RNS Number:1494B
Sodra Petroleum AB
19 November 1999
Sodra Petroleum AB announces that its parent company, Lundin Oil AB ("Lundin")
has today issued the following announcement:-
Lundin Oil AB (publ)
Report for the first 9 months 1 January 1999-30 September 1999
RESULT AND CASH FLOW
The Group
The Lundin Oil AB Group (Lundin Oil) reports a profit after taxes of MSEK 0.2
(loss after taxes of MSEK 85.2) corresponding to 0.0 (-1.05) SEK per share for
the first nine months of 1999. The profit after taxes arising from the third
quarter only amounted to MSEK17.7 (loss after taxes of MSEK 54.2 for the
corresponding period during 1998). The profit before taxes for the nine month
period was MSEK 55.4 (loss of MSEK 61.2) and for the third quarter only was
MSEK 56.6 (loss of MSEK 65.0). The comparative numbers have been restated to
reflect the change in accounting principle mentioned below. Higher oil prices
for the third quarter and reduced administration costs have resulted in a
return to profitability for the Company.
Operating cash flow for the nine month period was MSEK 244.0 (MSEK 191.8)
corresponding to 3.01 (2.37) SEK per share and for the third quarter operating
cash flow amounted to MSEK 98.9 (MSEK 55.3) corresponding to 1.22 (0.68) SEK
per share. The operating cash flow has increased from the same period in the
prior year due partially to higher revenues as a result of the higher oil
prices offset by higher current taxes.
Lundin Oil received an average price on its crude oil sales of USD 15.77 (USD
13.19) per barrel for the first nine months, achieving USD 19.64 (USD 12.72)
during the third quarter. The average price for 1998 was USD 12.89 per barrel.
Oil and gas related income for the nine month period amounted to MSEK 502.2
(MSEK 445.2) and relates to Lundin Oil's assets in the UK North Sea and
Malaysia which generated operating income of MSEK 341.3 (MSEK 347.6) and MSEK
156.6 (MSEK 90.6) respectively. Oil and gas related income for the third
quarter amounted to MSEK 221.4 (MSEK 132.7) and was generated from the UK
North Sea, MSEK 138.6 (MSEK 111.4) and Malaysia, MSEK 81.8 (MSEK 19.2). The
depletion charge on oil and gas assets for the nine month period was MSEK
176.0 (MSEK 179.6) and for the third quarter was MSEK 60.7 (MSEK 52.6).
Net financial income and expenses for the nine month period were MSEK -14.4
(MSEK -9.4). Included within the nine month period were gains of MSEK 16.4
resulting from the sale of shares in Talisman Energy Corporation for proceeds
of MSEK 121.0. Offsetting the gain were interest expenses amounting to MSEK
35.6 (MSEK 33.0) arising primarily from bank debt. Net financial income and
expenses for the third quarter were MSEK -4.0 (MSEK -20.4). Included within
the third quarter were gains of MSEK 4.6 resulting from the sale of shares in
Talisman Energy Corporation offset by interest costs of MSEK 12.0.
Taxes for the nine month period were MSEK 54.6 (MSEK 26.4). The current
corporation tax charge has increased from the previous period to MSEK 32.4
(MSEK 10.3) but was offset by a refund in the United Kingdom of MSEK 10.1
relating to prior years, giving a net current tax charge of MSEK 22.3.
Current Petroleum Revenue Tax, PRT, has also increased from the previous
period primarily due the higher revenues generated during the current quarter.
The tax charge for the third quarter amounts to MSEK 38.2 (MSEK -5.9). The tax
credit for the third quarter in 1998 reflected the continuing fall in oil
prices and a downward revision of the years estimated tax charge.
The net loss for the financial year ended 31 December 1998 was MSEK 378.3.
At 30 September 1999 one US dollar equated to approximately 8.2 SEK.
Parent Company
The net loss for the parent company for the first nine months of 1999 amounted
to MSEK 11.3 (net loss of MSEK 30.6). The loss resulted mainly from
administration charges of MSEK 10.0 (MSEK 15.1) and net interest expense of
MSEK 9.8 (MSEK 12.5) offset by a gain on sale of the company's shares in
Talisman of MSEK 7.2.
PRODUCTION
Production for the first nine months on a working interest basis amounted to
3,744,808 (3 739 879) barrels of oil equivalents of which 3,369,595
(3,317,259) were barrels of oil. This corresponds to a production of 13,718
(13 699) barrels of oil equivalents per day (boepd) for the nine months
including production from the UK North Sea and Malaysia of 8,379 (9,164) boepd
and 5,339 (4,535) bopd respectively. Production for the first nine months from
Malaysia on an entitlement basis after government share amounted to 1,021,218
(820,552) barrels.
Production for the third quarter on a working interest basis amounted to
1,306,645 (1,231,754) barrels of oil equivalents of which 1,249,875
(1,133,577) were barrels of oil. This corresponds to a production of 14,203
(13,389) barrels of oil equivalents per day (boepd) for the third quarter
including production from the UK North Sea and Malaysia of 8,523 (9,167) boepd
and 5,680 (4,222) bopd respectively. Production for the third quarter from
Malaysia on an entitlement basis after government share amounted to 360,770
(129,152) barrels.
FINANCING AND LIQUIDITY
The Group
Liquid assets at 30 September 1999 amounted to MSEK 217.8 (MSEK 329.3).
As described below, in June 1999 the Group raised approximately MSEK 96
externally from a rights issue in Red Sea Oil Corporation.
Parent Company
Liquid assets at 30 September 1999 amounted to MSEK 2.4 (MSEK 24.3). During
the period the Company sold its 520,580 shares in Talisman Energy Corporation
for MSEK 73.5 and sold its shares in Red Sea Oil Corporation at market value
to a subsidiary company for MSEK 22.8.
INVESTMENTS
During the nine month period, investments in oil and gas assets have been made
in an amount of MSEK 205.1 (MSEK 593.0). These primarily relate to ongoing
exploration / appraisal costs in Libya and exploration costs in Sudan.
Whilst the Group records exploration expenditure under the full cost method of
accounting whereby exploration costs would only be written-off when an area is
relinquished, management decided to write-off the costs incurred offshore the
Falkland Islands during 1998 given the disappointing drilling result and the
high level of costs incurred to that date. Expenditure of MSEK 17.2 has been
capitalised against the Falkland Islands concession during 1999. A study of
the North Falkland basin was commissioned to Robertson Research in the first
quarter of 1999 to analyse all the existing data. The report is due to be
completed during the second half of 1999 when management will assess whether a
further write-off will be required.
FINANCIAL INSTRUMENTS
The Group has entered into interest rate hedging contracts commencing on 1
January 1999 to tie the LIBOR based floating rate for part of the Company's
US$ borrowings to a fixed rate of interest for a period of three years. The
contracts are in the amount of US$50.0 million with an interest rate fixed at
5.87%.
The Group has also entered into an oil price hedge for part of its oil
production from the UK North Sea. From 1 August 1999 to 31 December 1999
approximately 50% of Lundin Oil's estimated UK crude oil production has been
fixed at a dated Brent price of USD 18.40 per barrel. From 1 January 2000 to
31 December 2000 approximately 40% of Lundin Oil's estimated crude oil
entitlement production has been fixed at a dated Brent price of USD 18.58 per
barrel.
OPERATIONS
Overview
The first nine months of 1999 were punctuated by a sharp increase in the oil
price. If we take our Malaysia production as a benchmark, the first lifting
of the year fetched $10.79 per barrel whereas the last lifting in the period
fetched $21.80 per barrel. That is an increase of 102% during the period.
On the operational front, the production in the North Sea and Malaysia
averaged 8,379 boepd and 5,339 bopd respectively. That is a total of 13,718
boepd versus an average of 13,699 boepd for the same period in 1998 (i.e. no
material increase or decrease). The numbers do demonstrate the importance of
our development projects in replacing the steady decline in the North Sea
production.
The production from Malaysia should increase slightly during the first half of
2000 with the drilling of the A7 well on the Bunga Kekwa field. The well is
planned to be spudded in mid-November of this year. Otherwise, the Company
has achieved good progress towards the realisation of Phase II which will add
over 34,000 boepd of production net to the Company towards the end of 2003.
In Libya, a Development Plan for the En Naga Field in Area NC177 was submitted
to the National Oil Corporation in March. Although it is taking longer than
expected to obtain the necessary approvals, the management is confident that
the project will be allowed to proceed with oil coming on stream in late 2000
or early 2001. This project is forecast to achieve 22,000 barrels per day on
plateau production. Also in Libya, the C1-NC177 exploration well reached its
total depth in mid-November. Production testing will be carried out and the
final results are expected during December. The Company has a very busy
exploration programme for the year 2000 (with 2 wells and 550 km of seismic)
and expects to continue to increase reserves significantly within Area NC177.
Finally, in Sudan the Company is gearing up for the next dry season on Block
5A which is expected to start in late December. The minimum programme
consists of the re-entry and testing of the Thar Jath well, which was drilled
earlier in the year, and the drilling of at least one more exploration well.
In addition, the Company will acquire at least 250 kms of 2D seismic and 150
km2 of 3D seismic. Depending upon the results of the Thar Jath well, an
additional exploration well and two appraisal wells will also be drilled in
2000. In order to allow the operations to continue throughout the year a l00
km all weather road will also be built. The 1,600 km export pipeline between
the nearby Unity and Heglig fields and the Red Sea coast is now fully
operational with a capacity of 250,000 per day, of which 100,000 bopd is
reserved for third party users. The Thar Jath discovery is located less than
l00 km from the nearest tie-in point at Unity.
A summary of the status of each project is shown in Table 1.
Table 1
Status of Projects as of September 30, 1999
Country Block(s) Working Gross Area Operational Highlight
Interest (km2)
Albania A, 2 and 3 20% 4,546 Force Majeure (may be
lifted in early 2000).
Falkland Tranche F 87.5% 1,600 Basin analysis ongoing.
Islands
Libya Area NC177 100%* 9,820 Testing in progress on
the Haruj "A" Prospect.
Malaysia/ PM-3 41.11% 1,407 Net production averages
Vietnam 5,339 bopd over the period.
Papua New PRL-1 48.18% 758 No activity. Pipeline
Guinea to Queensland in the
planning stage
PPL-200 35% 6,065 Prospect definition ongoing.
Somaliland 35 and M-10A 20% 16,272 Force Majeure.
Sudan 5A 40.375% 29,885 Gearing up to resume
operations before the
end of the year.
United 13 ** 1,120 Net production averages
Kingdom Licences 8,379 boepd over the
period.
Total gross acreage: 71,473 km2 (net: 30,621 km2)
Notes: * Includes a 60% interest held by Red Sea Oil Corporation
** Producing properties include:
Claymore (3.4286%)
Ninian (4.24928%)
East Brae (3.7732%)
Brae Area including Beinn (4%)
Nelson (1.31404%)
Sedgwick (20%)
RED SEA OIL CORPORATION
Lundin Oil owns approximately 58% of the outstanding share capital of Red Sea
Oil Corporation ("RSO").
RSO announced the successful completion of a rights offering on 4 June 1999.
The rights offering was fully subscribed and 34,894,870 units were taken up at
a subscription price of C$1.25 per unit resulting in gross proceeds to RSO in
excess of C$ 43.6 million. Each unit is comprised of one common share and one
common share purchase warrant. Every two warrants entitles the holder to
purchase an additional common share at a price of C$1.50 at any time prior to
17.00 hours (Alberta time) on 31 January 2000.
The net proceeds of the rights offering are being used to fund the ongoing
exploration program in Area NC177 onshore Libya, including the drilling of the
C1-NC177 well which spudded on 8 August 1999 as well as funding the equity
requirement of the development costs of the En Naga North and West field and
to repay outstanding indebtedness to Lundin Oil.
Lundin Oil subscribed for the 20,334,100 units to which it was entitled to
pursuant to the rights offering for an aggregate subscription price of
C$25,417,625.
CHANGES IN THE BOARD OF DIRECTORS
At the AGM on 20 May 1999 all serving Directors were re-elected and the Chief
Financial Officer of the Company, Ashley Heppenstall was newly elected to the
Board.
SHARE LISTINGS
Effective 14 July 1999 Lundin Oil's Global Depository Receipts (GDR) were
delisted from the Toronto Stock Exchange. The delisting was requested by the
Company following the low levels of trading activity in the Company's GDRs on
the Toronto Stock Exchange. The Company's GDRs continue to be listed on NASDAQ
(LOILY). The Stockholm listing remains unaffected (LOILB).
SHARE DATA
The company's share capital at 30 September 1999 amounts to SEK 40,506,476.50
represented by 81,012,953 shares of nominal value SEK 0.50 each. The shares
are divided into 678,200 A shares with 10 votes each and 80,334,753 B shares
with one vote each.
On 15 May 1998, 3,400,000 warrants with an exercise price of SEK 0.50 expiring
in November 2001 were issued to Sodra Petroleum AB.
On 30 March 1999 an EGM decided to issue warrants free of charge to the
shareholders of the company as per the record date 12 April 1999. One warrant
was issued for ten shares held. A total of 8,102,000 warrants were issued.
The warrants run until 31 March 2000. One warrant entitles the holder to
subscribe for one newly issued share of series B of the company. Subscription
can take place during two periods: At a price of SEK 23 for each newly issued
share between 1 October and 15 October 1999 or at a price of SEK 28 between 10
January and 31 March 2000.
Subsequent Event
Subsequent to the period end, approximately 4.4 million warrants were
exercised between October 1 and October 15 resulting in new issue proceeds of
approximately MSEK 100.3. If all outstanding warrants are exercised by 31
March 2000 the Company will receive additional new issue proceeds of MSEK
104.8.
INCENTIVE OPTIONS
On 8 May 1998, 1,250,000 incentive options, under the Group incentive program
for employees, with a strike price of SEK 49 expiring on 15 May 2001 were
issued.
On 12 March 1999 the Board of Directors decided and announced that under the
Group incentive program for employees a new series of warrants to qualified
employees would be issued. This new series of warrants was approved at the
AGM on 20 May 1999. Under the new series up to a total of 1,150,000 warrants
can be issued at a strike price of SEK 24.00. This series of warrants expire
on 11 March 2002.
Red Sea Oil Corporation
On 1 March 1999 Red Sea Oil Corporation issued 1,903,000 incentive options,
under a Red Sea Oil Corporation Stock Option program. Among the recipients of
these incentive options are directors of RSO who are also directors of Lundin
Oil AB and employees of the Lundin Oil AB group. The strike price is C$1.00
and the options expire on 28 February 2001. If exercised, these options would
contribute C$1.9 million to RSO and would dilute Lundin Oil AB Group's holding
in RSO by approximately 1.4 percentage points.
CHANGE IN ACCOUNTING PRINCIPLE
During the period the Group has adopted the new accounting principle for the
valuation of provisions. In previous periods a provision has been created for
the abandonment liability that exists on the UK North Sea fields. This
provision has been calculated on a unit of production basis for the full
estimated amount of the future liability. Under the new accounting treatment
an asset is created to represent the discounted value of the anticipated
abandonment liability and depleted over the life of the field. The
corresponding accounting entry adjusts the existing abandonment provision to
equal the discounted value of the anticipated abandonment liability. The
discount applied to the anticipated abandonment liability is subsequently
released over the life of the field and is charged to financial expenses. The
comparative numbers have been restated to reflect the change in accounting
principle. The effect is an additional depletion charge for the periods ended
30 September 1999, 30 September 1998 and 31 December 1998 of MSEK 4.6, MSEK
5.3 and MSEK 7.1 respectively. For the same periods the additional finance
charges were MSEK 4.0, MSEK 3.7 and MSEK 4.9 respectively. The balance of the
adjustment for the comparative periods was the reversal of the abandonment
charge of MSEK 3.5 for the period ended 30 September 1998 and MSEK 4.2 for the
period ended 31 December 1998.
KEY FINANCIAL RATIOS
1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 months 3 months 9 months 3 months 12 months
Key Financial Ratios
Return on capital 0.0 1.3 (5.5) (3.5) (26.7)
employed1, %
Return on total assets2,% 4.6 3.2 (0.1) (2.2) (20.9)
Equity ratio3, % 61.7 61.7 64.2 64.2 58.4
Shareholders' equity SEK 16.3 16.3 20.4 20.4 16.1
per share4
Operating cash flow SEK 3.0 1.2 2.4 0.7 3.1
per share5
Earnings SEK per share6 0.0 0.2 (1.1) (0.7) (4.7)
- Undiluted
Earnings SEK per share6 0.0 0.2 (1.0) (0.6) (4.7)
- Diluted
Number of shares at the
period end 81,012,953 81,012,953 81,012,953 81,012,953 81,012,953
Weighted average number
of shares for the
period 81,012,953 81,012,953 81,012,953 81,012,953 81,012,953
Diluted weighted average
number of shares for the
period 88,836,164 93,388,493 82,289,184 84,388,493 83,140,005
Definitions
1 Return on capital employed is defined as the Group's net result divided by
the average capital employed (the average of the net assets for the
financial period).
2 Return on total assets is defined as the Group's result after financial
items plus interest expenses plus/less exchange differences on financial
loans divided by the average total assets (the average total assets less
non-interest bearing liabilities for the period)
3 Equity ratio is defined as the Group's shareholders' equity including
minority interest in relation to total assets.
4 Shareholders' equity SEK per share is defined as the Group's shareholders'
equity divided by the number of shares at the period end.
5 Operating cash flow SEK per share is defined as the Group's operating income
less production costs and less current taxes divided by the weighted average
number of shares for the period.
6 Earnings SEK per share - undiluted is defined as the Group's net result
divided by the weighted average number of shares for the period.
GROUP INCOME STATEMENT IN SUMMARY
1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
Expressed in TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
Note 9 months 3 months 9 months 3 months 12 months
Operating income
Net sales of oil and 462,316 208,752 387,926 115,419 488,255
gas
Tariff income 35,600 11,606 50,270 15,209 62,062
Service income 4,304 1,053 6,989 2,033 8,702
----------------------------------------------
502,220 221,411 445,185 132,661 559,019
Operating expenses
Production costs 1 (217,386) (92,543)(229,341) (79,634)(274,006)
Depletion of oil and (175,958) (60,693)(179,567) (52,559)(234,660)
gas properties
Write-off of oil and - - (35,848) (32,626)(242,540)
gas properties -----------------------------------------------
Gross profit (loss) 108,876 68,175 429 (32,158)(192,187)
Other income 4,625 1,419 7,277 1,506 7,947
Administration (43,731) (8,998) (59,502) (13,868) (83,738)
expenses -----------------------------------------------
Operating profit 69,770 60,596 (51,796) (44,520)(267,978)
(loss)
Financial income and
expenses, net (14,417) (3,976) (9,432) (20,433)(183,166)
-----------------------------------------------
Profit (loss) before 55,353 56,620 (61,228) (64,953)(451,144)
tax
Tax 2 (54,559) (38,238) (26,440) 5,926 (40,796)
Minority interests (560) (666) 2,426 4,817 113,646
-----------------------------------------------
Net result 234 17,716 (85,242) (54,210)(378,294)
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK Note 30 Sep 30 Sep 31 Dec
1999 1998 1998
ASSETS
Tangible fixed assets
Oil and gas properties 3 2,104,598 2,064,684 2,041,071
Other fixed assets 9,647 6,966 9,693
---------------------------------------
Total tangible fixed assets 2,114,245 2,071,650 2,050,764
Financial fixed assets 4 48,540 333,355 50,666
---------------------------------------
Total fixed assets 2,162,785 2,405,005 2,101,430
Current Assets
Current receivables and 151,687 142,973 107,999
inventories
Cash and bank,
short term investments 217,826 329,340 258,803
---------------------------------------
Total current assets 369,513 472,313 366,802
---------------------------------------
Total assets 2,532,298 2,877,318 2,468,232
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity
including net result for the
financial period (1,320,744) (1,548,303) (1,302,703)
Minority interests (242,443) (249,913) (138,451)
Provisions (239,447) (209,291) (218,284)
Long-term liabilities (442,261) (544,995) (539,443)
Current liabilities (287,403) (324,816) (269,351)
-----------------------------------------
Total shareholders' equity
and liabilities (2,532,298) (2,877,318) (2,468,232)
Pledged assets 5 874,950 962,229 969,781
Contingent liabilities 639 378 378
GROUP CASH FLOW STATEMENT IN SUMMARY
1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
Expressed in TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 3 9 3 12
months months months months months
Cash flow from
operations
Net result 234 17,716 (85,242) (54,211)(378,294)
Adjustment for depletion
and other non cash 184,571 68,532 231,870 84,358 537,106
related items
Changes in working (54,173) 2,137 43,227 82,943 (3,030)
capital ----------------------------------------------
Total cash flow from 130,632 88,385 189,855 113,090 155,782
operations
Investment in oil and (205,050) (67,374) (592,972)(182,099)(777,982)
gas properties
Investment in other (4,521) (1,524) (2,253) (368) (6,664)
fixed assets
Investment in other - - (4,049) - -
shares
Sale of other shares 120,999 8,655 - - 36,109
Other - - - - (13,468)
----------------------------------------------
Total cash flow used for (88,572) (60,243) (599,274)(182,467)(762,005)
investments
Increase in long-term (80,896) (79,970) 166,939 (31,340) 191,956
liabilities
Proceeds from share 106,864 (4,266) 277,339 - 306,940
issues
Decrease in long term - - 31,496 - -
assets ----------------------------------------------
Total cash flow from 25,968 (84,236) 475,774 (31,340) 498,896
financing
Other (5,186) (1,472) (3,789) (1,338) (5,460)
----------------------------------------------
Change in cash and bank 62,842 (57,566) 62,566 (102,055)(112,787)
Note 1. Production 1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
costs, TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 3 9 3 12
months months months months months
Costs of operations 118,623 41,982 120,996 39,441 163,227
Tariff costs 61,258 23,783 61,828 20,057 88,009
United Kingdom royalty 9,389 4,939 14,137 7,892 11,821
Changes in inventories
and underlift/overlift
position 28,116 21,839 32,380 12,244 10,949
---------------------------------------------
217,386 92,543 229,341 79,634 274,006
Note 2. Tax 1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 3 9 3 12
months months months months months
The tax charge comprises
Corporation tax
- current 22,335 17,067 10,339 (2,940) 17,992
- deferred 13,435 8,071 72 (110) 5,004
--------------------------------------------
35,770 25,138 10,411 (3,050) 22,996
PRT (Petroleum revenue
tax)
- current 18,457 12,903 13,750 656 18,976
- deferred 332 197 2,279 (3,532) (1,176)
--------------------------------------------
18,789 13,100 16,029 (2,876) 17,800
--------------------------------------------
Total charge to income 54,559 38,238 26,440 (5,926) 40,796
Note 3. Oil and gas Book value Book value Book value
properties, TSEK 30 Sep 30 Sep 31 Dec
1999 1998 1998
United Kingdom 874,950 962,229 969,781
Malaysia 457,491 438,204 471,506
Libya 493,904 307,147 392,086
Falkland Islands 17,155 164,340 -
Sudan 203,520 154,267 159,633
Papua New Guinea 35,063 32,607 33,231
Others 4,550 3,555 3,377
Albania 17,965 2,335 11,457
------------------------------------
2,104,598 2,064,684 2,041,071
Note 4. Financial fixed assets includes shares in Khanty Mansiysk Oil
Corporation and deferred financing fees.
Note 5. Pledged assets represent the UK North Sea assets.
PARENT COMPANY INCOME STATEMENT IN SUMMARY
1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
Expressed in TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 3 9 3 12
months months months months months
Other income 549 - 1,032 803 1,245
Administration expenses (9,984) (2,186) (15,095) (5,453) (22,092)
------------------------------------------------
Operating loss (9,435) (2,186) (14,063) (4,650) (20,847)
Financial income and (1,826) (4,617) (16,500) (28,737)(146,495)
expenses, net ------------------------------------------------
Result before tax (11,261) (6,803) (30,563) (33,387)(167,342)
Tax (40) - - - (425)
-------------------------------------------------
Net result (11,301) (6,803) (30,563) (33,387)(167,767)
PARENT COMPANY CASH FLOW STATEMENT IN SUMMARY
1 Jan 1 Jul 1 Jan 1 Jul 1 Jan
Expressed in TSEK 1999- 1999- 1998- 1998- 1998-
30 Sep 30 Sep 30 Sep 30 Sep 31 Dec
1999 1999 1998 1998 1998
9 3 9 3 12
months months months months months
Cash flow from
operations
Net result (11,301) (6,803) (30,563) (33,387)(167,767)
Adjustment for other non (8,322) 146 364 21,984 125,923
cash related items
Changes in working (53,350) 7,584 61,146 87,622 37,624
capital -----------------------------------------------
Total cash flow from (72,973) 927 30,947 76,219 (4,220)
operations
Investment in other (46) - (403) (83) (460)
fixed assets
Investment in shares in - - (16,480) - (44,365)
subsidiaries
Sale of other shares 73,519 - - (62,640) 38,463
-----------------------------------------------
Total cash flow used for 73,473 - (16,883) (62,723) (6,362)
investments
Proceeds from share - - - - 3,141
issue -----------------------------------------------
Total cash flow from - - - - 3,141
financing
Change in cash and bank 500 927 14,064 13,496 (7,441)
This report has not been subject to review by the auditors of the company.
Stockholm, November 19, 1999
Ian H. Lundin
President
For additional information, please contact:
Ian H. Lundin
Telephone: +41 22 319 66 00
Magnus Nordin
Telephone: +46 8 440 54 50
Simon Rothschild
Millham Communications
Telephone: 0171 256 5756
Notes for editors:
1. Lundin is the parent company of Sodra by virtue of its holding of
40,506,500 Ordinary Shares of SEK0.05 each. The 40,506,476 Convertible Shares
of SEK0.05 each in Sodra listed on the AIM market are effectively convertible
into the right to subscribe for B Shares in Lundin in November 2001. Upon
exercise of the conversion right, for every 12 Convertible Shares, the holder
will receive a warrant to subscribe for 1 new Lundin B Share at the nominal
value of SEK0.50.
2. Convertible Shares in Sodra are also listed on the New Market of the
Stockholm Stock Exchange. Lundin B Shares are currently quoted on the
Stockholm Stock Exchange, Toronto Stock Exchange and the Nasdaq National
Market.
END
MSCBSBBBDXBCCCC
Spg Media (LSE:SPM)
Historical Stock Chart
From May 2024 to Jun 2024
Spg Media (LSE:SPM)
Historical Stock Chart
From Jun 2023 to Jun 2024