"Открытие Капитал": LUKOIL – 1Q12 US GAAP results preview // ПОКУПАТЬ
25 мая 2012 года
LUKOIL has said that it will report its 1Q12 US GAAP results on Monday (28 May). We anticipate revenues of $33.2bn, a 12% YoY increase on the back of a 14% rise in oil price and a better sales mix (an increased share of products exports thanks to favorable margins during 1Q12). The company’s revenue gains were somewhat offset by an increase in the MET rate and higher export duties in our view, leading to a decreased EBITDA margin of 13% (vs. 18% for 1Q11), and implying EBITDA of $5.8bn (+9% YoY). With net financial gains of $27mn and an effective tax rate of 20%, we forecast profit before tax at $4.6bn and net income at $3.6bn, a 13% YoY and 3% YoY increase, respectively.
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