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NOVATEK

November 18, 2005

NOVATEK announces IFRS results for the third quarter and nine months ended 30 September 2005

Moscow, 18 November 2005. OAO NOVATEK today announced strong earnings in its third quarter and nine months 2005 consolidated interim condensed financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) and reviewed by PricewaterhouseCoopers. 

Net profit attributable to NOVATEK for the nine months ending 30 September 2005 totaled RR 10,798 million, or RR 3,556 per share (basic and diluted), compared to RR 4,061 million, or RR 1,807 per share (basic and diluted) for the same period in 2004. For the third quarter 2005, net profit attributable to NOVATEK increased by 65% to RR 2,875 million, or RR 947 per share (basic and diluted) from RR 1,743 million, or RR 776 per share (basic and diluted).

Net profit attributable to NOVATEK was higher in both periods mainly due to the increase in production volumes from core fields, the impact on financial results due to the December 2004 asset consolidations, and the net gains on disposal of investments in oil and gas producing associates in the second quarter 2005.

Total revenues and other income grew by 77% to RR 32,240 million for the nine-month period ending 30 September 2005 from RR 18,240 million in the corresponding 2004 period. For the three-month period ending 30 September 2005, total revenues and other income increased by 89% to RR 10,242 million from RR 5,408  million for the corresponding period in 2004.

Natural gas sales increased by 84% to RR 16,873 million in the nine-month period ended 30 September 2005 from RR 9,173 million in the corresponding 2004 period, while revenues from liquids (crude oil, stable gas condensate, LPG and oil products) increased from RR 5,990 million in 2004 to RR 10,765 million, or 80%, during the period.

For the third quarter 2005, revenues from natural gas increased by 112% to RR 5,481 million from RR 2,583 million in the corresponding 2004 period, while revenues from liquids increased by 96% to RR 4,388 million from RR 2,233 million in 2004.

Natural gas sales volumes for the nine-month period ended 30 September 2005 rose by 64% from 12,582 million cubic meters in 2004 to 20,597 million cubic meters in 2005. Net liquid sales volumes grew by 21%, from 1,541 thousand tons in 2004 to 1,866 thousand tons in 2005.

In the third quarter 2005, natural gas sales volumes increased by 106% to 6,826 million cubic meters from 3,316 million cubic meters for the corresponding period in 2004, whereas liquids sales volumes increased by 9% to 592 thousand tons from 541 thousand tons in the 2004 period.

 

Third Quarter and Nine Months 2005

IFRS Financial and Operational Highlights

3Q 2005

3Q 2004

 

 

9M 2005

9M 2004

 

RR, mln

RR, mln

 

Revenues

RR, mln

RR, mln

 

9,869

4,816

105%

Oil and gas sales

27,638

15,163

82%

-

-

-

Oil and gas construction services

-

2,053

 

278

158

76%

Sales of polymer and insulation tape

714

432

65%

113

53

-

Other

282

433

-

10,260

5,027

104.%

Total revenues

28,634

18,081

58%

(18)

381

 

Total non-operating revenues

3,606

159

 

10,242

5,408

89%

Total revenues and other income

32,240

18,240

77%

(6,214)

(3,319)

87%

Total operating expenses

(17,424)

(13,344)

31%

3,950

2,246

76%

Profit before income tax and minority interests

14,451

5,542

161%

2,855

1,749

 

Profit for period

10,763

4,122

 

2,875

1,743

65%

Profit attributable to shareholders

10,798

4,061

166%

947

776

22%

Basic and diluted earnings per share( in RR)

3,556

1,807

97%

3,036,306

2,247,030

 

Weighted average number of shares outstanding

3,036,306

2,247,030

 

 

Selected Operating Data

3Q 2005

3Q 2004

 

 

9M 2005

9M 2004

 

 

 

 

Sales Volumes

 

 

 

6,826

3,316

106%

Natural gas (millions cubic meters)

20,597

12,582

64%

82

400

-80%

Crude oil (thousand tons)

787

1,184

-34%

309

-

100%

Stable gas condensate (thousand tons)

396

-

100%

96

-

100%

Liquefied petroleum gas (thousand tons)

123

-

100%

105

141

-26%

Oil products (thousand tons)

560

357

57%

 

Selected Balance Sheet Items (in millions of Russian roubles)

ASSETS

 

 

 

 

 

 

30 September 2005

31 December 2004

Non-current assets

 

 

Property, plant and equipment, net

64,083

62,449

Investments in associates

-

1,945

Total non-current assets

65,755

73,316

Total current assets

13,682

9,134

Total assets

79,437

82,450

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Non-current liabilities

 

 

Long-term debt

1,428

13,232

Total non-current liabilities

11,260

23,275

Total current liabilities

12,562

14,239

Total liabilities

23,822

37,514

Equity attributable to Group shareholders

 

 

Total equity attributable to Group shareholders

55,334

44,487

Minority interest

281

449

Total equity

55,615

44,936

Total liabilities and equity

79,437

82,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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