FIRST HALF YEAR
· Group revenue totalled SEK 181 million (359)
· EBITDA was SEK 451 million (223)
· Profit after tax was SEK 219 million (-74)
· Earnings per share were SEK 1.94 (-0.66)
SECOND QUARTER
· Group revenue totalled SEK 69 million (181)
· EBITDA was SEK -9 million (106)
· Profit after tax was SEK -69 million (-26)
· Earnings per share were SEK -0.61 (-0.23)
KEY EVENTS DURING THE QUARTER
· Gunvor Group informed PA Resources of its intention not to participate in a
new long-term financing solution.
· Gunvor Group petitioned for bankruptcy in PA Resources AB on 7 April and
recalled the petition on 15 April.
· A creditors meeting was held 15 April and the Stockholm District Court
approved continued reorganisation until 29 June.
· PA Resources postponed the release of the annual report and the AGM until 24
June and 28 July respectively.
· Jérôme Schurink resigned as director and chairman of the board in PA
Resources AB. Philippe Probst was appointed as the acting chairman.
· PA Resources has reached an agreement with its major creditors regarding
funding for 2015.
· PA Resources has filed a petition to extend the corporate reorganisation a
further three months.
SUBSEQUENT EVENTS
· Stockholm District Court has granted PA Resources an extension of the
corporate reorganisation until 28 September 2015.
Financial key ratios
Apr-Jun Jan-Jun Full year
2015 2014 2015 2014 2014
Average production, 1,200 3,200 2,300 3,300 3,100
barrels/day
Revenue, SEK 69 181 181 359 603
million
EBITDA, SEK million -9 106 451 223 -481
EBITDA margin, % -13% 58% 249% 62% -80%
Operating profit, -13 67 414 141 -2,667
SEK million
Profit for the -69 -26 219 -74 -2,957
period, SEK million
Earnings per share -0.61 -0.23 1.94 -0.66 -26.13
after dilution, SEK
FINANCIAL CALENDAR
AGM 2015 28 July 2015
Interim report Q3 (January-September) 28 October 2015
Year-end Report (January-December) 3 February 2016
CONTACT
Queries concerning this report can be directed to:
Tomas Hedström, CFO
+46 8 545 211 50
ir@paresources.se (%20ir@paresources.se)
Mark McAllister, President and CEO
+46 8 545 211 50
ir@paresources.se
DISCLOSURE
The information in this interim report is such that PA Resources AB is required
to disclose pursuant to the Securities Market Act and Financial Instruments
Trading Act. Submitted for publication at 08:00 a.m. (CET) on 17 July 2015.
PA Resources AB (publ) is an international oil and gas group that conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, the Republic of Congo (Brazzaville), the United Kingdom,
Denmark, the Netherlands and Germany. PA Resources produces oil in Tunisia. The
parent company is located in Stockholm, Sweden. PA Resources’ shares are listed
on NASDAQ in Stockholm, Sweden. For further information, please visit
www.paresources.se.
