Lukoil · RUS:LKOH
Lukoil — OAO Lukoil — H1 2002 Earnings Presentation
10 slides from Lukoil's earnings presentation, 2002
Slide 1: OAO LUKOIL First Half 2002 Financial Results
OAO LUKOIL First Half 2002 Financial Results Igor Kozyrev Deputy Vice-President Head of Financial Reporting Department
Slide 2: Economic Environment
Economic Environment 1Q 02 2Q 02 1H 02 1H 01 Domestic Market 4.61 8.70 Realized oil ($/barrel) 6.30 8.01 116.36 131.20 Realized refined products ($/tonne) 123.95 155.70 Inflation 06.30.01 – 06.30.02(%) 15% Ruble appreciation against USD (%) 6% Taxes other than income/ 20.5% 26.3% Revenues (%) 23.9%
Slide 3: Sales Structure
Sales Structure 1Q 02 2Q 02 1H 02 1H 01 % % % % Export sales and sales on international 62.4% 66.2% markets to total volume of sales 64.3% 54.3% Refined products to total volume of 49.8% 57.0% sales 53.4% 48.3%
Slide 4: Financial Results
Financial Results 1Q 02 2Q 02 1H 02 1H 01 mill.USD mill.USD mill.USD mill.USD 2,867 3,809 Total revenue 6,676 6,884 (1,053) (1,098) Operating expenses (2,151) (2,145) Selling, general and administrative (575) (641) expenses (1,216) (934) Taxes other than on income and (589) (1,004) excises and expor
Slide 5: Operating Expenses
Operating Expenses 1Q 02 2Q 02 1H 02 1H 01 mill.USD mill.USD mill.USD mill.USD 397 373 Extraction expenses 770 773 Refinery expenses, including 154 161 processing fees 315 290 Other operating expenses, including cost of purchased 502 564 crude oil and refined products 1,066 1,082 1,053 1,098 TOTAL 2
Slide 6: Production Costs Falling
Production Costs Falling Period $ per barrel 2001 $ 3.14 1Q 2002 $ 3.01 2Q 2002 $ 2.95 1H 2002 $ 2.98
Slide 7: Summary Cash Flow
Summary Cash Flow 1Q 02 2Q 02 1H 02 1H 01 mill.USD mill.USD mill.USD mill.USD 208 659 Cash flow from operating activity 863 1,475 (605) (476) Cash used in investing activities (1,081) (1,512) Cash provided by financing 106 168 activities 279 280
Slide 8: Capex
Capex 1Q 02 2Q 02 1H 02 1H 01 mill.USD mill.USD mill.USD mill.USD 404 177 Exploration and production 581 729 51 42 Refining 93 122 Marketing and distribution and 84 148 other 232 160 539 367 TOTAL 906 1,010
Slide 9: Financial Highlights
Financial Highlights 1Q 02 2Q 02 1H 02 1H 01 mill.USD mill.USD mill.USD mill.USD 12.9% 20.8% Operating margin 17.4% 29.1% 8.5% 15.7% Net margin 12.6% 20.8% Gearing * 15.2% 11.1% 7.8% 18.7% ROAE 13.2% 25.8% 8.6% 17.7% ROACE 13.1% 25.2% * Total net debt /(Total net debt + Equity)
Slide 10: Current Objectives
Current Objectives • Increase revenues 3 – increase volume of oil extracted – increase volume of refined products – increase export of crude oil and refined products • Decrease expenses 3 – shut-in inefficient (low-producing) wells – put into operation new high-producing wells – use effective and ef