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This is a non-GAAP presentation of the consolidated financial statements. For a copy of our fully audited financial statements, please refer to our public filings at www.sedar.com, emailing our IR department at investor_relations@vermilionenergy.com, or by viewing our Financial Reports.
Vermilion's reserves are evaluated by one of Canada's largest independent evaluation engineering firms, GLJ Petroleum Consultants Ltd. For a complete listing of Vermilion's reserves, please see our Annual Information Forms.
For the convenience of the reader, when discussing prior periods this page refers to common shares, shareholders and dividends although for the pre-conversion period, such items were trust units, unitholders and distributions, respectively.
|
Financial Summary |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010* |
2011* | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|
| Petroleum and natural gas sales | 314.1 | 354.5 | 529.9 | 618.1 | 707.3 |
1,001.9 |
639.8 |
727.8 |
1,031.6 |
1,083.1 |
| Royalties | (74.7) | (63.6) | (88.0) | (92.2) | (97.5) |
(130.8) |
(97.6) |
(44.0) |
(54.2) |
(52.1) |
| Expenses | (211.3) | (243.9) | (245.7) | (337.6) | (403.3) |
(532.0) |
(417.5) |
(527.8) |
(661.6) |
(677.8) |
| Earnings before income taxes, other items and discontinued operations | 28.2 | 47.1 | 196.2 | 188.3 | 206.6 |
339.1 |
124.6 |
156.0 |
315.7 |
353.2 |
| Income taxes (recovery) | (18.9) | (3.9) | 24.8 | 26.5 | 24.7 |
87.8 |
(1.5) |
80.5 |
172.9 |
162.6 |
| Other items | 4.3 | 3.6 | 13.0 | 14.9 | 17.6 |
22.1 |
59.3 |
31.1 |
- |
- |
| Net earnings from continuing operations | 42.7 | 47.4 | 158.5 | 146.9 | 164.3 |
229.2 |
185.5 |
44.4 |
142.8 |
190.6 |
| Comprehensive Income |
- |
- |
- |
- |
- |
- |
- |
12.8 |
141.0 |
191.6 |
| Net earnings from continuing operations per share, basic ($) 2 | $0.80 | $0.79 | $2.57 | $2.30 | $2.48 |
$3.30 |
$2.56 |
$0.53 |
$1.57 |
$1.94 |
| Fund flows from operations | 144.8 | 169.8 | 277.2 | 342.5 | 385.9 |
574.0 |
317.2 |
357.5 |
474.3 |
557.7 |
| Fund flows from operations per share, basic ($) 2 |
$2.47 | $2.57 | $4.07 | $4.86 | $5.28 |
$7.49 |
$3.98 |
$4.05 |
$5.22 |
$5.69 |
| Capital expenditures | 66.9 | 50.7 | 102.6 | 136.9 | 175.6 |
186.8 |
194.7 |
432.2 |
490.8 |
452.5 |
|
Acquisitions, including acquired |
5.8 | 94.0 | 186.6 | 195.9 | 129.6 |
48.2 |
217.0 |
0.4 |
50.9 |
315.4 |
| Dividends declared | 98.9 | 122.6 | 126.2 | 130.6 | 136.4 |
158.7 |
166.4 |
189.7 |
207.8 |
223.7 |
| Cash dividends per share ($) | $1.87 | $2.04 | $2.04 | $2.04 | $2.06 |
$2.28 |
$2.28 |
$2.28 |
$2.28 |
$2.28 |
| Dividends declared as a percentage of fund flows from operations | 68% | 72% | 46% | 38% | 35% |
28% |
52% |
53% |
44% |
40% |
|
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations |
114% | 117% | 86% | 77% | 73% |
61% |
117% |
164% |
140% |
111% |
| Net debt | 141.2 | 88.0 | 244.9 | 354.8 | 416.9 |
207.8 |
120.4 |
303.3 |
429.0 |
677.2 |
| Shareholders' equity | 361.3 | 389.6 | 458.2 | 536.6 | 627.4 |
755.0 |
1,039.3 |
1,045.9 |
1,331.6 |
1,418.6 |
| Shares outstanding | 64,694 | 66,629 | 68,875 | 71,251 | 74,271 |
77,003 |
86,742 |
88,998 |
96,430 |
99,135 |
| Weighted average shares outstanding, basic 2 |
58,600 | 66,087 | 68,123 | 70,520 | 73,058 |
76,656 |
79,685 |
88,213 |
90,878 |
98,016 |
| Closing share price ($) | $15.34 | $20.12 | $29.74 | $35.00 | $34.23 |
$25.19 |
$32.42 |
$46.22 |
$45.37 |
$51.97 |
| Yield at beginning of the year (January 1) |
17.4% | 13.3% | 10.1% | 6.9% | 5.9% |
6.7% |
9.1% |
7.0% |
4.9% |
5.0% |
| Total Return to December 31 | 46.5% | 44.5% | 58.0% | 24.5% | 3.7% |
-19.8% |
37.8% |
49.6% |
3.1% |
19.6% |
| 1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005) | ||||||||||
| 2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio | ||||||||||
|
|
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|
Operating Netbacks, $/boe (Gas converted at 6:1) |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010* |
2011* |
2012 |
| Price | $39.90 | $43.21 | $57.94 | $61.80 | $61.86 |
$83.61 |
$55.83 |
$62.06 |
$80.29 | $79.51 |
| Realized hedging gain (loss) | (2.38) | (3.73) | (4.46) | (0.02) | (0.25) |
(0.89) |
0.47 |
0.61 |
(2.20) |
(0.93) |
| Royalites | (8.92) | (7.54) | (9.54) | (9.22) | (8.53) |
(10.92) |
(8.52) |
(3.75) |
(4.22) |
(3.82) |
| Transportation | (1.24) | (1.17) | (0.99) | (1.05) | (2.01) |
(1.96) |
(1.65) |
(2.28) |
(1.99) |
(1.77) |
| Operating | (6.11) | (6.63) | (7.89) | (9.65) | (10.45) |
(11.98) |
(12.18) |
(12.33) |
(12.64) |
(13.10) |
| PRRT |
- |
- |
- |
- |
- |
- |
- |
(3.37) |
(7.71) |
(4.41) |
| Operating netback | $21.25 | $24.14 | $35.06 | $41.86 | $40.62 |
$57.86 |
$33.95 |
$40.94 |
$51.53 |
$55.48 |
| General and administration | (1.24) | (1.59) | (1.43) | (1.58) | (1.64) |
(2.07) |
(2.72) |
(3.65) |
(3.47) |
(3.21) |
| Reorganization costs | (1.05) | - | - | - | - |
- |
- |
- |
- |
- |
| Interest | (1.05) | (0.37) | (0.69) | (1.68) | (1.95) |
(1.36) |
(1.16) |
(1.14) |
(1.94) |
(2.03) |
| Realized foreign exchange gain (loss) | (0.03) | 0.04 | (0.08) | (0.06) | (0.41) |
0.46 |
(0.04) |
0.48 |
0.08 |
0.21 |
| Current and capital taxes | (0.59) | (2.03) | (2.71) | (4.29) | (2.98) |
(6.99) |
(2.57) |
(6.20) |
(9.34) |
(8.94) |
| Proceeds on sale of investments | - | - | - | - | 0.11 |
0.01 |
0.23 |
- |
- |
- |
| Other income |
- |
- |
- |
- |
- |
- |
- |
0.05 |
0.07 |
(0.55) |
| After-tax cash flow netback | $17.29 | $20.19 | $30.15 | $34.25 | $33.75 |
$47.91 |
$27.69 |
$30.48 |
$36.93 |
$40.96 |
|
|
||||||||||
|
Average Daily Production |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
| Oil and NGL's (bbls/d) | ||||||||||
| Canada | 6,678 | 5,723 | 4,870 | 4,011 | 4,081 |
4,172 |
3,654 |
4,205 |
5,998 |
8,891 |
| France | 6,018 | 5,763 | 5,478 | 7,576 | 8,621 |
8,514 |
8,246 |
8,347 |
8,110 |
9,952 |
| Netherlands | - | 13 | 28 | 31 | 40 |
24 |
23 |
35 |
58 |
67 |
| Australia | - | - | 3,391 | 3,815 | 6,065 |
6,773 |
7,812 |
7,354 |
8,168 |
6,360 |
| Total | 12,696 | 11,499 | 13,767 | 15,433 | 18,807 |
19,483 |
19,735 |
19,941 |
22,334 |
25,270 |
| Natural Gas (mmcf/d) | ||||||||||
| Canada | 60.0 | 46.4 | 38.4 | 41.0 | 47.7 |
51.2 |
47.9 |
43.9 |
43.4 |
37.5 |
| France | 1.5 | 1.5 | 1.3 | 1.4 | 1.1 |
1.2 |
1.0 |
0.9 |
1.0 |
3.6 |
| Netherlands | 0.0 | 21.0 | 28.7 | 29.5 | 26.2 |
27.2 |
21.1 |
28.3 |
32.9 |
34.1 |
| Australia | - | - | - | - | - |
- |
- |
- |
- |
- |
| Total | 61.5 | 68.9 | 68.4 | 71.8 | 75.1 |
79.6 |
70.0 |
73.1 |
77.2 |
75.2 |
| Oil equivalent production (boe/d) (natural gas converted at 6:1) | ||||||||||
| Canada | 16,671 | 13,453 | 11,268 | 10,843 | 12,038 |
12,696 |
11,629 |
11,524 |
13,227 |
15,142 |
| France | 6,271 | 6,018 | 5,695 | 7,800 | 8,809 |
8,710 |
8,421 |
8,501 |
8,269 |
10,550 |
| Netherlands |
- |
3,519 | 4,812 | 4,943 | 4,413 |
4,562 |
3,533 |
4,753 |
5,538 |
5,751 |
| Australia |
- |
- |
3,391 | 3,815 | 6,065 |
6,773 |
7,812 |
7,354 |
8,168 |
6,360 |
| Total | 22,942 | 22,990 | 25,166 | 27,401 | 31,325 |
32,741 |
31,395 |
32,132 |
35,202 |
37,803 |
 |
||||||||||
|
Reserves | 2003 | 2004 | 2005 | 2006 | 2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
| Proved plus probable oil equivalent (mmboe) Gas at 6:1 | ||||||||||
| Canada | 46.2 | 42.0 | 45.1 | 45.3 | 42.4 |
44.7 |
44.2 |
53.3 |
64.2 |
67.8 |
|
France |
38.3 |
35.7 |
35.4 |
50.0 |
49.7 |
46.0 |
43.4 |
39.7 |
36.0 |
47.0 |
|
Netherlands |
0.0 |
15.3 |
14.1 |
12.9 |
12.4 |
10.9 |
13.2 |
12.1 |
11.0 |
11.8 |
|
Australia |
0.0 |
0.0 |
16.2 |
15.1 |
23.1 |
22.6 |
19.8 |
19.7 |
17.5 |
17.1 |
|
Ireland |
- |
- |
- |
- |
- |
- |
17.5 |
17.5 |
17.5 |
21.2 |
|
Total |
84.6 |
93.0 |
110.8 |
123.3 |
127.6 |
124.1 |
138.0 |
142.3 |
146.2 |
164.9 |
|
Reserve life index - (proved plus probable, based on Q4 production) |
11.3 |
10.6 |
11.4 |
11.5 |
10.6 |
10.6 |
12.6 |
11.0 |
10.9 |
12.5 |
|
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© 2013 Vermilion Energy Inc.