Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
InterimreportJanuary-March20191.Summary
MISENENERGYAB(publ)Reg.No.556526-3968
ResultsfortheJanuary-March2019(“Q12019”)(withinbracketssameperiod2018)
Consolidatedoperatinggroupresult KSEK-2,981(-9,295)Consolidatedgroupnetturnover KSEK2,895(163)Earningspershare SEK-0.01(-0.06)Parentcompanyoperatingresult KSEK453(-1,212)Parentcompanynetturnover KSEK4,504(1,394)
Groupdefinition
MisenEnergyAB(publ)(“ParentCompany”or“Company”)isaSwedishpubliclimitedliabilitycompanywithitsregisteredofficesinStockholm.TheaddressoftheHeadOfficeisKungsportsavenyen32,41136Gothenburg.TheCompanyislistedatNasdaqFirstNorthStockholm.TheMisenGroup(“MisenGroup”or“Group”)comprisesMisenEnergyAB(publ)andthepartiallyownedsubsidiariesLLCKarpatygaz(Ukraine)andMisenEnterprisesAB(Sweden).InJune2016andinJuly2017,ParentCompanysoldrespectively37.5%and10%ofMisenEnterprisesABsharestotheHongKongbasedcompanyPowerfulUnitedLimited(“PUL”).ThesameownersthatcontroltheshareholderTCTHoldingABalsocontrolPUL.InMarch2018,Companysold2%ofMisenEnterprisesABsharestoMr.KonstantinGuenevski,Bulgariancitizen,whoisaseniortraderofoneoftheworld’sleadingindependentcommoditytradingandlogisticshouses.MisenEnergyAB(publ)remaintheownerof50.5%ofMisenEnterprisesABsharesandmaintainfullcontrolofthecompany.MisenEnterprisesABisconsolidatedintheMisenGroupaccountsandthe49.5%heldbyotherinvestorsareaccountedforasanon-controllinginterestwithinequity.JointActivityandJointActivityAgreement
MisenGrouptogetherwithPULandMr.KonstantinGuenevskihada50.01%participationinterestintheJointActivity(“JA”)dedicatedtothehydrocarbonproductionandsalesbusinessinUkraine.Theremaining49.99%interestinJAwasheldbytheJointStockCompanyUkrgasvydobuvannya(“JSCUkrgasvydobuvannya”or“UGV”)(Ukraine),awhollyownedsubsidiaryoftheNationalJointStockCompanyNaftogazofUkraine(Ukraine).JAwasgovernedbytheJointActivityAgreementNo.3,dated10June2002(“JAA”or“JAANo.3”)(asfurtherrestatedandamended).JAANo.3wasterminatedbythepartialfinalawardrenderedbytheArbitralTribunalinthearbitrationproceedingunderArbitrationRulesoftheArbitrationInstituteoftheStockholmChamberofCommerce.
Misen Energy AB (publ) 1
2.EssentialEventsduringtheQ12019
AccountingtreatmentoftheJointActivity
MisenEnterprisesABandLLCKarpatygazparticipateinanarbitrationproceedingcommencedbyJSCUkrgasvydobuvannyainAugust2016underJAANo.3andvigorouslydefendthelegitimateinterestsoftheirinvestors.
InaccordancetotheproceduraltimetabledeterminedbytheTribunal,thedisputingpartiesexchangedtheirpositions.JSCUkrgazvydobuvannyarequestedinvalidationor,alternatively,terminationofJAANo.3.MisenEnterprisesandLLCKarpatygazagreedwithJSCUkrgazvydobuvannyaonterminationofJAANo.3andrequestedtheArbitralTribunaltoorderJSCUkrgazvydobuvannyatocompensatefortheirshareoftheJointActivity.
On11July2018,theArbitralTribunalrenderedafinalpartialawardinthearbitrationproceedingcommencedunderJAAinaccordancetoArbitrationRulesoftheArbitrationInstituteoftheStockholmChamberofCommerce.Thisawardisafinalawardonthoseissuesthatweredecidedatthisstageoftheproceeding.TheArbitralTribunalfullyrejectedtheJAA’sinvalidityarguments,aswellastheoverwhelmingmajorityofJSCUkrgasvydobuvannya’sargumentsconcerningMisenEnterprisesABandLLCKarpatygazalleged“breaches”.Inspecific,finalpartialawardacknowledgesthefollowing:
1. TheArbitralTribunalhasfully,unanimouslyandunequivocallydismissedalltheclaimssubmittedbyJSCUkrgasvydobuvannyainrelationtoallegedinvalidityoftheJAA.TheArbitralTribunalfoundnocorruptionorcollusioninthenegotiationandapprovaloftheJAA.TheTribunaldidnotestablishanywrongdoingofpresentand/orformershareholders(beneficialowners)ofMisenEnterprisesABandKarpatygazLLC.Also,therewasnowrongdoingofmanagementofMisenEnterprisesABandKarpatygazLLC.TheJAAcompliedwithallrelevantUkrainianlegislation.Specifically,theArbitralTribunalfoundthatthereisnobasistoconcludethattheJAAbreachedArticle7(4)ofthePipelineTransportLaworpublicpolicy.TheArbitralTribunalestablishedthatJSCUkrgasvydobuvannya’swellstock,thatJSCUkrgasvydobuvannyaretainedfullrightstoaccessanduseitswellsandtherewasnomisappropriationofthisofJSCUkrgasvydobuvannya’sproperty.Further,theArbitralTribunalhasrejectedclaimsofJSCUkrgasvydobuvannyathattheJAAbreachedtheprohibitiononthesaleofgasotherthantoPJSCNJSCNaftogazofUkrainepursuanttoArticle10oftheLawontheFunctioningoftheGasMarket.
SummarizingtheArbitralTribunalfindingsontheabovementionedissues,TribunalconfirmedthattheJAAisalegalandfullybindingcontract,whichgaverisetosubstantialbenefitsforJSCUkrgasvydobuvannya(notablytheabilitytocommercialiseitsgasathigher,unregulatedprices,theobligationofMisenEnterprisesABtoensureadditionalfinancingtoimplementtheJointActivityPrograms,andtherevenuesearnedbyprovidingservicestotheJointActivityundertheServicesAgreement).TheJAAwasconcludedintheinterestsofJSCUkrgasvydobuvannya,notcontrarytoitsinterests.
2. Performingtheirrespectivecontractualobligations,MisenEnterprisesABand/or
LLCKarpatygazdidnotmakeanymaterialbreachesoftheJAA,and,therefore,ArbitralTribunalhasfully,unanimouslyandunequivocallydismissedalltheclaimssubmittedbyJSCUkrgasvydobuvannyatoterminatetheJAAonthegroundthatMisenEnterprisesABandLLCKarpatygazallegedlybreachedtheircontractualobligations.Specifically,theArbitralTribunalfoundthatMisenEnterprisesABmadenobreachofitsobligationtoprovideadditionalfinancingtoimplementtheJointActivityPrograms;LLCKarpatygazmadeno
Misen Energy AB (publ) 2
breachesoftheJAAbyenteringintoanyofthesaleofgasagreements;therewasnofailuretocontributeknow-howtotheJointActivity;therewerenounjustified“threats“tostopoperationofcertainboostercompressorstations;LLCKarpatygazhadarighttoenterintosettlementagreementswithrespecttocertaindebtsowedtotheJointActivity;and,finally,theArbitralTribunaldeclaredthatLLCKarpatygazcompliedwithitsobligationsundertheJAAwithrespecttocommissioningtheboostercompressorstations(includingthemajorKhrestyshchenskaBCS)andconductingrepairworksofthewells.
3. TheonlyinstancewheretheArbitralTribunalpartiallyendorsedthepositionof
JSCUkrgasvydobuvannyaistheTribunal’sfindingsthatMisenEnterprisesdidnotmeetitsobligationtomakepartofitscontributionintheamountofapproximatelyMUSD8.5by31December2015andthatKarpatygazwaslateundertheJAAinequippingcertainwellswithmeteringstations.However,theArbitralTribunaldecidedthatthesebreaches,whetherconsideredaloneortogether,cannotbecharacterisedassubstantiallydeprivingJSCUkrgasvydobuvannyaofwhatitexpectedtoreceivewhenmakingtheJAAanddonotgiverightforJSCUkrgasvydobuvannyatoterminatetheJAA.Moreover,whiletheArbitralTribunalindicatedthatafailuretomaketheremainingpartofMisenEnterprisesABcontributionmayleadtomakingappropriateadjustmentstotheJAAparticipant’sshareofthejointpropertyuponterminationoftheJAA,thisdoesnotresultintherescissionoftheparties’originalagreementonthevalueoftheircontributions.Thus,theArbitralTribunalupheldthat,aswascontractuallyagreed,JAAentitledMisenEnterprisesABandLLCKarpatygaztoa50,01%shareinthejointproperty.
4. However,sincethe70%royaltyimposedbytheGovernmentofUkrainebroughtamaterial
changeincircumstancesanditisnolongerpossibletoachievethepurposeoftheJAA,theArbitralTribunalconcludedthattheJAAmustbeterminatedasof11July2018solelyonthesegrounds.Aspreviouslyreported,MisenEnterprisesABandLLCKarpatygazagreedonterminationoftheJAAparticularlyonthesegrounds.Again,theArbitralTribunalhasfullyupheldMisenEnterprisesABandLLCKarpatygazpleadingsinthisrespect.
5. Therefore,theArbitralTribunalobligedMisenEnterprisesAB,LLCKarpatygazand
JSCUkrgasvydobuvannyatotakeallstepsnecessaryandappropriatetogivepracticaleffecttoterminationoftheJAA.Thepartiesagreethat,followingtermination,theJointActivity’sassetsshouldbetransferredtoJSCUkrgasvydobuvannya,withMisenEnterprisesABandLLCKarpatygazreceivingcompensationfortheirinterestsinthoseassets.IfafterthefinalpartialawardthepartieswillnotbeabletoagreeonthevaluationofMisenEnterprisesAB,LLCKarpatygazshare,thisissuewillbedecidedbytheArbitralTribunalinitsfinalaward.
JSCUkrgasvydobuvannya,MisenEnterprisesABandLLCKarpatygazagreethat,followingtermination,theJA’sassetsshouldbetransferredtoJSCUkrgasvydobuvannya,withMisenEnterprisesABandKarpatygazLLCreceivingcompensationfortheirinterestsinthoseassets.ThepartiesassignedLLCKarpatygaz,aformerOperatorundertheJAANo.3(asamendedandrestated),tofacilitatetransferoftheJA‘sassetstoJSCUkrgasvydobuvannya.TheArbitralTribunalshalldecideoncompensationfortheassetsofMisenEnterprisesABandLLCKarpatygazinJointActivity.
MisenEnterprisesAB,LLCKarpatygazandJSCUkrgazvydobuvannyaagreedonascheduleforthesecondphaseoftheongoingarbitrationproceeding.JSCUkrgazvydobuvannyafileditssubmissioninMarch2019.
Misen Energy AB (publ) 3
GiventhattheArbitralTribunalrenderedafinalpartialawardtoterminatetheJAANo.3,theCompanybelievesthatcontroloverthespecificassetsowedbyJAnolongerexistswhenpreparingtheinterimreportfortheQ12019.ControlisrequiredtoconsolidatetheassetsaswellasthefutureresultsoftheJAintheGroupaccounts.
TheclaimsagainstJSCUkrgazvydobuvannyamaynotbeaccountedforasanassetintheGroupfinancialstatementsastheoutcomeofthearbitrationproceedinginrelationtocompensationforMisenEnterprisesABandLLCKarpatygazfortheirshareinJAisstilluncertainatthedateofthisreport.
TheaccountingtreatmentandbookvaluedonotpurporttoreflectthevalueoftheclaimsofMisenEnterprisesABorLLCKarpatygazforcompensationarisingfromtheterminationofJAANo.3.NordoesthisaccountingtreatmentimplyinanyrespectanywaiverofanyclaimsubmittedbyMisenEnterprisesABandLLCKarpatygazinthearbitrationproceedingunderJAANo.3oranyotherrightofMisenGroup.MisenEnterprisesABandLLCKarpatygazcontinuetodefendthelegitimateinterestsoftheirshareholdersandseekcompensationfortheirshareintheJointActivityfromtheterminationofJAANo.3.
UnderJAANo.3MisenGroupoperatedsolelyinUkraine.
Forfurtherinformation,pleasealsorefertochapterEssentialeventsaftertheendoftheQ12019.
FinancingoftheGroup’sSwedishoperations
InNovember2018,MisenEnergyAB(publ)signedtheFinancingAgreementwithPowerfulUnitedLimited(PUL)forthemaximumsumofupto12millionEuros.TheAgreementobligesPULtoprovidefinancingfortheSwedishoperationandanarbitrationproceedingcommentedbyJSCUkrgazvydobuvannyaunderArbitrationRulesoftheArbitrationInstituteofStockholmChamberofCommerceinJuly2016againstMisenEnterprisesABandLLCKarpatygaz.
UndertheFinancingAgreement,PULagreedtoprovidefinancingonanon-recourse,unsecuredandunguaranteedbasis.MisenEnergyAB(publ)agreedtopay20%ofanyfinalsettlementofthearbitrationclaimtoPUL.Suchfeeshallonlybecomepayableuponafinalsettlementofthearbitrationclaim.IfMisenEnergyAB(publ)doesnotachievesuccessinthearbitrationproceeding,PULshallnotbeentitledtoanyfee.
MisenEnergyAB(publ)willcontinuetohaveacompletecontroloverthearbitrationproceedingandhavetherighttosettlewithJSCUkrgazvydobuvannya,discontinueproceeding,pursuetheproceedingtotrialandtakeanyactionMisenEnergyAB(publ)considersappropriatetoenforceafinalaward.
DuringQ1PULhasprovidedadditionalfinancingforthearbitrationproceedingandtheoperationsoftheSwedishcompanies.
Pre-trialInvestigationsinCriminalCases
Thepre-trialinvestigationsincriminalcasescommencedbytheGeneralProsecutorOfficeofUkrainerespectivelyin2014and2017,assupplementedwiththeJSCUkrgasvydobuvannya’scriminalcomplaintdated5September2016andJSCUkrgasvydobuvannya’smotionandnoticeofcommitmentofcriminaloffencedated21and22February2017,wereongoingasofthedateofthisreport.
Misen Energy AB (publ) 4
InSeptember2017,JSCUkrgasvydobuvannyasubmittedanothercriminalcomplainttotheNationalAnticorruptionBureauofUkraine(thereafteras“NABU”).InSeptember2017,NABUfinisheditspre-trialinvestigationandsubmittedaclaimtotheCommercialCourtofKiev.NABUrequestedthecourttoinvalidatetheAmendmentNo.4totheJAANo.3andtheagreementfortheprovisionofservicesonproduction,collection,treatmentandtransportationofnaturalgas,oilandgascondensatethatLLCKarpatygazconcludedwithJSCUkrgasvydobuvannyainApril2011.ThecourtinstitutedalegalproceedinginOctober2017.ThepreparatoryhearingswereheldinMay-August2018.TheCourtdismissedjurisdictionalobjectionsraisedbyMisenEnterprisesABandLLCKarpatygazandmovedthecasetotheconsiderationphaseofthelegalproceeding.
TheconsiderationphaseofthelegalproceedingcommencedbyNABUwascommencedinOctober2018.Thehearingwasheldon22October2018asaresultofwhichKyivEconomicCourtdismissedaclaimwhatregards,amongotherissues,invalidationofJAAinitsentirety.NABUandJSCUkrgasvydobuvannyaappealedagainstthedecision.
LLCKarpatygazandMisenEnterprisesABconsiderthecriminalallegationstobeungroundedanddenythemintheirentirety.Misen’spositionisthattheArbitralTribunalhadtheexclusivejurisdictiontodeterminevalidityofJAANo.3.
Forfurtherinformation,pleasealsorefertochapterEssentialeventsaftertheendoftheQ12019.
ContributiontotheJA
FollowingterminationoftheJAANo.3,MisenEnterprisesABconsidersthatnofurthercontributionscanbemadeunderJAANo.3.Theliabilityregardingtheremainingcontribution,previouslyaccountedforinMisenGroup,hasbeenreversedasapartofthedeconsolidationofJAasof31December2017.
OperationsintheJAduringQ12019ProductionreportThetablebelowsetsforththeaccumulatedreportedproductionindicatorsattributabletotheJAforthespecifiedperiods:
Q12019 Q12018 Q12017 Q12016 Q12015 Q12014NaturalGas(mmcm) - - - 164 153 174GasCondensate(ktons*)
- -- 7.9 6.9 8.1
Oil(ktons) - - - 1.6 2.4 5.7LPG(ktons) - - - 3.9 - -
SinceDecember2016andbeforetheArbitralTribunalrenderedafinalpartialawardtoterminateJAANo.3,JSCUkrgasvydobuvannyacontinued,asMisenEnergyAB(publ)believes,manifestlyunlawfulactionsandrefusedtoprovideservicesinrespecttoproduction,collection,treatmentandtransportationofhydrocarbonstoJA(seebelow“SaleofHydrocarbons”).DuetothistheproductionofhydrocarbonsattributabletoJAwaszero.MisenEnterprisesandKarpatygazbelievethattheyare
Misen Energy AB (publ) 5
entitledtotheirshareofhydrocarbonsattributabletoJAsinceDecember2016untilterminationofJAANo.3(sinceJune2017excludingincrementalproductionofnaturalgasfromleasedBoosterCompressorStations(“BCSs”)).ThisissuewillbedecidedbytheArbitralTribunalintheongoingarbitrationproceeding.DuringQ12019theproductionwasatzerolevelduetoterminationofJAA.AgreementwithSolarTurbinesCISLLCInJune2013,KarpatygazinitscapacityasOperatoroftheJointActivityandSolarTurbinesCISLLCenteredintoanagreementforequipmentmaintenanceservices(asfurtheramended).SolarTurbinesCISLLCrenderedtheagreedservices,howevertheJointActivitydidnotpayfortheservicesmainlyduetothehaltedoperationsoftheJointActivity.Asof31March2019,outstandingdebttoSolarTurbinesCISLLCamountedtoKUSD771.7(KSEK7,169.8).MisenEnterprises,KarpatygazandJSCUkrgasvydobuvannyadiscusssettlementofthedebttoSolarTurbinesCISLLC.UnderJAAthepartiesarejointandseveralliable.Thus,allpartiesareliableunderthisagreement.Thisobligationisincludedasacontingentliability.
OperationoftheBoosterCompressorStationsInearly2016,theJAA’sparticipantsagreedonaleaseoftheKhrestyschenskaBCStoJSCUkrgazvydobuvannya.UGVhadoperatedthisBCSforitssolebenefitandpaidthecorrespondingfuelgascostsacquiredduringtheleaseperiodsince1January2016untilterminationofJAANo.3.ThepaymentsunderagreementsshouldbemadeproportionallytoallparticipantsbyUGV.
Inaddition,givenUGV’srefusaltoallocatethepowersupplycostsaswellastheJA’sunavailabilitytosellhydrocarbons,inMay2017theJointActivityleasedtheremainingsixBCSstoJSCUkrgazvydobuvannya.InMay2018theLeaseAgreements,includingKhrestyschenskaBCS,wererenewed.Inaccordancetotheleaseagreements,JSCUkrgazvydobuvannyacoveredallthecostsrelatedtooperationoftheBCSs.
JSCUkrgasvydobuvannyafailedtomaketheleasepaymentstoJAunderthesignedleaseagreement,excepttheamountpaidtoJSCSberbankandtobesetoffagainstfutureliabilitiesunderrenewedleaseagreements.ThemonthlyleaseincomeamountedtoapproximatelyMUAH18(MSEK6)includingVAT,whiletheoutstandingreceivablesamountedtoMUAH224(MSEK76)includingVATasofdatetheArbitralTribunalrenderedafinalpartialawardtoterminatetheJAANo.3.DespitethefactthatJSCUkrgasvydobuvannyafailedtomakeleasepaymentsaccordingtotheagreements,JAhasmadeVATpaymentsuntilterminationofJAANo.3.
Duringthetermofleaseagreements,JSCUkrgasvydobuvannyasenttoLLCKarpatygaz,astheOperatorofJAANo.3,morethan100set-offnoticesseekingtooffsetitsleasepaymentagainsttheallegedpaymentsthatLLCKarpatygazshouldhavemadetoUGV.LLCKarpatygazobjectedalltheclaimsandinitiatedcourtproceedingsinUkrainiancourtstoinvalidatetheset-offnotices.
MisenEnterprisesABandLLCKarpatygazbelievethatstartingfrom11July2018,whentheArbitralTribunalrenderedafinalpartialawardtoterminatetheJAANo.3,theleaseagreementsceasedtoexist.Asof31March2019,MisenEnterprises,LLCKarpatygazandJSCUkrgasvydobuvannyareachednoagreementwhatregardsoperationoftheboostercompressorstationsandtherelatedcosts.
SubsoilusechargeAspreviouslyreported,duetothe70%subsoilusechargeapplicabletoJA,inOctober2015,theCompanysubmittedanoticeofinvestmentdisputetotheGovernmentofUkraineinaccordanceto
Misen Energy AB (publ) 6
theAgreementbetweentheGovernmentoftheKingdomofSwedenandtheGovernmentoftheUkraineonthePromotionandReciprocalProtectionofInvestments.
TheGovernmentofUkrainecontinuedtoimposetheexorbitantsubsoilchargefortheJointActivityuntilterminationofJAANo.3on11July2018.UpuntilterminationoftheJAANo.3on11July2018,theCompanyreachednoamicableresolutionofthedisputewiththeGovernmentofUkraine.
MisenEnergyAB(publ)reservesallitsrightsinthisrespect.
TaxpaymentsinUkraineSince2011,JAanditsparticipantshavecontributedtoUkraineKUAH11,174,511(adjustedKSEK5,243,935)assubsoilusecharge,valueaddedtaxandcorporateprofittax.DespiteterminationofJAANo.3on11July2018JAisstillregisteredastaxpayerwithtaxauthoritiesofUkraine.Since11July2018JApaidKUAH4,098(KSEK1,300)inVATrelatedtotheleaseservicestill11July2018(pleaseseesectionOperationoftheBoosterCompressorStations).
SaleofhydrocarbonsFromJanuaryuntilterminationoftheJAANo.3on11July2018,JSCUkrgasvydobuvannyacontinued,astheCompanybelieves,manifestlyunlawfulactionsandrefusedtoprovideservicesinrespectofproduction,collection,treatmentandtransportationofhydrocarbonstoJA.
In2016,LLCKarpatygaz,initscapacityasOperatoroftheJointActivity,commencedacourtproceedingandrequestedthecourttoorderJSCUkrgasvydobuvannyatoprovideservicesinrespectofproduction,collection,treatmentandtransportationofhydrocarbonstotheJA.ThecourtobligedUGVtoprovidetherespectiveservices,howeverJSCUkrgazvydobuvannyaappealedagainsttheruling.TheAppealCourtmaintainedthedecisionofthefirstinstancecourt.Subsequently,JSCUkrgasvydobuvannyafiledacassationappealwiththeSupremeEconomicCourtofUkraine.InNovember2017,theSupremeCourtofUkrainereverseddecisionsoflowercourtsandreturnedthecaseforreconsiderationinanewcircle.
Inaddition,LLCKarpatygazcommencedanothercourtproceedingandrequestedthecourttoorderJSCUkrgazvydobuvannyatodeliverhydrocarbonsproducedbyJAduringtheperiodfromDecember2016.ThecourtobligedJSCUkrgasvydobuvannyatodeliverhydrocarbonstotheJointActivity.ItalsodismissedJSCUkrgasvydobuvannya’scounterclaimagainstJAregardingreimbursementofdebtandpenaltiesundertheservicesagreements.JSCUkrgasvydobuvannyaappealedagainstthiscourtruling.
InDecember2017,theproceedingsinbothcaseswerehalteduntilthefinalcourtrulingoncaseinitiatedbyNABU,asdescribedinthesection”Pre-trialInvestigationsinCriminalCases”above.
InvestmentprogramreportDuetofinancialconstraintsimposedbytheincreasedsubsoilusetaxationaswellasJSCUkrgasvydobuvannya,astheCompanybelieves,manifestlyunlawfulactions,since2017MisenGroupalmostcompletelyhaltedinvestmentsintothedevelopmentprogramofJA.
Since2011anduntilterminationofJAANo.3,theCompanyhasreachedthefollowingmajormilestones:
• at86wellsrepairworksusingthemostup-to-datetechnicalsolutionswereundertaken,• 70wellswerecommissioned,
Misen Energy AB (publ) 7
• 7BCSsfrom11werecommissionedincludingKhrestyschenska,thelargestinUkraine,• 4BCSwereatthefinalstagesofconstruction.
CourtproceedingsagainstCenterofFinancialLeasingLLC(previouslySberbankLeasing)
CourtproceedinginCaseNo.910/21720/15In2015,LLCSberbankLeasingUkraine(“SberbankLeasing”laterasFinancialLeasingCenter)initiatedthecourtproceedingagainstJSCUkrgasvydobuvannya,LLCKarpatygazandMisenEnterprisesABseekingtoenforcethecontractandrecoverpenalties.SberbankLeasingclaimsthatJAfailedtodelivertheequipmentwithinthetermsofthecontractand,therefore,SberbankLeasingisentitledtorecoverpenalties.Contrarytothis,LLCKarpatygazclaimsthattheJointActivitycouldsuspenddeliveryoftheequipmentand,therefore,theJointActivityhascommittednoviolations.InOctober2016,theSupremeEconomicCourtofUkrainevoidedtheverdictsoflowercourts.TheUkrainiancourtsconsideredthecaseinanewcircle.InFebruary2017SberbankLeasingchangeditsclaimsseekingnowtorecoverUSD37,219,502(SEK332,135,819)ofadvancepaymentandUAH352,987,638(SEK112,672,595)asforeignexchangelossesandfines.InMarch2017,SberbankLeasingwasrenamedtoFinancialLeasingCenterfollowingbythechangeofowners.InSeptember2017,theSupremeEconomicCourtofUkraineagainsentthecaseforreconsiderationinanewcircle.ConsiderationofthecaseisnowpendingatKyivEconomicCourt.InOctober2017KyivEconomicCourtengagedtheSpecializedAnti-CorruptionProsecutor'sOffice.
InJune2018,KyivEconomicCourtruledtohalttheproceedinguntilthecourtfinallydecidesontheclaimsbroughtbyNABU.FinancialLeasingCenterappealedagainsttherulingofKyivEconomicCourtinJune2018.
InJuly2018KyivEconomicCourtofAppealupheldthedecisiontakenbyKyivEconomicCourt.
CourtproceedinginCaseNo.No.910/24412/16InDecember2016,SberbankLeasinginitiatedanothercaseagainstJSCUkrgasvydobuvannya,LLCKarpatygazandMisenEnterprisesABseekingtorecoverUAH1,397,704,127(SEK472,013,070).FinancialLeasingCenterclaimsthattheJointActivityfailedtodelivertheequipmentwithinthetermsofthecontractandtherebyFinancialLeasingCenterwasdeprivedofprofitundertheleasebackagreement.InJune2017,FinancialLeasingCenterfiledadditionalclaimtorecoverUSD10,170,581(SEK94,494,004)oflostprofit.KyivEconomicCourtresolvedtorecoveronlyUAH237,507,020(SEK80,207,546)oflostprofit.
On15May2018,KyivEconomicCourtofAppealengagedNABUasathirdpartytotheproceeding.
InJune2018thejudgeofKyivEconomicCourtrecusedhimselfbasedontherequestofFinancialLeasingCenter.
On13August2018,KyivEconomicCourtofAppealupheldthedecisionofthefirstinstancecourtandresolvedtorecoverUAH237,507,020(SEK80,207,546)oflostprofitandUAH9,856(SEK3,328)ofcourtcoststoFinancialLeasingCenter.Thisdecisionwassubjecttoanimmediateenforcement.
LLCKarpatygazchallengedthedecisionintheSupremeEconomicCourtofUkraine.On30August2018SupremeEconomicCourtofUkraineruledtohaltenforcementofrulingofKyivEconomicCourtofAppealuntilitwillbereconsideredaccordingtocassationprocedure.
Thehearingwasheldon27February2019.SupremeEconomicCourtpartiallyupheldcassationappealsofJSCUkrgasvydobuvannya,LLCKarpatygazandMisenEnterprisesABandannulledrulings
Misen Energy AB (publ) 8
oflowerinstancecourts.TheCourtsendFinancialLeasingCenter’sclaimtorecoverlostprofitsforaretrialtoacourtoffirstinstance.
MisenandKarpatygazconsiderthatalltheclaimsareunlawfulandbelievethatfinalcourtdecisionwillabolishthedecisionsoflowercourts.
Misen Energy AB (publ) 9
Essentialeventsaftertheendofthe12M2018
OngoingarbitrationunderJAANo.3
JSCUkrgazvydobuvannyarequestedtheArbitralTribunal,amongotherissues,tosignificantlyreduceparticipationshareofMisenEnterprisesABandLLCKarpatygazinJAANo.3andtoawardcompensationofdamagesthatJSCUkrgazvydobuvannyaallegedlysufferedduetonon-fundamentalbreachesofJAANo.3.MisenEnterprisesABandLLCKarpatygazshallfiletheirsubmissionby3June2019.ThehearingshalltakeplaceinJuly2019.CourtproceedinginCaseNo.910/18439/17(NationalAnticorruptionBureauofUkraine)Thehearingwasheldon21May2019.TheNorthEconomicCourtofAppealdismissedappealclaimssubmittedbyNABUandUGV.TheCourtupheldthedecisionofthefirstinstancecourt.UnderUkrainianlaw,NABUandUGVhasarighttoappealagainstthedecisionoftheNorthEconomicCourtofAppeal.CourtproceedinginCaseNo.910/24412/16(FinancialLeasingCenterLLC)TheCourtsuspendedconsiderationofthecaseuntil5September2019.
Misen Energy AB (publ) 10
3.Results–theMisenGroupandtheCompany
MisenGroupnetturnoverforQ12019wasKSEK2,895(KSEK163)andtheParentCompanynetturnoverforthisperiodwasKSEK4,504(KSEK1,394).
InQ12019lossafterfinancialitemsfortheMisenGroupwasKSEK-4,442(KSEK-9,299)theParentCompanyprofitafterfinancialitemsmadeupKSEK527(lossofKSEK-729).
Since31December2017,JAisnolongerconsolidatedintotheaccountsofMisenEnergysincecontrolceasedtoexist.JAANo.3wasterminatedon11July2018.
InQ12019,duetoterminationofJAA,theproductionofhydrocarbonsattributabletoJAwaszero(zerolevelduringthesameperiod2017duetoviolationbyJSCUkrgazvydobuvannyaofJAA).
Financialassetsandliabilities
AsofdateofterminationJAA,JAhasKUAH168,779(KSEK56,998)ofwrittenoffbaddebts.ThesubsidiaryLLCKarpatygaz,astheOperatorofJA,isengagedinconstructivenegotiationswiththedebtors.ThesettlementoftheseoutstandingobligationsisalsosoughtthroughthecourtproceedingsinUkraine.
Thefairvalueofthefinancialassetsandfinancialliabilitiesisestimatedtobeequaltothecarryingvalue.
Contingentliabilities
Asof31March2019,MisengroupcontingentliabilitiesamountedtoKSEK28,594(KSEK27,027asof31December2018),thechangeismainlyexplainedbytheUAHappreciation.
Asdescribedabove,theGroupisalsoinvolvedintwocourtproceedingswithSberbankLeasing(CourtproceedinginCaseNo.910/21720/15andCourtproceedinginCaseNo.No.910/24412/16).Theoutcomeofthesecourtproceedingsisuncertainatthedateofthisreport.
Cashposition
Asof31March2019,thecashbalanceoftheMisenGroupwasKSEK16(KSEK5,059).Thecashflowfromoperationsafterchangesinworkingcapitalfor12M2018wasKSEK-33(KSEK-7,252).
Capitalexpenditure
TheMisenGroup´scapitalexpenditureonequipmentforgasproductioninUkrainerelatedtotheJAactivityduringQ12019wasatzerolevelduetodeconsolidationasdescribedabove.
Amendmentstothetaxcode
Asreportedinpreviousreports,asof1January2015UkrainianParliamentadoptedamendmentstothetaxcode.Accordingtotheadoptedamendments,JointActivitiesarenotcorporateprofittax
Misen Energy AB (publ) 11
(“CPT”)payersstartingfrom2015.Instead,JointActivities’operatorsareliabletopayincometaxesonbehalfoftheparticipants.InDecember2015UkrainianParliamentadoptedadditionalamendmentstothetaxcode.AccordingtotheseamendmentstheCPTreturnissubmittedwithin40daysaftertheendofreportingperiodonaquarterlybasis.TheCPTobligationsarebasedonthetaxreturnsforthepreviousquarterandarepaidwithin10daysaftersubmissionofthereturn.
InthisreportithasbeenassumedthatMisenGroupwithregardtothetaxesrelatedtoJAwillbetaxpayeraccordingtoUkrainianlegislationbasedonthepresumptionthatithasoperatingactivitieswithinthecountry.JointoperationssuchastheJAinUkrainehavenocleardefinitionintheSwedishTaxLegislation.JAhasinthetaxreturnsofMisenEnterprisessince2015beentreatedasaforeignlegalentitytaxedbytheparticipants(Sw.Iutlandetdelägarbeskattadjuridiskperson).ThisreporthasbeenpreparedontheassumptionthattheincomeintheJAaccruedbefore1January2015willnotbesubjecttotheSwedishtax,thattheholdingintheJAisconsideredasbusiness-relatedshares(Sw.näringsbetingadeaktier)until31December2014andthattheUkrainianincometaxmaybedeductedfromSwedishincometax.
Afterthesaleof49.5%ofthesharesinMisenEnterprisesABtheParentCompanycannolongerutilizethetaxlossescarriedforwardthroughgroupcontributionfromMisenEnterprisesAB.
DespiteterminationofJAANo.3on11July2018JAisstillregisteredastaxpayerwithtaxauthoritiesofUkraineandobligedtopaytaxesaccordingtotheTaxCodeifsuchobligationswillarise.
ExpectedfuturedevelopmentoftheCompanyandgoingconcern
Asdescribedearlierinthisreport,theparticipantsoftheJAANo.3haveconfirmedtheiragreementtoterminatetheJAANo3on24January2018andtheJAANo.3wasterminatedon11July2018.Duetothisfact,JAcannolongerbeconsideredagoingconcern.ThevalueofthenetassetsandthesizeoftheanycompensationentitledtotheGroupasaconsequenceoftheterminationofJAANo.3isuncertainatthedateofthisreport.ToaccountforanassetinaccordancewithIFRStheassetneedstobevirtuallycertainwhichisnotthecaseasthesizeofanycompensationisdependentontheoutcomeofthearbitration.
FortheremainingoperationsoftheGroupalong-termfinancingagreementwithPULwassigned21November2018.Groupaccountsarethereforepreparedbasedonthegoingconcernassumption.
Misen Energy AB (publ) 12
Sectorinformation-theMisenGroup
TheMisenGroupoperationalactivitiesarelocatedinUkraine.SolelyadministrativeissuesareundertakeninSweden.
Geographicalarea 31March2019 31March2018 31Dec2018(AllamountsinKSEK)
Netsales,external:
Sweden -- -- --Ukraine 18 15 297
Fixedassets:
Sweden -- -- --
Ukraine 280 4 296
Transactionswithrelatedparties 31March2019 31March2018 31Dec2018(AllamountsinKSEK) Management,BoardandmajorShareholders:
Purchaseofservices 1,562 5,621 8,639Interestandfees 1,535 -- 574Capitalcontribution 3,110 -- 13,283Salariesandremunerations 1,514 1,448 5,173Short-termdebts 11,570 12,608 5,204Long-termdebts -- -- --
*100%ofthetransactionvalues.
Environmentalimpact
SincetheJAhasbeenterminatedtheGroupnolongerfacesanyenvironmentalrisks.
Accountingprinciples
ThisreportispreparedaccordingtotheInternationalFinancialReportingStandards(IFRS),asadoptedbyEU.ThisreportispreparedaccordingtoIAS34andTheSwedishAnnualAccountsActaswellasRFR2,Accountingforlegalentities.TheaccountingprinciplesfortheMisenGroupaswellasfortheCompanyareidenticaltothelastannualandquarterlyreports,exceptasdescribedbelow:
IFRS16,Leasing,appliesfromJanuary1,2019andwillmeanthatalmostallleaseswillbereportedinthebalancesheet.MisenEnergyAB(publ)haschosentoapplythesimplifiedtransitionmethodand
Misen Energy AB (publ) 13
willnotrecalculatethecomparativefigures.Thecompany’sleasecommitmentsconsistsolelyofleaseagreementsforpremisesandthusthenewstandarddidnothaveanymaterialimpactonthecompany'sfinancialreports.
Financialandotherrisks
BeforeterminationofJAANo.3,MisenGroupfocusedonincreasingthelocalhydrocarbonsproductioninUkrainebyundertakingalarge-scaleinvestmentprogramfocusedondevelopmentandmodernizationofgasproductioninfrastructure.Inthisactivity,theGroupworkedwithacomplexsetofindustry-specificriskssuchaspricetrendsforoilandgas,currencyriskandinterestraterisks,regulatorymattersrelatingtoinvestigations,processingandenvironmentanduncertaintyinthevalueofthecompletedexplorationworkandthesubsequentfielddevelopment.
ThecurrentfinancialandotherrisksrelatetotheoutcomeoftheongoingarbitrationproceedingwhatregardscompensationtoMisenEnterprisesABandLLCKarpatygazfortheirshareintheJointActivity,enforcementofthearbitralawardsrenderedinaccordancetotheArbitrationRulesoftheArbitrationInstituteoftheStockholmChamberofCommerceandotherrisksrelatedtothemultiplecourtproceedingsinUkraine.
Amorein-depthexplanationofthedifferentriskexposuresintheCompany´sbusinessisincludedintheannualreport2018.
FirstNorth
MisenEnergyAB(publ)islistedonFirstNorth,whichisanalternativemarketplaceoperatedbyNasdaqFirstNorthStockholmandtheCompanyadherestotherulesandregulationsforFirstNorth.TheCertifiedAdviseroftheCompanyisErikPenserBankAB.
PublicationoftheJanuary-March2019interimreport
ThisJanuary–March2019interimreportispublishedattheCompany’swebsite(http://www.misenenergy.se),[email protected].
ThisinformationisinformationthatMisenEnergyAB(publ)isobligedtomakepublicpursuanttotheEUMarketAbuseRegulation.Theinformationwassubmittedforpublication,throughtheagencyofthecontactpersonsetoutabove,at10:00CESTon29May2019.
Misen Energy AB (publ) 14
Futurereports
Nextreport,theinterimJanuary-Junereport2019,willbepublishedon30August2019.
ThisreporthasnotbeensubjecttoreviewbytheCompany’sauditors.
Stockholm,29May2019
Forfurtherinformation,pleasecontact:GöranWolff,MDDirectline: +46317595072Mobile: +46709454848E-mail: [email protected] [email protected]
MisenEnergyAB(publ)(formerlySvenskaCapitalOilAB(publ))isaSwedishupstreamoilandgascompanywithoperationsinUkraine.Thecompanywasfoundedin2004anditssharesaretradedonNasdaqFirstNorthsince12June2007.In2011,MisenEnergyAB(publ)acquiredMisenEnterprisesABanditsUkrainiansubsidiary,LLCKarpatygaz,includingtherightsto50.01%oftherevenueandprofitfromagasproductionprojectinUkraine.UnderIFRSrules,thistransactionisclassifiedasareversetakeover.Inconsiderationoftheacquisition,anewshareissuewascarriedout.ThegasproducingassetswereacquiredbyproductioncooperationviaajointactivityprojectgovernedbyaJointActivityAgreementbetweenatthattimethewholly-owneddirectandindirectsubsidiariesofMisenEnergyAB(publ),i.e.MisenEnterprisesABandLLCKarpatygaz(together50.01%)andJSCUkrgasvydobuvannya(49.99%),asubsidiaryoftheNationalJointStockCompanyNaftogazofUkraine.JSCUkrgasvydobuvannyaisthelargestproducerofnaturalgasinUkraine.ThepurposeoftheJointActivityAgreementistosignificantlyincreaseproductionofgasandoilbyprovidingmoderntechnologiesviaalarge-scaleinvestmentprogramforthepurposesofattainmentofprofits.
InJune2016andinJuly2017MisenEnergyAB(publ)soldrespectively37.5%and10%ofMisenEnterprisesABsharestotheHongKongbasedcompanyPowerfulUnitedLimited.InMarch2018,MisenEnergyAB(publ)sold2%ofMisenEnterprisesABsharestoMr.KonstantinGuenevski.Owning(theremaining)50.5%ofMisenEnterprisesABshares,MisenEnergyAB(publ)maintainsfullcontrolofthecompanyandpreservesarighttoobtain50.5%ofthefuturedividendsfromtheoperationsinUkraine.
TheregisteredofficeofMisenEnergyAB(publ)isinStockholmandthesharesaretradedonFirstNorthunderidentificationtickerMISE.TheCertifiedAdviserofthecompanyatNasdaqFirstNorthisErikPenserBankAB,tel.:+4684638000,e-mail:[email protected].
Forfurtherinformation,pleasevisitourwebsitewww.misenenergy.se.
Misen Energy AB (publ) 15
CONDENSEDINCOMESTATEMENT-THEGROUP
1Jan-31March 1Jan-31March 1Jan-31Dec2019 2018 2018
AllamountsinKSEK 3months 3months 12months
OperatingrevenueNetsales 18 15 297Otheroperatingincome 2,877 148 26,228
2,895 163 26,525
OperatingexpensesOtherexternalexpenses -1,692 -6,613 -17,496Personnelexpenses -4,159 -2,130 -13,048Depreciationandamortisationoftangibleandintangiblefixedassets -25 -1 -71Otheroperatingcost - -714 -50
-5,876 -9,458 -30,665
Operatingincome/loss -2,981 -9,295 -4,140
Financialitems -1,461 -4 -180
Profit/lossafterfinancialitems -4,442 -9,299 -4,320
Taxesfortheperiod 0 0 0
Lossfortheperiod -4,442 -9,299 -4,320
Lossisattributableto:OwnersofMisenEnergyAB(publ) -1,982 -5,300 -5,592Non-contollinginterests -2,460 -3,999 1,272
-4,442 -9,299 -4,320
Statementofcomprehensiveincome-TheGroup
Netlossfortheperiod -4,442 -9,299 -4,320
OthercomprehensiveincomeItemspossibleforlaterreclassificationinincomestatement:Translationdifferences 226 -157 -87Othercomprehensiveincomefortheperiod,netaftertaxes 226 -157 -87
Totalcomprehensiveincomefortheperiod -4,216 -9,456 -4,407
Totalcomprehensiveincomefortheperiodisattributableto:OwnersofMisenEnergyAB(publ) -1,869 -5,457 -5,637Non-contollinginterests -2,347 -3,999 1,230
-4,216 -9,456 -4,407
Netearningspershare,attributabletotheownersofMisenEnergyAB's(publ)(inSEKpershare)
Netearningsfortheperiod,beforeandafterdilution -0.01 -0.04 -0.04
Averagenumberofsharesfortheperiodwas145,068,222
Misen Energy AB (publ) 16
CONDENSEDBALANCESHEET-THEGROUP
AllamountsinKSEK 31March2019 31March2018 31Dec2018
ASSETSNon-currentassets
Intangiblefixedassets - 0 1Tangiblefixedassets 280 4 295Totalnon-currentassets 280 4 296
CurrentassetsStock 102 - 95Accountsreceivable 8,845 61 8,384Otherreceivables 2,830 4,228 2,834Prepaidexpensesandaccruedincome 299 383 351
Totalcurrentassets 12,076 4,672 11,664
Cashandbankbalances 16 5,059 42
Totalcurrentassets 12,092 9,731 11,706
TOTALASSETS 12,372 9,735 12,002
AllamountsinKSEK 31March2019 31March2018 31Dec2018
EQUITYANDLIABILITIES
EquityattributabletoownersofMisenEnergyAB(publ) -23,749 -17,170 -19,901Non-controllinginterests 5,309 -2,103 5,677
Totalequity -18,440 -19,273 -14,224
Currentliabilities
Accountspayable 15,945 24,039 15,438Short-termloans 2,606 - 2,553Othershort-termdebt 3,614 1,977 2,480Accruedexpensesanddeferredincome 8,647 2,992 5,755
Totalcurrentliabilities 30,812 29,008 26,226
TOTALEQUITYANDLIABILITIES 12,372 9,735 12,002
Misen Energy AB (publ) 17
CONDENSEDSTATEMENTOFCHANGESINEQUITY-THEGROUP
AllamountsinKSEK
Sharecapital Otherequity Otherreserves Retainedearnings
Total Non-controllinginterests
Totalequity
Equitybroughtforward2018-01-01 290,136 -274,435 -237 -6,805 8,659 -28,604 -19,945NetresultNetresultoftheperiodJan-March2018 0 0 0 -5,300 -5,300 -3,999 -9,299OthercomprehensiveincomeTranslationdifference 0 0 0 -79 -79 -78 -157Totalcomprehensiveincome 0 0 0 -5,379 -5,379 -4,077 -9,456Transactionswithnon-contollinginterestsSaleofsharesinsubsidiary 0 0 0 - 0 10,128 10,128Othertransactionswithnon-controllinginterests -20,540 -20,540 20,540 0Totaltransactionswithnon-controllinginterests 0 0 0 -20,540 -20,540 30,668 10,128Equitybroughtforward2018-03-31 290,136 -274,435 -237 -32,724 -17,260 -2,014 -19,273Equitybroughtforward2018-04-01 290,136 -274,435 -237 -32,724 -17,260 -2,014 -19,273NetresultoftheperiodApril-Dec2018 0 0 -292 -292 -292 5,271 4,979OthercomprehensiveincomeTranslationdifference 0 0 0 34 34 36 70Totalcomprehensiveincome 0 0 0 -258 -258 5,307 5,049Transactionswithnon-contollinginterestsSaleofsharesinsubsidiary 0 0 0 11,348 11,348 -11,348 0Othertransactionswithnon-controllinginterests 0 0 0 -13,731 -13,731 13,731 0Totaltransactionswithnon-controllinginterests 0 0 0 -2,383 -2,383 2,383 0Equitybroughtforward2018-12-31 290,136 -274,435 -237 -35,365 -19,901 5,676 -14,224Equityopeningbalance 290,136 -274,435 -237 -35,365 -19,901 5,676 -14,224TotalcomprehensiveincomeNetresultoftheperiodJan-March2019 -1,982 -1,982 -2,460 -4,442OthercomprehensiveincomeTranslationdifference 115 115 111 226Totalcomprehensiveincome 0 0 0 -1,867 -1,867 -2,349 -4,216Transactionswithnon-contollinginterestsOthertransactionswithnon-controllinginterests -1,982 -1,982 1,982 0Equitybroughtforward2019-03-31 290,136 -274,435 -237 -39,214 -23,750 5,309 -18,440
AttributabletoownersofMisenEnergyAB(publ)
Misen Energy AB (publ) 18
CONDENSEDSTATEMENTOFCASHFLOWS-THEGROUP
1Jan-31March 1Jan-31March 1Jan-31Dec2019 2018 2018
AllamountsinKSEK 3months 3months 12months
OperatingactivitiesOperatingincome -2,981 -9,295 -4,140Adjustmentfornon-cashitems 1,732 403 -8,373Interestanddividendsreceived - 1 4Interestpaid -2 -5 -53Incometax - - -7
Cashflowfromoperatingactivitiesbeforeworkingcapitalchanges -1,251 -8,896 -12,569
Decrease(+)/increaseinstocks -1 - -94Decrease(+)/increaseinreceivables 230 -21,153 857Decrease(-)/increaseinshort-termdebts 989 22,797 -2,731
Cash-flowfromoperatingactivities -33 -7,252 -14,537
InvestingactivitiesAcquisitionoftangibleandintangibleassets - - -536Saleoftangibleandintangibleassets 9 - 247Saleofsharesinsubsidiary - 10,128 10,128
Cashflowfrominvestingactivities 9 10,128 9,839
FinancingactivitiesChangeininterestbearingdebt(increase+) - - 2,553Cashflowfromfinancingactivities 0 0 2,553
Cashflowfortheperiod -24 2,876 -2,145Cashatthebeginningoftheperiod 42 2,181 2,181Exchangeratedifferenceincash -2 2 6Cashattheendoftheperiod 16 5,059 42
Misen Energy AB (publ) 19
CONDENSEDINCOMESTATEMENT-PARENTCOMPANY(MisenEnergyAB(publ))
1Jan-31March 1Jan-31March 1Jan-31Dec2019 2018 2019
AllamountsinKSEK 3months 3months 12months
OperatingrevenueOtheroperatingincome 4,504 1,394 7,620
4,504 1,394 7,620
OperatingexpensesOtherexternalexpenses -1,385 -600 -8,386Personnelexpenses -2,666 -2,006 -5,869
-4,051 -2,606 -14,255
Operatingresult 453 -1,212 -6,635
Resultfromsaleofsubsidiary - 488 488Financialitemsnet 74 -5 -255
74 483 233
Profit/lossafterfinancialitems 527 -729 -6,402
Taxesfortheperiod - - -
Netprofit/loss 527 -729 -6,402
Statementofcomprehensiveincome-Parentcompany
Netlossfortheperiod 527 -729 -6,402
Othercomprehensiveincome - - -
Totalcomprehensiveincomefortheperiod 527 -729 -6,402
Misen Energy AB (publ) 20
CONDENSEDBALANCESHEET-PARENTCOMPANY(MisenEnergyAB(publ))
AllamountsinKSEK 31March2019 31March2018 31Dec2018
ASSETS
Non-currentassets
FinancialfixedassetsSharesinsubsidiaries 317,359 308,359 313,359Totalfinancialfixedassets 317,359 308,359 313,359
Totalfixedassets 317,359 308,359 313,359
Totalnon-currentassets 317,359 308,359 313,359
Currentreceivables
Otherreceivables 2 1 1Short-termreceivablessubsidiaries - 12,701 -Prepaidexpensesandaccruedincome 289 384 339
291 13,086 340
Cashandbankbalances 9 4,988 35
Totalcurrentassets 300 18,074 375
TOTALASSETS 317,659 326,433 313,734
AllamountsinKSEK 31March2019 31March2018 31Dec2018
EQUITYANDLIABILITIES
Equity
RestrictedequitySharecapital 290,136 290,136 290,136Statutoryreserves 345 345 345
290,481 290,481 290,481
Non-restrictedequityProfit/Lossbroughtforward -2,815 3,590 3,588Profit/lossfortheyear 527 -729 -6,402
-2,288 2,861 -2,814
Totalequity 288,193 293,342 287,667
Non-currentliabilities
Otherlong-termdebtstogroupcompanies 88 88 88
Totalnon-currentliabilities 88 88 88
Currentliabilities
Accountspayable 10,697 19,545 10,602Short-termloans 2,606 - 2,553Othershort-termliabilities 380 11,666 417Accruedexpensesanddeferredincome 6,747 1,792 4,293
Totalcurrentliabilities 29,378 33,003 25,979
TOTALEQUITYANDLIABILITIES 317,659 326,433 313,734
Misen Energy AB (publ) 21
CONDENSEDSTATEMENTOFCHANGESINEQUITY-PARENTCOMPANY(MisenEnergyAB(publ))
AllamountsinKSEKSharecapital
Statutoryreserves
SharePremiumreserve
Retainedearnings Totalequity
Equitybroughtforward2018-01-01 290,136 345 714,285 -710,697 294,069NetresultNetresultoftheperiodJan-March2018 - - - -729 -729Totalcomprehensiveincome 0 0 0 -729 -729Equitybroughtforward2018-03-31 290,136 345 714,285 -711,426 293,340NetresultNetresultfortheperiodApril-Dec2018 - - - -5,673 -5,673Equitybroughtforward2018-12-31 290,136 345 714,285 -717,099 287,667Equityopeningbalance2019-01-01 290,136 345 714,285 -717,099 287,667NetresultNetresultoftheperiodJan-March2019 - - - 527 527Equitybroughtforward2019-03-31 290,136 345 714,285 -716,569 288,194
Misen Energy AB (publ) 22
CONDENSEDSTATEMENTOFCASHFLOWS-PARENTCOMPANY(MisenEnergyAB(publ))
1Jan-31March 1Jan-31March 1Jan-31Dec2019 2018 2018
AllamountsinKSEK 3months 3months 12months
OperatingactivitiesOperatingincome 453 -1,212 -6,635Interestpaid -2 -5 -53Cashflowfromoperatingactivitiesbeforeworkingcapitalchanges 451 -1,217 -6,688
Decrease(+)/increaseinreceivables 49 -7,708 40Decrease(-)/increaseinaccountspayable 95 2,088 -7,057Decrease(-)/increase(+)inshorttermdebts -621 55 -585Cashflowfromoperatingactivities -26 -6,782 -14,290
InvestmentactivitiesSaleofsharesinsubsidiary - 10,126 10,128Cashflowfrominvestingactivities 0 10,126 10,128
FinancingactivitiesChangeininterestbearingdebt - - 2,553Cashflowfromfinancingactivities 0 0 2,553
Cashflowfortheperiod -26 3,344 -1,609Cashatthebeginningoftheperiod 35 1,644 1,644
Cashattheendoftheperiod 9 4,988 35
Misen Energy AB (publ) 23
CONDENSEDFINANCIALANDOPERATIONALKEYRATIOS1Jan-31March 1Jan-31March 1Jan-31Dec
2019 2018 20183months 3months 12months
TheGroup
FinancialkeyratiosEBITDA(KSEK) -2,956 -9,294 -4,069Financialcost -1,537 -5 -629Profit/losspersharebeforedilutionSEK* -0.01 0.04 -0.03Profit/losspershareafterdilutionSEK* -0.01 0.04 -0.03Returnonequity(ROE) n.a. n.a. negReturnoncapitalemployed(ROCE) n.a. n.a. negDebt/equityratio neg neg. negEquityratio neg neg. negShareofriskbearingcapital neg neg. negWeightedaveragenumberofsharesfortheperiod* 145,068,222 145,068,222 145,068,222Numberofoutstandingsharesbeforedilution* 145,068,222 145,068,222 145,068,222Numberofoutstandingsharesafterdilution* 145,068,222 145,068,222 145,068,222Weightedaveragenumberofsharesfortheperiodafterdilution* 145,068,222 145,068,222 145,068,222
TheParentCompany(MisenEnergyAB)
EBITDA(KSEK) 453 -6,635 -6,635Profit/losspersharebeforedilutionSEK* 0.00 -0.04 -0.04Profit/losspershareafterdilutionSEK* 0.00 -0.04 -0.04Returnonequity(ROE) n.a. n.a. negReturnoncapitalemployed(ROCE) n.a. n.a. negDebt/equityratio 0.9% - -Equityratio 90.7% 89.9% 91.9%Shareofriskbearingcapital 90.7% 89.9% 91.9%Weightedaveragenumberofsharesfortheperiod* 145,068,222 145,068,222 145,068,222Numberofoutstandingsharesbeforedilution* 145,068,222 145,068,222 145,068,222Numberofoutstandingsharesafterdilution* 145,068,222 145,068,222 145,068,222Weightedaveragenumberofsharesfortheperiodafterdilution* 145,068,222 145,068,222 145,068,222
Definitioneravnyckeltal
Netincomepershare,computedasnetincomeallocatedtotheshareownersintheparentcompanyduringtheoperatingyear(inSEKpershare)
AlternativePerformanceMeasures–GroupAsofJuly3,2016newguidelinesonAPMs(AlternativePerformanceMeasures)areissuedbyESMA(theEuropeanSecuritiesandMarketsAuthority).APMsarefinancialmeasuresotherthanfinancialmeasuresdefinedorspecifiedbyInternationalFinancialReportingStandards(IFRS).MisenEnergyAB(publ)regularlyusesalternativeperformancemeasurestoenhancecomparabilityfromperiodtoperiodandtogivedeeperinformationandprovidemeaningfulsupplementalinformationtoanalysts,investorsandotherparties.Itisimportanttoknowthatnotallcompaniescalculatealternativeperformancemeasuresidentically,thereforethesemeasurementshavelimitationsandshouldnotbeusedasasubstituteformeasuresofperformanceinaccordancewithIFRS.BelowyoufindourpresentationoftheAPMsandhowwecalculatethesemeasures.
Definitionoffinancialkeyratios1EBITDA(profitbeforeinterest,tax,depreciation,write-downs)definedasthegroupandtheparentcompany'soperatingprofit/lossbeforedepreciation.2.Profit/losspersharebeforedilutiondefinedasthegroupandtheparentcompany'snetprofit/lossaftertaxdividedbythenumberofoutstandingsharesbeforedilutionattheendofperiod.3.Profit/losspershareafterdilutiondefinedasthegroupandtheparentcompany'snetprofit/lossaftertaxdividedbythenumberofoutstandingsharesafterdilutionattheendofperiod.4.Returnonequitydefinedasthegroupandtheparentcompany'sprofit/lossdividedbytotalequityattheendofperiod.5.Returnonworkingcapitalisdefinedasthegroupandtheparentcompany'sprofit/lossafterfinancialitemsplusinterestexpenseplus/minusexchangedifferencesonfinancialitemsdividedbytotalcapitalemployed(averageofthetwolatestperiodsbalancesheettotalwithreductionfornon-interestbearingdebt).6.Debt/equityratiodefinedasthegroupandtheparentcompany'sinterestbearingdebtdividedbyequity.7.Equityratiodefinedasthegroupandtheparentcompany'sequityincludingminorityownersharesdividedbybalancesheettotal.8.Proportionofrisk-bearingcapital%,definedasthesumofoftheGroup'sandParentCompany'srespectiveequityanddeferredtax(includingminorityinterest)divededbythebalncesheettotal.9.Onthe12thofJanuary2012anamalgamationofshares100:1wasregisteredwherebythenumberofshareswerereducedto145,068,222andthequotavaluebecameapproximately2SEK.
Misen Energy AB (publ) 24