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2017-02-25 12:05:00

NOVATEK PROFIT UP 246%

НОВАТЭК: РОСТ ПРИБЫЛИ НА 246%

NOVATEK - PAO NOVATEK released its audited consolidated financial statements for the year ended 31 December 2016 prepared in accordance with the International Financial Reporting Standards ("IFRS").

IFRS Financial Highlights
(in millions of Russian roubles)

 

FY 2016

FY 2015

Oil and gas sales

533,857

472,007

Other revenues

3,615

3,318

Total revenues

537,472

475,325

Operating expenses

(385,499)

(335,042)

Net gain on disposal of interests in joint ventures

73,072

989

Other operating income (loss), net

221

(542)

Profit from operations*

152,194

139,741

Normalized EBITDA of subsidiaries*

188,781

160,523

Normalized EBITDA including share in EBITDA of joint ventures*

242,407

214,189

Finance expense

(7,941)

(16,182)

Share of profit (loss) of joint ventures, net of income tax

90,839

(31,607)

Profit before income tax

308,164

92,941

Profit attributable to shareholders of PAO NOVATEK

257,795

74,396

Normalized profit**

attributable to shareholders of PAO NOVATEK

133,759

132,509

Normalized earnings per share** 
(in Russian roubles)

44.31

43.87

* 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).

For the twelve months ended 31 December 2016, total revenues increased by 13.1% year-on-year to RR 537.5 billion. We also recorded an increase of 13.2% in the Company's Normalized EBITDA, including our respective share in the EBITDA of joint ventures, which totaled RR 242.4 billion. The growth in our revenues and EBITDA was largely driven by the increase in natural gas and liquids sales volumes as well as an increase in the proportion of liquids sold in our total sales mix.

Profit attributable to NOVATEK shareholders increased by more than three-fold to RR 257.8 billion (RR 85.41 per share), as compared to RR 74.4 billion (RR 24.63 per share) in 2015. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect (including at the joint ventures level), as well as the effect of the disposals of interests in joint ventures.

Our free cash flow increased significantly to RR 139.4 billion, or by 69.4%, as a result of operating cash flow growth by 30.8% and a decrease in cash used for capital expenditures by 32.0% as compared to 2015.

Total marketable production including the Company's share in production of joint ventures aggregated at 537.0 million barrels of oil equivalent, representing a 3.0% increase as compared with 2015. The production growth was due to the successful launches of NOVATEK's new producing capacities, including joint ventures, in 2015.

In 2016, natural gas sales volumes increased to 64.7 billion cubic meters (bcm), or by 3.6%, as compared with 2015, due to restoring sales to one of our major customers who did not take full contracted volumes in 2015 due to technical reasons, as well as sales of additional natural gas volumes to our end-customers and wholesale traders.

Our liquid hydrocarbon sales volumes totaled 16.9 million tons, representing a significant increase of 30.7% as compared with 2015. The significant increase was due to the high growth in liquids production due to the successful launches of the Yarudeyskoye crude oil field in December 2015 and the Yaro-Yakhinskoye and the Termokarstovoye gas condensate fields in the first half 2015. As at 31 December 2016, 903 thousand tons of liquid hydrocarbons were in transit or storage and recognized as inventory.

-----

Earlier: 

NOVATEK EXPECTS JAPAN  

NOVATEK PROFIT UP OF 122%  

CHINEESE MONEY FOR RUSSIA  

NOVATEK PROFIT UP 273%  

NOVATEK NEEDS $12 BLN

Tags: NOVATEK, LNG, GAS, НОВАТЭК, СПГ, ГАЗ
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