Sodra Petroleum AB - 1st Quarter Results
May 25 2000 - 6:02AM
UK Regulatory
RNS Number:1943L
Sodra Petroleum AB
25 May 2000
Sodra Petroleum AB (publ)
Report for the period 1 January 2000-31 March 2000
RESULT AND CASH FLOW
The Group
Sodra Petroleum AB (Sodra) reports a group net profit for the three months
ended 31 March 2000 of TSEK 1,090 (period to 31 March 1999, TSEK 11)
corresponding to SEK 0.01 (SEK 0.00).
Sodra incurred administration expenses of TSEK 1,121 during the period
(TSEK 917).
Net financial income and expenses were TSEK 2,211 (TSEK 928). Included was
interest received of TSEK 2,237 (TSEK 2,040) and net currency exchange loss
of TSEK 26 (loss of TSEK 1,112). Currency exchange movements arose primarily
as a result of translating loans receivable from USD to SEK.
Parent Company
The parent company reported a net loss for the period ended 31 March 2000 of
TSEK 1,090 (loss for the period of TSEK 45). The loss was the result of
service income of TSEK -34 (TSEK 687), net financial income of TSEK -14
(TSEK 1) and administration costs of TSEK 1,042 (TSEK 733).
GROUP STRUCTURE
Sodra is the parent company of the group also consisting of Sodra's
100%-owned subsidiary Sodra Petroleum BV, a company registered in the
Netherlands. Sodra in its turn is an approximately 50% owned subsidiary of
Lundin Oil AB.
FINANCING AND LIQUIDITY
The Group
Liquid assets at 31 March 2000 amounted to TSEK 9,270 (TSEK 7,383).
Sodra has entered into a loan agreement with its parent company Lundin Oil AB
under which Lundin Oil can borrow up to MUSD 12 from Sodra. The loan is
callable with a two week notice period. Under the terms of the loan agreement
Lundin Oil is prohibited from securing assets not currently secured under its
existing MUSD 125 bank facility. Under the loan agreement, TSEK 93 842
(TSEK 97 274) were outstanding at the period end.
Parent Company
Liquid assets at 31 March 2000 amounted to TSEK 247 (TSEK 5,095).
INVESTMENTS
The Group
During the period, investment in oil and gas assets have been made to an
amount of TSEK -2,018 (TSEK 18,649). This decrease in capital expenditure
represents Sodra's share of credits and refunds relating to the
reconciliation of costs incurred by the Falklands Islands operating group,
FOSA.
Parent Company
Shares in subsidiaries at 31 March 2000 amounted to TSEK 106,013 (TSEK
106,013)
OPERATIONS
Sodra holds an 87.5% interest in six exploration and production licences
covering an area known as Tranche F in Falkland territorial waters. The
remaining 12.5% interest in these licences is held by Sodra's partner Desire
Petroleum plc. Sodra is the operator of Tranche F which is held through the
Dutch subsidiary Sodra Petroleum BV.
A study of the North Falkland Basin was carried out in 1999 by Robertson
Research. The results of the study indicate that a source rock is present in
the North Falkland Basin. In Tranche F, this source rock is generally not
buried deep enough to have expelled any substantial quantities of
hydrocarbons. The problem remains that no reservoir rocks are known to be
present in the area around the deeper parts of the basin to trap this oil.
The results of the Robertson study were presented to the British Geological
Survey and the Falkland Island Government in March 2000. Sodra has one
commitment well outstanding which must be completed by October 2001 provided
a drillable prospect can be identified. A discussion is ongoing with the
Falkland Island Government with regards to Sodra's remaining obligations.
Sodra continues to evaluate the Falkland concession as well as other business
opportunities
SHARE DATA AND OWNERSHIP
The total number of shares in Sodra amount to 81,012,976 divided into two
classes of shares, ordinary shares and convertible shares. There are
40,506,500 ordinary shares outstanding and 40,506,476 convertible shares
outstanding. The convertible shares can be exchanged for shares in the parent
company Lundin Oil AB (Lundin Oil) according to the ratio 12 convertible
shares of Sodra for one new B share of Lundin Oil at the nominal price of SEK
0.50. The exchange may take place in November 2001. All ordinary shares are
owned by Lundin Oil, corresponding to 50.01% of the share capital.
Sodra's second largest shareholder is its Chairman Adolf H. Lundin holding
10,214,834 convertible shares, corresponding to approximately12.6% of the
share capital.
BOARD OF DIRECTORS
At the Annual General meeting on 3 May 2000 all serving directors were
re-elected.
GROUP KEY FINANCIAL RATIOS
1 Jan 2000- 1 Jan 1999- 1 Jan 1999-
31 Mar 2000 31 Mar 1999 31 Dec 1999
Key Financial Ratios
Equity ratio , %1 96.9 87.7 95.59
Shareholders' equity SEK per
share2 1.48 1.36 1.44
Earnings SEK per share3 0.01 0.00 0.05
Number of shares at the period
end 81,012,976 81,012,976 81,012,976
Definitions
1. Equity ratio is defined as the Group's shareholders' equity in relation
to total assets.
2. Shareholders' equity SEK per share is defined as the Group's
shareholders' equity divided by the number of shares at the period end.
3. Earnings SEK per share 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 2000- 1 Jan 1999- 1 Jan 1999-
Expressed in TSEK 31 Mar 2000 31 Mar 1999 31 Dec 1999
Administration expenses (1,121) (917) (4,557)
-------------------------------------
Operating loss (1,121) (917) (4,557)
Financial income and expenses, net 2,211 928 8,611
-------------------------------------
Net result 1,090 11 4,054
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK 31 Mar 2000 31 Mar 1999 31 Dec 1999
ASSETS
Tangible fixed assets
Oil and gas properties 18,053 19,166 19,725
--------------------------------------
18,053 19,166 19,725
Current Assets
Loans to associated companies 93,842 97,274 92,185
Other current assets 2,598 1,402 2,379
Cash and bank 9,270 7,383 7,946
--------------------------------------
Total current assets 105,710 106,059 102,510
--------------------------------------
Total assets 123,763 125,225 122,235
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity including net 119,927 109,798 116,848
result for the financial period
Current liabilities 3,836 15,427 5,387
--------------------------------------
Total shareholders' equity and
liabilities 123,763 125,225 122,235
Contingent liabilities 250 - 261
GROUP STATEMENTS OF CASH FLOWS
1 Jan 2000- 1 Jan 1999- 1 Jan 1999-
Expressed in TSEK 31 Mar 2000 31 Mar 1999 31 Dec 1999
Cash flow from operations:
Net result 1,090 11 4,054
Change in working capital (5,307) (23,936) (36,473)
--------------------------------------
Total cash flow from operations (4,217) (23,925) (32,419)
Cash flow used for investments:
Investment in oil and gas
expenditure 2,017 (18,475) (19,505)
Change in loan to associated
company 3,432 (18,990) (10,725)
------------------------------------
Total cash flow used for
investments 5,449 (37,465) (30,230)
Change in cash at bank and in
hand 1,232 (61,390) (62,649)
------------------------------------
Cash and bank at beginning of
the year 7,946 68,916 68,916
Currency exchange difference
in cash and bank 92 (143) 1,679
Cash and bank at end of the
period 9,270 7,383 7,946
PARENT COMPANY INCOME STATEMENT IN SUMMARY
1 Jan 2000- 1 Jan 1999- 1 Jan 1999-
Expressed in TSEK 31 Mar 2000 31 Mar 1999 31 Dec 1999
Service income (34) 687 2,847
Administration expenses (1,042) (733) (4,122)
--------------------------------------
Operating loss (1,076) (46) (1,275)
Financial income and expenses, net (14) 1 (49)
-------------------------------------
Net result (1,090) (45) (1,324)
PARENT COMPANY STATEMENTS OF CASH FLOWS
1 Jan 2000- 1 Jan 1999- 1 Jan 1999-
Expressed in TSEK 31 Mar 2000 31 Mar 1999 31 Dec 1999
Cash flow from operations:
Net result (1,090) (45) (1,324)
Change in working capital (412) (28,710) (30,777)
-------------------------------------
Total cash flow from operations (1,502) (28,755) (32,101)
Change in cash at bank and in
hand (1,502) (28,755) (32,101)
-------------------------------------
Cash and bank at beginning of
the year 1,749 33,850 33,850
Cash and bank at end of the
period 247 5,095 1,749
Stockholm, 25 May 2000
Magnus Nordin
Managing Director
For further information, please contact:
Magnus Nordin
Tel: +46 8 440 5450
Simon Rothschild / Judith Parry
Millham Communications
Tel: 020 7256 5756
This report has not been subject to audit by the Company's auditors.
END
QRFDGGZKLKRGGZG
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
