Press releases in June 2007 | |||
TNK-BP Holding Presents US GAAP 2006 Financials; AGM Approves Dividend
TNK-BP Holding (TBH) held its Annual General Meeting of shareholders today and approved the company’s annual report for 2006. In addition, the company also presented its first set of consolidated financial statements prepared under US GAAP accounting standards. The meeting also elected a new Board of Directors for TBH and approved the proposed dividend payment.
In terms of the consolidated accounts, net revenues for the TBH group for 2006 were USD 22.2 bn, EBITDA was USD10.2 bn and net profit was USD 6.4 bn.
The Annual General Meeting approved a recommended dividend payment of RUR 22.3bn (USD 861 million and RUR 1.37 per share), consistent with the level of retained earnings reported in the statutory RAS accounts and the cash requirements of the company. Dividends will be paid to all preferred and ordinary shareholders.
Including the interim dividend of RUR 97bn (RUR 5.95 per share) approved by the Extraordinary Meeting of shareholders held in November 2006, TBH’s annual dividend for 2006 totals RUR 119.3 bn (USD 4.6 bn).
The meeting also appointed PriceWaterhouseCoopers as the TBH auditor for both Russian statutory accounting purposes and for consolidated group reporting.
Robert Dudley, President and CEO of TNK-BP Management emphasized the strong operating and financial results and the progress made by TBH in 2006 to improve transparency and corporate governance. “These financials reflect further excellent performance for TNK-BP Holding during 2006. Despite a severe winter which affected production, we delivered production growth and replaced all our production with new proven reserves. And our downstream business contributed improved realisations yet again. In future, as well as reporting TBH’s results under Russian Accounting Standards, we intend to report twice yearly on a US GAAP consolidated basis. This is another positive step towards leading corporate governance standards.”
Note to Editors:
- TNK-BP Holding is a Russian registered and domiciled open joint stock company incorporated in November 2004. TNK-BP Holding holds the majority of TNK-BP’s assets and operations in Russia, having subsumed the Russian assets of TNK, ONAKO and Sidanco as a result of TNK-BP’s corporate restructuring program. It does not include TNK-BP’s interests in Ukraine, or the joint venture interests of the TNK-BP group in Russia, other than the Verkhnechonskoye joint venture.
- Minority shareholders own approximately 5% of the shareholding in TNK-BP Holding and their shares are quoted on the RTS.
- TNK-BP Management is the managing company for TNK-BP Holding, providing all management services under an agreement with TNK-BP Holding.
- For further information please contact:
- For international media enquiries: Marina Dracheva at + 7495 363 6580
- For Russian media enquiries: Alexander Shadrin at + 7495 745 7846