Skip to main content Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek Investor Presentation | Shale Experts
Loading...
Pm

Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek

Novatek · Mar 11, 2013 · 45 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. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 1
    Fourth Quarter and Full Year 2012 Operational and Financial Results Conference Call Mark A. Gyetvay, Chief Financial Officer and Member of the Board of Directors Moscow, Russian Federation 11 March 2013
  2. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 2
    Summary Highlights - 2012 Increase in revenues driven by higher natural gas and liquids prices, as well as an increase in natural gas sales volumes: Natural gas sales increased by 28.6% Liquids sales increased by 5.9% EBITDA…
  3. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 3
    Operational Overview 4
  4. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 4
    Proved Reserves Base at Year-End 16,000 1,200 R/P = 25 yrs. R/P = 31 yrs. 14,000 Proved reserves (MMBOE) 12,394 1,000 Produced (MBOE/day) 12,000 R/P = 30 yrs. 800 10,000 9,393 8,088 7,788 8,000 600 3,145 4,831 6,000…
  5. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 5
    Net Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 56,469 52,905 Joint ventures Joint ventures Khanchey Other 3,832 3,753 Khanchey Other Khanchey Joint ventures Khanchey Yurkharov Yurkharov…
  6. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 6
    Purovsky Plant & Vitino Sea Port Terminal Total volumes delivered: 4,030 mt Yurkharovskoye field: 2,672 mt East-Tarkosalinskoye and Khancheyskoye fields: 1,055 mt Purchases from our joint ventures: 284 mt Other : 19 mt Total plant…
  7. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 7
    Stable Gas Condensate in Transit Yosu Singapore Goods in transit Goods in transit Goods in transit 31.12.2011 30.09.2012 31.12.2012 61 thousand tons 122 thousand tons 217 thousand tons 61 mt 61 mt 61 mt 61 mt 60 mt USA…
  8. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 8
    Financial Overview 2012 vs. 2011 9
  9. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 9
    Summary Financial Results (RR million) 210,973 210,246 175,273 174,811 20.4% 116,712 114,850 20.3% 95,166 85,401 69,518 56,177 56,707 11.4% 39,224 22.6% 2010 2011 2012 Total revenues Oil & gas sales Normalized…
  10. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 10
    Another Record Year (RR million) 2012 2011 +/(-) +/(-)% Oil and gas sales 210,246 174,811 35,435 20.3% Total revenues 210,973 175,273 35,700 20.4% Operating expenses (125,775) (96,820) (28,955) 29.9% EBITDA (1 ) 95,106 148,349…
  11. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 11
    Total Revenues (RR million) Decrease due to: Change due to price 4.6% decrease in sales volumes as a Change due to volume result of an increase in inventory balances; offset by 4.6% increase in average realized prices in Russian…
  12. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 12
    Market Distribution Sales Volumes Natural gas sales volumes, mmcm Liquids sales volumes, mt 58,880 53,667 4,111 4,203 29,332 54.7% 69.3% 40,806 3,528 85.8% 3,449 82.1% 45.3% 24,335 30.7% 18,074 0 0 583 14.2% 754 17.9%…
  13. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 13
    Total Revenues Breakdown 2012 7% 3% Natural gas 22% Stable gas condensate 68% 2011 8% 2% LPG 27% Other 63% 14
  14. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 14
    Realized Hydrocarbon Prices (net of VAT and export duties) 2012 2011 +/(-) +/(-)% Domestic prices Natural gas end-customers, RR/mcm 2,821 2,627 194 7.4% Natural gas ex-field, RR/mcm 1,518 1,392 126 9.1% Stable gas condensate, RR/ton…
  15. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 15
    Operating Expenses (RR million and % of Total Revenues (TR)) 2012 % of TR 2011 % of TR Transportation expenses 60,848 28.8% 48,329 27.6% Taxes other than income tax 16,846 8.0% 16,559 9.4% Non-controllable expenses 77,694 36.8%…
  16. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 16
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Export Tariff/Dist. = 330 Volumes = (263) Tanker = 95 2,159 60,848 246 (53) Export Tariff/Dist. = 395 Other includes: 48,329 Volumes…
  17. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 17
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production (2,320) 733 197 16,559 16,846 (78) 713 12 (35) 1,065 2011 Natural Gas Crude Property Other 2012 gas condensate oil tax UPT…
  18. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 18
    General and Administrative Expenses (RR million) Decrease due to the fact, that we did not consolidate compensatory payments of Yamal LNG in 2012 as a result of a disposal of 20% interest in Yamal LNG in October 2011 500 116 74 53…
  19. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 19
    Materials, Services and Other Expenses (RR million) Increase in materials used for repair Increase due to ongoing repair works works of our production assets and own at our wholly owned subsidiaries rail cars used for transportation…
  20. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 20
    Condensed Balance Sheet (RR million) 31 December 2012 31 December 2011 +/(-) +/(-)% Total current assets 58,243 58,316 (73) -0.1% Incl. Cash and cash equivalents 18,420 23,831 (5,411) -22.7% Total non-current assets 404,890 325,116…
  21. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 21
    Total Debt Maturity Profile (RR million) 49,852 In February 2013, the Group placed Russian rouble denominated Eurobonds in the amount of RR 14 billion with a four- 34,682 year maturity and an annual coupon rate of 7.75% In…
  22. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 22
    Debt Structure Debt structure and maturities Net Debt (cash) evolution, RR million RR million 2012 2011 114,067 Short-term debt 34,682 20,298 Including current portion of 34,682 20,298 61,988 71,647 long-term debt Long-term debt…
  23. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 23
    Financial Overview 4Q 12 vs. 3Q 12 24
  24. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 24
    Comparison of Quarterly Results (RR million) 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 Q-o-Q +/- % Y-o-Y +/- % Oil and gas sales 50,300 53,876 44,763 52,345 59,262 13.2% 17.8% Total revenues 50,474 54,097 44,924 52,514 59,438 13.2% 17.8% Operating…
  25. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 25
    Market Distribution Gas Sales Volumes (mmcm) 15,579 16,050 15,876 13,447 13,507 56.6% 8,823 75.8% 12,172 62.2% 64.6% 11,554 72.8% 8,361 8,719 43.4% 6,756 5,086 37.8% 4,788 35.4% 4,322 3,878 24.2% 27.2% 4Q 11 1Q 12 2Q…
  26. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 26
    Natural Gas Sales Volume Mix 100% 75% 51% 55% 57% 57% 58% 62% 65% 73% 76% 50% 25% 49% 45% 43% 43% 42% 38% 35% 27% 24% 0% 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 Ex-field End-customers 27
  27. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 27
    Market Distribution Liquids Sales Volumes (mt) 1,148 1,121 1,065 1,069 948 85.5% 83.7% 80.4% 82.4% 81.6% 982 938 878 859 774 0 0 0 0 19.6% 14.5% 0 18.4% 16.3% 17.6% 166 174 183 187 210 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12…
  28. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 28
    Total Revenues (RR million) Decrease due to: Change due to price 6.1% decrease in total sales volumes; Change due to volume 5.5% decrease in average export realized price in Russian roubles 1,374 (608) 241 59,438 35 (2) 7 (804)…
  29. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 29
    Total Revenues Breakdown 4Q 12 4% 7% Natural gas 19% 70% Stable gas condensate 3Q 12 7% 3% LPG 25% Other 65% 30
  30. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 30
    Realized Hydrocarbon Prices (net of VAT and export duties) 4Q 11 4Q 12 +/(-) +/(-)% 3Q 12 4Q 12 +/(-) +/(-)% Domestic prices 2,621 2,993 372 14.2% Natural gas end-customers, RR/mcm 3,050 2,993 (57) -1.9% 1,393 1,644 251 18.0% Natural…
  31. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 31
    Operating Expenses (RR million and % of Total Revenues (TR)) 4Q 11 % of TR 4Q 12 % of TR 3Q 12 % of TR 4Q 12 % of TR 13,541 26.8% 17,199 28.9% Transportation expenses 14,235 27.1% 17,199 28.9% 4,504 8.9% 4,452 7.5% Taxes other than…
  32. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 32
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume Tariff/Dist. = (6) Volumes = (94) (605) Tanker = (71) 13 17,199 (7) Export 14,235 Tariff/Dist. = (11) Volumes = 99 3,578 Domestic…
  33. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 33
    Taxes Other Than Income Tax Expense (RR million) Change due to tax rate Change due to production 4,452 0 - 21 68 3,903 460 3Q 12 Natural Gas Property 4Q 12 gas condensate tax UPT tax The increase in UPT expense for…
  34. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 34
    General and Administrative Expenses (RR million) Increased largely due to consulting services related to our recent acquisitions 627 22 9 9 14 3,701 (29) 763 41 2,245 Increase due to: bonuses accrued to key management for…
  35. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 35
    Materials, Services and Other Expenses (RR million) Increase due to ongoing repair works at our wholly owned production subsidiaries 115 24 5 2,078 254 5 (34) (7) 1,716 Increased due to an increase in expenses related to…
  36. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 36
    Questions and Answers 37
  37. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 37
    Appendices 38
  38. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 38
    Yamal LNG On-Site Activity Berth piling construction Arctic drilling rig assembled Materials offloading (4.5 km offshore the Gulf of Ob) Living quarters 39
  39. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 39
    Profit Attributable to NOVATEK Shareholders (RR million) 35,700 (16,149) 119,655 (12,519) (287) 5,689 1,775 69,458 (1,040) (347) (63,008) (11) 2011 Total OPEX Transport Taxes other Net gain on Other Finance Share of…
  40. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 40
    Maintaining Margins (% of total revenues) Due to the disposal of a 20% participation 84.6% interest in OAO Yamal LNG 68.3% 49.3% 48.7% 48.1% 48.1% 45.1% 44.8% 45.4% 42.4% 39.3% 38.1% 34.7% 32.9% 31.2% 33.6% 32.4%…
  41. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 41
    Increasing Natural Gas Production (mmcm per day) Feb Feb Feb Feb May May May May Jun Jun Jun Jun Nov Nov Nov Sep Sep Sep Nov Sep Jul Jul Jul Jul Aug Oct Aug Oct…
  42. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 42
    Net Production Y-o-Y and 2011/2012 Quarterly Natural gas production, mmcm 56,469 5,962 52,905 5,384 Increase in Y-o-Y and Q-o-Q production primarily due to further development works at our Yurkharov field and increase in net…
  43. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 43
    Net Production Y-o-Y and 2011/2012 Quarterly Liquids production, mt 4,270 77 4,111 517 279 Increase in Y-o-Y primarily due to an increase in crude oil production at the East-Tarko field that was partially offset by a decrease…
  44. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 44
    Change in Inventories 1,600 600 1,400 Natural gas volumes, mmcm 500 1,200 Liquids volumes, mt 400 1,000 800 300 600 200 400 100 200 0 0 01.01.12 31.03.12 30.06.12 30.09.12 31.12.12 Natural gas…
  45. Q4 AND FULL YEAR 2012 EARNINGS CALL – Novatek – slide 45
    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) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2010 2010 2010 2010 2011 2011…

From the store

Browse maps, data & reports in the Shale Experts store