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Third Quarter 2014 Operational and Financial Results Conference Call – Novatek

Novatek · Oct 30, 2014 · 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. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 1
    Third Quarter 2014 Operational and Financial Results Conference Call Mark A. Gyetvay, Deputy Chairman of the Management Board Moscow, Russian Federation 30 October 2014
  2. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 2
    Summary Highlights 3Q 2014 Increase in revenues driven by higher liquids and natural gas sales volumes: Natural gas sales increased Y-o-Y by 4.8% Liquids sales increased Y-o-Y by 24.3% EBITDA increased Y-o-Y by 12.6% Profit…
  3. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 3
    Operational Overview 4
  4. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 4
    Hydrocarbon Production Natural Gas Production, mmcm Liquids Production, mt 15,239 15,196 1,104 1,223 14,251 Joint Joint 939 Joint Joint Joint ventures ventures Joint ventures ventures ventures Khanchey Khanchey ventures Khanchey…
  5. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 5
    Purovsky Plant Total volumes delivered: 1,701 mt Yurkharovskoye field: 597 mt East-Tarkosalinskoye and Khancheyskoye fields: 201 mt Other fields: 24 mt Purchases from our joint ventures: 879 mt Total output of marketable…
  6. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 6
    Ust-Luga Complex Total volumes delivered: 1,186 mt Total output of marketable gas condensate refined products: 1,156 mt Naphtha: 836 mt Other products: 320 mt 1,065 mt of gas condensate refined products were dispatched to…
  7. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 7
    Liquids in Transit Liquids sales Naphtha Jet fuel Diesel and fuel oil LPG Crude oil Stable gas condensate Yosu Goods in transit Goods in transit Goods in transit 30.09.2013 30.06.2014 30.09.2014 151 thousand tons 25…
  8. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 8
    Financial Overview 3Q 14 vs. 3Q 13 9
  9. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 9
    Comparison of Quarterly Results (RR million) 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 Q-o-Q +/- % Y-o-Y +/- % Oil and gas sales 75,541 83,592 88,533 87,881 84,090 -4.3% 11.3% Total revenues 75,648 83,915 88,676 88,370 84,733 -4.1% 12.0%…
  10. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 10
    Market Distribution Gas Sales Volumes (mmcm) 17,772 16,382 15,528 14,944 14,403 14,453 88.2% 16,677 93.8% 12,928 89.8% 14,604 94.0% 14,107 94.4% 1,475 10.2% 1,929 11.8% 1,095 6.2% 924 6.0% 5.6% 837 3Q 13 4Q 13 1Q 14 2Q…
  11. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 11
    Natural Gas Sales Volume Mix 100% 75% 65% 73% 89% 89% 90% 88% 94% 94% 94% 50% 25% 35% 27% 11% 11% 10% 12% 6% 6% 6% 0% 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 Ex-field End-customers 12
  12. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 12
    Market Distribution Liquids Sales Volumes (mt) 1,687 1,697 1,545 1,411 1,353 1,302 77.2% 1,251 73.7% 1,184 76.6% 1,097 81.1% 1,137 80.6% 0 0 0 0 0 361 23.4% 385 22.8% 446 26.3% 256 18.9% 274 19.4% 3Q 13 4Q 13 1Q 14 2Q…
  13. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 13
    Total Revenues (RR million) Change due to price Change due to volume Increase due increased total sales volumes, as a result of the expansion of our activities at the Ust-Luga Complex (169) (303) (2) (147) 84,733 507 1,966…
  14. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 14
    Total Revenues Breakdown 3Q 14 1% 4% 8% Natural gas 25% Gas condensate refined products 62% LPG 3Q 13 6% 3% 6% Stable gas condensate 19% Other 66% 15
  15. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 15
    Realized Hydrocarbon Prices (net of VAT and export duties) 3Q 13 3Q 14 +/(-) +/(-)% 2Q 14 3Q 14 +/(-) +/(-)% Domestic prices 3,659 3,620 (39) -1.1% Natural gas end-customers, RR/mcm 3,571 3,620 49 1.4% 1,973 1,832 (141) -7.1% Natural…
  16. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 16
    Operating Expenses (RR million and % of Total Revenues (TR)) 3Q 13 % of TR 3Q 14 % of TR 2Q 14 % of TR 3Q 14 % of TR 25,064 33.1% 26,643 31.4% Transportation expenses 26,695 30.2% 26,643 31.4% 5,958 7.9% 7,198 8.5% Taxes other than…
  17. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 17
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume (507) (212) (82) (31) 26,643 25,064 312 133 113 (3) 1,856 Other includes: Unallocated rail services; Insurance; and Other 3Q 13 Natural…
  18. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 18
    Taxes Other Than Income Tax Expense (RR million) 1,205 32 3 7,198 5,958 3Q 13 UPT Property Other taxes 3Q 14 tax Y-o-Y increase in UPT expense was primarily due to a 17.2% increase in the natural gas production tax rate…
  19. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 19
    General and Administrative Expenses (RR million) Increase primarily due to consulting services related to research works on production methods and construction of potential production facilities in the Yamal and Gydan Peninsulas and…
  20. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 20
    Materials, Services and Other Expenses (RR million) Increase due to the commencement of LPG rail deliveries from the Tobolsk station from 2Q 14 utilizing rented rail cars 90 3,014 213 244 222 67 2,248 (65) (5) Increase due to…
  21. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 21
    Profit Attributable to NOVATEK Shareholders (RR million) 9,085 Due to significant foreign exchange losses from the depreciation of the (5,971) Russian rouble in 3Q 14 by 17.1% 64 compared to the appreciation of the 23,458…
  22. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 22
    Financial Overview 3Q 14 vs. 2Q 14 23
  23. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 23
    Total Revenues (RR million) Change due to price Change due to volume 88,370 784 (2,838) (85) (158) 84,733 877 (2,022) 242 9 154 (1,431) 488 343 Decrease due to: decrease in contract prices as a result of a decrease in the…
  24. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 24
    Total Revenues Breakdown 3Q 14 1% 4% 8% Natural gas 25% Gas condensate refined products 62% LPG 2Q 14 4% 6% 1% Stable gas condensate 28% Other 61% 25
  25. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 25
    Transportation Expenses (RR million) Change due to tariffs/distance Change due to volume 948 26,695 (25) (64) 4 26,643 (144) (63) 24 (2) (730) Other includes: Unallocated rail services; Insurance; and Other 2Q 14 Natural…
  26. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 26
    Taxes Other Than Income Tax Expense (RR million) 7,353 10 7,198 (141) (24) 2Q 14 UPT Property Other taxes 3Q 14 tax Q-o-Q decrease in UPT expense was mainly due to a decrease in natural gas and gas condensate production by…
  27. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 27
    General and Administrative Expenses (RR million) Decrease due to compensatory payments Decrease due to corporate sponsorship made in 2Q 14 as a part of the development of contract for advertising during large- 3,155 the Salmanovskoye…
  28. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 28
    Materials, Services and Other Expenses (RR million) 79 27 3,014 2,909 86 48 29 18 (182) 2Q 14 Employee Transportatio n Materials & Electricity & fuel Preparation, Rent expense Other 3Q 14 compensation expenses supplies…
  29. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 29
    Appendices 30
  30. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 30
    Maintaining Margins (% of total revenues) Disposal of a 51% equity stake in Sibneftegas under the assets swap agreement and a sale of 20% equity stake in Yamal LNG 88,5% Disposal of a 20% equity stake in Artic Russia B.V.…
  31. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 31
    Increasing Natural Gas Production (mmcm per day) Nov Nov Nov Nov Jan Mar Jan Mar Jan Mar Jan Mar Oct Oct May Oct May Oct May Apr May Apr Apr Apr Sep Sep Sep Jun…
  32. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 32
    Condensed Statement of Financial Position (RR million) 30 September 2014 31 December 2013 +/(-) +/(-)% Total current assets 105,882 82,426 23,456 28.5% Incl. Cash and cash equivalents 34,850 7,889 26,961 341.8% Total non-current assets…
  33. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 33
    Internally Funded Investment Program 30,000 4.0 20,000 3.0 Operating CF / CAPEX 10,000 2.0 RR millions - 1.0 (10,000) 0.0 (20,000) (1.0) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2012 2012 2012 2013 2013…
  34. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 34
    Total Debt Maturity Profile (RR million) 61,602 64,725 The Group has available funds: Credit Agricole Corporate and Investment Bank USD 100 mln until 31,956 April 2015 ZAO UniCredit Bank USD 69 mln 13,517 until August 2015…
  35. Third Quarter 2014 Operational and Financial Results Conference Call – Novatek – slide 35
    Questions and Answers 36

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