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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.
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 ($mm CDN except per unit amounts) 1 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
|---|---|---|---|---|---|---|
| Revenue | 314.1 | 354.5 | 529.9 | 618.1 | 707.3 | 1,001.9 |
| Royalties | (74.7) | (63.6) | (88.0) | (92.2) | (97.5) | (130.8) |
| Expenses | (211.3) | (243.9) | (245.7) | (337.6) | (403.3) | (532.0) |
| Earnings before income taxes, other items and discontinued operations | 28.2 | 47.1 | 196.2 | 188.3 | 206.6 | 339.1 |
| Income taxes (recovery) | (18.9) | (3.9) | 24.8 | 26.5 | 24.7 | 87.8 |
| Other items | 4.3 | 3.6 | 13.0 | 14.9 | 17.6 | 22.1 |
| Net earnings from continuing operations | 42.7 | 47.4 | 158.5 | 146.9 | 164.3 | 229.2 |
| Net earnings from continuing operations /unit, basic ($) 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 | $2.28 |
| Nominal Payout Ratio (cash distributions / fund flows from operations) |
68% | 72% | 46% | 38% | 35% | 28% |
|
Total Payout Ratio |
114% | 117% | 86% | 77% | 73% | 61% |
| Long-term debt (net of working capital) | 141.2 | 88.0 | 244.9 | 354.8 | 416.9 | 207.8 |
| Unitholders' equity | 361.3 | 389.6 | 458.2 | 536.6 | 627.4 | 755.0 |
| Units Outstanding | 64,694 | 66,629 | 68,875 | 71,251 | 74,271 | 77,003 |
| Weighted average units outstanding 2 | 58,600 | 66,087 | 68,123 | 70,520 | 73,058 | 76,656 |
| Closing unit price ($) | $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) | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
| 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 Production | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
| 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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| Reserves | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
| 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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© 2009 Vermilion Energy Trust