The Board of Directors of Total Gabon, chaired by Jean Privey, met on March 25th, 2004 and approved the final accounts for the year ended December 31, 2003.
Net income in 2003 was $195.7 million, compared with $141.1 million in 2002.
The production of the fields operated by Total Gabon reached 38 million barrels in 2003, representing a slight increase versus the previous year. The share of production due to Total Gabon (net of tax for production sharing contracts - PSC) was 26.6 million barrels, a decline in relation to 2002. The lower figure is explained by the growth in the number (since the beginning of 2003) of production sharing agreements for which tax is paid in kind.
Revenues amounted to $768.6 million, representing an increase of $95.2 million as compared to fiscal year 2002 (+14%). These higher sales resulted from slightly lesser volumes sold, more than offset by much higher levels of the oil price for the crude oil commercialised by Total Gabon (which averaged $27.37 per barrel in 2003, compared to $23.69 per barrel in 2002). Operational costs have increased in 2003 by more than 22% over those of 2002, due to the continuation of a strong activity affecting external services and other supplies, the program of heavy maintenance projects, and an adverse exchange rate effect due to euro and CFA franc genuine costs as expressed in US dollars.
Capital expenditure for 2003 was $146.2 comparing to $84.4 million in 2002:
- In the operated activity : reservoir and development studies notably on the Anguille, Baudroie and Gonelle fields, the ending of the drillings on Tchengué (TCN3) and Gonelle (GNM17), and a drilling programme on Anguille (AGM52), Atora (ATO5 and ATO6), Baliste (BSM13) and Gonelle (GENM7) as well as three work overs on the Anguille field, and environmental projects (with a view to reducing hydrocarbon effluents and carbon dioxide gas emission).
- In the non-operated activity : the continuation of the Rabi field work-programme (phase III) featuring 13 development wells and the beginning of the works on the gas compression scheme for re-injection.
MAIN FINANCIAL INDICATORS
| (in $ million) |
2003 |
2002 |
2001 |
| Sales |
768.6 |
673.4 |
731.8 |
|
|
|
|
| Funds generated from operations |
294.8 |
214.4 |
203.7 |
| Capital expenditure |
146.2 |
84.4 |
43.7 |
|
|
|
|
| Net income |
195.7 |
141.1 |
124.5 |
The Board has decided to propose the distribution of a net dividend of $37 per share, or a total amount of $166.5 million to all shareholders at the Annual Shareholders' Meeting, scheduled for June 15, 2004.
The dividend is payable in euros (or the equivalent in CFA francs), based on the exchange rate for the US dollar on the date of the Annual Shareholders' Meeting, and will qualify in France for a tax credit of $0.05 per share, corresponding to the amount withheld at the source in Gabon. |
