Corral Finans AB (publ) Q3 2008

FOR IMMEDIATE RELEASE
Date: November 20, 2008
Stockholm

This report includes unaudited consolidated financial information of Corral Finans AB (publ) (“Corral Finans”), for the third quarter of 2008 and for the comparative period in 2007.

In order to give an informative presentation of the historical performance of our business operations, we also present the unaudited consolidated financial statements of Corral Finans for the nine months ended September 30, 2008. Because Corral Finans did not exist for the full comparative period in 2007, we present pro forma consolidated financial information of Corral Finans, which is based on the consolidated financial information of Corral Petroleum Holdings AB for the first quarter of 2007 combined with the consolidated financial information of Corral Finans for the second and third quarter 2007.

Financial highlights

  • Sales revenue for the third quarter of 2008 amounted to 24,822 MSEK compared to 15,154 MSEK in the third quarter of 2007
  • Operating income for the third quarter of 2008 amounted to negative 739 MSEK compared to 638 MSEK in the third quarter of 2007
  • Net income for the third quarter of 2008 amounted to negative 1,656 MSEK compared to 478 MSEK in the third quarter of 2007
  • Cash flow used in operating activities for the third quarter of 2008 was 338 MSEK compared to 1,455 MSEK in the third quarter of 2007
  • Weighted business refining margin for the third quarter of 2008 increased to 7,84 $/bbl compared to 3,97 $/bbl in the third quarter of 2007

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