CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

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NOTE 16. EXCHANGE RATE DIFFERENCES IN THE PROFIT (LOSS) FOR THE YEARNet exchange rate differences have been recorded in the profit (loss) for the year as follows:2010 2009Net sales ........................................................................................................................................ (83) (21)Cost of goods sold......................................................................................................................... 163 47Financial items .............................................................................................................................. 820 838Total .............................................................................................................................................. 900 864NOTE 17. INTANGIBLE ASSETSGoodwill2010 2009Opening cost value ....................................................................................................................... 308 308Closing accumulated cost value.................................................................................................... 308 308Carrying amount at end of period ................................................................................................. 308 308Impairment testing of goodwillIdentified goodwill is attributable in full to the Group’s cash generating unit (CGU) Supply & Refining andSweden. A summary at segment level is provided below:2010 2009Supply& Refining TotalSupply& RefiningSweden............................................................................................ 308 308 308 308Total................................................................................................ 308 308 308 308TotalThe recoverable amount of a CGU is defined on the basis of calculations of value of use. These calculations arebased on estimated future cash flows before tax based on financial budgets that have been approved by companymanagement and covering a 5-year period. Cash flows beyond the 5-year period are extrapolated using an estimated rateof growth as explained below. The rate of growth does not exceed the long-term rate of growth for the market in whichthe Supply & Refining segment operates.Significant assumptions used to calculate values of use.Supply & RefiningAverage refining margin in dollars a barrel for the period ................................................................. 4.61–5.28Average rate of growth for extrapolation beyond the budget period .................................................. 1%Discount rate before tax...................................................................................................................... 8%Management has confirmed the budgeted refining margin based on previous results and its expectations ofmarket growth. The weighted average rate of growth used does not exceed the forecasts contained in industry reports.The discount rates that are used are specified before tax and reflect specific risks that apply for the various segments.No impairment need has been identified for goodwill. This is true even if a change in the conditions is amendedas follows: Refining margin 20% lower, rate of growth -1% and a discount rate 2% higher for each segment.F-29
NOTE 18. PROPERTY, PLANT AND EQUIPMENTLand and buildings2010 2009Opening cost value ..................................................................................................................... 2,134 2,117Investments during the year........................................................................................................ - 1Sales/Disposals ........................................................................................................................... (5) (44)Completion of constructions in progress .................................................................................... 89 60Closing accumulated cost value.................................................................................................. 2,218 2,134Opening depreciation.................................................................................................................. 1,140 1,103Sales/Disposals ........................................................................................................................... (2) (31)Depreciation for the year ............................................................................................................ 67 68Closing accumulated depreciation .............................................................................................. 1,206 1,140Carrying amount ......................................................................................................................... 1,012 9942010 2009Opening cost value ..................................................................................................................... 15,752 15,499Investments during the year........................................................................................................ - 8Sales/Disposals ........................................................................................................................... (9) (16)Completion of constructions in progress .................................................................................... 525 262Closing accumulated cost value.................................................................................................. 16,269 15,752Opening depreciation.................................................................................................................. 8,862 8,196Sales/Disposals ........................................................................................................................... (6) (13)Depreciation for the year ............................................................................................................ 689 680Closing accumulated depreciation .............................................................................................. 9,546 8,862Carrying amount ......................................................................................................................... 6,723 6,890(1) Planned residual value includes platinum and palladium at SEK 138 million (138).Capitalized turnaround costs2010 2009Opening cost value ..................................................................................................................... 731 721Investments during the year........................................................................................................ 62 10Closing accumulated cost value.................................................................................................. 793 731Opening depreciation.................................................................................................................. 387 242Depreciation for the year ............................................................................................................ 141 145Closing accumulated depreciation .............................................................................................. 528 387Carrying amount ......................................................................................................................... 265 344F-30
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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
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the cost of exploring for, developi
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purchase a minimum of 10% to 20% of
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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
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SELECTED CONSOLIDATED FINANCIAL DAT
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MANAGEMENT’S DISCUSSION AND ANALY
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Year ended December 31,%2008 2009 C
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arrel in February, increased to app
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(1) Includes sales by our supply an
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SEK 5,519 million, from a loss of S
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Cash flow used in investment activi
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Restrictions on transfers of fundsW
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Variable rate debt—amount due .
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As of December 31, 2008, SEK 21,999
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Our StrengthsOur competitive streng
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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 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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