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Net loss of NOVATEK under IFRS attributable to shareholders for the first quarter of 2020 amounted to SR 30.68 billion rubles against profit in 381,8 billion roubles a year earlier, the report of the company.
Normalized net profit for the reporting period amounted to 53,547 billion rubles, a decline in annual terms amounted to 18.5%. This figure is the base for calculation of dividends of the company and the amount of funds allocated for payment of dividends, shall be not less than 30%. Revenues for the period amounted to 182,595 billion rubles, which is 21% less than the same period of 2019.
Earlier, the company reported that its profit for the first quarter of 2019 increased by about 8.9 times yoy and amounted 381,8 billion roubles. This dynamic company is explained by the recognition of profits from the sale of 10% in the project "Arctic LNG 2".
"On the financial result of the group in 2020, the adverse impact of the financial and economic tensions in the world markets, caused by a coronavirus pandemic COVID-19 and beyond the control of management of the group. This has led to lower prices sell our oil and recognized a significant foreign exchange differences in connection with the depreciation of the Russian rouble against the US dollar and the Euro by 26% and 24% respectively", – explained in the report of "NOVATEK". It is also noted that a negative impact on the overall situation affected by the collapse of the OPEC deal+ in March.
"in addition, in both periods, we have reflected the effects of the transactions for the sale of shares in the project "Arctic LNG 2": the recognition in the first quarter of 2019 profits from the sale of 10% stake of participation in the project "Arctic LNG 2" in size 308,6 billion and the recognition in the first quarter of 2020 loss of 34.1 billion rubles from non-cash revaluation of contingent consideration from the sale of 40% stake in 2019 as well," the company said.
NOVATEK in the first quarter of this year, according to preliminary data, gas production increased by 2.2% compared to the same period last year to 19.08 billion cubic meters, says the company.
In General, the company increased hydrocarbon production by 2.1% – up to 150,2 million barrels of oil equivalent. Liquid hydrocarbons production increased by 2% to 3,048 million tons.
sales of natural gas, including LNG, according to preliminary data made up of 20.69 billion cubic meters, which is 6.8% below the same indicator for the first quarter of 2019. In Russia was implemented 18,24 billion cubic meters of natural gas, the volume of LNG trading on international markets amounted to 2.45 billion cubic meters. "The decrease in sales volumes in international markets is associated with a decrease in the share of sales of Yamal LNG on the spot market through shareholders, including NOVATEK, and at the same time increase the share of direct sales of Yamal LNG under long-term contracts," explains the company.
the Amount of processing of unstable gas condensate at the Purovsky plant increased by 4.8% and amounted to 2,823 million tons. The Ust-Luga complex processed 1,787 million tons of stable gas condensate, refining increased by 1.2% compared to the same period of 2019.
In February, the Chairman of the Board of the company mark Jetway in a conference call said that "NOVATEK" plans to increase gas production in 2020 of 2-3% to the level of 2019 liquid hydrocarbons by 1-2%.
NOVATEK – one of the largest independent natural gas producers in Russia, established in 1994. The company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Fields and license areas are located mainly in the Yamalo-Nenets Autonomous district.
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