LUKOIL has published consolidated US GAAP financial statements for 2011.
The Company’s 2011 net income rose by 15.0% and reached $10,357 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 15.9% and reached $18,606 million in 2011. Sales revenues were $133,650 million (+27.3% y-o-y). The positive dynamics of our financial results was mainly due to a sharp increase in hydrocarbon prices in 2011 compared with 2010.
Net income for the fourth quarter 2011 was negatively affected by $955 million losses due to the write-off of assets caused by the revaluation of the Yuzhnoye Khylchuyu field reserves.
The Company’s strict financial discipline and cost control helped generate a record high free cash flow in 2011 compared with previous years. The free cash flow reached $7,240 million in 2011 compared with $6,930 million in 2010. The capital expenditures, including non-cash transactions, in 2011 were $8,492 million, which is 24.1% higher than in 2010.
Hydrocarbon production costs per boe reached $4.71 in 2011, having increased by 14.3% y-o-y, mainly due to the appreciation of the ruble against the US dollar.
Commercial hydrocarbon production by LUKOIL Group for 2011 amounted to 2,140 thousand boe per day, which is 4.4% below y-o-y.
In 2011, throughputs at the Company’s own and affiliated refineries (including its share in crude-oil and petroleum-product throughput at the ISAB and TRN refining complexes) decreased by 1.9% y-o-y down to 64.92 million tons. Throughputs at the Company’s refineries in Russia increased by 0.1% y-o-y, throughputs at the international refineries decreased by 6.3% y-o-y. The shutdown of the Odessa refinery as a result of unfavorable economic conditions mainly accounts for the decrease in international throughputs in 2011.
Measures aimed at higher efficiency and cost control allow the Company to generate a strong free cash flow and increase the net income.
Consolidated Statements of Income
|
|
2011 |
2010 |
2009 |
|
|
(millions of US dollars) |
|
Revenues |
|
|
|
|
Sales (including excise and export tariffs) |
133,650 |
104,956 |
81,083 |
|
|
|
|
|
|
Costs and other deductions |
|
|
|
|
Operating expenses |
(9,055) |
(8,298) |
(7,340) |
|
Cost of purchased crude oil, gas and products |
(59,694) |
(43,250) |
(31,761) |
|
Transportation expenses |
(6,121) |
(5,608) |
(4,830) |
|
Selling, general and administrative expenses |
(3,822) |
(3,558) |
(3,306) |
|
Depreciation, depletion and amortization |
(4,473) |
(4,154) |
(3,937) |
|
Taxes (other than income taxes) |
(12,918) |
(8,978) |
(6,474) |
|
Excise and export tariffs |
(22,217) |
(18,878) |
(13,058) |
|
Exploration expense |
(532) |
(336) |
(218) |
|
Loss on disposals and impairments of assets |
(1,663) |
(363) |
(381) |
|
Income from operating activities |
13,155 |
11,533 |
9,778 |
|
Interest expense |
(694) |
(712) |
(667) |
|
Interest and dividend income |
211 |
174 |
134 |
|
Equity share in income of affiliates |
690 |
472 |
351 |
|
Currency translation loss |
(301) |
(122) |
(520) |
|
Other non-operating income (expense) |
58 |
125 |
(13) |
|
Income before income taxes |
13,119 |
11,470 |
9,063 |
|
Current income taxes |
(2,678) |
(2,104) |
(1,922) |
|
Deferred income taxes |
(615) |
(247) |
(72) |
|
Total income tax expense |
(3,293) |
(2,351) |
(1,994) |
|
Net income |
9,826 |
9,119 |
7,069 |
|
Net loss (net income) attributable to noncontrolling interests |
531 |
(113) |
(58) |
|
Net income attributable to OAO LUKOIL |
10,357 |
9,006 |
7,011 |
|
Earnings per share of common stock attributable to OAO LUKOIL (US dollars) |
|
|
|
|
basic
diluted |
13.30 |
10.95 |
8.28 |
|
13.04 |
10.94 |
8.28 |
Full consolidated US GAAP financial accounts of LUKOIL for 2011 are available on the Company’s web sites: www.lukoil.com and www.lukoil.ru.
|
.jpg){kind=small}
