Last checked at 22 Oct 2009 15:12
22 October 2009
OAO Tatneft published its consolidated interim condensed U.S. GAAP financial statements for the first 6 months of 2009
OAO Tatneft (the "Company") published today on its web-site (http://www.tatneft.ru/wps/wcm/connect/tatneft/portal_eng/to_shareholders/information_disclosure/consolidated_financial_statements/) the reviewed interim condensed consolidated financial statements for the first 6 months of 2009 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 the first 6 months of 2009 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 the first 6 months of 2009 were 163,972 million Rubles (US$ 4,958 million) as compared to 246,487 million Rubles (US$ 10,296 million) in the same period of 2008. The consolidated net income for the first 6 months 2009 was 29,686 million Rubles (US$ 898 million) as compared to 21,005 million Rubles (US$ 877 million) in the first half of 2008.
Total consolidated assets of the Company increased from 392,980 million Rubles (US$ 13,376 million) as of December 31, 2008, to 458,780 million Rubles (US$ 14,662 million) as of June 30, 2009.
Total consolidated liabilities of the Company increased from 128,121 million Rubles (US$ 4,361 million) as of December 31, 2008, to 171,433 million Rubles (US$ 5,479 million) as of June 30, 2009.
Total consolidated shareholders' equity increased from 260,276 million Rubles (US$ 8,859 million) as of December 31, 2008, to 280,862 million Rubles (US$ 8,976 million) as of June 30, 2009.
The Company's representatives will discuss the U.S. GAAP financial highlights for the first 6 months of 2009 on a conference call on 23 October 2009 at 3.00 p.m. Moscow time, noon BST.
To participate in the conference call please dial the following numbers: in the United Kingdom +44 20 8996 3900, in Russia: +7 495 981 0873; using PIN 568 787. The conference call replay will be available for 7 days from 24 October 2009 by dialing +44 20 7136 9233 in the U.K. using PIN 96918384.
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.