OREANDA-NEWS. June 15, 2007. 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.”