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Q1 2013 EARNINGS CALL – Novatek

Novatek · May 15, 2013 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2013 EARNINGS CALL – Novatek – slide 1
    First Quarter 2013 Operational and Financial Results Conference Call Mark A. Gyetvay, Chief Financial Officer and Member of the Board of Directors Moscow, Russian Federation 15 May 2013
  2. Q1 2013 EARNINGS CALL – Novatek – slide 2
    Summary Highlights 1Q 2013 Increase in revenues driven by higher natural gas prices, as well as an increase in natural gas and liquids sales volumes : Natural gas sales increased Y-o-Y by 48.7% and Q-o-Q by 33.0% Liquids sales…
  3. Q1 2013 EARNINGS CALL – Novatek – slide 3
    Operational Overview 4
  4. Q1 2013 EARNINGS CALL – Novatek – slide 4
    Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 15,859 14,454 15,087 Joint ventures Joint ventures Joint ventures 994 1,016 Khanchey Khanchey 981 Joint ventures Joint ventures Khanchey Khanchey…
  5. Q1 2013 EARNINGS CALL – Novatek – slide 5
    Purovsky Plant & Vitino Sea Port Terminal Total volumes delivered: 1,189 mt Yurkharovskoye field: 703 mt East-Tarkosalinskoye and Khancheyskoye fields: 243 mt Purchases from our joint venture: 239 mt Other: 4 mt Total plant…
  6. Q1 2013 EARNINGS CALL – Novatek – slide 6
    Stable Gas Condensate in Transit Yosu Singapore Goods in transit Goods in transit Goods in transit 31.03.2012 31.12.2012 31.03.2013 240 thousand tons 217 thousand tons 0 tankers 60 mt 60 mt 61 mt 60 mt Singapore…
  7. Q1 2013 EARNINGS CALL – Novatek – slide 7
    Financial Overview 1Q 13 vs. 1Q 12 8
  8. Q1 2013 EARNINGS CALL – Novatek – slide 8
    Comparison of Quarterly Results (RR million) 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 Q-o-Q +/- % Y-o-Y +/- % Oil and gas sales 53,876 44,763 52,345 59,262 80,448 35.7% 49.3% Total revenues 54,097 44,924 52,514 59,438 80,565 35.5% 48.9%…
  9. Q1 2013 EARNINGS CALL – Novatek – slide 9
    Market Distribution Gas Sales Volumes (mmcm) 18,739 16,050 15,876 13,447 13,507 75.8% 88.8% 12,172 62.2% 64.6% 11,554 72.8% 16,632 8,361 8,719 24.2% 5,086 37.8% 4,788 35.4% 4,322 27.2% 3,878 11.2% 2,107 1Q 12 2Q 12 3Q…
  10. Q1 2013 EARNINGS CALL – Novatek – slide 10
    Natural Gas Sales Volume Mix 100% 75% 51% 55% 57% 57% 62% 65% 73% 76% 89% 50% 25% 49% 45% 43% 43% 38% 35% 27% 24% 11% 0% 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 Ex-field End-customers 11
  11. Q1 2013 EARNINGS CALL – Novatek – slide 11
    Market Distribution Liquids Sales Volumes (mt) 1,614 1,121 1,065 1,069 948 1,351 83.7% 938 83.7% 878 82.4% 859 80.4% 774 81.6% 0 0 0 0 0 16.3% 174 18.4% 183 16.3% 187 17.6% 210 19.6% 263 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13…
  12. Q1 2013 EARNINGS CALL – Novatek – slide 12
    Total Revenues (RR million) Change due to price Increase due to: Change due to volume 93.9% increase in sales volumes; partially offset by a 14.2% decrease in our average realized prices in Russian roubles (3,203) (302) (115)…
  13. Q1 2013 EARNINGS CALL – Novatek – slide 13
    Total Revenues Breakdown 1Q 13 5% 2% Natural gas 24% 69% Stable gas condensate 1Q 12 7% 2% LPG 22% Other 69% 14
  14. Q1 2013 EARNINGS CALL – Novatek – slide 14
    Realized Hydrocarbon Prices (net of VAT and export duties) 1Q 12 1Q 13 +/(-) +/(-)% 4Q 12 1Q 13 +/(-) +/(-)% Domestic prices 2,616 3,120 504 19.3% Natural gas end-customers, RR/mcm 2,993 3,120 127 4.2% 1,409 1,708 299 21.2% Natural…
  15. Q1 2013 EARNINGS CALL – Novatek – slide 15
    Operating Expenses (RR million and % of Total Revenues (TR)) 1Q 12 % of TR 1Q 13 % of TR 4Q 12 % of TR 1Q 13 % of TR 16,379 30.3% 29,230 36.2% Transportation expenses 17,199 28.9% 29,230 36.2% 4,337 8.0% 4,717 5.9% Taxes other than…
  16. Q1 2013 EARNINGS CALL – Novatek – slide 16
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Tariff/Dist. = 234 Volumes = 1,143 Tanker = 819 29,230 4,134 Export 81 23 Tariff/Dist. = 78 Volumes = 26 Other includes: Domestic…
  17. Q1 2013 EARNINGS CALL – Novatek – slide 17
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production 33 4,717 193 19 7 (28) 4,337 156 1Q 12 Natural Gas Property Other taxes 1Q 13 gas condensate tax UPT tax The…
  18. Q1 2013 EARNINGS CALL – Novatek – slide 18
    General and Administrative Expenses (RR million) Increased primarily due to the commencement of compensatory payments for the Salmanovskoye and Geofizicheskoye fields 16 39 13 2,419 2,327 210 14 14 7 (221) Decrease due to:…
  19. Q1 2013 EARNINGS CALL – Novatek – slide 19
    Materials, Services and Other Expenses (RR million) 28 8 17 1,677 18 1,586 12 22 (14) Increase primarily due to an increase in electricity and fuel volumes used by our Decreased primarily due to: production subsidiaries, as well…
  20. Q1 2013 EARNINGS CALL – Novatek – slide 20
    Profit Attributable to NOVATEK Shareholders (RR million) 26,468 (6,250) 650 (12,851) (380) 331 7 22,711 1,039 21,245 (7,548) 1Q 12 Total OPEX Transport Taxes other Other Finance Share of Income tax Non-controlling 1Q…
  21. Q1 2013 EARNINGS CALL – Novatek – slide 21
    Financial Overview 1Q 13 vs. 4Q 12 22
  22. Q1 2013 EARNINGS CALL – Novatek – slide 22
    Total Revenues (RR million) Change due to price Increase primarily due to: 75.1% increase in our total sales volumes; Change due to volume offset by 4.0% decrease in average realized prices in Russian roubles (813) (898) 28…
  23. Q1 2013 EARNINGS CALL – Novatek – slide 23
    Total Revenues Breakdown 1Q 13 5% 2% Natural gas 24% 69% Stable gas condensate 4Q 12 7% 4% LPG 19% Other 70% 24
  24. Q1 2013 EARNINGS CALL – Novatek – slide 24
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Tariff/Dist. = 127 Volumes = 1,059 Tanker = 731 29,230 2,178 Export 19 35 Tariff/Dist. = 54 Other includes: Volumes = 12 Unallocated…
  25. Q1 2013 EARNINGS CALL – Novatek – slide 25
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production 30 4,717 182 8 (12) (11) 4,452 68 4Q 12 Natural Gas Property Other taxes 1Q 13 gas condensate tax UPT tax The…
  26. Q1 2013 EARNINGS CALL – Novatek – slide 26
    General and Administrative Expenses (RR million) Decrease due to: a change in the method of bonus accruals to key management; 3,632 a decrease in expenses related to defined benefit pension plan 167 (665) Increased primarily…
  27. Q1 2013 EARNINGS CALL – Novatek – slide 27
    Materials, Services and Other Expenses (RR million) Decrease was consistent with our 2,078 ongoing maintenance schedule (163) (3) (73) 1,677 (149) (2) (3) (8) Decreased primarily due to a decrease in expenses related to defined…
  28. Q1 2013 EARNINGS CALL – Novatek – slide 28
    Profit Attributable to NOVATEK Shareholders (RR million) 21,127 (747) 60 839 340 (12,031) (265) (2,538) 15 22,711 (2,636) 18,547 4Q 12 Total OPEX Transport Taxes other Net gain on Other Finance Share of Income tax…
  29. Q1 2013 EARNINGS CALL – Novatek – slide 29
    Appendices 30
  30. Q1 2013 EARNINGS CALL – Novatek – slide 30
    Maintaining Margins (% of total revenues) 48.1% 44.8% 45.4% 42.4% 40.8% 39.3% 38.1% 31.2% 28.2% 21.5% 1Q 12 2Q 12 3Q 12 4Q 12 1Q 2013 EBITDA margin Net profit atributable to NOVATEK margin Notes: EBITDA represents…
  31. Q1 2013 EARNINGS CALL – Novatek – slide 31
    Increasing Natural Gas Production (mmcm per day) Feb Feb Feb May May May Jun Jun Jun Nov Nov Sep Nov Sep Sep Oct Oct Oct Jul Jul Jul Aug Aug Aug…
  32. Q1 2013 EARNINGS CALL – Novatek – slide 32
    Condensed Balance Sheet (RR million) 31 March 2013 31 December 2012 +/(-) +/(-)% Total current assets 59,049 58,243 806 1.4% Incl. Cash and cash equivalents 16,907 18,420 (1,513) -8.2% Total non-current assets 423,180 404,890 18,290…
  33. Q1 2013 EARNINGS CALL – Novatek – slide 33
    Internally Funded Investment Program 30,000 5.0 22,500 4.0 Operating CF / CAPEX 15,000 3.0 RR millions 7,500 2.0 - 1.0 (7,500) 0.0 (15,000) (1.0) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2010 2010 2011 2011…
  34. Q1 2013 EARNINGS CALL – Novatek – slide 34
    Total Debt Maturity Profile (RR million) 51,028 The Group has available funds: 38,550 Credit Agricole Corporate and Investment Bank USD 100 mln until June 2013 ZAO BNP PARIBAS Bank 12,786 13,892 9,835 USD 100 mln until August…
  35. Q1 2013 EARNINGS CALL – Novatek – slide 35
    Questions and Answers 36

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