FIRST NINE MONTHS
· Group revenue totalled SEK 210 million (515)
· EBITDA was SEK 454 million (327)
· Profit for the period was SEK 829 million (-212)
· Earnings per share were SEK 7.32 (-1.87)
· Profit for the period was impacted by non-recurring items of SEK 1,093
million (0)
THIRD QUARTER
· Group revenue totalled SEK 29 million (155)
· EBITDA was SEK 3 million (104)
· Profit for the period was SEK 609 million (-138)
· Earnings per share were SEK 5.38 (-1.22)
· Profit for the period was impacted by non-recurring items of SEK 630 million
(0)
KEY EVENTS DURING THE QUARTER
· The corporate reorganisation was extended until 28 September 2015.
· PA Resources held its Annual General Meeting on the 28 July 2015 and a new
board of directors was elected.
· PA Resources published its Reorganisation Plan and submitted a request for
composition proceedings.
· PA Resources bondholders voted to approve the reorganisation plan.
· Notice has been given to the shareholders of the Extraordinary General
Meeting (second meeting for liquidation purposes) to be held on the 27 October
2015. At the meeting the balance sheet for liquidation purposes will be
presented.
· Due to continued uncertainty regarding the availability of long-term
financing PA Resources’ board of directors has opted to prepare the company’s
financial accounts without the assumption of a going concern effective per 30
September 2015.
SUBSEQUENT EVENTS
· The Stockholm District Court adopted the composition plan and approved PA
Resources request to terminate the corporate reorganisation.
· The corporate reorganisation was terminated on 24 October 2015 when the
adopted composition plan became final and binding.
FINANCIAL KEY RATIOS
Jul-Sep Jan-Sep Full year
2015 2014 2015 2014 2014
Average production, 1,100 3,100 1,900 3,200 3,100
barrels/day
Revenue, SEK 29 155 210 515 603
million
EBITDA, SEK million 3 104 454 327 -481
EBITDA margin, % 9% 67% 216% 64% -80%
Operating profit, -1,737 48 -1,323 189 -2,667
SEK million
Profit for the 609 -138 829 -212 -2,957
period, SEK million
Earnings per share 5.38 -1.22 7.32 -1.87 -26.13
before dilution,
SEK
FINANCIAL CALENDAR
EGM 27 October
2015
Year-end Report (January-December) 3 February 2016
CONTACT
Queries concerning this report can be directed to:
Tomas Hedström, CFO
+46 8 545 211 50
ir@paresources.se
Mark McAllister, President and CEO
+46 8 545 211 50
ir@paresources.se
DISCLOSURE
The information in this interim report is such that PA Resources AB is required
to disclose pursuant to the Securities Market Act and Financial Instruments
Trading Act. Submitted for publication at 08:30 a.m. (CET) on 26 October 2015.
PA Resources AB (publ) is an international oil and gas group that conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, the Republic of Congo (Brazzaville), the United Kingdom,
Denmark, the Netherlands and Germany. PA Resources produces oil in Tunisia. The
parent company is located in Stockholm, Sweden. PA Resources’ shares are listed
on NASDAQ in Stockholm, Sweden. For further information, please visit
www.paresources.se.
