Management assesses performance of the operating segments based
on EBITDA which is calculated as follows: operating result plus
depletion and depreciation, plus/minus foreign exchange
gains/(losses) and plus/minus other significant one-off
income/(expenses). In 2012, other significant one-off itemsincluded
a lossof $1,062 thousand arising on the write-off of capitalised
workover of oil wells. The measure also excludes the effects of
equity-settled share-based payments.
Net back is defined as revenue less direct and indirect
government taxation. The indicator calculated as revenue less
Mineral Extraction Tax, Export Duty and Transneft transportation
services.
Reconciliation of operating profit/ (loss) to EBITDA for the
year ended 31 December 2012 is presented below:
Exillon Exillon Regional Unallocated Intersegment Total
TP WS Resources eliminations
------- ------- ---------- ----------- ------------- -------
$'000 $'000 $'000 $'000 $'000 $'000
Profit/(loss)
before income
tax 4,397 30,550 10 (17,432) - 17,525
Finance income (25) (187) (237) (2,446) - (2,895)
Finance cost 95 392 - 3,674 - 4,161
Foreign exchange
(gain)/loss 2 768 7 (4,152) - (3,375)
Share based payment
charge - - - 9,146 - 9,146
Loss on write-off
of property,
plant and equipment 13 1,005 - 44 - 1,062
Depreciation
and depletion 6,786 13,371 100 211 - 20,468
------- ------- ---------- ----------- ------------- -------
EBITDA 11,268 45,899 (120) (10,955) - 46,092
------- ------- ---------- ----------- ------------- -------
Reconciliation of operating (loss)/profit to EBITDA for the year
ended 31 December 2011 is presented below:
Exillon Exillon Regional Unallocated Intersegment Total
TP WS Resources eliminations
------- ------- ---------- ----------- ------------- -------
$'000 $'000 $'000 $'000 $'000 $'000
Profit/(loss)
before income
tax 281 11,336 (10) (19,164) (7,557)
Finance income (43) (86) (96) (1,103) - (1,328)
Finance cost 78 312 - 563 - 953
Foreign exchange
(gain)/loss (37) (329) (20) 7,130 - 6,744
Share based payment
charge - - - 4,178 - 4,178
Penalty imposed
by FSA - - - 452 - 452
Loss on write-off
of property,
plant and equipment 1,760 489 - - - 2,249
Depreciation
and depletion 6,269 7,254 114 158 - 13,795
------- ------- ---------- ----------- ------------- -------
EBITDA 8,308 18,976 (12) (7,786) - 19,486
------- ------- ---------- ----------- ------------- -------
Activities by geographical areas
The Group derives its revenue from export and domestic sales
with the allocation of revenue on the basis of the customer's
location:
For the year ended 31 December
2012 2011
$'000 $'000
Domestic sales
Russian Federation 135,928 80,057
Export sales
Germany 166,000 95,284
Switzerland - 27,630
166,000 122,914
Total 301,928 202,971
=============== ===============
In 2012, the Group earned revenues each exceeding 10% of Group's
revenues from three major customers of $166,000 thousand
(attributable to export sales), $51,634 thousand and
$31,319thousand (both attributable to domestic sales), reported by
Exillon WS and Exillon TP segments.
In 2011, the Group earned revenues each exceeding 10% of Group's
revenues from four major customers of $95,284 thousand and $27,630
thousand (both attributable to export sales) and $25,780 thousand
and $25,362 thousand (both attributable to domestic sales),
reported by Exillon WS and Exillon TP segments.
As at 31 December 2012 and 2011, non-current assets located
outside the Russian Federation were insignificant.
7. cost of sales
For the year ended 31 December
--------------------------------
2012 2011
----------------- -------------
$'000 $'000
Minerals extraction tax 99,808 64,507
Depreciation and depletion 20,000 13,421
Salary and related taxes 6,819 4,543
Licence maintenance cost 4,115 3,007
Materials 3,175 2,485
Oil treatment and infield transportation 880 1,224
Current repair of property,
plant and equipment 4,300 1,951
Taxes other than income tax 6,251 1,885
Operating lease 1,600 933
Bad debt expense - 195
Unused vacation accrual 141 73
147,089 94,224
Change in finished goods 542 (446)
----------------- -------------
Total 147,631 93,778
================= =============
8. selling expenses
For the year ended 31 December
--------------------------------
2012 2011
---------------------- --------
$'000 $'000
Export duties 83,804 65,617
Transportation services - Transneft 14,778 9,228
Transportation services - trucking
to Transneft 7,163 7,651
Other expenses 1,016 1,628
Total 106,761 84,124
====================== ========
9. administrative expenses
For the year ended 31 December
--------------------------------
Note 2012 2011
--------------- ---------------
$'000 $'000
Salary and related taxes 10,221 10,986
Share based payment charge 27 9,146 4,178
Salary and related taxes through
outsourcing 2,843 -
Business travel 1,904 2,298
Consulting services 1,839 1,767
Operating lease 908 1,120
Communication services 465 421
Depreciation and amortisation 468 374
Bank services 206 210
Share issuance costs - 195
Insurance 207 192
Current office maintenance 142 156
Unused vacation reserve 199 143
Recruitment services - 140
Accounting fees 170 137
Admission and annual fees to
LSE 17 107
Secretary services 31 11
Software 104 63
Other expenses 1,510 890
Total 30,380 23,388
=============== ===============
10. other INCOME/(eXPENSE)
For the year ended 31 December
--------------------------------
2012 2011
--------------- ---------------
$'000 $'000
Other income
Penalties received 1,209 126
Exillon Energy (LSE:EXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Exillon Energy (LSE:EXI)
Historical Stock Chart
From Jul 2023 to Jul 2024
