Last checked at 8 Jun 2017 11:46
Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2017
8 June 2017
PJSC Tatneft (the "Company") announces today that it 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 2017 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 first quarter 2017 IFRS results. Russian ruble amounts below have been translated into U.S. dollars, for sales and other operating revenues and net profit 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 2017 Tatneft Group produced 7.2 million tonnes (51.4 MMbbl) of crude oil and 254.3 million cubic meters of gas. TANECO refinery output in the first quarter of 2017 was 2.2 million tonnes of refined products.
The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise tax in the first quarter of 2017 were 166,445 million rubles (US$ 2,829 million) as compared to 120,981 million rubles (US$ 1,621 million) in the first quarter of 2016. The consolidated profit attributable to Group shareholders in the first quarter of 2017 was 35,590 million rubles (US$ 605 million) as compared to 17,621 million rubles (US$ 236 million) in the first quarter of 2016.
Financial results of Tatneft Group in the first quarter of 2017 include total net interest, fee and commission and other operating income and gains on banking activities in the amount of 3,012 million rubles.
Total consolidated assets of the Company increased from 1,094,597 million rubles (US$ 18,045 million) as of 31 December 2016 to 1,120,838 million rubles (US$ 19,880 million) as of 31 March 2017.
Total consolidated liabilities of the Company decreased from 385,693 million rubles (US$ 6,358 million) as of 31 December 2016 to 375,639 million rubles (increased in US dollar terms to US$ 6,663 million) as of 31 March 2017.
Total consolidated shareholders' equity increased from 708,904 million rubles (US$ 11,687 million) as of 31 December 2016 to 745,199 million rubles (US$ 13,217 million) as of 31 March 2017.
The Company's representatives will discuss the IFRS financial highlights for the quarter ended 31 March 2017 on a conference call on 9 June 2017 at 16:00 Moscow time, 14:00 London time, 09:00am New York time.
To participate in the conference call, please dial any of the following numbers*:
United Kingdom: 0808 162 4061;
USA and Canada: +1 855 481 5362;
Russia: +7 499 299 1360 (*0 to connect to the operator);
Standard international dial-in: +27 11 535 3600
Password to gain access to the conference call is "Tatneft 1Q17 IFRS Results call".
The conference call replay will be available within 14 days after completion of the call by dialing* +27 11 305 2030 (international dial-in), +1 855 481 5363 (USA and Canada) or 0808 234 6771 (UK), using Conference ID 14309.
* PJSC Tatneft shall not be liable for inability to use any of the free numbers.
This press-release contains inside information.
Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials 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.