OREANDA-NEWS. OAO NOVATEK today released its consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2016 prepared in accordance with International Financial Reporting Standards (“IFRS”).

In the second quarter and first half 2016, our total revenues increased by 13.5% and 18.0%, respectively, compared to the corresponding periods of 2015. Our Normalized EBITDA, inclusive of joint ventures, amounted to RR 59.5 billion in the second quarter 2016 and RR 121.6 billion in the first half 2016, representing an increase of 20.2% and 16.6%, respectively, as compared to the corresponding periods of 2015. The growth in our revenues and EBITDA was largely driven by substantial increase in liquids sales volumes and higher natural gas sales prices. The decrease in net average sales prices in rouble terms for certain types of liquid hydrocarbons due to changes in the respective market benchmarks had a negative impact on the dynamics of our revenues and EBITDA.  

In the second quarter 2016, profit attributable to NOVATEK shareholders increased to RR 45.9 billion (RR 15.22 per share), or by 9.6% as compared to the second quarter 2015. As a result, in the first half 2016, our profit amounted to RR 161.9 billion (RR 53.61 per share), representing an increase of 121.7% as compared to the first half 2015. Profit dynamics was positively impacted by the closing in the first quarter 2016 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 in the first half 2016 totalled RR 104.2 billion (RR 34.51 per share), representing a 42.7% increase as compared to the first half 2015. 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.