Press-release 2013 -08-28 Information from Q II Misen Energy AB.
Following is a summary of the financial information given in the half-year report from Misen Energy AB published today. The complete report is attached to this press-release and is also available in both English and Swedish on the company web-site: www. misenenergy.se
Net sales for Misen Energy group amounted to 521,7 mSEK for Q II 2013 compared to 287,8 mSEK for the same period previous year which is an increase by 81 %. Net profit reached 218,6 mSEK compared to 122,6 mSEK 2012-06-30. Operating margin was 52,8 % (56,7%).
The groups´ equity assets ratio was 56,4 % (73,1%)
Cash flow from operations amounted to 155,9 mSEK (101,6 mSEK) and investments in fixed assets for production of natural gas to 192,3 mSEK (113,7 mSEK).
The production of natural gas reached 324,6 kSm3(146,0 kSm3) which is an increase by 122 %.
| Consolidated income statement (mSEK) | 1/1-13-30/6-13 | 1/1-12-30/6-12 | 1/1-12-31/12-12 | ||
| Net sales | 521,7 | 287,8 | 586,6 | ||
| Operating expenses | -246,1 | -124,7 | -235,9 | ||
| Operating profit | 275,5 | 163,1 | 350,7 | ||
| Financial items net | -6,2 | -1,2 | -7,8 | ||
| Profit after financial items | 269,3 | 162,0 | 342,9 | ||
| Taxes | -50,6 | -39,4 | -78,1 | ||
| Net profit | 218,7 | 122,6 | 264,8 | ||
| Operating profit % | 52,8% | 56,7% | 59,8% | ||
| Consolidated balance sheet (mSEK) | 1/1-13-30/6-13 | 1/1-12-30/3-12 | 1/1-12-31/12-12 | ||
| Fixed assets | 764,1 | 164,5 | 580,0 | ||
| Current assets | 212,6 | 159,0 | 48,1 | ||
| Total assets | 976,7 | 323,5 | 628,1 | ||
| Equity | 570,8 | 236,6 | 354,5 | ||
| Non-current liabilities | 90,3 | 2,1 | 142,9 | ||
| Current liabilities | 315,7 | 84,8 | 130,7 | ||
| Total equity and debt | 976,7 | 323,5 | 628,1 | ||
| Equity assets ratio | 58,4% | 73,1% | 56,4% | ||
| Cash flow statement consolidated (mSEK) | 1/1-13-30/6-13 | 1/1-12-30/6-12 | 1/1-12-31/12-12 | ||
| Cash flow from operating activities | 155,9 | 101,6 | 359,0 | ||
| Cashflow from investing activities | -192,3 | -113,7 | -404,3 | ||
| Cash flow from financing activities | 26,7 | 0,6 | 42,4 | ||
| Cash flow for the period | -9,7 | -11,5 | -2,9 |
For further information please contact:
Göran Wolff, MD
tel + 46 31 759 50 72
mobile + 46 709 45 48 48
e-mail goran@misenenergy.se
Misen Energy AB (former Svenska Capital Oil AB) is a Swedish oil and gas exploration and extraction company with operations in Ukraine. The company was founded in 2004 and the share is since 12 June 2007 traded on NasdaqOMX First North.
In 2011 Misen Energy AB acquired Misen Enterprises AB and its Ukrainian subsidiary, KarpatyGaz, including the rights of 50,01 % of the revenue and profit from a gas production project in Ukraine, which will provide the company with essential gas and oil assets. As consideration of this acquisition a new share issue was performed.
The gas extraction assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement (the "JAA") between the wholly owned subsidiaries of Misen Energy AB, i.e., Misen Enterprises AB and Karpatygaz and Ukrgazvydobuvannya, the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz Ukraine. The value of the assets is estimated to be substantially more than the purchase price for Misen Enterprises AB.
The purpose of the project is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.
The registered office of Misen Energy AB( former Svenska Capital Oil AB) is in Stockholm and the shares are traded on First North under identification MISE. The Certified Adviser of the company at NasdaqOMX First North is Thenberg & Kinde Fondkommision AB.
For further information please visit our web site www.misenenergy.se.
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