TNK-BP Holding reports half-year results; approves interim dividend
04 Oct 2007
TNK-BP announced that its Russian holding company, TNK-BP Holding (TBH) today reported its half year results for the six months ending June 30th 2007.
Both non consolidated statutory accounts reported under Russian Accounting Standards (RAS), and fully consolidated accounts using US Generally Accepted Accounting Principles (US GAAP) have been prepared.
An extraordinary general meeting of TBH shareholders, conducted on 28th September, approved an interim dividend of RUR 21.675 bln (RUR 1.33 per share). The dividend represents a distribution of first half 2007 net income which amounted to RUR 21.6 bln as reported in the statutory accounts prepared under RAS. The corresponding RAS based net income for the first half of 2006 was RUR 38.707 bln which included a pre divestment dividend from Udmurtneft.
Interim consolidated financial statements prepared under US GAAP have now been released and report net income of US $2.146 bln for the first half of 2007 for the TBH group.
TNK-BP’s Chief Financial Officer Jim Owen said: “This was a strong performance despite first half 2007 prices being weaker than in 2006, and continuing strong rouble appreciation putting pressure on some elements of our costs”.
Operational performance of the Group remains on track for the year with TBH production of 35 mln tons for the first six months of the year.
Notes to Editors:
TNK-BP Holding (TBH) 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 in the process and as a result of TNK-BP’s corporate restructuring programme. 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 Verkhnechonksoye oil field in East Siberia.
Minority shareholders own approximately 5% of the shareholding in TNK-BP Holding and their shares have an indicative quotation on the Russian Trading System (RTS) Board.
TNK-BP Holding (TBH) held its annual general meeting of shareholders (AGM) on June 15, 2007. The meeting approved a dividend payment of RUR 1.37 per share. Including the interim dividend of RUR 5.95 per share approved by the Extraordinary Meeting of shareholders held in November 2006, TBH’s annual dividend for 2006 totaled RUR 119.3 bln (US $4.6 bln).
TNK-BP Holding (TBH) pays dividends twice a year, one interim dividend based on the first half-year results, and a final dividend based on full year results. The interim and final dividends are approved at shareholders’ Extraordinary and Annual General Meetings respectively.
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