OJSC Severneftegazprom Reported its IFRS Financial Information for the Nine Months of 2016

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OJSC "Severneftegazprom” (hereinafter - Company) published financial statements for 9 months 2016 prepared in accordance with International Financial Reporting Standards (hereinafter - IFRS) and an Audit report with a review of the company’s activities prepared by FBK ltd.

Company’s net income for the nine months of 2016 amounted 11 493 mln. rubles, increased by 25% in comparison with the nine months of 2015. The factors which have influenced the increase are:

- The revenue increased by 6% in comparison with nine months of 2015 because the gas sales price was increased by using special gas sales formula in accordance with Shareholders Agreement and gas sales contracts. The revenue for nine months of 2016 amounted to 35 545 mln. rub.;

- Strengthening of the national currency against the US dollar and euro. As a result the income from foreign exchange gains for nine months of 2016 amounted to 546 million. rub.

In August 2016 Company paid off the loan ahead of the schedule on Project Financing Agreement with Consortium of foreign banks and JSC GPB bank. As a result of early repayment of the loan obligations the Company's debt loan in foreign currency is totally removed.

The net assets of the Company as of 30.09.2016 increased by 9.9% and amounted to RR 68,182 million rubles.

Full version of IFRS Financial Statements for the 9 months 2016 is available at:

 2019 OJSC Severneftegazprom