OJSC Oil Company Rosneft Consolidated Financial Statements

OJSC Oil Company Rosneft
Notes to Consolidated Financial Statements (continued)
16. Short-Term Loans and Long-Term Debt (continued)
The scheduled aggregate maturity of long-term debt outstanding as of December 31, 2008 is as
follows:
2008
2009 5,315
2010 4,604
2011 2,695
2012 2,005
2013 and after 777
Total long-term debt 15,396
17. Shareholders' Equity
On June 5, 2008, the annual general shareholders' meeting approved dividends on the Company's
common shares for 2007 in the amount of RUB 16,957 million or RUB 1.60 per share, which
corresponds to US$ 712 million or US$ 0.07 per share at the CBR official exchange rate at the date of
declaring the dividends. US$ 650 million of the above related to outstanding shares.
Result of Transactions with Related Parties under Common Control
In December 2007, the Company sold 50% of its interests in OJSC Tomskneft VNK, Imushchestvo-
Service-Strezhevoy LLC, Strezhevskoy Refinery LLC and OJSC Tomskneftegeofizika and several
other companies which had been previously acquired through the auction for the sale of the assets of
Yukos Oil Company (see Note 3). The proceeds from the sale amounted to RUB 88.18 billion
(US$ 3,570 million at the CBR exchange rate as of the transaction date.) The net result of the sale
amounted to US$ 1,745 million, net of income tax effect (US$ 285 million). Since the transaction was
executed with a related party under common control, the Company recorded this result, net of income
tax effect, as a component of additional paid-in capital. Upon the completion of the sale, the
investment in the above entities remaining with the Company is accounted for using the equity method
of accounting (see Note 10).
In December 2008, the Company finalized the sale of its 25% interest in OJSC Daltransgaz. The
proceeds from the sale amounted to RUB 2.6 billion (US$ 90.8 million at the CBR exchange rate as of
the transaction date.) Gain on the sale amounted to US$ 33.3 million, net of income tax effect
(US$ 8.6 million). Since the transaction was executed with a related party under common control, the
Company recorded this result, net of income tax effect, as a component of additional paid-in capital.
Amounts Available for Distribution to Shareholders
Amounts available for distribution to shareholders are based on OJSC Oil Company Rosneft’s
statutory accounts prepared in accordance with Russian accounting standards, which differ
significantly from US GAAP (see Note 2). Russian legislation identifies the basis of distribution as the
current period consolidated net profit calculated in accordance with statutory accounting standards.
According to Russian legislation, dividends cannot exceed the accounting income for the reporting
year. However, this legislation and other statutory laws and regulations dealing with distribution rights
are open to different legal interpretations.
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