Last checked at 28 Aug 2020 07:25
28 August 2020
Tatneft published its IFRS consolidated interim condensed financial statements for the three and six months ended 30 June 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 six months ended 30 June 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 six months ended 30 June 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 second quarter of 2020 Tatneft Group produced 5 979 thousand tonnes (42.6 MMbbl) of crude oil and 193.4 million cubic meters of gas compared to 7 281 thousand tonnes (51.9 MMbbl) of crude oil and 240.5 million cubic meters of gas in the first quarter of 2020. TANECO refinery output in the second quarter of 2020 was 2.9 million tonnes of refined products compared to 3.0 million tonnes of refined products in the first quarter of 2020.
In the six months of 2020 Tatneft Group produced 13 260 thousand tonnes (94.5 MMbbl) of crude oil and 433.9 million cubic meters of gas compared to 14 829 thousand tonnes (105.6 MMbbl) of crude oil and 505.3 million cubic meters of gas in the six months of 2019. TANECO refinery output in the six months of 2020 was 5.8 million tonnes of refined products compared to 4.5 million tonnes of refined products in the six 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 second quarter of 2020 were 136 269 million rubles (US$ 1 964 million) as compared to 198 284 million rubles (US$ 2 987 million) in the first quarter of 2020. The consolidated profit attributable to Group shareholders in the second quarter of 2020 was 17 600 million rubles (US$ 254 million) as compared to 25 252 million rubles (US$ 380 million) in the first 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 six months of 2020 were 334 553 million rubles (US$ 4 823 million) as compared to 449 656 million rubles (US$ 6 882 million) in the six months of 2019. The consolidated profit attributable to Group shareholders in the six months of 2020 was 42 852 million rubles (US$ 618 million) as compared to 114 286 million rubles (US$ 1 749 million) in the six months of 2019.
The Company's EBITDA* in the second quarter of 2020 was 34 312 million rubles (US$ 495 million) as compared to 37 687 million rubles (US$ 568 million) in the first quarter of 2020. However, the Company's EBITDA adjusted for exceptional items* in the second quarter of 2020 was 34 797 million rubles (US$ 502 million) as compared 44 359 million rubles (US$ 668 million) in the first quarter of 2020.
The Company's EBITDA* in the six months of 2020 was 71 999 million rubles (US$ 1 038 million) as compared to 164 382 million rubles (US$ 2 516 million) in the six months of 2019. The Company's EBITDA adjusted for exceptional items* in the six months of 2020 was 79 156 million rubles (US$ 1 141 million) as compared 162 580 million rubles (US$ 2 488 million) in the six months of 2019.
Total consolidated assets of the Company decreased from 1 238 639 million rubles (US$ 20 007 million) as of 31 December 2019 to 1,218,924 million rubles (US$ 17 426 million) as of 30 June 2020.
Total consolidated liabilities of the Company decreased from 486 509 million rubles (US$ 7 858 million) as of 31 December 2019 to 424 663 million rubles (US$ 6 071 million) as of 30 June 2020.
Total consolidated shareholders' equity increased from 752 130 million rubles (US$ 12 149 million) as of 31 December 2019 to 794 261 million rubles (decreased in US dollar terms to US$ 11 355 million) as of 30 June 2020.
The Company's representatives will discuss the IFRS results for the second quarter of 2020 on a videoconference on 2 September 2020 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.