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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Spg Media | LSE:SPM | London | Ordinary Share | GB0008462714 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 12.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
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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