Last checked at 3 Apr 2017 10:39
Tatneft published its audited IFRS consolidated financial statements for the year ended December 31, 2016.
3 April 2017
PJSC Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/?lang=en) the audited consolidated financial statements (the "Financial Statements") for the year ended 31 December 2016 prepared in accordance with International Financial Reporting Standards ("IFRS") and related Directors' report, incorporating Management Discussion and Analysis of 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 2016 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.
The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise tax in 2016 were 580,127 million Rubles (US$ 8,655 million) as compared to 552,712 million Rubles (US$ 9,067 million) in 2015. The consolidated profit attributable to Group shareholders in 2016 was 107,389 million Rubles (US$ 1,602 million) as compared to 98,930 million Rubles (US$ 1,623 million) in 2015.
In the fourth quarter of 2016 ZENIT Banking Group was consolidated into the Tatneft Group's financial statements due to the Group's increased stake in Bank ZENIT's share capital. Financial results of Tatneft Group for 2016 include total net interest, fee and commission and other operating expenses and losses on banking activities for the fourth quarter of 2016 in the amount of 980 million Rubles.
Total consolidated assets of the Company increased from 798,691 million Rubles (US$ 10,959 million) as of 31 December 2015, to 1,094,597 million Rubles (US$ 18,046 million) as of 31 December 2016.
Total consolidated liabilities of the Company increased from 141,033 million Rubles (US$ 1,935 million) as of 31 December 2015, to 385,693 million Rubles (US$ 6,359 million) as of 31 December 2016.
Total consolidated shareholders' equity increased from 657,658 million Rubles (US$ 9,024 million) as of 31 December 2015, to 708,904 million Rubles (US$ 11,687 million) as of 31 December 2016.
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.