Last checked at 18 Jun 2012 07:58
Tatneft published its U.S. GAAP consolidated interim condensed financial statements for the first quarter of 2012
18 June 2012
OAO Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/eng) the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2012 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (the "Financial Statements") and related Management Discussion and Analysis of Results of Operations (the "MD&A").
Selected financial highlights below are based on the respective U.S. GAAP 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 Company's first quarter of 2012 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.
The Company's consolidated revenues in the first quarter of 2012 were 151,030 million Rubles (US$ 4,991 million) as compared to 131,726 million Rubles (US$ 4,500 million) in the first quarter of 2011. The consolidated net income attributable to Group shareholders in the first quarter of 2012 was 28,061 million Rubles (US$ 927 million) as compared to 24,476 million Rubles (US$ 836 million) in the first quarter of 2011.
Total consolidated assets of the Company increased from 627,823 million Rubles (US$ 19,498 million) as of December 31, 2011, to 641,404 million Rubles (US$ 21,869 million) as of March 31, 2012.
Total consolidated liabilities of the Company decreased from 224,412 million Rubles (US$ 6,969 million) as of December 31, 2011, to 208,942 million Rubles (increased in US dollar terms to US$ 7,124 million) as of March 31, 2012.
Total consolidated shareholders' equity increased from 403,411 million Rubles (US$ 12,528 million) as of December 31, 2011, to 432,462 million Rubles (US$ 14,745 million) as of March 31, 2012.
The Company's representatives will discuss the U.S. GAAP financial highlights for the quarter of 2012 on a conference call on June 19, 2012 at 4:00 PM Moscow time, 1:00 PM UK time.
To participate in the conference call, please dial the any of the following numbers using ID 91950577:
United Kingdom: +44 1452 555 566 (standard international)
United Kingdom: 0800 694 0257 (free call)
United Kingdom: 0844 493 3800 (local call)
USA: (866) 966 9439 (free call)
USA: +1 (631) 510 7498 (local call/international)
Russia: 8108 002 097 2044 (free call)
The conference call replay will be available upon completion of the call until 29 October 2012 by dialing +44 1452 55 0000 (international dial-in) or 0845 245 5205 (UK local dial-in), 0800 953 1533 (UK free call dial-in), +1 (866) 247 4222 (USA free call dial-in), using PIN 91950577#.
Forward-looking statements: This press-release and materials mentioned in it contain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release or the 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.