The Board of Directors of Elf Gabon met today under the chairmanship of Jean-François Gavalda and approved the accounts for the year 1999.
Net income was $114.3 million compared to $49.2 million in 1998, an increase of 132%.
Revenues increased 19% thanks to the rise in the price of oil (an average of $17 per barrel for 1999 compared to $11.59 per barrel in 1998 for Gabonese crude, +47%), in spite of a decrease in production of –15% resulting mainly from non-operated production (-26%), a decrease which should continue in the future. Continued efforts in reducing costs (-18% compared to 1998) also contributed to the improved results.
Investments were less than those of the preceding year:
- Exploration activity remains reduced
- Development work, on a slight increase for operated activity with the start-up of development on Atora, was flat on non-operated operations.
PRINCIPAL FINANCIAL DATA
|
(in millions of dollars) |
1999 |
1998 |
| Sales |
714.8 |
602.7 |
| Funds generated from operations |
218.0 |
204.3 |
| Investments |
36.8 |
57.1 |
|
|
4.4 |
8.6 |
|
|
31.0 |
47.6 |
|
|
1.4 |
0.9 |
| Net Income |
114.3 |
49.2 |
The Board has decided to propose the distribution of a net dividend of $25 per share or a total amount of $112.5 million to all shareholders at the Annual Shareholders’ Meeting, scheduled for June 8, 2000.
The dividend will be paid in French francs (or the equivalent value in CFA francs) based on the exchange rate for the US dollar on the day of the Annual Shareholders’ Meeting and will qualify for a limited tax credit (10 cents per share) corresponding to the amount withheld at the source in Gabon.
Jean-François Gavalda, who has been called to other functions resulting from the merger between Totalfina and Elf Aquitaine, tendered his resignation to the Board as Chairman and resigned his position as board member. The Board generously thanked Mr. Gavalda for his action and then elected Michel Bénézit to the Board of Elf Gabon and then, its Chairman.
* * *
Michel Bénézit began his career at Total in 1986 and is Senior Vice President of Totalfina Exploration-Production. He will be in charge of the African zone in the Exploration-Production Division of the new group resulting from the merger between Totalfina and Elf Aquitaine.
Jean-François Gavalda will be in charge of the Americas zone in the Exploration-Production Division of the new group resulting from the merger between Totalfina and Elf Aquitaine.
* * *
Elf Gabon is a majority-owned subsidiary of Elf Aquitaine. Since October 28, 1999, Totalfina (NYSE : TOT) holds approximately 95% of the share capital of Elf Aquitaine. |
