Financial Results for the First Quarter

Rusneftegaz can publish results for the first quarter of the year as of and for the three months ended 31 March. These statements were prepared in accordance with International Financial Reporting Standards, otherwise known as IFRS, and have not been audited. The full results are disclosed in the financial section of the Group's website.
 
Overall, total revenues during the quarter rose to $130,5 million, an increase of 13,6%, and Rusneftegaz can also report pre-tax profits of $57,0 million, representing a year-on-year deflation of 6,6%. After the period ended, the Group also published its consolidated financial statements for the last financial year, showing revenue of $537,8 million and a total profit of $230,5 million, both up significantly from the prior year. The current forecast for this year is generally positive, as evidenced by the financial performance in the first quarter. As such, management has elected to escalate petroleum production whilst commodity prices are favorable, although the continued enervation in the value of the ruble has continued to restrain our short-term growth. During the period, management has undertaken a minor restructuring of our subsidiaries and affiliate entities, in addition to investing $129,8 million in Rusneftegaz's considerable infrastructure. The outlook for the immediate future is wholly positive, with commodity prices remaining buoyant and the board of directors set to imminently outline our international expansion plans.
 
The financial details in this article are current at the date of this report, and believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be complete. The data that this commentary is dependent on is obtained from sources believed to be reliable, but the Group, nor any of the directors, officers, employees, agents, subsidiaries or affiliates, can wholly guarantee the accuracy or completeness of such information.