 thousand tons of stable gas condensate in transit or storage and recognized as inventory as compared to 228 thousand tons as at 31 December 2011.
  
Selected Items from the
Statement of Financial Position
(in millions of Russian roubles)
 

 
 
31 March
2
012
31 December
20
11
ASSETS
 
 
Non-current assets
332,273
325,116 
Property, plant and equipment
171,696
166,784 
Current assets
54,443
58,316 
Total assets
386,716
383,432 
LIABILITIES AND EQUITY
 
 
Non-current liabilities
85,306
91,636 
Long-term debt
68,388
75,180 
Current liabilities
38,955
50,114 
Total liabilities
124,261
141,750
Equity attributable to
OAO NOVATEK shareholders
 
261,792
241,013 
Non-controlling interest
663
669
Total equity
262,455
241,682 
Total liabilities and equity
386,716
383,432 

 
The full set of reviewed IFRS consolidated interim condensed 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 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. Upstream activities of the Company’s subsidiaries and joint ventures 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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