SUMMARY
· Group revenue amounted to SEK 542 million (542) for the second quarter.
· EBITDA for the quarter was SEK 302 million (335).
· Profit before tax for the second quarter was SEK -23 million (-13),
excluding
a one-off impairment charge of SEK 92 million.
· Operating cash flow for the first half of the year was SEK 600 million
(466).
· During the second quarter, SEK 570 million in interest-bearing debt was
amortised.
· A decision has been made by the licence group for the Azurite field to drill
a sidetrack,
and preparatory work has begun with the start of drilling planned for the fourth
quarter.
· A process has been initiated early in the third quarter to farm out interest
in the Zarat
permit in Tunisia.
FINANCIAL KEY RATIOS
+------------------+-----+-----+--------------+--------------+--------------+
| |Q2 |Q2 |Jan.-June 2012|Jan.-June 2011|Jan.-Dec. 2011|
| |2012 |2011 | | | |
+------------------+-----+-----+--------------+--------------+--------------+
|Revenue (SEK |542 |542 |1,192 |1,125 |2,154 |
|million) | | | | | |
+------------------+-----+-----+--------------+--------------+--------------+
|EBITDA (SEK |302 |335 |697 |694 |1,295 |
|million) | | | | | |
+------------------+-----+-----+--------------+--------------+--------------+
|EBITDA margin |55.7%|61.9%|58.5% |61.7% |60.1% |
+------------------+-----+-----+--------------+--------------+--------------+
|Operating profit |148 |146 |363 |285 |508 |
|(SEK million) * | | | | | |
+------------------+-----+-----+--------------+--------------+--------------+
|Operating margin *|27.4%|26.8%|30.4% |25.4% |23.6% |
+------------------+-----+-----+--------------+--------------+--------------+
|Profit before tax |-23 |-13 |45 |131 |158 |
|(SEK million) * | | | | | |
+------------------+-----+-----+--------------+--------------+--------------+
|Earnings per share|-0.33|-0.26|-0.38 |-0.18 |-3.27 |
|after dilution | | | | | |
|(SEK) | | | | | |
+------------------+-----+-----+--------------+--------------+--------------+
* The figures for the half-year period as well as for the second quarter of 2012
are exclusive of non-cash, one-off costs of SEK 92 million before tax, and the
figures for the full year 2011 are exclusive of non-cash, one-off costs of SEK
2,035 million before tax and SEK 1,758 million after tax.
For the complete Interim Report, see attached file.
Stockholm, 15 August, 2012
PA Resources AB (publ)
For additional information, please contact:
Nicolas Adlercreutz, CFO, PA Resources AB
+46 8 70 587 44 88, ir@paresources.se
Webcast conference call
PA Resources’ results for the second quarter 2012 will be presented on 15 August
at 10 a.m. (CET) via a webcast conference call. To participate via webcast, use
the following link:
http://storm.zoomvisionmamato.com/player/paresources/objects/fpxt5gjn/
To participate via phone, please call:
Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
US: +1 866 458 40 87
An on demand version is available after the presentation on www.paresources.se.
PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the
larger oil producers in Tunisia and is also producing oil in the Republic of
Congo and Equatorial Guinea. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,154 million during 2011. The company
is listed on the NASDAQ OMX Stockholm (segment Mid Cap). For additional
information, see www.paresources.se.
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 07.45 CET on 15 August, 2012.
