NOVATEK announces consolidated IFRS results for first quarter 2016

OAO NOVATEK 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 (“IFRS”).
In the first quarter 2016, our 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 our 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.
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.
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.
Our free cash flow increased by 49.5% to RR 45.4 billion as a result of operating cash flow growth by 37.0% and a decrease in cash used for capital expenditures.
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OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia.
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