PA Resources: Full Year Report 2008 Strengthened Financials Equity SEK 4,757 Million

Source: www.gulfoilandgas.com 2/11/2009, Location: Europe

Summary fourth quarter 2008
- The Norwegian subsidiary was divested in December 2008 for a sales price of USD 220 million, which generates a capital gain for the Group of SEK 686 million. The Norwegian operation was deconsolidated December 31 and is classified as discontinued operations, reported on a separate line. The subsidiary's revenues and costs are not included below in the reported revenues and operating profit for the fourth quarter and full year 2008.

- Group revenue referring to sales of crude oil assignable to the continuing operations decreased during the fourth quarter and amounted to SEK 370.9 (755.4) million. The decrease is due to lower production and considerably lower oil prices.

- Profit for the period amounted to SEK 387.3 (261.5) million.

- Earnings per share before dilution amounted to SEK 2.66 (1.80) and earnings per share after dilution became SEK 2.66 (1.79).

- Total equity amounted to SEK 4.7 (3.3) billion, an increase by SEK 1.4 billion.

- The issue of convertibles was completed and fully subscribed and has in January contributed with a nominal amount of SEK 1,164 million to the Group.

Summary full year 2008
- Group revenue referring to sales of crude assignable to continuing operations amounted to SEK 2,419.9 (2,793.8) million.

- Profit for the period amounted to SEK 925.5 (947.1) million.

- Earnings per share before dilution amounted to SEK 6.38 (6.53) and earnings per share after dilution became SEK 6.34 (6.47).

- Operating cash flow including the divested Norwegian operation amounted to SEK 2,284.2 (1,226.9) million.

Comments from Ulrik Jansson, President and CEO at PA Resources:
- PA Resources has had a very eventful fourth quarter. We have strengthened the Group's financial position during the present financial crunch and in a period with a low oil price. During December and January, we have redeemed loans to a total amount of approximately SEK 2.5 billion.

- We have also divested our Norwegian operations in December to a sales price of USD 220 million, which indicates the value of our oil related assets. The divestment has lead to that our total production has decreased but it will increase again in the second half of the year with the production from the Azurite field.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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