LUKOIL released its audited consolidated financial statements for 2019 prepared in accordance with the International Financial Reporting Standards.
Company’s 2019 sales were RUR 7,841.2 bln ($125 bln, down 2.4% y-o-y). Sales dynamics was negatively impacted by lower crude oil and refined products prices and a decrease in refined products trading volumes. The impact of these factors was partially offset by weaker ruble, an increase in crude oil sales volumes due to higher production and trading volumes, an increase in petrochemicals trading volumes, as well as higher international gas prices and gas production volumes. In the fourth quarter of 2019 sales amounted to RUR 1,912.4 bln (2.0% lower q-o-q).
Despite lower sales, EBITDA for 2019 increased by 10.9% y-o-y whereas in the fourth quarter of 2019, EBITDA was 15.1% lower q-o-q.
In 2019, profit attributable to LUKOIL shareholders amounted to RUR 640.2 bln ($10 bln), 3.4% higher y-o-y. The growth was constrained by higher depreciation and lower non-cash foreign exchange gain. In the fourth quarter of 2019, profit was 37.3% down q-o-q.
Capital expenditures were almost unchanged y-o-y yet in the fourth quarter of 2019 they increased by 24.6% q-o-q, to RUR 135.9 bln ($2 bln) with growth mainly due to payment schedule to contractors. In 2019, free cash flow was RUR 701.9 bln (26.4% up y-o-y) while in the fourth quarter it was 11.5% lower q-o-q due to higher capital expenditures.