Published: July 14, 2005
O.A.O. Tatneft Announces 6m 04 US GAAP Accounts
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
July 14, 2005
Pursuant to Rule 13a-16 or 15d-16 of
of Securities Exchange Act of 1934
OAO TATNEFT
(also known as TATNEFT)
(name of Registrant)
75 Lenin Street
Almetyevsk, Tatarstan 423450
Russian Federation
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F . . . X . . . . Form 40-F . . . . . . . .
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes . . . . . . No . . .X. . . .
July 14, 2005
The following unaudited interim consolidated financial statements
of OAO Tatneft for the first six months of 2004 prepared in
accordance with U.S. GAAP were published on the company's
web-site today:
TATNEFT
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(prepered in accordance with U.S. GAAP)
SIX MONTHS ENDED JUNE 30, 2004
(UNAUDITED)
The interim consolidated financial statements were prepared
by OAO Tatneft in accordance with U.S. GAAP and have not been
audited or reviewed by our independent auditor.
TATNEFT
Interim Consolidated Balance Sheets, Unaudited
(in millions of Russian Roubles)
Notes At June 30, At December 31,
2004 2003
Assets
Cash and
cash equivalents 5 9,858 8,450
Restricted cash 5 290 300
Accounts receivable, net 6 14,240 13,297
Due from related
parties 19 17,830 6,631
Short-term investments 7 5,259 3,223
Current portion of
loans receivable and
advances, net 10 16,234 14,042
Inventories, net 8 9,452 10,051
Prepaid expenses and
other current assets 9 13,722 17,506
Total current assets 86,885 73,500
Restricted cash 5 1,279 1,742
Long-term loans
receivable and
advances, net 10 9,884 6,746
Long-term investments 7 3,970 3,721
Property, plant and
equipment, net 11 177,882 177,008
Total assets 279,900 262,717
Liabilities and
shareholders' equity
Short-term debt and
current portion of
long-term debt 12 22,014 13,213
Notes payable 13 3,573 6,948
Banking customer
deposits 13 14,343 16,665
Trade accounts payable 5,165 2,948
Due to related parties 19 635 1,034
Other accounts payable
and accrued liabilities 14 8,308 5,427
Current deferred tax
liability 15 97 196
Capital lease
obligations to
related parties 11,19 494 643
Taxes payable 6,340 7,159
Total current
liabilities 60,969 54,233
Long-term debt,
net of current
portion 12 12,313 12,796
Notes payable 13 1,203 1,485
Banking customer
deposits 13 3,194 1,337
Asset retirement
obligations, net
of current portion 11 17,771 16,955
Deferred tax liability 15 21,276 21,271
Capital lease
obligations to
related parties, net of
current portion 11,19 237 359
Total liabilities 116,963 108,436
Minority interest 5,335 5,101
Shareholders' equity
Preferred shares
(authorized and
issued at June 30,
2004 and December
31, 2003 -
147,508,500 shares;
nominal value at
June 30, 2004 and
December 31, 2003 -
RR1.00) 16 148 148
Common shares
(authorized and
issued at
June 30, 2004
and December
31, 2003 -
2,178,690,700
shares; nominal
value at June 30,
2004 and December
31, 2003 - RR1.00) 16 2,179 2,179
Additional paid-in
capital 16 89,516 89,516
Accumulated other
comprehensive income 20 189
Retained earnings 70,983 62,291
Less: Common shares
held in treasury,
at cost
(194,016,758 shares
and 191,430,258
shares at June 30,
2004 and December
31, 2003,
respectively) (5,244) (5,143)
Total shareholders'
equity 157,602 149,180
Total liabilities
and shareholders'
equity 279,900 262,717
TATNEFT
Interim Consolidated Statements of Operations and
Comprehensive Income, Unaudited(in millions of Russian
Roubles, except per share information)
Six months Six months Six months
ended ended ended
Notes June 30, June 30, June 30,
2004 2003 2002
(As restated
see Note 4)
Sales and other
operating revenues 18 85,035 71,281 66,906
Costs and other
deductions Operating 15,365 14,470 16,980
Purchased oil
and refined products 12,599 14,857 14,026
Exploration 422 440 411
Transportation 4,492 3,115 2,244
Selling, general and
administrative 8,190 5,567 7,670
Bad debt charges and
credits, net 279 877 128
Depreciation, depletion
and amortization 18 4,516 4,076 3,599
Loss on disposals of
property, plant and
equipment and
impairment of
investments 11 337 198 238
Taxes other than
income taxes 15 23,606 20,779 13,914
Maintenance of social
infrastructure 11 149 126 43
Transfer of social
assets 11 147 878 217
Total costs and
other deductions
Other income (expenses) 70,102 65,383 59,470
Earnings from equity
investments 7 219 32 138
Foreign exchange
gain / (loss) 123 271 (579)
Monetary gain 2 - - 693
Interest income 168 263 435
Interest expense (1,647) (1,238) (1,239)
Other income, net (180) (59) 387
Total other income
(expenses) (1,317) (731) (165)
Income before income
taxes and minority
interest 13,616 5,167 7,271
Income taxes
Current (3,900) (2,391) (2,179)
Deferred benefit 94 1,016 2,222
Total income
tax (expense)
/ benefit 15 (3,806) (1,375) 43
Income before
minority interest 9,810 3,792 7,314
Minority interest (316) (70) (233)
Income before
cumulative effect
of change in
accounting
principle 9,494 3,722 7,081
Cumulative effect
of change in
accounting
principle, net of
RR 1,498 million tax - 4,742 -
Net income 9,494 8,464 7,081
Foreign currency
translation
adjustments (176) (95) 82
Unrealized
holding gains on
available-for-sale
securities, net
of tax 50 - 362
Less: transfer of
realized gains
included in net
income, net of tax (43) - -
Comprehensive income 9,325 8,369 7,525
Basic net income
per share before
cumulative 16
effect of changes
in accounting
principle (RR)
Common 4.40 1.68 3.18
Preferred 5.07 2.57 4.15
Cumulative effect
of changes in
accounting
principle (RR)
Common - 2.23 -
Preferred
Basic net
income per
share (RR) - 2.23 -
Common 4.40 3.91 3.18
Preferred 5.07 4.80 4.15
Diluted net
income per share
before cumulative 16
effect of changes
in accounting
principle (RR)
Common 4.40 1.68 3.14
Preferred 5.07 2.57 4.11
Cumulative effect of
changes in accounting
principle (RR)
Common - 2.22 -
Preferred - 2.22 -
Diluted net income per
share (RR)
Common 4.40 3.90 3.14
Preferred 5.07 4.79 4.11
Weighted average
common shares
outstanding 16
(millions of shares)
Basic 1,986 1,984 2,035
Diluted 1,986 1,986 2,062
Weighted average
preferred shares
outstanding 16
(millions of shares)
Basic 148 148 148
Diluted 148 148 148
TATNEFT
Interim Consolidated Statements of Cash Flows, Unaudited
(in millions of Russian Roubles)
Six months Six months Six months
ended ended ended
Notes June 30, June 30, June 30,
2004 2003 2002
(As restated
see Note 4)
Operating activities
Net income 9,494 8,464 7,081
Adjustments:
Cumulative effect of
change in accounting - (4,742) -
principle
Minority interest 316 70 233
Depreciation, depletion
and amortization 18 4,516 4,076 3,599
Net barter settlements (373) 145 (1,234)
Deferred income tax benefit (94) (1,016) (2,222)
Disposals and impairments 337 198 238
Net realized gain on
available-for-sale
securities 7 - -
Effects of foreign exchange (178) (271) 905
Monetary gain - - (694)
Undistributed earnings of
equity investments (184) 32 (107)
Transfer of social assets 147 878 217
Other 650 (220) (642)
Changes in operational
working capital, excluding
cash:
Accounts receivable (2,989) (4,166) (1,506)
Inventories 587 (1,251) 2,133
Prepaid expenses and
other current assets 3,367 2,065 (41)
Trading securities (2,060) (884) 210
Notes receivable 335 (1,519) 39
Trade accounts payable 2,352 (611) 129
Other accounts payable and
accrued liabilities (1,241) 6,293 2,758
Taxes payable (778) 1,148 (113)
Net cash provided by
operating activities 14,211 8,689 10,983
Investing activities
Additions to property,
plant and equipment (4,763) (5,176) (7,342)
Proceeds from disposals
of property, plant and
equipment 318 26 54
Purchase of securities
and net increase in
loans receivable (14,817) (4,826) (1,698)
Proceeds from disposal/
maturity of investments 53 708 520
Purchase of long-term
investments (1,076) 395 4
Change in restricted cash 472 172 107
Net cash used for
investing activities (19,813) (8,701) (8,355)
Financing activities
Proceeds from issuance of
short-term debt 54,709 9,078 9,799
Repayment of short-term
debt (49,253) (6,403) (4,048)
Proceeds from issuance of
long-term debt 1,876 3,368 8,947
Repayment of long-term
debt (220) (3,056) (9,511)
Dividends paid - - (14)
Purchase of treasury shares (312) (1,538) (859)
Proceeds from sale of
treasury shares 210 1,795 719
Net cash provided by
(used in) financing 7,010 3,244 5,033
activities
Effect of foreign exchange
on cash and cash equivalents - (1) 15
Effect of inflation accounting - - (684)
Net change in cash and cash
equivalents 1,408 3,231 6,992
Cash and cash equivalents at
beginning of period 8,450 7,070 4,872
Cash and cash equivalents at
end of period 9,858 10,301 11,864
TATNEFT
Interim Consolidated Statements of Shareholders' Equity, Unaudited
(in millions of Russian Roubles)
2004 2003 2002
Shares Amount Shares Amount Shares Amount
Preferred
shares:
Balance at
January 1 and
June 30 147,509 148 147,509 148 147,509 148
(shares in
thousands)
Common shares:
Balance at
January 1 and
June 30 2,178,691 2,179 2,178,691 2,179 2,178,691 2,179
(shares in
thousands)
Treasury
shares, at
cost:
Balance at
January 1 191,430 (5,143) 200,288 (3,990) 176,133 (2,511)
Purchases 8,711 (312) 196,452 (5,995) 195,659 (5,083)
Sales (6,124) 211 (205,310) 4,842 (171,504) 3,604
Balance at
June 30 and
December 31 194,017 (5,244) 191,430 (5,143) 200,288 (3,990)
(shares in
thousands)
Additional
paid-in
capital
Balance at
January 1 89,516 88,863 89,026
Stock-based
compensation - - -
Stock-options
redeemed - - (163)
Treasury share
transactions - 653 -
Balance at
June 30 and
December 31 89,516 89,516 88,863
Accumulated
other
comprehensive
income
Balance at
January 1 189 176 3,144
Foreign currency
translation
adjustments (176) 3 (20)
Unrealized
holding gains
on
available-for-sale
securities, net of
tax 50 43 33
Transfer of
realized
gains included
in net income,
net of tax (43) (33) (2,981)
Balance at June 30
and December 31 20 189 176
Retained earnings
Balance at
January 1 62,291 51,002 36,098
The cumulative
effect on prior
years of
prior year
adjustments
(see Note 4) - (3,226) (903)
Balance at
January 1, as
adjusted 62,291 47,776 35,195
Net income 9,494 14,880 13,470
Dividends (801) (365) (387)
Treasury share
transactions (1) - (502)
Balance at
June 30 and
December 31 70,983 62,291 47,776
Total shareholders'
equity at
June 30 and
December 31 157,602 149,180 135,152
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