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18/06/2001 YUKOS Releases its Consolidated US GAAP Financial Statements for 2000 (YUKOS)

June, 18 2001, Moscow - Yukos Oil Company today released its consolidated US GAAP results for 2000. The financial statements were audited by PriceWaterhouseCoopers.
Commenting on the event, the Company’s CEO Mikhail Khodorkovsky said: “Yukos is consistently following its strategy to become Russia’s most transparent company and aims toward being an example of corporate governance internationally. We now have four years of published annual financial results, audited according to US GAAP, that demonstrates our commitment to all of our stakeholders, both domestic and international.”

Yukos achieved production growth of 11.4% compared to 1999, approximately twice the Russian oil industry average. Total production for the period amounted 49.6 million tonnes, the light oil product yield increased from 54% to 57%, and total exports grew to 24.4 million tonnes.

In 2000, Yukos increased its investments, including acquisitions, by 80.4% up to RR 38.4 billion (USD 1.4 billion), from RR 21.3 billion (USD 756 million) in 1999. This reflects the Company’s vision to enhance its production and technological base that will bring it to the level of the international energy majors.

Yukos other achievements in 2000 included:
- Double the consolidated revenues of 1999;
- A net income of RR 93.7 billion (USD 3.3 billion), or RR 42.89 (USD 1.52) per share
- The acquisition of a 68% stake in East Siberian Oil and Gas Company for RR 1.8 billion;
- Consolidation of ownership in key upstream subsidiaries;
- Strengthening the company’s position on the domestic market in part through cooperation in the Angarsk refinery.


Production Gains and Reserve Growth Drive E&P Operations

During 2000, Yukos produced 49.6 million tonnes (361 million barrels) of crude oil, an increase of 11.4% compared to 1999 (excluding the effects of acquisitions). As a result, 28% of total incremental crude oil production by the Russian oil industry was provided by Yukos. Daily production in 2000 increased by almost 20% by the end the year, totalling 149 thousand tonnes (1.09 million barrels) of crude oil per day.
The primary source of increased production was improvement of productivity of existing assets through application of modern technologies. Average well flow rate increased 16.8% during the year contributing to the 20% production increase. Yukos also continued development of new deposits by drilling 780.1 thousand meters, a 180.9% increase from 1999 and completing 346 wells, 130.7% more than in 1999.
As of December 31, 2000, proved oil and gas reserves audited by Miller and Lents, a US-based petroleum engineering firm, stood at 12.22 billion barrels of oil equivalent (boe) compared to 11.68 billion boe at December 31, 1999. The change is attributed to revisions, acquisitions, extensions and discoveries (total 905 million boe) partly offset by production (370 million boe). Proved developed reserves as of December 31, 2000 represent 45.9 % of total proved reserves.
Price and Volume Gains in Downstream

Yukos exported 24.4 million tonnes (177.9 million barrels) of crude oil during 2000, an increase of 36.4% in export volume versus 1999. The average price Yukos received for export sales of crude oil during 2000 was RR 798 ($28.34) per barrel, up 63.8% from 1999.
Yukos increased crude oil exports through both its traditional shipment points and to new markets. Yukos is a major shipper through Black Sea ports, Baltic Sea ports and the Druzhba pipeline. Yukos is also exporting crude oil to Commonwealth of Independent States (CIS) countries through the Transneft pipeline system and by rail to China.
Domestic sales volumes of oil products in 2000 were 14.2% higher than in 1999. Oil products export sales volumes in 2000 increased by 23.5%. The average price per tonne for domestic products was RR 4 580 per tonne ($22.28 per barrel) in 2000, up 60.2% from 1999, and average export prices for refined products were up 88.1% from 1999 to an average of RR 5 875 per tonne ($28.58 per barrel).
As for downstream operations, Yukos concentrated on upgrading its refineries, improving the efficiency of its marketing subsidiaries and developing new markets for crude oil and refined products both in Russia and abroad.
In March 2000, Yukos started to process crude at the Angarsk Petrochemical Company (APC) thus bolstering it presence in the oil products markets of Eastern Siberia and the Far East. Yukos is currently in the process of finalising the acquisition of a majority stake in APC. The production of refined products at Yukos-owned refineries and APC in 2000 was 24.1 million tonnes, (482 thousand barrels per day), 14.2% higher than in 1999.
The light product yield increased from 54% to 57% on average during 2000. Yukos has launched a modernisation program for its refineries with the goal to increase light product yield to 73% by the year 2007, in line with anticipated demand shifts toward higher demand for light products.

Solid Financial Performance and Financial Condition

Sales and other operating revenues in the year 2000 rose 105% to RR 276.9 billion (USD 9.8 billion) from RR 135.1 billion (USD 4.8 billion) for 1999. The increased revenues reflect higher sales prices in 2000 for crude oil and petroleum products, as well as the impact of significantly higher crude oil production and sales volumes, primarily to export directions.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the year 2000 reached RR 149.4 billion (USD 5.3 billion), an increase of 133% over the year 1999 resulting from higher revenues partly offset by higher costs and deductions. Cash flow provided by operations, before changes in operating capital, increased to RR 130.2 billion (USD 4.6 billion) from RR 53.4 billion (USD1.9 billion) in 1999. Cash, cash equivalents and short-term investments at the end of 2000 amounted to RR 78.0 billion (USD 2.8 billion) compared to RR 17.3 billion (USD 615 million) for the previous period.
Long-term and short-term debt was decreased from RR 25.7 billion (USD 914 million) in 1999 to RR 11.9 billion (USD 423 million) at the end of the year 2000. Net debt was negative at the end of the year 2000, and Yukos’ financial condition and balance sheet is among the strongest in the oil and gas industry.
Yukos’ investments, including acquisitions, in 2000 reached RR 38.4 billion (USD 1.4 billion), up 80.4% from RR 21.3 billion (USD 756 million) in 1999. Capital expenditures, up 222.6 % from 1999, totalled RR 16.6 billion (USD 588 million) in upstream and RR 1.2 billion (USD 43 million) in downstream. Purchase of long-term investments of RR 4.0 billion (USD 143 million) include acquisition of additional shares in key upstream and downstream subsidiaries as well as the acquisition of a 68% stake in East Siberian Oil and Gas company (Eastern) for RR 1.8 billion (USD 65 million), completed in December 2000
During 2000 Yukos paid its first dividend of RR 1.34 per share, declared an interim dividend for 2000 of RR 1.26 per share and outlined its dividend policy. The Yukos Board of Directors has recommended to the annual general meeting of shareholders to be held on June 20, 2001, a final dividend for the year 2000 of RR 3.84 per share, including the interim dividend of RR 1.26 per share.
Mikhail Khodorkovsky, Yukos` CEO, commented: "In the year 2000 Yukos achieved impressive operational and financial results. We retain leadership in the Russian oil industry in terms of production growth as well as share price performance. To ensure our further progress toward becoming one of the global oil leaders our management team intends to continue focusing on increasing the company’s efficiency and improving shareholder value."
Leadership in US GAAP Financial Reporting
Annual audited consolidated financial results of Yukos under US GAAP are now available for the past four years. Yukos released its first semi-annual US GAAP consolidated financial statements in November of 2000. In July 2001, after issuing its first quarter 2001 consolidated financial statements under US GAAP, Yukos will become the first Russian oil company reporting under US GAAP on a quarterly basis.
***
Currency translation. All amounts in the consolidated financial statements of Yukos are provided in constant Russian Roubles of 31 December 2000 purchasing power. For convenience, we also provide in this press release amounts translated in US Dollars at the rate 28.16 Rubles to one US Dollar, the official rate of exchange at 31 December 2000. Such translation of Russian Roubles into US Dollars should not be construed as a representation that such Russian Rouble amounts have been, could be or will in the future be converted into US Dollars or any other hard currency at the exchange rate shown or any other exchange rate.
Forward-looking statements. Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Yukos. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. We do not intend to update these statements to conform them to actual results.
***

Information about Yukos can be found on Yukos’ websites at www.yukos.com or www.yukos.ru.
The authorised capital of Yukos is divided into 2 236 991 750 ordinary shares. As of January 1, 2001 there were about 49,000 shareholders of record.

Yukos` shares are traded on the RTS and MICEX in Russia. Yukos` Level 1 ADRs are traded over the counter in the US. RTS/MICEX: YUKO; ADR: YUKOY.

[Balti]

Yukos expandiert durch die Beteiligung mit 27% an Mazeikiu Nfta jetzt auch in Litauen, verfolgt damit neuerdings auch die gleich Expansionsstrategie wie LUKoil. Die beteiligung in Höhe von 75 mio USD kann Yukos aus der Portkasse zahlen, die die Super US-GAAP-Zahlen bestätigen. Ich bleibe investiert. Bald kommt eine weitere "Perle"...

Yukos go!

Gruß Balti