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Oil Company "LUKOIL"

December 22, 2000

LUKOIL net income under US GAAP amounted to

OAO LUKOIL prepared consolidated financial statements under US GAAP for the first half 2000. Interim statements included accounts of 525 subsidiaries and affiliated companies. The financial statements show a significant improvement in all areas of financial and economic performance of the Group. Net income increased to USD1.5bn (USD2 per common share). Sales increased 116% and amounted to USD6.2bn. Assets of the Group increased 45% and reached USD 14.6bn. Stockholders' equity exceeded USD8.6bn. Most operating efficiency figures indicate a significant improvement in liquidity, financial stability, and creditability of LUKOIL. Positive financial results were recorded in all core businesses and in all regions of the Company's operations. Most of the Company's overseas capital-intensive projects reached a breakeven level and contributed considerably to increased financial results.

Better financial results were attributable to improved conditions at world energy markets, increased demand and strong oil and petroleum product prices. A significant improvement of economic situation in Russia and sustainable macroeconomic growth in 1999-2000 contributed to growth of revenues from core businesses.

All businesses saw sustainable growth of operating performance. Overall oil production by all subsidiaries and affiliates of the Group increased 2% and reached 38.5 million tons. Gas production grew 6% to 2.5 billion m3. Throughput at Russian and foreign refineries of LUKOIL amounted to 14.4 million tons.

Capital expenditures and investments of the Group amounted to USD1,107 m compared to USD615 m in the first half 1999. Drilling increased 68% (837,000 m), 259 wells were brought to operation. As a result of G&G 4 new fields and 5 deposits of hydrocarbons were discovered.

Publication of the financial statements marked LUKOIL transition to international standards of financial reporting and enhanced corporate transparency and investment attractiveness.


OAO LUKOIL and its subsidiaries
Consolidated financial statement under US GAAP

CONSOLIDATED STATEMENT OF INCOME

In million US dollars                                                                               unaudited

6 months, ended June 30

2000

1999

Revenues

Sales

6,176

2,893

Equity share in income (loss) of affiliates

70

(3)

Total revenues

6,246

2,890

Costs and other deductions

Operating expenses

(2,665)

(1,634)

Exploratory expenses

(6)

(19)

Selling, general and administrative expenses

(805)

(412)

Depreciation, depletion and amortization

(358)

(240)

Taxes other than income taxes

(434)

(281)

Income (loss) on disposal and impairment of assets

(91)

21

Income (loss) from operating activity

1,887

325

Interest income

61

10

Interest expense

(96)

(85)

Other non-operating expense

(68)

(140)

Minority interests

(49)

(2)

Income before income taxes

1,735

108

Income taxes

(283)

(16)

Net income

1,452

92

 

OAO LUKOIL and its subsidiaries
Consolidated financial statement under US GAAP

CONSOLIDATED BALANCE SHEET

In million US dollars                                                                                  unaudited

At June 30

2000

1999

Current assets

Cash and cash equivalents

854

267

Short-term investments

170

126

Accounts and notes receivable

2,124

1,333

Inventory

677

308

Deferred charges and other current assets

560

278

Total current assets

4,385

2,312

Non-current assets

Property, plant and equipment, net

8,675

6,859

Intangible assets

290

76

Investments and other non-current assets

1,284

855

Total non-current assets

10,249

7,790

TOTAL ASSETS

14,634

10,102

Current liabilities

Short-term debt

1,004

640

Accounts payable and accrued liabilities

2,113

1,761

Other current liabilities

222

339

Total current liabilities

3,339

2,740

Long-term liabilities

Long-term debt

1,701

1,516

Other long-term and accrued liabilities

295

189

Total long-term liabilities

1,996

1,705

Minority interest in subsidiary companies

642

38

Total liabilities

5,977

4,483

Stockholders’ equity

Stock capital

15

15

Additional paid-in capital

3,064

2,280

Treasury stock

(511)

(511)

Retained earnings

6,090

3,855

Accumulated other comprehensive loss

(1)

(20)

Total stockholders’ equity

8,657

5,619

TOTAL LIABILITIES AND stockholders’ EQUITY

14,634

10,102

 

OAO LUKOIL and its subsidiaries
Consolidated financial statement under US GAAP

CONSOLIDATED STATEMENT OF CASH FLOWS

In million US dollars                                                                             unaudited

6 months ended June 30

2000

1999

Operating activities

Net income

1,452

92

Adjustment to reconcile to net cash from operating activities

Depreciation, depletion, amortization

358

240

Equity share in (income)/loss of affiliates

(70)

3

(Income) loss on disposal and impairment of assets

(193)

38

Non-cash investing activities

(22)

(41)

Changes in working capital, net

(773)

435

Other, net

163

(97)

Net cash flows from operating activities

915

670

Investing Activities

Capital expenditures

(575)

(364)

Purchases of investments

(334)

(184)

Proceeds from sale of property, plant and equipment

27

35

Proceeds from sale of investments

313

77

Acquisitions, net of cash acquired

14

42

Other investments, net

(198)

(67)

Net cash used in investing activities

(753)

(461)

Financing activities

Net movement of short-term borrowings

328

(292)

Proceeds from issuance of long-term debt

203

511

Principal repayments of long-term debt

(346)

(172)

Dividends paid

(27)

(2)

Other, net

62

(42)

Net cash flow from financing activities

220

3

Net effect of exchange rate changes on cash and cash equivalents

(10)

(29)

Increase in cash and cash equivalents

372

183

Cash and cash equivalents – beginning of the period

482

84

Cash and cash equivalents – end of the period

854

267

 

 


Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com

 

 

 

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