17 May 2004 07:27
LukOil(OAO) - Re 1Q2004 FCSM Report
RNS Number:7306Y LukOil (OAO) 17 May 2004 OAO LUKOIL 14 May 2004 Quarterly Report to FCSM for the 1st quarter of 2004
OAO LUKOIL (the "Company") announces that its Quarterly Report of the Issuer of Securities for the first
quarter of 2004 was submitted to the Federal Commission for the Securities Market (FCSM) of Russia on 14 May 2004 in
accordance with Russian law. Copies of the report have also been submitted to the Moscow Interbank Currency Exchange and
the RTS Stock Exchange. The report is prepared pursuant to the Russian Federal Law "on the Securities Market"
and relates only to OAO LUKOIL as a joint stock company. The report incorporates the Company's accounting
statements for the year 2003 ended December 31 and for the first 3 months of 2004 prepared in accordance with Russian
Accounting Standards (RAS). The net profit of OAO LUKOIL for the first 3 months of 2004 reached RUR 14.2 billion
compared to RUR 18.7 billion for the same period of 2003. An English translation of the report will be submitted to the
UK Listing Authority within 20 working days. Certain accounting and reporting standards in Russia are not comparable to
those in the United Kingdom. Financial information included in the Company's Quarterly FCSM Report has been
prepared in accordance with Russian Accounting Standards (RAS). These standards were developed primarily to serve tax
requirements rather then to reflect fairly the consolidated financial condition of a company or its consolidated
operations. As such, the Company's RAS financial statements and accounts relate only to OAO LUKOIL as a company and
not to the consolidated operations of the LUKOIL group. Moreover, RAS does not permit certain other adjustments which
would be required by US GAAP, which the Company uses to prepare its consolidated accounts, to reflect fairly the
consolidated operations of the LUKOIL group. Investors and potential investors should not rely on the Company's RAS
financial statements and accounts in considering any investment in the Company's securities. Reporting requirements
of share ownership of the Company's directors differs significantly between Russia and the United Kingdom. Under
Russian law, the concept of ownership is restricted to direct and nominee holdings of directors, while under English
law, the Company's directors were required to disclose a broader range of interests in connection with the listing
of Company's shares on the London Stock Exchange (the "LSE Listing"). Therefore, the reporting of share
ownership in the Company's Quarterly Report is not comparable to the reporting of interests included in the
Company's listing particulars prepared in connection with LSE Listing. This information is provided by RNS The
company news service from the London Stock Exchange
[CNF] |
RUSSIA IN FACTS
