SUMMARY
· Group revenue for the third quarter totalled SEK 525 million (494)
· EBITDA for the quarter was SEK 292 million (295).
· Profit before tax for the third quarter was SEK 64 million (16) before
impairment
charges and SEK -1,431 million (16) after impairment charges.
· The Board of Directors has decided to strengthen the Company’s equity by
SEK 1.7 billion by offering convertible bondholders an early conversion to new
shares and a fully underwritten rights issue of approx. SEK 700 million.
· The Company has conducted its annual testing of asset values, which has
resulted
in a need to recognise impairment of SEK 1,495 million, mainly as a result of
the
Azurite field's performance and in addition, the relinquishment of the Marine
XIV
licence in the Republic of Congo.
FINANCIAL KEY RATIOS
Q3 Q3 Jan. Jan.-Sept. 2011 Jan.-Dec. 2011
2012 2011 -Sept.
2012
Revenue (SEK 525 494 1,717 1,619 2,154
million)
EBITDA (SEK 292 295 990 989 1,295
million)
EBITDA margin 55.7% 59.8% 57.6% 61.1% 60.1%
Operating profit 152 101 513 387 508
(SEK million) *
Operating margin * 28.9% 20.5% 29.9% 23.9% 23.6%
Profit before tax 64 16 107 147 158
(SEK million) *
Earnings per share -2.17 -0.18 -2.55 -0.36 -3.27
after dilution
(SEK)
* The figures for the third quarter and nine-month period 2012 are exclusive of
non-cash, one-off costs in the form of impairment charges of SEK 1,495
respectively SEK 1,585 million before tax and SEK 1,370 respectively SEK 1,460
million after tax. 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 Interim Report, see attached file.
Stockholm, 7 November, 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 1at 10
a.m. (CET) via a webcast conference call. To participate via webcast, use the
following link:
http://storm.zoomvisionmamato.com/player/paresources/objects/hdzab5y0/
To participate via phone, please call:
Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
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 08.15 CET on 7 November, 2012.
