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2016-03-03 19:00:00

NOVATEK INCREASED TWOFOLD

НОВАТЭК ВЫРОС ВДВОЕ

Moscow, 26 February 2016. OAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2015 prepared in accordance with the International Financial Reporting Standards ("IFRS").

 
IFRS Financial Highlights 
(in millions of Russian roubles)
 
 FY 2015FY 2014
Oil and gas sales
472,007
355,673
Other revenues
3,318
1,970
Total revenues
475,325
357,643
Operating expenses
(335,042)
(236,512)
Net gain on disposal of interests in joint ventures
989
2,623
Other operating income (loss)
(542)
4,009
Profit from operations*
139,741
125,140
Normalized EBITDA of subsidiaries*
160,800
140,371
Normalized EBITDA including share in EBITDA of joint ventures*
214,466
159,631
Finance expense
(16,182)
(46,745)
Share of loss of joint ventures, 
net of income tax
(31,607)
(28,175)
Profit before income tax
92,941
52,843
Profit attributable
to shareholders of OAO NOVATEK
74,396
37,296
Adjusted profit** attributable
to shareholders of OAO NOVATEK
135,049
104,789
Adjusted basic and diluted earnings per share** (in Russian roubles)
44.71
34.67
 

 

* Excluding net gain on disposal of interests in joint ventures.
** Excluding net gain on disposal of interests in joint ventures, as well as foreign exchange gain (loss) and change in fair value of non-commodity financial instruments (including at the joint ventures level)

 

In 2015, we recorded a year-on-year increase of 34.4% in the Company's Normalized EBITDA, including our respective share in the EBITDA of joint ventures, which totaled RR 214.5 billion. The growth in our Normalized EBITDA was positively impacted by a higher share of liquid hydrocarbons in our overall sales volumes mix, as well as an increase in sales volumes of high value-added petroleum products from the Ust-Luga Complex.

Profit attributable to NOVATEK shareholders increased twofold to RR 74.4 billion, as compared to RR 37.3 billion in 2014. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect and the change in fair value of non-commodity financial instruments (including at the joint ventures level), as well as the effect of disposal of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders in 2015 and 2014 totaled RR 135.0 billion and RR 104.8 billion respectively, representing a year-on-year increase of 28.9%.

Our free cash flow increased by 67.2% to RR 82.3 billion as a result of operating cash flow growth by 19.4% and a decrease in cash used for capital expenditures by 18.5% as compared to 2014.

In 2015, our natural gas sales volumes totaled 62.5 bcm as compared to 67.2 bcm in 2014. Lower natural gas sales volumes were mainly a result of warmer weather conditions in 2015 compared to 2014, as well as one of our major customers not taking temporarily its full contracted volumes due to technical reasons. As at 31 December 2015, the total amount of natural gas recorded as inventory aggregated 1.3 bcm.

Our liquid hydrocarbon sales volumes amounted to a record high of 12.9 million tons, representing an 81.8% increase as compared to 2014. The significant increase was due to production growth at the Arcticgas fields, the launch of the Termokarstovoye field and an increase of crude oil production by subsidiaries. As at 31 December 2015, 910 thousand tons of liquid hydrocarbons were in transit or storage and recognized as inventory.

novatek.ru

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More: 

NOVATEK & SRF AGREEMENTS 

NOVATEK PROFIT 60.6 BLN RUR 

NOVATEK UP 53% 

NOVATEK UP 27% 

NOVATEK: + 52%

 
 
 
 
Tags: NOVATEK, НОВАТЭК, OIL, GAS, НЕФТЬ, ГАЗ

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