RNS Number:5430I
Urals Energy Public Company Limited
06 September 2006
Urals Energy Public Company Limited
Interim Results for period ended 30 June 2006
Urals Energy Public Company Limited (LSE: UEN), the international oil and gas
exploration and production company which was admitted to the Alternative
Investment Market of the London Stock Exchange in August 2005 today announces
its interim results for the period ended 30 June 2006.
Highlights - continued delivery on IPO strategy to build a material production
base through acquisition, development and exploration.
Operational Highlights
* Increased average production in the period from 4,250 BOPD to 9,089 BOPD
through a combination of acquisition and development drilling
* Current production of 10,100 BOPD achieves IPO production target for YE
2007 (10,500 BOPD).
* Increased 2P reserves to 225 million barrels (1H05: 90 million barrels) up
150%
* 10 production wells brought on stream (two at Okruzhnoye, four at Dinyu
and four at Potapovskoye)
* 5 year extension granted for ongoing exploration at Sakhalin Island
* Permanent license depth extension received by Arcticneft for un-tapped and
deeper Permian horizon.
* Acquired mobile drilling rig to begin development drilling at
Dulisminskoye in 2007
Financial Highlights
* Gross revenues $78 million (H105: $27 million) up 189%
* Operating profit of $4.8 million (1H05: $3.4 million) up 42%
* Post tax profit of $3.8 million (H105: Loss of $0.8 million)
* Adjusted EBITDA $16 million (H105: $6 million) up 166%
* Successfully completed an oversubscribed $209 million equity offering in
turbulent markets
* Retained cash at period end of $68.7 million
Corporate Developments
* Successful acquisition of NK Dulisma for $148 million - adding 109 million
barrels of 2P reserves and increasing total company 2P reserves to 225
million barrels
* NK Dulisma also adds 1.7 trillion cubic feet of gas plus 87 million
barrels of oil and condensate P3 reserves.
* NK Dulisma benefits from both early start-up of East Siberia-Pacific Ocean
Pipeline and recent tax holiday for production taxes signed by President
Putin which will significantly enhance future cash flows from East Siberian
assets
* The company will complete its eighth principal acquisition since IPO when
it closes the Voivosh acquisition from LUKoil in September
Outlook
* On track to achieve stated production targets of approximately 13,000 by
year end 2006 and approximately 19,000 by year end 2007
* Focus on fast track production increases, in particular Dulisminskoye -
which is expected to produce 3,000 BOPD by year end 2007 and approximately
12,000 BOPD by year end 2008.
* Identification and evaluation of additional acquisition opportunities to
further increase existing asset base
William. R. Thomas, Chief Executive Officer, commented:
"We continue to make progress on all fronts and meet our IPO stated objectives
of building the company through exploration, development and acquisition.
Our recent acquisition of Dulisma shows the potential, and our ability, to
acquire assets at attractive prices that can have an immediate and ongoing
material positive impact on the company both operationally and financially. We
look forward to the remainder of the year as we continue to increase production
and look for complementary acquisitions in this prolific hydrocarbon region."
Pelham PR
James Henderson 020 7743 6673
Gavin Davis 020 7743 6677
Announcement of results for 6 months ended 30 June 2006-09-04
Chief Executive statement
We recently marked the first anniversary of Urals Energy as a public company.
Our first 12 months have seen us exceed all our stated objectives and today the
company is producing 10,100 BOPD from a reserve base of over 225 million
barrels.
Our evolution as a successful international E&P company will continue as we grow
our production, reserves, cash flow and market capitalization. This is made
possible by our strategy of building the company through acquisition,
development and exploration.
In line with this strategy, the acquisition of OOO NK Dulisma in Eastern Siberia
for $148 million provides us with an excellent reserve base that is
strategically located near the East Siberia - Pacific Ocean pipeline now being
constructed by Transneft. Recently signed legislation provides important and
valuable tax relief that will significantly enhance its cash flow. The
acquisition increased proved and probable reserves by 109 million barrels of oil
and possible reserves by 1.7 trillion cubic feet of gas and 87 million barrels
of oil and condensate.
Since the closing of NK Dulisma in June, we have focused on executing our
production and exploitation plan across all our properties in Russia. Although
the areas in which we operate can sometimes present real challenges in terms of
weather and logistics, I am pleased to report that we are on track with our
Russia-wide development programs. The majority of our development drilling is
scheduled to take place in the second half of the year in Petrosakh (Sakhalin
Island), Arcticneft (Kolguyev Island), Dinyu (Komi) and Chepetskoye (Udmurtia)
which we expect will result in production increases from our existing level of
10,100 BOPD to approximately 13,000 BOPD by year end. We will inform you of our
progress as these new producing wells come on-line.
Our strategy of increasing production through acquisition, development and
exploration, combined with the impact of high oil prices has generated record
results for the company. Gross revenues almost tripled to $78 million versus
$27 million in 2005, and net revenues increased to $58 million from $21 million.
Oil prices continued to rise this year resulting in excellent netbacks. Our
weighted average sales price of $50.34 per barrel exceeded the results of 1H05
by over $12.00 per barrel ($38.13 in 1H05), resulting in an overall netback
price of $37.43 per barrel ($29.68 in 1H05).
Financially, we are beginning to achieve momentum as production increases and
cost controls are put in-place. We achieved a first half post tax profit of
$3.8 million as compared to a loss of $800,000 for the same period last year.
Adjusting for non-cash and non-recurring items, our adjusted EBITDA was $16.0
million, an increase of 166% from the same period in 2005.
The Company's balance sheet was significantly enhanced by the $209 million
equity offering we completed in May to fund the purchase of NK Dulisma and
related capital expenditures. Despite turbulent market conditions, the equity
offering was oversubscribed. To have such support endorses not only the
acquisition but also the overall strategy of the company.
Cash at the end of June was $69 million as compared to our total short-term and
long-term bank debt of approximately $73 million. Total shareholders equity is
now $421 million, an increase of $218 million over June 2005. We expect our
debt capacity to grow significantly over the next 12 months and anticipate that
further capital expenditure growth and some future acquisition costs will be
funded by internally generated cash flow and new debt.
Operations Update
Sakhalin Island
Current Production: 3,263 BOPD
YE 2007 Target Production: 5,400 BOPD
Development
The first development well at Petrosakh this year, Well No. 45, spudded on
August 15th and is now drilling ahead to its target depth of 1,928 meters. The
ongoing development of Petrosakh's producing Okruzhnoye field has been delayed
since the fall of 2005 pending the processing and interpretation of an onshore
3D seismic program. We expect to drill and complete at least three wells at
Petrosakh in the second half of this year. Drilling operations are being
carried-out by our own BU-1600 Russian mobile drilling rig that we purchased and
mobilized earlier this year. By using our own equipment and personnel,
completed well costs are expected to be over 50% less than previous development
wells for the Okruzhnoye field. Also during the first half, we completed two
successful sidetracks at Okruzhnoye that converted older, marginal wells to oil
producers.
Another significant development with the potential to boost production is the
mobilization of our newly refurbished fleet of fraccing equipment from Canada.
This equipment is due to be on site shortly with the first well to be fracced at
Okruzhnoye in October. The Okruzhnoye field has excellent potential for
fracture stimulation due to the thickness of the gross oil column and the
characteristics of its hard, sandstone reservoir. We expect good field-wide
production increases from this program and look forward to reporting more news
later this fall. Following the fraccing program at Okruzhnoye, we will
transport the equipment to the Komi Republic to begin fraccing operations at our
fields there.
Exploration
As previously reported, the information gained from drilling our first offshore
exploration well, East Okruzhnoye No. 1. has resulted in an intensive
re-processing and re-interpretation of our 3D seismic data base. This work is
underway and is expected to be complete by 1Q07. Most important to our
exploration efforts in Sakhalin Island, we received in January a five year
extension of our exploration license by the Russian Ministry of Natural
Resources. This extension provides the time and flexibility to properly
evaluate this exciting license area which has the potential of over 850 million
barrels of evaluated oil resources.
We are evaluating exploration drilling options including the use of a jack-up
rig to test up to three significant prospects offshore in a single summer-fall
drilling season. A decision on timing and drilling equipment options should be
announced by the end of 2006.
East Siberia
Current Production: 826 BOPD
YE 2007 Target Production: 3,000 BOPD
The acquisition of NK Dulisma gives us an excellent entry to this strategically
important region. Eastern Siberia is expected to become the most important oil
and gas development area of Russia and provide the production base to fill two
new export pipelines - Transneft's East Siberia-Pacific Ocean (the "ESPO") oil
pipeline and Gazprom's Russia-China gas pipeline. The Dulisma acquisition was
truly transformational for Urals Energy's reserves and future production. With
this $148 million cash deal, we booked 109 million barrels of P2 oil reserves
and 370 million barrels equivalent of P3 reserves. Dulisma is expected to add
as much as 30,000 barrels per day of net production in 2011.
The Dulisminskoye field is a large oil, condensate and gas field with
development scheduled to early next year. We expect to spud our first
horizontal development well in March 2007 and drill a total of 12 horizontal
wells by the end of 2008. Field production is expected to increase from
approximately 3,000 BOPD at the end of 2007 to approximately 12,000 BOPD by the
end of 2008. We have purchased a heavy, mobile drilling rig in China and expect
delivery in November. Construction of pad sites, in-field pipelines and early
stage processing facilities will commence this fall. As winter approaches,
activity at Dulisma will begin to increase sharply with the arrival of new
equipment and personnel to begin field development.
We had originally planned to build our own 350 kilometer temporary oil pipeline
from the field to the regional transportation center of Ust-Kut. However, the
re-routing by Transneft of the ESPO north from Lake Baikal and up the Lena river
valley means the pipeline will pass within 40 kilometers of the Dulisminskoye
field. This important development combined with Transneft's rapid progress in
construction of the ESPO has led us to defer building a temporary pipeline to
Ust-Kut and continue to use the existing pipeline owned by an adjacent operator.
We will monitor the situation over the next year and depending on our expected
production profile, the progress of the ESPO, and the requirements of building a
permanent 40 kilometer tie-in to the ESPO, we will make a final decision about
the construction of a temporary pipeline from Dulisma to Ust-Kut in mid-2007.
Timan Pechora
Current Production: 4,933 BOPD
YE 2007 Target Production: 9,000 BOPD
Komi Republic
Development drilling operations have continued at Dinyu with the drilling and
completion of five new development wells (four producers and one injector). We
expect to complete a total of eight new producers by the end of 2006. No new
drilling occurred at CNPSEI but several wells were worked-over as we sought to
minimize natural production decline.
We have merged our operating activities in Komi into one company, OOO Dinyu, and
have created a centralized operations and warehouse facility to serve all five
fields in the area. Staffing levels have been reduced and we are continuing to
identify ways to reduce operating costs.
The acquisition of three small producing companies from LUKoil (the "Voivosh
acquisition") is expected to be completed in September. We are prepared to
assume control of operations and begin a basic initial program of workovers to
replace pumps and re-start production from several older wells. We will provide
further updates on our progress here as the year develops.
Nenets Autonomous Okrug
Further north on Kolguyev Island, Arcticneft has been preparing for its 2006
development drilling campaign and the first well is scheduled to spud in
September. We have assembled a Russian 3D drilling rig from an abandoned rig
and parts on the island and upgraded as required to provide our own drilling
capability. The cost of constructing our own rig is a small fraction of the
cost of mobilization and the dayrate of an outside contractor. We plan on
drilling three new development wells in Arcticneft this year. We also will
re-enter Well No. 29 this fall and drill a sidetrack to test the lower Permian
horizon that the Ministry of Natural Resources awarded to Arcticneft earlier
this year. The potential for reserves additions and further increases in
production from this un-tapped lower horizon is exciting.
The spudding of our first exploration well in the Urals Nord group of licenses
is scheduled for early 2007. The Nadezhdinsky prospect will be tested with a
3,700 meter well that is expected to reach target depth in May-June of 2007.
The prospect is an Upper Devonian reef that may contain upwards of 60 million
barrels of recoverable reserves. Geographically located 60 kilometers from the
port of Varandey, this prospect could be developed as an all-export oil field
assuming sufficient reserves are discovered.
Urdmurtia
Current Production: 1,095 BOPD
YE 2007 Target Production: 1,600 BOPD
Development drilling of the Potapovskoye field began in March and we have since
drilled four wells, all successful producers. Drilling results are confirming
our 3D seismic interpretation and three additional development wells are
scheduled for completion by year end. Development drilling will continue at
Potapovskoye field throughout 2007.
Corporate
We have made significant progress this year at the corporate level with the
transformation of our group wide accounting function and the installation of a
new, corporate management information system. We are on-track with the
re-organization of our operating companies to provide a consistent and
transparent organization structure and compensation system. We also have
continued to strengthen our management team with new manager-level hires in
accounting, IT and production management.
Outlook
The group has grown aggressively in its first 12 months as a listed company and
the independent sector in Russia continues to present compelling opportunities
for further growth. We believe we have the necessary technical and management
expertise, infrastructure and asset base to develop into an important player in
the Russian and FSU oil and gas sector.
Our strategy of growth from the development of our P2 reserve base, risk-managed
exploration, and new acquisitions continues to provide us with large scale
opportunities to create shareholder value. We believe the Russian government
will continue to provide margin enhancement through tax incentives, and we
expect to continue expanding our access to the vast oil reserves of this
important oil-producing country. As always, we are reviewing several
interesting acquisition opportunities and hope to announce new, accretive deals
over the coming months.
With the group on track to deliver daily production of 19,000 barrels of oil in
the next 18 months and with ongoing high oil prices, we are positioned to
generate significant returns for shareholders.
William R. Thomas
Chief Executive Officer
Urals Energy Public Company Limited
Management's Discussion and Analysis
of Results of Operations
for the Six Months Ended June 30, 2006
Operating Environment
The first half of 2006 was characterized by continued high world oil prices and
Group emphasis on production development and exploitation. Brent oil prices
began 2006 at $61.68 per barrel, reached a peak of $74.45 per barrel in May and
ended the period at $73.31 per barrel. While Russian export prices rose with
world market prices, continued increases in export taxes eliminated most of the
economic benefit to producers. This was offset by higher domestic prices and
the continuation of netback parity in the Russian market. The Group's average
domestic oil prices largely tracked the movement in Brent prices, beginning the
period at $20.69 (net of VAT) per barrel, peaking at $38.95 per barrel in May
and averaging approximately $30.84 per barrel for the first half of 2006.
Against this backdrop, Russian domestic equipment, services and personnel, while
not as constrained as in the global energy markets, are exhibiting cost
increases. As approximately 85% of the company's expenditures are rouble
denominated, costs tend to escalate as the rouble appreciates against the
dollar. Rouble appreciation for the period increased by 5.9%, from 27.08 to
28.78 (RUR/USD).
Production and Revenues
Crude oil production during the period increased by 107% from 0.77 million
barrels in first half 2005 to 1.59 million barrels in first half 2006, with
average daily production increasing from 4,250 barrels per day in first half
2005 to 9,089 barrels per day in first half 2006. The total production increase
of 4,839 bopd was the result of both organic growth from development drilling
(1,455 bopd) and additions from acquisitions (3,384 bopd).
During the period the Group's gross revenues totalled $78.4 million versus $27.3
million in the same period in 2005. Net revenues, defined as gross revenues less
export duties and excise taxes, increased to $58.4 million from $21.2 million in
the same period of 2005. This revenue increase is the result of both the Group
selling 0.8 million barrels of additional crude oil and products than in 2005
plus higher commodity prices. Critical to this result was the lifting of the
majority of winter crude production from inventory at Petrosakh and Arcticneft,
where the break-up of ice in late June allowed the Company to load and ship
215,392 and 172,732 barrels respectively (not including volumes loaded of third
parties' production). Inventory in storage at 30 June 2006 totalled 203,192
barrels of crude oil and 78,423 barrels of products for the Group. The Group
realized a weighted average price of $50.34 per barrel of oil sold in first half
2006. Export sales prices for the Group averaged $65.58 per barrel, and
domestic sales prices averaged $30.52 per barrel (net of VAT). Domestic refined
product prices, which comprised $9.7 million of our gross revenues for the first
six months of 2006, averaged $68.42 per barrel (net of VAT).
Netbacks and Profitability
The convergence of netbacks realized from exports with those from domestic sales
which first occurred in 2005 continues as a trend. Netback prices are defined
as, in the case of exports, gross oil sales price less export duty, customs
charges, marketing costs and transportation, and, in the case of domestic crude
sales, gross sales price net of VAT. The weighted average netback for all Group
crude oil sales during the first half was $37.43 per barrel. Crude oil netbacks
averaged $40.07 per barrel for export sales and $30.52 per barrel for domestic
sales. Higher average export netbacks reflect the weighting of the majority of
these sales at the end of the period from our marine shipments following the
winter ice break-up. Netback prices for domestic product sales are defined as
gross product sales price minus VAT, transportation, excise tax and refining
costs. The average products netback for the period was $45.04 per barrel.
Gross profit for the first half of the year, (net revenues minus the cost of
production), was $18.3 million as compared to $8.5 million in first half 2005.
Cost of sales for the first six months of 2006 totalled $40.1 million but
included $10.8 million of non-cash items, which primarily relates to
depreciation, depletion and amortisation expense.
SG&A costs increased to $13.5 million as compared to $5.1 million in first half
of 2005. Growth in the largest element, wages and salaries, reflects a
significantly increased workforce and management team to manage new acquisitions
and expanded operations. $2.3 million of these costs is attributable to the
non-cash expense of restricted stock granted to senior management in February
2006. Total audit and professional fees reflected the Company's continued
growth through acquisitions and related financing activities. Transport and
storage services increased to $2.3 million as compared $0.4 million in first
half 2005, due to increased volumes, newly-acquired properties and an increase
in product sales with higher transportation costs.
Interest incurred for the period was $4.2 million as compared to $3.2 million in
2005, of which $0.8 million and $0.1 million were capitalised in the first half
of 2006 and 2005 respectively.
Net profit for the first half of the year was $3.8 million as compared to a loss
of $0.8 million in first half 2005. Basic earnings per share were 4 cents
versus a loss of 2 cents in first half 2005.
EBITDA
We present EBITDA because we consider it an important supplemental measure of
our operating performance and believe it is frequently used by securities
analysts, investors and other interested parties in the evaluation of companies
in our industry. However, EBITDA is not required by, or presented in accordance
with, IFRS and has certain limitations as an analytical tool, and you should not
consider it in isolation, or as a substitute for analysis of our operating
results as reported under IFRS.
Reconciliation of EBITDA to net income is as follows for the periods indicated
(in $'000):
Six months ended 30 June:
2006 2005
Consolidated Net Income attributable to shareholders 3,700 -886
Adjustments
DDA (note 7) 7,784 2,706
Interest gain/(loss) 3,485 3,217
Loss/gain on fixed assets disposals (note 8) 372 (6)
Taxes 1,821 755
Forex effect (4,319) 192
Minority interest 90 -
Share-based payments (note 8) 2,285 -
Other non-operating items (23)
Sub-total 11,518 6,841
IFRS EBITDA 15,218 5,955
When adjusted for non-recurring items which are not considered part of the
Company's normal ongoing operations, management's normalized EBITDA for the
six-month period was $16.0 million. This compares to a normalized EBITDA for
the same period of 2005 of $6.0 million.
Taxes
Russia has a relatively high cost tax regime and the Company pays a variety of
taxes that are levied as a result of production, export prices, assets and
profits. The Company paid a total of $39.2 million in cash taxes for the
period. The largest of these taxes are export duties and the unified production
tax. Export duties are set according to a fixed schedule that increases as
export prices rise with a maximum rate of 65% of gross export prices above $25
per barrel. High export prices in first half 2006 resulted in an average export
duty for the Company of 43% gross revenue, as the rate increased from $179.58
per ton to $199.88 over the period. Unified production tax is a rate set by the
government and continued in a trend of escalation for the period, increasing
from $81.05 per ton to $86.05 per ton. The combined effect of these two taxes
was a continued increase in the tax burden borne by the Company, with the total
of all taxes accrued for the period equalling 50.4% of gross revenues, as
compared to 46.9% in the same period of 2005.
Cash Flow
For the period, operating cash flow before working capital changes was $15.2
million and combined with changes in working capital resulted in $11.4 million
of cash flow from operations. Capital expenditures for exploration and
development in the first half were $19.0 million of which the majority was
invested at Dinyu and Petrosakh, $6.9 and $4.6 million respectively. The cost
of acquisitions during first half 2006 was $150.7 million, including an $8.0
million payment not payable until the second half of the year and $15.0 million
of debt assumed at Dulisma.
At 31 December 2005, the Group's total debt was $34.1. During first half 2006,
a total of $12.0 million debt from Bank Zenit was replaced with a subordinated
bank facility from BNP Paribas. As of 30 June 2006, total outstanding bank debt
was $73.8 million.
Through a private-placement of 31,088,976 shares from a primary issuance of
common stock, the Company raised $195.0 million in net cash proceeds. The
combination of debt and equity financing activities for the period resulted in a
total net addition to cash of $192.8 million.
Cash Position
The combined use of $156.4 million for operations, acquisitions and capital
expenditures was funded by the addition of $192.8 million in net cash from
borrowings and the sale of equity. This resulted in a positive change to the
cash position of $36.4 million for the period.
Hedging
The Company does not hedge any of its crude oil or product sales, costs or
currency conversions.
Management Information System
During 2006 the Company launched a project for the standardization of accounting
software and management reporting which will result in enhanced transparency and
timeliness of providing information to the shareholders. A contract for design
and implementation of the MIS system was signed with Deloitte, and the project
will be completed and the new system launched by the first quarter of 2007.
International Financial Reporting Standards (IFRS)
As previously mentioned, the Company's deferred tax liability of $98.8 million
is due to the timing difference of recognizing certain items for IFRS purposes
and for Russian income tax purposes on a current basis. These amounts are not
currently due for payment by the Company.
Under IFRS purchase accounting, a portion of the purchase price attributed to
the fair value of unproved and proved oil and gas properties is depleted as the
associated resources are extracted using a unit of production formula. The
result of such adjustments was an increase to the Company's Depreciation and
Depletion, and will adjust depending on the estimate of future proven and
producing barrels of oil.
Under IFRS methodology, the Company applies successful efforts accounting to
exploration and development expenses. Certain expenses have been capitalized
pending the determination of the success of the related exploration or
development program. The total amount of such capitalized exploration expense
was $12.0 million at 30 June 2006, of which $4.1 million were incurred during
the first half of 2006.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AT (unaudited)
Note 30 June 31 December
2006 2005
Assets
Current assets
Cash and cash equivalents 68,747 32,334
Accounts receivable and prepayments 32,210 23,788
Inventories 17,899 12,641
Total current assets 118,856 68,763
Non-current assets
Property, plant and equipment 513,421 287,485
Other non-current assets 2,093 2,098
Total non-current assets 515,514 289,583
Total assets 634,370 358,346
Liabilities and equity
Current liabilities
Accounts payable and accrued expenses 15,110 7,932
Taxes payable 14,555 11,487
Short-term borrowings and current portion of long-term 9 22,656 34,117
borrowings
Advances from customers 670 523
Amounts due for acquisition of subsidiaries 8,000 -
Total current liabilities 60,991 54,059
Long-term liabilities
Long-term borrowings 9 51,135 47,005
Long-term finance lease obligations 1,395 1,357
Dismantlement provision 881 813
Deferred tax liability 98,846 51,100
Other long term liabilities 663 580
Total long-term liabilities 152,920 100,855
Total liabilities 213,911 154,914
Equity
Share capital 6 633 460
Share premium 6 400,351 201,355
Translation difference 11,695 (2,296)
Retained earnings (accumulated deficit) 6,414 2,714
Equity attributable to shareholders of Urals Energy 419,093 202,233
Public Company Limited
Minority interest 1,366 1,199
Total equity 420,459 203,432
Total liabilities and equity 634,370 358,346
Approved on behalf of the Board of Directors on 4 September 2006
____________________________ ___________________________
W.R. Thomas S. M. Buscher
Chief Executive Officer Chief Financial Officer
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (unaudited)
Note Six months ended 30 June:
2006 2005
Revenues
Gross revenues 78,444 27,279
Less: excise taxes and export duties (20,006) (6,047)
Net revenues 58,438 21,232
Operating Costs
Cost of sales 7 (40,134) (12,732)
Selling, general and administration expenses 8 (13,527) (5,137)
Total operating costs (53,661) (17,869)
Operating profit (loss) 4,777 3,363
Finance costs 9 (3,485) (3,217)
Foreign currency gains/(losses), net 4,319 (192)
Result before tax 5,611 (46)
Income tax (charge) benefit (1,821) (754)
Net result 3,790 (800)
- Attributable to minority shareholders 90 86
- Attributable to shareholders of the parent 3,700 (886)
company
Basic weighted average number of shares 91,891,653 45,143,468
Diluted weighted average number of shares 93,390,285 45,143,468
Basic earnings per share (USD) 0.04 (0.02)
Diluted earnings per share (USD) 0.04 (0.02)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (unaudited)
Six months ended 30 June:
2006 2005
Cash flow from operating activities
Result before tax 5,611 (46)
Total adjustments 9,608 3,944
Operating cash flow before changes in working capital 15,219 3,898
Changes in working capital (3,810) (17,894)
Cash flow from/(used in) operations 11,409 (13,996)
Interest paid (4,949) (1,377)
Income tax paid (1,177) (297)
Net cash flow from/(used in) operating activities 5,283 (15,670)
Cash flow used for investments
Acquisition of subsidiaries, net of cash acquired
Purchase of property, plant and equipment (142,735) (4,500)
Net cash used in investing activities (18,958) (4,348)
Proceeds from new share issue (161,693) (8,848)
Cash flow from financing activities
Proceeds from loans 12,000 35,001
Repayment of loans (17,165) (30,053)
Proceeds from issuance of ordinary shares, net of associated costs 197,988 26,215
Contributions from shareholders 881
Net cash from financing activities 192,823 32,044
Effect of exchange rate changes - (50)
Net increase in cash and cash equivalents 36,413 7,476
Cash and cash equivalents at beginning of the period 32,334 1,421
Cash and cash equivalents at end of the period 68,747 8,897
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
Note Share Share Unpaid Translation Accumulated Equity Minority Total
capital premium capital difference gain attributable interest equity
(deficit) to Shareholders
of Urals Energy
Public Company
Limited
209 42,172 (11,324) 1,236 (4,341) 27,952 1,327 29,279
Balance t 31 December
2004
Issue of shares 6 50 24,950 - - - 25,000 - 25,000
Contribution from - - 11,324 - - 11,324 - 11,324
shareholders
Translation difference - - - (2,061) - (2,061) (45) (2,106)
for the period
Net result for the - - - - (886) (886) 86 (800)
period
Balance at 30 June 2005 259 67,122 - (825) (5,227) 61,329 1,368 62,697
Balance at 31 December
2005 460 201,355 - (2,296) 2,714 202,233 1,199 203,432
Issue of shares 6 173 194,961 - - - 195,134 - 195,134
Share-based payments - 2,285 - - - 2,285 - 2,285
Issuance of warrants - 1,750 - - - 1,750 - 1,750
Translation difference - - - 13,991 - 13,991 77 14,068
for the period
Net result for the - - - - 3,700 3,700 90 3,790
period
Balance at 30 June 2006 633 400,351 - 11,695 6,414 419,093 1,366 420,459
SELECTED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
(unaudited)
Note 1: Activities
Urals Energy Public Company Limited ("Urals Energy" or the "Company") was
incorporated as a limited liability company in Cyprus on 10 November 2003. Urals
Energy and its subsidiaries (the ''Group'') are primarily engaged in oil and gas
exploration and production in the Russian Federation and processing of crude oil
for distribution on both the Russian and international markets.
The Group operates in one business segment which is crude oil exploration and
production. The Group assesses its results of operations and makes its
strategic and investment decisions based on the analysis of its profitability as
a whole. The Group operates within one geographical segment, which is the
Russian Federation.
The registered office of Urals Energy is at 31 Evagorou Avenue, Suite 34,
CY-1066, Nicosia, Cyprus. In July 2005, the Company changed its name to Urals
Energy Public Company Limited. The Group's primary office in Russia is located
at 6 Oktyabrskaya Ul. Moscow, 127018, Russian Federation.
At 30 June 2006, the Group comprises the following significant subsidiaries:
Entity Nature Jurisdiction Economic interest
at 30 June 2006
ZAO Petrosakh Exploration & production Sakhalin 97.2 percent
ZAO Arcticneft Exploration & production Nenetsky 100.0 percent
OOO CNPSEI Exploration & production Komi 100.0 percent
ZAO Chepetskoye NGDU Exploration & production Udmurtia 100.0 percent
OOO Dinyu Exploration & production Komi 100.0 percent
OOO NK Dulisma Exploration & production Irkutsk 100.0 percent
OOO Michayuneft Exploration & production Komi 100.0 percent
OOO Lenskaya Transportnaya Oil Transportation Irkutsk 100.0 percent
Kompaniya
OOO Urals Energy Management Moscow 100.0 percent
OOO Urals-Nord Exploration Nenetsky 100.0 percent
Urals Energy (UK) Limited Corporate Services UK 100.0 percent
UENEXCO Limited Trading Cyprus 100.0 percent
Note 2: Seasonality
The Group's largest producing subsidiaries, ZAO Petrosakh and ZAO Arcticneft,
operate on Sakhalin and Kolguev Islands, respectively, and are not connected to
the State owned pipeline monopoly, Transneft. Accordingly, the majority of
their production is exported by tanker. Due to severe weather conditions,
shipping tankers can only load during the period of June through early December.
Outside this period, oil is either stored or processed and sold on the local
market. During the period under review, Petrosakh and Arcticneft had produced
74.5 and 23.8 thousand tons of crude oil, respectively, and sold 66.0 and 22.0
thousand tons of crude oil and oil products. The crude oil export sales took
place in June 2006. Additionally, Arcticneft sold 8.6 thousands tons of
purchased crude oil. Most of the crude oil in stock was sold in June; however
13,900 tons of crude oil remained in stock at 30 June 2006 in Petrosakh. Total
production for the Group for the period was 1.59 million barrels.
Note 3: Basis of Presentation
The consolidated interim condensed financial information has been prepared in
accordance with International Accounting Standard No. 34, Interim Financial
Reporting ("IAS 34"). This consolidated interim condensed financial information
should be read in conjunction with the Company consolidated financial statements
as of and for the year ended 31 December 2005 prepared in accordance with
International Financial Reporting Standards ("IFRS"). The 31 December 2005
interim condensed consolidated balance sheet data has been derived from audited
financial statements.
Use of estimates. The preparation of consolidated interim condensed financial
information in conformity with IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements preparation and the reported amounts of assets,
liabilities, revenues and expenses, and the disclosure of contingent assets and
liabilities during the reporting period. Estimates have principally been made in
respect to fair values of assets and liabilities, impairment provisions and
deferred income taxes. Actual results may differ from such estimates.
Exchange rates. The official rate of exchange of the Russian rouble to the US
dollar ("USD") at 30 June 2006 and 31 December 2005 was 27.0789 and 28.7825
Russian roubles to USD 1.00, respectively. Any translation of Russian rouble
amounts to US dollars or any other hard currency should not be construed as a
representation that such Russian rouble amounts have been, could be, or will in
the future be converted into hard currency at the exchange rate shown or at any
other exchange rate.
Through early 2006, the Russian rouble was not a convertible currency in most
countries outside of the former Soviet Union and, further, the Group was
required to convert 10 percent of its hard currency proceeds into Russian
roubles. During the first half of 2006, substantially all restrictions for hard
currency transactions were lifted and the rights of the government of the
Russian Federation and those of the Central Bank of the Russian Federation to
impose such restrictions were waived.
Reclassifications. Certain reclassifications have been made to the first half
of 2005 amounts to conform them to the first half of 2006 presentation. For the
period ended 30 June 2005, selling, general and administrative expenses were
decreased and cost of sales was increased by $416 thousand, primarily to record
other taxes of exploration and production entities. For the period ended 30 June
2005, selling, general and administrative expenses were decreased and other
non-operating gains were decreased by $23 thousand.
Note 4: Accounting Policies
Except as discussed below, the principal accounting policies followed by the
Group are consistent with those disclosed in the financial statements for the
year ended 31 December 2005.
Certain new standards and interpretations have been published that are mandatory
for the Group's accounting periods beginning on or after 1 January 2007 or later
periods and which the Group has not early adopted.
These new standards and interpretations are not expected to significantly affect
the Group's financial statements when adopted: IFRS 7, Financial Instruments:
Disclosures and a Complementary Amendment to IAS 1 Presentation of Financial
Statements - Capital Disclosures (effective from 1 January 2007); IFRIC 7,
Applying the Restatement Approach under IAS 29 (effective for annual periods
beginning on or after 1 March 2006); IFRIC 8, Scope of IFRS 2 (effective for
annual periods beginning on or after 1 May 2006); and IFRIC 9 Reassessment of
Embedded Derivatives (effective for annual periods beginning on or after 1 June
2006); and IFRIC 10, Interim Financial Reporting and Impairment (effective for
annual periods beginning on or after 1 November 2006).
New or amended standards and interpretations effective for the Group from 1
January 2006 are discussed below.
None of the adoptions had a material impact on the Group's financial position or
results of operations.
IFRIC 4, Determining whether an Arrangement contains a Lease ("IFRIC 4"). IFRIC
4 provides guidance on how to determine whether an arrangement contains a lease
as defined in IAS 17, Leases, on when the assessment or reassessment of an
arrangement should be made and on how lease payments should be separated from
any other elements in the arrangement.
IAS 39 (Amendment), The Fair Value Option; IAS 39 (Amendment), Cash Flow Hedge
Accounting of Forecast Intragroup Transactions; IAS 39 (Amendment), Financial
Guarantee Contracts. The amendments to IAS 39 clarified the use of the fair
value through profit or loss category of financial instruments and clarified the
accounting for financial guarantees as either insurance contracts or financial
instruments.
IAS 19 (Amendment), Employee Benefits. The amendment to IAS 19 introduces an
additional recognition option for actuarial gains and losses in post-employment
defined benefit plans.
IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral
Resources. The amendments to IFRS 1 and IFRS 6 provided limited relief to
first-time adopters of IFRS with respect to the provisions of IFRS 6.
IFRIC 5, Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds ("IFRIC 5"). IFRIC 5 provides guidance on the
accounting for interests in decommissioning funds.
IFRIC 6, Liabilities arising from Participating in a Specific Market - Waste
Electrical and Electronic Equipment ("IFRIC 6"). IFRIC 6 addresses the
accounting for liabilities under an EU Directive on waste management for sales
of household equipment.
Note 5: Acquisition of OOO Dulisma and OOO LTK
In April 2006, the Group acquired a 100 percent stake in OOO NK Dulisma ("
Dulisma") and OOO Lenskaya Transportnaya Kompaniya ("LTK") for $135 million net
of debt at amount of $15 million. Dulisma holds exploration and production
licenses in Irkutsk. Net losses of $0.3 million associated with Dulisma were
included in the Group's results for the six months ended 30 June 2006. No
goodwill was recognized in relation to the acquisition of Dulisma and LTK.
The table below presents the preliminary fair values of 100 percent of Dulisma's
and LTK's assets and liabilities as of the date of acquisition. No information
on the IFRS carrying values before the acquisition is available as Dulisma and
LTK did not prepare IFRS financial statements prior to the acquisition.
Fair
values at
acquisition
Cash and cash equivalents 61
Accounts receivable and prepayments 2,216
Other current assets 2,474
Oil and gas properties and equipment 194,297
Short-term borrowings and current portion of long-term borrowings (399)
Other current liabilities (18,507)
Deferred income tax liability, non-current (44,378)
Net assets 135,764
Less: minority interest -
Share in net assets acquired less minority interest 100%
Purchase consideration share in net assets acquired 135,764
Excess of the Group's share in -
net assets over purchase consideration
Included within oil and gas properties and equipment acquired with Dulisma and
LTK are property acquisition costs with a fair value of $113.7 million that are
not subject to depletion pending the results of management's assessment of the
economic viability of the properties. Additionally, included within oil and gas
properties and equipment acquired with Dulisma and LTK are property acquisition
costs with a fair value of $26.7 million that are being depleted over total
proved reserves.
Group Dulisma Adjustments Summary
results and and combined
LTK elimination
Total revenues 78,444 2,389 (991) 79,842
Profit (loss) for the period 3,790 (747) 332 3,375
Note 6: Equity
Share activity. In May 2006, the Group's shareholders approved a resolution
increasing the authorized shares be 130 million to 250 million. Also in May
2006, the Group completed a private placement of its shares. Proceeds from the
issuance totalled $195.1 million, net of associated expenses of $14.0 million.
Share activity for the six months ending 30 June 2006 is outlined in the table
below.
Number of shares Share capital Share premium
outstanding $ thousands $ thousands
(thousands)
At 31 December 2005 86,911 460 201,355
Private placement 31,089 173 194,961
At 30 June 2006 118,000 633 396,316
Share-based payments. In February 2006, the Group's Board of Directors approved
a Restricted Stock Plan (the "Plan") authorizing the Compensation Committee of
the Board of Directors to issue restricted stock of up to five percent of the
outstanding shares of the Group. Upon adoption, the Group issued 1,332,330
shares of restricted stock. The vesting schedule for the restricted stock
varies by individual award and, of the February 2006 grant, 811,080 shares,
260,625 shares and 260,625 shares vest on 1 January 2007, 2008 and 2009,
respectively.
The total cost associated with the award was $6.58 million. Such cost will be
recognized over the vesting periods of the grants. During the six months ended
30 June 2006, the Group recognized $2.29 million in compensation expense
associated with the Plan. Such amount was recognized within selling, general
and administrative expenses in the interim consolidated condensed statement of
operations.
Note 7: Cost of Sales
Period ended 30 June:
2006 2005
Unified production tax 16,744 5,588
Depreciation and depletion 7,784 2,706
Wages and salaries including payroll taxes 7,046 2,270
Cost of purchased production 2,324 -
Materials 2,702 1,088
Other taxes 968 416
Other 2,566 664
Total cost of sales 40,134 12,732
Note 8: Selling, General and Administrative Expenses
Period ended 30 June:
2006 2005
Wages and salaries 4,248 2,224
Audit and professional consultancy fees 2,024 223
Office rent and other expenses 596 89
Transport and storage services 2,277 365
Loading services 240 445
Loss on disposal of assets 202 -
Share-based payments 2,285 -
Other expenses 1,655 1,791
Total selling, general and administrative expenses 13,527 5,137
Note 9: Borrowings
All borrowings outstanding at 30 June 2006 and 31 December 2005 were denominated
in US Dollars.
Short-term borrowings. Short-term borrowings and current portion of long-term
borrowings were as follows at
30 June 2006 and 31 December 2005.
30 June 31 December
2006 2005
Current portion of long-term borrowings 22,656 34,117
Total short-term borrowings and
current portion of long-term borrowings 22,656 34,117
Long-term borrowings. Long-term borrowings were as follows at 30 June 2006 and
31 December 2005.
30 June 31 December
2006 2005
BNP Paribas Subordinated Loan 10,395 -
BNP Paribas Reserve Based Loan Facility 62,835 69,000
Bank Zenit - 12,000
Other 561 122
73,791 81,122
Subtotal
Less: current portion of long-term borrowings (22,656) (34,117)
51,135 47,005
Total long-term borrowings
Subordinated Loan. In January 2006, the Group obtained a $12.0 million
subordinated loan from BNP Paribas (the "Subordinated Loan"). The Subordinated
Loan bears interest at LIBOR plus 5.0 percent and is repayable over five years
in one payment on 10 November 2010. Attached to the Subordinated Loan were
warrants to purchase up to two million of the Group's common stock for #3.03.
The warrants are exercisable at any time and expire in November 2010. The Group
used the proceeds from the Subordinated Loan to repay its debt to bank Zenit of
$12.0 million.
Management has estimated the value of the warrants to be $1.75 million. This
amount has been recorded within equity in the Group's consolidated balance
sheet, with a corresponding reduction in the carrying value of the Subordinated
Loan. The difference between the carrying value and the face value of the
Subordinated Loan is accreted over the term to maturity as interest expense at
an effective rate of 3.3 percent.
Note 9: Borrowings (Continued)
Interest expense. Interest expense for the periods ended 30 June 2006 and 2005
comprised the following:
Period ended 30 June:
2006 2005
Short-term borrowings
Alfa Eco M - 923
Related party borrowings - 559
Related party borrowings converted into equity - 540
Nimir - 490
BNP Paribas Pre-export Loan - 410
Zenit 127 62
Other short-term borrowings 466 202
Total interest expense associated with short-term borrowings 593 3,186
Long-term borrowings
BNP Paribas Subordinated Loan
- interest at coupon rate 492 -
- amortisation of issuance costs and discount associated with warrants 174 -
BNP Paribas Reserve Based Loan Facility
- interest at coupon rate 3,330 -
- amortisation of issuance costs 374 -
Total interest expense associated with long-term borrowings 4,370 -
Financial leasing 80 156
Capitalized interest expense (793) (125)
Interest income
JP Morgan Liquidity Fund (466) -
Related party loans issued (64) -
Bank deposit (235) -
Total interest income (765) -
Total finance costs 3,485 3,217
Note 10: Related-Party Transactions
For the purposes of the interim consolidated financial information, parties are
considered to be related if one party has the ability to control the other
party, is under common control, or can exercise significant influence over the
other party in making financial or operational decisions as defined by IAS 24,
Related Party Disclosures. In considering each possible related party
relationship, attention is directed to the substance of the relationship, not
merely the legal form.
Below are the related party transactions for the six months ended 30 June 2006
and 2005:
Six months ended 30
June:
2006 2005
- 4,399
Sales of crude oil on export markets
Associated volumes, tons - 13,580
Interest expense/(income), net (64) 1,099
Office rent paid (included in selling, general and administrative expense) 242 172
Other expenses 17 -
Sales of crude oil to related parties. Through September 2005 the Group entered
into transactions in the ordinary course of business with ZAO NC Urals, Urals
ARA NV and Nafta (B) NV which all are controlled by major shareholders. These
transactions included sales and purchases of crude oil and petroleum products.
Such transactions substantially ended beginning September 2005.
Interest expense. In first half of 2005 of the $1,099 of interest expense $559
was paid in cash to UEN Trading and the rest relates to shareholders' loans
which were converted into equity in August 2005.
Compensation to senior management.The Group's senior management team comprises
12 people whose compensation totaled $6.778 million, including salary and
bonuses of $4.493 million, and stock compensation of $2.285 million.
Below are the related party balances as of 30 June 2006 and 31 December 2005:
30 June 31 December
2006 2005
Accounts and notes receivable 1,474 1,474
Loans receivable 1,251 1,251
Interest receivable 141 77
Trade advances received 92 3
Other payables and accrued expenses 74 74
Note 11: Contingencies, Commitments and Operating Risks
Operating environment. The Russian Federation continues to display some
characteristics of an emerging market. These characteristics include, but are
not limited to, the existence of a currency that is not yet full convertible in
most countries outside of the Russian Federation, and relatively high inflation.
The tax and customs legislation within the Russian Federation is subject to
varying interpretations and changes that can occur frequently.
The future economic direction of the Russian Federation is largely dependent
upon the effectiveness of economic, financial and monetary measures undertaken
by the Government, together with tax, legal, regulatory, and political
developments.
Sales and royalty commitments. In accordance with the sale purchase agreement
to acquire Petrosakh, the Group agreed to pay a perpetual royalty to the
previous shareholders of $0.25 per ton of crude oil produced from the currently
unproved off-shore licensed area. There was no production from the area in
2006. This amount will be recognized within selling, general and administrative
expenses within the consolidated statement of operations when first production
starts.
Oilfield licenses. The Group is subject to periodic reviews of its activities
by governmental authorities with respect to the requirements of its oil field
licenses. Management of the Group correspond with governmental authorities to
agree on remedial actions, if necessary, to resolve any findings resulting from
these reviews. Failure to comply with the terms of a license could result in
fines, penalties or license limitations, suspension or revocations.
The Group's management believes any issues of non-compliance will be resolved
through negotiations or corrective actions without any materially adverse effect
on the financial position or the operating results of the Group.
In January 2006, an extension of the Pogranichnoye License area offshore
Sakhalin Island was granted by the Russian Federal Agency for Natural Resources.
Under the terms of the grant, the license period was extended to 1 February
2011. The terms of the amended license require a total of five exploration
wells to be drilled during the period 2005-2010. The East Okruzhnoye No. 1 well
spudded in 2005 will qualify as the first of the five exploration wells required
by the amended license.
Urals Nord has five geological studies licenses which expire in January 2008.
According to the license agreement terms Urals Nord is required to drill
exploration wells and perform seismic works.
Management currently does not believe that any of its significant exploration or
production licenses are at risk of being withdrawn by the licensing authorities.
Additionally, management currently plans to complete all the required
exploration or development work, as appropriate, within the timetables
established in the licenses.
Taxation. Russian tax, currency and customs legislation is subject to varying
interpretations, and changes, which can occur frequently. Management's
interpretation of such legislation as applied to the transactions and activity
of the Group may be challenged by the relevant regional and federal authorities.
Recent events within the Russian Federation suggest that the tax authorities may
be taking a more assertive position in their interpretation of the legislation
and assessments, and it is possible that transactions and activities that have
not been challenged in the past may be challenged. As a result, significant
additional taxes, penalties and interest may be assessed. Fiscal periods remain
open to review by the authorities in respect of taxes for three calendar years
preceding the year of review. Under certain circumstances reviews may cover
longer periods.
Management believes that its interpretation of the relevant legislation is
appropriate and the Group's tax, currency and customs positions will be
sustained. Where management believes it is probable that a position cannot be
sustained, an appropriate amount has been accrued for in these financial
statements.
Note 11: Contingencies, Commitments and Operating Risks (Continued)
Insurance policies. At 30 June 2006, the Group held limited insurance policies
in relation to its assets, operations, or in respect of public liability or
other insurable risks. Since the absence of insurance alone does not indicate an
asset has been impaired or a liability incurred, no provision has been made in
these financial statements. In August the company insured all of its major
assets, including oil in stock, for a total value of $ 90 million. Also, a
liability insurance policy was put in place, including environmental liability,
with a total limit of $ 7.8 million.
Restoration, rehabilitation and environmental costs. The Group companies have
operated in the upstream and refining oil industry in the Russian Federation for
many years and its activities have had an impact on the environment. The
enforcement of environmental regulations in the Russian Federation is evolving
and the enforcement posture of government authorities is continually being
reconsidered. The Group periodically evaluates its obligation related thereto.
The outcome of environmental liabilities under proposed or future legislation,
or as a result of stricter enforcement of existing legislation, cannot
reasonably be estimated at present, but could be material. Under the current
levels of enforcement of existing legislation, management believes there are no
significant liabilities in addition to amounts which are already accrued and
which would have a material adverse effect on the financial position of the
Group.
Legal proceedings. The Group is involved in a number of court proceedings (both
as a plaintiff and a defendant) arising in the ordinary course of business. In
the opinion of management, there are no current legal proceedings or other
claims outstanding, which could have a material effect on the result of
operations or financial position of the Group and which have not been accrued or
disclosed in these consolidated financial statements.
Other capital commitments. At 30 June 2006, the Company had no significant
contractual commitments for capital expenditures.
REVIEW REPORT OF THE AUDITORS
To the Shareholders and Board of Directors of Urals Energy Public Company
Limited
1. We have reviewed the accompanying condensed consolidated interim balance
sheet of Urals Energy Public Company Limited and its subsidiaries (the "Group")
as at 30 June 2006, and the related condensed consolidated interim statements of
income, cash flows and of changes in equity for the six months then ended as
presented on pages 1 through 14. This condensed consolidated interim financial
information is the responsibility of the Group's management. Our responsibility
is to issue a report on this condensed consolidated interim financial
information based on our review.
2. We conducted our review in accordance with the International Standard on
Review Engagements 2400. This Standard requires that we plan and perform the
review to obtain moderate assurance about whether the condensed consolidated
interim financial information is free of material misstatement. A review is
limited primarily to inquiries of company personnel and analytical procedures
applied to financial data and thus provides less assurance than an audit. We
have not performed an audit and, accordingly, we do not express an audit
opinion.
3. Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed consolidated interim financial
information has not been properly prepared, in all material respects, in
accordance with International Accounting Standard 34, Interim Financial
Reporting.
Moscow, Russian Federation
4 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVVWRNVRKRAR
Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
