NOVATEK has released its consolidated interim condensed financial statements as of and for the three months ended 31 March 2016 prepared in accordance with International Financial Reporting Standards.
Profit attributable to NOVATEK shareholders increased by 3.7 times to RR 115.9 billion, as compared to RR 31.1 billion in the first quarter 2015. Profit for the first quarter 2016 was positively impacted by the closing 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 totaled RR 58.2 billion, representing an 87.4% increase as compared to the prior reporting period.
The Company’s total revenues increased to RR 139.4 billion, or by 22.5% compared to the first quarter 2015 largely due to an increase in liquids sales volumes and the combined growth in natural gas sales prices and volumes.
Decrease in net average sales prices in rouble terms for LPG and certain types of petroleum products had a negative impact on the dynamics of NOVATEK revenues.
The Company’s Normalized EBITDA, including our respective share in the EBITDA of joint ventures, amounted to RR 62.1 billion, representing a 13.3% increase compared to the EBITDA for the first quarter 2015.
NOVATEK OJSC 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 an open joint stock company established under the laws of the Russian Federation.