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Oil Company "LUKOIL"

May 18, 1999

LUKOIL Holding reported 1998 pre-tax income of RUB3.209 bln

LUKOIL Holding (excluding subsidiaries and affiliates) summarized its 1998 financial results. Pre-tax income amounted to Rbl3.209 bln. Taxes and similar state duties totaled Rbl1.142 bln, or 35.6% of the pre-tax income. Income subject to distribution in 1999 is Rbl2.067 bln.

In 1998, LUKOIL Holding’s total investment amounted to Rbl1.420 bln, including Rbl583 ml from earnings and Rbl837 ml from borrowed financing. Investment was basically channelled to the refurbishment of upstream and downstream capacities, construction of retail outlets, introduction of modern communication systems and facilities, as well as expenses related to foreign projects.

In 1998, LUKOIL stock turnover in the Russian Trading System (RTS) amounted to USD2 bln, or 23% of the total RTS turnover. According to Nikoil Registrar, changes in ownership rights for 336.3 ml common and preferred shares have been reregistered. LUKOIL shareholders comprise 85,000 Russian and foreign individuals and legal entities. 26.6% of shares (29.9% of voting rights) are owned by the Government of the Russian Federation. LUKOIL shares are traded on the MISEX, Berlin, Frankfurt, Singapore stock exchanges, US OTC market.

LUKOIL Holding, excluding subsidiaries and affiliates

STATEMENT OF INCOME AND LOSSES

Rbl ml        

For the year ended December 31

1997

1998

Operating revenues, net

25,784

36,041

Cost of sales

(22,201)

(29,154)

Selling expenses

(1,402)

(2,417)

Administration costs

(1,000)

(1,276)

Operating profit

1,181

3,194

Interest and dividend income, net

20

29

Non-operating revenues and expenses

(182)

264

Non-recurring gains and losses, net

31

(278)

Income before taxation

1,050

3,209

Income tax and similar state duties

(341)

(1,142)

Undistributed profit

709

2,067

BALANCE SHEET

Rbl ml     

For the year ended December 31

1997

1998

Cash, equivalents and marketable securities

764

1,898

Accounts and notes receivable

8,495

19,380

Inventories

390

319

Deferred charges

29

129

Total current assets

9,678

21,726

Property, plant and equipment, net

838

940

Intangible assets, net

98

151

Construction in progress

333

698

Financial investment

1,460

2,693

Total fixed assets

2,729

4,482

TOTAL ASSETS

12,407

26,208

Short-term borrowings

2,163

6,114

Accounts and notes payable

6,736

14,652

Deferred income

0

0

Total current liabilities

8,899

20,766

Long-term borrowings

331

206

Other long-term liabilities

0

1,973

Total long-term liabilities

331

2,179

Charter capital

19

19

Additional capital

122

77

Retained earnings and reserves

3,036

3,167

Total shareholders’ equity

3,177

3,263

TOTAL LIABILITY AND EQUITY

12,407

26,208


Notes:

  1. The Statement of Income and Losses and Balance Sheet of LUKOIL Holding, excluding subsidiaries and affiliates, are audited by KPMG.
  2. All data is given on the accrual basis.

 


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

 

 

 

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