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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:2912I Sodra Petroleum AB 9 August 2001 Sodra Petroleum AB announces that it's parent company Lundin Oil AB (Lundin) has today issued the following: Report for the Six Months ended 30 June 2001 BOARD RECOMMENDS ACCEPTANCE OF TALISMAN OFFER * Talisman offers SEK 36.50 per share for Lundin Oil AB * Talisman offer expires on 17 August, 2001 * Sudan assets to be spun off into new company * Profit after tax MSEK 100.8 (SEK 0.98 per share) * Operating cashflow MSEK 302.5 * Major oil discoveries in Malaysia/Vietnam Lundin Oil AB is a Swedish independent oil company with exploration and production activities in eight different countries worldwide. The Company is listed on NASDAQ (symbol "LOILY") and the Stockholm Stock Exchange (symbol "LOILB"). For further information, please contact: Ian H Lundin President Tel: +41 22 319 66 00 or Ashley Heppenstall Finance Director Tel:+ 41 22 319 66 00 or Maria Hamilton Corporate Communications Tel:+ 41 22 319 66 00 Visit our website: www.lundinoil.com Letter to shareholders Dear fellow shareholders, Board recommends Talisman offer Review of Operations During the six months ended June 30, 2001 the Company made a profit after tax of MSEK 100.8 (MUSD 9.9), which corresponds to a 21% drop from the same period last year. Average working interest production for the period was 13,632 boepd and average realised oil price was USD 26.21 per barrel, which correspond to a 7% decrease and a 7% increase, respectively, over the same period in the previous year. The lower profit figure is partially due to the write-off of the exploration costs related to Falkland Islands and partially due to the deferred tax benefit recorded in the first six months of 2000. The lower production figure is due to the natural decline observed in the UK North Sea. On the drilling front, the East Bunga Raya-1 exploration well on Block PM3CAA offshore Malaysia/Vietnam flowed at 5,500 bopd confirming the presence of a new oil and gas accumulation on this highly prospective Block. In Sudan the Company drilled another exploration well on Block 5A after successfully testing the Thar Jath-1 well at a combined rate of 4,260 bopd from four zones. The second exploration well encountered sub-commercial quantities of oil. The drilling rig was then moved back to Thar Jath where it successfully drilled and tested the first appraisal well on the oil-bearing structure. This well flowed at a combined rate of over 2,000 bopd from two zones. The Company is currently evaluating the best manner in which to proceed with the development of this significant find. Up to 100,000 bopd is reserved for the third party users in the 1600-km pipeline connecting the nearby oil fields in Blocks 1 and 2 with Port Sudan on the Red Sea Coast. In April 2001, the Company signed a new Exploration and Production Sharing Contract covering Block 5B (immediately adjacent to Block 5A). The consortium, which consists of Petronas Carigali Overseas SDN BHD, OMV AG, Sudapet Ltd and Lundin Oil now control the entire southern half of the highly prolific Muglad Basin. In Albania, the Company withdrew from Block 2 after a deep well, (drilled on the Block) failed to encounter commercial quantities of hydrocarbons. Finally, on the corporate front, the Company increased its shareholding in Sodra Petroleum AB from 50.01% to 95.4% as a result of the conversion of Sodra shares into Lundin Oil shares by the Sodra shareholders. On 17 July 2001 the Company has commenced compulsory acquisition of the remaining shares in accordance with the Swedish Companies Act. The Talisman Offer June 20, 2001 was an historic day in the life of Lundin Oil AB. On that day, the Board of the Company considered and approved an offer from Talisman Energy AB to purchase all the outstanding shares in Lundin Oil for SEK 36.50 in cash. In addition to the cash offer, the Lundin Oil shareholders will receive one share in Lundin Petroleum AB for each share held in Lundin Oil. It is expected that the shares of Lundin Petroleum will start trading on the New Market in Stockholm during September 2001. Lundin Petroleum AB will inherit from Lundin Oil the assets in Sudan, an approximate 10% investment in a US Company with large oil reserves in the Russian Federation and approximately US$ 6.5 million in cash. The core management team of Lundin Oil and the Board of Directors will remain in place to manage Lundin Petroleum giving the new Company the full benefit of the experience and expertise acquired by Lundin Oil over the years. The prospects for Lundin Petroleum are indeed exciting: * In Sudan there is a major discovery known as Thar Jath on Block 5A. We are together with our partners and the Government of Sudan committed to the fast track development of the Thar Jath field through the installation of a pipeline connecting Thar Jath to the main trunk line that goes to Port Sudan. * The remaining prospectivity of Block 5A and Block 5B is significant. The potential of these two Blocks (which cover most of the Southern Half of the Muglad Basin) is similar to the northern half of the Basin where approximately 1 billion barrels of oil have been discovered to date. * As part of the transaction, Lundin Petroleum will also inherit certain rights, which may result in the acquisition of other highly prospective blocks in the Middle East and North Africa. * The new Company will have the management resources to build Lundin Petroleum into a force in the oil business. We are all fully committed to achieve this objective. After spending the better part of two decades building an oil company with a strong asset base in different parts of the world, the shareholders now have the opportunity to realize part of their investment while maintaining an interest in a new company with enormous potential. The Future Demand for oil keeps growing (although the growth rate has shown some signs of slowing down recently) and new oil fields are becoming very difficult to find, especially in so-called "politically stable areas". This is why we believe that a small oil company (such as Lundin Petroleum AB) with exposure to large discoveries (wherever they may be) has the opportunity to realise enormous value over the next few years. The reason for this is that major oil companies, as well as large independents, are finding it more and more difficult to replace their reserves let alone actually add to them through exploration. Therefore, they have no choice but to acquire these reserves in the market. Having said that our objective is not simply to find oil so we can turn around and sell it to the best bidder. We are aiming to recreate the success of Lundin Oil through a new vehicle by focusing on a few selected areas with large reserves potential. Finally, we will inherit the Code of Conduct (adopted by Lundin Oil recently) and will continue to ensure that wherever we invest the local population will see direct benefits in terms of community development and job creation. I sincerely hope that you will join us on our next journey in the quest to meet the world's energy requirements. Yours sincerely, Ian H Lundin President RESULT AND CASH FLOW The Group The Lundin Oil AB Group (Lundin Oil or the Group) reports a profit after tax for the six months ended 30 June 2001 of MSEK 100.8 (MSEK 128.2 for the corresponding period during 2000) corresponding to SEK 0.98 per share (1.47 SEK per share). The six months result has been adversely affected by the write-off of the explorationexpenditure in the Falkland Islands whilst the result for the corresponding period of 2000 benefited from a reversal of deferred tax charge. Operating cash flow for the six months ended 30 June 2001 was MSEK 302.5 (MSEK 293.6) corresponding to 2.94 SEK per share (3.36 SEK per share). The operating cash flow for the first six months is at the same level as for the same period in the prior year. Lundin Oil received an average price on its crude oil sales of USD 26.21 (USD 24.35) per barrel for the six months after the effects of the oil price hedge during 2001. The average price received for crude oil sales for the six months without the effects of the hedge was USD 26.16 (USD 28.29). The average price achieved for the year ended 31 December 2000 after the effects of the oil price hedge was USD 24.35. Oil and gas related income for the six months ended 30 June 2001 amounted to MSEK 592.7(MSEK 465.6) and relates to Lundin Oil's assets in the UK North Sea and Malaysia which generated operating income of MSEK 351.7 (MSEK 327.7) and MSEK 232.7 (MSEK 135.3), respectively. Production cost in the first six months ended 30 June 2001 was MSEK 211.8 (MSEK 106.1). The increase in production costs is primarily related to stock movements of MSEK 53.4, an amount of MSEK 11.1 for non-recurring well work-over cost in Malaysia and higher FPSO costs in Malaysia compared to the previous period. The benefit from the well work-over costs has been increased production in this and subsequent quarters. The depletion charge on oil and gas assets for the six months ended 30 June 2001 was MSEK 134.4 (MSEK 129.1). Administration expenses were MSEK 45.9 (MSEK 28.2) for the six months ended 30 June 2001. The increase was partially due to costs incurred with the Talisman bid process. Within the transaction agreement between Talisman and Lundin Oil it has been agreed that an amount of MUSD 8.5 will be paid by Lundin Oil for the payment of assignment fees, reorganisation costs and severance and bonus payments to the management and employees of Lundin Oil, of which payments of MUSD 1.0 have been included within the half year results. Net financial income and expenses for the six months ended 30 June 2001 were MSEK -8.0 (MSEK -11.4). Included within the six months ended 30 June 2001 was interest income of MSEK 8.3 (MSEK 10.8) offset by interest expenses of MSEK 19.2 (MSEK 20.3) arising from bank debt. Tax for the six months ended 30 June 2001 was MSEK 94.3 (MSEK 65.5). The current corporation tax charge for the six months ended 30 June 2001 was MSEK 64.5 (MSEK 45.8) and current Petroleum Revenue Tax, PRT, was MSEK 13.9 (MSEK 20.2). The increase in current tax charges was due to the tax charge incurred in Malaysia following the full utilisation of tax losses carried forward during 2000. The deferred corporation tax charge for the six months ended 30 June 2001 was MSEK 11.7 (tax benefit of MSEK 7.9) relating primarily to the Malaysian operation. The deferred corporation tax benefit for 2000 is the reversal of a deferred tax provision in the UK following the reorganisation of the UK Group. Parent Company The net profit for the parent company for the six months ended 30 June 2001 amounted to MSEK 29.2 (net loss of MSEK 9.7). The profit resulted mainly from the receipt of a dividend from the Lundin UK Group of MSEK 42.9. Administration charges of MSEK 16.1 (MSEK 8.2) and interest expense of MSEK 9.6 (MSEK 10.2) were offset by a foreign exchange gain of MSEK 10.6 (MSEK 4.2). PRODUCTION Production for the six months ended 30 June 2001 on a working interest basis amounted to 2,467,562 (2,644,738) barrels of oil equivalents of which 2,155,351 (2,309,073) were barrels of oil. This corresponds to a production of 13,633 (14,531) barrels of oil equivalents per day (boepd) for the six months ended 30 June 2001 including production from the UK North Sea and Malaysia of 7,404 (8,696) boepd and 6,229 (5,835) boepd, respectively. Production allocated for the six months ended 30 June 2001 from Malaysia on an entitlement basis after government share amounted to 773,247 (732,830) barrels or 4,272 (4,026) bopd. FINANCING AND LIQUIDITY The Group Liquid assets at 30 June 2001 amounted to MSEK 344.2 (MSEK 344.7). Parent Company Liquid assets at 30 June 2001 amounted to MSEK 20.6 (MSEK 57.0). INVESTMENTS During the six months ended 30 June 2001, investments in oil and gas assets have been made in an amount of MSEK 359.8 (MSEK 149.2). These primarily relate to ongoing exploration costs in Libya of MSEK 15.2, Sudan of MSEK 94.2 and Albania of MSEK 21.9, and development costs in Malaysia of MSEK 129.4 and Libya of MSEK 37.9. FINANCIAL INSTRUMENTS The Group entered into interest rate hedging contracts to tie the LIBOR based floating rate for part of the Group's USD borrowings to a fixed rate of interest for a period of three years expiring December 2001. The contracts are in the amount of USD 50.0 million with an interest rate fixed at 5.87%. The Group had bought a put option set at USD 19.00 for Dated Brent in respect of 5,000 bopd for the calendar year 2001. The put option was sold in April 2001. The Group entered into forward oil price sales that are tied to forecast production from the UK and Malaysia/Vietnam. From 1 January 2001 to 31 December 2001, 2,750 bopd of production have been fixed at a West Texas Intermediate price of USD 28.55 per barrel and from 1 April 2001 to 31 December 2001, 2,500 bopd of production have been fixed at an average Dated Brent price of USD 26.505 per barrel. Lundin Oil AB has entered into a share swap agreement with Skandinaviska Enskilda Banken AB (SEB) under which SEB has purchased 2.3 million Lundin Oil AB B shares to hedge Lundin Oil AB's obligation under the 1999 and 2000 employee stock option programs. In the event that the Lundin Oil share price falls below the purchase price at which the shares were acquired by SEB, Lundin Oil will be responsible for any financial exposures resulting there from. In the event that employees exercise under these programs, it is expected that SEB will deliver shares purchased under this swap agreement. As a result, if such options are exercised, Lundin Oil will not need to issue new shares for which the Company has existing shareholder approval. Lundin Oil AB entered into a second share swap agreement with SEB to hedge the employee stock options proposed to be issued in 2001. SEB had acquired 150,000 shares when purchasing was suspended during the period when the Lundin Oil shares were subject to an acquisition offer from Talisman Energy. CHANGES IN 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. SHARE DATA Lundin Oil AB's registered share capital at 30 June 2001 amounts to SEK 51,430,641.50 represented by 102,861,283 shares of nominal value SEK 0.50 each. The shares are divided into 678,200 A shares with 10 votes each and 102,183,083 B shares with one vote each. In addition, 3,342,501 B shares have been issued but not registered as at 30 June 2001 resulting from the conversion of Sodra Petroleum shares as detailed below. Lundin had outstanding, at the start of the financial period, 3,400,000 warrants with an exercise price of SEK 0.50, exercisable between 5 and 23 November 2001, to Sodra Petroleum AB (Sodra). Sodra and Lundin 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 were submitted for conversion and as a result of the transaction 34,195 shares were bought by the Company at a price of SEK 2.00 per share. The process of compulsory acquisition to purchase the outstanding Sodra Petroleum convertible shares was instigated on 17 July 2001. Under the Group incentive program for employees 1,250,000 incentive warrants with a strike price of SEK 49 expiring on 15 May 2001 had been issued. These warrants have expired. A further 1,150,000 incentive warrants with a strike price of SEK 24 expiring on 11 March 2002 and 1,200,000 incentive warrants issued at a strike price of SEK 23.00 expiring on 22 May 2003 have been issued. At the Annual General Meeting of Lundin Oil AB the issue of 1,200,000 warrants expiring on 1 June 2004 were authorised for issue. If the Talisman offer is completed the warrants expiring in 2004 will not be issued. 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 except for the change described below. CHANGE IN ACCOUNTING PRINCIPLES Inventories of hydrocarbons have been valued at cost whereas previously they have been valued at market prices prevailing at the balance sheet date. The effect of this change in accounting principle is a reduction in profit for the year ended 31 December 1999 from TSEK 12,622 to TSEK 8,505, a reduction in the profit for the six months ended 30 June 2000 from TSEK 127,961 to TSEK 128,165 and a reduction in the profit for the year ended 31 December 2000 from TSEK 225,503 to TSEK 224,754. The comparative financial statements have been restated in this report. KEY FINANCIAL RATIOS 1 Jan 1 Apr 1 Jan 1 Apr 1 Jan 2001- 2001- 2000- 2000- 2000- 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 2001 2001 2000 2000 2000 6 3 6 3 12 months months months months months Key Financial Ratios Return on capital employed1, % 4.2 1.9 7.2 5.2 12.0 Return on total assets2, % 6.5 2.9 8.7 4.9 14.4 Equity ratio3, % 68.5 68.5 68.4 68.4 68.8 Shareholders' equity SEK per share4 25.7 25.7 20.1 20.1 22.2 Operating cash flow SEK per share5 2.9 1.6 3.4 1.7 5.7 Number of shares at the period end 106,203,784 106,203,784 102,861,283 102,861,283 102,861,283 Weighted average number of shares for the period 103,175,220 103,485,706 87,276,530 89,093,414 95,107,259 Weighted average number of shares for the period, fully diluted 102,861,283 102,861,283 87,276,530 89,093,414 95,107,259 Definitions 1 Return on capital employed is defined as the Group's net result divided by the average capital employed (the average of the net assets for the financial period). 2 Return on total assets is defined as the Group's result after financial items plus interest expenses plus/less exchange differences on financial loans divided by the average total assets (the average total assets less non-interest bearing liabilities for the period). 3 Equity ratio is defined as the Group's shareholders' equity including minority interest in relation to total assets. 4 Shareholders' equity SEK per share is defined as the Group's shareholders' equity divided by the number of shares at the period end. 5 Operating cash flow SEK per share is defined as the Group's operating income less production costs and less current taxes divided by the weighted average number of shares for the period. GROUP INCOME STATEMENT IN SUMMARY 1 Jan 1 Apr 1 Jan 1 Apr 1 Jan Note 2001- 2001- 2000- 2000- 2000- Expressed in TSEK 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 2001 2001 2000 2000 2000 6 3 6 3 12 months months months months months Operating income Net sales of oil and 1 550,398 261,138 430,823 244,746 907,932 gas Tariff income 34,054 16,449 32,158 16,512 63,267 Service income 8,217 4,037 2,662 1,331 6,622 592,669 281,624 465,643 262,589 977,821 Cost of sales Production costs 2 (211,759)(82,133) (106,063) (69,868)(296,463) Depletion of oil and (134,409)(69,538) (129,069) (66,620)(256,269) gas properties Write-off of oil and (12,233)(12,233) - - (29,122) Gross profit 234,268 117,720 230,511 126,101 395,967 Other income 8,960 2,382 4,427 1,849 13,265 Administration (45,896)(32,590) (28,156) (14,748) (55,045) expenses Operating profit 197,332 87,512 206,782 113,202 354,187 Financial income and (8,030) 144 (11,376) (1,582) 5,887 expenses, net Profit before tax 189,302 87,656 195,406 111,620 360,074 and minority interests Tax 3 (94,342)(45,265) (65,548) (17,932)(148,387) Minority interests 5,794 6,303 (1,693) (1,019) 13,067 Net result 100,754 48,694 128,165 92,669 224,754 Earnings SEK per 0.98 0.47 1.47 1.04 2.36 share1 Earnings SEK per share 0.98 0.47 1.47 1.04 2.36 fully diluted1 1 See Key financial ratios for number of shares GROUP BALANCE SHEET IN SUMMARY Expressed in TSEK Note 30 June 30 June 31 December 2001 2000 2000 ASSETS Tangible fixed assets Oil and gas properties 4 3,368,153 2,501,048 2,754,924 Other fixed assets 15,753 12,518 14,281 Total tangible fixed assets 3,383,906 2,513,566 2,769,205 Financial fixed assets 5 109,762 61,211 68,219 Total fixed assets 3,493,668 2,574,777 2,837,424 Current Assets Current receivables and inventories 154,540 192,416 284,441 Cash and bank, short term investments 344,230 344,722 258,159 Total current assets 498,770 537,138 542,600 Total assets 3,992,438 3,111,915 3,380,024 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity including net result for the period 2,730,090 2,066,853 2,275,622 Minority interest 4,867 61,614 51,374 Provisions and long-term liabilities 367,415 297,890 306,322 Long-term interest bearing debt 396,687 385,581 379,510 Current liabilities 493,379 299,977 367,196 Total shareholders' equity and liabilities 3,992,438 3,111,915 3,380,024 Pledged assets 6 1,980,868 842,038 1,825,996 Contingent liabilities - - - STATEMENT OF CHANGES IN GROUP EQUITY Shareholders' equity comprises: Share Restricted Retained Net 2001 Capital reserves earnings result Balance at 1 January 51,431 1,852,335 151,569 225,503 Restatement of prior years - 28 (4,495) (749) results Adjusted balance at 1 January 51,431 1,852,363 147,074 224,754 Transfer of prior year net result - - 224,754 (224,754) New share issue 1,671 48,365 - - Share issue costs - (2,188) - - Currency translation difference - 292,747 13,119 - Net result - - - 100,754 Balance at 30 June 53,102 2,191,287 384,947,497 100,754 GROUP CASH FLOW STATEMENT IN SUMMARY Expressed in TSEK 1 Jan 1 Apr 1 Jan 1 Apr 1 Jan 2001- 2001- 2000- 2000- 2000- 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 2001 2001 2000 2000 2000 6 months 3 months 6 months 3 months 12 months Cash flow from operations Net result 100,754 48,694 128,165 92,669 224,754 Adjustment for 243,071 124,223 138,107 51,750 401,390 depletion and other non cash related items Changes in 166,843 44,757 (31,713) (35,076) (183,570) working capital Total cash flow 510,668 217,674 234,559 109,343 442,574 from operations Investment in (359,751) (212,101) (149,249) (79,391) (390,661) oil and gas properties Investment in (3,511) (2,129) (2,703) (16) (8,588) other fixed assets Sale 10,000 - 249 249 (10,000) of/(investment) in short term investments Investment in - - - - (10,086) shares and participations Investment in - - - - (12,389) loan note receivable Sale of assets - - - - 4,056 Total cash flow (353,252) (214,229) (151,703) (80,593) (427,668) used for investments Decrease in - - - - (6,486) long-term liabilities Paid financing (8,177) (1,180) - - (572) fees Repayment of (58,674) (58,674) (63,278) (63,278) (117,322) long term loan Change in (30,361) (30,361) - - 16,426 restricted cash Proceeds from 1,671 1,671 1,353 1,353 1,353 share issues Proceeds from - - 27,564 - 27,564 share issues in subsidiary Share issue costs (2,188) (2,188) (3,941) (3,941) (4,567) Total cash flow (97,729) (90,732) (38,302) (65,866) (83,604) from financing Change in cash 59,687 (87,288) 44,554 (37,116) (68,698) and bank Cash and bank at 247,048 423,670 293,543 377,400 293,543 the beginning of the period Currency 36,120 6,473 5,953 3,766 22,203 exchange difference in cash and bank Cash and bank at 342,855 342,855 344,050 344,050 247,048 the end of the period Note 1. Sales, TSEK 1 Jan 2001- 1 Apr 2001- 1 Jan 2000- 1 Apr 2000- 1 Jan 2000- 30 Jun 2001 30 Jun 2001 30 Jun 2000 30 Jun 2000 31 Dec 2000 6 months 3 months 6 months 3 months 12 months Crude oil - 232,720 106,054 135,250 69,631 347,422 Malaysia Crude oil - UK 264,028 128,938 253,765 156,016 466,996 Gas - UK 49,943 24,353 37,761 17,384 74,640 NGLs - UK 3,707 1,793 4,047 1,715 18,874 550,398 261,138 430,823 244,746 907,932 Note 2. Production 1 Jan 1 Apr 1 Jan 1 Apr 1 Jan costs, TSEK 2001 - 2001 - 2000 - 2000 - 2000 - 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 2001 2001 2000 2000 2000 6 months 3 months 6 months 3 months 12 months Costs of operations 138,278 69,283 88,140 42,508 209,625 Tariff expenses 51,931 24,292 48,073 25,359 101,863 United Kingdom 10,164 4,834 11,776 6,859 25,283 royalty Changes in 11,386 (16,276) (41,926) (4,858) (40,308) inventories and underlift/overlift position 211,759 82,133 106,063 69,868 296,463 Note 3. Tax, 1 Jan 1 Apr 1 Jan 1 Apr 2000- 1 Jan TSEK 2001- 2001- 2000- 30 Jun 2000 2000- 30 Jun 30 Jun 30 Jun 3 months 31 Dec 2001 2001 2000 2000 6 months 3 months 6 months 12 months The tax charge comprises Corporation tax - current 64,522 27,809 45,763 25,419 93,815 - deferred 11,734 8,485 (7,940) (22,940) 1,860 76,256 36,294 37,823 2,479 95,675 PRT (Petroleum revenue tax) - current 13,932 6,612 20,215 11,633 43,898 - deferred 4,154 2,359 7,510 3,820 8,814 18,086 8,971 27,725 15,453 52,712 Total charge 94,342 45,265 65,548 17,932 148,387 to income Note 4. Oil and gas Book value Book value Book value properties, TSEK 30 June 2001 31 June 2000 31 December 2000 United Kingdom 857,063 842,038 813,926 Malaysia 686,376 481,930 539,118 Libya 1,240,899 837,638 1,002,070 Falkland Islands - 18,951 - Sudan 462,114 257,182 314,571 Papua New Guinea 45,946 37,542 40,496 Albania 71,511 22,819 41,771 Others 4,244 2,948 2,972 3,368,153 2,501,048 2,754,924 Note 5. Financial fixed assets includes shares in, and a loan note receivable from Khanty Mansiysk Oil Corporation. Note 6. Pledged assets represent the UK North Sea assets, the shares of the companies owning the Libyan assets and an amount of TSEK 17,500 as security for the liabilities under the share swap agreement with SEB. PARENT COMPANY INCOME STATEMENT IN SUMMARY Expressed in 1 Jan 1 Apr 1 Jan 1 Apr 1 Jan TSEK 2001- 2001- 2000- 2000- 2000- 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 2001 2001 2000 2000 2000 6 months 3 months 6 months 3 months 12 months Other income 716 347 968 492 4,705 Administration (16,130) (9,007) (8,222) (4,852) (18,510) expenses Operating loss (15,414) (8,660) (7,254) (4,360) (13,805) Financial income 44,628 46,361 (2,425) 1,236 18,573 and expenses, net Net profit/(loss) 29,214 37,701 (9,679) (3,124) 4,768 before tax Tax - - - - - Net result 29,214 37,701 (9,679) (3,124) 4,768 PARENT COMPANY CASH FLOW STATEMENT IN SUMMARY Expressed in 1 Jan 2001- 1 Apr 1 Jan 1 Apr 1 Jan TSEK 30 Jun 2001 2001- 2000- 2000- 2000- 6 months 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 29,214 37,701 (9,679) (3,124) 4,768 Adjustment for non (1,651) (1,745) 294 134 (2,155) cash related items Changes in working 5,560 2,303 1,212 179 (350) capital Total cash flow from 33,123 38,259 (8,173) (2,811) 2,263 operations Investment in other - - (27) (16) (28) fixed assets Investment in shares - - - - (10,086) and participations Investment in loan - - - - (12,389) note receivable Investment in short 10,000 10,000 - - (10,000) term investments Investment in shares (1,097) (1,097) - - - in subsidiaries Loans to subsidiary (305,406) (297,026) (74,811) 17,223 (76,105) companies Sale of other fixed 9 - - - 4,056 assets Total cash flow used (296,494) (288,123) (74,838) 17,207 (104,552) for investments Loans from subsidiary 280,715 267,252 34,688 8,677 - companies Paid deferred (895) (895) - - - financing fees Proceeds from share 1,671 1,671 1,353 1,353 1,353 issue Share issue costs - - (3,941) (3,941) (4,567) Total cash flow from 281,491 268,028 32,100 6,089 (3,214) financing Change in cash and 18,120 18,164 (50,911) 20,485 (105,503) bank Cash and bank at the 2,432 2,388 107,935 36,539 107,935 beginning of the period Cash and bank at the 20,552 20,552 57,024 57,024 2,432 end of the period STATEMENT OF CHANGES IN PARENT COMPANY EQUITY Parent company Share Share premium Legal Retained Net Capital reserve reserve result 2001 earnings Balance at 1 51,431 1,973,579 372,455 - 4,768 January Transfer of prior - - - 4,768 (4,768) year net result New share issue 1,671 48,318 - - - Net result - - - - 29,214 Balance at 30 June 53,102 2,021,897 372,455 4,768 29,214 FINANCIAL INFORMATION The Company will publish the following interim reports: * Nine months report (January - September 2001) will be published on 8 November 2001. Stockholm, 9 August 2001 Ian H. Lundin President AUDITORS' REPORT We have performed a limited review of this six months interim report at 30 June 2001 of Lundin Oil AB in accordance with a recommendation issued by FAR (The Swedish Institute of Accountancy Profession in Sweden). A 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 Lundin Oil AB does not comply with the requirements of the Swedish Annual Accounts Act. Stockholm, 9 August 2001 Carl-Eric Bohlin Klas Brand Authorised Public Accountant Authorised Public Accountant PricewaterhouseCoopers AB Notes for editors: 1. Lundin is the parent company of Sodra by virtue of its holding of 40,506,500 Ordinary Shares of SEK0.05 each. The 40,506,476 Convertible Shares of SEK0.05 each in Sodra listed on the AIM market are effectively convertible into the right to subscribe for B Shares in Lundin in November 2001. Upon exercise of the conversion right, for every 12 Convertible Shares, the holder will receive a warrant to subscribe for 1 new Lundin B Share at the nominal value of SEK0.50. 2. Convertible Shares in Sodra are also listed on the New Market of the Stockholm Stock Exchange. Lundin B Shares are currently quoted on the Stockholm Stock Exchange, Toronto Stock Exchange and the Nasdaq National Market.
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