13th May 2013 16:34
NOVATEK ANNOUNCES CONSOLIDATED IFRS RESULTS FOR THE FIRST QUARTER 2013
Moscow, 13 May 2013. OAO NOVATEK today released its consolidated interim condensed financial information as of and for the three months ended 31 March 2013 prepared in accordance with International Financial Reporting Standards (“IFRS”).
| IFRS Financial and Operational Highlights (in millions of Russian roubles) | |||||||
| 1Q 2013 | 1Q 2012 | ||||||
| Revenues | |||||||
| Oil and gas sales | 80,448 | 53,876 | |||||
| Other revenues | 117 | 221 | |||||
| Total revenues | 80,565 | 54,097 | |||||
| Total operating expenses | (51,056) | (31,575) | |||||
| Other operating income (loss) | 691 | 41 | |||||
| Profit from operations | 30,200 | 22,563 | |||||
| EBITDA | 32,905 | 24,217 | |||||
| Finance income (expense) | (1,924) | 5,624 | |||||
| Profit before income tax | 28,324 | 27,196 | |||||
| Profit (loss) | 22,698 | 21,239 | |||||
| Profit (loss) attributable to shareholders of OAO NOVATEK | 22,711 | 21,245 | |||||
| Basic and diluted earnings per share (in Russian roubles) | 7.49 | 7.00 | |||||
In the first quarter 2013, our total revenues grew by 48.9% to RR 80.6 billion compared to RR 54.1 billion in the corresponding period of 2012. The growth was due to an increase in hydrocarbon sales volumes and higher average natural gas prices, which was mainly driven by significant expansion of the share of end-users in our total gas volumes sales mix.
We recorded a year-on-year increase of 35.9% in EBITDA, which amounted to RR 32.9 billion in the first quarter 2013.
Profit attributable to NOVATEK shareholders increased to RR 22.7 billion (RR 7.49 per share), or by 6.9% as compared to the first quarter 2012. The overall profit growth for the reporting period was offset by a non-cash foreign exchange loss in the first quarter 2013 as compared to a non-cash gain in the same period of 2012.
| Production and Purchased Volumes | 1Q 2013 | 1Q 2012 | ||||||
| Natural gas production, million cubic meters (mmcm) | 13,665 | 13,045 | ||||||
| Natural gas purchases from joint ventures, mmcm | 1,953 | 1,409 | ||||||
| Other purchases of natural gas, mmcm | 2,114 | 900 | ||||||
| Total natural gas production and purchases, mmcm | 17,732 | 15,354 | ||||||
| Liquids production, thousand tons (mt) | 1,096 | 1,080 | ||||||
| Liquids purchases from joint ventures, mt | 239 | - | ||||||
| Other purchases of liquids, mt | 2 | 2 | ||||||
| Total liquids production and purchases, mt | 1,337 | 1,082 | ||||||
| Sales Volumes | 1Q 2013 | 1Q 2012 | ||||||
| Natural gas, mmcm | 18,739 | 16,050 | ||||||
| including sales to end-users, mmcm | 16,632 | 12,172 | ||||||
| Stable gas condensate, mt | 1,210 | 624 | ||||||
| Liquefied petroleum gas, mt | 265 | 238 | ||||||
| Crude oil, mt | 137 | 84 | ||||||
In the first quarter 2013, natural gas sales volumes increased to 18.7 billion cubic meters, or by 16.8% as compared to the corresponding period of 2012, due to growth in production at the Yurkharovskoye field following the launch of the fourth stage of Phase Two development of the field, as well as an increase in purchases of natural gas. As at 31 March 2013, the total amount of natural gas injected into underground gas storage facilities and reflected as inventory aggregated 33 million cubic meters (mmcm), as compared with 1,096 mmcm at the year-end 2012.
Liquid hydrocarbon sales volumes aggregated 1,614 thousand tons increasing by 70.3% as compared with the first quarter 2012. The increase was due to the commencement of gas condensate purchases from joint ventures, production growth from our subsidiaries, mainly an increase in crude oil output at the East-Tarkosalinskoye field, as well as due to a decrease in stable gas condensate inventories as compared to an increase in the first quarter 2012. As at 31 March 2013, 159 thousand tons of stable gas condensate was in transit or storage and recognized as inventory, as compared with 461 thousand tons as at 31 December 2012.
| Selected Items from the Statement of Financial Position (in millions of Russian roubles) | |||||||||
|
| 31 March 2013 | 31 December 2012 | |||||||
| ASSETS | |||||||||
| Non-current assets | 423,180 | 404,890 | |||||||
| Property, plant and equipment | 205,499 | 197,376 | |||||||
| Investments in joint ventures | 191,469 | 189,136 | |||||||
| Current assets | 59,049 | 58,243 | |||||||
| Total assets | 482,229 | 463,133 | |||||||
| LIABILITIES AND EQUITY | |||||||||
| Non-current liabilities | 133,170 | 116,702 | |||||||
| Long-term debt | 113,305 | 97,805 | |||||||
| Current liabilities | 35,485 | 55,130 | |||||||
| Total liabilities | 168,655 | 171,832 | |||||||
| Equity attributable to OAO NOVATEK shareholders | 312,336 | 290,050 | |||||||
| Non-controlling interest | 1,238 | 1,251 | |||||||
| Total equity | 313,574 | 291,301 | |||||||
| Total liabilities and equity | 482,229 | 463,133 | |||||||
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.
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For further information, please visit www.novatek.ru or contact:
| Press Service | Investor Relations | |||
| +7 (495) 721 2207 | +7 (495) 730 6013 | |||
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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 Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% 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 in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
Copyright Business Wire 2013
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