18 June 2004 18:10
LukOil(OAO) - 2003 Preliminary Results
RNS Number:9018Z LukOil (OAO) 18 June 2004 OAO LUKOIL 18 June 2004 PRELIMINARY STATEMENT OF ANNUAL RESULTS Hereby OAO
LUKOIL presents its 2003 preliminary consolidated results for the year ended December 31, 2003 and comparative data for
preceding years. All items are presented in millions of US dollars, except for earnings per share data 2003 2002 2001
--------------------------- -------- -------- -------- Sales (including excise and export tariffs) 22,118 15,334 13,426
Operating expenses 2,546 2,403 2,584 Net income before income tax 4,576 2,582 2,783 Minority interest 36 69 52 Income
tax expense 1,007 739 674 Net Income attributable to shareholders 3,701 1,843 2,109 Net Income excluding special items
2,386 1,985 2,109 Net Income available for common stockholders 3,701 1,843 1,952 Dividends paid 467 423 244 Basic
earnings per share of common stock 4.52 2.26 2.68 Diluted earnings per share of common stock 4.45 2.26 2.66
--------------------------- -------- -------- -------- We are the largest publicly traded oil company in the world in
terms of proven crude oil reserves. Our operations are divided into three main business segments: a€˘Exploration and
Production - which includes our exploration, development and production operations relating to crude oil and natural
gas. These activities are primarily located within Russia, with additional activities in Azerbaijan, Kazakhstan, the
Middle East, Northern Africa and Colombia a€˘Refining, Marketing and Distribution - which includes marketing and trading
of crude oil, natural gas and refined products, and refining and transport operations a€˘Chemicals - which include
processing and selling of petrochemical products In 2003 net income, including the cumulative effect of change in
accounting principle, was $3,701 million, which is $1,858 million more than in 2002. Net income excluding the cumulative
effect of change in accounting principle was $3,569 million, or $1,726 million higher than in 2002. Net income for 2003
includes a non-taxable gain on sale of our share in the Azeri, Chirag, Guneshli project in the amount of $1,130 million.
>From 2002 to 2003 our sales increased by $6,784 million, or 44.2%, primarily as a result of increase in international
crude oil prices and increased volumes sold. Our revenues from sales of crude oil increased by $2,413 million, or 50,2%,
and our sales of refined products increased by $3,822 million, or 42,0%. The Company continued to expand into new
markets, both in Russia and internationally and increase our market share in our old traditional regions. Our
preliminary consolidated results for forth quarter of 2003 and comparative data for preceding year are presented below.
All items are presented in millions of US dollars, except for earnings per share data 2003 2002
--------------------------- -------- -------- Sales (including excise and export tariffs) 8,982 4,341 Net income before
income tax 942 696 Minority interest 5 27 Income tax expense 306 199 Net Income attributable to shareholders 636 497
Basic earnings per share of common stock 0.78 0.61 Diluted earnings per share of common stock 0.77 0.61
--------------------------- -------- -------- This information is provided by RNS The company news service from the
London Stock Exchange
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