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2022-10-26

Pressmeddelande

Interim Report Third Quarter ended 30 September 2022

Preem Holding reports a good operating result in an exceptional macro environment driven by geopolitical uncertainties. The result was positively impacted by strong international refining margins and a strong US dollar. This was, to some extent, offset by the negative effects from the planned maintenance work in Lysekil and a power outage at our Gothenburg refinery.

Key Figures in summary, July-September 2022

  • Sales for the third quarter 2022 amounted to SEK 37,422 million compared to SEK 22,601 million for the third quarter 2021.
  • Adjusted EBITDA totaled SEK 3,087 million for the third quarter of 2022 compared to SEK 1,355 million for the same period last year. 
  • Net financial expenses for the third quarter 2022 amounted to SEK 1,132 million compared to SEK 656 million for the third quarter 2021.
  • Net loss amounted to SEK -30 million for the third quarter 2022, compared to SEK 240 million in net profit for the same period 2021.
  • Cash flow from operating activities, before changes in working capital, for the third quarter in 2022 amounted to SEK 281 million compared to SEK 1,007 million the same period 2021.
  • Our total liquidity amounted to SEK 7,433 million by September 30, 2022, compared to SEK 8,386 million by September 30, 2021.

“The third quarter was characterized by the planned maintenance shutdown at our Lysekil refinery as well as the exceptional market conditions following the decreased demand for Russian fuel products in Europe. The result was positively impacted by strong international refining margins and a strong US dollar, where our Supply & Refining segment was the main contributor to our satisfactory performance,” says Magnus Heimburg, CEO of Preem.

“The result was affected by the planned maintenance work in Lysekil during the quarter. In addition, the Gothenburg refinery experienced a total power outage, and the refinery was shut down at the end of September. However no significant process safety incidents, environmental impact or flaring incidents occurred during the shutdown and most of the units were back only 3 days later. I am proud over the staff and organization for the professional handling of such a challenging and unexpected event”, Magnus Heimburg, continues.