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2021-05-06 12:50:00

NOVATEK PROFIT RUB 75.8 BLN

ПРИБЫЛЬ НОВАТЭК 75,8 МЛРД. РУБ.

NOVATEKMoscow, 28 April 2021PAO NOVATEK today released its consolidated interim condensed financial statements for the three months ended 31 March 2021 prepared in accordance with International Financial Reporting Standards (“IFRS”). 

IFRS Financial Highlights
(in millions of Russian roubles except as stated)
 
1Q 2021 
1Q 2020 
Oil and gas sales
240,749 
182,595 
Other revenues
3,834 
1,967 
Total revenues
244,583 
184,562 
Operating expenses
(178,819)
(146,535)
Other operating income (loss)
(622)
(33,236)
Normalized profit from operations*
65,14
38,901 
Normalized EBITDA of subsidiaries*
76,625 
45,383 
Normalized EBITDA including share in
EBITDA of joint ventures*
143,836 
100,668 
Finance income (expense)
1,608 
141,453 
Share of profit (loss) of joint ventures, net of income tax
14,847 
(145,231)
Profit before income tax
81,597 
1,013 
Profit (loss) attributable to
shareholders of PAO NOVATEK
65,152 
(30,680)
Normalized profit attributable to
shareholders of PAO NOVATEK
*,
excluding the effect of foreign exchange gains (losses)
75,773 
53,547 
Normalized basic and diluted earnings per share*,
excluding the effect of foreign exchange gains (losses)
(in Russian roubles)
25.23 
17.80 
Cash used for capital expenditures
41,446 
41,143 
* Excluding the effects from disposal of interests in subsidiaries and joint ventures (recognition of a net gain on disposal and subsequent non-cash revaluation of contingent consideration).

COVID-19 and Macro-Economic Environment

The impacts from the COVID-19 virus spread and stricter quarantine measures enforced by some countries continued to have a destabilizing effect on global economic activities, resulting in maintaining restricted production targets by the OPEC+ participants during the first quarter. These restrictions as well as an increase in hydrocarbons consumption due to the severe cold winter weather in Europe, Asia and North America has led to a significant increase in benchmark hydrocarbons prices in the first quarter 2021, which correspondingly impacted our hydrocarbons sales prices.

Further developments surrounding the COVID-19 virus spread remain uncertain and are outside of the Group’s management control, and the scale and duration of these developments are difficult to assess. Despite these uncertainties, the Group continues to demonstrate strong operating results and implement its investment projects in accordance with the Group’s approved corporate strategy. The Group’s management continues to assess the current situation and present macro-economic environment and takes appropriate actions if deemed necessary.

Revenues and EBITDA

Our total revenues and Normalized EBITDA, including our share in the EBITDA of joint ventures, increased to RR 244.6 billion and RR 143.8 billion, or by 32.5% and 42.9%, respectively, as compared to the corresponding period in 2020. The increases in total revenues and Normalized EBITDA were largely due to an increase in global commodity prices for hydrocarbons, as well as an increase in natural gas and gas condensate production from the launch of gas condensate deposits of the North-Russkiy cluster in the third quarter 2020.

Profit (loss) attributable to shareholders of PAO NOVATEK

In the first quarter 2021, our profit attributable to shareholders of PAO NOVATEK amounted to RR 65.2 billion (RR 21.70 per share) as compared to a loss of RR 30.7 billion in the corresponding period in 2020.

Normalized profit attributable to shareholders of PAO NOVATEK (excluding the effects from foreign exchange differences and the disposal of interests in subsidiaries and joint ventures) increased to RR 75.8 billion (RR 25.23 per share) from RR 53.5 billion (RR 17.80 per share) in the first quarter 2020.

The main factors positively impacting the Group’s Normalized profit in the first quarter 2021 were improved macroeconomic conditions, which resulted in an increase in our hydrocarbons sales prices, as well as an increase in natural gas and gas condensate production volumes (see above).

Cash used for capital expenditures

Our cash used for capital expenditures aggregated RR 41.4 billion as compared to RR 41.1 billion in the corresponding period in 2020. A significant portion of our capital expenditures was attributable to the ongoing development of our LNG projects, further development and the launch of the fields within the North-Russkiy cluster (the North-Russkoye, East-Tazovskoye, Dorogovskoye and Kharbeyskoye fields), the development of crude oil deposits of the East-Tarkosalinskoye and Yarudeyskoye fields, and capital spent on exploratory drilling.

 

Full PDF version

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