Last checked at 26 Apr 2011 07:00
26 April 2011
OAO Tatneft published its audited consolidated U.S. GAAP financial statements for the year ended December 31, 2010
OAO Tatneft (the "Company") published today on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended December 31, 2010 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 2010 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 2010 were 468,032 million Rubles (US$ 15,411 million) as compared to 380,648 million Rubles (US$ 12,000 million) in 2009. The consolidated net income attributable to Group shareholders for 2010 was 46,673million Rubles (US$ 1,537 million) as compared to 54,372 million Rubles (US$ 1,714 million) in 2009.
Total consolidated assets of the Company increased from 495,742 million Rubles (US$ 16,394 million) as of December 31, 2009, to 567,179 million Rubles (US$ 18,608 million) as of December 31, 2010.
Total consolidated liabilities of the Company increased from 182,235 million Rubles (US$ 6,026 million) as of December 31, 2009, to 216,633 million Rubles (US$ 7,107 million) as of December 31, 2010.
Total consolidated shareholders' equity increased from 313,507 million Rubles (US$ 10,367 million) as of December 31, 2009, to 350,546 million Rubles (US$ 11,501 million) as of December 31, 2010.
The Company's representatives will discuss the U.S. GAAP financial highlights for 2010 on a conference call on April 26, 2011 at 4:00 PM Moscow time, 1:00 PM British Summer Time, 8:00 AM Eastern Daylight Time.
To participate in the conference call, please dial any of the following numbers and ask to be connected to "Tatneft 2010 U.S. GAAP results conference call", or use PIN 8827037338 (for participants) or 7909003832(listen only):
Local: - Russia, Moscow: +7 495 745 9627
Local: - UK, London: +44 (0)20 7026 5966
Local: - USA, New York: +1 718 354 1151
National free phone - Russia: 8 800 500 2663
National free phone - Russia: 8 800 200 7727
National free phone - Russia: 8 800 500 2663
National free phone - UK: 0800 376 9220
National free phone - USA/CAN: 1866 241 0064
The conference call replay will be available within 10 days after the call by dialing any of the numbers above and using PIN 8609738203.
A copy of the Financial Statements has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.
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.