Pjsc Tatneft Regulatory News (ATAD)

Tatneft published the audited IFRS consolidated financial statements for the year ended December 31, 2020

31 March 2021

PJSC Tatneft (the "Company") published on its website (http://www.tatneft.ru/?lang=en) the audited consolidated financial statements (the "Financial Statements") for the year ended 31 December 2020 prepared in accordance with International Financial Reporting Standards ("IFRS") and the related Directors' report, incorporating Management Discussion and Analysis of Results of Operations for the fourth quarter and full year 2020 (the "MD&A"). As an addendum to the Directors' report the Company also published additional climate-related disclosures.

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 fourth quarter and full year 2020 IFRS results. For convenience 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 fourth quarter of 2020 Tatneft Group produced 6,465 thousand tonnes (46.1 MMbbl) of crude oil and 199.2 million cubic meters of gas compared to 6,288 thousand tonnes (44.8 MMbbl) of crude oil and 198.3 million cubic meters of gas in the third quarter of 2020. TANECO refinery output in the fourth quarter of 2020 was 2.8 million tonnes of refined products compared to 2.7 million tonnes of refined products in the third quarter of 2020.

In 2020 Tatneft Group produced 26,014 thousand tonnes (185.3 MMbbl) of crude oil and 831.4 million cubic meters of gas compared to 29,798 thousand tonnes (212.3 MMbbl) of crude oil and 1,009.6 million cubic meters of gas in 2019. TANECO refinery output in 2020 was 11.3 million tonnes of refined products compared to 10.1 million tonnes of refined products in 2019.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the fourth quarter of 2020 were 198,754 million rubles (US$ 2,608 million) as compared to 187,370 million rubles (US$ 2,547 million) in the third quarter of 2020. The consolidated profit attributable to Group shareholders in the fourth quarter of 2020 was 24,893 million rubles (US$ 327 million) as compared to 35,745 million rubles (US$ 486 million) in the third quarter of 2020.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in 2020 were 720,677 million rubles (US$ 9,989 million) as compared to 932,296 million rubles (US$ 14,401 million) in 2019. The consolidated profit attributable to Group shareholders in 2020 was 103,490 million rubles (US$ 1,434 million) as compared to 192,260 million rubles (US$ 2,970 million) in 2019.

The Company's EBITDA* in the fourth quarter of 2020 was 49,505 million rubles (US$ 650 million) as compared to 58,367 million rubles (US$ 793 million) in the third quarter of 2020. The Company's EBITDA adjusted for exceptional items* in the fourth quarter of 2020 was 49,400 million rubles (US$ 648 million) as compared 58,748 million rubles (US$ 799 million) in the third quarter of 2020.

The Company's EBITDA* in 2020 was 179,871 million rubles (US$ 2,493 million) as compared to 290,800 million rubles (US$ 4,492 million) in 2019. The Company's EBITDA adjusted for exceptional items* in 2020 was 187,304 million rubles (US$ 2,596 million) as compared 328,412 million rubles (US$ 5,073 million) in 2019.

Total consolidated assets of the Company increased from 1,240,343 million rubles (US$ 20,035 million) as of 31 December 2019 to 1,263,441 million rubles (decreased in US dollar terms to US$ 17,101 million) as of 31 December 2020.

Total consolidated liabilities of the Company decreased from 488,213 million rubles (US$ 7,886 million) as of 31 December 2019 to 431,851 million rubles (US$ 5,845 million) as of 31 December 2020.

Total consolidated shareholders' equity increased from 752,130 million rubles (US$ 12,149 million) as of 31 December 2019 to 831,590 million rubles (decreased in US dollar terms to US$ 11,256 million) as of 31 December 2020.

The Company's representatives will discuss the results for the fourth quarter and full year 2020 on a videoconference on 1 April 2021 at 4pm Moscow time, 2pm London time, 9am 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 access details. The videoconference will be recorded.

* 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.