Last checked at 30 Nov 2020 07:07
Tatneft published its IFRS consolidated interim condensed financial statements for the three and nine months ended 30 September 2020
30 November 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 and nine months ended 30 September 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 and nine months ended 30 September 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 third quarter of 2020 Tatneft Group produced 6,288 thousand tonnes (44.8 MMbbl) of crude oil and 198.3 million cubic meters of gas compared to 5,979 thousand tonnes (42.6 MMbbl) of crude oil and 193.4 million cubic meters of gas in the second quarter of 2020. TANECO refinery output in the third quarter of 2020 was 2.7 million tonnes of refined products compared to 2.9 million tonnes of refined products in the second quarter of 2020.
During the nine months of 2020 Tatneft Group produced 19,548 thousand tonnes (139.2 MMbbl) of crude oil and 632.2 million cubic meters of gas compared to 22,352 thousand tonnes (159.2 MMbbl) of crude oil and 764.9 million cubic meters of gas during the nine months of 2019. TANECO refinery output in the nine months of 2020 was 8.5 million tonnes of refined products compared to 7.2 million tonnes of refined products in the nine months of 2019.
The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the third quarter of 2020 were 187,370 million rubles (US$ 2,547 million) as compared to 136,269 million rubles (US$ 1,883 million) in the second quarter of 2020. The consolidated profit attributable to Group shareholders in the third quarter of 2020 was 35,745 million rubles (US$ 486 million) as compared to 17,600 million rubles (US$ 243 million) in the second quarter of 2020.
The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the nine months of 2020 were 521,923 million rubles (US$ 7,374 million) as compared to 691,409 million rubles (US$ 10,624 million) in the nine months of 2019. The consolidated profit attributable to Group shareholders in the nine months of 2020 was 78,597 million rubles (US$ 1,110 million) as compared to 172,719 million rubles (US$ 2,654 million) in the nine months of 2019.
The Company's EBITDA* in the third quarter of 2020 was 58,367 million rubles (US$ 793 million) as compared to 34,312 million rubles (US$ 474 million) in the second quarter of 2020. However, the Company's EBITDA adjusted for exceptional items* in the third quarter of 2020 was 58,748 million rubles (US$ 799 million) as compared 34,797 million rubles (US$ 481 million) in the second quarter of 2020.
The Company's EBITDA* in the nine months of 2020 was 130,366 million rubles (US$ 1,842 million) as compared to 248,070 million rubles (US$ 3,812 million) in the nine months of 2019. The Company's EBITDA adjusted for exceptional items* in the nine months of 2020 was 137,904 million rubles (US$ 1,948 million) as compared 249,447 million rubles (US$ 3,833 million) in the nine months of 2019.
Total consolidated assets of the Company increased from 1,238,639 million rubles (US$ 20,007 million) as of 31 December 2019 to 1,265,763 million rubles (decreased in US dollar terms to US$ 15,886 million) as of 30 September 2020.
Total consolidated liabilities of the Company decreased from 486,509 million rubles (US$ 7,858 million) as of 31 December 2019 to 457,052 million rubles (US$ 5,736 million) as of 30 September 2020.
Total consolidated shareholders' equity increased from 752,130 million rubles (US$ 12,149 million) as of 31 December 2019 to 808,711 million rubles (decreased in US dollar terms to US$ 10,149 million) as of 30 September 2020.
The Company's representatives will discuss the IFRS results for the third quarter and nine months of 2020 on a videoconference on 3 December 2020 at 4pm Moscow time, 1pm London time, 8am US Eastern time. The videoconference will be open to analysts and investors only. To participate in the videoconference a request should be sent to ir@tatneft.net to obtain the details.
* Non-IFRS measures. Please see the MD&A for definitions and calculations.
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.