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PA Resources’ Year-End Report 2011

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SUMMARY

  • Group revenue for the fourth quarter amounted to SEK 535 million (698).
  • EBITDA for the quarter was SEK 306 million (438).
  • Profit before tax for the fourth quarter amounted to SEK 11 million (91) excluding one-off costs, and SEK -2,024 million (91) including one-off costs.
  • As previously disclosed, during the fourth quarter non-cash, one-off costs of SEK 2,035 million before tax and SEK 1,758 million after tax were recognised.  
  • Production of oil commenced on the Aseng field in Equatorial Guinea in early November and is making a cash flow contribution as from January 2012.
  • Operating cash flow improved for the full year to SEK 812 million (416).
  • The commercial discovery on Broder Tuck and the oil discovery on Lille John are initially contributing 32 million barrels of oil equivalents in contingent resources.

FINANCIAL KEY RATIOS

Q4 2011 Q4 2010 Jan.-Dec. 2011 Jan.-Dec. 2010
Revenue (SEK million) 535 698 2,154 2,227
EBITDA (SEK million) 306 438 1,295 1,276
EBITDA margin 57.2% 62.7% 60.1% 57.3%
Operating profit (SEK million) * 121 219 508 490
Operating margin * 22.7% 31.3% 23.6% 22.0%
Profit/loss before tax (SEK million) * 11 91 158 179
Earnings per share after dilution (SEK) -2.91 -0.23 -3.27 -0.61

* Figures for the full year as well as the fourth quarter of 2011 exclude non-cash, one-off costs of SEK 2,035 million before tax and SEK 1,758 million after tax.

(For complete Year-End Report, see the attached file)

Stockholm, 15 February, 2012
PA Resources AB (publ)

For additional information, please contact:
Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 8 545 211 56
E-mail: ir@paresources.se

or

Bo Askvik
President and CEO, PA Resources AB
Telephone: +46 8 545 211 50 (switchboard)

Webcast conference call
PA Resources’ results for the fourth quarter and full year 2011 will be presented on 15 February at 10 a.m. (CET) via a webcast conference call. The live webcast and presentation material may be accessed on www.paresources.se. An on demand version is also available after the presentation.

Link to webcast: http://storm.zoomvisionmamato.com/player/paresources/objects/40wy8jmt/

To participate via phone, please call:
Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
US: +1 866 458 40 87

PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the larger oil producers in Tunisia and is also producing oil in the Republic of Congo and Equatorial Guinea. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,154 million during 2011. The company is listed on the NASDAQ OMX Stockholm (segment Mid Cap). For additional information, see www.paresources.se.

The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 07.45 CET on 15 February, 2012.

 

 

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Interim report Sweden Year-End Report financial report UK denmark Oil earnings Netherlands PA Resources revenues oil production Equatorial Guinea Tunisia Republic of Congo greenland

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