NOVATEK released its audited consolidated financial statements for the year ended 31 December 2006, 2007 prepared in accordance with International Financial Reporting Standards (“IFRS”).
Total revenues grew by 26.8% year-on-year to RR 62,431 million for the twelve months ended 31 December 2007 from RR 49,234 million in the corresponding period of 2006, reflecting the general strength of our core business operations. The increase in total revenues from our primary business operations was attributable to the favorable pricing environment for both domestic and international hydrocarbon sales.
Profit attributable to NOVATEK shareholders increased by 33.1% to RR 18,736 million, or RR 6.17 per share as compared to RR 14,079 million, or RR 4.64 per share for the corresponding period in 2006.
Sales volumes of natural gas for the full year increased by 1,746 million cubic meters, or by 5.8%, from 30,308 million cubic meters in 2006 to 32,054 million cubic meters in 2007. Net liquid sales volumes increased by 6.9% from 2,249 thousand tons in 2006 to 2,404 thousand tons in 2007.
At 31 December 2007, we had 224 thousand tons of stable gas condensate in transit or storage and recognized as inventory until such time as it is delivered to the port of destination compared to 190 thousand tons as of 31 December 2006. Our stable gas condensate in transit or storage and recognized as inventory increased by 34 thousand tons as at 31 December 2007 as compared to the inventory balance at 1 January 2007, while in 2006 the inventory balance increased by 179 thousand tons. The remaining change in liquids inventory balances related to changes in other liquid products.
The company has recommended to the Annual General Meeting of Shareholders (“AGM”) to approve dividend payments on the Company’s shares in the amount of RR 1.52 per one ordinary share. The Board’s Corporate Governance Committee recommended the dividend payment based on NOVATEK’s annual results for 2007 prepared in accordance to Russian accounting standards.
The total dividend distribution per ordinary share for 2007 recommended for approval at the AGM, including interim dividends paid for six months of 2007, amounts to RR 2.35 per one ordinary share.
The Company’s AGM will take place on 23 May 2008. Shareholders of record at the close of business on the 10 April 2008 will be entitled to receive dividends and to participate in the Company’s AGM.
Source: NOVATEK
