LUKOIL NET INCOME EXCLUDING NON-CASH WRITE-OFF REACHED $10.3 BILLION IN 2013, EBITDA – $19.3 BILLION
Wednesday, February 19, 2014
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 in 2013 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 |
