Press Releases and Events
NOVATEK announces second quarter and first half 2008 IFRS results
Moscow, 13 August 2008. OAO NOVATEK today released its consolidated interim condensed financial information for the three and six months ending 30 June 2008 prepared in accordance with International Financial Reporting Standards («IFRS»).
IFRS Financial and Operational Highlights (in millions of Russian roubles)
|
2Q 2008
|
2Q 2007
|
|
1H 2008
|
1H 2007
|
|
|
|
Revenues
|
|
|
|
20,411
|
14,550
|
Oil and gas sales
|
40,578
|
29,435
|
|
580
|
411
|
Sales of polymer and insulation tape
|
1,131
|
720
|
|
361
|
91
|
Other
|
519
|
156
|
|
21,352
|
15,052
|
Total revenues
|
42,228
|
30,311
|
|
(195)
|
9
|
Other income (loss)
|
(179)
|
25
|
|
21,157
|
15,061
|
Total revenues and other income
|
42,049
|
30,336
|
|
(11,822)
|
(9,010)
|
Total operating expenses
|
(22,845)
|
(18,589)
|
|
9,335
|
6,051
|
Profit from operations
|
19,204
|
11,747
|
|
22
|
42
|
Finance income (expense)
|
161
|
65
|
|
9,312
|
6,093
|
Profit before income tax
|
19,298
|
11,812
|
|
7,056
|
4,210
|
Profit for period
|
14,555
|
8,552
|
|
7,053
|
4,216
|
Profit (loss) attributable to OAO NOVATEK shareholders
|
14,556
|
8,563
|
|
2.32
|
1.39
|
Basic and diluted earnings per share
(in Russian roubles)
|
4.79
|
2.82
|
In the second quarter and first half 2008, total revenues grew by 41.9% to RR 21,352 million and by 39.3% to RR 42,228 million respectively, as compared to the corresponding periods of 2007, reflecting the general strength and stability of our core business operations.
Profit attributable to NOVATEK shareholders in the second quarter and first half 2008 increased by 67.3% to RR 7,053 million, or RR 2.32 per share, and by 70.0% to RR 14,556 million, or RR 4.79 per share, respectively, as compared to the corresponding periods of 2007.
Selected Operating Highlights
|
2Q 2008
|
2Q 2007
|
Production and Purchase Volumes
|
1H 2008
|
1H 2007
|
|
7,378
|
7,226
|
Natural gas production
(million cubic meters)
|
14,956
|
14,774
|
|
801
|
585
|
Natural gas purchases
(million cubic meters)
|
1,348
|
1,301
|
|
8,179
|
7,811
|
Total natural gas production and purchases
|
16,304
|
16,075
|
|
597
|
575
|
Liquids production (thousand tons)
|
1,228
|
1,161
|
|
38
|
-
|
Liquids purchases (thousand tons)
|
70
|
16
|
|
635
|
575
|
Total liquids production and purchases
|
1,298
|
1,177
|
In the second quarter 2008 our natural gas sales volumes increased primarily due to an increase in purchases from the third parties. We purchased the volumes of natural gas in order to meet the additional demand of the customers.
At 30 June 2008, we had 149 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 176 thousand tons as of 30 June 2007.
Selected Balance Sheet Items
(in millions of Russian roubles)
|
|
30June2008
|
31 December 2007
|
|
ASSETS
|
|
|
|
Non-current assets
|
100,490
|
86,937
|
|
Property, plant and equipment, net
|
96,563
|
82,669
|
|
Total current assets
|
18,511
|
17,038
|
|
Total assets
|
119,001
|
103,975
|
|
LIABILITIES AND EQUITY
|
|
|
|
Non-current liabilities
|
14,761
|
10,088
|
|
Long-term debt
|
4,424
|
42
|
|
Current liabilities
|
12,400
|
12,075
|
|
Total liabilities
|
27,161
|
22,163
|
|
Equity attributable to
OAO NOVATEK shareholders
|
91,364
|
81,335
|
|
Minority interest
|
476
|
477
|
|
Total equity
|
91,840
|
81,812
|
|
Total liabilities and equity
|
119,001
|
103,975
|
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 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.