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Q1 2012 EARNINGS CALL – Novatek

Novatek · May 15, 2012 · 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 2012 EARNINGS CALL – Novatek – slide 1
    First Quarter 2012 Operational and Financial Results Conference Call Mark A. Gyetvay, Chief Financial Officer and Member of the Board of Directors Moscow, Russian Federation 15 May 2012
  2. Q1 2012 EARNINGS CALL – Novatek – slide 2
    Summary Highlights 1Q 2012 Increase in revenues driven by higher natural gas volumes and liquids prices: Natural gas sales increased Y-o-Y by 31.7% Liquids sales increased Y-o-Y by 2.1% EBITDA increased Y-o-Y by 5.2% Cash flow from…
  3. Q1 2012 EARNINGS CALL – Novatek – slide 3
    Operational Overview 4
  4. Q1 2012 EARNINGS CALL – Novatek – slide 4
    Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 14,307 14,454 13,310 Sibneftegas Sibneftegas 969 974 981 Sibneftegas Khanchey Other Khanchey Other Other Other Other Khanchey Other Khanchey Khanchey…
  5. Q1 2012 EARNINGS CALL – Novatek – slide 5
    Purovsky Plant & Vitino Sea Port Terminal Total volumes delivered: 991 mt East-Tarkosalinskoye and Khancheyskoye fields: 276 mt (100% of net production) Yurkharovskoye field: 710 mt (100% of net production) Other: 5 mt Total plant…
  6. Q1 2012 EARNINGS CALL – Novatek – slide 6
    Stable Gas Condensate in Transit Yosu Singapore Goods in transit Goods in transit Goods in transit 31.03.2011 31.12.2011 31.03.2012 152 thousand tons 61 thousand tons 240 thousand tons 60 mt 31 mt 60 mt 60 mt USA…
  7. Q1 2012 EARNINGS CALL – Novatek – slide 7
    Financial Overview 1Q 12 vs. 1Q 11 8
  8. Q1 2012 EARNINGS CALL – Novatek – slide 8
    Comparison of Quarterly Results (RR million) Q-o-Q Y-o-Y 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 +/- % +/- % Oil and gas sales 44,826 40,551 39,888 50,544 54,152 7.1% 20.8% Total revenues 44,894 40,626 40,033 50,718 54,373 7.2% 21.1%…
  9. Q1 2012 EARNINGS CALL – Novatek – slide 9
    Market Distribution Gas Sales Volumes (mmcm) 15,579 16,050 13,992 11,830 12,266 8,823 56.6% 7,095 12,172 75.8% 50.7% 6,448 6,966 56.8% 54.5% 6,897 6,756 43.4% 49.3% 5,382 45.5% 5,300 43.2% 3,878 24.2% 1Q 11 2Q 11 3Q…
  10. Q1 2012 EARNINGS CALL – Novatek – slide 10
    Natural Gas Sales Volume Mix 100% 75% 51% 55% 58% 57% 57% 60% 66% 75% 76% 50% 25% 49% 45% 42% 43% 43% 40% 34% 25% 24% 0% 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 Ex-field End-customers 11
  11. Q1 2012 EARNINGS CALL – Novatek – slide 11
    Market Distribution Liquids Sales Volumes (mt) 1,148 1,003 1,027 933 948 85.5% 982 85.8% 86.7% 861 890 774 81.6% 794 85.1% 0.1% 1 0 0 0 0 141 14.1% 137 13.3% 139 14.9% 166 14.5% 174 18.4% 1Q 11 2Q 11 3Q 11 4Q 11 1Q…
  12. Q1 2012 EARNINGS CALL – Novatek – slide 12
    Total Revenues (RR million) Change due to price Decrease due to: Change due to volume 14.0% decrease in export sales volumes due to an increase in goods in transit; offset by 7.0% increase in average realized SGC net export…
  13. Q1 2012 EARNINGS CALL – Novatek – slide 13
    Total Revenues Breakdown 0% 1Q 11 9% 1% Natural gas 27% Stable gas condensate 63% LPG 1Q 12 Crude oil 8% 2% 21% Oil and gas products Other 69% 14
  14. Q1 2012 EARNINGS CALL – Novatek – slide 14
    Realized Hydrocarbon Prices (net of VAT and export duties) 1Q 11 1Q 12 +/(-) +/(-)% 4Q 11 1Q 12 +/(-) +/(-)% Domestic prices 2,634 2,630 (4) -0.2% Natural gas end-customers, RR/mcm 2,621 2,630 9 0.3% - 2,128 n/a n/a Natural gas…
  15. Q1 2012 EARNINGS CALL – Novatek – slide 15
    Operating Expenses (RR million and % of Total Revenues (TR)) 1Q 11 % of TR 1Q 12 % of TR 4Q 11 % of TR 1Q 12 % of TR 11,905 26.5% 16,379 30.1% Transportation expenses 13,541 26.7% 16,379 30.1% 4,320 9.6% 4,613 8.5% Taxes other than…
  16. Q1 2012 EARNINGS CALL – Novatek – slide 16
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Tariff/Dist. = 46 (1,641) Volumes = (187) Tanker = (151) (1) 16,379 42 28 Export Tariff/Dist. = 126 Other includes: Volumes = 46…
  17. Q1 2012 EARNINGS CALL – Novatek – slide 17
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production (397) 51 190 6 4,613 5 33 (33) 4,320 174 264 1Q 11 Natural Gas Crude Property Excise and fuel Other 1Q 12 gas condensate…
  18. Q1 2012 EARNINGS CALL – Novatek – slide 18
    Materials, Services and Other Expenses (RR million) Increase due to on-going repair works at our production assets 10 18 1,586 83 8 169 7 9 1,282 Increase due to: an increase in average number of employees due to…
  19. Q1 2012 EARNINGS CALL – Novatek – slide 19
    General and Administrative Expenses (RR million) Decrease due to the relocation of Moscow head-office employees to our new office building in May 2011 20 37 9 386 70 2,396 (48) (73) 1,995 Increase due to: an increase in…
  20. Q1 2012 EARNINGS CALL – Novatek – slide 20
    Profit Attributable to NOVATEK Shareholders (RR million) 9,479 (3,641) 2,886 21,245 (381) (1,041) (47) 18,769 (4,474) (293) (12) 1Q 11 Total OPEX Transport Taxes other Other Finance Share of Income tax Non-controlling 1Q 12…
  21. Q1 2012 EARNINGS CALL – Novatek – slide 21
    Financial Overview 1Q 12 vs. 4Q 11 22
  22. Q1 2012 EARNINGS CALL – Novatek – slide 22
    Total Revenues (RR million) Change due to price Change due to volume Increase due to: 11.2% increase in average realized price; 3.0% increase in sales volumes 2,066 3,781 (13) (257) 122 54,373 50,718 * 220 105 22 47 (3,420)…
  23. Q1 2012 EARNINGS CALL – Novatek – slide 23
    Total Revenues Breakdown 4Q 11 0% 8% 2% Natural gas 26% Stable gas condensate 63% LPG 1Q 12 Crude oil 8% 2% 21% Oil and gas products Other 69% 24
  24. Q1 2012 EARNINGS CALL – Novatek – slide 24
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Tariff/Dist. = 18 Volumes = (432) (216) Tanker = (206) (1) 16,379 12 (45) Export 13,541 * Tariff/Dist. = (16) Other includes: Volumes =…
  25. Q1 2012 EARNINGS CALL – Novatek – slide 25
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production (468) 51 187 4 4,748 26 4,613 (5) 32 (31) 69 4Q 11 Natural Gas Crude Property Excise and fuel Other 1Q 12 gas condensate oil…
  26. Q1 2012 EARNINGS CALL – Novatek – slide 26
    Materials, Services and Other Expenses (RR million) Significant repair works were performed in 4Q 2011 260 4 (45) 1,553 13 1,586 (168) (15) (16) Increase due to: accruals to non-budget funds (social taxes); acquisition of…
  27. Q1 2012 EARNINGS CALL – Novatek – slide 27
    General and Administrative Expenses (RR million) Increase due to: accruals to non-budget funds (social taxes); higher bonuses accrued for the results achieved in 1Q 2012 compared to 4Q 2011 398 (38) 11 4 (236) (10) (24)…
  28. Q1 2012 EARNINGS CALL – Novatek – slide 28
    Profit Attributable to NOVATEK Shareholders (RR million) 3,655 78,227 * (168) 135 (2,838) 6,248 369 21,245 (1,255) (5) (62,948) (175) 4Q 11 Total OPEX Transport Taxes other Net gain on Other Finance Share of Income tax…
  29. Q1 2012 EARNINGS CALL – Novatek – slide 29
    Appendices 30
  30. Q1 2012 EARNINGS CALL – Novatek – slide 30
    Maintaining Margins (% of total revenues) Due to the disposal of a 20% participation interest in 170.9% OAO Yamal LNG 154.2% 51.3% 48.6% 47.2% 44.5% 41.8% 46.8 % (2) 39.1% 35.3% 20.8% 30.1% (2) 1Q 11 2Q 11 3Q 11 4Q 11…
  31. Q1 2012 EARNINGS CALL – Novatek – slide 31
    Increasing Natural Gas Production (mmcm per day) 160 140 120 100 80 60 40 20 0 Nov Nov Nov Dec Dec Dec May Mar May Mar May Mar Feb Feb Feb Jun Jun Jun Sep…
  32. Q1 2012 EARNINGS CALL – Novatek – slide 32
    Condensed Balance Sheet (RR million) 31 March 2012 31 December 2011 +/(-) +/(-)% Total current assets 54,443 58,316 (3,873) -6.6% Incl. Cash and cash equivalents 27,670 23,831 3,839 16.1% Total non-current assets 332,273 325,116 7,157…
  33. Q1 2012 EARNINGS CALL – Novatek – slide 33
    Internally Funded Investment Program 25,000 4.5 20,000 4.0 3.5 15,000 Operating CF / CAPEX 3.0 RR millions 10,000 2.5 2.0 5,000 1.5 - 1.0 0.5 (5,000) 0.0 (10,000) (0.5) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q…
  34. Q1 2012 EARNINGS CALL – Novatek – slide 34
    Total Debt Maturity Profile (RR million) 31,955 The Group has available funds: OAO Sberbank - RR 40 billion until July 2012 17,502 18,931 Credit Agricole Corporate and Investment Bank - USD 100 million until June 2012 7,327 ZAO…
  35. Q1 2012 EARNINGS CALL – Novatek – slide 35
    Questions and Answers 36

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