Reconciliation of income before income tax to EBITDA (earnings before interest, income taxes, depreciation and amortization) <strong>2005</strong> 2004 (millions of US dollars) Income before income taxes 8,910 6,008 Add back: Depreciation and amortization 1,315 1,075 Interest expense 275 300 Interest and dividend income (96) (180) ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EBITDA 10,404 7,203 117
FINANCIAL ACCOUNTS YEAR ENDED DECEMBER 31, 2004 COMPARED TO THE YEAR ENDED DECEMBER 31, 2003 Results of operations The table below details certain income and expense items from our consolidated statements of income for the periods indicated. All items are presented in millions of US dollars, except for earnings per share data and percentage of changes to 2003. 2004 Change from 2003 2003 Revenues Sales (including excise and export tariffs) 33,845 53.0% 22,118 Equity share in income of affiliates 213 17.7% 181 Total revenues 34,058 52.7% 22,299 Costs and other deductions Operating expenses (2,880) 13.1% (2,546) Cost of purchased crude oil, petroleum and chemical products (10,124) 71.3% (5,909) Transportation expenses (2,784) 35.7% (2,052) Selling, general and administrative expenses (2,024) 12.4% (1,800) Depreciation, depletion and amortization (1,075) 16.8% (920) Taxes other than income taxes (3,505) 42.7% (2,456) Excise and export tariffs (5,248) 77.7% (2,954) Exploration expenses (171) 25.7% (136) Gain from sale of interest in the Azeri, Chirag, Guneshli project - - 1,130 Loss on disposals and impairments of assets (213) 208.7% (69) Income from operating activities 6,034 31.5% 4,587 Interest expense (300) 9.9% (273) Interest and dividend income 180 29.5% 139 Currency translation gain 135 (8.8)% 148 Other non-operating income 21 90.9% 11 Minority interest (62) 72.2% (36) Income before income taxes 6,008 31.3% 4,576 Current income taxes (1,614) 71.9% (939) Deferred income taxes (146) 114.7% (68) Total income tax expense (1,760) 74.8% (1,007) Net income 4,248 19.0% 3,569 Cumulative effect of change in accounting principle, net of tax - - 132 Net income 4,248 14.8% 3,701 118
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ANNUAL REPORT 2005
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ANNUAL REPORT, 2005 ADDRESS TO SHAR
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ANNUAL REPORT, 2005 LUKOIL signific
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LUKOIL IS ONE OF THE MAJOR INTERNAT
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The Company buys 15 filling station
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August The first stage of a coke ca
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LUKOIL completes eradication of the
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289 filling stations and 132 diesel
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ANNUAL REPORT, 2005 LUKOIL is reali
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ANNUAL REPORT, 2005 GEOLOGICAL EXPL
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ANNUAL REPORT, 2005 Russia Total ex
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ANNUAL REPORT, 2005 Western Siberia
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ANNUAL REPORT, 2005 In 2005 LUKOIL
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ANNUAL REPORT, 2005 Distribution of
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ANNUAL REPORT, 2005 LICENSING The C
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ANNUAL REPORT, 2005 increased by 1.
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ANNUAL REPORT, 2005 Creation of the
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ANNUAL REPORT, 2005 Gas Production
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KAZAKHSTAN Kumkol 50% LUKOIL INTERN
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ANNUAL REPORT, 2005 Main oil export
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47.6 REFINING, PETROCHEMICALS AND M
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Russia Growth of export duties in 2
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The catalytic reforming unit was ov
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GAS PROCESSING The Company's gas-pr
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up to 200,000 tonnes of caustic sod
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LUKOIL bought share stakes in 2005,
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Trading with third parties LITASCO
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ANNUAL REPORT, 2005 Effect from EOR
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FINANCIAL ACCOUNTS III. Results of
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FINANCIAL ACCOUNTS Estimated net pr
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FINANCIAL ACCOUNTS develop and prod
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FINANCIAL ACCOUNTS Group's share in
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FINANCIAL ACCOUNTS and the Governme
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FINANCIAL ACCOUNTS A corporate hold
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ANNUAL REPORT, 2005 REFERENCE INFOR
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