OREANDA-NEWS. NOVATEK released its consolidated interim condensed financial information as of and for the three months ended 31 March 2013 prepared in accordance with International Financial Reporting Standards ("IFRS").

IFRS Financial and Operational Highlights

(in millions of Russian roubles)

 

1Q 2013

1Q 2012

Revenues

 

 

Oil and gas sales

80,448

53,876

Other revenues

117

221

Total revenues

80,565

54,097

Total operating expenses

(51,056)

(31,575)

Other operating income (loss)

691

41

Profit from operations

30,200

22,563

EBITDA

32,905

24,217

Finance income (expense)

(1,924)

5,624

Profit before income tax

28,324

27,196

Profit (loss)

22,698

21,239

Profit (loss) attributable toshareholders of
JSC NOVATEK

22,711

21,245

Basic and diluted earnings per share

(in Russian roubles)

7.49

7.00

In the first quarter 2013, our total revenues grew by 48.9% to RR 80.6 billion compared to RR 54.1 billion in the corresponding period of 2012. The growth was due to an increase in hydrocarbon sales volumes and higher average natural gas prices, which was mainly driven by significant expansion of the share of end-users in our total gas volumes sales mix.

We recorded a year-on-year increase of 35.9% in EBITDA, which amounted to RR 32.9 billion in the first quarter 2013.

Profit attributable to NOVATEK shareholders increased to RR 22.7 billion (RR 7.49 per share), or by 6.9% as compared to the first quarter 2012. The overall profit growth for the reporting period was offset by a non-cash foreign exchange loss in the first quarter 2013 as compared to a non-cash gain in the same period of 2012.

Production and Purchased Volumes

1Q2013

1Q2012

Natural gas production,

million cubic meters (mmcm)

13,665

13,045

Natural gas purchases from joint ventures, mmcm

1,953

1,409

Other purchases of natural gas, mmcm

2,114

900

Total natural gas production and purchases, mmcm

17,732

15,354

Liquids production, thousand tons (mt)

1,096

1,080

Liquids purchases from joint ventures, mt

239

-

Other purchases of liquids, mt

2

2

Total liquids production and purchases, mt

1,337

1,082

 

Sales Volumes

1Q2013

1Q2012

Natural gas, mmcm

18,739

16,050

including sales to end-users, mmcm

16,632

12,172

Stable gas condensate, mt

1,210

624

Liquefied petroleum gas, mt

265

238

Crude oil, mt

137

84

In the first quarter 2013, natural gas sales volumes increased to 18.7 billion cubic meters, or by 16.8% as compared to the corresponding period of 2012, due to growth in production at the Yurkharovskoye field following the launch of the fourth stage of Phase Two development of the field, as well as an increase in purchases of natural gas. As at 31 March 2013, the total amount of natural gas injected into underground gas storage facilities and reflected as inventory aggregated 33 million cubic meters (mmcm), as compared with 1,096 mmcm at the year-end 2012.

Liquid hydrocarbon sales volumes aggregated 1,614 thousand tons increasing by 70.3% as compared with the first quarter 2012. The increase was due to the commencement of gas condensate purchases from joint ventures, production growth from our subsidiaries, mainly an increase in crude oil output at the East-Tarkosalinskoye field, as well as due to a decrease in stable gas condensate inventories as compared to an increase in the first quarter 2012. As at 31 March 2013, 159 thousand tons of stable gas condensate was in transit or storage and recognized as inventory, as compared with 461 thousand tons as at 31 December 2012.

Selected Items from the

Statement of Financial Position

(in millions of Russian roubles)

 

31 March 2013

31 December 2012

ASSETS

 

 

Non-current assets

423,180

404,890

Property, plant and equipment

205,499

197,376

Investments in joint ventures

191,469

189,136

Current assets

59,049

58,243

Total assets

482,229

463,133

LIABILITIES AND EQUITY

 

 

Non-current liabilities

133,170

116,702

Long-term debt

113,305

97,805

Current liabilities

35,485

55,130

Total liabilities

168,655

171,832

Equity attributable to

JSC NOVATEK shareholders

312,336

290,050

Non-controlling interest

1,238

1,251

Total equity

313,574

291,301

Total liabilities and equity

482,229

463,133