MAZEIKIAI—Mazeikiu Nafta reported its preliminary unaudited financial results for 2002 to the Lithuanian Stock Exchange today. The results show that Mazeikiu Nafta’s financial performance in 2002 was better than expected.
Based on US Generally Accepted Accounting Principles (US GAAP), overall results for 2002 show a reduction in losses, from 174.8 million Litas in the first nine months of 2002 to 122.7 million Litas for the entire 2002 accounting year. Mazeikiu Nafta’s US GAAP preliminary net loss in 2001 was 277.2 millions Litas. Mazeikiu Nafta had a profit of 52.1 million Litas in the last quarter of 2002, which had a positive impact on the company’s overall financial results for the year.
According to Mazeikiu Nafta General Director Paul Nelson English, “Our performance during the last quarter of 2002 reflects Mazeikiu Nafta’s potential as well as favorable market trends. Mazeikiu Nafta’s financial results are better than we expected and showed considerable improvement during last quarter 2002 thanks to solid performance by the Mazeikiai Refinery and the Butinge Terminal.”
Mikhail Brudno, Acting President of YUKOS RM and Chairman of the Board of Mazeikiu Nafta, believes that the financial results offer cause for optimism, but cautiously adds: “We understand that we must keep up the hard work and continue with our program to modernize Mazeikiu Nafta. This is crucial if Mazeikiu Nafta is to remain a key player in the European market.”
Mazeikiu Nafta’s preliminary earnings before taxes, depreciation and amortization (EBITDA) for 2002 were 151.9 million Litas, compared to 29.4 million Litas in 2001.
Last year, Mazeikiu Nafta collected and paid a total of 2 billion Litas in taxes to the Lithuanian budget. The company also repaid 122.2 million Litas in principal on long-term loans and a total of 185 million Litas in interest payments.
Mazeikiu Nafta refined 6.59 million metric tons of crude oil and other feedstock in 2002, compared to 6.81 million metric tons in the prior year.
The Butinge Terminal exported 6.07 million metric tons of crude oil and was successfully operating at capacity after resuming operation in late March. The Terminal had exported 5.06 million metric tons of crude in 2001.
The Company’s pipeline system transported almost 23.39 million metric tons of crude oil and diesel fuel in 2002.