CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

attributable to our non-refining business.Operating Profit/(Loss)Operating profit/(loss) is gross profit net of the foregoing items and net of non-recurring items, if any. We haveitemized the contributions to operating income of our supply and refining segment and our marketing segment.Financial ExpenseFinancial expense, net, consists of interest income and expense, foreign exchange gains or losses on ourindebtedness, and certain other items.Income TaxesIncome taxes consist of current tax payable on the taxable profit for the year and deferred tax. We were subjectto Swedish income tax of 28%, 26.3% and 26.3% in 2008, 2009 and 2010, respectively.Minority InterestThe minority interest represents the minorities’ interest in one of Preem’s subsidiaries, Preem Gas. Theminority shareholder holds 30% of the outstanding shares of Preem Gas.Results of OperationsSummaryThe following table shows certain items from our audited consolidated financial statements for the years endedDecember 31, 2008, 2009 and 2010.Year ended December 31,%Change 20102008 2009(in millions SEK, except % change)%ChangeConsolidated Statement of Operations Data:Net Sales................................................................. 95,807 73,592 (23) 87,004 18Excise duties........................................................... (8,432) (9,778) 16 (9,748) —Sales revenue.............................................................. 87,375 63,813 (27) 77,256 21Cost of goods sold.................................................. (87,992) (58,880) (33) (74,204) 26Gross profit ................................................................ (617) 4,934 — 3,052 (38)Selling and administrative expenses ...................... (989) (1,119) 13 (1,150) 3Other operating income.......................................... 567 443 (22) 369 (17)Operating income ...................................................... (1,040) 4,259 — 2,271 (47)Financial expense, net (1) ......................................... (3,784) (510) (87) (528) 4Income before taxes................................................... (4,824) 3,748 — 1,743 (53)Income taxes........................................................... 1,475 (995) (167) (466) (53)Net income.................................................................. (3,349) 2,753 — 1,277 54(1) Financial expense, net, consists of the share of dividends received, interest income and expense, foreign exchange gains or losses on ourindebtedness and certain other items.The following table shows the sales revenue and operating profit/(loss) for the business segments of Preem, ouroperating subsidiary, for each of the years ended December 31, 2008, 2009 and 2010.Year ended December 31,%Change 20102008 2009(in millions SEK, except % change)%ChangeSales Revenue:Supply and refining (1) ................................ 85,336 61,870 (27) 76,050 23Marketing .................................................. 16,140 13,702 (15) 16,822 23Exchange rate differences ......................... 482 (21) (104) (83) 295Group eliminations.................................... (14,583) (11,738) (20) (15,533) 32Total Sales Revenue (2)(3) ................................ 87,375 63,813 (27) 77,256 21Operating Income:Supply and refining ................................... (672) 4,847 — 2,693 (44)Marketing .................................................. (6) 213 — 349 64Other non-allocated income (expense) (3) .. (362) (801) 121 (771) (4)Total Operating Income (3) ............................ (1,040) 4,259 — 2,271 (47)22