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2016-07-27 18:50:00

NOVATEK PROFIT UP OF 122%

НОВАТЭК: ПРИБЫЛЬ БОЛЬШЕ НА 122%

Moscow, 27 July 2016. OAO NOVATEK today released its consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2016 prepared in accordance with International Financial Reporting Standards ("IFRS").

IFRS Financial Highlights 
(in millions of Russian roubles)
2Q 2016
2Q2015
 
12016
1H 2015
126,463
111,574
Oil and gas sales
264,674
224,798
925
670
Other revenues
2,065
1,188
127,388
112,244
Total revenues
266,739
225,986
(90,019)
(79,541)
Operating expenses
(187,178)
(153,437)
-
-
Net gain on disposal of interests in joint ventures
73,072
-
(1,731)
(158)
Other operating income (loss)
(760)
(357)
35,638
32,545
Profit from operations
151,873
72,192
46,276
37,317
Normalized EBITDA of subsidiaries*
97,099
82,021
59,507
49,511
Normalized EBITDA including share in EBITDA of joint ventures*
121,643
104,343
74
2,130
Finance income (expense)
990
(5,116)
19,623
13,004
Share of profit of joint ventures, 
net of income tax
43,004
17,278
55,335
47,679
Profit before income tax
195,867
84,354
45,934
41,920
Profit attributable
to OAO NOVATEK shareholders
161,851
72,995
45,934
41,920
Normalized profit attributable
to OAO NOVATEK shareholders*
104,174
72,995
15.22
13.88
Normalized basic and diluted earnings per share* (in Russian roubles)
34.51
24.17
* Excluding the effect from disposal of interests in joint ventures.

 

In the second quarter and first half 2016, our total revenues increased by 13.5% and 18.0%, respectively, compared to the corresponding periods of 2015. Our Normalized EBITDA, inclusive of joint ventures, amounted to RR 59.5 billion in the second quarter 2016 and RR 121.6 billion in the first half 2016, representing an increase of 20.2% and 16.6%, respectively, as compared to the corresponding periods of 2015. The growth in our revenues and EBITDA was largely driven by substantial increase in liquids sales volumes and higher natural gas sales prices. The decrease in net average sales prices in rouble terms for certain types of liquid hydrocarbons due to changes in the respective market benchmarks had a negative impact on the dynamics of our revenues and EBITDA.

In the second quarter 2016, profit attributable to NOVATEK shareholders increased to RR 45.9 billion (RR 15.22 per share), or by 9.6% as compared to the second quarter 2015. As a result, in the first half 2016, our profit amounted to RR 161.9 billion (RR 53.61 per share), representing an increase of 121.7% as compared to the first half 2015. Profit dynamics was positively impacted by the closing in the first quarter 2016 of a transaction for the sale of a 9.9% equity stake in Yamal LNG to the Silk Road Fund of China. Excluding profit from this transaction, normalized profit attributable to NOVATEK shareholders in the first half 2016 totalled RR 104.2 billion (RR 34.51 per share), representing a 42.7% increase as compared to the first half 2015. Our profit dynamics was also positively impacted by the non-cash items such as foreign exchange effect and the change in fair value of non-commodity financial instruments.

-----

Earlier: 

CHINEESE MONEY FOR RUSSIA 

CHINESE $12 BLN FOR RUSSIA 

NOVATEK PROFIT UP 273% 

NOVATEK NEEDS $12 BLN 

YAMAL LNG CREDIT LINE: EUR 3.6 BLN 

RUSSIAN LNG AMBITIONS 

RUSSIAN - CHINESE TRANSACTION 

NOVATEK INCREASED TWOFOLD

 

 

 

Tags: NOVATEK, НОВАТЭК, РОССИЯ, RUSSIA

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