I'm interested in

The page will reload with new widgets as you request.

Press Release

LUKOIL HOLDING REPORTED 1998 PRE-TAX INCOME OF RUB3.209 BLN

{ 5/18/1999 12:00:00 AM }

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.

STATEMENT OF INCOME AND LOSSES
Rbl ml        
For the year ended December 3119971998
Operating revenues, net25,78436,041
Cost of sales(22,201)(29,154)
Selling expenses(1,402)(2,417)
Administration costs(1,000)(1,276)
Operating profit1,1813,194
Interest and dividend income, net2029
Non-operating revenues and expenses(182)264
Non-recurring gains and losses, net31(278)
Income before taxation1,0503,209
Income tax and similar state duties(341)(1,142)
Undistributed profit7092,067
BALANCE SHEET
Rbl ml     
For the year ended December 31 19971998
Cash, equivalents and marketable securities7641,898
Accounts and notes receivable8,49519,380
Inventories390319
Deferred charges29129
Total current assets9,67821,726
Property, plant and equipment, net838940
Intangible assets, net98151
Construction in progress333698
Financial investment1,462,693
Total fixed assets2,7294,482
TOTAL ASSETS12,40726,208
Short-term borrowings2,1636,114
Accounts and notes payable6,73614,652
Deferred income00
Total current liabilities8,89920,766
Long-term borrowings331206
Other long-term liabilities01,973
Total long-term liabilities3312,179
Charter capital1919
Additional capital12277
Retained earnings and reserves3,0363,167
Total shareholders’ equity3,1773,263
TOTAL LIABILITY AND EQUITY12,40726,208

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 release in PDF