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2014-07-31 17:50:00

NOVATEK: + 52%

НОВАТЭК: + 52%

OAO NOVATEK released its consolidated interim condensed financial information as of and for the three and six months ended 30 June 2014 prepared in accordance with International Financial Reporting Standards ("IFRS").

In the second quarter and first half 2014, our total revenues increased by 52.3% and 27.7%, respectively, compared to the corresponding periods of 2013. The growth was mainly due to an increase in average prices for natural gas and liquid hydrocarbons, as well as higher liquid hydrocarbons sales volumes. Average liquid hydrocarbon sales price was positively impacted by the launch of the Ust-Luga Gas Condensate Fractionation Complex in June 2013. Growth in the average natural gas sales price was driven among other factors by higher share of end customers in our overall natural gas sales volumes mix.

The Company's Normalized EBITDA, inclusive of subsidiaries, amounted to RR 36.9 billion in the second quarter 2014, representing a 70.7% increase as compared to the second quarter 2013. The Normalized EBITDA, including our respective share in the EBITDA of joint ventures, increased by 72.1% as compared to the second quarter 2013 to RR 40.3 billion. In the first half 2014, our Normalized EBITDA, inclusive of subsidiaries, amounted to RR 75.9 billion, and our EBITDA, including our respective share in the EBITDA of joint ventures, was RR 83.3 billion, which represents an increase of 39.3% and 42.9%, respectively, as compared to the first half 2013. The growth in our Normalized EBITDA was positively impacted by a higher share of liquid hydrocarbons in our overall sales volumes mix as well as higher liquids sales margins due to the launch of the Ust-Luga Complex.

IFRS Financial and Operational Highlights 
(in millions of Russian roubles)
2Q2014
2Q 2013
 
1H2014
1H2013
87,881 
57,918
Oil and gas sales
176,414 
138,366
489
112
Other revenues
632
229
88,370 
58,030
Total revenues
177,046 
138,595
(55,670)
(39,613)
Operating expenses
(109,545)
(90,669)
-
-
Net gain on disposal of interests 
in joint ventures
2,623
-
1,791
(34)
Other operating income (loss)
1,750
657
34,491
18,383
Profit from operations
71,874
48,583
36,895
21,613
Normalized EBITDA of subsidiaries*
75,862
54,470
40,323
23,426
Normalized EBITDA including 
s
hare in EBITDA of joint ventures*
83,302
58,286
808
(3,455)
Finance income (expense)
(3,512)
(5,379)
3,768
(472)
Share of profit (loss) of joint ventures, 
net of income tax
2,046
(309)
39,067
14,456
Profit before income tax
70,408
42,895
31,874
11,583
Profit
57,023
34,396
31,950
11,602
Normalized Profit attributable
to OAO NOVATEK shareholders*
55,006
34,428
10.58
3.83
Normalized basic and diluted earnings
per share* (in Russian roubles)
18.19
11.36
* Excluding the effect from disposal of interests in joint ventures in 1Q 2014.
 
In the second quarter 2014, Normalized Profit attributable to NOVATEK shareholders increased by 175.4% to RR 32.0 billion or RR 10.58 per share. In the first half 2014, Normalized Profit attributable to NOVATEK shareholders (adjusted for the effect on disposal of the share in Artic Russia B.V.) amounted to RR 55.0 billion (RR 18.19 per share), representing an increase of 59.8% as compared to the first half 2013. Our profit dynamics over the respective reporting periods were positively impacted by non-cash foreign exchange effects (including at the joint ventures level).
In the second quarter 2014, our natural gas sales volumes increased to 15.5 billion cubic meters (bcm), or by 6.2%, as compared with the corresponding period in 2013, mainly due to the increase in production volumes of our subsidiaries and less gas injected into the underground storages. Natural gas sales volumes in the first half 2014 remained practically unchanged as compared to the first half 2013 and amounted to 33.3 bcm. The positive impact of higher production volumes and change in gas inventory in the underground storages was fully offset by the termination of natural gas purchases from Sibneftegas due to the divestment of our share in this joint venture in December 2013. The share of end-customers in our overall gas sales volumes mix increased from 89% in the first half 2013 to 94% in the same period of 2014. As at 30 June 2014, the total amount of natural gas recorded as inventory aggregated 1.6 bcm as compared to 1.4 bcm as at 30 June 2013.
 
Production and Purchased Volumes
2Q 2014
2Q 2013
 
1H 2014
1H 2013
13,131
12,784
Natural gas production by subsidiaries, 
million cubic meters (mmcm)
26,529
26,449
1,375
1,870
Natural gas purchases from joint ventures,
mmcm
1,659
3,823
1,848
1,365
Other purchases of natural gas, mmcm
3,525
3,479
16,354
16,019
Total natural gas production and purchases,
mmcm
31,713
33,751
1,085
1,103
Liquids production by subsidiaries,
thousand tons (mt)
2,179
2,199
564
265
Liquids purchases from joint ventures, mt
1,060
504
6
2
Other purchases of liquids, mt
13
4
1,655
1,370
Total liquids production and purchases, mt
3,252
2,707
 
Sales Volumes
2Q 2014
2Q 2013
 
1H 2014
1H 2013
15,528
14,628
Natural gas, mmcm
33,300
33,367
14,604
13,008
including sales to end-users, mmcm
31,281
29,640
1,087
-
Stable gas condensate products, mt
2,052
-
331
261
Liquefied petroleum gas, mt
682
526
223
164
Crude oil, mt
418
301
43
632
Stable gas condensate, mt
75
1 842
3
3
Other oil products, mt
5
5

 

 
 
Liquid hydrocarbon sales volumes in the second quarter and first half 2014 increased by 59.2% and 20.9%, respectively, as compared to the same periods of 2013 due to a significant increase in our liquid inventory balances in the second quarter 2013 prior to the launch of the Ust-Luga Complex. Sales volumes were positively impacted by higher volumes of gas condensate purchased from our joint ventures due to production growth at Nortgas and the SeverEnergia fields. As at 30 June 2014, 357 thousand tons of stable gas condensate and oil products were in transit or storage and recognized as inventory compared to 447 thousand tons as at 30 June 2013.
 
Selected Balance Sheet Items
(in millions of Russian roubles) 
  
 
30 June 2014
31 December2013
ASSETS
 
 
Non-current assets
526,731 
515,569 
Property, plant and equipment
268,405 
243,688 
Investments in joint ventures
189,304 
210,066 
Total current assets
107,483 
82,426 
Total assets
634,214 
597,995 
LIABILITIES AND EQUITY
 
 
Non-current liabilities
182,267 
165,065 
Long-term debt
155,347 
141,595 
Current liabilities
34,137 
59,873 
Total liabilities
216,404 
224,938 
Equity attributable to
OAO NOVATEK shareholders
 
415,142 
370,198 
Non-controlling interest
2,668 
2,859 
Total equity
417,810 
373,057 
Total liabilities and equity
634,214 
597,995 

 

 
 
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».
 
 
Tags: NOVATEK, НОВАТЭК, НЕФТЬ, ГАЗ, OIL, GAS

Chronicle:

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