NOVATEK announces consolidated IFRS results for 1Q’2015

OAO NOVATEK has released its consolidated interim condensed financial statements as of and for the three months ended 31 March 2015 prepared in accordance with International Financial Reporting Standards. In the first quarter 2015, Normalized Profit attributable to NOVATEK shareholders increased to RR 31.1 billion, or RR 10.29 per share, which is 34.8% higher than Normalized Profit for the first quarter 2014.

Total revenues increased by 28.3% to RUB 113.7 bln. 

The Company’s Normalized EBITDA amounted to RR 55.2 billion, representing a 28.3% increase compared to EBITDA for the first quarter 2014 adjusted for the effect from disposal of interest in Artic Russia B.V. The share in EBITDA of joint ventures increased by 2.5 times year-on-year to RR 10.1 billion as compared to RR 4.0 billion in the first quarter 2014.

OAO 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 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.