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NOVATEK announces IFRS results for the third quarter and nine months ended 30 September 2007 21.11.2007Moscow, 21 November 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three and nine months ending 30 September 2007 prepared in accordance with International Financial Reporting Standards (“IFRS”).
The Third Quarter and Nine Months 2007
IFRS Financial Highlights
In the three and nine months ended 30 September 2007, profit attributable to shareholders of OAO NOVATEK increased by RR 1,033 million and RR 2,380 million, respectively, compared to the corresponding periods in 2006 due to a combination of increased prices for natural gas and liquids and an increase in liquids sales volumes.
Selected Operating Highlights
In the third quarter of 2007, natural gas sales volumes decreased, compared to the corresponding period in 2006, primarily due to a decrease in volumes sold to wholesale traders. In the 2007 period, liquids (stable gas condensate, liquefied petroleum gas, crude oil and oil products) sales volumes increased compared to the 2006 period, primarily due to increased gas condensate and crude oil production.
In the nine month period of 2007, natural gas sales volumes increased, compared to the corresponding period in 2006, due to an increase in purchases and a decrease in natural gas inventory volumes. In the 2007 period, liquids sales volumes increased compared to the 2006 period, due to a combination of increased production and a decrease in net volumes of stable gas condensate recorded as goods in transit.
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.
***
*** OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. 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 in the prolific Yamal-Nenets Region, which is the world's largest natural gas producing area and accounts for over 90% of Russia's natural gas production and 20% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed on the Russian Trading System (RTS) and as Global Depository Receipts (GDR) on the London Stock Exchange (LSE) under the ‘NVTK’ ticker symbol and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol “NVATY”.
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