Lukoil 2012 US GAAP net profits up 6.2% at $11 bln - company
MOSCOW. March 7 (Interfax) - Lukoil made net profits to US GAAP of $11 billion last year, up 6.2% from $10.357 billion the year before, the company reported.
Company net profits for the fourth quarter amounted to $2.69 billion versus the $1.345 billion Lukoil earned in Q4 2011.
A consensus forecast compiled by Interfax had Q4 profits at $2.616 billion. Bank of America Merrill Lynch offered the most accurate projection of $2.69 billion.
The group's financials for 2011 were substantially influenced by the acknowledgement in Q4 2011 of losses from the impairment of the assets of LLC Naryanmarneftegaz at $955 million less the influence of taxes and non-controlling stakes in subsidiary companies, Lukoil said.
Earnings before taxes, depreciation and amortization (EBITDA) rose 1.7% to $18.915 billion in 2012, and sales revenue grew 4.1% to $139.17 billion.
Free cash flow reached $6.429 billion.
Capex, including non-cash operations, soared 39.5% to $11.85 billion in 2012. Lukoil slashed its net debt by 41.5% to $3.707 billion.
"The company's strict financial discipline and cost control helped to keep hydrocarbon extraction expenses in 2012 on the level of 2011, it amounted to $5.00 per boe [barrels of oil equivalent]. Free cash flow in 2012 amounted to $6,429 million," Lukoil said. "Commercial hydrocarbon production by Lukoil Group for 2012 amounted to 2,170 thousand boe per day, which is 0.2% higher year-on-year," the company said.
Processing at Lukoil's own and dependent refineries increased 1.8% last year to 66.1 million tonnes.
"In 2012, Russian refineries of the group produced 6.9 million tonnes of high-octane gasoline, which is 7.8% higher year-on-year. Since 2012, all gasoline produced by Lukoil is Euro-5," the company said.
"Lukoil is the second largest tax payer in [the] Russian oil industry. In 2012 taxes paid by Lukoil in Russia amounted to 1.1 trillion rubles," the company said.