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Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2018

June 09/ 13:24

Almetyevsk. 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 months ended 31 March 2018 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 first quarter 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.

In the first quarter of 2018 Tatneft Group produced 7.1 million tonnes (50.6 MMbbl) of crude oil and 223.3 million cubic meters of gas. TANECO refinery output in the first quarter of 2018 was 2.2 million tonnes of refined products.

The Company’s consolidated sales and other operating revenues on non-banking activities net of export duties and excise tax in the first quarter of 2018 were 188,345 million rubles (US$ 3,311 million) as compared to 166,445 million rubles (US$ 2,829 million) in the first quarter of 2017. The consolidated profit attributable to Group shareholders in the first quarter of 2018 was 42,010 million rubles (US$ 739 million) as compared to 35,590 million rubles (US$ 605 million) in the first quarter of 2017.

Financial results of Tatneft Group in the first quarter of 2018 include total net interest, fee and commission and other operating income and gains on banking activities in the amount of 714 million rubles.

The Company’s EBITDA (a non-IFRS financial measure) in the first quarter of 2018 was 61,167 million Rubles (US$ 1,075 million) as compared to 51,954 million Rubles (US$ 883) in the first quarter of 2017.

Total consolidated assets of the Company decreased from 1,107,454 million rubles (US$ 19,227 million) as of 31 December 2017 to 1,107,300 million rubles (increased in US dollar terms to US$19,336 million) as of 31 March 2018.

Total consolidated liabilities of the Company decreased from 388,725 million rubles (US$ 6,749 million) as of 31 December 2017 to 355,633 million rubles (US$ 6,210 million) as of 31 March 2018.

Total consolidated shareholders’ equity increased from 718,729 million rubles (US$ 12,478 million) as of 31 December 2017 to 751,667 million rubles (US$ 13,126 million) as of 31 March 2018.

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