CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

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CORRAL PETROLEUM HOLDINGS AB (publ)CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE PERIODS ENDED DECEMBER 31, 2010 AND 2009(Amounts in MSEK)NotesYear endedDecember 31,2010Year endedDecember 31,2009Operating activitiesProfit/(loss before tax) ...................................................................................... 1,743 3,748Adjustments for items not included in cash flow.............................................. 34 789 (725)2,532 3,023Tax paid ............................................................................................................ (6) (281)Cash flow from operating activities before changes in working capital ........... 2,525 2,742Cash flow from changes in working capitalIncrease (−)/Decrease (+) in inventories........................................................... 50 (1,945)Increase (−)/Decrease (+) in operating receivables........................................... (1,191) (303)Increase (+)/Decrease (−) in operating liabilities.............................................. 2,263 877Cash flow from operating activities.................................................................. 3,647 1,371Investment activitiesAcquisition of property, plant and equipment .................................................. (710) (641)Disposal of property, plant and equipment ....................................................... 2 22Increase in financial assets................................................................................ (55) 0Cash flow from investment activities ............................................................... (762) (619)Financing activitiesNew loans ......................................................................................................... 8,107 4,690Repayment of loans .......................................................................................... (13,497) (5,853)Shareholders’ contribution................................................................................ 2,619 153Expenses in connection with arrangement of loans .......................................... (318) (5)Dividend paid to non-controlling interest ......................................................... (1) (3)Cash flow from financing activities.................................................................. (3,090) (1,019)Cash flow for the year....................................................................................... (205) (267)Opening cash and cash equivalents................................................................... 809 1,075Closing cash and cash equivalents.................................................................... 603 809F-7
NOTE 1. SIGNIFICANT ACCOUNTING POLICIESCORRAL PETROLEUM HOLDINGS AB (publ)NOTESTO THE CONSOLIDATED FINANCIAL STATEMENTS(Amounts in MSEK unless otherwise specified)Corral Petroleum Holdings AB (publ) (the Parent Company), corp. ID no. 556726-8569, and its subsidiaryconstitute the largest oil company in Sweden.The Parent Company is a joint stock company registered in and with its registered office in Sweden. The addressof the head office is c/o Svenska Petroleum Exploration AB, 25/n Park Lane, W1K 1RA, London.Corral Petroleum Holdings AB (publ) is a wholly-owned subsidiary of Moroncha Holdings Co. Limited(Cyprus).The board of directors has on 27 April 2011, approved the consolidated comprehensive income statements, theconsolidated balance sheets and the consolidated cash flow statements.The most important accounting policies that have been applied in producing these consolidated financialstatements are described below. Unless otherwise specified, these policies are applied consistently.Basis on which the statements have been producedThe consolidated financial statements for the Corral Petroleum Holdings AB Group (Corral) have beenproduced in accordance with the International Financial Reporting Standards (IFRS) and the interpretations issued fromthe International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU with the exception of IAS33, earnings per share, in view of that the Group not are listed on the stock exchange. RFR 1 “Supplementary AccountingPrinciples for Groups,” issued by the Swedish Financial Reporting Board, has also been applied. The consolidatedfinancial statements have been produced according to the cost method, apart from financial assets held for trading andfinancial assets and liabilities valued at fair value in the profit (loss) for the year.The production of reports in accordance with IFRS requires the use of a number of important estimates foraccounting purposes. It also requires that management perform certain assessments when applying the Group’saccounting policies. The areas that involve a high degree of assessment, that are complex or areas where assumptions andestimates are of significant importance for the consolidated financial statements, see note 3.The financial reports are presented in Swedish kronor (SEK) which is also the Group’s functional currency. Ifnothing else is stated, the rounding offs are done towards the closest million. The amount in the Groups financialconsolidation system is based on thousands of SEK. The rounding of amounts in tables, to the closest million, couldresult that the total amount does not exactly summarize to the sum of all sub amounts.Standards, amendments and interpretations that came into force in 2010News that have come into force during the financial year have not had any significant effect on the Group’sfinancial statements.Standards, amendments and interpretations of existing standards that have not yet come into force and that have notbeen applied in advance by the GroupA number of new standards, amendments and interpretations that have not yet come into force have not beenapplied in advance by the Group when preparing these financial documents. New standards, amendments andinterpretations that come into force in the future are not planned to be adopted in advance by the Group. At present thesenew standards, amendments and interpretations are assessed not to have any impact on the Group’s accounts in thefuture.Classification, etc.Non-current assets and non-current liabilities consist essentially of amounts that are expected to be recovered orpaid after more than twelve months from the balance sheet date.Current assets and current liabilities consist essentially of amounts that are expected to be recovered or paidwithin twelve months of the balance sheet date.F-8
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TABLE OF CONTENTSDisclosure Regardi
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which was merged into Preem on Octo
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RISK FACTORSThe risk factors below
Page 10 and 11:
the cost of exploring for, developi
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purchase a minimum of 10% to 20% of
Page 14 and 15:
market price at the time of settlem
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Notes, we would try to obtain waive
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are reasonable grounds for believin
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civil liability, whether or not pre
Page 22 and 23:
SELECTED CONSOLIDATED FINANCIAL DAT
Page 24 and 25: MANAGEMENT’S DISCUSSION AND ANALY
Page 26 and 27: Year ended December 31,%2008 2009 C
Page 28 and 29: arrel in February, increased to app
Page 30 and 31: (1) Includes sales by our supply an
Page 32 and 33: SEK 5,519 million, from a loss of S
Page 34 and 35: Cash flow used in investment activi
Page 36 and 37: Restrictions on transfers of fundsW
Page 38 and 39: Variable rate debt—amount due .
Page 40 and 41: As of December 31, 2008, SEK 21,999
Page 42 and 43: Our StrengthsOur competitive streng
Page 44 and 45: Lysekil has a total storage capacit
Page 46 and 47: Unfinished and Blend Stocks........
Page 48 and 49: Heating Oil .......................
Page 50 and 51: Business-to-Business DivisionWe pre
Page 52 and 53: “.nu,” “.org,” “.biz,”
Page 54 and 55: Energy AB, Huda Trading AB, the Swe
Page 56 and 57: was incorporated on March 22, 2007,
Page 58 and 59: RELATED PARTY TRANSACTIONSCapital T
Page 60 and 61: DESCRIPTION OF CERTAIN INDEBTEDNESS
Page 62 and 63: effected by the Third Supplemental
Page 64 and 65: first ranking mortgage certificates
Page 66 and 67: LEGAL INFORMATIONCorral Petroleum H
Page 68 and 69: CORRAL PETROLEUM HOLDINGS AB (publ)
Page 76 and 77: SubsidiariesSubsidiaries are compan
Page 78 and 79: The refinery installations consist
Page 80 and 81: of occupational pension insurance,
Page 82 and 83: Emission rights 2010LysekilGothenbu
Page 84 and 85: NOTE 2. FINANCIAL RISK MANAGEMENTTh
Page 86 and 87: In addition to price risk managemen
Page 88 and 89: The fair value of borrowing is calc
Page 90 and 91: Reconciliation with the Group’s t
Page 92 and 93: The Board members including the Cha
Page 94 and 95: NOTE 12. EXPENSES BROKEN DOWN BY TY
Page 96 and 97: NOTE 16. EXCHANGE RATE DIFFERENCES
Page 98 and 99: Equipment, tools, fixtures and fitt
Page 100 and 101: NOTE 23. TRADE AND OTHER RECEIVABLE
Page 102 and 103: The change in the fair value of pla
Page 104 and 105: Loan conditions, effective interest
Page 106 and 107: Capitalized interest cost..........
Page 108: SalesDecember 31, 2009AccountsPurch
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CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

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