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2017-05-01 12:25:00

NOVATEK'S PROFIT DOWN 38.7%

НОВАТЭК: ПРИБЫЛЬ МЕНЬШЕ НА 38,7%

NOVATEKPAO NOVATEK released its consolidated interim condensed financial statements as of and for the three months ended 31 March 2017 prepared in accordance with International Financial Reporting Standards (“IFRS”). 

 

IFRS Financial Highlights 
(in millions of Russian roubles)

 

  1Q 2017 1Q 2016
Oil and gas sales
154,001
138,211
Other revenues
627
1,140
Total revenues
154,628
139,351
Operating expenses
(109,364)
(97,159)
Net gain on disposal of interests in joint ventures
-
73,072
Other operating income (loss), net
274
971
Profit from operations*
45,538
43,163
Normalized EBITDA of subsidiaries*
53,815
50,823
Normalized EBITDA including share in EBITDA of joint ventures*
68,180
62,136
Finance income (expense)
(8,602)
916
Share of profit (loss) of joint ventures, net of income tax
43,626
23,381
Profit before income tax
80,562
140,532
Profit attributable
to shareholders of PAO NOVATEK
71,018
115,917
Normalized profit** attributable to shareholders of PAO NOVATEK
44,345
36,899
Normalized earnings per share 
(in Russian roubles)**
14.70
12.22

 

*  Before disposals of interests in joint ventures.

 

** Excluding the effect from the disposal of interests in joint ventures, as well as the effect of foreign exchange gains (losses).

 

In the first quarter 2017, our total revenues increased to RR 154.6 billion, or by 11.0% compared to the first quarter 2016. We also recorded an increase of 9.7% in the Company’s Normalized EBITDA, including our respective share in the EBITDA of joint ventures, which totaled RR 68.2 billion. The growth in our revenues and EBITDA was largely driven by the increase in natural gas sales volumes as well as the increase in liquids sales prices.

Profit attributable to NOVATEK shareholders decreased by 38.7% to RR 71.0 billion (RR 23.54 per share), as compared to RR 115.9 billion (RR 38.40 per share) in the first quarter 2016. The amount of profit was significantly impacted by the foreign exchange effect (including at the joint ventures level), and its dynamics – by the effect of the disposals of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders increased by 20.2% to RR 44.3 billion compared with the first quarter 2016.

Our natural gas sales volumes totalled 18.8 bcm, representing a 5.5% increase compared with the corresponding period in 2016. Higher natural gas sales volumes were due to the increased demand for natural gas from end-customers resulted, among other factors, from weather conditions. As at the end of the first quarter 2017, the total amount of natural gas recorded as inventory totalled 130 mmcm compared to 429 mmcm as at the end of the first quarter 2016.

Liquid hydrocarbon sales volumes aggregated 4.1 million tons in the first quarter 2017 representing a decrease of 11.4% as compared to the first quarter 2016. The decrease was a result of a decrease in gas condensate production mainly at mature fields of the Company’s subsidiaries and joint ventures. The dynamics of our liquids sales volumes was also negatively impacted by the decrease in liquids inventories by 90 mt in the first quarter 2017 compared to the decrease by 298 mt in the first quarter 2016. As at 31 March 2017, 813 mt of liquid hydrocarbons were in transit or storage and recognized as inventory.

PAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 16% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».

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Earlier: 

NOVATEK PROFIT UP 246% 

NOVATEK EXPECTS JAPAN 

NOVATEK PROFIT UP OF 122% 

NOVATEK PROFIT UP 273% 

NOVATEK NEEDS $12 BLN

 

 

 

Tags: НОВАТЭК, NOVATEK, RUSSIA, РОССИЯ

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