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Q1 2015 CONFERENCE CALL – Novatek

Novatek · Apr 29, 2015 · 36 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 2015 CONFERENCE CALL – Novatek – slide 1
    First Quarter 2015 Operational and Financial Results Conference Call Mark A. Gyetvay, Deputy Chairman of the Management Board Moscow, Russian Federation 29 April 2015
  2. Q1 2015 CONFERENCE CALL – Novatek – slide 2
    Summary Highlights 1Q 2015 Natural gas production (including our proportionate share in JVs) increased Y-o-Y by 4.7% Liquids production (including our proportionate share in JVs) increased Y-o-Y by 46.2% Purovsky Plant output…
  3. Q1 2015 CONFERENCE CALL – Novatek – slide 3
    Summary Highlights 1Q 2015 Increase in revenues driven by higher liquids sales volumes and prices in RR: Liquids sales increased Y-o-Y by 99.9% and Q-o-Q by 99.4% Natural gas sales decreased Y-o-Y by 8.7% and Q-o-Q by 17.9%…
  4. Q1 2015 CONFERENCE CALL – Novatek – slide 4
    Operational Overview 5
  5. Q1 2015 CONFERENCE CALL – Novatek – slide 5
    Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 1,630 16,271 16,151 1,435 15,423 Joint Joint Joint ventures ventures ventures 1,107 Joint Khanchey Khanchey Joint ventures Khanchey Joint ventures…
  6. Q1 2015 CONFERENCE CALL – Novatek – slide 6
    Purovsky Plant Total volumes delivered: 2,490 mt Yurkharovskoye field: 553 mt East-Tarkosalinskoye and Khancheyskoye fields: 195 mt Other fields: 39 mt Purchases from our joint ventures: 1,703 mt Total output of marketable…
  7. Q1 2015 CONFERENCE CALL – Novatek – slide 7
    Ust-Luga Complex Total volumes delivered: 1,712 mt Total output of marketable gas condensate refined products: 1,662 mt Naphtha: 1,010 mt Other products: 652 mt 1,868 mt of gas condensate refined products were dispatched to…
  8. Q1 2015 CONFERENCE CALL – Novatek – slide 8
    Liquids in Transit Liquids sales Naphtha Jet fuel Gasoil and fuel oil LPG Crude oil Stable gas condensate Goods in transit Goods in transit Goods in transit 31.03.2014 31.12.2014 31.03.2015 153 thousand tons 100 thousand…
  9. Q1 2015 CONFERENCE CALL – Novatek – slide 9
    Financial Overview 1Q 15 vs. 1Q 14 10
  10. Q1 2015 CONFERENCE CALL – Novatek – slide 10
    Comparison of Quarterly Results (RR million) 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 Q-o-Q +/- % Y-o-Y +/- % Oil and gas sales 88,533 87,881 84,090 95,169 113,224 19.0% 27.9% Total revenues 88,676 88,370 84,733 95,864 113,742 18.6% 28.3%…
  11. Q1 2015 CONFERENCE CALL – Novatek – slide 11
    Market Distribution Gas Sales Volumes (mmcm) 18,987 17,772 15,528 15,977 14,944 17,893 94.2 16,677 93.8% 14,604 94.0% 94.4% 15,077 94.4% 14,107 1,095 6.2% 6.0% 5.6% 1,094 5.8% 5.6% 924 837 900 1Q 14 2Q 14 3Q 14 4Q 14…
  12. Q1 2015 CONFERENCE CALL – Novatek – slide 12
    Natural Gas Sales Volume Mix 100% 75% 89% 89% 90% 88% 94% 94% 94% 94% 94% 50% 25% 11% 11% 10% 12% 6% 6% 6% 6% 6% 0% 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 Ex-field End-customers 13
  13. Q1 2015 CONFERENCE CALL – Novatek – slide 13
    Market Distribution Liquids Sales Volumes (mt) 2,834 2,160 1,687 1,697 2,090 73.7% 1,545 1,550 71.8% 1,302 77.2% 1,251 73.7% 1,184 76.6% 0 0 0 0 0 744 26.3% 610 28.2% 361 23.4% 385 22.8% 446 26.3% 1Q 14 2Q 14 3Q 14 4Q…
  14. Q1 2015 CONFERENCE CALL – Novatek – slide 14
    Total Revenues (RR million) Change due to price Change due to volume Increase due to higher sales volumes and average realized net export prices in RR 224 329 113,742 6,193 (1,758) 1,007 14 375 1,625 3,338 88,676 840 (5,933)…
  15. Q1 2015 CONFERENCE CALL – Novatek – slide 15
    Total Revenues Breakdown 1Q 15 4% 4% 5% Natural gas 47% Gas condensate 40% refined products LPG 1Q 14 7% 1% 3% Stable gas condensate 23% Other 66% 16
  16. Q1 2015 CONFERENCE CALL – Novatek – slide 16
    Realized Hydrocarbon Prices (net of VAT and export duties) 1Q 14 1Q 15 +/(-) +/(-)% 4Q 14 1Q 15 +/(-) +/(-)% Domestic prices 3,400 3,447 47 1.4% Natural gas end-customers, RR/mcm 3,536 3,447 (89) -2.5% 1,834 1,831 (3) -0.2% Natural…
  17. Q1 2015 CONFERENCE CALL – Novatek – slide 17
    Operating Expenses (RR million and % of Total Revenues (TR)) 1Q 14 % of TR 1Q 15 % of TR 4Q 14 % of TR 1Q 15 % of TR 27,657 31.2% 30,823 27.1% Transportation expenses 33,516 35.0% 30,823 27.1% 7,508 8.5% 9,018 7.9% Taxes other than…
  18. Q1 2015 CONFERENCE CALL – Novatek – slide 18
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume 796 (17) 30,823 54 114 27 27,657 125 1,112 Other includes: Unallocated rail (2,150) 3,105 services; Liquids motor transportation;…
  19. Q1 2015 CONFERENCE CALL – Novatek – slide 19
    Taxes Other Than Income Tax Expense (RR million) 1,421 42 47 9,018 7,508 1Q 14 UPT Property Other taxes 1Q 15 tax Y-o-Y increase in UPT expense was primarily due to a significant increase in the UPT rate for gas condensate…
  20. Q1 2015 CONFERENCE CALL – Novatek – slide 20
    General and Administrative Expenses (RR million) 67 10 18 3,113 472 33 43 (129) (13) 2,612 Decrease due to expenses incurred in the first quarter of 2014 (absent in 1Q 15) related to a sponsorship contract for Increase due to:…
  21. Q1 2015 CONFERENCE CALL – Novatek – slide 21
    Materials, Services and Other Expenses (RR million) Increase due to: Increase due to the change in higher average number of our LPG sales and logistics arrangement from the 2Q 14 employees (acquisition of 210 3,176 NovaEnergo in…
  22. Q1 2015 CONFERENCE CALL – Novatek – slide 22
    Profit Attributable to NOVATEK Shareholders (RR million) 25,066 In 1Q 14, the Group recorded a gain on the disposal of interest in the Artic Russia B.V. joint venture in the amount of RR 2,623 million (15,345) 324 31,075 5,996…
  23. Q1 2015 CONFERENCE CALL – Novatek – slide 23
    Financial Overview 1Q 15 vs. 4Q 14 24
  24. Q1 2015 CONFERENCE CALL – Novatek – slide 24
    Total Revenues (RR million) Change due to price Change due to volume Increase due to an increase in average realized net export prices in RR and sales volumes 20,614 (1,689) 783 867 113,742 (1) 307 (177) 958 1,342 95,864…
  25. Q1 2015 CONFERENCE CALL – Novatek – slide 25
    Total Revenues Breakdown 1Q 15 4% 4% 5% Natural gas 47% Gas condensate refined products 40% LPG 4Q 14 7% 2% 4% Stable gas condensate 19% Other 68% 26
  26. Q1 2015 CONFERENCE CALL – Novatek – slide 26
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume 33,516 (2,319) 1,135 30,823 447 42 21 547 Other includes: Unallocated rail (4,240) 1,674 services; Liquids motor transportation;…
  27. Q1 2015 CONFERENCE CALL – Novatek – slide 27
    Taxes Other Than Income Tax Expense (RR million) 1,766 14 9,018 (39) 7,277 4Q 14 UPT Property Other taxes 1Q 15 tax Q-o-Q increase in UPT expense was primarily due to a significant increase in the UPT rate for gas condensate…
  28. Q1 2015 CONFERENCE CALL – Novatek – slide 28
    General and Administrative Expenses (RR million) 3,521 (171) 29 58 3,113 (165) (67) (20) (43) (29) Decrease mainly due to higher bonuses accrued to key management in 4Q 14 for the results achieved for the whole year of 2014…
  29. Q1 2015 CONFERENCE CALL – Novatek – slide 29
    Materials, Services and Other Expenses (RR million) 230 147 3,176 3,179 155 (239) (58) (15) (223) 4Q 14 Employee Repair & Materials & Electricity & fuel Preparation, Rent Other 1Q 15 compensation maintenance supplies…
  30. Q1 2015 CONFERENCE CALL – Novatek – slide 30
    Appendices 31
  31. Q1 2015 CONFERENCE CALL – Novatek – slide 31
    Maintaining Margins (% of total revenues) Disposal of a 20% equity Due to the recognition of a significant stake in Artic Russia B.V. foreign exchange loss on foreign currency denominated loans 51% 48% 48.5% 46% 46% 39% 36% 28%…
  32. Q1 2015 CONFERENCE CALL – Novatek – slide 32
    Increasing Natural Gas Production (mmcm per day) Nov Nov Nov Nov Jan Jan Jan Jan May Mar May May Mar May Mar Oct Oct Mar Oct Oct Apr Apr Apr Apr Sep Sep Sep…
  33. Q1 2015 CONFERENCE CALL – Novatek – slide 33
    Condensed Statement of Financial Position (RR million) 31 March 2015 31 December 2014 +/(-) +/(-)% Total current assets 135,932 126,591 9,341 7.4% Incl. Cash and cash equivalents 52,098 41,318 10,780 26.1% Total non-current assets…
  34. Q1 2015 CONFERENCE CALL – Novatek – slide 34
    Internally Funded Investment Program 40,000 5.0 30,000 4.0 Operating CF / CAPEX 20,000 3.0 RR millions 10,000 2.0 0 1.0 (10,000) 0.0 (20,000) (1.0) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2012 2012 2012 2013 2013…
  35. Q1 2015 CONFERENCE CALL – Novatek – slide 35
    Total Debt Maturity Profile (RR million) 96,110 88,515 The Group has available funds: 6,619 ZAO UniCredit Bank USD 180 mln until August 2015 Credit Agricole Corporate and 40,820 Investment Bank USD 100 mln until 81,896 26,863…
  36. Q1 2015 CONFERENCE CALL – Novatek – slide 36
    Questions and Answers 37

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