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:
- The Statement of Income and Losses and Balance Sheet of LUKOIL Holding, excluding subsidiaries and affiliates, are audited by KPMG.
- 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
|
