Crown Energy publishes prospectus and new financial and other information included in the prospectus

Crown Energy AB (publ) (”Crown Energy” or the ”Company”) today publishes  a prospectus regarding the admission to trading of the Company’s ordinary shares, which were converted from class C shares, on NGM Equity (“NGM”). The prospectus contains, due to regulatory requirements, new financial information attributable to the Company’s equity and liabilities as well as net indebtedness as of 31 July 2017 that has not previously been published. Furthermore, the prospectus contains a valuation statement issued by an external evaluator regarding the Company’s property portfolio.

Publication of prospectus

The prospectus has been prepared due to the fact that a total of 353,267,971 C shares, in conjunction with the final settlement of the acquisition of ESI Group SA, announced on 25 August 2015, were converted into ordinary shares in the Company and will be admitted to trading on NGM Equity. The prospectus has today been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and published on the Company's website www.crownenergy.se. The prospectus is also available at the Company's headquarter.   

New financial information

Crown Energy’s equity and liabilities and net indebtedness as of 31 July 2017 are included in the prospectus, due to regulatory requirements (requirements that financial information regarding equity and liabilities as well as net indebtedness may not be older than 90 days when publishing a prospectus, which means that the figures in the Company’s interim report have been updated). This information has previously not been published and the table below contains this information. The table includes both interest bearing debt and non-interest bearing debt.

In all material respects, the figures below reflects what was published in the Company’s interim report, but that they are updated as of 31 July 2017.

The capital structure, with explanations, are provided on page 58 in the prospectus.

Capitalization and indebtedness in KSEK 2017-07-31
 
Total current debt  58,943
Guaranteed
Secured
Unguaranteed/Unsecured 58,943
 
Total Non-Current debt 119,752
Guaranteed
Secured
Unguaranteed/Unsecured 119,752
 
Shareholder’s equity 678,760
Share capital 13,107
Legal Reserve -23,943
Other Reserve 720,823
Total Capitalization 857,455
    
Net Indebtedness (KSEK) 2017-07-31 
A) Cash 49,634
B) Cash equivalent
C) Trading securities
D) Liquidity (A)+(B)+(C)  49,634 
E) Current financial receivable  22,855
F) Current bank debt
G) Current portion of non current debt
H) Other current financial debt 9,995
I) Current Financial Debt (F)+(G)+(H)  9,995 
J) Net Current Financial Indebtedness (I)-(E)-(D)  -62,494 
K) Non-current bank loans -
L) Bonds issued  -
M) Other non current loans 101,680
N) Non current Financial Indebtedness (K)+(L)+(M) 101,680
O) Net Financial Indebtedness (J)+(N)  39,186 


Valuation statement of Crown Energy’s property portfolio

The prospectus includes, due to regulatory requirements, a valuation statement regarding the Company’s property portfolio. In the first quarter of 2017, the Company engaged an external evaluator to evaluate all its properties. In consultation with the external evaluator Miguel Farinha at Ernst & Young, S.A., it was concluded that no significant changes to contracts had occurred between 31 March and 30 June 2017. The external evaluator has on 6 October 2017 provided a valuation statement, concerning the valuation conducted 31 March 2017, of the Company’s properties. Note that changes in the property portfolio between 31 March 2017 (a total of 19 properties) and as of the date of the prospectus (a total of 18 properties) relates to the fact that the agreement with the land owner of the Village 1 property was not prolonged at the end of 31 May 2017. As of 31 March 2017, the value of Village 1 was not significant.

The financial value of the property portfolio has been estimated as: TUSD 68,716. The valuation statement is found in full on pages 35-36 in the prospectus.

Please note that the valuation statement has been prepared in accordance with IAS 40 Investment Property, which means that the valuation only takes into account cash flows from the property holding as regards to rents and not cash flows generated from the property holding’s service business.

This information is information that Crown Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 17:15 CET on 13 October 2017.

MORE INFORMATION

Please contact Andreas Forssell, CEO, Crown Energy AB

+46 8 400 207 20

+46 760 15 15 95

ABOUT CROWN ENERGY

Crown Energy is an international company engaged in oil and gas exploration and production and property development and management services. The portfolio consists of assets in Africa and the Middle East. For more information please visit www.crownenergy.se