FULL YEAR
· Group revenue totalled SEK 603 million (1,049)
· EBITDA was SEK -480 million (-494)
· Profit after tax was SEK -2,957 million (-1,219)
· Earnings per share were SEK -26.13 (-21.54)
· The Board of Directors proposes to the Annual General Meeting that no
dividend be paid for the 2014 financial year.
FOURTH QUARTER
· Group revenue totalled SEK 88 million (193)
· EBITDA was SEK -808 million (74)
· Profit after tax was SEK -2,745 million (-402)
· Earnings per share were SEK -24.26 (-3.55)
+-----------------------------+
|KEY EVENTS DURING THE QUARTER|
+-----------------------------+
· Impairment charges resulted in a net effect of SEK -1,820 million recorded
in profit for the period. The corresponding amount in equity was SEK -2,073
million.
· Agreement to divest PA Resources’ 30 percent interest in Netherlands
offshore Blocks Q7 and Q10a to Tulip Oil.
· PA Resources awarded 25 percent of Blocks 22/18c and 22/19d in UK 28th Round
containing the large Ekland prospect.
· The farm out agreement for the transfer of 70 percent interest in each of
the Didon field and the Zarat Permit to EnQuest has been terminated. PA
Resources accounts for the termination as a one-off item in the fourth quarter,
with a total net profit impact of SEK -826 million.
SUBSEQUENT EVENTS
· Lenders agreed to defer the interest payments due in February 2015 to 31
March 2015.
· Successful Lille John appraisal well and sidetrack.
· PA Resources awarded 33 percent in Block 21/24b in UK 28th Round containing
the West Teal discovery.
· PA Resources postponed release of the annual report until 29 April 2015 and
the AGM as well as publication of the Q1 report until 29 May 2015.
· PA Resources AB’s board of directors has resolved to convene an
extraordinary general meeting of shareholders to be held Friday 27 February 2015
to determine whether or not the company should go into liquidation
FINANCIAL KEY RATIOS
Oct-Dec Jan-Dec
2014 2013 2014 2013
Average production, barrels/day 2,900 3,600 3,100 5,000
Revenue, SEK million 88 193 603 1,049
EBITDA, SEK million -808 74 -480 -494
EBITDA margin, % -914% 38% -80% -47%
Operating profit, SEK million -2,856 -296 -2,667 -1,234
Profit for the period, SEK million -2,745 -402 -2,957 -1,219
Earnings per share after dilution, SEK -24.26 -3.55 -26.13 -21.54
For the complete report, see attached file.
Stockholm, 26 February 2015
PA Resources AB (publ)
For queries, please contact:
Tomas Hedström, CFO
+46 8 545 211 50
Mark McAllister, President and CEO
+46 8 545 211 50
ir@paresources.se
Webcast conference call
PA Resources' results for the fourth quarter of 2014 will be presented on 26
February 2015 at 09 a.m. (CET) via a webcast conference call. To participate,
use the following link:
Link to webcast:
http://edge.media-server.com/m/p/g3ky9ait
To participate via phone, please call:
Sweden: + 46 8 505 564 74
UK: +44 203 364 5374
US: +1 855 753 2230
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, Netherlands and Germany. PA Resources is producing oil in West
Africa and North Africa. The parent company is located in Stockholm, Sweden. PA
Resources’ net sales amounted to SEK 1,049 million in 2013. The share is listed
on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit
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 08:00 am CET on 26 February 2015.
