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2017-07-26 14:30:00

NOVATEK UP TO 6.3%

НОВАТЭК ВЫРОС НА 6,3%

NOVATEK - PAO NOVATEK  released its consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2017 prepared in accordance with International Financial Reporting Standards ("IFRS").

 

IFRS Financial Highlights 
(in millions of Russian roubles)

2Q 2017

2Q2016

 

1H 2017

1H 2016

128,030

126,463

Oil and gas sales

282,031

264,674

800

925

Other revenues

1,427

2,065

128,830

127,388

Total revenues

283,458

266,739

(94,033)

(90,019)

Operating expenses

(203,397)

(187,178)

-

-

Net gain on disposal of interests in joint ventures

-

73,072

351

(1,731)

Other operating income (loss)

625

(760)

35,148

35,638

Profit from operations

80,686

151,873

43,798

46,276

Normalized EBITDA of subsidiaries*

97,613

97,099

56,072

59,507

Normalized EBITDA including share in EBITDA of joint ventures*

124,252

121,643

13,414

74

Finance income (expense)

4,812

990

(33,768)

19,623

Share of profit (loss) of joint ventures, 
net of income tax

9,858

43,004

14,794

55,335

Profit before income tax

95,356

195,867

3,243

45,934

Profit attributable
to PAO NOVATEK shareholders

74,261

161,851

33,772

29,610

Normalized profit attributable
to PAO NOVATEK shareholders**

78,117

66,509

11.20

9.81

Normalized basic and diluted earnings per share** (in Russian roubles)

25.89

22.03

* Excluding the effect from disposal of interests in joint ventures.
** Excluding the effects from the disposal of interests in joint ventures, as well as foreign exchange gains (losses).

 

In the second quarter and first half 2017, our total revenues increased by 1.1% and 6.3%, respectively, compared to the corresponding periods of 2016. Our Normalized EBITDA, inclusive of joint ventures, amounted to RR 56.1 billion in the second quarter 2017 and RR 124.3 billion in the first half 2017, representing a decrease of 5.8% and an increase of 2.1%, respectively, as compared to the corresponding periods of 2016. The growth in our revenues and EBITDA in the first half 2017 was largely driven by the increase in natural gas sales volumes and higher liquids sales prices. Our EBITDA in the second quarter 2017 was significantly affected by lower average realized prices in Russian rouble terms for most of our liquid hydrocarbon products as well as the decrease in liquid hydrocarbons sales volumes.

In the second quarter and first half 2017, profit attributable to NOVATEK shareholders decreased to RR 3.2 billion (RR 1.08 per share), or by 92.9%, and to RR 74.3 billion (RR 24.62 per share) or by 54.1%, as compared to the corresponding periods of 2016. Profit dynamics was mainly impacted by the closing in the first quarter 2016 of a transaction for the sale of a 9.9% equity stake in Yamal LNG and by the foreign exchange effect (including at the joint ventures level). Excluding these effects, normalized profit attributable to NOVATEK shareholders totalled RR 33.8 billion (RR 11.20 per share) in the second quarter 2017 and RR 78.1 billion (RR 25.89 per share) in the first half 2017, representing an increase by 14.1% and 17.5%, respectively, as compared to the corresponding periods of 2016.

 

Marketable Hydrocarbon Production and Purchased Volumes

2Q2017

2Q 2016

 

1H2017

1H 2016

124.6

134.1

Total hydrocarbon production, million barrels of oil equivalent (boe)

252.3

273.6

1.37

1.47

Total production, million boe per day

1.39

1.50

15,323

16,521

Natural gas production including proportionate share in the production of joint ventures, million cubic meters (mmcm)

31,044

33,757

10,600

11,602

including production by subsidiaries, mmcm

21,521

23,778

2,356

1,840

Natural gas purchases from joint ventures, mmcm

7,657

4,589

1,936

1,939

Other purchases of natural gas, mmcm

3,796

3,950

14,892

15,381

Total natural gas production by subsidiaries and purchases, mmcm

32,974

32,317

2,918

3,119

Liquids production including proportionate share in the production of joint ventures, 
thousand tons (mt)

5,885

6,327

1,687

1,809

including production by subsidiaries, mt

3,400

3,664

2,296

2,450

Liquids purchases from joint ventures, mt

4,639

4,981

41

13

Other purchases of liquids, mt

78

44

4,024

4,272

Total liquids production by subsidiaries and purchases, mt

8,117

8,689

 

Hydrocarbon Sales Volumes

2Q2017

2Q 2016

 

1H2017

1H 2016

14,380

14,062

Natural gas, mmcm

33,132

31,837

13,780

13,045

including sales to end-users

31,109

29,139

4,072

4,139

Liquids, mt

8,185

8,781

 

 

including:

 

 

1,763

1,684

Stable gas condensate products

3,600

3,565

1,211

1,157

Crude oil

2,283

2,345

645

656

Liquefied petroleum gas

1,322

1,359

450

639

Stable gas condensate

974

1,507

3

3

Other petroleum products

6

5

 

Our natural gas sales volumes totalled 14.4 billion cubic meters (bcm) in the second quarter 2017 and 33.1 bcm in the first half 2017. Compared to the second quarter and first half 2016 the sales volumes increased by 2.3% and 4.1%, respectively, due to the increased demand for natural gas from end-customers resulted, among other factors, from weather conditions. As at the end of the first half 2017, the total amount of natural gas recorded as inventory totalled 0.6 bcm compared to 1.7 bcm as at the end of the first half 2016.

In the second quarter 2017, liquid hydrocarbon sales volumes amounted to 4.1 million tons, representing a 1.6% decrease in volumes sold as compared to the second quarter 2016. In the first half 2017, liquid hydrocarbon sales volumes totaled 8,2 million tons, representing a 6.8% decrease as compared to the first half 2016. The decrease was due to a natural decline in gas condensate production volumes at mature fields of our subsidiaries and joint ventures. As at 30 June 2017, 699 mt of liquid hydrocarbons were in transit or storage and recognized as inventory.

 

Selected Items of Consolidated Statement of Financial Position
(in millions of Russian roubles) 

  

 

30 June 2017

31 December 2016

ASSETS

 

 

Non-current assets

840,385

831,074

Property, plant and equipment

334,318

331,795

Investments in joint ventures

269,220

259,650

Long-term loans and receivables

206,298

209,145

Total current assets

134,117

132,760

Total assets

974,502

963,834

LIABILITIES AND EQUITY

 

 

Non-current liabilities

184,162

197,323

Long-term debt

144,404

161,296

Current liabilities

77,962

108,791

Total liabilities

262,124

306,114

Equity attributable to PAO NOVATEK shareholders 

698,819

648,350

Non-controlling interest

13,559

9,370

Total equity

712,378

657,720

Total liabilities and equity

974,502

963,834

 

-----

Earlier: 

NOVATEK'S PROFIT DOWN 38.7% 

NOVATEK PROFIT UP 246% 

NOVATEK EXPECTS JAPAN 

CHINEESE MONEY FOR RUSSIA 

NOVATEK NEEDS $12 BLN 

NOVATEK & SHELL CONTRACT 

NOVATEK & CNPC: YAMAL LNG

 

 

Tags: НОВАТЭК, РОССИЯ, ГАЗ, NOVATEK, RUSSIA, GAS

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