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2021-08-04 12:00:00

NOVATEK PROFIT RR 164.4 BLN

ПРИБЫЛЬ НОВАТЭК 164,4 МЛРД. РУБ.

NOVATEKMoscow, 28 July 2021. PAO NOVATEK today released its consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2021 prepared in accordance with International Financial Reporting Standards (“IFRS”).  

IFRS Financial Highlights
(in millions of Russian roubles except as stated) 
2Q 2021
2Q 2020
 
1H 2021
1H 2020
260,552 
140,641 
Oil and gas sales
501,301 
323,236 
3,900 
3,298 
Other revenues
7,734 
5,265 
264,452 
143,939 
Total revenues
509,035 
328,501 
(195,164)
(116,239)
Operating expenses
(373,983)
(262,774)
186 
(14,077)
Other operating income (loss)
(436)
(47,313)
69,474 
27,336 
Normalized profit from operations*
134,616 
66,237 
83,247 
37,655 
Normalized EBITDA of subsidiaries*
159,872 
83,038 
163,230 
71,270 
Normalized EBITDA including share in
EBITDA of joint ventures
*
307,066 
171,938 
(14,648)
(50,903)
Finance income (expense)
(13,040)
90,550 
58,364 
72,007 
Share of profit (loss) of joint ventures,
net of income tax
73,211 
(73,224)
113,190 
34,727 
Profit before income tax
194,787 
35,740 
99,287 
41,564 
Profit attributable to
shareholders of PAO NOVATEK
164,439 
10,884 
88,958 
21,220 
Normalized profit attributable to
shareholders of PAO NOVATEK
*, excluding
the effect of foreign exchange gains (losses)
164,731 
74,767 
29.63 
7.07 
Normalized basic and diluted earnings per share*,
excluding the effect of foreign exchange gains
(losses) (in Russian roubles)
54.86 
24.87 
47,381 
61,340 
Cash used for capital expenditures
88,827 
102,483 

 * 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 global economic activity began a gradual improvement during the first half of 2021 from the negative influence of the COVID-19 virus, but questions remain on the sustainability of this recovery. Various countries have reported rising infection rates, the emergence of new virus strains (Delta and Lambda variants) and differing degrees of vaccination penetration. These have all led to stricter lockdown measures in some countries and growing uncertainties on the pace of global economic recovery. 

Under these factors, the OPEC+ participants maintained restricted crude oil production targets that, together with the severe cold weather in Europe, Asia, and North America in the beginning of the year, has led to significant increases in benchmark hydrocarbons prices in the first quarter 2021. Starting from May 2021, OPEC+ began to gradually lift the restrictions on crude oil production targets due to the increased mobility of the population, signs of renewed economic activities and the recovery of crude oil demand in the major consumer countries. Nevertheless, benchmark hydrocarbons prices continued to increase in the second quarter 2021 and this increase has positively affected our sales prices in the reporting period. 

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 

In the second quarter 2021, our total revenues and Normalized EBITDA, including our share in EBITDA of joint ventures, amounted to RR 264.5 billion and RR 163.2 billion, respectively, representing increases of 83.7% and 129.0% as compared to the prior year period. In the six months ended 30 June 2021, our total revenues and Normalized EBITDA, including our share in EBITDA of joint ventures, amounted to RR 509.0 billion and RR 307.1 billion, respectively, representing increases of 55.0% and 78.6%, 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 attributable to shareholders of PAO NOVATEK 

Profit attributable to shareholders of PAO NOVATEK increased to RR 99.3 billion (RR 33.07 per share) in the second quarter 2021 and to RR 164.4 billion (RR 54.76 per share) in the six months 2021 as compared to RR 41.6 billion and RR 10.9 billion, respectively, in the corresponding periods 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) totaled RR 89.0 billion (RR 29.63 per share) in the second quarter 2021 and RR 164.7 billion (RR 54.86 per share) in the six months 2021, representing increases of 4.2 and 2.2 times, respectively, as compared to the corresponding periods in 2020. 

The main factors positively impacting the Group’s Normalized profit in the second quarter and the first half 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. 

Cash used for capital expenditures 

Our cash used for capital expenditures amounted to RR 47.4 billion in the second quarter 2021 and to RR 88.8 billion in the six months 2021 as compared to RR 61.3 billion and RR 102.5 billion, respectively, in the prior year corresponding periods. A significant portion of our capital expenditures was attributable to the development of our LNG projects, the ongoing development and launch of the fields within the North-Russkiy cluster (the North-Russkoye, East-Tazovskoye, Dorogovskoye and Kharbeyskoye fields), the development of the Verhnetiuteyskiy and West-Seyakhinskiy license area, crude oil deposits of the East-Tarkosalinskoye and Yarudeyskoye fields, as well as capital spent on exploratory drilling.

 

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