LUKOIL has published consolidated US GAAP financial statements for 2013.
The Company’s 2013 net income reached $7,832 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $16,668 million in 2013. Sales revenues were $141,452 million (+1.6% y-o-y). The positive dynamics of revenues was due to a y-o-y increase in hydrocarbon, petrochemicals and premium petroleum products production in 2013.
Net income for the fourth quarter of 2013 was negatively affected by $2,449 million non-cash losses due to write-off of Yuzhnoye Khylchuyu field, West Africa projects, Karpatneftekhim and ISAB plants, LUKOIL-Ecoenergo and other assets. Excluding the non-cash losses net income was $10,281 mln and EBITDA was $19,255 mln (+1,8% y-o-y).
Free cash flow in 2013 amounted to $643 million. Capital expenditures was $15,434 million in 2013.
In 2013, LUKOIL Group total hydrocarbon production available for sale increased by 1.5% y-o-y and reached 2,202 thousand boe per day.
Crude oil production of LUKOIL Group in2013 increased 1.1% to 90.807 million tonnes. Production of gas available for sale increased by 2.3% to 20.391 bcm including 6.428 bcm produced internationally and 13.963 bcm in Russia.
Throughput at the Company’s own and affiliated refineries increased by 0.4% to 66.3 million tonnes. Throughput the Company’s refineries in Russia increased 1.8%.
Consolidated Statements of Income
|
|
2013 |
2012 |
2011 |
|
|
|
(millions of US dollars) |
|
|
Revenues |
|
|
|
|
|
Sales (including excise and export tariffs) |
141,452 |
139,171 |
133,650 |
|
|
|
|
|
|
|
|
Costs and other deductions |
|
|
|
|
|
Operating expenses |
(10,086) |
(9,359) |
(9,055) |
|
|
Cost of purchased crude oil, gas and products |
(65,924) |
(64,148) |
(59,694) |
|
|
Transportation expenses |
(6,290) |
(6,171) |
(6,121) |
|
|
Selling, general and administrative expenses |
(3,849) |
(3,755) |
(3,822) |
|
|
Depreciation, depletion and amortization |
(5,756) |
(4,832) |
(4,473) |
|
|
Taxes other than income taxes |
(13,803) |
(13,666) |
(12,918) |
|
|
Excise and export tariffs |
(22,334) |
(22,836) |
(22,217) |
|
|
Exploration expense |
(602) |
(364) |
(532) |
|
|
(Loss) gain on disposals and impairments of assets |
(2,561) |
30 |
(1,663) |
|
|
Income from operating activities |
10,247 |
14,070 |
13,155 |
|
|
|
|
|
|
|
|
Interest expense |
(488) |
(538) |
(694) |
|
|
Interest and dividend income |
239 |
257 |
211 |
|
|
Equity share in income of affiliates |
575 |
518 |
690 |
|
|
Currency translation loss |
(443) |
(512) |
(301) |
|
|
Other non-operating income (expense) |
328 |
(72) |
58 |
|
|
Income before income taxes |
10,458 |
13,723 |
13,119 |
|
|
|
|
|
|
|
|
Current income taxes |
(2,051) |
(2,738) |
(2,678) |
|
|
Deferred income taxes |
(780) |
(60) |
(615) |
|
|
Total income tax expense |
(2,831) |
(2,798) |
(3,293) |
|
|
|
|
|
|
|
|
Net income |
7,627 |
10,925 |
9,826 |
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interests |
205 |
79 |
531 |
|
|
|
|
|
|
|
|
Net income attributable to OAO LUKOIL |
7,832 |
11,004 |
10,357 |
|
|
|
|
|
|
|
|
Earning per share of common stock attributable to OAO LUKOIL
(in US dollars): |
|
|
|
|
|
Basic |
10.38 |
14.47 |
13.30 |
|
|
Diluted |
10.18 |
14.17 |
13.04 |
|
|
|
|
|
|
Full consolidated US GAAP financial accounts of LUKOIL for 2013 are available on the Company’s web sites: www.lukoil.com and www.lukoil.ru.
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