PJSC LUKOIL today released its audited consolidated financial statements for the full year of 2016 prepared in accordance with the International Financial Reporting Standards (IFRS).
For the full year 2016, profit decreased by 29.0% and amounted to 206.8 bln RUB.
A decrease in annual figures was mainly due to non-cash foreign exchange effect as a result of volatility in the exchange rates. Net of this effect our profit increased by 8.9% quarter-on-quarter and by 46.4% year-on-year. Significant year-on-year increase resulted primarily from the substantial amount of impairment losses recognized in 2015.
The sales for 2016 decreased to 5,227.0 bln RUB, or by 9.1% compared to 2015 primarily due to lower crude oil prices as well as lower sales volumes of crude oil and petroleum products, which decreased by 3.7%.
2016 EBITDA was 730.7 bln RUB, down 10.5% year-on-year.
LUKOIL is one of the world’s leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs.