ANNUAL REPORT 2005 - Lukoil

Earnings per share of common stock (in US dollars):
2004
Change
from 2003
Basic 5.20 15.0% 4.52
Diluted 5.13 15.3% 4.45
Exclusion of special items:
Cumulative effect of change in accounting principle, net of tax - - (132)
Gain from sale of interest in the Azeri, Chirag, Guneshli project - - (1,130)
Pension curtailment - - (53)
2003
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Net income excluding special items 4,248 78.0% 2,386
The analysis of the main financial indicators of the financial statements is provided below.
Special items
In December 2003 we took the decision to replace the Group's existing defined benefit pension plan with a new plan. The
new plan is principally a defined contribution plan. This resulted in the recognition of a curtailment gain of $53 million.
Net income for 2003 includes a non-taxable gain from the sale of our interest in the Azeri, Chirag, Guneshli project of
$1,130 million.
119