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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
PREEM HOLDINGS AB (publ)
(Translation of registrant's name into English)
Sandhamnsgatan 51
S-11590
STOCKHOLM, SWEDEN
(address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark, whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934.
Yes. No X
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Preem Holdings AB (publ)
Date: March 8, 2001 By: /s/ Per Hojgard
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Name: Per Hojgard
Title: Chief Financial Officer
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PRESS RELEASE
MARCH 8TH, 2002
PREEM HOLDINGS AB (PUBL.)
Preem Holdings AB today announces its 2001 results. The year was characterised
by volatility in both crude oil- and product prices as well as refining margins.
Price losses on inventory resulting from sharp falls in crude prices also had an
impact on the financial result. Profitability on the Swedish market, however,
improved substantially with EBITDA year on year up 25 percent. The result of our
Polish operations remained unsatisfactory.
Preem Petroleum operates the majority-owned Scanraff refinery. Preem Petroleum
owns 78,5 percent of the Scanraff refinery with the exception of the catalytic
cracker, Scancracker, of which it owns 50 percent. The remainder of the Scanraff
refinery and the Scancracker catalytic cracker are owned by Preem's joint
venture partner, Hydro R&M Holdings AS, an affiliate of Norsk Hydro AS. In March
2002 Preem Petroleum and Norsk Hydro have signed a Memorandum of Understanding
in which the parties have agreed to continue the operations of Scanraff and
Scancracker as a joint refining company with unified ownership and processing
rights and to restructure the ownership percentages such that Preem owns 75,0
percent of both Scanraff and Scancracker, with the remaining 25,0 percent owned
by Norsk Hydro. This transaction will increase Preem's upgrading capacity and is
intended to take place in April.
MARKET
Oil consumption fell during the year as a result of the slowdown in the world
economy. In the first six months OPEC succeeded in maintaining the price of
crude oil within the range of 24-30 USD/barrel. In the aftermath of the events
in September the price plummeted to a level of 18-20 USD/barrel.
The year started with extremely low inventory levels of Gasoline. Fears of a
possible Gasoline shortage in the summer pushed the price up to very high
levels, resulting in good refining margins. In the summer inventory levels rose
again, leading to falling product prices and deteriorating refining margins.
As a result of a more pessimistic outlook on the world economy in the autumn,
product demand continued to fall. The sharp fall in the oil price did however
generate good refining margins in September-October. At the end of the year
refining margins weakened again as adverse global economic conditions prevailed.
In the Swedish market heating oil volumes have continued to fall. The reduction
has partly been due to the warm winters, but also by the continued tendency of
private consumers to switch to various alternative types of heating solutions
along with the extension of district heating networks in the urban areas. The
total quantity of heating oil sold by Preem amounted to 2 218 (2 054) km3.
The very positive development for diesel that we have seen in the last few years
continues with an overall market growth of almost 2 percent. Preem delivered a
total of 1 740 (1 309) km3 of diesel and of these volumes 294 (277) km3 were
sold through Preem station outlets.
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Gasoline consumption also increased in 2001. Preem's network of stations
delivered 484 (475) km3 of Gasoline.
The sales operations on the Swedish market have been restructured in the past
year. Order reception and customer service has been transferred from 25 local
offices to a Contact Centre in Stockholm.
The operations at the Finnberget depot in Stockholm were terminated during
the year. Awaiting a permit to transfer the volumes of Finnberget to Loudden,
bunker volumes for the Stockholm region ferry traffic have been transferred
to the depot in Norrkoping. Other volumes have been distributed to Gavle,
Vasteras, Sodertalje and Berg's oil harbour.
Reduced volumes caused by lower consumption in the last two years have affected
the operations in Poland. Despite severe competition with declining margins at
the beginning of the year, a degree of stabilisation has been realised in the
last quarter with briskly rising margins. The operations have seen a period of
consolidation during the past year and the number of Preem profiled stations is
therefore by and large unchanged.
In Norway two smaller oil companies were acquired in the autumn, Enok Petroleum
A/S and Enok Prosjekt A/S.
In the British market, where Preem owns 60,0 percent of the shares in Greenergy
Fuels Ltd, sales developed strongly. The company markets ultra-low sulphur City
Petrol and City Diesel primarily to super markets.
PRODUCTION
Production in the refineries amounted to 15.0 (15.9) millions of cubic metres.
The reduced refining in the third quarter of 2001 was caused by a planned
maintenance shutdown at Preemraff and an unplanned shutdown at Scanraff. At
Preemraff the three-week long planned maintenance shutdown was carried out
according to plan and finalised the first week of September 2001. At Scanraff,
tube damage in the platformer heater made it necessary to shutdown the unit and
other downstream units on 13 August 2001. A number of tubes in the heater were
replaced due to severe carburization and metal dusting. This unplanned shutdown
for repair lasted 36 days and during this period crude oil charge was reduced to
minimum.
FINANCIAL RESULTS (UNAUDITED FIGURES)
The year was characterised by volatility in what concerns both crude oil and
product prices and refining margins. The underlying profitability of the
refineries continued to be very good although the average refining margins were
considerably lower than the previous year. Price losses on inventory resulting
from the plummeting prices did however impact the financial result.
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<Table>
<Caption>
SCANRAFF 4 QTR 2000 4 QTR 2001 1999 2000 2001
Gross refining margin............... 3,88 1,98 1,52 3,03 2,06
Variable refining costs............. - 0,22 - 0,21 - 0,23 - 0,22 - 0,20
------ ------ ------ ------ ------
Refining margin..................... 3,66 1,77 1,29 2,81 1,86
Fixed operating costs............... - 0,48 - 0,58 - 0,53 - 0,50 - 0,59
------ ------ ------ ------ ------
Net cash margin..................... 3,18 1,19 0,76 2,31 1,27
Depreciation........................ - 0,32 - 0,30 - 0,38 - 0,34 - 0,32
------ ------ ------ ------ ------
Net refining margin................. 2,86 0,89 0,38 1,97 0,95
Total production (000 barrels)...... 14592 14537 56648 57504 53088
<Caption>
PREEMRAFF 4 QTR 2000 4 QTR 2001 1999 2000 2001
Gross refining margin............... 2,73 1,32 0,94 2,08 1,29
Variable refining costs............. - 0,22 - 0,16 - 0,26 0,19 -0,17
Natural gas, refining fuel - 0,14 - 0,15 - -0,15 -0,11
------ ------ - ----- -----
Refining margin 2,37 1,01 0,68 1,74 1,01
Fixed operating costs............... - 0,24 - 0,58 -0,63 -0,35 - 0,46
------ ------ ----- ------
Net cash margin..................... 2,13 0,48 0,05 1,39 0,55
----
Depreciation........................ - 0,38 - 0,35 - 0,60 -0,46 -0,43
------ ------ ----- -----
Net refining margin................. 1,75 0,13 -0,55 0,93 0,12
Total production (000 barrels)...... 11534 11281 33729 42505 41156
</Table>
Profitability on the Swedish market has improved in all business areas, with
divisional EBITDA up 25 percent year on year. A new process oriented
organisation has contributed to the good result. Although the result of the
Polish operations improved in the last quarter, the result for the full
financial year is unsatisfactory.
<Table>
<Caption>
SALES REVENUE 4 QTR 2000 4 QTR 2001 1999 2000 2001
- ---------------------------------------------------------------------------------------------------------
Supply & Refining 10 128 7,030 18,728 35,477 31,289
Swedish Market 3 036 2,616 7,040 9,904 10,364
International Market 492 507 791 1,462 1,914
Eliminations -2 431 -1,739 - 4,339 -7,285 -7,158
------ ------ ------- ------ ------
Total Sales Revenue 11,225 8,414 22,220 39,558 36,409
</Table>
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<Table>
<Caption>
EBITDA JAN-DEC 4 QTR 2000 4 QTR 2001 1999 2000 2001
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Supply & Refining 438 89 1,590 2,047 1,039
Swedish Market 67 70 246 185 232
International Market -34 -20 -16 -46 -48
Other non-allocated income -112 -20 51 191 91
---- --- -- --- --
Total EBITDA 359 119 1,871 2,377 1,314
<Caption>
OPERATING INCOME
4 QTR 2000 4 QTR 2001 1999 2000 2001
-------------------------------------------------------------------------
Supply & Refining 293 -13 1,120 1,540 562
Swedish Market 4 31 92 6 79
International Market -45 -27 -30 -69 -72
Other non-allocated income -119 -91 39 179 -62
---- --- -- --- ---
Total Operating Income 133 -100 1,221 1,656 507
</Table>
INVESTMENTS
Group investments in fixed assets totalled MSEK 588 (405).
The construction of a propene plant at Scanraff is proceeding according to plan.
The plant, that is estimated to cost MSEK 400, will be taken into operation by
mid 2002, and will then produce propene for sale to the petrochemical industry.
At Preem Refinery an upgrading of the existing construction of the isomerisation
plant was initiated. The investment is scheduled to be operational by August
2002 at a total cost of MSEK 365, and will enable Gasoline production without
MTBE additive in compliance with the EU specified requirements that will come
into effect in 2005. Preem will thus be able to comply with the new
specifications at both the Scanraff and Preemraff refineries.
FINANCING AND LIQUIDITY
Preem Holdings AB floated a bond loan for MEUR 250, which was increased to MEUR
305 in July.
The Group's liquid funds and unutilised credit facilities as per 31 December
2001 totalled MSEK 3,511 (2,669). EBITDA/total interest expense was 2,7 times
and Net debt/EBITDA was 4,1 times. On operating company, Preem Petroleum, level,
working capital/net debt was 0,7 times.
FREE CASH FLOW
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<Caption>
1999 2000 2001
EBITDA 1,871 2,377 1,314
Change in working capital -837 -1,946 1,771
Capital expenditures -590 -405 -588
----- ---- ----
TOTAL 444 26 2,497
</Table>
PROSPECTS
The OPEC countries along with some larger non-OPEC countries have decided to
reduce the production of crude oil by 1.5 million barrels/day in the first half
of 2002. Supply and demand for crude oil is therefore expected to balance. The
lower volumes of crude oil production have
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caused the refining margins to deteriorate in early 2002. This has resulted in
cut-downs in production with lower inventory levels as a consequence. The
inventory situation, coupled with the traditional driving season, should
contribute to an improvement of the refining margin in the second quarter. A
recovery in the world economy could further improve profitability in the second
half of the year.
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