LUKOIL ANNOUNCES FINANCIAL RESULTS UNDER IFRS FOR 2017

Posted On March 22nd, 2018 - 12:25 pm | by Oil and gas press

PJSC LUKOIL released its audited consolidated financial statements for the full year of 2017 prepared in accordance with the International Financial Reporting Standards (IFRS).

Sales for 2017 increased by 13.6% year-on-year to RUB 5,936.7 bln. In the fourth quarter of 2017 our sales were RUB 1,662.5 bln, up 12.1% q-o-q.

The positive sales dynamics was mainly driven by the higher hydrocarbon prices and trading volumes in both periods. Year-on-year dynamics was negatively affected by the stronger ruble and lower volumes of compensation crude oil from the West Qurna-2 project.

EBITDA

Our EBITDA for 2017 increased to a record level of RUB 831.6 bln, growing 13.8% year-on-year. In the fourth quarter of 2017, our EBITDA also reached a record quarterly level of RUB 223.7 bln, which is 1.2% higher quarter-on-quarter.

Positive EBITDA dynamics was supported mainly by higher sales prices, larger share of high-margin volumes in our overall production, higher gas production in Russia and Uzbekistan, better refined products slate at our own refineries and higher sales volumes via premium channels. Annual EBITDA dynamics was also positively impacted by the decrease in transportation and SG&A expenses. Lower volumes of compensation crude oil from the West Qurna-2 project in Iraq had a negative impact on EBITDA dynamics. Net of this project, EBITDA increased in 2017 by 17.8% year-on-year.

Profit for the period

For the full year 2017, profit attributable to our shareholders more than doubled year-on-year and amounted to RUB 418.8 bln. In the fourth quarter of 2017, profit was RUB 120.5 bln, which is 23.8% higher quarter-on-quarter.

Profit dynamics was significantly impacted by non-cash foreign exchange differences, impairments and impairment reversal effects, as well as a gain on sale of
JSC Arkhangelskgeoldobycha in the second quarter of 2017. Excluding these items, profit attributable to PJSC LUKOIL shareholders increased by 31.5% year-on-year and 17.8% quarter-on-quarter.

Capital expenditures

For the full year of 2017, capital expenditures amounted to RUB 511.5 bln, up 2.9% year-on-year. Higher upstream investments driven by the development of priority projects in Russia and Uzbekistan were partially offset by the lower capital expenditures in the downstream due to the completion of a major refinery upgrade program, as well as lower capital expenditures in other upstream projects abroad.

In the fourth quarter of 2017 our capital expenditures increased by 15.8% quarter-on-quarter to RUB 137.7 bln, mainly due to the seasonal work dynamics in the traditional regions as well as higher capital expenditures in the downstream due to the commencement of works related to construction of the delayed coker at Nizhny Novgorod refinery.

Source / More: PJSC LUKOIL/a>

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