Earnings Release • May 6, 2014
Earnings Release
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In April 2014, Tethys Oil completed the early redemption of the MSEK 400 bond loan. To redeem the bond loan, Tethys Oil paid 104.50 per cent of the nominal amount and accrued interest to all bond holders. The payment was made 7 April 2014
| MSEK (unless specifically stated) |
First | Fourth | First | Change, % |
|---|---|---|---|---|
| quarter | quarter | quarter | Q1 2014 to | |
| 2014 | 2013 | 2013 | Q4 2013 | |
| Production, before government take (bbl) | 608,582 | 499,028 | 368,481 | 22% |
| Average daily production, before government take | ||||
| (bbl) | 6,762 | 5,424 | 4,094 | 25% |
| Net sales, after government take (bbl) | 280,782 | 271,175 | 209,538 | 4% |
| Average selling price per barrel, USD | 106.56 | 108.47 | 107.63 | -2% |
| Net sales of oil and gas | 195 | 193 | 146 | 1% |
| Operating result | 83 | 52 | 124 | 60% |
| EBITDA | 130 | 148 | 152 | -12% |
| Result for the period | 58 | 45 | 105 | 29% |
| Earnings per share before and after dilution, SEK | 1.62 | 1.26 | 2.94 | 29% |
| Cash and cash equivalents | 363 | 295 | 270 | 23% |
| Investments | 45 | 80 | 35 | -44% |
Tethys Oil is a Swedish energy company focused on exploration and production of oil and natural gas. Tethys Oil's core area is Oman, where the company is one of the largest onshore oil and gas concession holders. Tethys Oil also have exploration and production assets onshore Lithuania and France. The shares are listed on NASDAQ OMX Stockholm (TETY).
25%. That is our production increase compared to the final quarter last year. The comprehensive drilling programme is paying off and lead times from discovery to production remain excellent. The appraisal well B4EW4-7 on area 4 encountered oil and confirmed reservoir extension to the south east. Another appraisal well is currently on-going so sooner or later we will find out where the B4EW4 reservoir structure ends. Let us hope it is later rather than sooner. We are appraising the area 6 (B4EW6) discovery and we are drilling another Lower Buah exploration well. And we expect to start drilling our first Masirah Graben exploration well later in the second quarter. But amid all this activity, let us stop to scrutinize the first quarter in a little more detail.
Average daily production for the quarter of 6,762 bopd was the highest quarterly production number in the company's history. Oil prices were almost flat compared to the previous quarter and we report an average selling price of USD 107 per barrel. Our net sales of MSEK 195 are also record high, but the sales could have been higher. Timing issues in sales have again resulted in higher production than sales volumes and we leave the quarter in an underlifted position of over 43,000 barrels. As for the bottom line, we are happy to report a result for the first quarter of MSEK 58.
All in all, a total of 15 wells were completed on Blocks 3 and 4 during the first quarter 2014. The development of the water injection system in the Barik layer on the Farha South oil field has also continued and further strengthened and stabilized the production from the field.
In Lithuania, the 3D seismic on Raiseiniai license show promise. More than a dozen potentially oil bearing reefal structures have been identified. Drilling is expected to start after the summer, and if luck stays with us, Lithuanian reserves and production could also increase.
Financially, we have strengthened our balance sheet and signed a four year, up to MUSD 100, senior revolving reserve based lending facility. The lending facility will reduce and optimize the financing costs as well as increase our operational and financial flexibility. The MSEK 400 bond loan has been redeemed.
The numbers underscores that we are in a better position than ever before. Our financial numbers are at record levels. Our production is at record levels. Drilling activity is at record levels. And the number of shareholders are at record levels. So welcome on-board and stay with us.
Stockholm in May 2014
Magnus Nordin Managing Director
Tethys Oil's primary production comes from onshore Oman where the company has 30 per cent interest in Blocks 3 and 4. Through an indirect interest of 25 per cent of Gargzdai Lithuania, Tethys Oil has supplemental production.
Production from Block 3 and 4 onshore Oman comes from two fields - the Farha South and Saiwan East oil fields. Continued implementation of the water injection programme has increased Farha South production, but more important from a production increase point of view is the continued successful exploration and appraisal results from the Lower Buah structures within the exploration areas on Block 4. Production from Oman accounts for 97% of total production.
During the first quarter 2014, the Blocks 3&4 Joint Venture's share of production has continued to be 52 per cent of total production, which is the highest possible share of production according to the terms of the EPSA. Tethys Oil's share of the Joint Venture is 30 per cent. For further information regarding Tethys Oil's share of production, please refer to the Annual Report 2013. The high share of production will remain as long as there are remaining recoverable costs, which are created through further investments in the blocks. The estimated recoverable costs as per 31 March 2014, net to Tethys Oil, amounts to MUSD 70.
Production from the Gargzdai licence in western Lithuania is in line with the previous quarter mainly due to infill wells, which have stabilized production. Tethys Oil's interest in Gargzdai is held indirectly through Odin Energi A/S, an associated Danish company.
| Quarterly volumes, before government take |
Q1 2014 | Q4 2013 | Q3 2013 | Q2 2013 | Q1 2013 |
|---|---|---|---|---|---|
| Tethys' share of quarterly production, (bbl) | |||||
| Oman, Block 3&4 | |||||
| Production | 597,979 | 488,522 | 430,763 | 387,734 | 356,050 |
| Average daily production | 6,644 | 5,310 | 4,682 | 4,261 | 3,956 |
| Lithuania, Gargzdai | |||||
| Production | 10,603 | 10,507 | 11,589 | 12,105 | 12,432 |
| Average daily production | 118 | 114 | 126 | 133 | 138 |
| Total production | 608,582 | 499,028 | 442,352 | 399,839 | 368,482 |
| Total average daily production | 6,762 | 5,424 | 4,808 | 4,394 | 4,094 |
Average daily and cumulative monthly production net to Tethys Oil during 2013 and 2014
1 The consolidated financial statements of the Tethys Oil Group (Hereafter referred to as "Tethys Oil" "Tethys" or the "Group"), where Tethys Oil AB (publ) (the "Company") with organisational number 556615-8266 is the parent company, are hereby presented for the first quarter 2014. Segments of the Group are geographical markets.
During the first three months 2014, Tethys Oil sold 280,782 barrels of oil after government take from Block 3 and 4 in Oman compared to 271,175 during fourth quarter 2013. This resulted in net sales during the first quarter 2014 of MSEK 195 compared to MSEK 193 during the fourth quarter 2013. The average selling price per barrel amounted to USD 107 per barrel during the first quarter 2014 compared to USD 108 per barrel during the fourth quarter 2013.
Sold volumes and net sales have not kept up with the very strong production increase of 25 per cent from the fourth quarter 2013 to the first quarter 2014. This has resulted in an increased underlift position, from 13,261 barrels as per 31 December 2013 to 43,428 barrels as per 31 March 2014.
The SEK/USD exchange rate has been stable between the fourth quarter 2013 and first quarter 2014 with less than 1 per cent appreciation of the SEK in relation to USD.
The selling price received by Tethys Oil is determined for each calendar month based on the monthly average price of the two month future contract of Omani blend (see chart below) as traded on Dubai Mercantile Exchange. During the first quarter 2014, prices have been trading between high levels of USD 109 per barrel and low levels of USD 102 per barrel. First quarter 2014 prices are in line with the previous quarter.
Source: Platts, Dubai Merchantile Exchange
Tethys Oil reports a net result after tax for the first quarter 2014 of MSEK 58, representing earnings per share of SEK 1.62. The result for the first quarter 2014 is up 29 per cent compared to the fourth quarter 2013 mainly due to negative effect of exploration costs of MSEK 55 during the fourth quarter 2013. The result for the first quarter 2014 is 45 per cent lower than the first quarter 2013 which was affected by a bonus received from Mitsui following the approval of the Field development plan.
Tethys Oil holds indirect interest in the three Lithuanian licences; Gargzdai, Rietavas and Raiseiniai. Tethys Oil holds a share in these licences through the interests in associated companies Jylland Olie and Odin Energi. Total result from Tethys Oils shares in associated companies Odin Energi and Jylland Olie during the first quarter 2014 amounted to MSEK 1 compared to MSEK -1 during the fourth quarter 2013.
The result for the first quarter 2014 has been impacted by net foreign exchange losses and interest on long term debt. The currency exchange effect of the group amounts to MSEK -11 and most of the effect relates to the
weaker US dollar in relation to the Swedish krona. Currency translation differences between the parent company and subsidiaries are non cash related items. Interest on long term debt amounted to MSEK -10. The currency exchange effect and interest on long term debt is part of net financial result amounting to MSEK -25 for the first quarter.
Depletion, depreciation and amortisation ("DD&A") for the first quarter 2014 amounted to MSEK 48 compared to MSEK 41 for the fourth quarter 2013. Higher DD&A is referable to depletion of oil and gas properties which furthermore only relate to Blocks 3&4. The depletion development between first quarter 2014 and the previous quarter is explained by the higher production. The production has increased faster than reserves have been verified creating a higher proportion of depletion.
Operating expenses (OPEX) amounted during the first quarter 2014 to MSEK 59 compared to MSEK 37 during the fourth quarter 2013. Operating expenses are related to oil and gas production on Block 3 and 4 in Oman, for example expenses for trucking, tariffs, supervision and administration etc. Furthermore, over and underlift adjustments are made within the Operating expenses category, in accordance with Tethys Oil's accounting principles. Due to an underlift position as per 31 March 2014 amounting to 43,428 barrels, the Operating expenses during the first quarter 2014 have been reduced by MSEK 3. The increase in Operating expenses between the quarters is due to late incoming expenses from 2013 affecting first quarter 2014. A similar development was seen during first quarter 2013 where Operating expenses amounted to MSEK 57, which is more in line with first quarter 2014 and also high due to late incoming expenses from previous year.
Administrative expenses amounted to MSEK 6 for the first quarter 2014 compared to MSEK 8 during fourth quarter 2013. Administrative expenses are mainly salaries, rents, listing costs and outside services.
During the first quarter 2014, investments amounting to MSEK 43 were made on Blocks 3 & 4. A total of 15 wells were completed during the quarter.
The water injection programme on Farha South continued with six water injector wells and two water source wells completed. Four production wells were also drilled. One well was drilled in a previously undrilled fault block along the Farha trend. The well discovered oil and has been put into production.
The appraisal of the area 4 structure (B4EW4) has continued. The seventh well (B4EW4-7) on the structure, confirmed the extension of the Lower Buah reservoir to the south east. The new well has been hooked up to the production equipment.
An exploration well on area 6 (B4EW6) was completed and tested in the first quarter. The area 6 structure was previously undrilled and is located approximately 13 kilometres south of area 4. The well flowed on test in excess of 2,200 bopd on a 32/64 inch choke from the Lower Buah formation. The well is hooked up to the production system to undergo a long term production test.
Area 4 appraisal continues and a well to appraise the north eastern extension of the structure, is in progress. Drilling to appraise the area 6 structure (B4EW6) is also ongoing, as is a well to explore a previously undrilled Lower Buah structure in area 7 north east of area 4.
| Country | Licence | Tethys | Total area, | Partners (operator in bold) | Book value | Book value | Investments |
|---|---|---|---|---|---|---|---|
| name | Oil, % | km2 | 31 Mar 2014 | 31 Dec 2013 | Jan-Mar 2014 | ||
| Oman | Block 15 | 40% | 1,389 | Odin Energy, Tethys Oil | 2 | 0.2 | 2 |
| Oman | Block 3,4 | 30% | 34,610 | CCED, Mitsui, Tethys Oil | 974 | 1,011 | 43 |
| France | Attila | 40% | 1,986 | Galli Coz, Tethys Oil | - | - | 0 |
| France | Alès | 37.5% | 215 | Tethys Oil, MouvOil | - | - | - |
| Lithuania | Gargzdai2 | 25% | 884 | Odin, GeoNafta, Tethys Oil | - | - | - |
| Lithuania | Rietavas2 | 14% | 1,594 | Chevron, Odin, Tethys Oil | - | - | - |
| Lithuania | Raiseiniai2 | 26% | 1,535 | Odin, Tethys Oil, private | - | - | - |
| investors | |||||||
| New | 0.2 | 0.2 | 0 | ||||
| ventures | |||||||
| Total | 42,794 | 977 | 1,012 | 45 |
The book value of oil and gas properties includes currency exchange effects of MSEK -33 during the first quarter 2014, which are not cash related items and therefore not included in investments. For more information please see above under Result – Net financial result.
Tethys Oil's interests in three Lithuanian licences are held through two private Danish companies. For more information regarding the ownership structure, please refer to note 7. As per 31 March 2014 the shareholding in the two associated Danish companies, Odin Energi and Jylland Olie, amounted to MSEK 185.
Tethys Oil's share of net profit during the first quarter 2014 from Odin Energi and Jylland Olie, which indirectly hold the Lithuanian licences, amounted to MSEK 1 compared to MSEK -1 during fourth quarter 2013. The first quarter 2014 result was mainly generated from selling 10,969 barrels (Tethys Oil's indirect share) at an average price of USD 111 per barrel, compared to 9,970 barrels at an average price of USD 117 per barrel during the fourth quarter 2013. Tethys Oil expects part of the cash flow from the indirectly held Lithuanian interests to be distributed to Tethys Oil in form of a dividend.
During the quarter, infill wells have been drilled on the Gargzdai licence in order to stabilize/increase the production. The drilling of infill wells has continued during the second quarter.
On the Rietavas licence, the exploration well Kalnujai-1 has been drilled in the southern part of the licence. The work programme has during the first quarter further been focused on analysis and interpretation of cores.
The 3D seismic study, covering an area of 80 square kilometres on the Raiseiniai license, has been completed and interpreted. More than a dozen reefal prospects have been identified. These will be further studied and ranked for prospectivity during the second quarter with a view to start a drilling campaign within the Raiseiniai license during the third quarter.
Cash and bank as per 31 March 2014 amounted to MSEK 363 compared to MSEK 295 as per 31 December 2013.
The increase in liquidity is explained by the positive cash flow for the first quarter 2014. All investments have been financed by funds generated from operations.
The development of Block 3 and 4 continues, with a main focus on exploration, appraisal and a water injection programme to enhance production. Lead times to bring discoveries to production remains very short. Tethys Oil's share of the total Joint Venture investment budget for 2014 on Blocks 3&4, amounts to around MSEK 400. The investment budget is expected to be fully financed by cash flow from operations.
2
Tethys Oil's operations in Lithuania is expected to continue to be self-financed from oil production on the Gargzdai licence and financed by Chevron on the Rietavas licence.
A large part of cash and cash equivalents are kept in USD which has depreciated against SEK during the reporting period. The currency exchange effect on cash and cash equivalents amounted during first quarter 2014 to MSEK -12.
As per 31 March 2014, Tethys Oil has an outstanding bond loan with nominal amount MSEK 400. In February 2014, it was announced that Tethys Oil signed a four-year, up to MUSD 100, senior revolving reserve based lending facility with BNP Paribas. Security for the facility is the interest in the Block 3&4 licence. In connection with the first drawdown of the facility, Tethys exercised its option for early redemption of the bonds and redeemed all outstanding bonds. The early redemption price was 104.50 per cent of the nominal amount of the bonds plus accrued unpaid interest. The payment and redemption occurred 7 April 2014, ie after the reporting period. The initial commitment of the facility is MUSD 50. The interest rate of the facility will be floating, and be in the range of LIBOR + 3.75 per cent to LIBOR + 4.00 per cent per annum, depending on the level of utilization of the facility.
As per 31 March 2014, Tethys Oil holds oil price put options (Brent) amounting to MSEK 2. The total numbers of put options are 585,000, equalling 65,000 options per month from April to December 2014. The options will expire each month and all have strike price USD 90 per barrel, where one option equals the right to sell one barrel. The put options were acquired to secure oil price at USD 90 per barrel without limiting upside potential should oil prices be higher at each monthly lifting. The acquisition of put options was made to match expected expenditures 2014. The average premium paid was USD 1.37 per barrel. The value of the put options as per 31 December 2013 amounted to MSEK 5 and during the first quarter 2014, 195,000 options have expired.
The Parent company reports a net result after tax for the first quarter 2014 amounting to MSEK -21 compared to MSEK -68 for the fourth quarter 2013. Administrative expenses amounted to MSEK -4 for the first quarter 2014 compared to MSEK -5 for the fourth quarter 2013. Net financial loss amounted to MSEK -20 during the first quarter 2014 compared to MSEK -64 for the fourth quarter 2013, which was significantly impacted by write down of shares in subsidiaries. Interest paid on the bond loan and the weaker US dollar has had a negative impact on net financial result during the first quarter 2014. The exchange rate losses regard translation differences and are non cash related. Investments during the first quarter 2014 amounted to MSEK 5. Financial investments are financial loans to subsidiaries for their oil and gas operations. The turnover in the Parent company relates to chargeouts of services to subsidiaries.
The Annual General Meeting 2014 will be held 15.00, 14 May 2014 at Van der Nootska Palatset, Stockholm.
As per 31 March 2014, the number of outstanding shares in Tethys Oil amount to 35,543,750, with a quota value of SEK 0.17. All shares represent one vote each. Tethys Oil does not have any incentive program for employees. There has been no change in the number of shares since 31 December 2013.
A statement of risk and uncertainties are presented in note 1, page 16.
In April 2014, Tethys Oil completed the early redemption of the MSEK 400 bond loan. To redeem the bond loan, Tethys Oil paid 104.50 per cent of the nominal amount and accrued interest to all bond holders. The payment was made 7 April 2014
| TSEK | Note | First | Fourth | First |
|---|---|---|---|---|
| quarter | quarter | quarter | ||
| 2014 | 2013 | 2013 | ||
| Net sales of oil and gas | 2,3 | 194,695 | 193,138 | 146,229 |
| Depletion, depreciation and amortisation | 4 | -47,801 | -40,969 | -28,163 |
| Exploration costs | 4 | -32 | -55,275 | - |
| Other income | 6 | - | 121 | 64,839 |
| Operating expenses | 5 | -59,233 | -36,835 | -56,573 |
| Net profit/loss from associates | 8 | 1,148 | -751 | 2,777 |
| Other losses/gains, net | -1 | -3 | 18 | |
| Administrative expenses | -6,238 | -7,538 | -5,034 | |
| Operating result | 82,536 | 51,889 | 124,092 | |
| Financial income and similar items | 13 | 1,187 | 492 | |
| Financial expenses and similar items | 10 | -24,862 | -8,445 | -20,017 |
| Net financial loss/profit | -24,849 | -7,258 | -19,524 | |
| Result before tax | 57,687 | 44,630 | 104,567 | |
| Income tax | 1 | -1 | -23 | |
| Result for the period | 57,688 | 44,630 | 104,544 | |
| Other comprehensive result | ||||
| Items that may be subsequently reclassified to profit or loss: | ||||
| Currency translation differences | -31,406 | 8,828 | -15,872 | |
| Other comprehensive result for the period | -31,406 | 8,828 | -15,872 | |
| Total comprehensive result for the period | 26,282 | 53,458 | 88,672 | |
| Number of shares outstanding | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
| Number of shares outstanding (after dilution) | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
| Weighted number of shares | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
| Earnings per share, SEK | 1.62 | 1.26 | 2.94 | |
| Earnings per share (after dilution), SEK | 1.62 | 1.26 | 2.94 |
| Note | 31 Mar | 31 Dec | |
|---|---|---|---|
| TSEK | 2014 | 2013 | |
| ASSETS | |||
| Non current assets | |||
| Oil and gas properties | 4 | 976,556 | 1,011,559 |
| Office equipment | 1,094 | 1,817 | |
| Investment in associates | 8 | 185,430 | 184,282 |
| 1,163,080 | 1,197,658 | ||
| Current assets | |||
| Other receivables | 94,404 | 64,935 | |
| Prepaid expenses | 2,143 | 997 | |
| Derivative instruments | 2,189 | 4,805 | |
| Cash and cash equivalents | 362,997 | 295,011 | |
| 461,733 | 365,748 | ||
| TOTAL ASSETS | 1,624,813 | 1,563,406 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
| Share capital | 5,924 | 5,924 | |
| Additional paid in capital | 552,060 | 552,060 | |
| Other reserves | -57,932 | -26,525 | |
| Retained earnings | 626,595 | 568,908 | |
| Total shareholders' equity | 9 | 1,126,648 | 1,100,366 |
| Non current liabilities | |||
| Bond issue | 10 | 394,045 | 393,008 |
| Provisions | 11 | 28,607 | 29,226 |
| 422,652 | 422,234 | ||
| Current liabilities | |||
| Accounts payable | 1,265 | 1,274 | |
| Other current liabilities | 70,728 | 24,977 | |
| Accrued expenses | 3,520 | 14,556 | |
| 75,513 | 40,807 | ||
| Total liabilities | 498,165 | 463,040 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,624,813 | 1,563,406 | |
| Pledged assets Contingent liabilities |
12 13 |
1,042,364 - |
988,824 - |
| CONSOLIDATED STATEMENT OF CHANGES | IN EQUITY IN SUMMARY | ||||
|---|---|---|---|---|---|
| TSEK | Share | Paid in | Other | Retained | Total |
| Capital | Capital | Reserves | Earnings | Equity | |
| Opening balance 1 January 2013 | 5,924 | 552,060 | -26,585 | 328,723 | 860,122 |
| Comprehensive income | |||||
| Result for the first quarter 2013 | - | - | - | 104,529 | 104,529 |
| Result for the second quarter 2013 | - | - | - | 39,222 | 39,222 |
| Result for the third quarter 2013 | - | - | - | 51,805 | 51,805 |
| Result for the fourth quarter 2013 | - | - | - | 44,630 | 44,630 |
| Period result | - | - | - | 240,185 | 240,185 |
| Other Comprehensive income | |||||
| Currency translation differences first quarter 2013 | - | - | -15,872 | - | -15,872 |
| Currency translation differences second quarter 2013 | - | - | 1,746 | - | 1,746 |
| Currency translation differences third quarter 2013 | - | - | 5,357 | - | 5,357 |
| Currency translation differences fourth quarter 2013 | - | - | 8,828 | - | 8,828 |
| Total other comprehensive income | - | - | 59 | - | 59 |
| Total comprehensive income | - | - | 59 | 240,185 | 240,244 |
| Closing balance 31 December 2013 | 5,924 | 552,060 | -26,525 | 568,908 | 1,100,366 |
| Opening balance 1 January 2014 | 5,924 | 552,060 | -26,525 | 568,908 | 1,100,366 |
| Comprehensive income | |||||
| Result for the first quarter 2014 | - | - | - | 57,688 | 57,688 |
| Period result | - | - | - | 57,688 | 57,688 |
| Other Comprehensive income | |||||
| Currency translation differences first quarter 2014 | - | - | -31 406 | - | -31 406 |
| Total other comprehensive income | - | - | -31 406 | - | -31 406 |
| Total comprehensive income | - | - | -31,406 | 57,688 | 26,282 |
| Closing balance 31 March 2014 | 5,924 | 552,060 | -57,932 | 626,595 | 1,126,648 |
| Note | First | Fourth | First | |
|---|---|---|---|---|
| TSEK | quarter | quarter | quarter | |
| 2014 | 2013 | 2013 | ||
| Cash flow from operations | ||||
| Operating result | 82,536 | 51,889 | 124,092 | |
| Interest received | - | 414 | - | |
| Interest paid | 10 | -19,000 | - | -19,000 |
| Income tax | 1 | -1 | -23 | |
| Adjustment for exploration costs | 4 | 32 | 55,275 | - |
| Adjustment for depletion, depreciation and other non cash related items |
4 | 47,082 | 42,432 | 28,778 |
| Total cash flow from operations before change in working | 110,651 | 150,008 | 133,847 | |
| capital | ||||
| Change in receivables | -30,615 | -12,743 | -34,578 | |
| Change in liabilities | 44,207 | -10,287 | -37,357 | |
| Cash flow from operations | 124,243 | 126,978 | 61,912 | |
| Investment activity | ||||
| Investment in oil and gas properties | 4 | -45,348 | -72,969 | -33,308 |
| Oil and gas properties from cost oil repayment | 6 | - | -29 | -2,366 |
| Dividend from associated companies | 8 | - | - | - |
| Investment in other fixed assets | 639 | -585 | 271 | |
| Investment in derivative instruments | - | -6,453 | - | |
| Cash flow from investment activity | -44,709 | -80,036 | -35,404 | |
| Financing activity | ||||
| Share issue, net after issue costs | - | - | - | |
| Bond issue, net after issue costs | - | - | - | |
| Cash flow from financing activity | - | - | - | |
| Period cash flow | 79,534 | 46,943 | 26,508 | |
| Cash and cash equivalents at the beginning of the period | 295,011 | 245,550 | 248,038 | |
| Exchange gains/losses on cash and cash equivalents | -11,548 | 2,519 | -4,309 | |
| Cash and cash equivalents at the end of the period | 362,997 | 295,011 | 270,237 |
| Note | First | Fourth | First | |
|---|---|---|---|---|
| TSEK | quarter | quarter | quarter | |
| 2014 | 2013 | 2013 | ||
| Net sales of oil and gas | - | - | - | |
| Depletion, depreciation and amortisation | -25 | -20 | -16 | |
| Other income | 2,215 | 1,361 | 735 | |
| Net profit/loss of associates | 8 | 1,148 | -751 | 2,777 |
| Other losses/gains, net | -1 | -3 | 18 | |
| Administrative expenses | -3,898 | -5,459 | -2,713 | |
| Operating result | -561 | -4,871 | 800 | |
| Financial income and similar items | 3,843 | 5,442 | 3,790 | |
| Financial expenses and similar items | 10 | -24,235 | -8,283 | -19,670 |
| Write down of shares in group company | -92 | -60,740 | - | |
| Net financial loss | -20,485 | -63,582 | -15,881 | |
| Result before tax | -21,046 | -68,453 | -15,080 | |
| Income tax | - | - | - | |
| Loss for the period* | ||||
| -21,046 | -68,453 | -15,080 | ||
| Number of shares outstanding | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
| Number of shares outstanding (after dilution) | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
| Weighted number of shares | 9 | 35,543,750 | 35,543,750 | 35,543,750 |
* As there are no items in the parent company's other comprehensive income, no separate report on total comprehensive income is presented.
| TSEK | Note | 31 Mar | 31 Dec |
|---|---|---|---|
| 2014 | 2013 | ||
| ASSETS | |||
| Total non current assets | 545,689 | 551,213 | |
| Total current assets | 10,830 | 36,477 | |
| TOTAL ASSETS | 556,519 | 587,690 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 9 | 157,629 | 178,675 |
| Total non current liabilities | 10 | 394,045 | 393,008 |
| Total current liabilities | 4,845 | 16,007 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 556,519 | 587,690 | |
| Pledged assets | 12 | 1,042,364 | 988,824 |
| Contingent liabilities | 13 | - | - |
| TSEK | Restricted equity | Non restricted equity | ||||
|---|---|---|---|---|---|---|
| Share | Statutory | Share premium | Retained | Net | ||
| capital | Reserve | Reserve | Earnings | result | Total Equity | |
| Opening balance 1 January 2013 | 5,924 | 71,071 | 480,989 | -193,794 | -82,793 | 281,397 |
| Transfer of prior year net result | - | - | - | -82,793 | 82,793 | - |
| Comprehensive income | ||||||
| Loss for the first quarter 2013 | - | - | - | - | -15,080 | -15,080 |
| Loss for the second quarter 2013 | - | - | - | - | -13,853 | -13,853 |
| Loss for the third quarter 2013 | - | - | - | - | -5,336 | -5,336 |
| Loss for the fourth quarter 2013 | - | - | - | - | -68,453 | -68,453 |
| Period result | - | - | - | - | -102,722 | -102,722 |
| Total comprehensive income | - | - | - | - | -102,722 | -102,722 |
| Closing balance 31 December 2013 | 5,924 | 71,071 | 480,989 | -276,587 | -102,722 | 178,675 |
| Opening balance 1 January 2014 | 5,924 | 71,071 | 480,989 | -276,587 | -102,722 | 178,675 |
| Transfer of prior year net result | - | - | - | -102,722 | 102,722 | - |
| Comprehensive income | ||||||
| Loss for the first quarter 2014 | - | - | - | - | -21,046 | -21,046 |
| Period result | - | - | - | - | -21,046 | -21,046 |
| Total comprehensive income | - | - | - | - | -21,046 | -21,046 |
| Closing balance 31 March 2014 | 5,924 | 71,071 | 480,989 | -379,309 | -21,046 | 157,629 |
Tethys Oil AB (publ) ("the Company"), organisation number 556615-8266, and its subsidiaries (together "the Group" or "Tethys Oil") are focused on exploration for and production of oil and natural gas. The Group has interests in exploration licences in Oman, Lithuania and France.
The Company is a limited liability company incorporated and domiciled in Stockholm, Sweden. The Company is listed on NASDAQ OMX Stockholm.
The three months report 2014 of the Tethys Oil Group has been prepared in accordance with IAS 34 and the Annual Accounts Act. The three months report 2014 of the Parent company has been prepared in accordance with the Annual Accounts Act and the Recommendation RFR 2 –"Accounting for legal entities", issued by the Swedish Financial Accounting Standards Council. The same accounting principles were used in the Annual report 2013.
For the preparation of the financial statements for the reporting period, the following exchange rates have been used.
| 31 March 2014 | 31 December 2013 | |||
|---|---|---|---|---|
| Currency | 2014 Average | 2014 Period end | 2013 Average | 2013 Period end |
| SEK/CHF | 7.31 | 7.30 | 7.05 | 7.40 |
| SEK/EUR | 8.94 | 8.89 | 8.68 | 9.03 |
| SEK/LTL | 2.59 | 2.57 | 2.52 | 2.55 |
| SEK/USD | 6.51 | 6.38 | 6.52 | 6.58 |
| Effect of currency exchange rates on operating result | |
|---|---|
| Comparison with first quarter 2013, TSEK | |
| Net sales of oil and gas | 691 |
| Depreciation, depletion and amortization | -170 |
| Exploration costs | - |
| Other income | - |
| Operating expenses | -210 |
| Net profit/loss from associate | - |
| Other losses/gains, net | - |
| Administrative expenses | -13 |
| Summary of currency exchange rate effect | 299 |
| on operating result |
The table above presents the currency exchange effect on operating result compared with 2013, by applying the average exchange rate of first quarter 2013 on first quarter 2014 accounts.
The nominal value of accounts payables, cash and bank and accounts receivables is a fair approximation of those line items. The nominal amount of the bond loan was TSEK 400,000 and issued at a fixed annual interest rate of 9.50 per cent.
| 31 March 2014 | 31 December 2013 | |||||||
|---|---|---|---|---|---|---|---|---|
| TSEK | Financial assets and liabilities at fair value through profit or loss |
Other receivables and cash and bank |
Other liabilities | TSEK | Financial assets and liabilities at fair value through profit or loss |
Other receivables and cash and bank |
||
| Other receivables | - 94,404 |
- | Other receivables | - | ||||
| Cash and bank | - 362,997 |
- | Cash and bank | - | ||||
| Derivative | Derivative | |||||||
| instruments* | 2,189 | - - |
instruments | 4,805 | ||||
| Debt | - | - 394,045 |
Debt | - | ||||
| Accounts | - | - 1,265 |
Accounts | - | ||||
| payables | payables | |||||||
| Other current | - | - 70,728 |
Other current | - | ||||
| liabilities | liabilities |
* Note that Derivative instruments are put options. These instruments can be sold and are categorized as level 2 in accordance with IFRS 7. The valuation is made based on available market prices of the Brent oil price.
The Group's activities expose it to a number of risks and uncertainties which are continuously monitored and reviewed. The main risks and uncertainties are operational and financial risks described below.
At its current stage of development Tethys Oil is partly commercially producing oil and partly exploring for and appraising undeveloped known oil and/or natural gas accumulations. The operational risk is different in these different parts of Tethys Oil's operations. The main operational risk in exploration and appraisal activities is that the activities and investments made by Tethys Oil and its partners will not evolve into commercial reserves of oil and gas. The oil price is of significant importance to Tethys Oil in all parts of operations as income and profitability is and will be dependent on prices prevailing from time to time. Significantly lower oil prices will reduce current and expected profitability in projects and can make projects sub economic. Lower oil prices could also decrease the industry interest in Tethys Oil's projects regarding farmout or sale of assets. As per 31 March 2014, Tethys Oil owns 585,000 put options, equalling 65,000 options per month from April to December 2014. These put options have a strike price of USD 90 per barrel to secure oil price during 2014 without limiting any upside potential should market oil prices be higher. These put options therefore reduce the oil price risk during 2014 significantly.
Another operational risk factor is access to equipment in Tethys Oil's project. Especially in the drilling/development phase of a project the group is dependent on advanced equipment such as rigs, casing, pipes etc. A shortage of theses supplies can present difficulties for Tethys Oil to fulfil projects. Through its operations Tethys Oil is furthermore subject to political risk, environmental risk and the risk of not being able to retain key personnel.
By operating in several countries, Tethys Oil is exposed to fluctuations in a number of currencies. Income is and will also most likely be denominated in foreign currencies, US dollars in particular. Furthermore, Tethys Oil has since inception been equity financed through share issues and financed by asset divestment. Additional capital may be needed to finance Tethys Oil's future operations and/or for acquisition of additional licences. The main risk is that this need may occur during less favourable market conditions.
A more detailed analysis of the Group's risks and uncertainties and how the Group addresses these risks, are given in the Annual report for 2013.
| Net sales | First | Fourth | First |
|---|---|---|---|
| quarter | quarter | quarter | |
| 2014 | 2013 | 2013 | |
| Barrels sold, bbl | 280,782 | 271,175 | 209,538 |
| Net sales, TSEK | 194,695 | 193,138 | 146,229 |
| Oil price, USD/bbl | 106.56 | 108.47 | 107.63 |
Tethys Oil is selling all of its oil through Mitsui Energy Trading Singapore, which is part of Mitsui & Co Ltd. All oil sales come from Blocks 3 & 4 Oman and are made on a monthly basis.
The Group´s accounting principle for segments describes that operating segments are based on geographic perspective. The operating result for each segment is presented below.
| Group income statement Jan-Mar 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|
| TSEK | Dubai | France | Lithuania | Oman | Sweden | Switzerland | Other | Total |
| Net sales | - | - | - | 194,695 | - | - | - | 194,695 |
| Depreciation, depletion and | ||||||||
| amortisation | -14 | - | - | -47,762 | -25 | - | - | -47,801 |
| Exploration costs | - | -31 | - | - | - | - | -1 | -32 |
| Other income | - | - | - | - | - | - | - | - |
| Operating expenses | - | - | - | -59,233 | - | - | - | -59,233 |
| Net profit/loss from | ||||||||
| associates | - | - | 1,148 | - | - | - | - | 1,148 |
| Other losses/gains, net | - | - | - | - | -1 | - | - | -1 |
| Administrative expenses | -1,202 | - | - | -1,087 | -3,898 | -3 | -47 | -6,238 |
| Operating result | -1,216 | -31 | 1,148 | 86,612 | -3,924 | -3 | -48 | 82,536 |
| Total financial items | -24,849 | |||||||
| Result before tax | 57,687 | |||||||
| Income tax | 1 | |||||||
| Result for the period | 57,688 |
| Group income statement Jan-Mar 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|
| TSEK | Dubai | France | Lithuania | Oman | Sweden Switzerland | Other | Total | |
| Net sales | - | - | - | 146,229 | - | - | - | 146,229 |
| Depreciation, depletion and | ||||||||
| amortisation | -13 | - | - | -27,989 | -16 | -146 | - | -28,163 |
| Exploration costs | - | - | - | - | - | - | - | - |
| Other income | - | - | - | 64,839 | - | - | - | 64,839 |
| Operating expenses | - | - | - | -56,573 | - | - | - | -56,573 |
| Net profit/loss from | ||||||||
| associates | - | - | 2,777 | - | - | - | - | 2,777 |
| Other losses/gains, net | - | - | - | - | 18 | - | - | 18 |
| Administrative expenses | -1,116 | - | - | -736 | -2,697 | -447 | -37 | -5,034 |
| Operating result | -1,130 | - | 2,777 | 125,770 | -2,695 | -593 | -37 | 124,092 |
| Total financial items | -19,524 | |||||||
| Result before tax | 104,567 | |||||||
| Income tax | -23 | |||||||
| Result for the period | 104,544 |
| Country | Licence name | Phase | Expiration date | Remaining commitments |
Tethys Oil | Partners (operator in bold) |
|---|---|---|---|---|---|---|
| Oman | Block 15 | Exploration | Oct 2014 | None | 40% | Odin Energy, Tethys |
| Oil | ||||||
| Oman | Block 3,4 | Production | Jul 2040 | None | 30% | CCED, Mitsui, Tethys |
| Oil | ||||||
| France | Attila | Exploration | 20153 | None | 40% | Galli Coz, Tethys Oil |
| France | Alès | Exploration | 2015 | MUSD 1.54 | 37.5% | Tethys Oil, MouvOil |
| Lithuania | Gargzdai6 | Production | No expiration date | None | 25% | Odin, GeoNafta, |
| Tethys Oil | ||||||
| Lithuania | Rietavas6 | Exploration | Sep 2017 | MLTL 6.2 | 14% | Chevron, Odin, Tethys |
| Oil, private investors | ||||||
| Lithuania | Raiseiniai5 | Exploration | Sep 2017 | MLTL 6.6 | 26% | Odin, Tethys Oil, |
| private investors |
| TSEK | 31 Mar 2014 | 31 Dec 2013 |
|---|---|---|
| Producing cost pools | 974,330 | 1,011,151 |
| Non-producing cost pools | 2,225 | 409 |
| Total oil and gas properties | 976,556 | 1,011,559 |
| TSEK | Asset type | Book value 31 Mar 2014 |
Other non – cash adjustments 1 Jan -31 Mar 2014 |
Currency exchange diff 1 Jan -31 Mar 2014 |
DD&A6 1 Jan – 31 Mar 2014 |
Exploration costs 1 Jan -31 Mar 2014 |
Investments 1 Jan -31 Mar 2014 |
Book value 1 Jan 2014 |
|---|---|---|---|---|---|---|---|---|
| Country | ||||||||
| Oman Block 3&4 | Producing | 974,330 | - -32,520 |
-47,717 | - 43,417 |
1,011,151 | ||
| Oman Block 15 | Non-producing | 2,040 | - | - | - | - 1,874 |
248 | |
| France Attila | Non-producing | - | - | - | - -31 |
31 | - | |
| France Alès | Non-producing | - | - | - | - | - | - - |
|
| New ventures | Non-producing | 185 | - | -82 | - | -1 25 |
161 | |
| Total | 976,556 | - -32,602 |
-47,717 | -32 | 45,348 | 1,011,559 |
| TSEK | Asset type | Book value 31 Dec 2013 |
Other non – cash adjustments 1 Jan -31 Dec 2013 |
Currency exchange diff 1 Jan -31 Dec 2013 |
DD&A6 1 Jan – 31 Dec 2013 |
Exploration costs 1 Jan -31 Dec 2013 |
Investments 1 Jan -31 Dec 2013 |
Book value 1 Jan 2013 |
|---|---|---|---|---|---|---|---|---|
| Country | ||||||||
| Oman Block 3&4 | Producing | 1,011,151 | 2111 | -4,915 | -137,195 | – | 263,080 | 889,970 |
| Oman Block 15 | Non-producing | 248 | – | -4 | – -51,357 |
24,666 | 26,943 | |
| France Attila | Non-producing | - | – | – | – -674 |
674 | – | |
| France Alès | Non-producing | - | – | – | – -211 |
211 | – | |
| Sweden Gotland | Non-producing | - | – | – | – -2,498 |
101 | 2,397 | |
| New ventures | Non-producing | 161 | – | – | – -1,405 |
1,352 | 214 | |
| Total | 1,011,559 | 211 | -4,918 | -137,195 | -56,146 | 290,084 | 919,523 |
| Investments Block 3&4 | 1 Jan 2014 - 31 Mar 2014 3 months |
1 Jan 2013 - 31 Dec 2013 12 months |
|---|---|---|
| Drilling - Exploration/Appraisal | 12,121 | 58,319 |
| Drilling - Development | 24,494 | 103,350 |
| G&G | 3,171 | 67,252 |
| Facilities | 4,691 | 60,978 |
| Pipeline | 5,274 | 4,787 |
| Mitsui repayment | - | 15,575 |
| Tethys sole cost | 1,331 | 2,759 |
| Other capex | -2,058 | -1,191 |
| Accruals | -5,608 | -48,749 |
| Total Investments Block 3&4 | 43,417 | 263,080 |
| Oil & gas assets Block 3&4 Closing balances |
31 Mar 2014 | 31 Dec 2013 |
|---|---|---|
| Drilling - Exploration/Appraisal | 127,984 | 119,543 |
| Drilling - Development | 363,645 | 349,923 |
| G&G | 109,324 | 109,524 |
| Facilities | 355,612 | 362,068 |
| Pipeline | 77,512 | 74,532 |
| Mitsui repayment | 126,435 | 134,960 |
| Tethys sole cost | 22,899 | 22,253 |
| Other capex | 27,346 | 28,215 |
| Accruals | -4,401 | 1,246 |
| Accumulated depreciation | -232,026 | -191,113 |
| Total oil and gas properties Block 3&4 |
974,330 | 1,011,151 |
| TSEK | |||
|---|---|---|---|
| Operating expenditures | First | Fourth First |
|
| quarter | quarter | quarter | |
| 2014 | 2013 | 2013 | |
| General & Administrative | - | -10,813 | - |
| Production cost Early Production Facilities | - | - | - |
| Production cost Permanent Production | |||
| Facilities | - | -26,324 | - |
| Well workovers | - | -7,326 | - |
| Over- / Underlift | 2,536 | -1,701 | -16,428 |
| Other | - | -2,599 | - |
| Accruals | -48,329 | 11,952 | -26,799 |
| Transferred costs from previous year | -13,440 | -25 | -13,346 |
| Total | -59,233 | -36,835 | -56,573 |
In accordance with the farmout agreement with Mitsui from 2010, Tethys Oil received from Mitsui a bonus amounting to MSEK 65 (MUSD 10) as commercial production exceeded 10,000 bopd for 30 consecutive days and following the approval of the Field Development Plan ("FDP") December 2012. The bonus was received during the first quarter 2013.
Parts of the administrative expenses in Tethys Oil are charged to oil and gas projects where the expenditures are capitalised. In case of Tethys Oil being the operator, these administrative expenditures are, through the above, also funded by the partners. The chargeout to the projects where Tethys Oil is operator is presented in the consolidated income statement as Other income. All other internal chargeouts are eliminated in the consolidated financial statements.
As per 31 March 2014, Tethys Oil holds oil price put options (Brent) amounting to TSEK 2,189 (4,805). The total numbers of put options are 585,000, equalling 65,000 options per month from April to December 2014. The options will expire for each month and all have strike price USD 90 per barrel. The put options were acquired to secure oil price at USD 90 per barrel without limiting upside potential should oil prices be higher.
The value of the put options are based on a fair market value at the end of a reporting period and any change to the previous valuation will be accounted for as a financial income or financial expenditure. The put options are acquired to secure oil price and thereby sales and hedge accounting in accordance with IAS 39 will not be applicable.
Tethys Oil holds an indirect interest of three Lithuanian companies holding three licences; Gargzdai, Rietavas and Raiseiniai licences. The interest is held through two Danish private companies part of the Odin Group of companies, Odin Energi and Jylland Olie. The table below presents the ownership and the result from associates as per 31 March 2014.
| Tethys Oil AB | Ownership | Ownership | Ownership | ||
|---|---|---|---|---|---|
| Odin Energi UAB Minijos Nafta Gargzdai licence |
50% 50% 100% |
Jylland Olie UAB TAN Oil Raiseiniai licence |
42%7 50% 100% |
Jylland Olie UAB TAN Oil UAB LL Investicos Rietavas licence |
42% 50% 50% 100% |
| Tethys Oil's indirect interest | 25% | 21%9 | 11%7 |
| Tethys Oil's share of profit loss from associates TSEK |
UAB Minijos Nafta First quarter 2014 |
UAB TAN Oil First quarter 2014 |
|
|---|---|---|---|
| Gross revenue | 8,801 | - | |
| Royalty | -809 | - | |
| Net revenue | 7,992 | - | |
| Depreciation | -1,381 | - | |
| Appraisal/development costs | -231 | - | |
| Operating expenditures | -4,210 | - | |
| Administrative expenditures in Lithuanian company | -760 | - | |
| Operating result | 1,410 | - | |
| Financial income | 19 | - | |
| Financial expenditures | -80 | - | |
| Profit before tax | 1,350 | - | |
| Tax | -203 | - | |
| Tethys share of net profit from associates | 1,148 | - | |
| Total share of net profit from associates | 1,148 |
| TSEK | 31 Mar 2014 | 31 Dec 2013 |
|---|---|---|
| 1 January | 184,282 | 188,161 |
| Acquisitions | - | - |
| Tethys share of net profit from associates | 1,148 | 4,761 |
| Dividend from associates | - | -8,640 |
| Balance end of period | 185,430 | 184,282 |
For an overview of the ownership structure of Tethys Oil's interest in Lithuania, please see page 42 in the Annual Report 2013.
As per 31 March 2014, the number of outstanding shares in Tethys Oil amounts to 35,543,750 (35,543,750), with a quota value of SEK 0.17 (0.17). All shares represent one vote each. Tethys Oil does not have any incentive program for employees.
In September 2012, Tethys Oil issued a secured three-year bond loan of TSEK 400,000. The bonds were issued at 100 per cent of the nominal value and run with a fixed interest rate of 9.50 per cent per year. The maturity date of the bonds is 7 September 2015. The bonds are listed on NASDAQ OMX Stockholm. The transaction costs amounted to TSEK 12,447 and are depreciated during the maturity time of the bond. Non current liabilities amounted at 31 March 2014 to TSEK 394,045 compared to TSEK 393,008 at 31 December 2013.
In February 2014, it was announced that Tethys Oil signed a four-year, up to MUSD 100, senior revolving reserve based lending facility with BNP Paribas. Security for the facility is the interest in the Block 3&4 licence. In connection with the first drawdown of the facility, Tethys exercised its option for early redemption of the bonds and redeemed all outstanding bonds. The early redemption price was 104.5 per cent of the nominal amount of the bonds plus accrued unpaid interest. The payment and redemption occurred 7 April 2014, ie after the reporting period.
Tethys Oil estimates that Tethys Oil's share of site restoration regarding Block 3&4 amounts to TSEK 28,607 (29,226). As a consequence of this provision, oil and gas properties have increased with an equal amount.
As per 31 March 2014, pledged assets amounted to TSEK 1,042,364 (988,824). Pledged assets are mainly a continuing security with regard to the bonds where Tethys Oil has entered into a pledge agreement. The pledge relates to all shares in the subsidiary Tethys Oil Block 3&4 Ltd for the benefit of the bond holders and the value of the pledge is equal to the shareholders' equity value in Tethys Oil Block 3&4 Ltd. Of pledged assets, TSEK 500 (500) relate to a pledge in relation to office rental.
There are no outstanding contingent liabilities as per 31 March 2014, nor for the comparative period.
| Group |
|---|
| ------- |
| 1 Jan 2014 - | 1 Oct 2013 - | 1 Jan 2013 - | |
|---|---|---|---|
| 31 Mar 2014 | 31 Dec 2013 | 31 Mar 2013 | |
| 3 months | 3 months | 3 months | |
| Operational items | 608,582 | 499,028 | 368,481 |
| Production before government take, bbl | 6,762 | 5,424 | 4,094 |
| Production per day, bbl | 280,782 | 271,175 | 209,538 |
| Net sales after government take, bbl | |||
| Achieved oil price, USD/bbl | 106.56 | 108.47 | 107.63 |
| Items regarding the income statement and balance sheet | |||
| Net sales, TSEK | 194,695 | 193,138 | 146,229 |
| EBITDA, TSEK | 130,370 | 148,133 | 152,000 |
| EBITDA-margin, % | 66.96% | 76.70% | 103.95% |
| Operating result. TSEK | 82,536 | 51,889 | 124,092 |
| Operating margin. % | 42.39% | 26.87% | 84.86% |
| Net result. TSEK | 57,688 | 44,630 | 104,544 |
| Net margin. % | 29.63% | 23.11% | 71.49% |
| Cash and cash equivalents | 362,997 | 295,011 | 270,237 |
| Shareholders' equity. TSEK | 1,126,648 | 1,100,366 | 948,794 |
| Balance sheet total. TSEK | 1,624,813 | 1,563,406 | 1,416,580 |
| Capital structure | |||
| Solvency. % | 69.34% | 70.38% | 66.98% |
| Leverage ratio. % | 5.29% | 8.91% | 12.61% |
| Adjusted equity ratio. % | 69.34% | 70.38% | 66.98% |
| Interest coverage ratio. % | 9.13 | 10.63 | 17.39 |
| Investments. TSEK | 44,709 | 80,036 | 35,404 |
| Profitability | |||
| Return on shareholders' equity. % | 5.18% | 4.16% | 11.56% |
| Return on capital employed. % | 5.37% | 3.62% | 9.42% |
| Key figures per employee | |||
| Average number of employees | 17 | 17 | 19 |
| Number of shares | |||
| Dividend per share. SEK | n.a. | n.a. | n.a. |
| Cash flow used in operations per share. SEK | 3.50 | 3.57 | 1.74 |
| Number of shares on balance day. thousands | 35,544 | 35,544 | 35,544 |
| Shareholders' equity per share. SEK | 31.70 | 30.96 | 26.69 |
| Weighted number of shares on balance day. thousands | 35,544 | 35,544 | 35,544 |
| Earnings per share. SEK | 1.62 | 1.26 | 2.94 |
| Earnings per share after dilution. SEK | 1.62 | 1.26 | 2.94 |
For definitions of key ratios please refer to the 2013 Annual Report. The abbreviation n.a. means not applicable.
Annual meeting 2014 will be held in Stockholm on 14 May 2014 Six month report 2014 (January – June 2014) on 19 August 2014 Nine month report 2014 (January – September 2014) on 4 November 2014 Year-end report 2014 (January – December 2014) on 10 February 2015 Three month report 2015 (January – March 2015) on 5 May 2015
Magnus Nordin Managing Director
Stockholm. 6 May 2014 Tethys Oil AB (publ) Org. No. 556615-8266
For further information, please contact:
Magnus Nordin. Managing Director. phone: +46 8 505 947 02. e-mail:[email protected] or Morgan Sadarangani. CFO. phone +46 8 505 947 01. e-mail:[email protected]
Tethys Oil AB Hovslagargatan 5B SE-111 48 Stockholm Sweden Tel. +46 8 505 947 00 Fax +46 8 505 947 99 E-mail: [email protected] Website: www.tethysoil.com
This report has not been subject to review by the auditors of the company.
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