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Q2 2015 Conference Call – Novatek

Novatek · Jul 30, 2015 · 36 slides

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Slides

  1. Q2 2015 Conference Call – Novatek – slide 1
    Second Quarter 2015 Operational and Financial Results Conference Call Mark A. Gyetvay, Deputy Chairman of the Management Board Moscow, Russian Federation 30 July 2015
  2. Q2 2015 Conference Call – Novatek – slide 2
    Summary Highlights 2Q 2015 Natural gas production (including our proportionate share in JVs) increased Y-o-Y by 10.8% Liquids production (including our proportionate share in JVs) increased Y-o-Y by 59.3% Purovsky Plant output…
  3. Q2 2015 Conference Call – Novatek – slide 3
    Summary Highlights 2Q 2015 Increase in revenues driven by higher liquids sales volumes: Liquids sales increased Y-o-Y by 79.3% to RR 61,040 million Natural gas sales decreased Y-o-Y by 6.2% to RR 50,534 million EBITDA (excluding…
  4. Q2 2015 Conference Call – Novatek – slide 4
    Operational Overview 5
  5. Q2 2015 Conference Call – Novatek – slide 5
    Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 16,890 16,151 1,870 15,239 Joint Joint Joint ventures 1,630 ventures ventures Khanchey Khanchey Khanchey Joint 1,104 Joint ventures ventures Joint…
  6. Q2 2015 Conference Call – Novatek – slide 6
    Purovsky Plant Total volumes delivered: 2,934 mt Yurkharovskoye field: 531 mt East-Tarkosalinskoye and Khancheyskoye fields: 182 mt Other fields: 37 mt Purchases from our joint ventures: 2,184 mt Total output of marketable…
  7. Q2 2015 Conference Call – Novatek – slide 7
    Ust-Luga Complex Total volumes delivered: 1,744 mt Total output of marketable gas condensate refined products: 1,707 mt Naphtha: 1,031 mt Other products: 676 mt 1,516 mt of gas condensate refined products were dispatched…
  8. Q2 2015 Conference Call – Novatek – slide 8
    Liquids in Tankers Liquids sales Naphtha Jet fuel Gasoil and fuel oil LPG Crude oil Stable gas condensate Goods in transit Goods in transit Goods in transit 30.06.2014 31.03.2015 30.06.2015 25 thousand tons 154 thousand tons…
  9. Q2 2015 Conference Call – Novatek – slide 9
    Financial Overview 2Q 15 vs. 2Q 14 10
  10. Q2 2015 Conference Call – Novatek – slide 10
    Comparison of Quarterly Results (RR million) 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Q-o-Q +/- % Y-o-Y +/- % Oil and gas sales 87,881 84,090 95,169 113,224 111,574 -1.5% 27.0% Total revenues 88,370 84,733 95,864 113,742 112,244 -1.3% 27.0%…
  11. Q2 2015 Conference Call – Novatek – slide 11
    Market Distribution Gas Sales Volumes (mmcm) 18,987 15,528 15,977 14,944 14,498 17,893 94.2% 14,604 94.0% 15,077 94.4% 14,107 94.4% 13,502 93.1% 924 6.0% 837 5.6% 1,094 5.8% 900 5.6% 996 6.9% 2Q 14 3Q 14 4Q 14 1Q 15 2Q…
  12. Q2 2015 Conference Call – Novatek – slide 12
    Natural Gas Sales Volume Mix 100% 75% 89% 90% 88% 94% 94% 94% 94% 94% 93% 50% 25% 11% 10% 12% 6% 6% 6% 6% 6% 7% 0% 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Ex-field End-customers 13
  13. Q2 2015 Conference Call – Novatek – slide 13
    Market Distribution Liquids Sales Volumes (mt) 2,834 2,911 2,160 1,697 2,021 69.4% 1,687 2,090 73.7% 1,550 71.8% 1,302 77.2% 1,251 73.7% 0 0 0 0 0 890 30.6% 744 446 610 28.2% 26.3% 385 22.8% 26.3% 2Q 14 3Q 14 4Q 14 1Q…
  14. Q2 2015 Conference Call – Novatek – slide 14
    Total Revenues (RR million) Increase due to: Change due to price the commencement of stable gas condensate deliveries Change due to volume to export markets from the first quarter of 2015; an increase in sales volumes on the…
  15. Q2 2015 Conference Call – Novatek – slide 15
    Total Revenues Breakdown 2Q 15 9% 4% Natural gas 6% 45% Gas condensate refined products 36% LPG 2Q 14 6% 1% 4% Stable gas condensate 28% Other 61% 16
  16. Q2 2015 Conference Call – Novatek – slide 16
    Realized Hydrocarbon Prices (net of VAT and export duties) 2Q 14 2Q 15 +/(-) +/(-)% 1Q 15 2Q 15 +/(-) +/(-)% Domestic prices 3,571 3,605 34 1.0% Natural gas end-customers, RR/mcm 3,447 3,605 158 4.6% 1,834 1,868 34 1.9% Natural gas…
  17. Q2 2015 Conference Call – Novatek – slide 17
    Operating Expenses (RR million and % of Total Revenues (TR)) 2Q 14 % of TR 2Q 15 % of TR 1Q 15 % of TR 2Q 15 % of TR 26,695 30.2% 29,940 26.7% Transportation expenses 30,823 27.1% 29,940 26.7% 7,353 8.3% 9,015 8.0% Taxes other than…
  18. Q2 2015 Conference Call – Novatek – slide 18
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume 870 53 29,940 24 10 21 429 26,695 660 Other includes: Unallocated rail (1,620) 2,798 services; Liquids motor Increase due to an increase…
  19. Q2 2015 Conference Call – Novatek – slide 19
    Taxes Other Than Income Tax Expense (RR million) 1,585 73 4 9,015 7,353 2Q 14 UPT Property Other taxes 2Q 15 tax Y-o-Y increase in UPT expense was primarily due to a significant increase in the UPT rate for gas condensate as…
  20. Q2 2015 Conference Call – Novatek – slide 20
    General and Administrative Expenses (RR million) 67 67 22 5 20 4,907 1,609 24 (62) Increase due to: higher average number of employees; indexation of base salaries effective 1 July 2014; 3,155 additional bonuses paid in the…
  21. Q2 2015 Conference Call – Novatek – slide 21
    Materials, Services and Other Expenses (RR million) Decrease due to: Increase due to an increase in LPG decrease in planned volumes of fixed assets repair volumes required to be reserved in Poland works at our production subsidiaries;…
  22. Q2 2015 Conference Call – Novatek – slide 22
    Profit Attributable to NOVATEK Shareholders (RR million) 23,874 783 575 41,920 9,236 (18,964) 31,950 (3,245) 1,322 (1,662) (1,949) 2Q 14 Total OPEX Transport Taxes other Other operating Finance Share of Income tax…
  23. Q2 2015 Conference Call – Novatek – slide 23
    Financial Overview 2Q 15 vs. 1Q 15 24
  24. Q2 2015 Conference Call – Novatek – slide 24
    Total Revenues (RR million) Change due to price Change due to volume 113,742 1,876 515 2,181 141 203 112,244 1,149 (475) 28 152 (4,963) (6,218) 3,913 During 1Q 15, we sold most of our inventory balances, while our inventory…
  25. Q2 2015 Conference Call – Novatek – slide 25
    Total Revenues Breakdown 2Q 15 9% 4% Natural gas 6% 45% Gas condensate refined products 36% LPG 1Q 15 4% 4% 5% Stable gas condensate 47% Other 40% 26
  26. Q2 2015 Conference Call – Novatek – slide 26
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume 2,028 30,823 (266) (310) 29,940 25 16 (183) (46) (18) (2,129) Other includes: Unallocated rail services; Liquids motor…
  27. Q2 2015 Conference Call – Novatek – slide 27
    Taxes Other Than Income Tax Expense (RR million) 9,018 22 9,015 (17) (8) 1Q 15 UPT Property Other taxes 2Q 15 tax 28
  28. Q2 2015 Conference Call – Novatek – slide 28
    General and Administrative Expenses (RR million) 69 32 38 4,907 117 322 (31) 1,244 3 Increase due to compensatory payments related to the development of Yarudeyskoye, Salmanovskoye and Geofizicheskoye fields 3,113 Increase…
  29. Q2 2015 Conference Call – Novatek – slide 29
    Materials, Services and Other Expenses (RR million) 212 48 31 3,294 3,176 (50) (30) (17) (76) 1Q 15 Employee Repair & Materials & Electricity & Preparation, LPG storage Other 2Q 15 compensation maintenance supplies fuel…
  30. Q2 2015 Conference Call – Novatek – slide 30
    Appendices 31
  31. Q2 2015 Conference Call – Novatek – slide 31
    Maintaining Margins (% of total revenues) Due to the recognition of a significant foreign exchange loss on foreign currency denominated loans 46% 48% 46% 45% 39% 36% 37% 27% 9% 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 (29%)…
  32. Q2 2015 Conference Call – Novatek – slide 32
    Increasing Natural Gas Production (mmcm per day) Nov Nov Nov Nov Jan Jan Jan Jan Mar Mar Mar Oct Oct Mar Oct Oct May May May May Apr Apr Apr Apr Sep Sep Sep…
  33. Q2 2015 Conference Call – Novatek – slide 33
    Condensed Statement of Financial Position (RR million) 30 June 2015 31 December 2014 +/(-) +/(-)% Total current assets 129,022 126,591 2,431 1.9% Incl. Cash and cash equivalents 37,725 41,318 (3,593) -8.7% Total non-current assets…
  34. Q2 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) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2012 2012 2013 2013 2013…
  35. Q2 2015 Conference Call – Novatek – slide 35
    Total Debt Maturity Profile (RR million) 91,291 85,823 7,023 The Group has available credit facility with UniCredit Bank in the amount of 39,484 USD 180 mln until August 2015 78,800 25,515 1 July 2015 - 1 July 2016 - 1…
  36. Q2 2015 Conference Call – Novatek – slide 36
    Questions and Answers 37

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