Russneft's net asset value enters positive territory in Q3, surges above $1 bln
MOSCOW. Oct 19 (Interfax) - The net asset value of Russneft , which plans to conduct an IPO soon, entered positive territory in the third quarter of 2016, reaching 64 billion rubles by the end of September, compared with negative 110 billion rubles a year earlier, according to the SPARK-Interfax database.
Russneft reported earlier in its share prospectus that debt to VTB currently stands at $1.264 billion. Under the debt restructuring agreement with VTB, the repayment period has been extended to 2023 and the repayment schedule has been altered: Russneft must pay $10 million each quarter in 2015-2017, $110 million quarterly beginning with Q1 2018 and $100 million from Q2 2020 until the debt has been fully repaid.
In its IFRS financial report for H1 2016, Russneft said it made $8.5 million in scheduled principal payments on its VTB debt and $41 million in interest payments. In addition, the company made an unscheduled payment of $700 million in principal and $6 million in interest in April. In June, the company paid $17 million in interest.
In autumn 2015, when Russneft's net asset value was negative 110.734 billion rubles, the company converted $984 million in debt to Swiss commodities trader Glencore into shares representing a 46% stake. That caused a steep increase in net asset value, to negative 11.205 billion rubles as of December 31.
The company's net asset value subsequently rose to negative 6.768 billion rubles as of March 31, 2016 and to negative 2.584 billion rubles as of June 30.