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Transcript of NOVATEK “Building on Achievements” United Financial Group One-on-One Investor Conference Great...
NOVATEK“Building on Achievements”United Financial GroupOne-on-One Investor ConferenceGreat Eastern HotelLondon, UKFebruary 9-11, 2005
Mark A. GyetvayChief Financial Officer and Member of the Board of Directors
2
Novatek is the second largest Russian natural gas producer
FY 2003 gross and net gas production - 19.5 bcm and 13.2 bcm
FY 2004 gross and net gas production - 21.4 bcm and 15.8 bcm
Significant holder of proved natural gas reserves
Net SPE proved natural gas reserves of 574 bcm as of 31 December 2003
Net ABC1 natural gas reserves of 927 bcm as of 1 January 2004
1H 2004 IFRS reviewed financial results
1H 2004 revenue increased 1.9 times versus 1H 2003
1H 2004 EBITDA increased 2 times versus 1H 2003
Novatek Highlights 2003 - 2004
3
Novatek Highlights 2003 – 2004 continued…
Corporate development Signed protocol on the purchase of a 25% + 1 share stake in Novatek by
Total S.A. Completed buy-out of minority shareholders in December 2004 Completed divestiture and sale of the construction business and other
non-core assets
Capital Market Activities Successful CLN issues totalling USD 100 mln in April 2004 and USD 200
mln in December 2004 USD120 mln 7-year term sheet signed with IFC Successful placement of 3% of Novatek’s equity to diverse global investor
groups Agreement with IFC/EBRD for the purchase by each of a 1% equity stake in
Novatek RTS/MICEX listing
Vertically integrating First phase of Purovsky gas condensate stabilisation plant and BOP film
plant nearing completion Consolidated shareholding in Truboizolyatsiya to 97.9%
4
Operating a series of oil and gas fields acquired at their initial stage of development;
Concentrating development activities in core areas to achieve economies of scale;
Exploiting high margin natural gas properties;
Focusing development activities to achieve volumetric natural gas reserve and production growth;
Managing low cost production advantage;
Enhancing production stream value through centralized marketing and processing activities; and
Committing to build the company based on sustainable development principles.
Strategic objectives driving performance and creating value
Strategy and Value
5
Our Value Proposition – Key Factors
Growth Potential
Profitability
Cash Flow Generation
Market Leadership
Overall ScaleSecond largest natural gas producer in Russia, and
one of the largest independent gas producers in the world
Largest independent gas producer in Russia
2003 to 2005E CAGR of over 30%, with consensusanalyst view of the highest production growth rate
In the Russian energy universe
Continued margin expansion with growth in gastariffs; highly profitable in current pricing regime
Strong cash flows with sufficient operating leverage
6
Our Value Proposition – Key Factors
Dividend Policy
Strategic Focus
Regulatory/PoliticalRisk
Capital Structure
Capital Efficiency Highly disciplined approach toward investmentsand capital allocation
Debt to total capitalization in line with industry peergroup; target range between 30 to 35%
Formulated dividend policy but subject to meetingmedium-term growth profile
Operations highly concentrated in key gas basin; reorganization and divestiture program
almost completed
RF government’s commitment to WTO accession andEU gas reform; negative sentiment toward pace of
domestic gas reform
7
Corporate Governance and Transparency
Adoption of Corporate Governance Policies and Procedures according to OECD and IFC “Best Practices”
– Audit Committee
– Strategy and investment Committee
– Corporate Governance Committee
Appointment of independent Board members (3 out of 8 members)
History of producing IFRS consolidated and standalone financial statements audited by PricewaterhouseCoopers
Independent reserve appraisals according to SPE and Russian Reserve Classifications
Corporate reorganization and divestiture program of non-core assets
Admitted to list equity on the RTS under symbol “NVTK”
Successful completion of capital market transactions with a diverse portfolio of institutional investors
8
Novatek Corporate Structure, Before
Yurkharovneftegas
Tarkosaleneftegas
Khancheyneftegas
Purneftegasgeologiya
Terneftegas Geoilbent
Selkupneftegas
Tambeyneftegas
Novasib
Yargeo
32.3%
43%
77.96%
13.2% 66%
34%
25.1%
50%
41%
NOVA ZPK
NovaTrans
Novakhim
Truboizolyatsiya
Truboplast
100%
100%
100%
97.9%
37.3%
Processing and Transport
Novatek
100%
62.67%
56.1%
73.23%
IndustrialExploration and production
100%
9
Corporate Re-structuring - 2004 Results
Yurkharovneftegas
Tarkosaleneftegas
Khancheyneftegas
Purneftegasgeologiya
Terneftegas Geoilbent
Selkupneftegas
Tambeyneftegas
Novasib
Yargeo
100%
100%
77.96%
100% 66%
34%
25.1%
50%
41%
NOVA ZPK
NovaTrans
Novakhim
Truboizolyatsiya
Truboplast
100%
100%
100%
97.9%
37.3%
Processing and Transport
Novatek
100%
62.67%
IndustrialExploration and production
• 2004 Restructuring results
– Divestiture of construction business
– Acquisition of remaining stake in Terneftegas
– Board approval for disposal of stake in Geoilbent
– Full consolidation of TSNG and KhNG
10
Corporate Re-structuring – 2005 in process
Yurkharovneftegas
Tarkosaleneftegas /Khancheyneftegas/
Pur-Land
Purneftegasgeologiya
Terneftegas
Selkupneftegas
Tambeyneftegas
Novasib
Yargeo
100%
77.96%
100%
34%
25.1%
50%
41%
NOVA ZPK
NovaTrans
Novakhim
Truboizolyatsiya
Truboplast
100%
100%
100%
97.9%
37.3%
Processing and Transport
Novatek
100%
62.67%
IndustrialExploration and production
2005 restructuring goals Disposal of stake in Geoilbent Re-organize TSNG corporate structure from OAO to LLC Merge LLC TSNG with LLC KhNG Acquire stake in LLC Pur-Land from TNG Energy AG
Re-branding of Industrial Subsidiaries
- NovaPolymer
11
Located in the Primary Natural Gas Resource Base of Russia
West Siberia2005: 92%2010: 82%2015: 81%
West Siberia2005: 92%2010: 82%2015: 81%
European Russia
2005: 6%2010: 13%2015: 13%
European Russia
2005: 6%2010: 13%2015: 13%
NOVATEK’s current and future
production is concentrated in the
prolific YNAO
NOVATEK’s current and future
production is concentrated in the
prolific YNAO
Source: RF Energy Strategy to 2020
Moscow
East Siberia2005: 1%2010: 3%2015: 3%
East Siberia2005: 1%2010: 3%2015: 3%
Sakhalin2005: 1%2010: 2%2015: 3%
Sakhalin2005: 1%2010: 2%2015: 3%
Sources of future natural gas production in the Russian FederationSources of future natural gas production in the Russian Federation
12
Regional Russian Natural Gas Projections
2000 2005 2010 2015 2020Russia, BCM 584 580 - 600 615 - 655 640 - 690 660 - 700% of Russian
% of Regional
European Region
7% 6% 13% - 14% 13% - 14% 17% - 18%
Barents sea 0% 0% 65% 63% 70%W. Siberia Region
91% 92% - 93% 81% - 83% 79% - 81% 75% - 76%
Nadym-Pur-Taz
87% 95% - 96% 95% 94% 80% - 84%
Yamal 0% 0% 0% 0% 11% - 16%E. Siberia Region
1% 1% 2% - 3% 2% - 3% 4%
Irkutsk 0% 0% 60% - 73% 80% - 81% 80% - 81%Far East Region 1% 1% 1% - 3% 2% - 3% 2% - 3%
Sakha Republic
44% 50% 50% - 60% 25% - 45% 31% - 40%
Sakhalin 53% 50% 40% - 50% 55% - 75% 60% - 69%
13
Pipeline System in Close Proximity to Primary Fields
14
Novatek’s fields are located in the YaNAO, the world’s largest natural gas producing region
Novatek’s fields are in close proximity to the UGSS
Novatek holds 17 licenses* for hydrocarbon exploration and development
Novatek was granted 5 new exploration licenses in 2004
Novatek’s 3 main fields hold SPE proved reserves of: Natural gas: 574 bcmLiquids: 41 mm tonnes
Yurkharovskoye
Severo -
Urengoiskoye
Zapolyarnoye
Khancheyskoye
East Tarkosalinskoye
Urengoiskoye
Yamburgskoye -
Key Competitive Advantage: Reserve Location
15
Exploration and Development - 2005
Significant development opportunities within existing mineral licenses and exploration activities through the acquisition of new mineral licenses
Assets are concentrated in the development stage and not yet fully exploited
Pro
du
cti
on
Pro
file
Concept, Exploration& Appraisal
Development RestorationDecline
Time
Tarkosaleneftegas
Yurkharovneftegas
GeoilbentJV/YUKOS LLC
Khancheyneftegas
SelkupneftegasJV/Rosneft
Purneftegasgeologia
Novatek’slicenses
Pur-Land
16
Exploration and Development – Gas Profile
0%
20%
40%
60%
80%
100%
0% 20% 40% 60% 80% 100%
PD Gas Reserves/Total P1 Gas Reserves
P1 G
as
Rese
rves/
P3 G
as
Rese
rves
0%
20%
40%
60%
80%
100% Early stage of our natural gas reserve base development
Major exploration potential
Proved developed reserves account for 56% of total proved reserves
Proved reserves account for 50% of total reserves
The Company has 1.6 tcm of ABC1+C2 reserves, of which 57% are ABC1
SPE Proved reserves are only 56% of ABC1 reserves
Khancheyneftegas
Novatek Average
Tarkosaleneftegas
Yurkharovneftegas
Exploration potential vs development needs
Source: DeGolyer and MacNaughton reserve appraisals as of 12/31/2003
Significant future growth
potential
17
Gross Reserve Base Profile
Natural Gas, Gas Condensate and Crude Oil Reserves
4.43
0
3
6
9
12
15
ProvedDeveloped
+ ProvedUndeveloped
+ Probable + Possible + Technical(ABC1 + C2)
Billi
on B
OE
2.24
1.94
1.81
3.02
Source: DeGolyer and MacNaughton and Ryder Scott for SPE reserves, Novatek for technical reserves
18
Proved (P1) Natural Gas Reserves (BCF) as of December 31, 2003* (Gazprom proved gas reserves as of 12/31/02)
7,969
8,411
9,473
13,886
14,935
18,808
19,942
20,191
20,306
21,849
24,473
41,069
43,976
54,769
Norsk Hydro
EnCana
Petrobras
Statoil
NOVATEK pre
ENI
Repsol-YPF
ChevronTexaco
NOVATEK Post
Total
LUKoil
PetroChina
BP
ExxonMobil
Gazprom
*SEC filings and annual reports, OAO NOVATEK reserves per DeGolyer & MacNaughton and Ryder Scott for 5 entities
575,496
Top Global Gas Reserve Rankings
A 35.9% increase in proved gas reserves post consolidation of
minority stakes in Tarkosaleneftegas and Khancheyneftegas
19
Novatek vs. Majors and Peers
Novatek is the largest company based on proven gas reserves in a peer group of US independent gas producers
Novatek has 2.5 times the reserves of its closest US Independent producer, Burlington Resources
Net proved natural gas reserves, bcm
1,551
1,245 1,163
693 619 574 572 565 533393
16,290
Ga
zpro
m
Ex
xo
nM
ob
il
BP
Pe
tro
Ch
ina
LU
Ko
il
To
tal
No
va
tek
Ch
ev
ron
Te
xa
co
Re
ps
ol-
Yp
f EN
I
Sta
toil
Net proved natural gas reserves, bcm
229 219 207 184138 132
103 90 81
574
No
vate
k
Bu
rlin
gto
nR
eso
urc
es
An
adar
koE
ner
gy
Dev
on
En
erg
y
Un
oca
l
Ap
ach
e
EO
GR
eso
urc
es
XT
O E
ner
gy
Ker
r-M
cGee
Ch
esap
eake
Novatek has proved SPE gas reserves of 574 bcm as of 31 December 2003
Novatek ranks favourably amongst global gas reserve leaders
Novatek has proved SPE liquids reserves of 41 mln tons as of 31 December 2003
20
Leadership by Production - 2003
Novatek ranked 5th versus independent gas producer peer group
Novatek’s gas production is 41% of the largest 2003 independent producer, Devon Energy
Novatek’s gross gas production potential is over 50 bcm p.a. at full capacity
75.473.0
60.656.2 55.1 53.4
38.8
30.5
23.2 21.3 21.018.5
Dev
on E
nerg
y
Nov
ate
k (D
ec. 2
004)
Burli
ngto
n Re
sour
ces
Ana
dark
o En
ergy
Unoc
al
Nov
ate
k
Apach
e
EOG
Res
ourc
es
Ker-M
cGee
XTO
Ene
rgy
Che
sap
eake
Pion
eer N
atu
ral R
esou
rces
*Source: Company data, TRUST Investment Bank
Natural gas production, mln cm per day
21
Production Growth CAGR ’03 – ’05E
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Source: UBS Warburg and Company data
22
Resources for Sustained Long – Term Growth
Reserve CategoryR/P years
Oil/Liquids Gas Total
ABC1 C2 133 123 123
Proved, Probable, Possible (“P3”)
88 85 85
Proved + Probable (“P2”) 49 54 53
Proved (“P1”) 24 37 35
Based on 2003 net actual production and SPE reserve appraisals as of 31 December 2003
23
Peer Valuation Comparison
434.43
281.27
278.57
252.93
220.34
55.00
ApacheCorp
AnadarkoEnergy
BurlingtonResources
DevonEnergy
Unocal
Novatek
Market Capitalization (USD) to Production (mln cm / day)
122.14
92.18
73.72
72.18
65.98
5.73
ApacheCorp
DevonEnergy
BurlingtonResources
AnadarkoEnergy
Unocal
Novatek
Market Capitalization (USD) to Net Proven Gas Reserves
(SPE defined, bcm)
Source: Bloomberg, Troika Dialog and Company data
24
Peer Valuation Comparison
50
100
150
200
250
300
350
400
450
500
550
- 50 100 150 200
EV / BCM P1 Gas Reserves
EV /
BC
M G
as
Proudctio
n
50
100
150
200
250
300
350
400
450
500
550
-
5
10
15
20
25
30
35
- 5 10 15 20 25 30 35
Net Debt / BCM P1 Gas Reserves
Net D
ebt /
BC
M P
1 G
as
Rese
rves
-
5
10
15
20
25
30
35
Novatek
Burlington Res.
Anadarko Energy
Unocal
Devon Energy
Apache
Novatek
Unocal
Burlington Res.
Devon Energy
Anadarko EnergyApache
Comparative Enterprise Value $ per BCM Low Net Debt $ per BCM
Source: Troika Dialog and Company Data
25
Comparison of 1H 2004 vs. FY 2003 consolidated results
1H 2004 Revenue - 74%
1H 2004 EBITDA - 68%
1H 2004 Net profit - 71%
Rapid increase in revenue, EBITDA and net profit attributable to growth in production and price increases
Profitability measures
As a % of sales
2003 2002
EBITDA* 32.5%
30.4%
Net profit 19.1%
11.4%
Novatek’s key financial information (consolidated), RUR mln
Gross Revenue
EBITDA
Net Profit
5 654
17 177
6 636
12 793
1 718
5 575
1 890
3 782
644
3 281
1 103
2 318
2002 2003 1H2003 1H2004
3.0x
1.9x
3.3x2.0x
2.1x5.1x
Financial Position: Rapid Growth in Performance
* Based on Trust Investment Bank
26
Sales of gas and liquid hydrocarbons
Construction
Other revenue
Novatek’s consolidated revenue structure 2003 20021H 2004
Since 2002, Novatek’s operations have been focused on the production and sale of gas and liquid hydrocarbons
The share of revenues from construction has been steadily declining, and at the end of 1H 2004, Novatek completed the divestiture of this business
Other revenues come mainly from the production and sale of polymers and film for pipeline insulation as well as oil and oil product transportation servicesSource: company data
81%
16%
3%
70%
19%
11%
41%
39%
20%
Focus on Core Operating Activities
27
63%
26%
4%7%
Sales and Marketing – Oil and Gas
65%
28%
7%
FY 2003 net gas sales of 13.5 bcm
Key competitive advantages
Proximity of reserves to gas pipelines (UGSS)
Large share of end users
Constructive relationship with Gazprom
Oil exports accounted for 32% of production in 2003
Plans for 2005:
Commissioning of Purovsky Gas Condensate Stabilization Plant
Premium price to Ural’s crude oil blend
Planned output of more than 1mln tonnes
47%
26%
10%
7%
10%
Source: company data
Industrial and metals companies
Traders
Energy companies
Gazprom
Regional distributors
Structure of Gas Sales
FY2003
1H 2003 1H 2004
28
Upstream Operating efficiency (source: Companies data (SFAS 69))
0.6
1.5
1.8
2.5
2.6
2.6
2.9
3.5
3.7
4.2
4.9
5.0
5.1
6.5
0.3
0 2 4 6 8
Novatek
Gazprom
Yukos*
Sibneft
TNK-BP*
Total
LUKoil
Rosneft
Petrobras
BP
Tatneft*
RD/Shell
Conoco Phillips
Chevron Texaco
Exxon Mobil
$/boe
0.43
1.08
1.24
3.13
3.36
3.40
3.56
4.53
5.11
5.73
7.45
0 2 4 6 8
Novatek**
Yukos*
LUKoil
BP
Petrochina
Petrobras
Sibneft
Total
Exxon Mobil
Chevron Texaco
RD/Shell
$/boeNote: Lifting costs for Novatek subsidiaries were restated to exclude production taxes
* Data for 2002
*Yukos data is 2000 – 2002 average
** Novatek data is for 2003 only
Lifting Costs, 2003 Finding & development Costs, 2001-03 average
29
De-mystifying our Gazprom Relationship
Co-operative not competing business models Domestic focus to allow Gazprom to meet its long-term export
commitments Cooperation on expanding the UGSS pipeline network Supply specific regional markets according to Protocol with
Gazprom at FTS prices (i.e., Kurgan and Tyumen) Sell gas directly to Gazprom (approximately 10 to 15% of
production) Matching long-term sales contracts with requisite access
rights (currently under discussion)
Reliable natural gas producer with large resource base to meet growing domestic demand
Novatek’s gas already factored into the RF gas balance Novatek supplies gas to large industrial regions (i.e., Tyumen,
Sverdlovsk and Samara), which minimizes the likelihood of supply interruptions
Limits (or reduces) the need for expensive import of Central Asian gas
30
De-mystifying our Gazprom Relationship
A history of amicable resolutions to all disputes between parties
Potential cooperation in Gazprom’s petrochemical project in Novy Urengoi
Agreement on Strategic Cooperation between Gazprom and Novatek under negotiation covering:
Novatek’s future development plans Access to pipeline network to meet increasing production
profile Novatek’s participation in regional gasification programs Mutual interest in price and transport tariff reform
31
Status of the Total transaction
• Market transaction announcement and FAS consent filings on September 22, 2004
• Various requests from FAS to Total for additional information
• Statement issued by FAS in the press in late December 2004 indicating likely positive announcement but subject to further review
• Recent press reports indicating additional information required on announced 2005 restructuring plans
Recent trend in FAS approval process indicates that the Ministry is taking a longer time to review Strategic market transactions
(i.e., Alcoa; Siemens, InterBrew, Total)
32
Strategic Projects to Fuel Growth
Year Projects
2004 2005 2007 2010
YNG Field Development
Phase I
9 Bcm
Phase II
18 Bcm
Phase III
27 Bcm
KhNG Field Development
Phase I
2.3 Bcm
Phase II
5.2 Bcm
Exploration Projects Ongoing seismic, geological and exploratory activities
Purovskiy Condensate Stabilization Plant
Phase I
2 mm tons p.a.
Phase II
5 mm tons p.a.
White Sea Port Facility
Expand port facility
BOPP film plant 1H 2005 - 25 m tons p.a.
Petrochemical Complex
Feasibility plan completed, financing structure in discussion stages
Liquefied Natural Gas Working group formed, preliminary sites and economics under discussion
33
Novatek’s energy value chain
TarkosaleneftegasKhancheyneftegasYurkharovneftegasPurneftegasgeologia
TarkosaleneftegasKhancheyneftegasYurkharovneftegasPurneftegasgeologia
Purovsky ZPKPurovsky ZPK
Samara PCCSamara PCC
White SeaPort Facilities
White SeaPort Facilities
NovatransNovatrans
420 LPG railway tank cars420 LPG railway tank cars
1st Stage capacity 2 mln tonne p.a 2nd Stage capacity 5 mln tonne pa1st Stage capacity 2 mln tonne p.a 2nd Stage capacity 5 mln tonne pa
Core Natural gas and liquids Production
Companies
Core Natural gas and liquids Production
Companies
High Grade Polypropylene and Polyethylene
High Grade Polypropylene and Polyethylene
Acquired five new exploration licenses and various seismic and geological data
Acquired five new exploration licenses and various seismic and geological data
BOP Plant
TruboizolyatsiyaTruboplast
Packaging filmPackaging filmPipes and Pipe Insulation
Pipes and Pipe Insulation
34
Novatek CLN Allocation Details
33%
20%16%
16%
8%7%
SwitzerlandAsiaUK US-OffshoreRussiaEurope-other
35%
22%
17%
17%
9%
Private Banking / RetailHedge FundsFinancial InstitutionsAsset ManagersOther
Distribution by Geography Distribution by Type
USD 200 million, 18 months 7.75% due June 2006 credit-linked notesNumber of allocated accounts – 63; Countries – 13; Book 1.5x
overscribed
35
CLN YTMs – Downward Trending
Novatek 2005 YTM
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
4/6/
2004
5/6/
2004
6/6/
2004
7/6/
2004
8/6/
2004
9/6/
2004
10/6
/200
4
11/6
/200
4
12/6
/200
4
1/6/
2005
2/6/
2005
Novatek 2006 YTM
6.4
6.6
6.8
7
7.2
7.4
7.6
12/8
/200
4
12/1
5/20
04
12/2
2/20
04
12/2
9/20
04
1/5/
2005
1/12
/200
5
1/19
/200
5
1/26
/200
5
Source: Trust Investment Bank and Bloomberg
CLN 2006YTM – 6.561%
CLN 2005YTM – 6.2325
YTM affect from Total
announcement
Debt investors’ positive outlook on the quality of Novatek’s CLNs is driving down yields
Announcement of Yukos/YNG
auction
36
Novatek RTS Trading Activity – As of Feb. 7th
1,050
1,075
1,100
1,125
1,150
1,175
1,200
1,225
Ask
Pri
ce U
SD
per
Sh
are
NVTK
Closed 3% private placement to a
diverse group of international and regional investors
Implied market capitalization from initial trading activities is $3.643 billion; consensus view
toward Total announced valuation
IFC/EBRD Board approval for the purchase of 1%
equity stake
37
Private Equity Placement - Allocation
38.9%
29.1%
19.3%
12.7%
Continental Europe United Kingdom Russia US OffShore
Source: Trust Bank and Bloomberg
Novatek successfully concluded the placement of a 3% equity stake to a diverse groupof international and regional institutional investors for USD 100 million;
The subscription was allocated to 84 accounts and was 20% over-subscribed
38
Disclaimer – Safe Harbor Act
The following document contains certain “forward-looking” information as defined by the Private Securities Litigation Reform Act of 1995 including, without limitation, estimates, expectations, plans and goals regarding NOVATEK’s forecasted production, reserves, financial position, business strategy and plans and objectives of management for future operations and development. Such forward-looking information (forward looking statements are all statements other than those of historical fact) involves estimates, assumptions and uncertainties that involve risks and uncertainties, including price volatility, development, operational, implementation and opportunity risks, and other factors, which could cause actual results to differ materially. No assurance can be given that NOVATEK’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward-looking information. The words “aims”, “believes”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, “should”, “will”, “may” and similar expressions are intended to identify forward-looking statements.
This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of any offer to subscribe or purchase, any securities and may not be used or relied upon in connection with any contract or investment decision or commitment whatsoever.
39
EBITDA (earnings before interest, income tax, depreciation and amortisation)
This indicator is based on the sum of the following items of Novatek’s IAS Income Statement:
(Net profit + Income tax + Interest expense + Depreciation and amortisation expenses)
Total debt (Debt)
This indicator is calculated as the sum of the following items of Novatek’s IAS balance sheet :
(Long-term loans received + Short-term loans received)
Current ratio is calculated as a ratio between the following items of Novatek’s IAS balance sheet :
Current assets / Current liabilities
Calculation of key financial indicators used in Novatek’s presentation