CORRAL PETROLEUM HOLDINGS AB (publ)

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1 CORRAL PETROLEUM HOLDINGS AB (publ) REPORT FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011 FOR IMMEDIATE RELEASE Date: March 30, 2012 London Nr. of pages 14 This report includes unaudited consolidated financial information of Corral Petroleum Holdings AB (publ) ( Corral Petroleum Holdings ) and its consolidated subsidiaries, including Preem AB (publ) ( Preem ), for both the fourth quarter of 2011 and for the year ended December 31, 2011, along with the comparative periods in Corral Petroleum Holdings annual report for the year ended December 31, 2011 will be released on April 27, 2012 and will be available at Financial highlights Sales revenue for the fourth quarter of 2011 amounted to 24,301 MSEK compared to 19,506 MSEK in the fourth quarter of EBITDA for the fourth quarter of 2011 amounted to negative 58 MSEK compared to 1,049 MSEK in the fourth quarter of Adjusted EBITDA 1 for the fourth quarter of 2011 amounted to 310 MSEK compared to 202 MSEK in the fourth quarter of Operating loss for the fourth quarter of 2011 amounted to 309 MSEK compared to an operating profit of 792 MSEK in the fourth quarter of Net loss for the fourth quarter of 2011 amounted to 490 MSEK compared to a net income of 316 MSEK in the fourth quarter of Cash flow used in operating activities for the fourth quarter of 2011 was 319 MSEK compared to cash flow from operating activities of 3,019 MSEK in the fourth quarter of Weighted business refining margin for the fourth quarter of 2011 was 3.43 $/bbl compared to 2.90 $/bbl in the fourth quarter of For a reconciliation of our EBITDA to Adjusted EBITDA, please see the financial statements section on page 14. 1

2 Market overview Fourth Quarter 2011 Crude oil prices during the fourth quarter of 2011 were primarily affected by geopolitical events in the Middle East and the suspension of crude oil exports from Libya. The relative tightness of crude oil and ongoing concerns over the forward supply of crude oil resulted in prices above 100 $/bbl and high differentials on physical cargoes. In addition, concerns about the economic situation in the United States and the debt crisis in the Eurozone impacted fluctuations in the price of crude oil. Dated Brent traded in a $/bbl range during the fourth quarter of 2011 and averaged 109 $/bbl. The year ended at a price of 106 $/bbl compared to 92 $/bbl at the end of The price differential for Russian crude oil ( Urals ) versus Dated Brent was on average -0.3 $/bbl in the fourth quarter of 2011, compared to -0.8 $/bbl for the third quarter of During 20 consecutive trading days from November 16, 2011 until December 13, 2011, the official Platt s Urals differential quote was positive, with a high of 0.4 $/bbl and a low of -2.1 $/bbl for a few days at the end of the fourth quarter. The average for the fourth quarter of 2010 was -1.5 $/bbl. During the fourth quarter of 2011, refining margins were supported by high levels of refinery maintenance in the Atlantic basin. However, a weak gasoline and a strong crude oil market kept the margins at low levels, and refining margins were significantly lower during the fourth quarter of 2011 as compared to the same period Gasoline demand weakened during the fourth quarter of Despite decreased supply in connection with a high level of refinery maintenance, the lower seasonal demand in both the United States and Europe adversely impacted prices. The gasoline crack was on average about 3 $/bbl in the fourth quarter of 2011 as compared to 10 $/bbl in the third quarter of In the fourth quarter of 2010 the average gasoline crack was 8 $/bbl. The demand for diesel continues to be strong in Europe. This high demand and lower European supply of diesel resulted in stronger crack prices in the fourth quarter of The diesel crack was on average 22 $/bbl during the fourth quarter of 2011 compared to 17 $/bbl in the third quarter of In the fourth quarter of 2010, the average diesel crack was 16 $/bbl. The spread between high sulphur and low sulphur fuel oil grew towards the end of the fourth quarter of Both low sulphur and high sulphur strengthened, but high sulphur to a lesser extent. The high sulphur fuel oil strengthened due to good demand for arbitrage volumes in the European region. The average high sulphur crack was about -12 $/bbl in the fourth quarter of 2011 compared to -15 $/bbl in the third quarter of In the fourth quarter of 2010, the high sulphur crack was -13 $/bbl. 2

3 Key indicators October 1 - December Weighted business refining margin, $/bbl Average Brent Dated crude oil, $/bbl Feedstock throughput, thousand bbls 27,987 27,597 SEK/USD average exchange rate Sales and Results Fourth Quarter 2011 Sales revenue for the fourth quarter of 2011 amounted to 24,301 MSEK, an increase of 4,795 MSEK, compared to 19,506 MSEK in the fourth quarter of This increase is due to higher market prices for refined products compared to the same period last year. Operating loss for the fourth quarter of 2011 amounted to 309 MSEK, a decrease of 1,101 MSEK, compared to an operating profit of 792 MSEK for the fourth quarter of The refining margins were higher in the fourth quarter of 2011 compared to the fourth quarter of 2010 primarily related to the impact of the shutdown of some units at Preemraff Lysekil in 2010 for catalysts replacements and regulatory inspections. However, the higher refining margins were more than offset by price losses on inventories for the fourth quarter of 2011 compared to price gains during the same period in In addition, operating profit/loss was negatively impacted by the planned maintenance turnaround at Preemraff Gothenburg which was completed at the end of October The Hydro Cracker project was scrapped in the fourth quarter of 2011 resulting in an expense of 306 MSEK, which negatively impacted operating profit/loss. The planning expenditures in connection with the Hydro Cracker project starting in February 2006 have been accounted for as constructions in progress on the balance sheet. The Hydro Cracker consisted of converting residual fuel oil to lighter, higher-value products at Preemraff Lysekil. October 1 - December 31 Change MSEK % Sales revenue 24,301 19, % Gross profit 254 1, % EBITDA -58 1,049 N/A Operating profit/loss N/A Profit/loss before taxes N/A Net profit/loss N/A Segment reporting Corral Petroleum Holdings and its consolidated subsidiaries (the Group ) have two lines of business Supply & Refining and Marketing. Exchange rate differences included in operating profit/loss consist of foreign exchange gains or losses related to our inventory and our trade payables/receivables. Other expenses consist mainly of administrative and personnel-related expenses in our corporate cost center. 3

4 Sales Revenue October 1 - December 31 MSEK Supply & Refining 23,846 19,180 Marketing 5,441 4,820 Exchange rate differences 31-6 Group eliminations -5,017-4,489 Total Sales Revenue 24,301 19,506 Operating profit/loss October 1 - December 31 MSEK Supply & Refining Marketing Total Segment Operating profit/loss Exchange rate differences Other expenses Total Operating profit/loss Supply & Refining Our Supply & Refining segment reported an operating profit of 7 MSEK for the fourth quarter of 2011, a decrease of 799 MSEK compared to an operating profit of 806 MSEK for the fourth quarter of 2010, mainly as a result of price gains in the fourth quarter of Operating profit, excluding price effects on oil inventory, in the fourth quarter of 2011 was 51 MSEK, an increase of 13 MSEK, compared to an operating profit of 38 MSEK in the fourth quarter of The increase was primarily caused by higher average business refining margins. The weighted business refining margin reached 3.43 $/bbl for the fourth quarter of 2011 compared to 2.90 $/bbl for the fourth quarter of In the fourth quarter of 2011, average business refining margins were negatively impacted by the planned maintenance turnaround in Gothenburg and weak price differentials for Urals as compared to same period In addition, the FCC unit at Preemraff Lysekil experienced some down time in December 2011 due to an operational problem with the main fractionator. In October 2011, Preem purchased put options equivalent to approximately 7.5 million barrels of crude oil to hedge against the price risk in relation to its inventory normal position. These contracts expire in January 2013, and the maximum cost for the hedge is approximately 10 MUSD. The hedge contracts are valued at market value in the financial statements. If the market price for crude oil does not fall below 60 $/bbl, an additional cost of approximately 10 MUSD in connection with the cost of goods sold on the income statement is expected in All put options related to the hedge executed in February 2011 and March 2011 were terminated in the fourth quarter of 2011 at a cost of approximately 18 MUSD. 2 The Hydro Cracker project was scrapped in the fourth quarter of 2011 resulting in an expense of 306 MSEK, which negatively impacted operating expenses. 4

5 Marketing Our Marketing segment reported an operating profit of 119 MSEK for the fourth quarter of 2011, compared to 75 MSEK for the fourth quarter The margins in our Station and Consumer division increased for both diesel and gasoline in the fourth quarter 2011 compared to the same period in The volume of diesel sold has increased in the fourth quarter of 2011 compared to the same period in 2010; however, this was offset to some extent by lower gasoline volumes. The Business-to-Business division reported increased margins in the fourth quarter of 2011 compared to the same period in Depreciation Total depreciation in the fourth quarter of 2011 amounted to 251 MSEK, a decrease of 5 MSEK, compared to 256 MSEK in the fourth quarter of Financing Net financing expenses in the fourth quarter of 2011 amounted to 346 MSEK compared to net financing expenses of 353 MSEK for the fourth quarter of Net financing expenses in the fourth quarter of 2011 were impacted by exchange rate losses of 18 MSEK attributable to USD and EUR denominated loans as compared to a loss of 8 MSEK for the fourth quarter Other financial expenses amounted to 16 MSEK in the fourth quarter of 2011 compared to 35 MSEK for the same period The total interest expense for the fourth quarter of 2011 amounted to 356 MSEK compared to 352 MSEK for the same period in 2010, mainly attributable to higher average financial debt in the fourth quarter of 2011 compared to the same period The year ended December 31, 2011 Sales revenue in 2011 amounted to 91,554 MSEK compared to 77,256 MSEK in EBITDA in 2011 amounted to 1,963 MSEK compared to 3,257 MSEK in Adjusted EBITDA 3 in 2011 amounted to 1,124 MSEK compared to 2,426 MSEK in Depreciation in 2011 amounted to 989 MSEK compared to 986 MSEK in Operating income in 2011 amounted to 1,283 MSEK compared to 2,271 MSEK in Net loss in 2011 amounted to 617 MSEK compared to a net income 1,277 MSEK in Cash flow used in operating activities in 2011 amounted to 1,616 MSEK compared to cash flow from operating activities of 3,647 MSEK in Weighted business refining margin in 2011 was 2.89 $/bbl compared to 3.92 $/bbl in For a reconciliation of our EBITDA to Adjusted EBITDA, please see the financial statements section on page 14. 5

6 Cash flow Loss before taxes amounted to 828 MSEK for the year ended December 31, 2011 compared to income before taxes of 1,743 MSEK for the year ended December 31, 2010, a decrease of 2,571 MSEK. Cash flow from operating activities before changes in working capital decreased by 1,016 MSEK, to 1,509 MSEK for the year ended December 31, 2011 from 2,525 MSEK for the year ended December 31, 2010, mainly related to a loss before taxes of 828 MSEK in 2011 compared to gain of 1,743 MSEK for the same period In addition, 199 MSEK was paid in taxes in 2011 compared to 6 MSEK in Adjustments for noncash items were 2,536 MSEK for the year ended December 31, 2011 compared to 789 MSEK for the year ended December 31, 2010, an increase of 1,747 MSEK. Please refer to page 11 for further specification of items not included in cash flow. Cash flow used in operating activities after changes in working capital was 1,616 MSEK for the year ended December 31, 2011 compared to cash flow from operating activities after changes in working capital of 3,647 MSEK for the year ended December 31, 2010, a decrease of 5,263 MSEK. The decrease in cash flow after changes in working capital is attributable to an increase in inventory related to higher market prices for crude oil in 2011 compared to the same period in 2010 and higher volumes held at December 31, 2011 compared to December 31, The increase in inventory led to an increase in liabilities which in turn has been offset by large payments in 2011 for crude oil purchased late in December Cash flow used in investing activities in 2011 was 945 MSEK, an increase of 183 MSEK, compared to 762 MSEK in The increase in investing activities is attributable to the planned maintenance turnaround at Preemraff Gothenburg of approximately 300 MSEK which was completed in October Cash flow from financing activities was 2,312 MSEK in 2011, an increase of 5,402 MSEK, compared to cash flow used in financing activities of 3,090 MSEK in Repayment of loans (net) amounted to 1,145 MSEK in 2011 compared to 5,398 MSEK repayment of loans (net) in Shareholder contributions in 2011 amounted to 0 MSEK compared to 2,619 MSEK in Shareholder loans amounted to 4,091 MSEK in 2011 compared to 8 MSEK in At December 31, 2011, the Group s financial net debt amounted to 17,680 MSEK, compared to 13,856 MSEK at December 31, 2010, an increase of 3,824 MSEK, consisting primarily of Corral Petroleum Holdings 15% Senior Notes due 2017, Varying Rate Subordinated Notes due 2019, a subordinated shareholder loan (described below) and Preem s credit facility. Cash and cash equivalents amounted to 355 MSEK at December 31, 2011, a decrease of 248 MSEK compared with 603 MSEK at January 1, A breakdown of the Group s financial debt as at December 31, 2011 is included in the financial statements section on page 14. 6

7 Corral Petroleum Holdings AB (publ) Corral Petroleum Holdings AB (publ) is the parent company of the Corral Petroleum Holdings Group and had no revenues in 2011 and Operating loss for the year ended December 31, 2011 amounted to 2 MSEK compared to an operating loss of 4 MSEK for the year ended December 31, 2010 and the loss before taxes amounted to 974 MSEK for the year ended December 31, 2011 compared to a profit before taxes of 184 MSEK for the year ended December 31, Shareholder equity as of December 31, 2011 amounted to 1,923 MSEK compared to 2,724 MSEK as of December 31, This change relates to the net loss in 2011 of 802 MSEK, see page 12. Corral Petroleum Holdings had outstanding shareholder loans of 608 MUSD and 9 MEUR (4,354 MSEK) as at December 31, Of this amount, 600 MUSD was used to repay a portion of Preem s existing credit facility and a portion of Corral Petroleum Holdings Varying Rate Senior Secured Notes due 2011, including related transaction costs. The shareholder loans are subordinated and bear an interest rate of 5% per annum. The interest expense related to the shareholder loans are paid in kind semi-annually. Recent Developments In January 2012, Preem AB started negotiations with the unions representing the majority of its employees at the refineries in Gothenburg and Lysekil to reduce the number of positions by approximately 130. This initiative aims to reduce costs and improve future cash flow without impacting the requisite level of security and availability at the refineries. On February 29, 2012, Preem s Chief Executive Officer, Michael Löw, announced his retirement effective from April 1, Michael Löw, however, will continue to be a member of the Preem board. Petter Finn Holland, former Executive VP Manufacturing at Saudi Aramco Mobil Refinery in Yanbu, Saudi Arabia, at ExxonMobil will succeed Michael Löw. Per Olsson, Director and Head of Refining, and a member of Preem s Executive Management team, will retire at the end of August He will be succeeded on April 1, 2012 by Peter Abrahamsson, who currently serves as Head of Maintenance and Projects at Preemraff. Risk factors For information on risks relating to our business and our capital structure, please see Corral Petroleum Holdings Annual Report, available at Accounting principles The financial information in this report has been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34 Interim Financial Reporting. 7

8 Additional information An international conference call for investors and analysts will be held on March 30, 2012 at 3:00 pm CET. The call-in number is meeting code: Preem. The report for January March 2012 will be released on May 25, London, March 30, 2012 On behalf of the Board of Directors Richard Öhman Managing Director For further information, please contact: Magnus Heimburg Tel:

9 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited CONDENSED CONSOLIDATED INCOME STATEMENTS Oct 1 -Dec 31 Jan 1 - Dec 31 MSEK Net sales 26,910 22, ,747 87,004 Excise duties -2,608-2,623-10,193-9,747 Sales revenue 24,301 19,506 91,554 77,256 Cost of goods sold -24,048-18,446-89,470-74,205 Gross profit 254 1,060 2,084 3,052 Selling expenses Administrative expenses Other operating income Other operating expenses Operating profit/loss ,271 Interest income Interest expense ,498-1,259 Other financial, net Profit/loss before taxes ,743 Taxes Net profit/loss ,277 Attributable to: Parent Company Shareholders ,276 Non-controlling Shareholders ,277 Consolidated statement of comprehensive income: Net income ,277 Other income Comprehensive income ,277 9

10 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited CONDENSED CONSOLIDATED BALANCE SHEETS December 31 December 31 MSEK ASSETS Goodwill Property, plant and equipment 8,958 9,326 Financial assets 3,615 3,460 Total non-current assets 12,880 13,093 Inventories 11,137 8,216 Trade receivables 5,102 4,667 Other receivables Prepaid expenses and accrued income Cash and cash equivalents Total current assets 17,565 14,589 Total assets 30,445 27,683 EQUITY AND LIABILITIES Share capital 1 1 Other paid-in capital 4,178 4,178 Retained loss -2,601-1,983 1,578 2,196 Non-controlling interests 9 9 Total equity 1,587 2,205 Financial debts 18,035 14,459 Provision for deferred taxes 1,098 1,321 Other provisions Trade payables 4,906 3,916 Other liabilities 1,679 2,204 Accrued expenses and deferred income 3,061 3,484 Total liabilities 28,858 25,478 Total equity and liabilities 30,445 27,683 10

11 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited CONDENSED CONSOLIDATED CASH FLOW STATEMENTS Oct 1 - Dec 31 Jan 1 - Dec 31 MSEK Operating activities Profit/loss before taxes ,743 Adjustments for items not included in cash flow 1) , ,708 2,532 Tax paid Cash flow from/used in operating activites before changes in working capital ,509 2,525 Cash flow from changes in working capital Decrease(+)/Increase(-) in inventories -1, , Decrease(+)/Increase(-) in operating receivables ,191 Decrease(-)/Increase(+) in operating liabilities 1,885 3, ,263 Cash flow from/used in operating activites ,019-1,616 3,647 Investing activities Capital expenditure of property, plant and equipment Disposal of property, plant and equipment Decrease(+)/Increase(-) in financial assets Cash flow used in investing activities Financing activities New loans 1, ,099 8,099 Repayment of loans ,765-7,244-13,497 Shareholders' contribution received ,619 Loan from shareholder - 8 4,091 8 Dividend paid Loan expenditures Cash flow from/used in financing activities 364-2,517 2,312-3,090 CASH FLOW FOR THE PERIOD Opening cash and cash equivalents Cash and cash equivalents at the end of the period ) Specification of items not included in cash flow Depreciation of property, plant and equipment Write down of inventories Unrealized exchange losses(+)/gains(-) Unrealized losses(+)/gains(-) on derivatives Capitalized loan expenditures deferred as interest expenses Interest income not received in cash Capitalized interest cost Others ,

12 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Other paid-in Retained Non-controlling Total MSEK capital *) capital earnings Total interest equity Equity January 1 1 4,178-1,983 2, ,205 Net income Equity December ,178-2,601 1, ,587 *) 5,000 shares were issued with a par value of 100 SEK. STATEMENT OF CHANGES IN EQUITY - PARENT COMPANY Share Restricted Unrestricted Total MSEK capital *) reserves reserves equity Equity January 1 1-2,724 2,724 Net income Equity December ,922 1,923 *) 5,000 shares were issued with a par value of 100 SEK. 12

13 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited CONDENSED INCOME STATEMENT - PARENT COMPANY Jan 1 - Dec 31 MSEK Operating loss -2-4 Financial net Profit/loss before taxes Taxes Net loss CONDENSED BALANCE SHEET - PARENT COMPANY December 31 December 31 MSEK ASSETS Participation in Group Companies 9,611 7,519 Other receivables 18 7 Total assets 9,629 7,526 EQUITY AND LIABILITIES Restricted equity 1 1 Non-restricted equity 1,922 2,724 Total equity 1,923 2,724 Shareholder loans 4,354 8 Bond loans, subordinated notes 1,150 1,012 Bond loans, secured notes 2,487 3,947 Other liabilities Total liabilities 7,706 4,801 Total equity and liabilities 9,629 7,526 13

14 CORRAL PETROLEUM HOLDINGS AB INTERIM REPORT, JANUARY 1 DECEMBER 31, 2011 Unaudited RECONCILIATION OF EBITDA TO ADJUSTED EBITDA We define Adjusted EBITDA as EBITDA adjusted to exclude inventory gains and losses and foreign currency gains and losses and reflect the adjustments permitted in calculating covenant compliance under Preem s 2011 Credit Facility. The following table presents a reconciliation of EBITDA to Adjusted EBITDA. Oct 1 - Dec 31 Jan 1 - Dec 31 MSEK EBITDA -58 1,049 1,963 3,257 Add back: Inventory (gains)/losses ,212 Foreign currency (gains)/losses Exceptional item (HOP project scrapped) Adjusted EBITDA ,124 2,426 Adjusted EBITDA is a non-ifrs measure. We present Adjusted EBITDA in this report because we believe that it and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. In particular, Adjusted EBITDA is not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating income or net profit or any other performance measures derived in accordance with IFRS or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. FINANCIAL DEBT BREAKDOWN December 31 December 31 MSEK Credit Facility Preem 10,503 9,671 Loan expenditures Other liabilities, interest bearing Total Financial Debt - Preem 10,158 9,658 Secured Notes 2,487 3,947 Subordinated Notes 1,150 1,012 Other loans from shareholder 4,354 8 Loan expenditures Total Financial Debt - Corral 7,878 4,801 Total Financial Debt 18,035 14,459 14

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