Last checked at 22 Jun 2009 13:40
June 22, 2009
OAO Tatneft published its unaudited consolidated interim condensed U.S. GAAP financial statements for the three months ended March 31, 2009
OAO Tatneft (the "Company") announces today that it published on its web-site http://www.tatneft.ru the unaudited consolidated interim condensed U.S. GAAP financial statements for the three months ended March 31, 2009 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (the "Financial Statements").
Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. Russian Ruble amounts below have been translated into U.S. Dollars at the exchange rates on the last day of the respective reporting period.
The Company's consolidated revenues in the first quarter of 2009 were 73,540 million Rubles (US$ 2,162 million) as compared to 66,266 million Rubles (US$ 2,255) in the fourth quarter of 2008 and 109,052 million Rubles (US$ 4,637 million) in the first quarter of 2008. The consolidated net income increased in the first quarter of 2009 to 7,929 million Rubles (US$ 233 million) as compared to 6,335 million Rubles (US$ 269 million) in the first quarter of 2008 and a net loss of 21,984 million Rubles (US$ 748 million) in the fourth quarter of 2008.
The Company's consolidated operating expenses in the first quarter of 2009 were 15,380 million Rubles (US$ 452 million) as compared to 17,612 million Rubles (US$ 599) in the fourth quarter of 2008 and 13,383 million Rubles (US$ 569 million) in the first quarter of 2008.
The Company's consolidated EBITDA* in the first quarter of 2009 was 15,063 million Rubles (US$ 443 million).
Total consolidated assets of the Company increased from 382,448 million Rubles (US$ 16,261 million) as of March 31, 2008 and 392,980 million Rubles (US$ 13,376 million) as of December 31, 2008, to 423,951 million Rubles (US$ 12,465 million) as of March 31, 2009.
Total consolidated liabilities of the Company increased from 106,726 million Rubles (US$ 4,538 million) as of March 31, 2008 and 128,121 million Rubles (US$ 4,361 million) as of December 31, 2008, to 150,309 million Rubles (US$ 4,420 million) as of March 31, 2009.
As of March 31, 2009 total consolidated shareholders' equity was 267,966 million Rubles (US$ 7,879 million) compared to 260,276 million Rubles (US$ 8,859 million) as of December 31, 2008 and 270,775 million Rubles (US$ 11,513 million) as of March 31, 2008.
The improvement in the Company's financial performance in the first quarter 2009 was mainly due to stabilization of crude oil prices (compared to a significant drop in the fourth quarter of 2008), devaluation of the Ruble against the US Dollar (most of the Company's revenues are denominated in U.S. Dollars), decrease of certain costs compared to the fourth quarter of 2008 and decrease of tax burden on the industry.
The Company's representatives will discuss the U.S. GAAP financial highlights for the first quarter 2009 on a conference call on June 23, 2009 at 1:00 p.m. Moscow time, 10:00 a.m. BST.
To participate in the conference call please dial the following number in the United Kingdom +44 208 996 3920 using PIN 233516. The conference call replay will be available for 14 days from June 24, 2009, 3:59 a.m. Moscow time, by dialing +44 207 136 9233 in the U.K. using passcode 90848836.
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* "EBITDA" is a non-US GAAP financial measure.
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. OAO 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.