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1st Quarter Results

25 Apr 2018 12:00

RNS Number : 0945M
PAO Novatek
25 April 2018
 

 

 

FOR IMMEDIATE RELEASE

 

NOVATEK Announces Consolidated IFRS Resultsfor the First Quarter 2018

 

Moscow, 25 April 2018. PAO NOVATEK today released its consolidated interim condensed financial statements as of and for the three months ended 31 March 2018 prepared in accordance with International Financial Reporting Standards ("IFRS"). 

 

IFRS Financial Highlights(in millions of Russian roubles except as stated)

1Q 2018 

1Q 2017 

Oil and gas sales

178,485 

154,001 

Other revenues

918 

627 

Total revenues

179,403 

154,628 

Operating expenses

(131,037)

(109,364)

Net gain on disposal of interests in joint ventures

1,64

Other operating income (loss)

102 

274 

Profit from operations*

48,468 

45,538 

Normalized EBITDA of subsidiaries*

56,421 

53,815 

Normalized EBITDA including share in

EBITDA of joint ventures*

76,306 

68,180 

Finance income (expense)

5,402 

(8,602)

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

1,163 

43,626 

Profit before income tax

56,678 

80,562 

Profit attributable to

shareholders of PAO NOVATEK

43,121 

71,018 

Normalized profit attributable toshareholders of PAO NOVATEK **

46,910 

44,345 

Normalized basic and diluted earnings

per share** (in Russian roubles)

15.56 

14.70 

* 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 first quarter of 2018, our total revenues amounted to RR 179.4 billion and Normalized EBITDA, including our share in EBITDA of joint ventures, totalled RR 76.3 billion, representing year-on-year increases of 16.0% and 11.9%, respectively. The increases in our total revenues and Normalized EBITDA were largely due to production launch at the first LNG train at Yamal LNG at the end of 2017 and an increase in average realized liquids and natural gas prices.

 

The Group's profits in both reporting periods were significantly impacted by the recognition of substantial non-cash foreign exchange effects on foreign currency denominated loans of the Group and its joint ventures. As a result, profit attributable to shareholders of PAO NOVATEK decreased to RR 43.1 billion (RR 14.30 per share), or by 39.3%, as compared to the corresponding period in 2017. Excluding the effect of foreign exchange differences, as well as the one-time effect from the disposal of interests in joint ventures, Normalized profit attributable to shareholders of PAO NOVATEK increased to RR 46.9 billion (RR 15.56 per share), or by 5.8%, as compared to the corresponding period in 2017.

 

Hydrocarbon Production and Purchased Volumes

 

1Q 2018 

1Q 2017 

Total hydrocarbon production,

million barrels of oil equivalent (million boe)

132.5 

130.5 

Total production (million boe per day)

1.47 

1.45 

Natural gas production including proportionate share in

the production of joint ventures, million cubic meters (mmcm)

16,508 

16,150 

Natural gas production by subsidiaries

10,363 

11,259 

Natural gas purchases from joint ventures

7,587 

5,301 

Other purchases of natural gas

1,729 

1,860 

Total natural gas production by subsidiaries

and purchases (mmcm)

19,679 

18,420 

Liquids production including proportionate share in

the production of joint ventures, thousand tons (mt)

2,936 

2,967 

Liquids production by subsidiaries

1,628 

1,713 

Liquids purchases from joint ventures

2,300 

2,343 

Other purchases of liquids

44 

37 

Total liquids production by subsidiaries and purchases (mt)

3,972 

4,093 

 

 

 

Hydrocarbon Sales Volumes

1Q 2018 

1Q 2017 

Natural gas (mmcm)

20,263 

18,752 

including:

 

 

Sales in the Russian Federation

19,305 

18,752 

Sales on international markets

958 

Liquids (mt)

3,777 

4,113 

including:

Stable gas condensate refined products

1,566 

1,837 

Crude oil

1,123 

1,072 

Liquefied petroleum gas

649 

677 

Stable gas condensate

436 

524 

Other oil products

 

Our operational results for the first quarter of 2018 were significantly impacted by the production launch of the first LNG train at Yamal LNG at the end of 2017, as well as the acquisitions of new producing fields at the end of 2017 and in the first quarter of 2018 (the Beregovoye, the West-Yaroyakhinskoye and the Syskonsyninskoye fields). As a result, our total natural gas production increased by 2.2%, and our total liquids production declined marginally by 1.0%.

 

Our natural gas sales volumes totaled 20.3 billion cubic meters (bcm), representing an 8.1% increase as compared to the corresponding period in 2017, due to the commencement of sales of LNG purchased from our joint venture Yamal LNG to international markets from December 2017 and an increase in volumes sold in the Russian Federation. As at the end of the first quarter of 2018, our cumulative natural gas inventory balances mainly in the Underground Gas Storage Facilities, the Gas Transmission System and own pipeline infrastructure totaled 79 mmcm and decreased by 954 mmcm during the quarter as compared to a decrease by 704 mmcm in the corresponding period in 2017.

 

Our liquid hydrocarbon sales volumes aggregated 3.8 million tons, representing an 8.2% decrease as compared to the corresponding period in 2017. The decrease in our liquids sales volumes was mainly impacted by an increase in liquids inventories by 140 mt in the first quarter of 2018 compared to a decrease by 90 mt in the first quarter of 2017. As at 31 March 2018, we recorded 1,102 mt of liquid hydrocarbons in transit or storage and recognized as inventory as compared to 813 mt at 31 March 2017. Our liquid hydrocarbon inventory balances tend to fluctuate period-on-period and are usually realized in the following reporting period.

 

Selected Items of Consolidated Statement of Financial Position

(in millions of Russian roubles)

 

31 March 2018

31 December 2017

ASSETS

Non-current assets

944,456

890,726

Property, plant and equipment

402,713

360,051

Investments in joint ventures

289,494

285,326

Long-term loans and receivables

217,179

211,901

Current assets

143,552

153,436

Total assets

1,088,008

1,044,162

LIABILITIES AND EQUITY

Non-current liabilities

193,657

184,545

Long-term debt

142,018

141,448

Current liabilities

76,704

83,958

Total liabilities

270,361

268,503

Equity attributable toPAO NOVATEK shareholders

 

800,919

757,839

Non-controlling interest

16,728

17,820

Total equity

817,647

775,659

Total liabilities and equity

1,088,008

1,044,162

 

The full set of consolidated interim condensed IFRS financial statements, 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).

 

 

***

 

For further information, please visit www.novatek.ru or contact:

Press Service+7 (495) 721 2207press@novatek.ru

Investor Relations+7 (495) 730 6013IR@novatek.ru

***

PAO NOVATEK is one of the largest independent natural gas producers 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 mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 16% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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