Pjsc Tatneft Regulatory News (ATAD)

Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2020

5 June 2020

PJSC Tatneft (the "Company") published on its web-site (http://www.tatneft.ru/?lang=en) the unaudited consolidated interim condensed financial statements (the "Financial Statements") for the three months ended 31 March 2020 prepared in accordance with International Financial Reporting Standards ("IFRS") and the related Management Discussion and Analysis of Financial Condition and Results of Operations (the "MD&A").

Selected financial highlights below are based on the respective IFRS financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of the IFRS results for the three months ended 31 March 2020. Russian ruble amounts below have been translated into U.S. dollars, for sales and other operating revenues, net profit and EBITDA at the average exchange rate during the respective reporting period and for items of Statements of Financial Position at the exchange rate on the last date of the respective reporting period.

In the first quarter of 2020 Tatneft Group produced 7 280 million tonnes (51.9 MMbbl) of crude oil and 240.5 million cubic meters of gas. TANECO refinery output in the first quarter of 2020 was 3 million tonnes of refined products.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the first quarter of 2020 were 198,284 million rubles (US$ 2,987 million) as compared to 227,326 million rubles (US$ 3,438 million) in the first quarter of 2019. The consolidated profit attributable to Group shareholders in the first quarter of 2020 was 25,252 million rubles (US$ 380 million) as compared to 60,151 million rubles (US$ 910 million) in the first quarter of 2019.

The Company's EBITDA (a non-IFRS financial measure) in the first quarter of 2020 was 37,687 million rubles (US$ 568 million) as compared to 87,419 million Rubles (US$ 1,322 million) in the first quarter of 2019. However, the Company's EBITDA adjusted for exceptional items in the first quarter of 2020 was 44,359 million Rubles (US$ 668 million) as compared to 86,090 million Rubles (US$ 1,302 million) in the first quarter of 2019.

Total consolidated assets of the Company decreased from 1,238,639 million rubles (US$ 20,007 million) as of 31 December 2019 to 1,237,017 million rubles (US$ 15,914 million) as of 31 March 2020.

Total consolidated liabilities of the Company decreased from 486,509 million rubles (US$ 7,858 million) as of 31 December 2019 to 457,996 million rubles (US$ 5,892 million) as of 31 March 2020.

Total consolidated shareholders' equity increased from 752,130 million rubles (US$ 12,149 million) as of 31 December 2019 to 779,021 million rubles (decreased in US dollar terms to US$ 10,022 million) as of 31 March 2020.

This press release contains inside information.

Forward-looking statements: This press-release contains certain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.