Tatneft: 2012 Financial Results
OAO Tatneft announces today that it published on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended 31 December 2012 prepared in accordance with International Financial Reporting Standards and related Directors’ report, incorporating Management Discussion and Analysis of Results of Operations. These are the first consolidated financial statements the Group prepared in accordance with IFRS; prior financial statements were prepared in accordance with US GAAP. The Company’s date of transition to IFRS is 1 January 2011. For quantification of the effect of the transition from US GAAP to IFRS please refer to Note 2 to the Financial Statements.
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 2012 IFRS results. Russian Ruble amounts below have been translated into U.S. Dollars, for sales and other operating revenues and net profit 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.
The Company’s consolidated sales and other operating revenues net of export duties and excise tax in 2012 were 444,099 million Rubles (US$ 14,284 million) as compared to 417,586 million Rubles (US$ 14,208 million) in 2011. The consolidated profit attributable to Group shareholders in 2012 was 73,473 million Rubles (US$ 2,363 million) as compared to 62,104 million Rubles (US$ 2,113 million) in 2011.
Total consolidated assets of the Company increased from 607,385 million Rubles (US$ 18,863 million) as of 31 December 2011, to 630,607 million Rubles (US$ 20,764 million) as of 31 December 2012.
Total consolidated liabilities of the Company decreased from 221,958 million Rubles (US$ 6,893 million) as of 31 December 2011, to 184,374 million Rubles (US$ 6,071 million) as of 31 December 2012.
Total consolidated shareholders’ equity increased from 385,427 million Rubles (US$ 11,970 million) as of 31 December 2011, to 446,233 million Rubles (US$ 14,693 million) 31 December 2012.
As of 1 January 2013 the Company’s total proved hydrocarbon reserves (SPE/PRMS) amounted to 6,396 million barrels of oil equivalent, including 6,192 million barrels of oil and condensate and 1,227 billion of cubic feet of gas.
