Vermilion
Vermilion
Vermilion

Investor Relations

  • Vermilion's value driven strategy ensures delivery of sustainable distributions
  • Vermilion has a history as a successful strategic acquirer
  • Vermilion is led by a bold, disciplined, and caring team you can trust
This is a non GAAP presentation of the 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 the Trust's reserves, please see our Annual Information Forms.
Financial Summary ($mm CDN except per unit amounts) 1200320042005200620072008
   
Revenue 314.1 354.5 529.9 618.1 707.3 1,001.9
Royalties (74.7) (63.6) (88.0) (92.2) (97.5) (130.8)
Expenses (211.3) (243.9) (245.7) (337.6) (403.3) (532.0)
Earnings before income taxes, other items and discontinued operations 28.2 47.1 196.2 188.3 206.6 339.1
Income taxes (recovery) (18.9) (3.9) 24.8 26.5 24.7 87.8
Other items 4.3 3.6 13.0 14.9 17.6 22.1
Net earnings from continuing operations 42.7 47.4 158.5 146.9 164.3 229.2
Net earnings from continuing operations /unit, basic ($) 2 $0.80 $0.79 $2.57 $2.30 $2.48 $3.30
   
Fund flows from operations 144.8 169.8 277.2 342.5 385.9 574.0
Fund flows from operations /unit, basic ($) 2 $2.47 $2.57 $4.07 $4.86 $5.28 $7.49
   
Capital expenditures 66.9 50.7 102.6 136.9 175.6 186.8
Acquisitions, including acquired working capital deficiency 5.8 94.0 186.6 195.9 129.6 48.2
   
Cash distributions 98.9 122.6 126.2 130.6 136.4 158.7
Cash distributions /unit, basic ($) $1.87 $2.04 $2.04 $2.04 $2.06 $2.28
   
Nominal Payout Ratio
(cash distributions / fund flows from operations)
68% 72% 46% 38% 35% 28%

Total Payout Ratio
(net distribution, capital expenditures, reclamation fund
contributions and asset retirement costs incurred)

114% 117% 86% 77% 73% 61%
   
Long-term debt (net of working capital) 141.2 88.0 244.9 354.8 416.9 207.8
Unitholders' equity 361.3 389.6 458.2 536.6 627.4 755.0
   
Units Outstanding 64,694 66,629 68,875 71,251 74,271 77,003
Weighted average units outstanding 2 58,600 66,087 68,123 70,520 73,058 76,656
   
Closing unit price ($) $15.34 $20.12 $29.74 $35.00 $34.23 $25.19
   
Yield at beginning of the year (January 1) 17.4% 13.3% 10.1% 6.9% 5.9% 6.7%
Total Return to December 31 46.5% 44.5% 58.0% 24.5% 3.7% -19.8%
 
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Includes 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)200320042005200620072008
   
Price $39.90 $43.21 $57.94 $61.80 $61.86 $83.61
Realized hedging gain (loss) -2.38 -3.73 -4.46 -0.02 -0.25 -0.89
Royalites (net) -8.92 -7.54 -9.54 -9.22 -8.53 -10.92
Transportation -1.24 -1.17 -0.99 -1.05 -2.01 -1.96
Lifting cost -6.11 -6.63 -7.89 -9.65 -10.45 -11.98
Operating netback $21.25 $24.14 $35.06 $41.86 $40.62 $57.86
General and administration -1.24 -1.59 -1.43 -1.58 -1.64 -2.07
Reorganization costs -1.05  - - - - -
Interest -1.05 -0.37 -0.69 -1.68 -1.95 -1.36
Foreign exchange -0.03 0.04 -0.08 -0.06 -0.41 0.46
Current and capital taxes -0.59 -2.03 -2.71 -4.29 -2.98 -6.99
Proceeds on sale of investments - - - - 0.11 0.01
After-tax cash flow netback $17.29 $20.19 $30.15 $34.25 $33.75 $47.91
   
Unitholders (number)  
Canada 10,096 14,504 15,873 19,726 24,721 28,840
Non-Resident 1,957 9,326 11,183 9,250 9,352 9,280
Total 12,053 23,830 27,056 28,976 34,073 38,120
% units held by non-resident unitholders 33.0% 26.7% 28.9% 30.8% 25.2% 35.0%
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Average Daily Production200320042005200620072008
   
Oil and NGL's, b/d  
Canada 6,678 5,723 4,870 4,011 4,081 4,172
France 6,018 5,763 5,478 7,576 8,621 8,514
Netherlands - 13 28 31 40 24
Australia - - 3,391 3,815 6,065 6,773
Total 12,696 11,499 13,767 15,433 18,807 19,483
   
Natural Gas, mmcf/d  
Canada 60.0 46.4 38.4 41.0 47.7 51.2
France 1.5 1.5 1.3 1.4 1.1 1.2
Netherlands 0.0 21.0 28.7 29.5 26.2 27.2
Australia - - - -
Total 61.5 68.9 68.4 71.8 75.1 79.6
   
Oil equivalent production (boe/d) (natural gas converted at 6:1)  
Canada 16,671 13,453 11,268 10,843 12,038 12,696
France 6,271 6,018 5,695 7,800 8,809 8,710
Netherlands

 -

3,519 4,812 4,943 4,413 4,562
Australia

 -

 -

3,391 3,815 6,065 6,773
Total 22,942 22,990 25,166 27,401 31,325 32,741
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Reserves200320042005200620072008
   
Proved plus probable oil equivalent (mmboe) Gas at 6:1  
Canada 46.2 42.0 45.1 45.3 42.4 44.7
France 38.3 35.7 35.4 50.0 49.7 46.0
Netherlands 0.0 15.3 14.1 12.9 12.4 10.9
Australia 0.0 0.0 16.2 15.1 23.1 22.6
Total 84.6 93.0 110.8 123.3 127.6 124.1
   
Reserve life index - (proved plus probable, based on Q4 production) 11.3 10.6 11.4 11.5 10.6 10.6
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