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Tatneft published its audited IFRS consolidated financial statements for the year

March 29, 2018/ 13:03

Moscow. PJSC Tatneft  published on its web-site  the audited consolidated financial statements (the “Financial Statements”) for the year ended 31 December 2017 prepared in accordance with International Financial Reporting Standards (“IFRS”) and the related Directors’ report, incorporating Management Discussion and Analysis of 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 2017 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 2017 Tatneft Group produced 28.9 million tonnes (206.1 MMbbl) of crude oil and 945.3 million cubic meters of gas. TANECO refinery output in 2017 was 8.2 million tonnes of refined products.

The Company’s consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in 2017 were 681,159 million Rubles (US$ 11,674 million) as compared to 580,127 million Rubles (US$ 8,655 million) in 2016. The consolidated profit attributable to Group shareholders in 2017 was 123,139 million Rubles (US$ 2,110 million) as compared to 107,389 million Rubles (US$ 1,602 million) in 2016.

The Company’s EBITDA (a non-IFRS financial measure) for 2017 was 185,309 million Rubles (US$ 3,176 million); however, the Company’s EBITDA adjusted for nonrecurring and exceptional one-off items was 199,063 million Rubles (US$ 3,412 million).

Total consolidated assets of the Company increased from 1,094,597 million Rubles (US$ 18,045 million) as of 31 December 2016, to 1,107,454 million Rubles (US$ 19,227 million) as of 31 December 2017.

Total consolidated liabilities of the Company increased from 385,693 million Rubles (US$ 6,358 million) as of 31 December 2016, to 388,725 million Rubles (US$ 6,749 million) as of 31 December 2017.

Total consolidated shareholders’ equity increased from 708,904 million Rubles (US$ 11,687 million) as of 31 December 2016, to 718,729 million Rubles (US$ 12,478 million) as of 31 December 2017.

The Company’s representatives will discuss the IFRS financial highlights for the year ended 31 December 2017 on a conference call on 9 April 2018 at 16:00 Moscow time, 14:00 London time, 09:00am New York time.

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