CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

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T<strong>AB</strong>LE OF CONTENTSDisclosure Regarding Forward-Looking Statements...................................................................................................................iiCurrency Presentation and Definitions ........................................................................................................................................iiPresentation of Financial Information .........................................................................................................................................vExchange Rate Information ........................................................................................................................................................viRisk Factors .................................................................................................................................................................................1Capitalization.............................................................................................................................................................................14Selected Consolidated Financial Data .......................................................................................................................................15Management’s Discussion and Analysis of Financial Condition and Results of Operations ....................................................17Business.....................................................................................................................................................................................34Management ..............................................................................................................................................................................46Ownership of Common Stock....................................................................................................................................................50Related Party Transactions ........................................................................................................................................................51Description of Certain Indebtedness..........................................................................................................................................53Independent Auditors.................................................................................................................................................................58Legal Information ......................................................................................................................................................................59Certain Industry Terms ..............................................................................................................................................................60Index to Financial Statements.................................................................................................................................................. F-1Independent Auditors’ Report ................................................................................................................................................. F-2Consolidated Comprehensive Income Statements for the periods ended December 31, 2010 and 2009................................ F-3Consolidated Balance Sheets as of December 31, 2010 and 2009........................................................................................... F-4Changes in Equity Group......................................................................................................................................................... F-6Consolidated Statements of cash flows for the periods ended December 31, 2010 and 2009 ................................................ F-7Notes to the consolidated financial statements ........................................................................................................................ F-8Pagei
Page 4 and 5: “€” or “euro” refers to t
Page 7 and 8: EXCHANGE RATE INFORMATIONWe publish
Page 9 and 10: equity according to its adopted bal
Page 11 and 12: should the global economy relapse i
Page 13 and 14: through environmentally sensitive a
Page 15 and 16: funded. The unfunded benefit pensio
Page 17 and 18: English insolvency laws differ from
Page 19 and 20: participated in the conduct of the
Page 21 and 22: CAPITALIZATIONThe following table s
Page 23 and 24: indicator of our ability to finance
Page 25 and 26: While crude oil costs in general ar
Page 27 and 28: products markets are volatile.We be
Page 29 and 30: attributable to our non-refining bu
Page 31 and 32: of diesel sold, higher volumes sold
Page 33 and 34: Year ended December 31,2008 2009 20
Page 35 and 36: amounts remain outstanding under th
Page 37 and 38: Hedging activities/Hedge of invento
Page 39 and 40: Krona-denominatedindebtedness as of
Page 41 and 42: BUSINESSOverviewWe are the largest
Page 43 and 44: independent oil refining companies
Page 45 and 46: Desulphurization/Dearomatization Un
Page 47 and 48: the fractions as follows:Liquefied
Page 49 and 50: declining crude oil prices, we beli
Page 51 and 52: apeseed methyl ester, we have incre
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MANAGEMENTThe following tables set
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Development. Since 2006, she has se
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OWNERSHIP OF COMMON STOCKWe are who
Page 59 and 60:
date of execution of the promissory
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Preem must repay any loans outstand
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financial year of Preem.Any unutili
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INDEPENDENT AUDITORSThe consolidate
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CERTAIN INDUSTRY TERMSBenzene .....
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The Board of Directors and sharehol
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CORRAL PETROLEUM HOLDINGS AB (publ)
Page 73 and 74:
CORRAL PETROLEUM HOLDINGS AB (publ)
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NOTE 1. SIGNIFICANT ACCOUNTING POLI
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Translation of foreign currencyFunc
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The cost value of finished goods an
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A large proportion of the Group’s
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amount that has previously been wri
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Net exposure of USD must be set in
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Liquidity riskLiquidity risk is han
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NOTE 4. SEGMENT REPORTINGOperating
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NOTE 6. GROSS PROFITPurchases and s
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Severance payThere is a mutual peri
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NOTE 15. TAX2010 2009Current tax ex
Page 97 and 98:
NOTE 18. PROPERTY, PLANT AND EQUIPM
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December 31,2010 2009Opening balanc
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NOTE 25. EQUITYShare capitalThe com
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NOTE 27. OTHER PROVISIONSRestoratio
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Oil derivativesThe oil derivatives
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Level 1: Fair value based on quoted
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