OAO Tatneft (the “Company”) announces today that it published on its web-site (http://www.tatneft.ru/eng) the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2012 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 Company’s first quarter of 2012 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 quarter of 2012 were 151,030 million Rubles (US$ 4,991 million) as compared to 131,726 million Rubles (US$ 4,500 million) in the first quarter of 2011. The consolidated net income attributable to Group shareholders in the first quarter of 2012 was 28,061 million Rubles (US$ 927 million) as compared to 24,476 million Rubles (US$ 836 million) in the first quarter of 2011.
Total consolidated assets of the Company increased from 627,823 million Rubles (US$ 19,498 million) as of December 31, 2011, to 641,404 million Rubles (US$ 21,869 million) as of March 31, 2012.
Total consolidated liabilities of the Company decreased from 224,412 million Rubles (US$ 6,969 million) as of December 31, 2011, to 208,942 million Rubles (increased in US dollar terms to US$ 7,124 million) as of March 31, 2012.
Total consolidated shareholders’ equity increased from 403,411 million Rubles (US$ 12,528 million) as of December 31, 2011, to 432,462 million Rubles (US$ 14,745 million) as of March 31, 2012.
The Company’s representatives will discuss the U.S. GAAP financial highlights for the quarter of 2012 on a conference call on June 19, 2012 at 4:00 PM Moscow time, 1:00 PM UK time.