Press Releases and Events
NOVATEK completes automated consolidation systems project for financial reporting
Moscow, 8 September 2009. OAO NOVATEK (“NOVATEK or the “Company”) announced today that it has completed the Company’s financial reporting systems project after successfully implementing a suite of IBM Cognos software components to create an integrated system for financial consolidation. The completion of the project provides NOVATEK with a fully automated system for preparing consolidated financial statements under International Financial Reporting Standards (IFRS).
The Company’s new financial consolidation system represents a powerful and flexible tool for the preparation of consolidated financial statements and enables NOVATEK to meet the current requirements of the investment community and regulatory bodies for the timely presentation of complete and reliable financial information. The new system significantly reduces the time required for the Company to prepare its quarterly and annual IFRS consolidated financial statements while at the same time optimizing resource allocation and providing the ability to monitor task completion.
NOVATEK’s Chief Financial Officer, Mark Gyetvay stated that, “The Company has set a high standard for financial and reporting transparency consistent with global best practices. The implementation of the new system is a continuation of our commitment to corporate governance and financial transparency as well as providing the investment community with timely financial and operational information. We will continue to invest the necessary resources to maintain our position as one of the top Russian companies in terms of financial reporting and corporate governance”.
The automated system for preparing consolidated financial statements was implemented based on IBM Cognos Controller. As part of this process, the new system was integrated with the Company’s existing IBM systems, Cognos Enterprise Planning and Cognos Business Intelligence, making data transfer and the creation of tailored reports for financial analysis possible.
The project was jointly managed by the Company’s IFRS specialists and external consultants, from Columbus IT, which was selected on the basis of a tender and acted as implementation partner on the project.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.