RNS Number:2196I
Sodra Petroleum AB
8 August 2001
Sodra Petroleum AB (publ)
Report for the period
1 January 2001 - 30 June 2001
Lundin Oil AB increases its shareholding in Sodra Petroleum AB
Sodra Petroleum ABs main shareholder, Lundin Oil AB increased its ownership
of the Company from 51% to 95.4% as a result of the conversion of Sodra
Petroleum shares into Lundin Oil shares by Sodra Petroleum shareholders.
Lundin Oil has commenced compulsory acquisition of the remaining shares in
accordance with the Swedish Companies Act.
For additional information, please contact:
Ian H. Lundin,
Managing Director
Telephone: +41 22 319 66 00
or
Maria Hamilton,
Corporate Communications, Lundin Oil
Telephone +46 8 440 54 50
Please visit theour website: www.lundinoil.com
RESULT AND CASH FLOW
The Group
Sodra Petroleum AB (Sodra) reports a group net loss for the six months ended
30 June 2001 of TSEK 11,589 (net profit for the period to 30 June 2000 of
TSEK 2,415) corresponding to SEK -0.14 (SEK 0.03) per share.
Sodra incurred administration expenses of TSEK 1,534 during the period (TSEK
2,174).
Net financial income and expenses were TSEK 2,179 (TSEK 4,589). Included was
interest received of TSEK 2,423 (TSEK 4,651) and net currency exchange loss
of TSEK 245 (loss of TSEK 62). Currency exchange movements arose primarily as
a result of translating loans payable from USD to SEK.
Parent Company
The parent company reported a net loss for the period ended 30 June 2001 of
TSEK 1,208 (net loss for the period to 30 June 2000 of TSEK 2,003). The loss
was the result of service income of TSEK 784 (TSEK 128) offsetby net
financial expenses of TSEK 496 (TSEK 79) and administration costs of TSEK
1,496 (TSEK 2,052).
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 owned principally by Lundin Oil AB.
FINANCING AND LIQUIDITY
The Group
Liquid assets at 30 June 2001 amounted to TSEK 559 (TSEK 7,257).
Sodra has entered into a revised loan agreement with its parent company
Lundin Oil AB (Lundin Oil). 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 TSEK 112,335 is
currently outstanding.
Parent Company
Liquid assets at 30 June 2001 amounted to TSEK 108 (TSEK 1,112).
INVESTMENTS
The Group
During the period, investment in oil and gas assets has been written off for
an amount of TSEK 12,233 (TSEK 0).
Parent Company
Shares in subsidiaries at 30 June 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. The interpretation of the
infill data has been completed. This fulfills the work commitment for phase
one of the licence.The government of the Falklands Islands has been given
notice of non-renewal of the licence at expiry of phase one. Sodra will
therefore officially withdraw from the Falklands Islands by November 2001.
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 can take place in November 2001. Sodra and Lundin Oil
shareholders at the Annual General meetings of the companies approved an
amendment to the convertible shares allowing the convertible shares to 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 was between 21 May and 14 June 2001.
36,767,511 convertible shares in Sodra Petroleum were submitted for
conversion and 34,195 shares were submitted for sale at SEK 2.00 per share.
As a result of the conversion, Lundin Oil AB owns 95.4% of Sodra. Lundin Oil
AB has commenced the process of compulsory acquisition of the convertible
shares it currently does not own. The Company is in the process of dealing
with the formalities of delisting from AIM and will advise details to
shareholders in due course.
BOARD OF DIRECTORS
At the Annual General meeting all the directors were re-elected with the
exception of Magnus Nordin who declined re-election and resigned from the
Board.
ACCOUNTING PRINCIPLES
This interim report has been prepared using the accounting principles applied
to the Financial Statements for the year ended 31 December 2000 and 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
30 Jun 2001 30 Jun 2000 31 Dec 2000
Key Financial Ratios
Equity ratio , %1 94.03 98.1 91.94
Shareholders' equity SEK per 1.31 1.52 1.27
share2
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 1 Apr 1 Jan 1 Apr 1 Jan
2001- 2001- 2000- 2000- 2000-
30 Jun 2001 30 Jun 30 Jun 30 Jun 31 Dec
6 months 2001 2000 2000 2000
3 months 6 months 3 months 12 months
Write-off of oil (12,233) (12,233) - - (27,730)
and gas
exploration
expenditure
Administration (1,534) (1,433) (2,174) (1,053) (4,724)
expenses
Operating loss (13,767) (13,666) (2,174) (1,053) (32,454)
Financial income 2,179 1,060 4,589 2,378 5,309
and expenses, net
Net result (11,588) (12,606) 2,415 1,325 (27,145)
Earnings SEK per (0.14) (0.16) 0.03 0.02 (0.34)
share1
1 See Key
financial ratios
for number of
shares and
definition
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK 30 Jun 2001 30 Jun 2000 31 Dec 2000
ASSETS
Tangible fixed assets
Oil and gas properties - 18,951 -
- 18,951 -
Current Assets
Loans to associated companies 112,335 96,500 -
Other current assets 330 2,928 790
Cash and bank 559 7,257 110,962
Total current assets 113,224 106,685 111,752
Total assets 113,224 125,636 111,752
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity including 106,463 123,228 102,747
net result for the financial
period
Current liabilities 6,761 2,408 9,005
Total shareholders' equity and 113,224 125,636 111,752
liabilities
Pledged assets None None None
Contingent liabilities None None None
STATEMENT OF CHANGES IN GROUP EQUITY
Shareholders' equity Share Restricted Retained Net
comprises:
2001 Capital reserves earnings result
Balance at 1 January 4,050 135,534 (9,692) (27,145)
Transfer of prior - - (27,145) 27,145
year net result
Currency translation - 54,812 (39,507) -
difference
Net result - - - (11,589)
Balance at 30 June 4,050 190,346 (76,344) (11,589)
GROUP STATEMENTS OF CASH FLOWS
Expressed in 1 Jan 2001 1 Apr 2001- 1 Jan 1 Apr 1 Jan
TSEK 30 June 2001 30 Jun 2001 2000- 2000- 2000-
3 months 30 Jun 30 Jun 31 Dec
2000 2000 2000
6 months 3 months 12 months
Cash flow from
operations:
Net result (11,588) (12,606) 2,415 1,325 (27,145)
Write-off of 12,233 12,233 - - 27,730
oil and gas
exploration
expenditure
Change in (2,158) 928 (5,935) (628) 5,002
working capital
Total cash (1,514) 555 (3,520) 697 5,587
flow from
operations
Cash flow used
for
investments:
Investment in (12,233) (912) 1,436 (581) (6,523)
oil and gas
expenditure
Change in loan (103,780) (104,066) 1,187 (2,245) 99,251
to associated
company
Total cash (116,013) (104,978) 2,623 (2,826) 92,728
flow used for
investments
Change in cash (117,526) (104,423) (897) (2,129) 98,315
at bank and in
hand
Cash and bank 110,962 106,956 7,946 9,270 7,946
at beginning
of the period
Currency 7,123 (1,974) 208 116 4,701
exchange
difference in
cash and bank
Cash and bank 559 559 7,257 7,257 110,962
at end of the
period
PARENT COMPANY INCOME STATEMENT IN SUMMARY
Expressed in TSEK 1 Jan 2001 1 Apr 1 Jan 1 Apr 1 Jan
31 June 2001- 2000- 2000- 2000-
2001 30 Jun 30 Jun 30 Jun 31 Dec
2001 2000 2000 2000
3 months 6 months 3 months 12 months
Service income 784 (31) 128 162 322
Administration (1,496) (1,406) (2,052) (1,010) (4,577)
expenses
Operating loss (712) (1,437) (1,924) (848) (4,255)
Financial income (496) (198) (79) (65) (2,302)
and expenses, net
Net result (1,208) (1,635) (2,003) (915) (6,557)
PARENT COMPANY STATEMENTS OF CASH FLOWS
Expressed in 1 Jan2001 1 Apr 1 Jan 1 Apr 1 Jan
TSEK 31 June 2001 2001- 2000- 2000- 2000-
30 Jun 30 Jun 30 Jun 31 Dec
2001 2000 2000 2000
3 months 6 months 3 months 12
months
Cash flow from
operations:
Net result (1,208) (1,635) (2,003) (913) (6,557)
Change in working 1,137 1,574 1,366 1,778 4,987
capital
Total cash flow from (71) (61) (637) 865 (1,570)
operations
Change in cash at bank (71) (61) (637) 865 (1,570)
and in hand
Cash and bank at 179 169 1,749 247 1,749
beginning of the period
Cash and bank at end of 108 108 1,112 1,112 179
the period
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 - - (1,208)
Balance at 31 March 4,050 94,666 (1,208)
FINANCIAL INFORMATION
The Company will publish the following interim reports:
Nine months report (January - September 2001) will be published on 7 November
2001.
Stockholm 8 August 2001
Mr Ian Lundin
Managing Director
AUDITORS' REPORT
We have performed a limited review of this six months interim report at 30
June 2001 of Sodra Petroleum AB in accordance with a recommendation issued by
the FAR (The Swedish Institute of Accountancy Profession in Sweden). This
limited review is considerably less in scope than a full audit. Nothing has
come to our attention that caused us to believe that this six months interim
report at 30 June 2001 of Sodra Petroleum AB does not comply with the
requirements of the Swedish Annual Accounts Act.
Stockholm, 8 August 2001
Carl-Eric Bohlin Klas Brand
Authorised Public Accountant Authorised Public Accountant
PricewaterhouseCoopers AB
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