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Editorial / Commentary / Opinion

 

 

Oliver L Campbell : PDVSA'S results
for 2010 still not published

We are half way through July 2011 and PDVSA still have not published their 2010 financial results. There are two possible explanations--the company has not been able to publish them because of incompetence, or it has not wanted to publish them for some undeclared reason. The "Old PDVSA" adhered to the statues and always published the accounts by 31 March of the following year. PDVSA has a total equity of some $75 billion and more than 90,000 employees so the delay cannot be attributed to a lack of financial or manpower resources.

It seems the accounts are ready because the Oil Minister, Rafael Ramírez, recently declared that PDVSA made a net profit of $3,202 million in 2010 versus $4,498 million in 2009. This reduction is no cause for worry because net profit on its own is of little importance. The important figure is the total national take which, in addition, includes royalties, contributions for social development, contributions to Fonden and Venezuelan income tax. The national take for Jan/Sep 2010 was some $19.0 billion as against $22.8 billion in 2009. The figures are shown in the following table.

 

National Take

(Figures in US$ millions)

 

 

Jan/Sep 2010

Year 2009

Income before royalties, contributions for social development and income taxes

 

19,459

 

24,275

Royalties*

6,325

13,360

Contribution for social development*

3,807

2,937

Contribution to Fonden*

979

577

Income before tax

8,348

7,401

Venezuelan income tax*

4,867

2,903

Net income

3,481

4,498

Less minority interests

(508)

(1,474)

Net income belonging to the shareholder*

2,973

3,024

National take*

18,951

22,801

It is expected the national take in 2010 will be higher than in 2009 but, to see just how much higher, we need PDVSA to publish the 2010 accounts. It is hoped the new Finance Director, Victor Aular, will in future give more importance to publishing the accounts by 31 March than did his predecessor.

 


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Oliver L Campbell , MBA, DipM, FCCA, ACMA, MCIM was born in El Callao in 1931 where his father worked in the gold mining industry. He spent the WWII years in England, returning to Venezuela in 1953 to work with Shell de Venezuela (CSV), later as Finance Coordinator at Petroleos de Venezuela (PDVSA). In 1982 he returned to the UK with his family and retired early in 2002. Petroleumworld does not necessarily share these views.

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Petroleumworld News 07/18/2011

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