17 December 2003 01:09
Yukos Q4 GAAP results to include Sibneft -Misamore (part 2)
MOSCOW. Dec 17 (Interfax) - Yukos' financial results for the fourth quarter this year, to U.S. GAAP, will
include information on Sibneft, Yukos Financial Director Bruce Misamore said at a Wednesday press conference.
Sibneft is a Yukos subsidiary and its financial results will be included in the financial reports beginning from
October 1, 2003, he said.
He also said that Yukos will pay interim dividends for the first nine months of 2003 in the amount of about $2
billion by the end of February 2004, in line with a decision from the company's shareholders' meeting.
In response to a question about complaints from banks that paid out credits to Yukos as part of the merger deal,
Misamore said that there are no new claims from banks.
Yukos Chairman of the Board Simon Kukes also said that consultants for the merger deal with Sibneft were invited only
in mid-September 2003. "This was a contract with KPMG, on which we spent practically no money," he said.
Yukos Deputy CEO Yuri Beilin said that all details about payments under a new deal to split the merged company are
the subject of commercial negotiations and cannot be divulged.
Yukos Executive Director Steven Theede stressed that Yukos will retain the main strategic aims of YukosSibneft when
the merged company splits.
On October 3 the main Sibneft and Yukos shareholders announced the completion of a deal to merge the two companies,
resulting in the creation of YukosSibneft. As a result, Yukos became the owner of 92% of shares in Sibneft, while
Sibneft shareholders acquired 26.01% of Yukos.
However, the deal was halted on November 28 and on December 16 Sibneft shareholders announced that the merger would
not happen. [RU EUROPE ASIA EEU EMRG ENR CRU OIL RES] rd
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