RNS Number:3351D
Sodra Petroleum AB
9 May 2001
9 May 2001
Sodra Petroleum AB (publ)
Report for the period
1 January 2001 - 31 March 2001
RESULT AND CASH FLOW
The Group
Sodra Petroleum AB (Sodra) reports a group net profit for the three months
ended 31 March 2001 of TSEK 1,018 (period to 31 March 2000: TSEK 1,090)
corresponding to SEK 0.01 (SEK 0.01) per share.
Sodra incurred administration expenses of TSEK 101 during the period (TSEK
1,121).
Net financial income and expenses were TSEK 1,119 (TSEK 2,211). Included was
interest received of TSEK 1,396 (TSEK 2,237) and net currency exchange loss of
TSEK 277 (loss of TSEK 26). Currency exchange movements arose primarily as a
result of translating loans payable from USD to SEK.
Parent Company
The parent company reported a net profit for the period ended 31 March 2001 of
TSEK 427 (loss for the period of TSEK 1,090). The profit was the result of
service income of TSEK 815 (TSEK -34), net financial income of TSEK -298 (TSEK
-14) and administration costs of TSEK 90 (TSEK 1,042).
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 2001 amounted to TSEK 106,956 (TSEK 9,270). Sodra
has entered into a revised loan agreement with its parent company Lundin Oil
AB (Lundin Oil) under which Lundin Oil can borrow up to USD 9 million. The
loan is callable with a two week notice period. Under the terms of the loan
agreement Lundin Oil is prohibited from entering into any unsecured interest
bearing loan or debt facility whilst this loan facility is outstanding. Under
the loan agreement no monies are currently outstanding.
Parent Company
Liquid assets at 31 March 2001 amounted to TSEK 169 (TSEK 247).
INVESTMENTS
The Group
During the period, investment in oil and gas assets has been made to an amount
of TSEK 11,321 (TSEK -2,018).
Parent Company
Shares in subsidiaries at 31 March 2001 amounted to TSEK 106,013 (TSEK
106,013).
OPERATIONS
Sodra holds an 87.5% interest in six exploration and production licenses
covering an area known as Tranche F in Falkland Island territorial waters. The
remaining 12.5% interest in these licenses is held by Sodra's joint venture
partner Desire Petroleum plc, a company quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange. Sodra is the operator of Tranche F
which is held through Sodra's Dutch subsidiary Sodra Petroleum BV.
As a result of Sodra's ongoing technical evaluation of Tranche F and the
results of the Robertson Research study the Company concluded further drilling
on Tranche F could not be justified at this time. It was agreed between Sodra
and the Falkland Islands Government to exchange the remaining work obligation
on Tranche F, consisting of one exploration well, into the acquisition at
2,000 km of seismic. The acquisition of the seismic was completed in January
2001 and processing commenced at the beginning of February and finished in the
second half of April. Final products are currently being prepared and
interpretation of the infill data will start in May. This fulfills the work
commitment for phase one of the licence.
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. Subject to
the approval of the Sodra and Lundin Oil shareholders at the Annual General
meetings of the companies the convertible shares will also be exchangeable for
shares in Lundin at the ratio of 11 convertible shares of Sodra for one new B
share of Lundin at the nominal price of SEK 0.50. The conversion period for
this exchange, if approved, would be between 21 May and 14 June 2001.
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 all the directors were re-elected.
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with the Swedish Financial
Accounting Standards Council's recommendation RR 20 Interim Financial
Reporting.
GROUP KEY FINANCIAL RATIOS
1 Jan 2001 1 Jan 2000 1 Jan 2000
- 31 Mar 2001 - 31 Mar 2000 - 31 Dec 2000
Key Financial Ratios
Equity ratio %1 95.25 96.9 91.94
Shareholders' equity SEK per share2 1.40 1.48 1.27
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
Expressed in TSEK 1 Jan 2001 1 Jan 2000 1 Jan 2000
- 31 Mar - 31 Mar - 31 Dec
2001 2000 2000
Write-off of oil and gas exploration - - (27,730)
expenditure
Administration expenses (101) (1,121) (4,724)
Operating loss (101) (1,121) (32,454)
Financial income and expenses, net 1,119 2,211 5,309
Net result 1,018 1,090 (27.145)
Earnings SEK per share1 0.01 0.01 (0.34)
1 See Key financial ratios for number of
shares and definition
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK 31 Mar 31 Mar 31 Dec
2001 2000 2000
ASSETS
Tangible fixed assets
Oil and gas properties 12,070 18,053 -
12,070 18,053 -
Current Assets
Loans to associated companies 13 93,842 -
Other current assets 331 2,598 790
Cash and bank 106,956 9,270 110,962
Total current assets 107,300 105,710 111,752
Total assets 119,370 123,763 111,752
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity including net result for the
financial period 113,701 119,927 102,747
Current liabilities 5,669 3,836 9,005
Total shareholders' equity and liabilities 119,370 123,763 111,752
Contingent liabilities None 250 None
STATEMENT OF CHANGES IN GROUP EQUITY
Shareholders' equity comprises: Share Restricted Retained Net
2001 Capital reserves earnings result
Balance at 1 January 4,050 135,534 (9,692) (27,145)
Transfer of prior year net result - - (27,145) 27,145
Currency translation difference - 11,310 (1,374) -
Net result - - - 1,018
Balance at 31 March 4,050 146,844 (38,211) 1,018
GROUP STATEMENTS OF CASH FLOWS
Expressed in TSEK 1 Jan 2001 1 Jan 2000 1 Jan 2000
- 31 Mar - 31 Mar - 31 Dec
2001 2000 2000
Cash flow from operations:
Net result 1,018 1,090 (27,145)
Write-off of oil and gas exploration
expenditure - - 27,730
Change in working capital (3,086) (5,307) 5,002
Total cash flow from operations (2,068) (4,217) 5,587
Cash flow used for investments:
Investment in oil and gas expenditure (11,321) 2,017 (6,523)
Change in loan to associated company 286 3,432 99,251
Total cash flow used for investments (11,035) 5,449 92,728
Change in cash at bank and in hand (13,103) 1,232 98,315
Cash and bank at beginning of the year 110,962 7,946 7,946
Currency exchange difference in cash and
bank 9,097 92 4,701
Cash and bank at end of the period 106,956 9,270 110,962
PARENT COMPANY INCOME STATEMENT IN SUMMARY
1 Jan 2001 1 Jan 2000 1 Jan 2000
Expressed in TSEK - 31 Mar 2001 - 31 Mar 2000 - 31 Dec 2000
Service income 815 (34) 322
Administration expenses (90) (1,042) (4,577)
Operating profit / loss 725 (1,076) (4,255)
Financial income and expenses, net (298) (14) (2,302)
Net result 427 (1,090) (6,557)
PARENT COMPANY STATEMENTS OF CASH FLOWS
Expressed in TSEK 1 Jan 2001 1 Jan 2000 1 Jan 2000
- 31 Mar 2001 - 31 Mar 2000 - 31 Dec 2000
Cash flow from operations:
Net result 427 (1,090) (6,557)
Change in working capital (437) (412) 4,987
Total cash flow from operations (10) (1,502) (1,570)
Change in cash at bank and in hand (10) (1,502) (1,570)
Cash and bank at beginning of the 179 1,749 1,749
year
Cash and bank at end of the period 169 247 179
STATEMENT OF CHANGES IN PARENT COMPANY EQUITY
Expressed in TSEK Share Share premium Net
Capital reserve result
2001
Balance at 1 January 4,050 101,223 (6,557)
Transfer of prior year net result - (6,557) 6,557
Net result - - 427
Balance at 31 March 4,050 94,666 427
FINANCIAL INFORMATION
The Company will publish the following interim reports:
* Half year report (January - June 2001) will be published on 8 August
2001.
* Nine months report (January - September 2001) will be published on 7
November 2001.
Stockholm 9 May 2001
Mr Ian Lundin
Managing Director
For additional information, please contact:
Ian H. Lundin, telephone: +41 22 319 66 00
Maria Hamilton, telephone +41 22 319 66 00
This report has not been subject to review by the auditors of the company.
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