Rus News Journal

Reporting NOVATEKa for 2008. Open Society Net profit " has not disappointed

; NOVATEK under the international standards of the financial reporting (MSFO) in 2008. Has grown on 22,5 % in comparison with 2007. - with 18,7 mlrd rbl. to 22,9 mlrd rbl. Total receipts from realisation NOVATEKa on MSFO in 2008. Has increased by 27 % - to 79,27 mlrd rbl., including the oil and gas receipt has grown on 26 % - to 76,1 mlrd rbl., from realisation of polymeric production - on 30 % - to 2,098 mlrd rbl. Operational expenses NOVATEKa in 2008. Have increased by 26,5 % and have made 46,9 mlrd rbl. Profit to the company taxation has grown on 12,2 % - to 28,6 mlrd rbl.

As growth of total receipts from primary activity in 2008 is marked in the company message. Has been caused by increase in volumes of realisation of hydrocarbons and a price conjuncture on internal and the international markets. According to the company data, extraction of natural gas NOVATEKa in 2008. Has grown on 7,7 % - to 30,43 mlrd cubic M, acquisition of natural gas has decreased on 89 % - to 2,885 mlrd cubic m. Extraction of liquid hydrocarbons of the company for 2008. Has increased by 6,8 % and has made 2,563 million tons.

volumes of realisation of natural gas NOVATEKa in 2008. Have increased by 3,8 % - to 33 274 mlrd the Company explains to cubic m. this growth by increase in extraction as a result of commissioning of the second turn of the Jurharovsky deposit and stable level of extraction on East - the Tarkosalinsky deposit. Sale of liquid hydrocarbons in 2008. Has grown on 9,4 % - to 2,630 million tons thanks to growth of realisation of a stable condensate and SUG, to an event at the expense of Jurharovsky and expansions of capacities Purovsky ZPK, and quantity increases trejdingovyh operations.

head NOVATEKa Leonid Mihelson has noticed that results 2008. Have strategic value for the further development of the company which, despite world financial crisis, continued to invest considerable means in increase in capacities in the field of extraction and processing.

the company also has informed on the program of the repayment of own actions, in which frameworks, by data for December, 31st 2008., NOVATEK has got 419 thousand 233 global depozitarnyh receipts (GDR) for a total sum of 599 million rbl. the Parity global depozitarnyh receipts to ordinary actions makes 1 to 10. The repayment was carried out by company Novatek Equity registered in Cyprus.

According to analysts IK the Three Dialogue financial results NOVATEKa taking into account falling of the prices for oil and rouble easing can be regarded as good. In 2008. (On peak of a raw cycle) dynamics of financial indicators NOVATEKa was better, than in oil branch as a whole. In 2009. (In the lowest point of a cycle), according to the experts, decrease in indicators concerning levels of year prescription will be much less considerable. The company on - former shows almost faultless dynamics of expenses: rouble expenses (operational expenses minus the costs connected with amortisation, an exhaustion of stocks and deterioration of the equipment) were reduced to 1,2 % to level of III quarter 2008., in dollar expression reduction has made 12 %. NOVATEKu it was possible to achieve it, despite growth of volumes of extraction. It also testifies to a high share of constant expenses in cumulative operational costs that is rather favorable for it in extraction escalating. almost all items of expenses (except for the general and administrative costs, and also expenses for geological prospecting) have appeared better, than we predicted - have added in IK the Three Dialogue .

As results 2008. Have not disappointed, we expect that the company and investment community will switch attention to immediate prospects of gas branch, and the price of actions NOVATEKa in 2009 - 2010. Will reflect tendencies in it - analysts UniCredit Securities have noted.

Analysts FK Uralsib have paid attention to influence of an exchange rate difference on company net profit. Considering that fact that NOVATEK has presented the reporting in roubles, and almost 100 % of a debt of the company are nominated in dollars, huge losses from an exchange rate difference (2,7 mlrd rbl.) Have been predicted in IV quarter 2008., when the rouble exchange rate has started to fall. However the market has overestimated influence of the given factor on company net profit, as has led to essential rupture between a consensus - the forecast and an actual indicator of net profit. The norm of net profit NOVATEKa was reduced to 12 percentage points to 16 %. Besides, experts expect that I quarter 2009., will be not less difficult as decrease in internal demand and the noncontrollable prices for gas will influence a gain from sales of the given kind of fuel on which share it is necessary an order of 70 % of cumulative sales NOVATEKa, and also it will negatively be reflected in profitableness of the company. Possibly, in I quarter 2009. NOVATEK owing to rouble depreciation also will fix considerable single losses from an exchange rate difference.

analyst IK Veles the Capital Dmitry Ljutjagin has regarded the presented results as expected by the market. Participants of the auctions as a whole were prepared for weak results in oil and gas sector in IV quarter 2008., which in turn greases the general positive results of all 2008 a little. NOVATEK continues to show high efficiency. Besides, in 2008. The company has had time to involve favourably the long-term credit which will allow to continue realisation of the planned strategy and to worry flowing hungry on money times. After attraction of extra financing the parity a debt to EBITDA for the company has increased to 0,718, but the expert considers this level quite comfortable for sector. As to prospects on 2009., from as marks D.Ljutjagin, the basic earnings of the company are connected with a gas direction and basically depend on annual indexation of in-Russian tariffs for gas. The rise in prices for gas, according to government programs, will last up to 2011. (In 2009. The prices for gas will grow on 16,8 %). And every year tariff indexation will be above so prospects NOVATEKa are optimistical enough.

NOVATEK - the second after Gazprom the manufacturer of gas in Russia. Within the limits of the program of strategic development for 2007 - 2015. The company plans to 2010. To leave on gas production level in 45 mlrd cubic m, liquid hydrocarbons - 4,6 million tons, to 2015. Annual gas production will grow in 2,1 times - to 65 mlrd cubic m, oil with a gas condensate - to 8 - 9 million tons. The company authorised capital stock makes 303 million 630 thousand 600 rbl. and is divided on 3 mlrd by 36 million 306 thousand ordinary actions face value 0,1 rbl. Now 19,4 % of actions NOVATEKa owns Gazprom through German a daughter ZGG GmbH. 6,21 % of actions - at Open Society Belon 13,13 % - at Open Company Santata 7,31 % - at Open Company Levit .

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